492–4

Conversation No. 492-4

Date: May 5, 1971
Time: Unknown after 4:41 pm until 5:37 pm
Location: Oval Office

The President met with an unknown man
Conv. No. 492-3 (cont.)
President’s schedule
-An unknown man

[Unintelligible]

Ronald L. Ziegler entered at 4:41 pm

Steel prices
-John B. Connally’s position

The unknown man left at an unknown time before 4:43 pm

Ziegler’s briefing
-Kent State shootings

[A transcript of the following portion of this conversation was prepared under court order from
December 1978 through March 1979 for Special Access [SA] 8, Ronald V. Dellums, et al., v.
James M. Powell, et al., No. 71-2271. The National Archives and Records Administration
produced this transcript. The National Archives does not guarantee its accuracy.]

[End of transcript]

Connally entered at 4:43 pm

Steel prices
-Connally’s position
-President’s previous remarks in San Clemente
-Ziegler’s forthcoming comments

Ziegler left at 4:43 pm

President’s schedule
-Arthur F. Burns
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Burns

International monetary situation
-Position of the dollar
-Treasury Department, Federal Reserve
-German, Dutch, and Swiss Banks
-German Banks’ action
-Karl Klasen Conv. No. 492-4 (cont.)
-Effect
-Austria, Dutch, and Belgian Banks
-Forthcoming German actions
-Paul [W. McCracken?] [A. Volcker?] conversation
-Burns/Klasen conversation
-A meeting in Brussels
-European Common Market
-Trading range
-Business borrowing
-Karl Schiller
-Possible US position
-Stock market level
-Burns’ statements
-President’s position
-Interest rates
-Connally meeting, May 4, 1971
-Representatives from Denmark, Norway, Great Britain, Switzerland,
European Common Market Countries
-US economy
-Administration goals
-European statements
-Germany
-US actions
-Treasury Department pillars
-US policy
-European actions
-Paul A. Volcker, Paul W. McCracken, Burns, Peter G. Peterson, Peter M.
Flanigan
-Connally’s role

An unknown person entered at an unknown time after 4:43 pm

Refreshments
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Tape Subject Log
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The unknown person left at an unknown time before 5:04 pm


******************************************************************************

BEGIN WITHDRAWN ITEM NO. 1
[National Security]
[Duration: 8m 2s ] Conv. No. 492-4 (cont.)


INTERNATIONAL MONETARY SITUATION


END WITHDRAWN ITEM NO. 1

******************************************************************************


Lockheed
-Connally’s May 6, 1971 announcement
-President’s position
-Connally’s forthcoming meetings
-Wright Patman
-Capitol Hill
-Bill sponsors
-Connally’s announcement
-California
-Importance
-Ziegler’s forthcoming call to Los Angeles Times
-Connally’s announcement
-Location
-Coverage

Supersonic Transport [SST]
-Upcoming appropriations vote
-President’s previous meeting with Gerald R. Ford and Leslie C. Arends

Republican Party
-Congress
-Leadership
-Ford, Arends, and John N. Mitchell
-Carl B. Albert
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-William M. Colmer
-Health
-Possible coalition with Democrats
-Ford
-Omar Burleson, William J. Keating, Colmer, Joe D. Waggonner, Jr.

SST
-Lockheed Conv. No. 492-4 (cont.)
-Upcoming appropriations vote
-Termination costs
-Ford, Edward P. Boland
-Possible vote changes
-Importance
-Employment
-Future in Senate
-President’s instructions

An unknown person entered at an unknown time after 4:43 pm

President’s schedule
-George P. Shultz

The unknown person left at an unknown time before 5:04 pm

SST
-Forthcoming vote
-House
-Ford
-Senate
-John V. Tunney
-David H. Gambrell

Shultz entered at 5:04 pm

International monetary situation
-A meeting
-Position of the dollar
-Other currencies
-US economic goals
-Connally and Treasury Department
-President’s role
-Compared with domestic programs
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-Gold
-A meeting
-Burns’ role
-James Dewey Daane
-Governors of Federal Reserve Board
-Possible outcome
-Schiller, Connally
-Possible US action Conv. No. 492-4 (cont.)
-Domestic economy compared to other countries’
-Shultz’s meetings
-Importance

******************************************************************************

BEGIN WITHDRAWN ITEM NO. 3
[National Security]
[Duration: 6m 54s ]


INTERNATIONAL MONETARY SITUATION


END WITHDRAWN ITEM NO. 3

******************************************************************************

Lockheed
-Congressional action
-A May 6, 1971 announcement
-Discussion between President and Connally

President’s schedule, May 8, 1971

Shultz left at 5:18 pm

SST
-Upcoming appropriations bill
-Importance
-Possible vote changes in House
-President’s position
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-Importance
-Lockheed
-Jobs
-Southern California, Los Angeles
-Seattle
-Senate vote
-Possible changes
-Tunney Conv. No. 492-4 (cont.)
-Alan Cranston
-Job issue
-Los Angeles Times

Republican Party
-Congress
-Possible coalition with Democrats
-Ford
-Arends
-Southern Democrats
-Northern and Western Republicans
-Southerners
-”Southern strategy”
-James O. Eastland
-Colmer
-[Name unintelligible]
-George H. Mahon
-Possible talk with Connally
-Possible talks with President
-National security issues and economic issues
-Conservatives/liberals
-Importance


******************************************************************************

BEGIN WITHDRAWN ITEM NO. 4
[Personal Returnable]
[Duration: 9s ]


END WITHDRAWN ITEM NO. 4

******************************************************************************
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Southerners
-Civil War
-Purple Heart awards

West and Mountains states
-People

New Yorkers Conv. No. 492-4 (cont.)
-Effect of New York Times, television

East
-Massachusetts

Universities
-East
-University of California at Berkeley
-Massachusetts
-University of California at Berkeley
-Student protests
-Mark Rudd
-Beginnings
-Free Speech movement
-Vietnam
-Protesters

Republican Party
-Congress
-Possible coalition with Democrats
-Mahon
-Possible conversation with Connally
-Possible conversation with President
-Golf
-Burleson
-John Young of Texas
-Ford and Arends
-Conversation with Connally
-Conversations with Connally
-James R. Wright of Texas
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Connally’s schedule
-An inter-American banking conference in Lima, Peru
-Volcker
-Charls E. Walker

SST
-Upcoming appropriations vote
-Importance Conv. No. 492-4 (cont.)
-Senate
-William Proxmire
-Position on Lockheed

Connally’s schedule
-Golf
-President’s and Connally’s play
-Burning Tree Country Club
-Mahon
-President’s score

Connally left at 5:37 pm