News stories from Wednesday November 7, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In an upset, the House voted to override President Nixon's veto of the bill which limits the power of the President to make war. Representative Louis Wyman (R, New Hampshire) said that he hopes the media won't interpret Republican votes to override as a rejection of President Nixon's foreign policy. Representative William Dickinson (R, Alabama) insisted that such Republican votes could not be interpreted as a vote of "no confidence" for the President, but Representative William Mailliard (R, California) conceded that Watergate and the off-year election results moved votes. Press Secretary Ron Ziegler stated that Congress' veto will cause grave consequences in terms of world stability. [CBS]
- The off-year elections were closely watched to determine the effect of Watergate. Democrats seem to have a slight advantage after yesterday's elections.
In the Virginia gubernatorial race, Democrat-turned-Republican Mills Godwin won over independent candidate Henry Howell. In New Jersey, Democrat Brendan Byrne, a novice to politics, beat Republican Charles Sandman. Democratic national chairman Robert Strauss declared that the election returns show Democrats are on the right track. Republican party chairman George Bush insisted that Watergate wasn't the determining factor in the races, but Republican Senator Richard Schweiker stated that the Watergate scandal was obviously a disaster to the Republican party and its effects were clearly seen.
In California, voters rejected Governor Ronald Reagan's Proposition 1, which would have reduced property and income taxes and set spending limits. Reagan's future in politics has been dealt a setback as a result of that defeat. In New York, voters turned down Governor Rockefeller's transit bond issue, and voters in Washington decided to cut back raises for legislators and state officials.
[CBS] - Presidential aide John Bennett testified today before the Watergate grand jury. Bennett admitted discussing his testimony with President Nixon's secretary Rose Mary Woods. Miss Woods apparently confided in Bennett that a new gap in the tape recordings exists. The White House refused to comment on Miss Woods' possible testimony, but revealed that its legal staff is being expanded to deal with Watergate. [CBS]
- Judge John Sirica rejected the appeals for a retrial from E. Howard Hunt, James McCord and the four other Watergate burglars. Final sentencing of the defendants will take place Friday. [CBS]
- Charles Allen Wright, President Nixon's' lawyer, returned to the University of Texas. Wright revealed that he never listened to the White House tapes and didn't know that two of the tapes were missing. [CBS]
- George Aiken, the Senate's senior Republican, challenged Congress to impeach President Nixon or stop badgering him. Aiken insisted that the President shouldn't resign. Democrats Mike Mansfield, Hubert Humphrey and George McGovern praised Aiken. [CBS]
- Senate Rules Committee chairman Howard Cannon reported that Robert Winter-Berger's allegations against Vice President designate Gerald Ford have been disproved. [CBS]
- The Senate Watergate Committee heard testimony from Florida building contractor John Priestes. He alleged that Nixon campaign fundraisers offered to help him get a contract in return for a $100,000 contribution. Priestes claims he took their advice, but campaign finance director Maurice Stans refused to follow through with assistance. Stans admitted seeing Priestes, but insisted that no favors were granted. [CBS]
- Egypt renewed diplomatic relations with the United States. Israel stated that Egypt is preparing for a new outbreak of fighting.
Secretary of State Henry Kissinger met today in Cairo with Egyptian President Anwar Sadat regarding the Mideast situation; diplomatic relations were then restored, but the Egyptian military is on alert. Sadat and Kissinger drew up a proposal for a cease-fire and peace. Assistant Secretary of State Joseph Sisco presented the proposal to Israel, but there was no immediate word on Israel's reaction. Sisco will meet Kissinger in Jordan tomorrow to relay Israel's position.
[CBS] - Israel began three days of national mourning for soldiers killed during the war. [CBS]
- President Nixon will speak to the nation tonight regarding his proposals to combat the energy crisis. CBS will broadcast the President's message at 7:30 p.m. Leaders of Congress are expected to give the President everything he requests to cope with the energy crisis. Senator Henry Jackson sponsored a national energy emergency bill which includes gasoline rationing and the rationing of fuel oil. The House and Senate are apparently ready to provide final approval for construction of the trans-Alaskan pipeline. [CBS]
- In Victor, California, nine persons were found dead in a mass murder case. The murder victims included the entire family of Walter Parkin, neighbor Richard Earle and his family, and Mark Lang, a family friend. San Joaquin County sheriff Mike Canlis stated that all victims were killed in the same manner. Later, Parkin's grocery store was found to have been burglarized. [CBS]
- Police in Oakland, California, are searching for suspects in the ambush shooting of the city's school superintendent and his attendant. [CBS]
- Local and federal law officers surrounded a farmhouse in Wadena, Minnesota, where two escaped convicts held a family hostage. The standoff continued as a snowstorm began. Later, three children were released but the other hostages remain with the gunmen. [CBS]
- The launch of Skylab 3 has been postponed until next Thursday. [CBS]
- Wholesale prices dropped 0.5% for October; the price of farm products dropped 3.9%. [CBS]
- On trial in Los Angeles for charges related to the break-in of Daniel Ellsberg's psychiatrist's office, former White House aide Egil Krogh requested that President Nixon be subpoenaed to testify regarding conversations he had with Krogh. Co-defendant John Ehrlichman and Krogh also requested pertinent White House tapes. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 920.08 (+7.00, +0.77%)
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 6, 1973 | 913.08 | 104.96 | 16.43 |
| November 5, 1973 | 919.40 | 105.52 | 17.15 |
| November 2, 1973 | 935.28 | 107.07 | 16.34 |
| November 1, 1973 | 948.83 | 107.69 | 16.92 |
| October 31, 1973 | 956.58 | 108.29 | 17.89 |
| October 30, 1973 | 968.54 | 109.33 | 17.58 |
| October 29, 1973 | 984.80 | 111.15 | 17.96 |
| October 26, 1973 | 987.06 | 111.38 | 17.80 |
| October 25, 1973 | 974.49 | 110.50 | 15.58 |
| October 24, 1973 | 971.85 | 110.27 | 15.84 |