News stories from Wednesday October 17, 1973

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

Egypt and Israel fought an intense tank battle on Sinai front. American efforts to resupply Israel have been stepped up and now match Arab supplies from the Soviet Union. The U.S. is applying pressure on Russia to cut back its supplies, and Premier Kosygin met with President Sadat of Egypt but no positive results have yet been reported. The U.S. ambassador to Israel, Kenneth Keating, met today with Prime Minister Golda Meir; there was no word on what was discussed. [CBS] Secretary of State Henry Kissinger and Soviet ambassador Dobrynin narrowed their differences regarding a Mideast cease-fire, but the Arabs and Israelis may not go along with the plan. Some officials believe the improved diplomatic talks may be contrived to maintain detente. At the United Nations Israeli foreign minister Abba Eban stated that Israel is ready to commence peace talks with the Arabs. [CBS] Foreign ministers representing Morocco, Algeria, Saudi Arabia and Kuwait met today with President Nixon and Secretary of State Henry Kissinger. After the meeting, Saudi Arabian foreign minister Umar Al-Saqqf stated that Nixon can help settle the Middle East war justly. The U.S. will probably to continue supplying Israel with needed military arms, however the Arab states haven't yet broken off relations as they did in the 1967 war. [CBS] Arab oil producing states, meeting in Kuwait, announced their decision to cut back oil production by 5% each month until Israel withdraws from Arab lands which it has occupied since 1967. Arabs will now use oil as a political weapon; it is expected that the market price for oil will increase 17%. The House passed a mandatory fuel allocation bill to offset reduced oil supplies from Arab states. The Senate must pass the bill next. [CBS] No newsmen are allowed on the Sinai front, but both sides agree there is heavy fighting in the central area of the Sinai. Military supplies from the U.S. and Russia are being used on the Sinai front. [CBS] There has been little change on the Syrian front. Israeli troops remain stalled outside of Damascus. The Syrian and Iraqi counterattack against the Israelis has ended. United Nations observers returned to the cease-fire line to survey damage, then withdrew to safety in Tiberias. [CBS] Experts in Beirut reported that neither the Arabs nor the Israelis could continue intense fighting for long without U.S. and Soviet supplies. [CBS] Obstructions have appeared in Congress regarding the confirmation of Vice President-designate Gerald Ford. The process has been slowed down intentionally to keep the American people from losing any more confidence. House Judiciary Committee chairman Peter Rodino vowed that Ford will be investigated thoroughly. [CBS] Federal Judge John Sirica dismissed the Senate Watergate Committee's suit to obtain the White House tapes. [CBS] Special Watergate prosecutor Archibald Cox fined three corporations for illegal contributions to the 1972 Republican campaign -- American Airlines, Goodyear and 3M. Goodyear chairman Russell DeYoung and 3-M chairman Harry Heltzer were also fined. [CBS] The Nixon administration will supply all records relating to the denial of a Key Biscayne bank charter on the financially monopolized Key. Bebe Rebozo, President Nixon's friend, owns the only bank on the island. House Banking Committee chairman Wright Patman requested the records. [CBS] In his days as chief of staff H.R. Haldeman wore a crew cut, but when appearing before the Washington grand jury today, Haldeman had a longer hairstyle. Haldeman said that he plans to grow his hair down to his shoulders, but his son will get a crew cut. [CBS] Agriculture Secretary Earl Butz reported that supermarkets aren't passing lower prices on to the consumer as they should. [CBS] Atlanta chose its first black mayor, Maynard Jackson, over incumbent Sam Massell. Racial issues were somewhat involved. Wyche Fowler, who is white, seems to have drawn more votes than Hosea Williams for city council president. [CBS] An anti-Castro gunman was shot and captured in the French embassy in Cuba after holding the French and Belgian ambassadors hostage. According to reports, Fidel Castro personally directed the gunman's capture. [CBS] Ohio Governor John Gilligan and his wife claim to have witnessed a UFO. A rash of UFO's have been sighted around the country recently. Gulfport, Mississippi, police receive so many calls that a special nighttime watch has been posted. One Gulfport patrolman reported that he saw a UFO while on duty and his sergeant corroborated the account. Cab driver John Lane recounted a story of a claw scratching on his window after he spotted a foreign spacecraft. Mrs. Irma Flynt described a UFO sighting in Pascagoula, Mississippi, and denied that she and three others imagined the incident.Police investigated a report of space creatures walking along a highway near Beavercreek, Ohio; the creatures were arrested. They were two boys wrapped in aluminum foil. [CBS]

Stock Market Report

Dow Jones Industrial Average: 962.52 (-4.89, -0.51%)
S&P Composite: 109.97 (-0.22, -0.20%)
Arms Index: 0.91

	Issues	Volume*
Advances	627	7.50
Declines	839	9.17
Unchanged	350	1.93
Total Volume		18.60

* 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 16, 1973	967.41	110.19	18.78
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