News stories from Wednesday August 29, 1973

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

Judge John Sirica ruled that President Nixon must turn over the White House tapes to him for private examination before Sirica decides whether to releases the tapes to the grand jury and the Senate Watergate committee. A spokesman for the California White House said that the President will not comply.Judge Sirica released a statement to the special Watergate prosecutor's office and to Nixon's lawyers. But the President doesn't intend to release the tapes unless the Supreme Court directs such action. A White House statement charged the Senate Watergate committee with conducting an unconstitutional criminal probe. [CBS] Sam Ervin, chairman of the Senate Watergate committee, reacted to Judge Sirica's decision. Ervin said he believes Sirica's ruling is a victory for America's freedom. [CBS] Judge Sirica will hear Jeb Magruder's appeal regarding his intentions to continue his lecture tour on Watergate while awaiting sentence. Sirica previously refused to permit lecture tours for Watergate burglar James McCord, but he will appear for an appeal hearing also. [CBS] The Salute to Ted Agnew Night committee pleaded innocent after being indicted by a Maryland grand jury for filing false accounting reports. Chairman Alexander Lankler called the committee's action "stupid". [CBS] Vice President Spiro Agnew's daughter Susan returned home from Brazil after receiving kidnap threats. Susan worked aboard the hospital ship "Hope". [CBS] The amount of destruction in Mexico following yesterday's quake is devastating. In several cities in Puebla, death and destruction are everywhere; buildings were leveled to dust within minutes. People seem to be calm; the government is bringing in food as the reality of the disaster sinks in. [CBS] Libyan leader Muammar Kaddafi and Egyptian President Anwar Sadat have agreed to merge their two countries into a new Arab state. Work on a draft constitution begins this weekend. [CBS] The 10th Communist party congress is meeting in Peking, China. Chou En-lai was renamed as the number two man under chairman Mao Tse-tung. [CBS] An appeals court in Washington, DC upheld the government's right to place a price freeze on retail gasoline stations. Stations may close in protest over Labor Day weekend. [CBS] A heat wave has engulfed most of the United States. In New York City, a portion of a subway tunnel collapsed on the hottest day of the summer. Consolidated Edison Power Company reduced power 5%. There is no relief in sight. In Washington, DC, the heat wave has brought serious pollution alerts but no power reduction yet. [CBS] Grain crops fell short of domestic demand this year. The Agriculture Department today announced a plan to ensure more grain next year. [CBS] Skylab astronauts Owen Garriott, Jack Lousma and Alan Bean reported that baby minnows which were born in space had no problem adjusting to zero gravity. Spiders had more difficulty adjusting, but one finally weaved a perfect web. [CBS] A submarine lies disabled off the coast of Ireland, but the two British crewmen are in little danger for now. [CBS] Events inside the Stockholm, Sweden, bank vault remain a mystery. Two gunmen held four hostages for several days; the hostages insist that no harm was done to them. One hostage, Christian Enmark, seemed to be very friendly toward the gunmen. [CBS] A paper shortage has hit newspapers. The Canadian rail strike added to the paper shortage already caused by a strike at Canadian paper mills. More than 65% of paper for U.S. newspapers comes from Canada; a serious newsprint shortage has resulted. [CBS] TWA officials said that a mechanical failure or air turbulence caused a jet shake-up over Los Angeles. Three people were seriously injured. [CBS] Leftist youth leader Abbie Hoffman has been charged with selling drugs. [CBS] Helen Evans and John Penniket of Darby, England, saved their money to come to the United States and take an American dream bus tour; the dream became a nightmare. Miss Evans was violently beaten in a restroom at a bus station in Miami, Florida. Penniket, Evans' fiancee, said he didn't realize such violence could happen in America. Helen's father said that his faith in America was restored after he saw the generosity of people in Miami after they learned of his daughter's condition. Helen's mother intends to remain in Miami until Helen can travel, but her condition has not improved. [CBS]

Stock Market Report

Dow Jones Industrial Average: 883.43 (+11.36, +1.30%)
S&P Composite: 104.03 (+1.01, +0.98%)
Arms Index: 0.69

	Issues	Volume*
Advances	1,011	10.67
Declines	407	2.96
Unchanged	349	2.06
Total Volume		15.69

* 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 28, 1973	872.07	103.02	11.81
August 27, 1973	870.71	102.42	9.74
August 24, 1973	863.49	101.62	11.20
August 23, 1973	864.46	101.91	11.39
August 22, 1973	851.90	100.53	10.77
August 21, 1973	857.84	100.89	11.48
August 20, 1973	867.40	101.61	8.97
August 17, 1973	871.84	102.31	11.11
August 16, 1973	872.74	102.29	12.99
August 15, 1973	874.17	103.01	12.04