News stories from Friday November 16, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon signed the Alaska pipeline construction bill, but even if the Arab oil embargo was lifted the energy crisis still wouldn't be solved. Speaking at the White House bill signing, the President stated that environmental concerns must be put aside until the energy crisis is under control.
Nixon later met with Republican congressmen regarding Watergate. Representative Bud Shuster declared that the President is on the offensive with facts to back up his stand. Shuster said that the President may disclose many facts during his speech in Orlando, Florida, over the weekend. Representative John Anderson was more subdued and said that Shuster's reaction was somewhat strong. Nixon supporters have been sending messages of encouragement to the White House.
[CBS] - President Nixon will answer questions at the gathering of Associated Press editors in Orlando tomorrow night. CBS will cover the event live beginning at 7:00 p.m. [CBS]
- Interior Secretary Rogers Morton warned of upcoming gasoline rationing unless fuel conservation becomes a reality. Oil allocation guidelines for consumers will be issued by the government before Christmas. Homes heated by natural gas are not likely to feel any effects. The administration has established a priority on diesel fuel for mass transit and farming machinery. Senator Mike Mansfield urged the government to begin gasoline rationing immediately. [CBS]
- Space rookies Gerald Carr, Edward Gibson and William Pogue today began the longest human voyage in space. Their command module docked with Skylab successfully. Dr. Charles Barry, the astronauts' physician, said he has no fears for their health. [CBS]
- In the Mideast, the prisoners of war exchange continued without incident. In Tel Aviv, Premier Golda Meir greeted returning prisoners with tears in an emotion filled meeting. Mrs. Meir stated that relations between Egypt and Israel have improved somewhat with the exchange of prisoners. But Syria's refusal to release Israeli POWs is a source of grief for the country.
United Nations forces evacuated the first civilians from Suez City, Egypt.
[CBS] - Secretary of State Henry Kissinger returned to Washington after his round the world diplomatic trip. [CBS]
- Although the war in Vietnam is supposedly over, some areas are still being contested by Saigon and the Viet Cong. Hoai Son is controlled by the Viet Cong. Local administrators run the villages. Fighting still occurs, as government airplanes continually make bombing runs over Hoai Son. Americans hoped to strengthen the government of South Vietnam by moving villagers such as those at An Lao into areas already under government control. The plan has been a failure. [CBS]
- Students took over university buildings in three Greek cities. In Athens, rioting occurred before police moved in to restore order. Greek workers joined students protesting against the government. [CBS]
- Fire in a Los Angeles apartment building left 24 dead and 49 injured in the worst residential disaster in city history. Open stairwells are blamed for the high number of casualties. In response, the mayor of Los Angeles reduced the allotted time for safety measures to be installed in apartment buildings. [CBS]
- Senator Edward Kennedy's son, Edward Jr., will have his leg amputated as a result of bone cancer. President Nixon called the Kennedy family to express his sympathy. [CBS]
- Senate Watergate investigators are now examining the dairy industry's contributions to President Nixon's '72 campaign and their possible link to increased federal subsidies for milk. Robert Isham, the former comptroller of American Milk Producers Inc. (AMPI), and milk lobbyist Robert Lilly received full immunity from prosecution to testify.
Lilly admitted giving a contribution from the dairy industry to a White House lawyer who took the money directly to Herbert Kalmbach. Former AMPI attorney Jake Jacobson testified that money was given to Kalmbach to get more "understanding" from the White House for the dairy industry's problems. After the contribution, dairymen were more favored by the Nixon administration, though John Connally denied that contributions were linked with the decision to increase federal subsidies to the dairy industry. AMPI president Dr. George Mahren stated that he once told former President Lyndon Johnson that no more illegal contributions would be made to presidential campaigns. Dairy farmers are caught in the middle of the scandal. Some believe that the dairy industry should admit its wrongdoing, then continue producing milk without getting involved in politics.
[CBS] - Judge John Sirica revealed that he is opposed to the courts naming a special Watergate prosecutor. Sirica voiced his view in a letter to Senate Judiciary Committee chairman James Eastland. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 891.33 (+16.78, +1.92%)
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 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 |
| 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 |