News stories from Tuesday October 23, 1973

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

President Nixon has agreed to surrender the White House tapes to Judge John Sirica under pressure of impeachment. Nixon lawyer Charles Wright appeared before Judge Sirica today and announced that the President would comply with the court order to turn over the White House tapes to Sirica. Outside the courtroom, Wright stated that the President reversed his decision in an attempt to stop further constitutional crises. Judge Sirica will review the tapes and decide which ones will be given to the grand jury. [CBS] Since President Nixon fired special Watergate prosecutor Archibald Cox late last week, pressure on the President has been building. America's reaction and Congress' serious consideration of impeachment led to Nixon's reversal regarding the White House tapes. White House chief of staff Alexander Haig denied any link between the threat of impeachment and the decision regarding the tapes. [CBS] President Nixon will address the nation Wednesday night at 9 p.m. EDT. CBS will carry the speech live. [CBS] Preliminary impeachment proceedings in the House are somewhat deflated, but the inquiry will continue. House Speaker Carl Albert stated that the House Judiciary Committee led by Peter Rodino will investigate possible grounds for President Nixon's impeachment. Albert said that Vice President designate Gerald Ford should be confirmed now.Representative John Rhodes explained that the reason for impeachment diminished after the President yielded the White House tapes. Majority leader Tip O'Neill conceded that the enthusiasm for impeachment proceedings has been dampened. [CBS] Former Attorney General Elliot Richardson held a news conference to explain his resignation. Richardson stated that the American people must judge if the President's actions warrant impeachment. After Richardson learned of President Nixon's decision to release the tapes, he praised the President for his decision and said that he hopes that will end talk of impeachment. Former deputy Attorney General William Ruckelshaus also reacted favorably to the President's decision. Ruckelshaus' wife Jill remains on the White House staff. [CBS] The release of White House tapes allows the prosecution of other Watergate related cases to continue, including the conspiracy trial in New York of John Mitchell and Maurice Stans. The Senate Watergate committee has no legal access to the tapes, since the original compromise is now considered "inoperable". [CBS] Despite the cease-fire which was agreed to by Egypt and Israel yesterday, fighting continued along the southern front. An emergency session of the United Nations Security Council was called, and a new cease-fire proposal was approved; the Soviet Union warned Israel against further cease-fire violations. Secretary of State Henry Kissinger has been forced to cancel his trip to China because of the Middle East war. Kissinger said that he hopes to restore the cease-fire in the Mideast. The United States and Soviet Union have reduced airlifts to the Arabs and Israelis, exerting pressure to end the fighting. Israeli Prime Minister Golda Meir assured her parliament that Israel will continue fighting as long as Egypt continues. [CBS] Israeli forces remain at the positions they held at the cease-fire deadline. They control the main road and railroad from Suez City to Cairo. A major battle occurred around Suez City today. An Israeli government film showed the Israeli move across the Suez deep into Egypt. Egypt and Israel argued over cease-fire violations. Despite the violations, much of the canal front was quiet today. Some dogfights occurred along the Syrian front, but no major action took place. [CBS] North Vietnam's Le Duc Tho refused to accept his Nobel Peace Prize. [CBS] A Brazilian plane crashed on takeoff near Rio de Janeiro. Five persons died and eight Americans were slightly injured, including Indiana Lt. Governor Robert Orr. [CBS] At the Ames Research Center in California, NASA is training women for the astronaut program. After five weeks of strenuous training, the women have survived quite well. Test director Dr. David Winter stated that women show no difference from men in their responses. Any would-be lady astronaut won't be able to join men in space until 1980. [CBS] The Supreme Court filed its report on cases it will and won't review in the upcoming session. It refused to review obscenity cases and a freedom of the press case. [CBS] The Boulder, Colorado, district attorney, looking into the Soapbox Derby scandal, reported that one-third of this year's entries were tampered with. The uncle of the 1973 winner was fined for helping increase his nephew's car's speed illegally. [CBS]

Stock Market Report

Dow Jones Industrial Average: 966.51 (+5.94, +0.62%)
S&P Composite: 109.75 (+0.59, +0.54%)
Arms Index: 0.63

	Issues	Volume*
Advances	684	8.81
Declines	734	5.92
Unchanged	376	2.50
Total Volume		17.23

* 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*
October 22, 1973	960.57	109.16	14.29
October 19, 1973	963.73	110.22	17.88
October 18, 1973	959.74	110.01	19.21
October 17, 1973	962.52	109.97	18.60
October 16, 1973	967.41	110.19	18.78
October 15, 1973	967.04	110.05	16.16
October 12, 1973	978.63	111.44	22.73
October 11, 1973	976.07	111.09	20.74
October 10, 1973	960.57	109.22	19.01
October 9, 1973	974.19	110.13	19.44