News stories from Wednesday October 10, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Vice President Spiro Agnew resigned at 2:05 p.m. today. Speaking outside the federal courthouse in Baltimore, Agnew gave his reasons. He stated that his resignation will serve America's best interests and spare his family. Agnew denied the charges of bribery and extortion that have been made, and noted that government witnesses have been granted partial or full immunity from prosecution in exchange for their testimony against him. [CBS]
- Vice President Spiro Agnew's resignation comes in the wake of an investigation into political graft which involved him. Until today Agnew insisted that resigning was out of the question and declared numerous times that he would fight to remain in office. After battling the graft charges for weeks, Agnew abruptly resigned today.
Attorney General Elliot Richardson appeared alongside the prosecution lawyers in Baltimore; chief prosecutor Henry Petersen and U.S. attorney George Beall were present as Judge Walter Hoffman formally charged Agnew with income tax evasion; Agnew's lawyers pleaded no contest. Richardson said that Agnew's resignation and his plea regarding the criminal charge would be punishment enough. Agnew admitted the tax evasion, but asserted that campaign money which he received from contractors in return for state jobs was not used to personally enrich himself.
[CBS] - In court today, Elliott Richardson described the pattern of cash payments to Spiro Agnew by contractors. The payments began during Agnew's term as county executive, through his governorship, up to December 1972. The contractors who were involved in making campaign contributions in return for state contracts were not disclosed, but some of their completed projects were listed. State charges for those same acts could also be filed, leading to further indictments.
White House press secretary Ron Ziegler reported that President Nixon learned of Agnew's intentions last night before official notification was sent to Secretary of State Henry Kissinger. Nixon will now begin a search for a new Vice President.
[CBS] - Senate leader Mike Mansfield called Agnew's actions a "tragic mistake". House Speaker Carl Albert stated that the matter of appointing a new Vice President is now in the President's hands. House minority leader Gerald Ford expressed disbelief over Agnew's resignation. Republican Senator Charles Percy asserted that political considerations should have no place in the selection of the new Vice President.
Senator Howard Baker announced that he would support John Connally for Vice President, but Senator Henry Jackson said that Connally would not unify the country. Hubert Humphrey believes that President Nixon should choose a "nonpartisan" Vice President, and he declared that whoever is selected should not be a presidential candidate in 1976.
[CBS] - The 25th amendment allows the President to name a vice-presidential replacement. The Speaker of the House is next in line for the presidency. House Speaker Carl Albert now has Secret Service protection.
Speculation as to who may be the new Vice President includes: former Pennsylvania Governor William Scranton, California Governor Ronald Reagan, New York Governor Nelson Rockefeller, former Secretary of State William Rogers, Supreme Court Justice Warren Burger, White House counsel Melvin Laird, former Senator John Sherman Cooper, Senate Democratic leader Mike Mansfield, and John Connally. The White House is remaining silent regarding the speculation. President Nixon will meet with leaders of Congress to hear their suggestions.
[CBS] - A sketch of Spiro Agnew's political career: Even in his election as governor of Maryland in 1966, Agnew was faced with charges of conflict of interest and racial discrimination. He defeated Democrat George Mahoney in that race by running to his opponent's left on many issues. But Agnew switched to the conservative side and withdrew his support of Nelson Rockefeller for president in the 1968 election, supporting Richard Nixon instead. Agnew admitted that his name was not a household word in '68 at first, but in just a few months America came to know Spiro Agnew. During the next four years as a conservative Vice President, the outspoken Agnew made enemies on both the left and right. Although Agnew escaped the Watergate scandal, his own problems eventually overwhelmed him. The descent began, ending in resignation. [CBS]
- The only other Vice President ever to resign was John C. Calhoun, who left the vice presidency to take a Senate seat. [CBS]
- The three men who are being talked about the most as possible replacements from Spiro Agnew -- Ronald Reagan, Nelson Rockefeller and John Connally -- each expressed sadness over Agnew's decision and refused to comment on their chances of being selected as his replacement. [CBS]
- Fighting in the Mideast intensified, especially in the air. Rumors have increased regarding the Soviet Union resupplying the Egyptians and other Arab states involved in the conflict. [CBS]
- As the new war in the Mideast continues, grave new developments are threatening relations between the United States and the Soviet Union. Amidst charges that the Soviets are resupplying the Arabs with direct supply flights, the Nixon administration has ordered supply flights to Israel.
Despite Secretary of State Henry Kissinger's efforts to get Russia's help in halting the war, the Soviets have been uncooperative in United Nations' attempts to work out a compromise. The framework of East-West detente may be in trouble without Russia's help. Planes carrying supplies to Israel were seen leaving Norfolk, Virginia today. The U.S. will initially sell a limited number of arms to Israel, but a broader plan is under consideration.
[CBS] - Jordan's King Hussein has called up reserve troops; Jordan's entry into the Mideast war is now probable. [CBS]
- Prime Minister Golda Meir assured her citizens that Israel has forced Syrian troops from Golan Heights back into Syria. Mrs. Meir admitted that the Sinai front will be more difficult, and she warned Israelis of the likelihood of Jordan jumping into the war.
Fighting was furious in the Golan Heights today. Syria launched a direct assault on the Heights; border cities were heavily hit by the Syrians. The spirit of the Israeli troops remains undaunted.
[CBS] - On the Sinai front, fighting near Qantara slowed a bit. The mood of Israeli troops is grimmer than it was earlier.
Israel's quest for air supremacy is being hurt by Soviet weapons that have been sent to Egypt. Supplies are reaching Egyptians near the Suez because bridges are easily repaired after they are bombed by Israel. Israelis abandoned the Bar-Lev line on the Suez quickly after Egyptians moved in and stood firm. Egyptian troop morale is high.
[CBS] - Israeli bombs hit a Soviet culture center (rather than the Soviet embassy as first reported) last night in Damascus. The number of casualties are still unknown. [CBS]
- Most film reports out of the Mideast are censored by either the Arabs or the Israelis. Israel particularly censors information regarding casualties. In Tel Aviv, medical facilities for the wounded are good; hospitals were evacuated in order to take in injured troops. Every casualty for Israel is a personal tragedy. [CBS]
- Transportation Secretary Brinegar announced that the Mideast war could force America into the rationing of fuel. The U.S. oil supply will be critically affected if the war is lengthy. [CBS]
- A federal court of appeals upheld the Phase IV controls on retail gasoline prices. [CBS]
- The House voted to give home rule to Washington, DC. [CBS]
- Senate Watergate committee chairman Sam Ervin was subpoenaed to testify in the New York trial of Maurice Stans and John Mitchell regarding the evidence available to the Watergate committee. [CBS]
- Alabama congressman John Buchanan charged that a vast amount of government money was spent for security on former President Lyndon Johnson's ranches in Texas. Buchanan made the statement during testimony before the Senate committee which is investigating the spending for security on President Nixon's homes. [CBS]
- Regarding Spiro Agnew's resignation, Walter Cronkite stated that the press feels no revenge toward Agnew, only pity, and he added that as Americans, we all share Agnew's tragedy. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 960.57 (-13.62, -1.40%)
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 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 |
| September 26, 1973 | 949.50 | 108.83 | 21.13 |