News stories from Wednesday March 13, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Arab oil ministers reportedly agreed to end the embargo against oil shipments to the United States. Informed sources said that the decision was made during a private four-hour meeting in Tripoli, but that a formal announcement had been postponed until Sunday in Vienna. [New York Times]
- William Simon, the federal energy chief, said that the United States would continue to experience spot shortages of gasoline despite a lifting of the Arab oil embargo. Mr. Simon, who said inadequate refining capacity here and in Europe would lead to continuing shortages, said that once the embargo is lifted one of his main tasks would be to convince the public that the problem had not been solved. [New York Times]
- Leading members of the House Judiciary Committee indicated that there would be no rush to subpoena White House material sought by the impeachment inquiry despite a reported overwhelming support for such a step and belief that it will have to be taken eventually. At a private caucus, angry Democrats reportedly agreed not to be goaded by the White House into a premature showdown "on the wrong issue at the wrong time." And at a news conference in which members rebutted the White House arguments on the issue, Peter Rodino, the committee chairman, said, "we expect and will continue to expect full cooperation from all persons." [New York Times]
- Attorney General William Saxbe said that a President is "no different than any other person" in the duty to report immediately any information he receives about a crime. But Mr. Saxbe declined to say whether President Nixon acted improperly in not making an immediate report to federal prosecutors when he learned that hush money had been paid to Watergate defendants last year. [New York Times]
- James Hoffa filed a lawsuit charging that President Nixon and Attorney General Saxbe illegally prevented him from holding union office. Mr. Hoffa, who was president of the Teamsters union before he was imprisoned for mail fraud and jury tampering, said that in granting him clemency Mr. Nixon included restrictions on his union activity in return for political favors and campaign contributions by the union and its current president. [New York Times]
- A government witness testified at the Mitchell-Stans trial that within minutes after Robert Vesco promised to contribute $500,000 to the Nixon re-election campaign, Maurice Stans tried to get Mr. Vesco an immediate appointment with John Mitchell. The witness, Laurence Richardson, a former Vesco associate, said that he did not know if the meeting took place that day. [New York Times]
- The Senate approved legislation designed to meet Supreme Court objections to the death penalty and to restore it for a group of serious federal crimes. The vote on the measure was 54 to 33. [New York Times]
- In a landmark declaration, Ireland's Prime Minister, Liam Cosgrove, formally acknowledged that neighboring Northern Ireland was a province under British control, telling the Irish Parliament in Dublin that "my government accepts this as fact." It was the boldest statement on the issue ever made by an Irish political figure and was aimed at mollifying hard-line members of Northern Ireland's Protestant majority, who are opposed to links with the Irish Republic through a new Council of Ireland. [New York Times]
- The Exxon subsidiary in Argentina said it had paid $14.2 million for the release of an executive kidnapped by a left-wing guerrilla group last December. The executive is expected to be released tomorrow in return for $10 million paid to his kidnappers and $4.2 million to flood victims. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 891.66 (+4.54, +0.51%)
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* |
| March 12, 1974 | 887.12 | 99.15 | 17.25 |
| March 11, 1974 | 888.45 | 98.88 | 18.47 |
| March 8, 1974 | 878.05 | 97.78 | 16.21 |
| March 7, 1974 | 869.06 | 96.94 | 14.50 |
| March 6, 1974 | 879.85 | 97.98 | 19.14 |
| March 5, 1974 | 872.42 | 97.32 | 21.98 |
| March 4, 1974 | 853.18 | 95.53 | 12.27 |
| March 1, 1974 | 851.92 | 95.53 | 12.88 |
| February 28, 1974 | 860.53 | 96.22 | 13.68 |
| February 27, 1974 | 863.42 | 96.40 | 18.73 |