News stories from Thursday September 13, 1973

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

A possible tax increase to fight inflation is being considered by President Nixon. Presidential aide Melvin Laird explained the tax increase plan and said that the money collected will be returned to taxpayers after the economy stabilizes. Senate Finance Committee chairman Russell Long stated that government spending cuts would achieve the same goal as a tax increase. [CBS] Pro football commissioner Pete Rozelle agreed to lift local television blackouts for games which are sold out 72 hours in advance. [CBS] Syrian and Israeli jets fought over the Mediterranean; the two countries gave differing reports of the battle. [CBS] The military junta lifted the curfew for a few hours today in Santiago, Chile. Sporadic sniper fire continues amidst rumors of an impending civil war. The number of arrests and casualties from the coup are as yet unknown. Ex-president Salvador Allende's widow was given asylum in the Mexican embassy; she and her family will fly to Mexico City tomorrow.The head of the army, General Augusto Pinochet, was sworn in as Chile's new president, and the military government outlined its new policies. Workers are being requested to cooperate with the government; it is acknowledged that the military junta will fail without worker support. The U.S. State Department now admits receiving reports of a possible coup in Chile before it occurred, but the department insists that President Nixon had no advance knowledge. [CBS] A U.S. Court of Appeals suggested that the White House and special Watergate prosecutor Archibald Cox reach a compromise regarding the White House tapes. The court will issue a ruling on the case if no compromise is reached within a week. [CBS] Former Attorney General John Mitchell's lawyer subpoenaed White House tapes, notes, and memos pertaining to Mitchell's perjury and conspiracy case in New York. The White House requested that the subpoena be quashed. [CBS] Senator Edward Kennedy warned that President Nixon must obey any Supreme Court ruling regarding the White House tapes, or Congress's only recourse will be impeachment. [CBS] Former White House aide Charles Colson may never appear before the Senate Watergate committee, as had been expected. The Watergate grand jury is investigating new information about Colson's role in the break-in of Daniel Ellsberg's psychiatrist's office. If grand jury indictments are issued regarding the Ellsberg case, Colson may not be called before the Senate Watergate committee. [CBS] Gasoline dealers are taking their complaints to Washington. Independent dealers' spokesman Charles Binstead minced no words in attacking the Cost of Living Council. So far, the council has offered no relief to gasoline dealers.To get around the Phase IV price squeeze on dealers, some stations are charging extra to check under the hood. Customers have balked at the new charge, and many even refuse to buy gas. Another service charge may be imposed for checking tires. One station in St. Louis added a 5% surcharge to customers' gasoline bills. Station owner George Hand stated that higher prices from Shell Oil required him to come up with some way to absorb the cost. [CBS] Eleven casualties were reported in a nursing home fire in Philadelphia. A faulty alarm system was blamed for the deaths. [CBS] President Nixon and his doctor disagree regarding Nixon diagnosing himself as a victim of hay fever. [CBS] Wells Fargo Bank raised its prime rate from 9.75% to 10%. [CBS] The cover of Newsweek magazine has become a news item itself. The Arab pictured there is really Jewish talent agent Stephen Kaye. Kaye said that he believes Arabs and Jews are really brothers, and he has no misgivings about the picture. Kaye said that no one would react negatively to the picture except possibly his grandmother. [CBS]

Stock Market Report

Dow Jones Industrial Average: 880.57 (-0.75, -0.09%)
S&P Composite: 103.36 (+0.30, +0.29%)
Arms Index: 0.68

	Issues	Volume*
Advances	675	5.93
Declines	661	3.93
Unchanged	422	1.81
Total Volume		11.67

* 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*
September 12, 1973	881.32	103.06	12.04
September 11, 1973	885.76	103.22	12.69
September 10, 1973	891.33	103.85	11.62
September 7, 1973	898.63	104.76	14.93
September 6, 1973	901.04	105.15	15.67
September 5, 1973	899.08	104.64	14.58
September 4, 1973	895.39	104.51	14.21
August 31, 1973	887.57	104.25	10.53
August 30, 1973	882.53	103.88	12.10
August 29, 1973	883.43	104.03	15.69