News stories from Friday February 8, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Astronauts Jerry Carr, William Pogue and Edward Gibson returned to earth safely after their 84-day mission in Skylab 3. The astronauts were shaky following splashdown but seemed to be in good condition. The next U.S. space flight will be the joint mission with the Soviet Union in 1975. [CBS]
- Washington indicates that no new agreement for striking truckers is forthcoming. Many truckers rejected the latest proposals.
President Nixon refuses to order a rollback in diesel fuel prices for truckers; he met with administration officials to discuss the situation. Federal mediator William Usery reported that more truckers were on the highways today, as energy czar William Simon insisted that federal troops are not being considered as a means of keeping roads open. Attorney General William Saxbe stated that truckers who are in violation of federal regulations during their strike will be punished, and the FBI has been called in to help. Truckers demonstrated outside the White House to protest.
Pennsylvania Governor Milton Shapp played a major role in the strike talks. Shapp vowed to explain the new agreement to truckers personally, and he tried to do that today in Bartonsville, Pa. Truckers criticized the new agreement and again demanded price rollbacks. Shapp attempted to explain the settlement, without success. Truck traffic increased somewhat, though scattered acts of violence occurred. Two trucks were shot at in East Liverpool, Ohio; one driver is in critical condition.
[CBS] - Although the truck strike may end soon, a meat shortage is likely to occur. Consumers will start to feel the pinch next week. [CBS]
- New Jersey Representative James Howard believes that gasoline may be stored in abundance at closed service stations. Howard suggested the government check abandoned stations for fuel supplies. [CBS]
- At least seven states have now adopted the Oregon plan for gasoline distribution. The plan, which permits purchases only on certain days according to a vehicle's license plate number, is working extremely well and drivers have reacted enthusiastically. Long lines at filling stations would likely return if the plan were abandoned, and it may be a national answer to the gasoline shortage. Federal energy czar William Simon is recommending the Oregon plan to other states.
Oregon Governor Tom McCall credited the gasoline distribution scheme to his assistant Donald Jarvey. Other ingenious schemes for gasoline distribution exist too. In Tyson's Corner, Virginia, a gas station manager has taken a limited number of customers into an "advance purchase" program which guarantees them fuel in the future. The owner says he earns interest on the money he receives in the advance purchase plan.
[CBS] - Britain's coal miners union decided today to go ahead with a national strike Sunday, rebuffing an appeal by Prime Minister Heath to postpone it until after the Feb. 28 election. The decision means that the election campaign will be fought amid labor strife and continued emergency measures, such as a three-day work week ordered by the government for most industries. Some Conservative leaders said privately that the strike should help their party, but Labor party leaders withheld public comment on the miners' decision. [New York Times]
- Five Palestinian guerrillas who seized the Japanese embassy in Kuwait released their diplomatic hostages and flew to Southern Yemen on a Japanese airliner. The plane had carried four other extremists from Singapore, where they had tried to blow up an oil refinery. [New York Times]
- A federal judge in Washington dismissed a suit by the Senate Watergate Committee to obtain five White House tapes out of fear that the charged atmosphere of the committee hearings might prejudice the rights of potential defendants, including President Nixon. Judge Gerhard Gesell rejected the President's blanket claim of confidentiality but held that the possibly prejudicial effect of pretrial publicity was the overriding issue in the case. [New York Times]
- New York City declared its first snow emergency in five years as the heaviest snowstorm of the winter blustered across the metropolitan area, causing huge traffic jams and many fender-bending accidents. Some highways were closed to traffic and others turned into treacherous skidways. Motorists were urged not to use their cars, and parking or standing was prohibited on the city's designated snow-emergency streets. The storm also tied up Washington, where President Nixon set out by car for his delayed medical check-up but was forced to turn around and once again postpone the appointment. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 820.40 (-8.06, -0.97%)
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 7, 1974 | 828.46 | 93.30 | 11.75 |
| February 6, 1974 | 824.62 | 93.26 | 11.61 |
| February 5, 1974 | 820.64 | 93.00 | 12.82 |
| February 4, 1974 | 821.50 | 93.29 | 14.38 |
| February 1, 1974 | 843.94 | 95.32 | 12.48 |
| January 31, 1974 | 855.55 | 96.57 | 14.02 |
| January 30, 1974 | 862.32 | 97.06 | 16.79 |
| January 29, 1974 | 852.32 | 96.01 | 12.85 |
| January 28, 1974 | 853.01 | 96.09 | 13.41 |
| January 25, 1974 | 859.39 | 96.63 | 14.85 |