News stories from Friday October 12, 1973

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

President Nixon will name his vice presidential replacement tonight, subject to Congress' approval. The president has apparently kept the identity of the nominee secret even from his own family; no leak of information is available.Nixon's address will be covered by CBS at 9 p.m., to be followed by a special report on the president's selection. CBS President Arthur Taylor requested that the Senate committee action and floor debate regarding the new Vice President's nomination and confirmation be open to live coverage. [CBS] The U.S. court of appeals ruled that the White House tapes must be turned over to Judge John Sirica for viewing. The appeal of that ruling in the case is expected to go quickly to the Supreme Court. [CBS] Government official John Galuardi told a House committee that President Nixon's lawyer Herbert Kalmbach and architect Harold Lynch ordered that improvements on Nixon properties be billed to the government. [CBS] The House approved a bill limiting a president's powers to make war. Nixon threatened to veto the bill. [CBS] In a press conference, Secretary of State Henry Kissinger reacted to Soviet airlifts to Arab countries. Kissinger refused to admit that the airlifts affect East-West detente, and he hinted that the U.S. is resupplying Israel in small quantities. Kissinger stated that the Mideast war must be stopped soon to avoid international consequences. [CBS] The U.S. aircraft carrier "Iwo Jima" will be sent to the Mediterranean to join the U.S. fleet already there. [CBS] The Russian news agency claimed that a Soviet merchant ship in the Syrian port of Tartus was destroyed by Israeli bombers; the Soviet Union issued a warning to Israel regarding the incident. [CBS] In the Mideast war, the Sinai front remains fairly quiet but there was much action on the Syrian front. The Israeli offensive has moved deep into Syria on the road to Damascus. Syria admitted that the fighting is rough, but reported that its troops drove the Israelis back to the cease-fire line. Air battles have been fierce.Israeli bombers hit a power plant and oil refinery near Damascus, but Syria claims that Israeli air force losses were extremely heavy. Many civilians were injured or killed in an air attack near Homs. Experts believe that the Israelis hope to destroy the Syrian army before turning their full attention to Egypt on the Sinai front. [CBS] Egyptians claimed success against the Israelis along the Sinai front; the Israelis made no mention of any battles. The Suez front was relatively quiet. Egypt reported that Israeli air attacks killed many civilians near Cairo. [CBS] The federal government announced mandatory controls on home heating oil beginning November 1. Jet and diesel fuels will also be affected by the fuel allocation measure. [CBS] In power-short Oregon, Governor Tom McCall proposed an extension of Christmas vacation for elementary age children to save fuel. [CBS] The Agriculture Department estimated that the 1973 U.S. corn crop will be unable to supply all foreign and domestic demands. [CBS] Near Detroit, Michigan, Mrs. Sally Helmle attempted to crash a charter plane carrying her three daughters, herself and a pilot. Mrs. Helmle stabbed the pilot repeatedly but the plane landed safely. The children were unhurt, and pilot Robert Sayers was reported in satisfactory condition; the mother is under hospital detention. [CBS] Flooding occurred in five Midwestern states. Enid, Oklahoma, was the hardest hit, with numerous injuries and casualties. [CBS] An Environmental Protection Agency survey of all 50 states shows that $60 billion will be needed to build waste water treatment facilities by 1990. Director Russell Train admitted that the figure may be too high. [CBS] The government ordered all bakeries to double the iron content in white bread within six months; the FDA stated that too many Americans suffer from iron deficiency. Doctors criticized the move and noted that harmful effects from the increased iron are possible.Beginning in 1976, the FDA will require all cosmetics manufacturers to list the ingredients of their products. [CBS] The General Accounting Office requested that the Justice Department investigate campaign finance violations by Senator Hubert Humphrey in 1972. [CBS]

Stock Market Report

Dow Jones Industrial Average: 978.63 (+2.56, +0.26%)
S&P Composite: 111.44 (+0.35, +0.32%)
Arms Index: 0.95

	Issues	Volume*
Advances	859	11.77
Declines	634	8.21
Unchanged	332	2.75
Total Volume		22.73

* 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 11, 1973	976.07	111.09	20.74
October 10, 1973	960.57	109.22	19.01
October 9, 1973	974.19	110.13	19.44
October 8, 1973	977.65	110.23	18.99
October 5, 1973	971.25	109.85	18.82
October 4, 1973	955.90	108.41	19.73
October 3, 1973	964.55	108.78	22.04
October 2, 1973	956.80	108.79	20.77
October 1, 1973	948.83	108.21	15.83
September 28, 1973	947.10	108.43	16.30