News stories from Tuesday February 26, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon's statement regarding the fuel crisis stirred up controversy. The President stated that gasoline rationing likely won't be needed, adding that the crisis has passed, but not the problem.
Energy chief William Simon appeared before a Senate committee to clarify the President's statements. Simon said that the President referred to the crisis being "over" only insofar as long lines at gasoline stations are concerned. Senator Henry Jackson criticized the President's use of words during his press conference. Senators believe that Simon and the Federal Energy Office should make evaluations of the energy situation in order to restore the administration's credibility.
Senate Majority Leader Mike Mansfield again urged that gasoline rationing be instituted immediately. Some oil executives on a panel advising the Interior Department conceded that rationing is inevitable if the fuel allocation system doesn't work out. They also warned that unemployment figures will rise if more petroleum imports don't reach the United States. Many coal mines in Virginia and West Virginia are closed because gasoline is unavailable for workers to reach the mines.
[CBS] - The gasoline shortage is affecting leisure time also. Middle class Americans can't enjoy Mardi Gras this year because the gasoline shortage is keeping them home. Kentucky resident John Alcorn said he couldn't find gas on the way to Louisiana so he hitched a ride into New Orleans. Others have resorted to taking tour buses because of the gasoline shortage. [CBS]
- Federal Reserve Board chairman Arthur Burns disagreed with a statement about inflation which President Nixon made at his press conference. The President also ran into trouble because of his reference to Jerome Wiesner and tax deductions. The White House apologized for the reference.
When questioned about the tax deduction he took for donating his vice-presidential papers to the National Archives, the President named four Democrats, including Wiesner, who took similar deductions. Press secretary Gerald Warren blamed the President's mistake on the press.
[CBS] - President Nixon formally declined to appear at John Ehrlichman's trial as a witness. Special prosecutor Leon Jaworski reportedly decided against subpoenaing the President as witness before the Watergate grand jury. [CBS]
- The House Judiciary Committee's special counsel, John Doar, made his first request for presidential material to be used in the impeachment probe. Senate Minority Leader Hugh Scott urged the President to make available all material relevant to the committee's and the special prosecutor's investigations. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 859.51 (+8.13, +0.95%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| February 25, 1974 | 851.38 | 95.03 | 12.90 |
| February 22, 1974 | 855.99 | 95.39 | 16.36 |
| February 21, 1974 | 846.84 | 94.71 | 13.93 |
| February 20, 1974 | 831.04 | 93.44 | 11.67 |
| February 19, 1974 | 819.54 | 92.12 | 15.94 |
| February 15, 1974 | 820.32 | 92.27 | 12.64 |
| February 14, 1974 | 809.92 | 90.95 | 12.23 |
| February 13, 1974 | 806.87 | 90.98 | 10.99 |
| February 12, 1974 | 806.63 | 90.94 | 12.92 |
| February 11, 1974 | 803.90 | 90.66 | 12.93 |