News stories from Wednesday November 14, 1973

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

Judge Gerhard Gesell ruled that the firing of former Watergate prosecutor Archibald Cox by President Nixon was illegal. Current Watergate prosecutor Leon Jaworski stated that the President has pledged to hand over all documents required for the Watergate investigation. Judge John Sirica declared that there is no legal barrier keeping the President from making Watergate materials public.Jaworski met today with President Nixon to discuss getting tapes of conversations between Nixon, John Ehrlichman and Egil Krogh. Sirica announced that he will refuse to accept unsubpoenaed tapes that have been offered by the President. [CBS] Oil company executives appeared before the Senate Watergate committee to discuss illegal corporate contributions to President Nixon's 1972 re-election campaign. Ashland Oil Company board chairman Orin Atkins described being pressured for a contribution and said that the pressure bordered on "extortion". Gulf Oil spokesman Claude Wild also claimed to have made contributions out of fear.Committee chairman Sam Ervin rejected the President's offer to meet with a bipartisan group of members of the committee to discuss Watergate. [CBS] Israel and Egypt agreed to an exchange of prisoners of war. The agreement was negotiated on the Suez-Cairo road. Israeli General Aharon Yariv, Egyptian General Gamasy and United Nations Commander Ensio Siilasvuo participated in the talks. The agreement came as a surprise because Israel had squabbled about turning over the control checkpoints along the Cairo road to United Nations troops.The Defense Department reported that emergency airlifts to Israel will end. Material will travel by ship in the future. [CBS] After ending his talks in Peking, Secretary of State Kissinger flew to Tokyo to discuss Mideast oil. As Kissinger arrived in Tokyo, a joint communique from the United States and China was released. It stated that the U.S. now recognizes only one China which includes Taiwan. On his last day in Peking, Kissinger had announced that U.S. policy toward China would not change. [CBS] Viet Cong envoys refused to resume peace talks with South Vietnam in Paris. South Vietnam has retaliated against Viet Cong attacks with heavy air strikes over the past few weeks.Each Viet Cong-controlled village in South Vietnam has its own guerrilla force. V.C. guerrillas serve as the local police force. Each house in a village has a bunker; government air force jets hit villages daily. [CBS] The United Auto Workers reported that problems with the Ford contract can be negotiated. No strike is expected. [CBS] Commerce Secretary Fred Dent said that a recession is likely unless Americans fight the energy crisis together. [CBS] Gold-hoarding nations including the United States released gold onto the free market today. Gold prices dropped; dollar prices were unaffected. [CBS] Britain's Princess Anne and Capt. Mark Phillips married today in Westminster Abbey. Among the guests of importance were Prime Minister Heath, Labor party leader Harold Wilson and Lord Mountbatten. [CBS] The go-ahead for the launch of Skylab 3 launch has been given for Friday. [CBS]

Stock Market Report

Dow Jones Industrial Average: 869.88 (-21.15, -2.37%)
S&P Composite: 102.45 (-1.91, -1.83%)
Arms Index: 1.63

	Issues	Volume*
Advances	283	2.58
Declines	1,232	18.33
Unchanged	307	1.80
Total Volume		22.71

* 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 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
November 6, 1973	913.08	104.96	16.43
November 5, 1973	919.40	105.52	17.15
November 2, 1973	935.28	107.07	16.34
November 1, 1973	948.83	107.69	16.92
October 31, 1973	956.58	108.29	17.89