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Monday October 15, 1973
. . . where the 1970s live forever!

News stories from Monday October 15, 1973


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

  • The government officially announced that U.S. airlifts would begin resupplying Israel in the Middle East war; U.S. planes arrived in Tel Aviv today. The State Department endorsed the action by observing that massive Soviet airlifts to Syria and Egypt are continuing.

    President Nixon hinted indirectly at possible U.S. intervention in the Mideast war; Russia announced its plans to assist the Arabs in any way, including weapons never used before in the Mideast.

    WTAR-TV in Norfolk, Virginia, spotted an Israeli ship loaded with bombs and missiles for use in the war. Deputy Secretary of Defense William Clements met with civilian airline executives to discuss possible expanded airlifts to Israel.

    The Soviets are more involved in the attack on Israel along the Syrian front than merely as a provider of supplies. In an area overrun by Israel, Soviet advisers were found serving with the Syrian army. No further proof is necessary to determine the extent of Soviet aid to the Arabs in their fight against Israel. [CBS]

  • Along the Sinai front, Egyptians claimed Arabs advanced deep into the Sinai desert. Israeli troops have stopped the Egyptian offensive for now. Both sides feel an Israeli offensive is imminent.

    Israeli troops made little advance toward Damascus, Syria, although fighting continued. Israel may be in a holding position on the Syrian front in order to send help to the Sinai front. An Egyptian film showed the surrender of the last Israeli unit on the Bar-Lev line along the Suez. [CBS]

  • From the United Nations, the foreign ministers of Saudi Arabia, Morocco and Kuwait expressed their desire to visit President Nixon personally to urge him to keep America out of the Middle East war. Arab oil shipments to the United States may be stopped if the U.S. involves itself in the war. The federal government stated that America could get along without Arab oil if an all-out conservation program was followed. [CBS]
  • The Cost of Living Council granted retail price increases on petroleum products. [CBS]
  • In an interview with the Nashville Banner, former Vice President Spiro Agnew insisted that he was forced to enter a guilty plea or be indicted and impeached. Agnew claimed that the alleged kickback money came from rich friends and it was not bribes or taxable income. [CBS]
  • Vice President designate Gerald Ford stated that his main duty as Vice President would be as peacemaker between President Nixon and Congress. Speaking at a retail druggists' convention in Portland, Oregon, Ford said that Congress and the President must make worthwhile compromises. Ford conceded that bad news from Washington plagues America, but the future would override bad memories of the past. [CBS]
  • Supreme Court Justice William O. Douglas revealed that former President Johnson's phones were tapped while he was president; also the Supreme Court's conference room was bugged. Douglas' remarks came during his dissent regarding a wiretapping case. [CBS]
  • Bebe Rebozo's friendship with President Nixon is causing some concern. Rebozo is the president and chairman of the board of the Key Biscayne Bank and Trust Company; the bank is very profitable. Rebozo has a monopoly on banking on Key Biscayne. Residents tried to get another bank to open there, without success because of Rebozo's closeness to President Nixon.

    Federal bank examiner Richard Sherlock investigated Rebozo's bank and established the need for a new bank in the area. But Sherlock's superior, Joseph Ream, reversed Sherlock's approval of a new bank's charter. Ream's ruling was upheld by Comptroller of the Currency William B. Camp. Residents of Key Biscayne resubmitted the application; a hearing was held by Ream with the directors of Rebozo's Key Biscayne Bank present, including Robert Abplanalp.

    Rival bank group spokesman Mort Fried said that everyone sat and listened, but with distinct feeling that the outcome of the hearing was predetermined. Ream denied receiving any political pressure, but admitted that an "obvious problem" stood over him. A lawyer for the Key Biscayne Bank and also bank director Thomas Wakefield presented arguments against granting the charter for a new bank. At the same time, Wakefield had submitted his own charter application for a savings and loan company in Key Biscayne; in an unprecedented action, that charter was subsequently approved.

    Wakefield was questioned about Rebozo's relationship with the new savings and loan, and he stated that Rebozo was not involved with the application. Wakefield further insisted that no influence was used to keep out competition on Key Biscayne. Rebozo refused an interview with CBS.

    No concrete evidence against Rebozo or his associates has yet been found. [CBS]

  • The White House stated that President Nixon was unaware of any contribution by Howard Hughes to the 1972 re-election campaign. Hughes reportedly gave a contribution to Bebe Rebozo to deliver to the President. [CBS]
  • President Nixon will honor former Secretary of State William Rogers with a dinner. Guests include Maurice Stans, who is under indictment in the Robert Vesco case in New York City. [CBS]
  • The Environmental Protection Agency issued its final air clean-up plans for 28 metropolitan areas. The EPA hopes to turn the public away from private vehicles, toward mass transit. Enforcement in some areas will be harsh. [CBS]
  • A rebellion against military rule occurred in Thailand. Violence eased after former premier Thanom Kittikachorn left the country; his destination is unknown. [CBS]
  • A major fire in Chelsea, Massachusetts, has driven many residents from their homes. 1,000 firemen from three states are battling the fire. One-fourth of the industrial section of the city has been destroyed; damage elsewhere is also extensive. Senator Edward Kennedy will request that Chelsea be declared a disaster area. [CBS]


Stock Market Report

Dow Jones Industrial Average: 967.04 (-11.59, -1.18%)
S&P Composite: 110.05 (-1.39, -1.25%)
Arms Index: 1.24

IssuesVolume*
Advances4103.38
Declines1,13011.52
Unchanged2781.26
Total Volume16.16
* 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
DateDJIAS&PVolume*
October 12, 1973978.63111.4422.73
October 11, 1973976.07111.0920.74
October 10, 1973960.57109.2219.01
October 9, 1973974.19110.1319.44
October 8, 1973977.65110.2318.99
October 5, 1973971.25109.8518.82
October 4, 1973955.90108.4119.73
October 3, 1973964.55108.7822.04
October 2, 1973956.80108.7920.77
October 1, 1973948.83108.2115.83


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