This Day In 1970's History: Thursday January 13, 1977
- Emergency action on the worsening shortage of natural gas was indicated following an unusual all-day hearing in Washington by the Federal Power Commission. The commission was expected to make it easier for interstate pipelines to renew emergency 60-day purchases of extra natural gas at prices higher than the commission normally allows. [New York Times]
- No relief for the next 30 days from the coldest weather in five winters is forecast by the National Weather Service. In most of the country, temperatures are going to be colder and precipitation heavier than normal. The exception will be the area west of the Continental Divide, where milder weather than normal is predicted. [New York Times]
- A mandatory reduction of auto traffic in big cities -- a major part of the Clean Air Act of 1970 -- is no longer being pursued by the Environmental Protection Agency because there has been so much resistance to it, E.P.A. sources said. It has become clear that the "transportation control plans" cannot be imposed nationally without an overwhelming series of lawsuits. [New York Times]
- The four major Detroit manufacturers said domestic sales of new cars increased 20.8 percent in early January from a year ago. The increase was in keeping with forecasts by industry analysts that the vigorous sales at the end of 1976 would continue into the new year. [New York Times]
- With soaring energy-related stocks providing the impetus, stock prices rallied in the best trading session of the new year. The Dow Jones industrial average steadily advanced, closing at 976.15 with a gain of 7.90 points. Rising stocks outnumbered declining ones by 5 to 2. Bond prices were making their only strong advance of the new year when they were set back by a report that the Federal Reserve had substantially increased the money supply. Government bonds were trading at 105 23/32, but dropped to 105 when the Federal Reserve announcement was made, a net decline from Wednesday's close of 6/32. [New York Times]
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