News stories from Thursday November 1, 1973

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

President Nixon formally nominated William Saxbe as Attorney General and approved a new special Watergate prosecutor, Leon Jaworski. The President offered Saxbe as an ideal nominee for Attorney General. Saxbe stated that he can help solve the crisis of leadership in America, and he feels no reluctance in taking the job.Acting Attorney General Robert Bork appointed Jaworski as special prosecutor. Bork insisted that President Nixon understood and accepted the demands of tenure requested by Bork and Jaworski. If difficulties arise, the President will take no action without first consulting congressional leaders. [CBS] During an interview, new special Watergate prosecutor Leon Jaworski said that he feels assured that no restraints will be placed on his duties as prosecutor. He confirmed that if President Nixon has difficulties with him, the House and Senate leadership must be consulted before any firing. Jaworski said that the new degree of independence is what helped him decide to accept the job, and he recalled his reasons for previously rejecting the assignment when he was approached before Archibald Cox was appointed.Jaworski was asked how he will get the documents and memos he needs for the investigation, when the White House refused to give those documents to Cox. Jaworski stated that he will insist that all necessary evidence be produced by the White House. He expects to make full use of Cox's previous work, and will continue where Cox left off. [CBS] The selection of Leon Jaworski will merely slow, but not stop, the move towards a completely independent prosecutor in Congress. [CBS] Senator Barry Goldwater said that he believes President Nixon's credibility is at an all-time low. [CBS] White House lawyers attempted to convince the court that the two "missing" White House tapes never existed. [CBS] John Mitchell's successor as head of President Nixon's 1972 re-election campaign, Clark MacGregor, testified today before the Senate Watergate committee. McGregor insisted that he was kept ignorant of the Watergate cover-up and was used by those involved in the cover-up. [CBS] The Senate Rules Committee began confirmation hearings for Vice President nominee Gerald Ford. Ford opened the hearing with an admission of human frailties, but said that he's tried to be just, honest and fair in all of his actions. Ford denied a string of allegations against him by author Robert Winter-Berger. [CBS] The Watergate scandal included a plan to tame and control the press, according to White House memos. After meeting with the heads of the three networks, Charles Colson reported that the networks were afraid of the White House possibly taking action against their slanted reporting. A September, 1970 memo from Colson to H.R. Haldeman proposed a plan involving the Federal Communications Commission. Senator Lowell Weicker was the one who released the memos, declaring that they show the dire importance of a free press. The memos proposed placing the press under government control.CBS chairman of the board William Paley stated that the Nixon administration's talks with CBS management in no way affected its reporting methods. CBS News president Richard Salant insisted he was never made aware of any administration pressure on CBS. [CBS] Israeli Prime Minister Golda Meir met with President Nixon and Secretary of State Henry Kissinger. Mrs. Meir rejected the U.S. proposal for creating a corridor to the besieged Egyptian 3rd army, but she welcomed the U.S. show of support to Israel. At her news conference, Mrs. Meir proposed a settlement to be worked out between Israel and Egypt; few details were given, but the key to the Mideast deadlock lies in the exchange of POWs. [CBS] Israel stated that the trapped Egyptian 3rd army made an attempt to advance toward Israeli lines but was repelled by gunfire. [CBS] The Atomic Energy Commission reported an accident at the Oak Ridge, Tennessee, facility. [CBS] Antiwar activist Carlton Armstrong was sentenced today to 23 years imprisonment for setting off a bomb on the University of Wisconsin University campus three years ago. The bomb killed one person. [CBS] Grand juries in Illinois and California indicted 22 top officials of the Equity Funding Life Insurance Company. [CBS] The Interior Department will give priority to the Defense Department to buy U.S. petroleum for troops abroad. Phillips 66 raised its price on gasoline and heating oil.Airline flight reductions have begun in order to save fuel. Airlines are reducing the number of flights and the size of jets used for flights. Unions for airline employees accused the airlines of just wanting to save money. [CBS]

Stock Market Report

Dow Jones Industrial Average: 948.83 (-7.75, -0.81%)
S&P Composite: 107.69 (-0.60, -0.55%)
Arms Index: 1.03

	Issues	Volume*
Advances	413	4.25
Declines	1,023	10.87
Unchanged	326	1.80
Total Volume		16.92

* 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*
October 31, 1973	956.58	108.29	17.89
October 30, 1973	968.54	109.33	17.58
October 29, 1973	984.80	111.15	17.96
October 26, 1973	987.06	111.38	17.80
October 25, 1973	974.49	110.50	15.58
October 24, 1973	971.85	110.27	15.84
October 23, 1973	966.51	109.75	17.23
October 22, 1973	960.57	109.16	14.29
October 19, 1973	963.73	110.22	17.88
October 18, 1973	959.74	110.01	19.21