News stories from Monday November 26, 1973

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

An Arab summit conference is being held in Algeria. Libya and Iraq are the only two Arab nations not present at the summit. The oil embargo will be the main topic of the conference. Saudi Arabia's King Faisal, President Sadat of Egypt, Algeria's Boumedienne and Syrian President Assad are the true leaders of the summit meeting and will decide most of the issues themselves. Arabs feel assured that the summit will be a success. [CBS] The Arab hijackers finally landed in Malta and allowed Dutch passengers to disembark safely. In exchange, the Netherlands was forced to announce that it will not be a transit country for emigrating Soviet Jews on their way to Israel. [CBS] Egyptian and Israeli officials met again today to discuss the Mideast cease-fire. No progress was reported. [CBS] President Nixon released most of the subpoenaed White House tapes to Judge John Sirica. Rose Mary Woods, the President's personal secretary, testified today that she accidentally erased 18 minutes of tape. Judge Sirica did not conceal his skepticism of Miss Woods' testimony.The White House invoked executive privilege for three of the tapes. H.R. Haldeman's notes pertaining to a meeting between President Nixon and Haldeman were reviewed. That conversation was the one allegedly erased by Miss Woods. [CBS] White House press secretary Gerald Warren accused the Watergate prosecutor's office of two recent news leaks. The leaks involved the 18 minute tape gap and an illegal campaign contribution made by the Seafarers Union to President Nixon's 1972 campaign. Prosecutor Leon Jaworski was not singled out in Warren's attack. [CBS] Senate Watergate committee chairman Sam Ervin has tentatively decided to suspend the hearings until January. The committee must vote on the proposal. [CBS] The U.S. government hopes to continue to do business with the new Greek regime. The State Department claims it knew nothing about yesterday's military coup in Greece beforehand. The head of Greece's military police is believed to have been the leader of the coup. Greece returned to some degree of normalcy after yesterday's upheaval. [CBS] The House Appropriations Committee chopped the Pentagon's "outlandish" request for funds. [CBS] Albert DeSalvo, who at one time confessed to the Boston strangler murders in the 1960's, was found stabbed to death at Walpole prison. A suspect has been taken into custody. [CBS] Actor Laurence Harvey died of cancer in London yesterday at the age of 45. [CBS] The White House energy office reported that service stations along interstate highways may remain open on Sundays for the purpose of making emergency repairs. They are permitted to sell diesel fuel but not gasoline. [CBS] Most analysts attribute the latest stock market slump to President Nixon's plans to cope with the energy crisis. Investors expected a more concrete energy plan or at least some new provisions that hadn't already been advertised. But some analysts noted that the President couldn't announce a simple cure for the energy crisis, because there is no such cure. [CBS] Congress reacted to President Nixon's speech by calling for tougher action by the President. House Speaker Carl Albert said that an emergency energy bill won't be passed through the House until the middle of December. Daylight savings time legislation may be passed by both houses of Congress this week. The White House conceded that additional action must be taken to meet fuel shortages, but there was no word on any specific proposals. [CBS] The Louisiana state legislature, supported by Governor Edwin Edwards, is considering doubling the state's oil and gasoline tax. [CBS] Dutch officials reported that the country's Sunday driving ban is working, as fuel consumption has been cut by 15%. [CBS] President Nixon spoke to the Seafarers union about the energy crisis and Watergate. He vowed that the United States will never become dependent on other nations for energy even if a crisis situation occurs, and stated that he is not considering resigning. The President said that he will bring the ship into port safely without jumping ship. Nixon will cut down on travel as his personal contribution to easing the energy crisis. [CBS]

Stock Market Report

Dow Jones Industrial Average: 824.95 (-29.05, -3.40%)
S&P Composite: 96.58 (-2.86, -2.88%)
Arms Index: 1.22

	Issues	Volume*
Advances	149	1.43
Declines	1,518	17.79
Unchanged	154	0.61
Total Volume		19.83

* 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*
November 23, 1973	854.00	99.44	11.47
November 21, 1973	854.98	99.76	24.26
November 20, 1973	844.90	98.66	23.96
November 19, 1973	862.66	100.71	16.70
November 16, 1973	891.33	103.88	22.51
November 15, 1973	874.55	102.43	24.53
November 14, 1973	869.88	102.45	22.71
November 13, 1973	891.03	104.36	20.31
November 12, 1973	897.65	104.44	19.25
November 9, 1973	908.41	105.30	17.32