News stories from Thursday October 25, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Mideast crisis was on the brink of involving the United States and the Soviet Union in a military confrontation. The U.S. military was called into alert, but the crisis dissipated as quickly as it mushroomed. The United Nations passed a new resolution providing for other countries besides the two superpowers to oversee the cease-fire in the Middle East. A mild alert is still in effect, but tension has eased.
The President cancelled the news conference which had been scheduled this past weekend to explain his decision to release the White House tapes. Speaker of the House Carl Albert stated that a military alert remains in effect, but the emphasis is on diplomacy. Senator Henry Jackson is concerned that if the Soviets enter the Mideast, they may never leave. Secretary of State Henry Kissinger held a press conference and pleaded with Russia to remember "detente". Kissinger reported that the U.S. and USSR are not on brink of confrontation now and that the military alert is only a precaution. The Soviet Union had stepped up its airlifts to the Arabs, which led to the U.S. alerting its military forces.
A break in the tension came in the United Nations Security Council chamber. The U.N. resolution restated the Mideast cease-fire and enlarged the number of observers who will police the cease-fire. The Soviet ambassador agreed that the Russians would stay out of the Mideast along with the United States. The United Nations ordered a team of Austrians, Finns and Swedes to the war area to oversee the cease-fire.
[CBS] - At his news conference, Secretary of State Henry Kissinger faced skeptical questions from reporters regarding President Nixon's ulterior motive behind the military alert. Questions linked the military alert and the President's domestic political problems. Kissinger was asked if the President was prompted to alert the military in order to distract from his other problems, and if his decision was a "totally rational" one. Kissinger replied that all National Security Council members agreed with the President's decision, but reporters requested that Kissinger give more convincing evidence of the propriety of the action that was taken. Kissinger insisted that the press is creating a crisis of confidence along with the foreign crisis, and asserted that senior officials of the American government aren't playing with the lives of the American people.
It is still uncertain if suspicions of the President's motive can be explained away.
[CBS] - The methods used for reaching vital decisions such as ones involving the Mideast involve the National Security Council reviewing the circumstances and making recommendations to the President. President Nixon is not using the military alert to cover up domestic problems, according to White House aides. Those close to the President are furious over such implications. [CBS]
- The U.S. military alert reportedly caught Israel by surprise. However, Israel believes that Russian planes currently on the way to the Mideast do contain arms. [CBS]
- Before the President's news conference was cancelled, the Veterans of Foreign Wars received White House calls suggesting that its members send telegrams of support to President Nixon after his speech. The National Association of Manufacturers revealed that the White House said that a positive comment from them after the news conference might be appropriate. [CBS]
- Egypt charged Israel with repeated cease-fire violations; Israel denied the accusation. An Egyptian film from last week shows Egypt's 3rd army moving onto the eastern bank of the Suez with little trouble. Israel claims that the 3rd army is now surrounded and its supply routes have been cut off. Some soldiers on the Egyptian side of the canal have surrendered.
United Nations peacekeepers have been unable to get to the southern part of Suez City to enforce the cease-fire there.
[CBS] - The White House is under pressure from House Republicans to name a new special Watergate prosecutor. Adviser Melvin Laird expects President Nixon to name one soon. Vice President-designate Gerald Ford said that he believes a prosecutor who meets Congress' guidelines could be approved by Nixon. Senator Edward Gurney recommended that Elliot Richardson be appointed as the new prosecutor. [CBS]
- Assistant Attorney General Henry Petersen requested that courts take custody of records from former special prosecutor Archibald Cox's office. [CBS]
- The Washington Post reported that Nixon friend Bebe Rebozo accepted stolen stock as collateral for a large loan in 1969. Rebozo allegedly then sold stock with full knowledge of its origin. [CBS]
- Diplomatic sources in Phnom Penh reported that North Vietnamese and Viet Cong troops crossed into South Vietnam from Cambodia. [CBS]
- The former U.S. ambassador to Laos has been accused of profiting from the sale of excess military goods in Laos. [CBS]
- Cost of Living Council director John Dunlop announced that he wants wage and price controls to be continued into next year. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 974.49 (+2.64, +0.27%)
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 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 |
| October 12, 1973 | 978.63 | 111.44 | 22.73 |
| October 11, 1973 | 976.07 | 111.09 | 20.74 |