News stories from Tuesday May 22, 1973

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

President Nixon issued a statement today, conceding that he should have been more alert to warning signals regarding Watergate, but vowing to continue in his job. The statement made a distinction between political activities, and the Ellsberg-Pentagon Papers case in which the CIA was involved for reasons of national security. The statement is being called Nixon's "counterattack".The President met with George Bush and four Republican leaders of Congress. Legislative matters were discussed, but also Watergate. [CBS] The Senate Watergate Committee heard more testimony from James McCord about offers of clemency, while another Senate committee held confirmation hearings for Elliot Richardson as Attorney General. The committee recalled Richardson to hear testimony regarding Egil Krogh and the burglary of Daniel Ellsberg's psychiatrist's office in connection with the Pentagon Papers case. President Nixon was allegedly told by John Dean in late March of the Ellsberg break-in. Senator Edward Kennedy asked about the delay in telling the judge, and questioned why the Justice Department wasn't told.Prosecutor Earl Silbert was the subject of criticism for his conduct of the original trial. Silbert is now expected to resign from the case, but so far he has not. Silbert's resignation is said to be in deference to new prosecutor Archibald Cox; Cox and Silbert will meet tomorrow. [CBS] Nelson Gross, a former Nixon administration adviser on international drug trafficking, has been indicted for tax fraud and perjury for his actions in the 1969 New Jersey governor's race. [CBS] The CIA conducted lie detector tests on federal employees after the FBI refused. Egil Krogh, who worked for John Ehrlichman, wanted State Department and Defense Department employees to be given tests regarding security leaks. J. Edgar Hoover refused. The CIA then did the job contrary to tradition, and with no objection from William Rogers or Melvin Laird. The lie detector tests did not uncover any leaks. [CBS] The Senate voted to override President Nixon's veto of a bill that would require Senate confirmation of appointees Roy Ash and Fred Malek. The House is not expected to go along with the Senate. [CBS] The cost of living up in April was up 0.7%. Food, clothing, used cars and gasoline were the chief components of the increase. Under phase III price controls, the cost of living increase on an annual basis is up more than 9%. [CBS] Henry Kissinger and Le Duc Tho are still talking in Paris. The talks have gone on longer than predicted. Kissinger is optimistic but Tho is noncommittal. U.S. Ambassador William Sullivan is heading for Saigon to meet with President Thieu. [CBS] The Saigon government offered a seven-part peace plan, which the Viet Cong rejected. [CBS] Restless constables in India's largest state are rebelling against the army takeover of police armories; fighting erupted in Kanpur. Student protestors burned buildings at Lucknow University. [CBS] The U.S. cast a veto in the United Nations Security Council against a move to extend the economic sanctions against Rhodesia to South Africa, Mozambique and Angola. [CBS] NASA has delayed the astronaut launch until Friday. The crew continues to rehearse Skylab repair procedures at the Huntsville, Alabama, space center. Skylab is currently crippled, primarily as a result of temperature issues. [CBS] Liza Minnelli has broken off her engagement to Desi Arnaz, Jr.; she now loves Peter Sellers. [CBS]

Stock Market Report

Dow Jones Industrial Average: 892.46 (+5.95, +0.67%)
S&P Composite: 103.58 (+0.85, +0.83%)
Arms Index: 0.62

	Issues	Volume*
Advances	858	10.88
Declines	648	5.10
Unchanged	309	2.04
Total Volume		18.02

* 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*
May 21, 1973	886.51	102.73	20.69
May 18, 1973	895.17	103.86	17.08
May 17, 1973	911.72	105.56	13.06
May 16, 1973	917.14	106.43	13.80
May 15, 1973	917.44	106.57	18.53
May 14, 1973	909.69	105.90	13.52
May 11, 1973	927.98	108.17	12.98
May 10, 1973	939.34	109.54	13.52
May 9, 1973	949.05	110.44	16.05
May 8, 1973	956.58	111.25	13.73