News stories from Wednesday November 21, 1973

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

Another Watergate "bomb" went off in Judge John Sirica's courtroom today. Presidential counsel Fred Buzhardt announced that an 18-minute portion of the White House tapes which have been subpoenaed by the court contains no audible words. The conversation in question took place between President Nixon and former White House chief of staff H.R. Haldeman on June 20. Assistant prosecutor Richard Ben-Veniste demanded that the matter must be investigated thoroughly and he stated that the potential for obstruction of justice charges exists. Buzhardt was asked about the President Nixon's knowledge of the inaudible tape. Buzhardt stated that he is unsure when the President learned about it, but he doesn't believe the President knew the tape was on the subpoena list. Secret Service technician Raymond Zumwalt answered questions regarding another missing conversation of June 20 between former Attorney General John Mitchell and President Nixon. [CBS] No concrete decisions have been made regarding plans to combat oil shortages. Energy adviser John Love revealed that a committee has discussed a wide range of alternatives to help ease the energy crisis. Budget director Roy Ash stated that gasoline rationing is under consideration. A Sunday driving ban is not being considered, but Sunday closings of gas stations is. Interior Secretary Rogers Morton said that if the energy crisis is outlined fully to the American people, voluntary conservation would follow. But if the public is apathetic, brownouts and blackouts during the winter are likely. [CBS] The fuel shortage seems to have made no substantial difference in the amount of holiday travel. [CBS] Israeli foreign minister Abba Eban met with Secretary of State Henry Kissinger. Kissinger proposed that peace talks begin next month. He outlined the U.S. strategy in the Middle East at an earlier news conference, insisting that America's actions won't be shaped by Arab blackmail or pressure. If pressure continues unreasonably, the U.S. must consider possible retaliation, he added.Kissinger refused to fully explain the U.S. military alert as he previously promised. [CBS] Israeli Prime Minister Golda Meir claimed that Egypt and Syria have threatened to begin fighting Israel again. Syria announced that it may join the Mideast peace conference. [CBS] Defense Department sources reported that some evidence has been discovered of Russian nuclear weapons in Egypt. Leading Senate defense experts doubted that report, and Pentagon sources acknowledge that the information is inconclusive. [CBS] Secretary of State Henry Kissinger admitted that serious differences between the United States and our NATO allies existed during the Mideast war. The meeting of NATO foreign ministers in Brussels would be a good time for revitalizing relations. That meeting will include a joint U.S.-European response to the Arab oil embargo. U.S. officials confirmed that the oil boycott has caused a cutback in military training flights. [CBS] Political leaders in Northern Ireland reached an agreement on a coalition government with Catholics and Protestants sharing power. [CBS] Argentine President Juan Peron allegedly suffered a mild heart attack. His wife, Isabel Peron, is now running the government. [CBS] The government reported that the cost of living for October rose 0.8%, the biggest increase in seven months. Reasons included rising fuel and oil prices, and food prices. The consumer price index is up almost 8% over one year ago. [CBS] Airline fares will increase 5% next month. Critics insist that the hike is unnecessary; the Civil Aeronautics Board disagrees with the critics. [CBS] The Senate Judiciary Committee sent legislation regarding the special Watergate prosecutor to the full Senate. [CBS] Talk of presidential politics began today. Barry Goldwater stated that Senator Charles Percy has little chance of getting the '76 Republican nomination. Governor Nelson Rockefeller may resign to head a new national policy commission to keep him available to run for president. Senator Edward Kennedy said that his decision to run remains open. [CBS] The Food Fair supermarket chain reported to stockholders that one of its executives repaid the firm for food which was sent regularly without cost to former Vice President Spiro Agnew. [CBS] Vice President-designate Gerald Ford reported that John Mitchell's Justice Department gave Ford tips about impeaching Supreme Court Justice William O. Douglas. Ford revealed that information at his confirmation hearing. [CBS]

Stock Market Report

Dow Jones Industrial Average: 854.98 (+10.08, +1.19%)
S&P Composite: 99.76 (+1.10, +1.11%)
Arms Index: 0.70

	Issues	Volume*
Advances	930	14.91
Declines	602	6.78
Unchanged	316	2.57
Total Volume		24.26

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