News stories from Thursday October 11, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Washington is preoccupied with the question of who will replace Spiro Agnew. Congress warned President Nixon against nominating John Connally; a CBS News poll taken of Senators revealed that Connally received the most negative votes. Nelson Rockefeller seems to be the clear favorite in the Senate, followed by Ronald Reagan.
The House took a secret ballot vote regarding possible vice presidential replacements. House leader Gerald Ford's name cropped up. Ford said that anyone asked to be Vice President would have a difficult time turning down the job. Speaker of the House Carl Albert seemed awed by the fact he's currently next in line for the presidency, and said he's glad it's just a temporary situation.
President Nixon attended to his daily duties today without mentioning the major decision before him. A White House spokesman insisted that no final decision regarding Agnew's replacement has been made by the President.
[CBS] - Attorney General Elliot Richardson and U.S. attorney George Beall held a press conference to discuss the plea bargaining between the Justice Department and former Vice President Spiro Agnew. Richardson was questioned by reporters about Agnew's "extremely light" sentence. Richardson stated that Agnew's resignation and being charged with a felony is a considerable punishment. Richardson denied that there is any possibility of him succeeding the Vice President. Richardson added that he hoped Agnew would not be jailed as a result of charges brought by the state of Maryland; he admitted that the plea bargaining process is very political in this case.
The Attorney General insisted that President Nixon didn't call the shots in the case against Agnew. Richardson stated that the President was fully informed, and approved the bargaining between the Justice Department and Agnew.
The Maryland Attorney General announced that he doesn't plan to prosecute Agnew under state law.
[CBS] - Former Vice President Spiro Agnew attended a funeral today for his half brother, and cleaned out his office desk. Agnew will be given time to clear up office affairs. [CBS]
- The Israeli army seems to be driving deep into Syria, toward Damascus. The Israeli navy and air force are backing up the ground offensive. The Sinai front was relatively quiet today, but fighting on the Golan Heights was intense. Israeli air power over the Golan Heights is confirmed, however Russian-made missiles being used by Syria have taken a toll on Israeli jets. The Israeli offensive has been successful, overwhelming the Syrian defense line as the move to Damascus is underway. [CBS]
- On the Sinai front, Israel is having a more difficult time. Egypt released a film of early fighting in the Sinai last week. The government film shows Egypt's advance into the former Israeli-occupied Sinai. In Cairo, citizens are awaiting word of victory along the Suez. Even President Sadat's wife joined blood donors for victims of the war.
Egypt charged that Israeli attacks killed 500 civilians at Port Said.
[CBS] - Egypt reported that Israel has lost much military machinery; Israeli claims of losses contradict Egypt. A Pentagon spokesman said that many claims on both sides are exaggerations.
The Soviet Union continues to airlift supplies into Egypt and Syria.
[CBS] - Watergate special prosecutor Archibald Cox obtained indictments against White House "plumbers" chief Egil Krogh. [CBS]
- At the Senate Watergate hearings today, George McGovern's campaign director Frank Mankiewicz testified. Mankiewicz claimed that Republican "dirty tricks" against Democrats affected the outcome of the 1972 election. [CBS]
- A Senate-House conference committee approved a compromise version of the military weapons bill. [CBS]
- CBS News' Eric Sevareid reflected on the similarities and differences between the Agnew case and the Watergate scandal: He stated that the Justice Department permitting Agnew to plea bargain was the only solution to prevent the disintegration of even more confidence in America's politicians. President Nixon's involvement with the White House tapes, the Mideast war and the Agnew probe were too much for the nation to bear all at once. Agnew wanted money; the Watergate participants wanted power. The Nixon administration will be long-remembered for its lawlessness. [CBS]
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Dow Jones Industrial Average: 976.07 (+15.50, +1.61%)
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* |
| October 10, 1973 | 960.57 | 109.22 | 19.01 |
| October 9, 1973 | 974.19 | 110.13 | 19.44 |
| October 8, 1973 | 977.65 | 110.23 | 18.99 |
| October 5, 1973 | 971.25 | 109.85 | 18.82 |
| October 4, 1973 | 955.90 | 108.41 | 19.73 |
| October 3, 1973 | 964.55 | 108.78 | 22.04 |
| October 2, 1973 | 956.80 | 108.79 | 20.77 |
| October 1, 1973 | 948.83 | 108.21 | 15.83 |
| September 28, 1973 | 947.10 | 108.43 | 16.30 |
| September 27, 1973 | 953.27 | 109.08 | 23.66 |