Word: suez
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...ended," Egyptian President Gamal Abdel Nasser said last week. "The Two, Three-or even Four-Year War is still continuing. We are at war with Israel." With those belligerent words, spoken in a week that saw ground and air action along the Suez Canal reach new intensity, Nasser effectively scrapped the U.N. Security Council cease-fire of 1967. Had the point of all-out war been reached? Not quite. Despite all the shooting-and the shouting-casualties were minimal in comparison with those suffered during the June 1967 hostilities. But the prospects for peace remained dim. All the efforts...
Wrecking Process. The latest round began near the southern entrance to the Suez Canal at a fortified Egyptian rock named Green Island. Within the fort's 25-ft.-high stone walls were radar-controlled antiaircraft batteries, mortars and machine guns manned by 70-odd Egyptian troops; at its tip was a radar tower. It had long been a thorn to the Israelis, and late one night 40 or more Israeli naval commandos set off on the two-mile trip to the island. Silently, they scaled the walls, killed the sentries and then, after a brief but vicious firefight that...
...dawn, heavy artillery was roaring all along the Suez, and early that afternoon Israeli fighter-bombers thundered across the canal to attack antiaircraft batteries and several SAM missile sites. For three hours, the Israeli planes had the skies to themselves. Then, at dusk, Egyptian MIGs and Sukh017 fighter-bombers raked Israeli military installations along the canal and swooped some 60 miles into Israeli-held Sinai, in their deepest penetration since 1967. In the dogfights that developed, Israel claimed five Egyptian jets downed-and, for the first time since 1967, admitted losing a plane to enemy air action (Cairo...
Four days later, another air battle erupted over the Suez, and the day's claimed casualties were still heavier. The action began when Israeli craft took to the air to hit at Egyptian artillery. At first, they were unopposed, but Egypt later scrambled half a dozen MIGs. Dogfights flared along the length of the canal. That afternoon, Egypt hit back on a larger scale. More than 40 Egyptian aircraft went after Israeli installations. The Israelis responded with fighters and Hawk antiaircraft missiles, and the battle was on. Late in the day, the opposing propagandists entered the fray. According...
NERVOUS about inflation, tight money and the prospects of a business slowdown, Wall Street has more than enough to worry about these days. But last week the words and deeds of some very important people further unnerved investors. At the U.N., U Thant reported that fighting along the Suez Canal had erupted into "open warfare." It was the kind of news that Wall Street hates. In the U.S. Senate, Finance Committee Chairman Russell Long raised prospects of a long delay before action on extension of the surtax, and Wall Street was bothered even more. Most disturbing of all, Treasury Secretary...