News stories from Wednesday August 8, 1973

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

Vice President Spiro Agnew held a news conference to rebut accusations regarding kickbacks he allegedly received from building contractors while governor of Maryland. Agnew denied the charges, labeling them "damned lies" and pondered the possibility that his accusers are themselves in deep trouble, seeking immunity or reduced charges. A reporter asked if Agnew was considering stepping down from office temporarily; Agnew firmly denied such plans. He was then asked if he would step down if the investigation became more serious. Agnew replied that he expects no indictment and refuses to think about such remote ideas. Agnew stated that he didn't discuss the matter with President Nixon personally until yesterday.Agnew insists that he had no dealings with contractors at all, though he did received one bribe offer which he later reported. The failure to report the bribe immediately was caused by his inexperience. When asked if he is satisfied with the White House statement on the probe, Agnew responded that it's not terribly important what the President says, the Vice President should stand alone. Agnew intends to defend himself and his position on the matter. A White House spokesman said that the President has no reason to change his attitude or confidence in the Vice President. [CBS] The U.S. increased bombing levels in Cambodia to the highest in a month. Jets struck within two miles of Phnom Penh airport. [CBS] The Senate Armed Services Committee continued hearings on secret Indochina bombings and false military reports. The committee heard from Army Chief of Staff General Creighton Abrams today. Abrams refuted testimony from other witnesses who listed enemy hospitals as targets for U.S. bombers in Cambodia. Abrams defended the secret bombings because they helped protect U.S. forces preparing to leave the war zone. Abrams denied approving any cover-up of the secret bombings, testifying that he couldn't keep all the cover-ups straight. The committee still doesn't know who ordered the falsification of records. [CBS] The American Bar Association convention approved a resolution calling for state bar associations to begin probes into all lawyers implicated in Watergate. The resolution calls for disciplinary action against those found guilty of unethical conduct. Lawyers are the ones most involved in the Watergate affair. Supreme Court Justice Harry Blackmun expressed concern over the Watergate matter and the pall hanging over the American people with so many lawyers being involved. ABA president Robert Meserve indicated that lawyers are disturbed because the legal profession is being questioned. Many investigations are underway now and thoughts about disbarment float around. Ethics committee chairman Lyman Tondel believes that the embarrassment of the ABA stems from some lawyers failing to live up to high standards. American University professor Elliott Milstein noted that students questioned lawyers' ethics even before Watergate. Now their cynicism has been reinforced. [CBS] Attorney General Elliot Richardson stated that politics will be removed from the Justice Department. [CBS] CBS analyzes Watergate while the Senate committee recesses: what we know about Watergate as a result of the hearings is still hazy. No one mastermind has been discovered; the cover-up was begun to keep previous illegal acts secret; the Nixon administration was filled with tapings, enemies lists, and a staff determined to put the 1972 campaign above ethics. Without a few honest men like J. Edgar Hoover, Richard Helms, and Henry Petersen, the White House horrors wouldn't have stopped. America has just lived through a threat to the two-party system and the integrity of government institutions. [CBS] A Philadelphia, Pa. man is attempting to cross the Atlantic by balloon. Balloonist Bobby Sparks says all signs look good; he is headed for the British Isles. No one has ever crossed the Atlantic by balloon; at least three have died in attempts. Sparks thinks of his adventure as a survival test. [CBS]

Stock Market Report

Dow Jones Industrial Average: 902.02 (-9.93, -1.09%)
S&P Composite: 105.55 (-1.00, -0.94%)
Arms Index: 1.29

	Issues	Volume*
Advances	382	2.50
Declines	1,033	8.72
Unchanged	340	1.22
Total Volume		12.44

* 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 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
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