News stories from Monday October 29, 1973

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

Uganda's government ordered U.S. Marine guards at the American embassy to leave the country. [CBS] The "Chicago 7" and their two lawyers returned to court today to be tried on contempt charges. Judge Edward Juneau presided. U.S. attorney James Thompson offered the argument on behalf of the government; William Kunstler outlined the argument against the contempt charges. A court reporter admitted keeping tapes of the original trial. Defense counsel Morton Stavis wants the tapes for his case; the trial is expected to drag out.David Dellinger, one of the defendants, helped write a statement which was delivered in Moscow, blasting the United States government's action against dissenters. Reverend Paul Mayer of the "People's Coalition of Peace and Justice" told the World Peace Council in Moscow that no one should set limits on freedom of speech. [CBS] Justice William O. Douglas today become the longest-serving member in the history of the Supreme Court -- 34 years. Douglas and his 29-year-old wife held a press conference. Oliver Wendell Holmes remained on the court until he was 90; Douglas has 15 more years to go to be the oldest justice on record. [CBS] The Senate Rules Committee will begin hearings regarding Vice President-designate Gerald Ford on Thursday. [CBS] Former special Watergate prosecutor Archibald Cox revealed to the Senate Judiciary Committee that his Watergate investigation was almost complete just before President Nixon fired him. Cox believes that a new independent Watergate prosecutor should be named.Cox stated that the main reason for his dismissal was his pursuit of evidence from the White House. He favors a court-appointed prosecutor because the investigation can't be pursued thoroughly without independence from the administration. Senator Hugh Scott announced that the Republican leadership of the Senate favors President Nixon naming a prosecutor with special safeguards against his removal, but Senator Sam Ervin declared that Congress and the American people won't be satisfied with a prosecutor who is appointed from within the Justice Department. Even the President's strongest supporter on the Watergate committee, Edward Gurney, called for an independent prosecutor. Cox's testimony was delayed because capitol police Sgt. Arthur Houston suffered a heart attack in the room scheduled to be used for the hearing. Houston was revived, but died later. [CBS] The Watergate grand jury requested a one-year extension to complete its work. The House Judiciary committee approved a six-month extension with another six months to be added if necessary. [CBS] The Nixon administration requested that Congress delay action to grant most favored nation trade status to the Soviet Union for now. Nixon adviser Peter Flanigan told the Senate Banking committee that the Middle East situation should be resolved before any bill is passed. [CBS] The Moscow press reported that last week's U.S. military alert was called to divert attention away from President Nixon's domestic problems such as Watergate. The Soviet news agency paraphrased an article by a New York Times columnist. [CBS] Secretary of State Henry Kissinger reported that the chances for a settlement in the Middle East appear to be good. The State Department seemed to rebuke Israel for violating the first cease-fire, as spokesman Robert McCloskey said that the cease-fire shouldn't be used to force the surrender of an entire army. The U.S. denied putting pressure on Israel to send supplies to the trapped Egyptian 3rd army. After briefing the House Foreign Affairs Committee today, Kissinger met with the press. Kissinger stated that the U.S. is prepared and determined to bring about a just and durable peace in the Mideast. Kissinger later met with Soviet ambassador Dobrynin and then with Ismail Fahmy, the special envoy from Egyptian President Anwar Sadat. [CBS] Israeli officials claimed that the United States had in fact exerted pressure on Israel to relieve the trapped Egyptian 3rd army. Israeli and Egyptian officers met to discuss the trapped army. Israeli troops in Egypt received a visit from Prime Minister Golda Meir. Israel reported that three Egyptian helicopters were downed near the trapped 3rd army. [CBS] President Assad of Syria warned Israel that fighting would be renewed unless Israel returns Syrian lands.Egyptians believe that a blood surplus in Cairo indicates a small loss of troops. Citizens aren't aware that blood plasma can't reach the trapped 3rd army, and the Israelis supplied their own blood plasma to the Egyptian army. The Egyptian government has not reported news of the war to its people. The Cairo government is now training a civilian militia to back up the Egyptian army. Egyptians must be preparing for the next confrontation; the '73 war is over. [CBS] The Pentagon will send a U.S. task force to the Indian Ocean. The action is being taken to counteract a Soviet build-up there. [CBS]

Stock Market Report

Dow Jones Industrial Average: 984.80 (-2.26, -0.23%)
S&P Composite: 111.15 (-0.23, -0.21%)
Arms Index: 0.76

	Issues	Volume*
Advances	555	7.59
Declines	822	8.49
Unchanged	330	1.88
Total Volume		17.96

* 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 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
October 17, 1973	962.52	109.97	18.60
October 16, 1973	967.41	110.19	18.78
October 15, 1973	967.04	110.05	16.16