News stories from Friday October 19, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon requested Congress to authorize financial aid to buy war machinery for Israel. The Pentagon reported an increased number of American personnel in the Mideast, but said that those include communication specialists and camera crews only. Defense Secretary James Schlesinger stated that "another Vietnam" is not imminent and the American presence in Israel is just routine. Schlesinger was questioned about U.S. military reserves, and he insisted that no reserves are going to be called up. The United States and Soviet Union continue to pour supplies into the Middle East war. [CBS]
- Israel claims that its forces are now deep into Egypt; Egypt admitted only to an intense tank battle east of the Suez. An Israeli army film showed the west bank of Suez Canal during fierce fighting. Defense Minister Moshe Dayan visited Israeli troops behind Egyptian lines.
An Egyptian communique reported that an intense battle in Sinai is underway. Soviet Premier Kosygin's alleged peace mission to Egypt has changed little on the battlefield.
[CBS] - Fighting increased on the northern front with Syria. The war continues as casualties from both sides increase. The Israeli army's official spokesman for the northern command explained that Israeli troops have wedged deep into Syria to the outskirts of Damascus. Israel could shell Damascus from its present position but has not yet done so. [CBS]
- Last week the Court of Appeals ruled that President Nixon must turn over the White House tapes to Judge John Sirica; the deadline to appeal that ruling to the Supreme Court is midnight tonight. So far, all efforts to reach a compromise between White House lawyers and special Watergate prosecutor Archibald Cox have failed, though Attorney General Elliot Richardson is still trying to negotiate a compromise. An appeal for more time could be made to Chief Justice Warren Burger. [CBS]
- One effect of the battle over the White House tapes has been the federal prosecutors' request to delay the perjury-conspiracy trial of John Mitchell and Maurice Stans. Former White House counsel John Dean will testify against Mitchell and Stans, but his testimony may not be allowed if the judge in the case can't review the White House tapes. [CBS]
- Former White House counsel John Dean pleaded guilty to one charge of conspiracy. Dean admitted overseeing the Watergate cover-up. The sentencing of Dean is being delayed indefinitely, however. Special prosecutor Archibald Cox insists that no deal between himself and Dean has been made. [CBS]
- Vice President-designate Gerald Ford refused to comment on Senator Edward Kennedy's proposal linking the White House tapes and Ford's confirmation. [CBS]
- In Beirut, Lebanon, police stormed the Bank of America and freed the hostages who were being held by Arab terrorists. Two gunmen and some of the hostages were killed in the battle. One of the dead hostages was an American, identified as John Crawford Maxwell of California. [CBS]
- Libya announced plans to stop all oil shipments to the United States to protest American aid to Israel in the Mideast war. [CBS]
- To conserve fuel, United, TWA, and American Airlines have agreed to cut 63 flights each day. [CBS]
- Special Watergate prosecutor Archibald Cox charged Minnesota millionaire Dwayne Andreas with making an illegal corporate contribution to Hubert Humphrey in 1968. [CBS]
- In San Diego, the federal government declared C. Arnholt Smith's bank insolvent; a San Francisco bank bought it instantly. In August, Smith stated that his friendship with President Nixon doesn't mean the President has bad friends. U.S. Comptroller of the Currency James Smith insisted that the decision to declare Smith's bank insolvent was not questioned by the White House. C. Arnholt Smith's worries are not over with the bank sale; he must face fraud charges brought by the Securities and Exchange Commission. Smith's fortunes are crumbling. [CBS]
- Some banks dropped their prime interest rate to 9.75%. [CBS]
- Consumer prices increased 0.3% for September; food prices declined 0.1% for the month. [CBS]
- Walter Cronkite is in Washington to receive the National Press Club's first annual "Fourth Estate" award. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 963.73 (+3.99, +0.42%)
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 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 |
| 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 |