News stories from Tuesday October 16, 1973

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

President Sadat of Egypt stated that a Mideast cease-fire could be arranged if Israel pulls back from Arab lands which it has occupied since 1967. Sadat revealed that Egypt has ground-to-ground missiles ready for an attack on Israel if Israel forces Egypt's hand.Israeli Prime Minister Golda Meir appeared before parliament unabashed by Sadat's statement. Mrs. Meir claimed that Israeli troops have crossed over the Suez Canal to the Egyptian side. U.S. airlifts with war materials have boosted Israeli morale. [CBS] Israel has begun pre-battle preparations for an all-out offensive against Egypt in the Sinai. On the Syrian front, Israel claims to have repulsed attacks from Syria and Iraq.Quneitra, Syria, lies in rubble; no Syrian troops are present. Despite a Syrian offensive, Israel continues to hold the line. Arab resistance is intense, however, and field hospitals must care for a growing number of wounded Israeli soldiers. Israeli troops insist that peace is worth the current hardship. [CBS] The amount of arms being sent to Israel by the United States is far below the military supplies sent to Arab countries by the Soviet Union. It has been learned that Russian ships are docking at Egyptian and Syrian ports with supplies, in addition to the continuing airlifts.The aircraft carrier "John F. Kennedy" will remain on patrol in the eastern Atlantic, and the aircraft carrier "Iwo Jima" is preparing for its cruise to join the U.S. 6th fleet in the Mediterranean. [CBS] Senate majority leader Mike Mansfield cautioned the Nixon administration against becoming more deeply involved in the Mideast war. [CBS] President Nixon will meet with ministers from Saudi Arabia, Kuwait, Morocco, and Algeria to discuss the Mideast war and the threatened cutoff of Arab oil to the United States. [CBS] U.S. aid to Israel's war effort provoked angry demonstrations today in Kuala Lumpur, Malaysia. [CBS] A government study charged that a 73-man team sent to Cambodia to handle military supplies and shipments acted as an advisory group despite a ban by Congress on such activity; the Pentagon denied the charge. The General Accounting Office accused the State and Defense Departments of trying to block its investigation. [CBS] The Senate Rules Committee requested that President Nixon authorize an audit of Vice President-designate Gerald Ford's tax returns. [CBS] Judge John Sirica refused to grant bail to Watergate burglars E. Howard Hunt and the four Cuban-Americans. [CBS] The House Banking committee has decided to investigate the financial monopoly maintained on Key Biscayne by President Nixon's friend Bebe Rebozo. Committee chairman Wright Patman ordered Treasury Department official James Smith to release the file regarding a rival banking group's effort to establish another bank besides Rebozo's. [CBS] The Environmental Protection Agency proposal for cleaner air in 23 metropolitan areas aims at cutting auto traffic, and calls for drastic action. Some cities are already taking voluntary measures. In Boston, radio station WBZ advertises a commuter club where residents are matched by computer for car pools. In Seattle, free bus transportation in the downtown area has resulted in fewer automobiles on the streets. The Seattle transit director said that the only problem with the program involves some bus riders who demand to pay. [CBS] Jazz band drummer Gene Krupa died today of leukemia and heart failure in New York at the age of 64. [CBS] Spanish cellist Pablo Casals is in critical condition with heart disease. [CBS]

Stock Market Report

Dow Jones Industrial Average: 967.41 (+0.37, +0.04%)
S&P Composite: 110.19 (+0.14, +0.13%)
Arms Index: 0.68

	Issues	Volume*
Advances	552	7.73
Declines	943	8.94
Unchanged	344	2.11
Total Volume		18.78

* 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 15, 1973	967.04	110.05	16.16
October 12, 1973	978.63	111.44	22.73
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