News stories from Thursday May 31, 1973

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

The Senate voted today to stop all funding for U.S. bombing in Cambodia; Thomas Eagleton's amendment passed by a 63-19 vote. Eagleton said that he was surprised by the overwhelming approval of his bill. Senator John Tower believes that the Eagleton bill will encourage North Vietnam to commit more violations of the peace agreement and cause more bloodshed.Now both houses of Congress have passed anti-war legislation. [CBS] The Pentagon reported that U.S. B-52 bombing raids have been cut by one-third; those bombers which flew carried more bombs and hit more targets, however. [CBS] The Pentagon is offering cash for information regarding missing servicemen in Indochina. [CBS] Senate Watergate Committee chairman Sam Ervin said that there would be a great public shock if the administration's domestic espionage files were released. Those files were the ones taken by former White House aide John Dean. [CBS] A Senate committee heard H.R. Haldeman's testimony on the Watergate scandal. The former White House aide stated that he had no participation in the Watergate cover-up nor asked the CIA to join in the cover-up. Senator John McClellan noted serious conflicts in the testimony of John Ehrlichman, CIA officials and Haldeman. Senator Edward Gurney said that he believes key aides should be called in the Watergate hearings in order to find a possible link with the President. [CBS] Former deputy CIA director Robert Cushman spoke about conflicting testimonies. Cushman reported receiving a call from John Ehrlichman, who was seeking aid for E. Howard Hunt. Cushman said that he wrote a memo about the call, but later erased Ehrlichman's name from the memo at Ehrlichman's request. Later, Cushman stated that CIA records show Ehrlichman making the call. Hunt burglarized Daniel Ellsberg's psychiatrist's office with equipment he obtained from a CIA office. [CBS] Millionaire John Loeb stated that didn't know it was illegal to channel campaign funds through employees' personal bank accounts. Loeb is charged with making hidden contributions to Hubert Humphrey's 1972 campaign. Loeb said that he has never knowingly done anything illegal and also said that he is too old to go on trial. [CBS] The Securities and Exchange Commission charged C. Arnholt Smith with fraud, for scheming to take assets from his corporations for personal use. [CBS] Warden Patrick Curran and deputy warden Robert Fromhold were stabbed to death in a deadly outburst of violence at Holmesburg prison in Philadelphia. Leroy Taylor, a guard who was wounded in the attack, identified the assailants as inmates Fred Burton and Joseph Bowen. Philadelphia Mayor Frank Rizzo called the deaths justification for capital punishment. [CBS] An Indian airliner crashed while attempting to land in New Delhi. Two members of Prime Minister Gandhi's government were on board; one was possibly killed. [CBS] A Colombian airliner has been hijacked from the Dutch island of Aruba; its destination is unknown. About 38 hostages are on board. [CBS] Since the provisions of the anti-hijacking bill took effect in February, the U.S. has had no hijackings. Airport security checks are common now, but expensive -- a cost of over $100 million a year. But passengers are very willing to be searched.From November 1972-April 1973, 804 arrests were made by the Bureau of Customs; a majority of those arrests were unrelated to weapons. The American Civil Liberties Union opposes security checks. Spokesman Joel Gora says that anti-hijacking checks have turned into full-scale searches. The Federal Aviation Agency stated that it has no intention of letting up on checks. [CBS] President Nixon and President Pompidou of France are meeting in Reykjavik, Iceland. Nixon hopes that the talks keep Watergate submerged and allow his foreign policy skills to emerge. He will meet with Soviet Communist party secretary Leonid Brezhnev and travel to Europe this summer in an attempt to hold NATO together. [CBS] The U.S. confirmed selling arms to Iran, Saudi Arabia, and Kuwait. This is a long-term investment to protect oil pipelines in the Persian Gulf, but Israel thinks that U.S. arms in the hands of Arabs will upset the Mideast balance of power. [CBS] In an upset, Protestant Erskine Childers has been elected president of Ireland over Catholic Tom O'Higgins by a margin of 52% to 48%. Childers succeeds Eamon de Valera, now 90 years old, who retired. [CBS] Two drivers were injured in crashes -- Salt Walther is in serious condition, Swede Savage is in critical condition. Drivers are having second thoughts about the Indianapolis Motor Speedway.Andy Granatelli says the entire story of the disaster has not been told; Savage and Walther may never drive again. A.J. Foyt believes that the Indy 500 race is now machine against man, not both working together. Race winner Gordon Johncock feels that the cars should be slowed down. Granatelli stated that the track and pit road are too narrow, and the venue is dangerous for spectators. Tony Hulman, the owner of the speedway, announced that the pits and track will be better protected and spectators will be moved back. The U.S. Auto Club will soon make a decision about slowing the cars down. [CBS]

Stock Market Report

Dow Jones Industrial Average: 901.41 (-7.46, -0.82%)
S&P Composite: 104.95 (-0.96, -0.91%)
Arms Index: 1.34

	Issues	Volume*
Advances	355	2.13
Declines	1,071	8.62
Unchanged	326	1.44
Total Volume		12.19

* 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 30, 1973	908.87	105.91	11.73
May 29, 1973	925.57	107.51	11.30
May 25, 1973	930.84	107.94	19.27
May 24, 1973	922.44	107.14	17.31
May 23, 1973	895.02	104.07	14.95
May 22, 1973	892.46	103.58	18.02
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