March 12, 1974

Cong, SEC, FTC and Justice Dept have been probing activities of 25 executives who simultaneously sit on bds of several oil cos for possible violation of Clayton Antitrust Act bar on interlocking directorates; survey compiled by Repr Bill Sunter, Sen Adlai E Stevenson 3d and SEC finds dirs on bds of 18 large Amer oil cos interlocked 132 times with bds of banks and other financial insts; Gunter questions whether interlocking directorates stifle competition and queries why stockholders do not oppose them; FTC Chmn Lewis A Engman says several indus are being probed for interlocking directorates; Repr Les Aspin survey finding 413 individuals directly involved in oil indus contributed $5.7‐million to Pres Nixon's campaign fund recalled; contributions by some execs under investigation noted; Dr John W Wilson says links to bank is threat to effective competition, holding competiton would be better served if directorates did not interlock; Justice Dept former official recalls that litigation against oil cos was not popular with former Atty Gen John Newton Mitchell; weakening of power of oil lobby to suppress unfavorable regulatory legislation noted; some execs comment; generally hold belief that no conflict of interests exist; list of cos involved (L)

Con Ed on Mar 11 says customers’ bills will be increased by 3.5% to cover increased fuel costs; repts residual oil price has dropped to $15 per bill from $15.50; price before shortage was $6.12 (S)

Conn Gov Meskill announces that he will not be candidate for re‐election in Nov, news conf, Hartford; declines to specify what he plans to do although it has been widely assumed that he will accept Fed ct apptmt, presumably in Appeals Ct; reasons for Meskill's decision cited; polls show that Meskill, who has enjoyed relatively successful 4 yrs as Gov, is climbing ahead of some Dem gubernatorial contenders but is still behind US Repr Ella T Grasso; possible Repub candidates include former Environmental Protection Comr Dan W Lufkin, US Repr Robert H Steele and State House Speaker Francis J Collins; Meskill por (M)

Willcos & Gibbs Ittiss spare parts far Shires Industrial sewing machines (WG‐Amexl‐Adv

Egyptian Pres Sadat on Mar 11 confers with Saudi Oil Min Ahmed Zaki al‐Yamani and Abu Dhabi Oil Min Mana Said al‐Oteiba on prospects for relaxing export restrictions, including embargo against US, during meeting of 9 Arab countries to held on Mar 13 in Tripoli, Libya; met with Kuwaiti Oil and Finance Min Abdel‐Rahman Salem al Atiqi on Mar 10; reprs of 6 of 9 countries that imposed embargo on oil exports to US and Netherlands during Oct Middle East war are holding consultations in Cairo; talks follow their uncesuccessful attempt on Mar 10 to reach decision on easing embargo at meeting that Libya, Algeria and Syria refused to attend; Algeria is reptdly supporting Syria in view that embargo should be maintained until there is clear commitment from Israel to withdraw from Golan hts; Algerian Govt newspaper El Moudjahid says no real progress has been made in Middle East negotiations and criticizes Arab countries that it says are engaged ‘in maneuvers’ to hold oil mins’ conf in Cairo; Arab mins who came at Egypt's invitation are from Saudi Arabia, Abu Dhabi, Kuwait, Qatar and Bahrain; position of 9 countries on embargo noted (M)