News stories from Tuesday November 20, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The stock market slump is being caused by the fear of a recession. Analysts believe that the U.S. economy looks bad now, and the forecast for 1974 is even worse because of the energy crisis. Brokers admit that their clients are extremely worried and fearful of holding stock. The stock market drop has even pinched the little guy.
In Forest City, Iowa, most citizens work for Winnebago Motor Homes. One-third of the stockholders in the company live in Forest City. Because of gasoline shortages, the stock has hit rock bottom. The price of the stock is at the mercy of big traders in New York City. Gas station owner Chuck Davis noted that people with money have the most control over the stock. Farmer Karl Klages thinks the little man has washed out of the stock market. With the small investor driven away, the stock market doesn't work very well.
[CBS] - The nation is learning of the government's possible plans to deal with the fuel shortage. Speaking at the conference of Republican governors in Memphis, Interior Secretary Rogers Morton called for reductions in the use of automobiles, home heating fuels, commercial fuels, utility fuel, industrial oil and jet fuel. White House energy director John Love assured the governors that decisions will be made quickly. Love also said that the fuel shortage could last three to five years. [CBS]
- Some U.S. economists believe that the fuel shortage is due to lack of refining facilities. Japan's industries have cut back oil use 10%, and the government has also banned post-midnight television broadcasting. Thailand's king requested that government houses not be lighted for his birthday. One couple in Bell Plain, Minnesota, wrapped their concrete home in plastic to save heat. Russell Peterson, President Nixon's nominee to head the Environmental Quality Council, believes that a food shortage will prove to be the real worldwide crisis and the "zero population growth" drive should be led by the United States. [CBS]
- The Ford Motor Company reported that the shift to smaller cars has cost the company money. Ford requested an immediate 5% price increase from the Cost of Living Council. Chrysler appeared before the council with a request for a similar increase. [CBS]
- In Memphis, President Nixon briefed Republican governors on Watergate. He and the governors held a closed-door session to discuss problems. Governor Winfield Dunn stated afterwards that the President told them there are no other "bombs" waiting to be dropped on the American people.
Yesterday pollster George Gallup reported that Watergate will hurt Republican re-election chances. Party chairman George Bush said that he believes Watergate will have little effect on upcoming elections, and he claimed that mail being sent to Capitol Hill seems to be favoring the President more now. CBS noted that the total volume of mail received by the President has dropped.
[CBS] - An independent survey commissioned by CBS revealed that the American public has more confidence in the press than it does in the White House. Television reporters were regarded as the fairest and most accurate members of the news media. The Opinion Research Organization conducted the poll.
The National News Council stated that the White House hasn't responded to its request for specific charges by President Nixon against the press.
[CBS] - Vice presidential nominee Gerald Ford was confirmed today by the Senate Rules Committee. Committee chairman Howard Cannon announced that the full Senate will vote next week. The House Judiciary Committee heard from former lobbyist Robert Winter-Berger regarding charges he has made against Ford. Opposition to Ford exists among committee Democrats. Final House action is not likely until next month. [CBS]
- New Watergate prosecutor Leon Jaworski continues to seek new tapes from the White House. Jaworski intends to subpoena the tapes if they are not turned over to him. [CBS]
- The Senate Judiciary Committee decided to allow the full Senate to resolve the constitutional tangle that is keeping Attorney General nominee William Saxbe from accepting the office. [CBS]
- Secretary of State Henry Kissinger reported to the Senate Foreign Relations Committee regarding the Mideast situation. Chairman William Fulbright said that the outlook for peace is encouraging. [CBS]
- John Scali, the U.S. ambassador to the United Nations, underwent open heart surgery in Phoenix, Arizona. [CBS]
- The former U.S. ambassador to Laos, G. McMurtrie Godley, allegedly made money from U.S. surplus supplies in Laos. A House committee reported that no evidence against Godley exists. [CBS]
- On the Senate floor, Democratic leader Mike Mansfield read a moving memorial to John F. Kennedy on the 10th anniversary of his death. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 844.90 (-17.76, -2.06%)
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 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 |
| 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 |