News stories from Friday November 2, 1973

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

A White House aide testified that President Nixon knew that two White House tapes were missing last September. The President may turn over a tape which was made of a conversation in which the tapes were discovered to be missing. White House aide Stephen Bull said that a logical explanation for the missing tapes exists. Prosecutor Richard Ben-Veniste suggested that the tape of the President listening to the tapes which were requested by the courts be subpoenaed; White House counsel Fred Buzhardt objected to the plan, and Judge John Sirica agreed reluctantly.Bull's testimony confused the matter considerably. Under questioning from the prosecutor, Bull admitted allowing H.R. Haldeman to take home nine tapes without checking the tapes after they were returned. A dictaphone machine tape of the disputed April 15 conversation does exist. However, the tape was dictated by President Nixon, giving his version of his talk with John Dean. If Judge Sirica requests a tape of that conversation, the White House will only release the dictaphone version. [CBS] Senate leadership is split over setting a date to begin Attorney General-designate William Saxbe's confirmation hearings. Senator Mike Mansfield favors delaying the hearings until a fully independent Watergate prosecutor is named. Senator Hugh Scott favors immediate confirmation hearings. A constitutional snag is holding up Saxbe's appointment also.The pay for cabinet officers is $35,000 a year. Saxbe can't increase his income until the Senate term ends next year. Saxbe said he presumed an Attorney General's income was the same as a Senator's, however income was not uppermost in his thoughts. Saxbe believes that he and Leon Jaworski can help pull the country out of its present situation, and said that he hopes Jaworski, the new special Watergate prosecutor, can get full answers to Watergate-related questions involving the President. Saxbe was questioned about his own previous statements against President Nixon. Saxbe insisted that his prejudices have been set aside. [CBS] The Mideast war has depleted the U.S. arms stockpile drastically. The Pentagon may request more defense money from Congress. [CBS] Israeli Prime Minister Golda Meir continued to attend meetings in Washington. Syrian foreign minister Mohamed Zakaris Ismail arrived in D.C. for talks with Secretary of State Kissinger. Kissinger will continue talks with Mrs. Meir tonight. [CBS] Former military leaders in Israel called for an investigation into the first days of the battle between Israel and Egypt. [CBS] United Nations troops reported that the Mideast cease-fire lines are holding. Cairo reinstated a blackout of the city to thwart Israeli air attacks. President Sadat conferred with Syrian President Assad. A new breakout of fighting may be imminent. Upon Sadat's return to Cairo, he met with Soviet deputy foreign minister Kuznetsov.Along one cease-fire line, Israelis and Egyptians are in peaceful contact. The atmosphere is friendly between Israelis and Egyptians as they check supply trucks which are bringing relief to the trapped Egyptian 3rd army. Israeli officers check the convoys before turning them over to United Nations troops for delivery. [CBS] The administration reported that the unemployment rate dropped from 4.8% to 4.5% in the past month. [CBS] Food prices seem to have moved lower also. In New York City, prices decreased 3.8% from October. The monthly evaluation of a basket of groceries still shows an increase when compared to March; food which cost $20.01 in March was priced at $21.03 on November 1.Groceries costing $20.00 in March were at $22.55 yesterday in Atlanta; $21.33 in Chicago and $21.16 in Los Angeles. Food prices in L.A. were up from October to November but down in the other three cities that were tested. [CBS] Ford and American Motors requested price increases for their '74 models. Chrysler is taking its increase request to court. [CBS] The Federal Power Commission warned of possible brownouts along the East Coast and severe power shortages in the Pacific Southwest if the fuel situation continues to worsen. [CBS] The energy crisis has led to somewhat higher gasoline prices in the United States, but drivers in India have noticed a 60% increase in the cost of gasoline. [CBS] African nationalists won a major diplomatic victory in the United Nations. A coalition of Communist nations and developing countries pushed a vote through the General Assembly making Portuguese Guinea into an independent state; but Guinea then declined its independence. [CBS] A study panel said that artificial hearts may be ready within ten years, but distribution would be a major problem. [CBS]

Stock Market Report

Dow Jones Industrial Average: 935.28 (-13.55, -1.43%)
S&P Composite: 107.07 (-0.62, -0.58%)
Arms Index: 1.16

	Issues	Volume*
Advances	489	4.55
Declines	932	10.07
Unchanged	367	1.72
Total Volume		16.34

* 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*
November 1, 1973	948.83	107.69	16.92
October 31, 1973	956.58	108.29	17.89
October 30, 1973	968.54	109.33	17.58
October 29, 1973	984.80	111.15	17.96
October 26, 1973	987.06	111.38	17.80
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