News stories from Friday November 30, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- America is about to begin its first weekend of voluntary cutbacks on gasoline consumption as recommended by President Nixon. An Associated Press poll indicates that 75% of gas stations will abide by the President's request to be closed on Sunday. The President and his energy advisers met again today to discuss options for dealing with the energy crisis.
The White House reported that cabinet-level advisers and the President did not arrive at any decision regarding energy saving plans. Later, energy adviser John Love's office reported that the group hoped the Cost of Living Council would come up with revisions of price controls on oil products.
[CBS] - Eastern Airlines curtailed its shuttle service in the Northeast. Further flight cutbacks are necessary to deal with the fuel shortage, and more pilot layoffs are expected. [CBS]
- Ford has joined General Motors and Chrysler in production cutbacks. GM's Kalamazoo, Michigan, plant was the first to lay off workers because of the energy crisis. Fisher Body employee Jeffrey Kloosterman, now facing Christmas without a job, said he never considered that the energy crisis would cause him to be laid off. Mrs. Kloosterman noted that her husband's layoff will cause bills to pile up again. Questioned about being bitter about the situation, Kloosterman said that he feels no anger toward his company, just the government. [CBS]
- Another side effect of the energy crisis has arrived for the holiday season. Shortages of Christmas toys are evident because of the plastic shortage. Toy manufacturers are facing production cuts and possible shutdowns. The raw materials for plastics are completely unavailable in some areas except through the black market. [CBS]
- Hopes were dashed for using coal to help ease the energy crisis. Coal executives reported that little or no coal is available for new purchasers without existing contracts. [CBS]
- Venezuela, a major oil supplier to the U.S., raised prices on its exports to America. [CBS]
- Judge John Sirica annouced that four of the White House tapes are ready to be turned over to the grand jury immediately. Sirica's court will be in recess until next week while reviewing tapes for the grand jury. Upcoming witnesses include White House chief of staff Alexander Haig.
A panel of experts in New York City investigated the tape with the 18-minute gap. The panel members were agreed upon by special prosecutor Leon Jaworski and the White House. Their meeting was held behind closed doors; no comments were made to the press.
[CBS] - President Nixon signed a bill extending the Watergate grand jury's life for one more year if necessary. [CBS]
- Egil Krogh, head of the White House "plumber's" unit, pleaded guilty to charges stemming from the burglary of Daniel Ellsberg's psychiatrist's office. Krogh admitted his guilt and stated that his excuse of defending national security is no longer acceptable, but he agrees with the President's view of the break-in. Krogh is the 12th person with the Nixon administration to be convicted of a Watergate-related crime: the original "Watergate 7", John Dean, Jeb Magruder, Fred LaRue, Donald Segretti, and now Krogh. [CBS]
- The federal campaign finance reform bill has run into a Senate filibuster. The proposal is attached to a bill extending the national debt ceiling. The legislation expires at midnight tonight if there is no vote on the bill, and Alabama Senator James Allen plans to argue against the bill until midnight. However, the Senate voted to hold weekend meetings to resolve the issue. The Senate's Sunday session would be its first since 1861. [CBS]
- More developments occurred today regarding Arab oil and the United States. Saudi Arabia's oil minister Sheik Yamani stated that the Arab world has sensed a change in America's attitude toward Arabs. Yamani will meet with U.S. officials in Washington on Monday.
Secretary of State Henry Kissinger stated that all parties must try diplomacy to settle the Mideast conflict. Kissinger said that he hopes Israel will withdraw from Arab lands it now occupies. The U.S. will press Israel for major concessions at the upcoming peace talks in Geneva. Congress is considering cutting U.S. aid to Israel by about $500 million.
[CBS] - The commander of United Nations peacekeeping forces attempted to reestablish cease-fire talks between Israel and Egypt. Egypt hinted at not participating in the Geneva peace talks next month. Both the Egyptian and Israeli armies along the Suez are on maximum alert. Several cease-fire violations were noted. [CBS]
- As a result of the Mideast war, and to protect oil shipment lanes, Secretary of Defense James Schlesinger announced that the U.S. Navy will maintain regular patrols in the Indian Ocean. At a news conference today, Schlesinger also discussed Vietnam.
Schlesinger stated that the War Powers Act is under investigation by the administration, and the resumption of bombing in Southeast Asia may be possible without Congress' approval. Schlesinger said he believes that President Nixon would request permission for bombing from Congress, however. Secretary of State Kissinger admitted that the War Powers Act is being evaluated, and the findings will be made public. Senate Foreign Relations Committee chairman William Fulbright declared that any bombing campaign would require the authorization of Congress.
[CBS] - Fighting between government troops and Communist forces near Phnom Penh reached intense proportions. [CBS]
- The Nobel committee reported that Secretary of State Kissinger is donating his share of the Nobel peace prize to a scholarship fund for children of American servicemen killed or missing in Southeast Asia. North Vietnam's Le Duc Tho rejected his peace prize winnings. [CBS]
- Twelve-year-old Teddy Kennedy, Jr. left a Washington hospital after his leg was amputated. Teddy walked out on a temporary limb without assistance. Senator Edward Kennedy carried a football that was presented to his son by Washington Redskins coach George Allen. [CBS]
- The spacecraft Pioneer 10 penetrated the magnetic field of Jupiter and will continue to report more information about the planet. Data from Pioneer 10 hopefully will provide explanations to many vexing questions. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 822.25 (-12.86, -1.54%)
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 29, 1973 | 835.11 | 97.31 | 18.87 |
| November 28, 1973 | 839.78 | 97.65 | 19.99 |
| 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 |