News stories from Tuesday November 27, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The first White House tape was played publicly in Judge John Sirica's courtroom today. President Nixon's personal secretary Rose Mary Woods played a portion of one tape to demonstrate her allegedly accidental erasure of part of a tape. The gap occurred during the President's conversation with H.R. Haldeman about Watergate.
An exact duplicate of the machine used by Miss Woods to listen to the tapes was taken to electronics expert Sol Minerov in Valley Stream, New York. Minerov was asked if the events could have happened as Miss Woods described, and if she could possibly have hit the "record" button accidentally. Minerov admitted that it is possible.
[CBS] - Some little-noticed evidence which has been given to Judge Sirica regarding Watergate may actually be very important. President Nixon claims that he had no knowledge of the Watergate break-in or cover-up for months after the event took place. Federal investigators and some members of Congress are now closely studying a meeting which took place just three days after the Watergate break-in. At that meeting, President Nixon and chief aide H.R. Haldeman allegedly planned a counterattack to neutralize negative public reaction to the burglary. Haldeman's notes of that meeting are being examined thoroughly. White House officials declined comment. [CBS]
- The Senate Watergate committee voted to postpone further public hearings. Instead, the committee will broaden its investigation into Nixon administration favors to the dairy industry in exchange for campaign contributions, and will also focus on Howard Hughes' campaign contribution to President Nixon which was given through Bebe Rebozo. [CBS]
- United Air Lines announced further flight cutbacks to meet the President's requirements to reduce jet fuel consumption. Employees will be laid off also. Many flights will be dumped by December 7. United believes that its profit level will remain steady even with flight cutbacks. [CBS]
- Government sources reported that the Nixon administration hopes to cut total gasoline consumption in the United States by 30% over the next few months. To achieve that goal, rationing is being considered as well as increased gasoline taxes. White House energy director John Love believes that petroleum companies should be permitted higher profits during their search for new energy sources.
The government issued regulations for rationing home heating oil, but no enforcement mechanism for those regulations was provided. Thermostats must be turned down to conserve oil supplies. The House passed legislation to put the U.S. on year-round daylight savings time but the Senate still must approve the bill. Safety experts warned consumers against carrying cans filled with gasoline in cars. The Pentagon denied that the eternal flame on John F. Kennedy's grave will be extinguished to save energy.
[CBS] - The trucking industry is facing serious problems due to the fuel shortage. Trucks whose monthly fuel allotments have been used up are forced to remain at service stations; truckers must wait for the next diesel fuel shipment. At the end of a month, most major truck stops are occupied by trucks waiting to be refueled. [CBS]
- The U.S. had a balance of trade surplus in October. [CBS]
- Arab leaders meeting in Algiers have reportedly agreed to cut back on their oil embargo. The action wouldn't help the United States directly, but might help indirectly. The oil embargo was discussed by the President with Secretary of State Henry Kissinger and a group of high-level congressmen. Senator Hugh Scott declared that the U.S. commitment to Israel is unchanged. Senator William Fulbright stated that the economies of Western nations will be in deep trouble until a Middle East peace settlement is found.
The administration had no comment regarding Rose Mary Woods and the White House tapes.
[CBS] - Arab solidarity was shattered as leaders overruled Jordan and voted to recognize the Palestine Liberation Organization as the sole legal representative of the Palestinian people. Jordan's King Hussein threatened not to attend the Mideast peace talks next month as a result. [CBS]
- Arab terrorists searched for a country willing to grant them asylum after they hijacked a Dutch jumbo jet; they finally released the Dutch passengers and returned to Dubai at last report. [CBS]
- The Senate confirmed Gerald Ford as the new Vice President of the United States. Negative votes were cast by Democrats Thomas Eagleton, Gaylord Nelson and William Hathaway. The House will vote next week on Ford's confirmation. [CBS]
- President Nixon's personal finances became the topic of a meeting of a group of Senators. Senator Bennett Johnson revealed that the President intends to make some of his income tax returns public. [CBS]
- A congressional committee is looking into abuses and widespread corruption involving the Small Business Administration. Chief investigator Curtis Prins explained the corruption in detail, including the case of former NFL player Bennie McRae. McRae, who supported President Nixon in 1968 and 1972, sought a loan for his Virginia construction company. The company was turned down twice by the state for not having a valid license, but was later granted a controversial federal loan from the SBA as the result of "pressure" from the White House. [CBS]
- U.S. Steel announced that it is seeking a 6.5% price increase; almost all of its American-made products would be affected. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 817.73 (-7.22, -0.88%)
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 26, 1973 | 824.95 | 96.58 | 19.83 |
| November 23, 1973 | 854.00 | 99.44 | 11.47 |
| 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 |