News stories from Friday August 17, 1973

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

White House lawyers today offered more resistance to special Watergate prosecutor Archibald Cox's request for White House tapes. The lawyers argued that the President doesn't have to obey any court decision to turn the tapes over to the grand jury. Effective prosecution against Nixon aides H.R. Haldeman, John Ehrlichman and John Mitchell is unlikely without the tapes. [CBS] President Nixon's daughter, Julie Nixon Eisenhower, defended her father in Jacksonville, Florida, where she spoke to Nixon-supporting construction workers. Building trades council spokesman John Bowden said that there's nothing wrong with America, and he believes that the Watergate affair should be dropped to allow the President to run the government efficiently. Miss Eisenhower charged that the amount of time Congress is devoting to Watergate should instead be devoted to matters of government. [CBS] The Secret Service is investigating itself to determine if there has been political espionage within the agency while protecting presidential candidates. The Secret Service is looking into possible politically-damaging papers regarding George McGovern which were given to the White House by the Secret Service agent who was guarding candidate McGovern. John Dean's testimony corroborates the Secret Service probe. The agent who was allegedly involved has not been identified. Another agent was believed to be connected with convicted Watergate conspirator E. Howard Hunt. The probe is continuing. [CBS] Secretary of Defense James Schlesinger reported a major breakthrough in Russian missile programs. The Russians have developed a weapon with a cluster of nuclear warheads that is able to hit different targets. Schlesinger stated that the Soviets are not very interested in arms limitations, and he also warned North Vietnam about further aggression in South Vietnam, hinting at a possible U.S. military response. [CBS] The U.S. and Thailand will begin talks regarding the withdrawal of U.S. planes from Thailand. [CBS] Fighting in Cambodia was sporadic and light today. South of Phnom Penh, artillery tried to support government troops just as U.S. bombers formerly supported them. Communist insurgents held back government troops. [CBS] Admiral Arthur Radford, the former chairman of the Joint Chiefs of Staff, died today from cancer. [CBS] Vice President Spiro Agnew has released his financial records to U.S. attorney George Beall. The Agnew probe began with kickback charges involving local officials and contractors in Towson, Maryland, the county seat of Baltimore County. Agnew's political career began here in 1962. Jerome Wolff, president of a subsidiary of the Greiner Company, claims that he made payments to Agnew in order to obtain federal and state contracts. Allen Green insists that he delivered cash to Agnew; Lester Matz related similar incidents.Agnew has denied any connection with bribery and kickbacks in Maryland, but contributions from engineering firms to a dinner which was held for Agnew in May, 1972, were widespread. Corporate contributions are legal under Maryland law, but illegal under federal law. [CBS] The Chicago Sun Times and Chicago Daily News questioned the campaign funds of Illinois Governor Daniel Walker. The newspapers reported that Walker received illegal contributions; Walker denied the charges. [CBS] Two House Appropriations Committee members, Edward Roybal and Jack Edwards, stated that the $2.4 million which has been spent on security for President Nixon's San Clemente estate was justified. [CBS] The consumer products safety agency urged the makers of three spray adhesives to stop production until an investigation has been completed into whether the adhesives cause birth defects. The products are Foil Art Spray Adhesive, Scotch Spray-Ment and Krylon Spray Adhesive. [CBS]

Stock Market Report

Dow Jones Industrial Average: 871.84 (-0.90, -0.10%)
S&P Composite: 102.31 (+0.02, +0.02%)
Arms Index: 1.04

	Issues	Volume*
Advances	667	4.74
Declines	641	4.75
Unchanged	411	1.61
Total Volume		11.10

* 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*
August 16, 1973	872.74	102.29	12.99
August 15, 1973	874.17	103.01	12.04
August 14, 1973	870.71	102.71	11.74
August 13, 1973	883.20	103.71	11.33
August 10, 1973	892.38	104.77	10.87
August 9, 1973	910.49	105.61	12.88
August 8, 1973	902.02	105.55	12.44
August 7, 1973	911.95	106.55	13.51
August 6, 1973	912.78	106.73	12.32
August 3, 1973	908.87	106.49	9.94