News stories from Tuesday August 7, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Vice President Spiro Agnew is under investigation for bribery, extortion and fraud; Agnew denied the charges. Attorney General Elliot Richardson will keep the case within the Justice Department and not turn it over to special Watergate prosecutor Archibald Cox. The charges involve financial kickbacks from building contractors while Agnew was governor of Maryland and Vice President. Baltimore city comptroller Hyman Pressman stated that many contractors got multimillion-dollar jobs because of their political backing. The U.S. attorney from Baltimore, George Beall, will head the investigation. [CBS]
- President Nixon reacted to Vice President Agnew's investigation. White House spokesman Gerald Warren wouldn't say if the President has confidence in his vice president now, or if he believes Agnew was involved in criminal acts. The President is keeping his distance from the case to protect himself. [CBS]
- The Senate Watergate hearings will recess until after Labor Day. The last witnesses, former Attorney General Richard Kleindienst and his deputy Henry Petersen appeared before the committee today. Kleindienst said that he warned H.R. Haldeman and John Ehrlichman to stop interfering in the Watergate investigation, and gave his version of the April 15 meeting in which Kleindienst told President Nixon about White House involvement in the Watergate affair. Those whom he mentioned were involved included Jeb Magruder, John Mitchell, John Dean, H.R. Haldeman, John Ehrlichman, Fred LaRue and others. Kleindienst stated that the President was dumbfounded when given the news. Petersen urged Nixon to dismiss Haldeman and Ehrlichman, but the President was uncertain about such a drastic proposal.
Kleindienst recalled telling the President about White House involvement in the Ellsberg break-in and said that the President was extremely upset. Kleindienst was asked if this was the first time the President knew about the Ellsberg break-in and White House involvement in it; Kleindienst said he thought that it was. But Petersen testified that he told the President about the Ellsberg break-in on April 18, one week before Kleindienst, and Nixon told Petersen he already knew about the Ellsberg burglary. President Nixon insisted that Petersen stay out of the matter because of "national security"; he urged Petersen to investigate the Watergate affair only. Petersen said that he resented Archibald Cox's appointment as head of the Watergate probe. Petersen believes he and the Justice Department would have broken the Watergate case, but it was snatched away from them and given to Cox.
[CBS] - President Nixon's lawyers went before Judge John Sirica in Washington to show cause for the President's refusal to give the White House tapes to special Watergate prosecutor Archibald Cox. Nixon attorney Fred Buzhardt concluded that the President has the power to withhold the tapes if he believes that the public interest wouldn't be served by releasing them. Cox will have a formal reply by Monday. The Senate Watergate committee is expected to file for a declaration judgment on the subpoenaed White House tapes. [CBS]
- U.S. bombers mistakenly hit Cambodian positions for the second straight day. Koh Tachou was hit today. The Pentagon reported that the bombings were errors. Neak Luong, the site of a B-52 bomb drop yesterday, announced that 137 people were killed in the bombing. Hospitals remain filled with wounded. The U.S. attache tried to apologize to residents for the bombing mistake. [CBS]
- The Senate Armed Services Committee continued its hearings on secret U.S. military involvement in Cambodia during 1969 and 1970. Former Air Force captain George Moses admitted falsifying reports even after American ground forces entered Cambodia with public knowledge. Moses said that air strikes flew deep into Cambodia and didn't stay within the limits supposedly set up by the President. Moses testified that he received a shrug after telling his superior that records were being falsified. Senator Harold Hughes concluded that President Nixon wasn't told the truth about the bombings, or he practiced deception on the American people. Army Chief of Staff Creighton Abrams will testify next. [CBS]
- Leaks continue to come in regarding U.S. Army intelligence investigations of American citizens and soldiers in Germany. A directive sent to all soldiers regarding their activities states that U.S. soldiers will be investigated by Army intelligence if they send complaints to newspapers or congressmen about topics such as living conditions or their treatment in Germany.
Senator Lowell Weicker conducted a probe into Army intelligence activities in Germany during the '72 campaign. "Citizens for McGovern" members were harassed and followed, and discovered that their phones were tapped. Military intelligence agent John McDougal told CBS that he is aware of information gathered through telephone taps by Army intelligence on American and German citizens, soldiers, newsmen and lawyers. McDougal also stated that since the story has become public, the destruction of documents within the intelligence offices is widespread.
Army intelligence has taken action against McDougal for confiding in CBS news.
[CBS] - Johns Hopkins University scientists claim to have developed a rechargeable heart pacemaker that can last 20 years without battery replacement. [CBS]
- The Federal Power Commission increased the rates charged to pipeline companies for all natural gas produced in the Permian Basin in Texas and New Mexico. [CBS]
- Wheat futures on the Chicago Board of Trade hit an all-time high. Bakers are predicting a rise in bread costs. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 911.95 (-0.83, -0.09%)
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* |
| August 6, 1973 | 912.78 | 106.73 | 12.32 |
| August 3, 1973 | 908.87 | 106.49 | 9.94 |
| August 2, 1973 | 910.14 | 106.67 | 12.08 |
| August 1, 1973 | 912.18 | 106.83 | 13.53 |
| July 31, 1973 | 926.40 | 108.22 | 13.53 |
| July 30, 1973 | 933.77 | 109.25 | 11.17 |
| July 27, 1973 | 936.71 | 109.59 | 12.91 |
| July 26, 1973 | 934.53 | 109.85 | 18.41 |
| July 25, 1973 | 933.02 | 109.64 | 22.22 |
| July 24, 1973 | 918.72 | 108.14 | 16.28 |