News stories from Thursday November 15, 1973

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

President Nixon is continuing his Watergate offensive. He intends to speak to the Associated Press managing editors convention in Florida on Saturday.Congressmen breakfasted with the President today in an effort to learn more about his role in Watergate. Rep. William Scherle called Nixon's attempt to clear up Watergate a "monologue of reminiscences", but some other Congressmen were impressed. Representative Joseph Maraziti said that if the President continues to speak out, his credibility will be restored. Later, President Nixon spoke to the National Association of Realtors and talked of his accomplishments. The President will speak again in Florida, Georgia, and Tennessee to friendly crowds in an effort to build credibility. To save energy, the President's jet will fly slower. [CBS] Former Treasury Secretary John Connally announced that he will not run for president in 1976 if the political climate which has been generated by Watergate persists. Connally met privately today with the Senate Watergate committee to discuss federal subsidies which were given to the dairy industry. Connally insisted that there was no connection between campaign contributions to the President and the increased subsidies. But the issue may linger and be damaging to any "Connally '76" campaign. [CBS] The Senate Watergate committee heard from more corporate officials regarding illegal contributions to the Nixon re-election campaign. Former American Airlines CEO George Spater reported that he gave a contribution out of fear. Goodyear chairman Russell DeYoung said that his contribution was made for the good of the country. [CBS] The House approved more money to investigate impeachment resolutions against President Nixon. House Judiciary Committee chairman Peter Rodino promised Republicans part of the money to make their own study. [CBS] Vice President-designate Gerald Ford made it through the first session of his confirmation hearings with no problem. [CBS] The Mideast cease-fire agreement moved forward as the first Israeli prisoners flew home and Israelis turned over checkpoints on the Cairo-Suez road to United Nations troops. The first planeload of Egyptian prisoners departed for home as Israeli prisoners landed in Tel Aviv. Israeli Defense Minister Moshe Dayan greeted his returning soldiers. A second Egyptian plane arrived -- without Israeli prisoners, causing intense disappointment.Fewer names of Israelis exist on Egypt's prisoners of war list than was first expected. Half of those presumed to be POWs are now listed as dead. [CBS] Three rookie astronauts will be launched Friday to make the longest stay in space. Gerald Carr, William Pogue and Edward Gibson will man Skylab 3 and perform experiments while in space. [CBS] The Pentagon may be forced to dip into U.S. oil reserves to run half of American military operations.The administration hopes that increased coal production will ease the fuel shortage, but to mine coal, oil is needed. Oil allocations to mines have been cut from last year. Mining operations are now at a minimum and present demand can't be met. Underground coal mines require less oil than strip mines, but a shortage of roof bolts is keeping production down. [CBS] Britain's royal newlyweds, Capt. and Mrs. Mark Phillips, left London for their honeymoon. [CBS] The House passed an 11% increase in Social Security benefits. [CBS] Novelist Kurt Vonnegut is against book burning but his "Slaughterhouse 5" was destroyed in just that manner in Drake, North Dakota. English teacher Bruce Severy reported that his assignment for his class to read "Slaughterhouse 5" was met with anger by many parents. The school board decided to burn the book. School superintendent Dale Fuhrman insisted that the book burning was not merely symbolic, and board member Mel Alme observed that parents have the right to comment and act on the reading materials assigned to their children in school.No students supported the ban. Student Ron Bloomhagen said that the controversy over the book reminds him of Nazi Germany. Two other books were banned also. Severy may be forced to find a new job next year. [CBS]

Stock Market Report

Dow Jones Industrial Average: 874.55 (+4.67, +0.54%)
S&P Composite: 102.43 (-0.02, -0.02%)
Arms Index: 0.81

	Issues	Volume*
Advances	647	10.62
Declines	860	11.40
Unchanged	303	2.51
Total Volume		24.53

* 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 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
November 8, 1973	932.65	107.02	19.65
November 7, 1973	920.08	105.80	16.57
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