News stories from Friday October 26, 1973

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

President Nixon has scheduled a news conference for 7 p.m. tonight. The atmosphere is tense in Washington, as pro- and anti-Nixon demonstrators clashed outside the White House. CBS will cover the news conference live.Acting Attorney General Robert Bork sent possible nominees for the position of special Watergate prosecutor to President Nixon for his consideration. [CBS] Tension between the United States and Soviet Union eased, and the U.S. military alert has begun to wind down despite Soviet Communist party leader Leonid Brezhnev's announcement regarding Soviet cease-fire observers. Cairo reported that 70 Russian observers have already arrived there. The U.S. reacted by sending its own civilian observers to the Mideast.American observers in the Mideast will not be armed. The administration conceded that observers were dispatched in order to keep Russia from sending in troops to enforce the cease-fire. These latest moves may jeopardize U.S.-Soviet detente and U.S. relations with its European allies. State Department spokesman Robert McCloskey sharply criticized Europe's "total lack of support" for the United States in the Mideast; NATO allies are upset, and claim that Washington never consulted them regarding the military alert. [CBS] Secretary of Defense James Schlesinger reduced the number of troops on alert status. He said that the Soviets are being watched closely, and reported that airlifts to the Mideast by both the United States and Soviet Union have resumed. [CBS] More fighting was reported in the region today as Israel repelled the attempt of Egypt's 3rd army to break through the surrounding Israeli forces; Egypt's claims differ. The first United Nations team arrived in Cairo to determine cease-fire positions. Cairo is distressed over the 3rd army's predicament. [CBS] United Nations Secretary General Kurt Waldheim suggested that additional peace-keeping forces be sent to the Mideast for six months. [CBS] United Nations observers headed for the new cease-fire line inside Syria, while confusion reigned regarding cease-fire lines on the southern front. No U.N. observers are yet available along the Suez. The mass surrender of Egyptian troops in the area continues, however no fighting occurred today despite the lack of United Nations cease-fire teams. [CBS] Northern Ireland experienced its most widespread reign of terror in four years as 17 bombs exploded today; no casualties were reported. [CBS] Judge John Sirica took custody of evidence and records which had been gathered by former special Watergate prosecutor Archibald Cox. Assistant Attorney General Henry Petersen requested that action. [CBS] Support in the Senate has increased for the appointment of a special Watergate prosecutor completely independent of the President. Philip Hart and Birch Bayh introduced a bill which is now supported by more than half of the Senate. Republican Senator Robert Packwood cast the vote putting the majority of the Senate on record as favoring an independent prosecutor. Senator Bayh stated that the prosecutor must be independent in order for his work to be believable by the American people. The Senate and House plan to begin hearings on the special prosecutor dilemma next week. [CBS] The Democratic National Committee meeting in Louisville demanded that Congress carry out an investigation of President Nixon and impeach him if necessary. [CBS] The Washington Star News reported that Agriculture Secretary Earl Butz was under investigation by former Watergate prosecutor Archibald Cox's staff. The charges included Butz's attempt to influence former FTC chairman Miles Kirkpatrick in a merger case involving wineries. Butz admitted talking to Kirkpatrick at the time, but called it a coincidence. Kirkpatrick stated that Butz did try to influence him offhandedly. No full-scale investigation is underway at this time. [CBS] Skylab 3 is on track for its scheduled launch on November 10. [CBS] The UAW and Ford Motor Company agreed on a tentative contract. [CBS] Interior Secretary Rogers Morton stated that the energy crisis is no joke, and Americans must change their entire lifestyles. The governors of several eastern states are discussing an extension of daylight savings time through the winter in order to conserve fuel. In New York, Consolidated Edison requested that dirty, high-sulfur oil and coal be allowed to be used in its plants to offset the loss of oil from the Mideast. Venezuela, the second largest oil supplier to the United States, raised its oil prices 56%. In Paris, western oil-consuming nations are meeting in an attempt to speed up plans to share oil supplies. [CBS] The U.S. reported a trade surplus for September. [CBS] The First National City Bank of New York City announced a drop in its prime interest rate to 9.5%. [CBS] People lined up to get into Alcatraz today, as the National Park Service opened up Alcatraz Island to tourists. A tour of the prison and the surrounding bay area are included in the admission price. [CBS]

Stock Market Report

Dow Jones Industrial Average: 987.06 (+12.57, +1.29%)
S&P Composite: 111.38 (+0.88, +0.80%)
Arms Index: 0.67

	Issues	Volume*
Advances	915	11.31
Declines	532	4.40
Unchanged	355	2.09
Total Volume		17.80

* 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 25, 1973	974.49	110.50	15.58
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