News stories from Monday December 3, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- John Love, the top energy adviser to President Nixon, resigned. Deputy Treasury Secretary William Simon succeeds Love. Love and his chief deputy Charles DiBona apparently tried hard to deal with the energy crisis, but complaints of their managerial shortcomings reached the White House. Love's staff believes that Treasury Secretary George Shultz and presidential counsel Melvin Laird persuaded the President to get rid of Love.
Love noted that a new energy agency has already been formed under Simon's direction. Love wished Simon well and said he was relieved to get out of trying to manage the energy crisis. Asked about his future, Love stated that he plans to return to Colorado and possibly practice law; he won't try again for public office. Love conceded that policy differences existed between himself and the Nixon administration.
[CBS] - To conserve gasoline, the White House asked Congress to relax automobile emission standards for two years. The Environmental Protection Agency was not consulted about the decision and is furious over the White House action. EPA administrator Russell Train insisted that a relaxation of emission standards is opposed by the agency. [CBS]
- General Motors announced that 137,000 of its employees will be affected by a production cutback slated to begin one week before Christmas. Chrysler and Ford also plan layoffs and production cuts. [CBS]
- Nine European Common Market nations discussed setting up an "oil pool" to meet the energy crisis. Denmark proposed the plan. [CBS]
- A daily newsletter for the oil industry reported that the fuel shortage has stranded 27 oil tankers and merchant vessels around the world. Black market prices for oil were described as "outrageous". [CBS]
- The heating oil shortage is expected to be acute in New England this winter. Students at Tufts University are trying to deal with the heating oil shortage by planning a longer holiday vacation. The heating oil allocation is down from last year, and the entire university schedule may be shuffled to keep students away from school during the coldest months. Instead of celebrating the lengthened break from studies, students are concerned over having less time to absorb lessons, and are worried about a decline in the quality of their education. Northern universities are afraid that students may transfer to schools in warmer climates. [CBS]
- Judge John Sirica began listening to White House tapes to decide which of them will be sent to the Watergate grand jury. U.S. marshals are guarding Sirica's office. President Nixon's lawyer Fred Buzhardt instructed Sirica on how to use the tape recorder this morning. Sirica seriously considered recalling the President's personal secretary Rose Mary Woods to the stand. White House chief of staff Alexander Haig will testify Wednesday regarding the 18-minute tape gap. [CBS]
- Over the weekend, the Senate demonstrated that the filibuster is still an effective weapon. James Allen of Alabama led a filibuster to prevent a vote on raising the national debt ceiling because the bill included an amendment calling for campaign finance reform. Lowell Weicker argued against the campaign-finance legislation for now; Edward Kennedy argued for it. Senate leaders Hugh Scott and Mike Mansfield moved to adopt a straight national debt ceiling bill. The campaign reform amendment lost. [CBS]
- The Supreme Court refused to review Tony Boyle's conviction for illegally contributing United Mine Workers' funds to political candidates. Boyle may begin serving his prison term soon. [CBS]
- The most serious Viet Cong attack in the Saigon area since last January forced the South Vietnamese government to cut back civilian use of gas and electricity. After the attack, much of Vietnam's fuel supplies were in flames. A government spokesman admitted that the military will be affected by the attack, but private citizens will be the hardest hit. The Viet Cong attack raises the concern of a new Communist offensive against South Vietnam. [CBS]
- Renewed fighting occurred in the Mideast in the Golan Heights as Israeli and Syrian troops battled for a second day; sporadic fighting along Suez front was also noted. The U.S. State Department remains hopeful for a resumption of cease-fire talks. Secretary of State Henry Kissinger will visit the Mideast on a peace-making tour this month, with stops in Saudi Arabia, Egypt, Jordan, Israel and Syria. [CBS]
- David Ben-Gurion, one of the founders of Israel and its first prime minister, was buried in Jerusalem today. His funeral service was simple, dignified and without pretense as Ben-Gurion requested. [CBS]
- The House Foreign Affairs Committee rejected attempts aid cut to Israel. In the Senate, an aid bill will be voted on this week; a portion of the money in the bill would go to Arab countries. Idaho Senator Frank Church stated that he objects to sending aid to Arabs. [CBS]
- Forty Soviet Jews in Vienna, Austria, apparently unhappy with life in Israel, attempted to obtain reentry visas to the Soviet Union. Soviet diplomats used force to remove the Jews from the consulate. [CBS]
- Pioneer 10 will come closest to Jupiter tonight after 21 months in space. Pioneer has been sending back data and pictures of Jupiter. [CBS]
- Skylab 3 astronauts William Pogue, Edward Gibson, and Gerald Carr took pictures of earth and ran experiments inside Skylab. [CBS]
- The prices for a market basket of food were down in three of the four cities which are visited monthly to check food prices. Overall, prices have jumped substantially from last March to December except in Los Angeles. [CBS]
- The Consumer Product Safety Commission said that 100,000 portable color televisions of five brands that were evaluated during the past few months were found to have fire or electrical shock hazards. New safety rules for all sets are being planned. [CBS]
- A Louis Harris poll ranked America's confidence in government and other professions. Politicians rated the lowest, the medical profession scored highest. Garbage collectors were rated second, followed by television newsmen. The Senate requested the survey. [CBS]
|
Stock Market Report
Dow Jones Industrial Average: 806.52 (-15.73, -1.91%)
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 30, 1973 | 822.25 | 95.96 | 15.38 |
| 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 |