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News stories from Friday November 23, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The ripple effect of the energy crisis has hit certain segments of the economy; the plastics industry is feeling the pinch and the automotive industry has been hit particularly hard. President Nixon will interrupt his Thanksgiving holiday for talks with advisers regarding the energy crisis.
The President's meeting with energy adviser John Love and White House counsel Melvin Laird won't produce any immediate announcement of plans to meet the crisis. A Sunday ban on gasoline sales is a high priority. Interior Secretary Rogers Morton urged the major refiners to produce less gasoline. Democratic representative Ken Hechler declared that the energy crisis is being used as an excuse to stall legislation that would limit or ban strip mining. Hechler also insisted that coal which is needed in the United States is being "haphazardly" exported; he noted that plans for legislation against such exports is in the works. [CBS]
- Boat builders are suffering from the energy crisis too; some have seen a 50% cutback in orders and sales have dropped significantly due to a lack of fuel and a lack of raw materials. [CBS]
- The U.S. has not been hit as hard by the energy crisis as Europe or Japan, as the dollar has strengthened on European money markets.
A spokesman for the Norwegian shipping industry stated that world shipping may to come to a standstill over the energy crisis. Italy has adopted new emergency regulations and restrictions. Canada warned its citizens about possible voluntary energy conservation measures. Oil exports from Canada to the U.S. are not expected to dwindle, but Canadians come first. Saudi Arabia's Sheik Yamani warned of a further 80% oil reduction if the United States or other nations take countermeasures against the Arab oil embargo. [CBS]
- Under pressure from the oil embargo, Japan switched to a pro-Arab stance in hopes of getting oil. The U.S. State Department was sympathetic but insisted that a Mideast peace settlement will be more difficult because of Japan's new policy. Jewish organizations called on the Japanese ambassador to Washington to warn his government that Japanese-American relations could be damaged by Japan's actions. Such repercussions could hurt Japan.
The Japanese are on a buying spree in America. Japanese soy sauce production in the United States is big business. Foreign-owned industries in American have doubled in the past four years and Japanese investments have increased faster than those of any other country. Although the Japanese haven't gained a dominant interest in any single American industry, the rate of foreign investment upsets some Congressmen. Representative John Dent stated that increased foreign investment can lead to subjugation under someone else's control. The "foreign invasion" will continue, however, until restrictive legislation is brought before Congress. [CBS]
- The U.S. government approved a 5% increase in airline fares earlier in the week. In Geneva, Switzerland, a 6% increase on all international fares was reported. [CBS]
- Israeli and Egyptian officials met to discuss the mutual withdrawal of troops. Prospects for the outcome of the talks are not encouraging; the Egyptian armed forces on the eastern bank of the Suez Canal seem to be main point of contention between Israel and Egypt in the cease-fire negotiations. Israel's terms for troop withdrawal differ from Egypt's. Officials will meet again tomorrow. Israeli forces remain on alert along both fronts.
There has been a heavy drain on the Israeli economy because of the failure to settle the Mideast war quickly. That economic drain may have a political impact, as Prime Minister Golda Meir has suffered a sharp decline in popularity. [CBS]
- Libyan leader Muammar Kaddafi visited Paris, where the wrong national anthem was played for him. France gets most of its oil from Libya. [CBS]
- In Moscow, two American firms signed a $45 million contract to build a chemical plant in the Ukraine. [CBS]
- General Motors and Ford are recalling thousands of automobiles. [CBS]
- Grain dealer Dwayne Andreas and his firm pleaded innocent to charges of illegally contributing corporate funds to Hubert Humphrey's 1968 presidential campaign. Watergate prosecutor Archibald Cox brought those charges the day before he was fired. [CBS]
- One gyroscope aboard Skylab 3 has broken, but astronauts Gerald Carr, Edward Gibson and William Pogue are not in danger. [CBS]
- Astronomers say that Kohoutek will be the most fascinating comet in modern history. Kohoutek was discovered earlier this year, and its orbit will become visible in late December. The most famous comet, Halley's, is sighted on earth every 76 years. Some believe that bad luck accompanies comets, however Kohoutek shouldn't be feared but held in awe for its beauty. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 854.00 (-0.98, -0.11%)
S&P Composite: 99.44 (-0.32, -0.32%)
Arms Index: 1.26
| Issues | Volume* |
|---|
| Advances | 705 | 4.41 |
| Declines | 709 | 5.57 |
| Unchanged | 360 | 1.49 |
| Total Volume | 11.47 |
* in millions of sharesArms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.
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| Market Index Trends |
|---|
| Date | DJIA | S&P | Volume* |
|---|
| November 21, 1973 | 854.98 | 99.76 | 24.26 |
| 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 |
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