News stories from Monday January 7, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The groundwork was laid for an early test of impeachment sentiment among returning Congressmen when the House Judiciary Committee chairman, Representative Peter Rodino, New Jersey Democrat, said a vote of the full House was needed to give subpoena power to the committee's impeachment inquiry staff. An informal poll of the Judiciary panel's ad hoc committee on impeachment indicated that a resolution giving subpoena power to the panel was expected to go before the House for a vote early in February. [New York Times]
- Deputy energy chief John Sawhill reported that 1 million barrels of Arab oil still reach the U.S. daily through various leaks in the embargo. [CBS]
- The Supreme Court refused to grant a hearing to independent gasoline station operators who contended that government price controls were unfairly curtailing their income. [New York Times]
- The Defense Department has been allocated 637,000 barrels of oil a day in the first three months of this year, an increase of about 2% over military fuel demands in the final quarter of 1973. This will make possible, the department said, the resumption of training flights by the Air National Guard and Air Reserve, which were grounded by the fuel shortage. [New York Times]
- In an effort to narrow the price spread for heating oil in New York and New England, the Federal energy chief, William Simon, asked major refineries to sell more domestic oil, which is cheaper than imported fuel, to independent wholesalers. He made the request in telegrams to 26 refiners. [New York Times]
- Irish extremists claimed that they possess planes to be used in terrorist attacks against Britain. Pilot training occurs in Ireland and Libya; the planned guerrilla activity is paid for by Libyan President Kaddafi. A massive British army security operation is still in effect, which was implemented after Arab terrorist plans were discovered by the government. [CBS]
- France will receive oil from Saudi Arabia in return for jets and heavy arms. The U.S. was upset over Paris' action, as the decision is a major blow to Secretary of State Henry Kissinger's plan to band oil-consuming countries together for meetings with oil-producing countries. [CBS]
- The yen suffered a de facto devaluation of 6.7% as the Bank of Japan suspended its intervention in support of the currency on the Tokyo foreign exchange market. Without the bank's support, the yen fell to its lowest rate against the dollar since the currency crisis last winter. A shift to American dollars also swept through the foreign exchange markets in Western Europe as speculators rushed to sell British pounds, West German marks, Swiss francs and other currencies. [New York Times]
- Brian Faulkner resigned as leader of the Unionists, Northern Ireland's biggest Protestant party, but he said that he would remain as head of the British province's new governing executive body. His resignation followed a vote on Friday in the Unionist ruling council that gave a majority to those who opposed his policy of sharing power with Roman Catholics and of participating, together with the government of the Irish Republic, in a Council of Ireland. [New York Times]
- Prime Minister Heath is prepared to keep Britain on a three-day work week at least until spring rather than yield to the wage demands of the nation's coal miners. In an interview with The New York Times, Mr. Heath took a decidedly tough line on the issues in the controversy. [New York Times]
- North Vietnamese bulldozers and South Vietnamese fighter bombers are locked in an unequal duel in the forests of the central highlands in South Vietnam, As South Vietnamese commanders watch apprehensively, North Vietnamese engineers are swiftly expanding and improving a skein of roads, lumbering trails that wind down the country's western flank, poking eastward at strategic junctures. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 876.85 (-3.38, -0.38%)
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* |
| January 4, 1974 | 880.23 | 98.90 | 21.70 |
| January 3, 1974 | 880.69 | 99.80 | 24.85 |
| January 2, 1974 | 855.32 | 97.68 | 12.06 |
| December 31, 1973 | 850.86 | 97.55 | 23.47 |
| December 28, 1973 | 848.02 | 97.54 | 21.31 |
| December 27, 1973 | 851.01 | 97.74 | 22.72 |
| December 26, 1973 | 837.56 | 95.74 | 18.62 |
| December 24, 1973 | 814.81 | 92.90 | 11.54 |
| December 21, 1973 | 818.73 | 93.54 | 18.68 |
| December 20, 1973 | 828.11 | 94.55 | 17.43 |