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Wednesday May 16, 1973
. . . where the 1970s live forever!

News stories from Wednesday May 16, 1973


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

  • President Nixon blames John Dean for involving the White House in Watergate. Press secretary Ron Ziegler said that John Dean had the responsibility for the Watergate investigation; Dean reported to John Ehrlichman who in turn reported to Nixon. There was no written report. Dean blames John Ehrlichman and H.R. Haldeman for Watergate, and feels that if the President Nixon didn't know about it, he should have.

    G. Bradford Cook, the chief of the Securities and Exchange Commission, has resigned. Cook was mentioned in the indictments of John Mitchell and Maurice Stans in connection with Robert Vesco's contributions to the Nixon campaign. Cook stated that he is innocent of any wrongdoing, but doesn't want suspicions about him to impede the government. Cook praised President Nixon and said that he wants to avoid any embarrassment to the President. Cook modified the charges against Vesco to avoid mention of Vesco's campaign contribution, but said that this was irrelevant to the case. William Casey, the SEC chief at the time, agreed; Cook was deputy SEC director at the time.

    Senator Barry Goldwater said that because of Watergate, people are losing confidence in America's ability to govern. Senator Hugh Scott agreed with Goldwater that the scandal should not bring government business to a halt.

    The attorney for H.R. Haldeman and John Ehrlichman is seeking to delay his clients' giving depositions in the Watergate civil suit. The attorney for John Dean is also seeking a delay. Judge John Sirica granted immunity to G. Gordon Liddy for his testimony, but Liddy's attorney Peter Maroulis says that Liddy still won't testify. David Young, the former Kissinger aide who worked with Egil Krogh, has also been granted grand jury immunity, as has Roy Sheppard, who is accused of removing Watergate files from the White House. Senator Sam Ervin promised that new Watergate information will be revealed at the Senate hearings which begin tomorrow at 10 a.m. EST. CBS will cover the hearings live. [CBS]

  • The White House confirmed that President Nixon ordered wiretaps of some members of the National Security Council in order to try to plug news leaks. Former Kissinger aide Morton Halperin denounced the action and said that wiretaps should require court approval. National Security Council member Winston Lord said that the administration was justified in trying to stop leaks of security information. [CBS]
  • Daniel Ellsberg appeared today before a Senate hearing and said that it should not be a crime to give classified information to Congress. Senator Strom Thurmond called Ellsberg an "outlaw" and told him he should have faith in the American government. Thurmond noted that Ellsberg's guilt or innocence remains unproven.

    Senator Edmund Muskie replied that Ellsberg is innocent until proven guilty. Thurmond accused Muskie of bringing Ellsberg to the hearing just to speak against President Nixon, and told Muskie that he isn't fit to be a presidential candidate. The Senate meeting booed Thurmond. [CBS]

  • Wall Street broker John L. Loeb is accused of making an illegal $48,000 contribution to Senator Hubert Humphrey's campaign in 1972. [CBS]
  • President Nixon asked Congress to approve plans for a bipartisan committee to recommend election reforms. [CBS]
  • Temperatures inside Skylab are reaching 190 degrees. The heat is ruining the film which is being used to take pictures of Earth and the sun. NASA plans to send astronauts to put a solar shield around the craft to bring the temperatures down. [CBS]
  • Mary Lane Pitkin, a mother of four, boarded a train in eastern Florida and started the engine. She drove the hijacked locomotive for 30 miles. Pitkin was taken into custody when the train was diverted onto a spur and crashed into an abandoned freight car. [CBS]
  • Henry Kissinger and North Vietnam's Le Duc Tho will begin talks tomorrow in Paris, France, in an effort to salvage the Vietnam truce. President Nixon warned Congress not to jeopardize Kissinger's talks by passing anti-war legislation during the negotiations. White House press secretary Ron Ziegler stated that the President remains determined to end the Indochina war with honor. Senator Mike Mansfield said that Congress will delay anti-war legislation until after Memorial Day. [CBS]
  • The birth rate in the United States has declined below the level necessary for zero population growth. [CBS]
  • Gold prices and the value of the dollar were steady on world markets today. [CBS]


Stock Market Report

Dow Jones Industrial Average: 917.14 (-0.30, -0.03%)
S&P Composite: 106.43 (-0.14, -0.13%)
Arms Index: 1.17

IssuesVolume*
Advances5924.66
Declines7737.11
Unchanged4102.03
Total Volume13.80
* 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
DateDJIAS&PVolume*
May 15, 1973917.44106.5718.53
May 14, 1973909.69105.9013.52
May 11, 1973927.98108.1712.98
May 10, 1973939.34109.5413.52
May 9, 1973949.05110.4416.05
May 8, 1973956.58111.2513.73
May 7, 1973950.71110.5312.50
May 4, 1973953.97111.0019.51
May 3, 1973945.67110.2217.76
May 2, 1973932.34108.4314.38


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