News stories from Wednesday September 12, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Chile's military junta officially confirmed that former president Salvador Allende committed suicide; Allende was buried today as government troops and factory workers fought in the streets. Casualties may reach 1,000. Socialists and Communists are being called in by the military rulers for "questioning"; many are seeking foreign asylum. Martial law and censorship of the press is in effect, and Santiago is under a 24-hour curfew. Although sniper fire continues, the military insists that the country is under control.
Unidentified administration sources in Washington admitted having previous knowledge of the coup but stressed that the U.S. was not involved. However, a State Department spokesman insisted that the U.S. had no advance knowledge of Chile's military coup. U.S. ambassador Nathaniel Davis flew to Washington for an urgent meeting, then returned to Chile one day before the coup. There has been no formal expression of regret over Allende's death from Washington.
Argentine President Juan Peron blamed Chile's military coup on the United States. Gabriel Valdez, the former foreign minister to Allende, denied that he would be Allende's successor.
[CBS] - Federal Reserve Board chairman Arthur Burns appeared before the House Banking Committee. Burns raised the prospect of tax increases in order to slow the rate of inflation. Burns stated that he met with President Nixon, who supported Burns' suggested tax measures. When questioned on a possible income tax increase, Burns said that he would favor a quickly-reversible tax increase, but a permanent increase wouldn't get his support. [CBS]
- Mortgage rates for prospective home buyers are continuing upward. Many prospective buyers can't get loans from any source; money is not available. Many homes on the market can't be sold because of the record high interest rates. [CBS]
- Fuel dealers stormed Capitol Hill. They requested that mandatory allocations of heating fuel be made by major companies to independents, and also requested the relaxation of price controls. Senator Abraham Ribicoff insisted that mandatory allocations must be imposed, and heating oil dealers begged senators to help independents get oil from major companies. [CBS]
- The House sustained President Nixon's veto of the health services bill. [CBS]
- The Senate Watergate committee met in executive session to plan the remainder of the hearings; Charles Colson may not testify before the committee. Hearings will resume on September 24 and end November 1. Committee chairman Sam Ervin said that he hopes to speed up the hearings by calling only highly relevant witnesses; Howard Baker agreed with Ervin's plan. Senator Edward Gurney stated that public hearings could be done away with altogether. [CBS]
- Senate Foreign Relations Committee member John Sparkman announced that the FBI report regarding Henry Kissinger's part in White House wiretapping supports Kissinger's testimony. Attorney General Elliot Richardson told the committee that further wiretapping will be limited to foreign intelligence gathering. [CBS]
- Another terrorist bomb exploded in London, England. [CBS]
- The French and English governments have agreed to complete a tunnel under the English Channel between Dover, England, and Calais, France. [CBS]
- West Point cadets eliminated a special punishment this week -- "silencing". Although exonerated from a charge of cheating, Lt. James Pelosi spent the last two years at West Point in virtual isolation and lived under the silencing punishment. Some cadets believe that the silent treatment served a purpose in seeing that codes were upheld. [CBS]
- For the first time since 1968, Soviets aren't jamming Voice of America broadcasts into the USSR. There was no explanation for the change of policy. [CBS]
- Marjorie Merriweather Post, the founder of General Foods and the wealthiest woman in America, died in her sleep today. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 881.32 (-4.44, -0.50%)
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* |
| September 11, 1973 | 885.76 | 103.22 | 12.69 |
| September 10, 1973 | 891.33 | 103.85 | 11.62 |
| September 7, 1973 | 898.63 | 104.76 | 14.93 |
| September 6, 1973 | 901.04 | 105.15 | 15.67 |
| September 5, 1973 | 899.08 | 104.64 | 14.58 |
| September 4, 1973 | 895.39 | 104.51 | 14.21 |
| August 31, 1973 | 887.57 | 104.25 | 10.53 |
| August 30, 1973 | 882.53 | 103.88 | 12.10 |
| August 29, 1973 | 883.43 | 104.03 | 15.69 |
| August 28, 1973 | 872.07 | 103.02 | 11.81 |