News stories from Wednesday December 19, 1973

Summaries of the stories the major media outlets considered to be of particular importance on this date:

President Nixon proposed an emergency tax on windfall oil profits caused by the energy crisis and increased the ceiling price of crude oil. The President stated that he proposed the new tax on oil producers in order to make the hardships of the energy crisis more equitable. Treasury Secretary George Shultz outlined the revenue which is expected to be generated from the new tax, but added that the tax won't have an adverse effect on the consumer. [CBS] Charles "Bebe" Rebozo, President Nixon's closest friend, granted CBS an interview to "clarify" certain issues. Rebozo said that the President was aware of the interview, but he offered no advice.Rebozo was questioned about why Howard Hughes chose him to forward a campaign contribution to the President's 1972 re-election campaign. Rebozo replied that Hughes gave the money to him because of his close friendship with President Nixon, and noted that many contributors wanted to be sure money got directly to the President through his best friend. Rebozo claimed that all investigations into such matters have revealed no wrongdoing and pointed out that no favors were requested in return for campaign contributions. [CBS] Senator Sam Ervin announced that he will not run for re-election in 1974. Ervin said that he intends to go fishing, read books and listen to records after he and his wife return home to North Carolina. Ervin's announcement caught many North Carolina politicians by surprise. Representative Wilmer Mizell and state Attorney General Robert Morgan are looking at Ervin's job longingly. [CBS] White House counsel Melvin Laird announced his resignation. Laird denied that White House aides will soon begin a mass exodus from Washington, and also denied that the President mainly confers only with press secretary Ron Ziegler. Laird said that Congress should vote on an impeachment resolution soon, and he believes that the vote would be against impeachment.House Judiciary Committee chairman Peter Rodino said that he expects the inquiry into President Nixon's impeachment to be complete by April 1. [CBS] President Nixon will release some impounded funds, giving up $1.1 billion for the Department of Health, Education and Welfare. Assistant press secretary Gerald Warren revealed that the funds are being released in the "spirit of compromise". [CBS] Judge John Sirica stated that he agrees with the administration's decision to withhold some of the White House tapes because of executive privilege. Sirica will send back to the White House portions of tapes which do not deal with Watergate.Another judge requested William Dobrovir, an attorney for Ralph Nader, to appear in court to explain the presence of a White House tape at a Washington, DC party. Dobrovir admitted playing the tapes for the party guests. White House attorneys and aides were shocked by Dobrovir's actions. (Dobrovir had the help of a CBS reporter in making a copy of the tape; ABC exposed the incident on its news broadcast of 12/20/1973.) [CBS] The Senate Watergate committee served three subpoenas on the White House. [CBS] The CEO of the Carnation company pleaded guilty to making illegal contributions to President Nixon's 1972 Campaign. The company and chairman H. Everett Olson received fines. [CBS] Ohio Governor John Gilligan named Howard Metzenbaum to complete Senator William Saxbe's term in the Senate. [CBS] Israeli Prime Minister Golda Meir stated that she is willing to accept new borders in the area between the 1967 borders and the new cease-fire lines. Israel also charged that Syria has massacred Israeli POWs. Secretary of State Henry Kissinger was told by Syrian President Assad that Israeli POWs are being treated well. [CBS] A federal court in Detroit found Ford and General Motors innocent of charges involving a conspiracy to fix prices in fleet sales of autos. [CBS] New England has been hard-hit by the fuel shortage. In Durham, New Hampshire, Aristotle Onassis conferred with state officials regarding the construction of the first oil refinery in New England. Environmentalists don't want a refinery in the area, but others think that New England should be grateful for the chance at having a refinery, especially now because of the energy crisis. [CBS]

Stock Market Report

Dow Jones Industrial Average: 829.57 (+0.08, +0.01%)
S&P Composite: 94.82 (+0.08, +0.08%)
Arms Index: 1.17

	Issues	Volume*
Advances	747	8.25
Declines	742	9.55
Unchanged	376	2.87
Total Volume		20.67

* in millions of shares

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*
December 18, 1973	829.49	94.74	19.49
December 17, 1973	811.12	92.75	12.93
December 14, 1973	815.65	93.29	20.00
December 13, 1973	800.43	92.38	18.13
December 12, 1973	810.73	93.57	18.19
December 11, 1973	834.18	96.04	20.10
December 10, 1973	851.14	97.95	18.59
December 7, 1973	838.05	96.51	23.23
December 6, 1973	814.12	94.42	23.26
December 5, 1973	788.31	92.16	19.18