News stories from Wednesday November 28, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Judge John Sirica was informed that more of the subpoenaed White House tapes may contain gaps. White House attorney Fred Buzhardt admitted that other tapes have stretches without conversation on them. Prosecutor Richard Ben-Veniste stated that voice-activated White House tapes should have no gaps without sound. Buzhardt attempted to explain the possible gaps on other tapes.
Earlier, President Nixon's personal secretary Rose Mary Woods testified about one tape with an 18 minute gap and restated her explanation that she accidentally erased that conversation. Prosecutor Jill Volner and Miss Woods exchanged cutting remarks over Woods' explanation.
[CBS] - White House officials insisted that key information on the tapes which is needed for the Watergate investigation is still intact despite gaps. President Nixon will accelerate "Operation Candor", releasing information later this week which he claims will prove that several allegations against him are wrong, including allegations of financial wrongdoing. [CBS]
- Senate Watergate committee vice-chairman Howard Baker stated that a sensitive national security matter may be the missing link in the Watergate scandal. President Nixon and Watergate committee chairman Sam Ervin agreed that the matter is too sensitive to be probed. CIA wiretapping of the Kremlin was suggested as a possible secret, sensitive matter. [CBS]
- The Senate passed a bill removing the constitutional barrier to the nomination of Senator William Saxbe as Attorney General. [CBS]
- Rumors of gasoline rationing are sweeping the country after Transportation Secretary Brinegar conceded that rationing is possible. Interior Secretary Rogers Morton reported that many oil executives are being recruited for government service to deal with the oil crisis. Morton also signaled that the go-ahead will be given to tap shale oil reserves in Western states. Conservationists were disappointed by the government's decision. [CBS]
- The compliance of major expressways with President Nixon's request for a ban on Sunday gasoline sales is up in the air. Northeastern expressways are deciding individually whether to comply.
The New Jersey turnpike top speed limit is now 55 m.p.h., but the President's proposed 5 m.p.h. speed limit difference between cars and trucks is likely to cause a rise in the number and severity of accidents. The turnpike will limit sales of gasoline to five gallons per customer on Sundays.
[CBS] - The United States continues to send thousands of barrels of oil to Cambodia and South Vietnam daily. Some of the oil is being used to keep the South Vietnamese air force flying. [CBS]
- The National Transportation Safety Council stated that reduced gasoline sales and reduced speeds on highways could save 14,000 lives per year. Senator Thomas Eagleton said that insurance companies should take the council's statement into consideration and reduce auto insurance premiums. [CBS]
- Senate Democratic leader Mike Mansfield called for expanded rail passenger service to help ease transportation problems; Amtrak business is booming. Winter months are usually slow for Amtrak, but this winter expansion is going to be necessary and Amtrak has placed an order for new engines. However the same fuel crunch which is boosting Amtrak is also causing a slowdown in the shipment of the basic materials needed for production, so new Amtrak locomotives likely won't be ready when needed.
Callers have flooded the lines seeking reservations for Amtrak's Auto Train, which runs from Sanford, Fla. to northern Virginia, since the gasoline shortage began. Now ticket requests have doubled since the President's recent energy speech.
[CBS] - Representative William Minshall introduced a bill allowing a full tax write-off for mass transit fares to and from work. [CBS]
- Massive unemployment is feared as a result of the energy crisis; the aircraft industry is already being hard-hit. One-fourth of Cessna aircraft employees in Wichita will be furloughed by Friday. The government has proposed that fuel allocations to the general aviation industry be cut by 40%. Kansas Governor Robert Docking warned that such a cut will lead to mass unemployment. [CBS]
- Following the example of United Airlines, American Airlines will lay off more than 200 pilots as part of its flight reduction program. [CBS]
- Senator Frank Moss stated that no actual oil shortage existed last winter, only misallocation and misdirection of supplies. [CBS]
- The leaders of the Arab world finished their conference in Algiers by reaching an agreement on a common oil policy. Most Arab countries agreed to back Egypt and Syria fully. Arab leaders voted to recognize Yasser Arafat's P.L.O. as the sole representative of the Palestinian people. Many Palestinians are ready to meet with Israel along with other Arab representatives to discuss peace. [CBS]
- Israel and Egypt postponed a meeting which was scheduled to discuss mutual troop pullbacks; reasons for the delay differ between the two countries. [CBS]
- Three Arab hijackers surrendered in Dubai after flying a hijacked Dutch jet around the Mideast. [CBS]
- A new wave of violence involving the Irish Republican Army broke out in Northern Ireland. IRA members hijacked cars, buses and trucks and turned the vehicles into barricades across 90 roads, nearly sealing off the border between Northern Ireland and the Republic of Ireland for most of the day. [CBS]
- A graduation ceremony in Miami, Florida, was not much of a commencement because of the fuel shortage. Stewardesses and stewards graduated from an Eastern Airlines training program, but because of the energy crisis the graduates have already been furloughed without pay. The training school is to be closed indefinitely. The new graduates reacted to the situation with anger, frustration and crushed hopes. [CBS]
- Actress Elizabeth Taylor was reported in good condition after surgery to remove an ovarian cyst. [CBS]
- California representative Yvonne Burke became the first member of Congress to give birth while in office, and the first to be granted maternity leave. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 839.78 (+22.05, +2.70%)
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 27, 1973 | 817.73 | 95.70 | 19.75 |
| 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 |