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Thursday June 7, 1973
. . . where the 1970s live forever!

News stories from Thursday June 7, 1973


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

  • Wholesale prices jumped 2% over the last month, spurring talk of another wage-price freeze. AFL-CIO president George Meany stated that the Nixon administration's economic programs are "off-center" -- profits, prices and interest rates are reaching new highs, but workers wages remain the same. Congressman Henry Reuss said that he doubts sensible inflation control can be achieved by the President. As a result of more inflation, unemployment and interest rates are increasing. Senate leaders including Majority Leader Mike Mansfield want to implement a wage-price freeze immediately. Mansfield said that a wage-price freeze proposal may be added to the pending farm bill. [CBS]
  • Herbert Porter, the scheduling director for the Nixon re-election campaign committee, today testified that he lied to the FBI, the grand jury and at the Watergate trial. Porter previously testified that at no time was he engaged in any Watergate cover-up. Now Porter admits going along with campaign director Jeb Magruder's plan to tell the FBI that the money which went to G. Gordon Liddy for bugging was instead being used to locate radical groups. Porter said that it occurred to him to tell the truth, but he was afraid of group pressure and he also had a deep loyalty to President Nixon. Senator Howard Baker stated that Porter's actions were actually a great disservice to the President. [CBS]
  • In a civil suit deposition released today, H.R. Haldeman reported that no extensive Watergate probe was requested by President Nixon until just three months ago. Haldeman, the former White House chief of staff, said that former presidential counsel John Dean never considered a Watergate investigation. Haldeman reported that Dean claimed to have attended a meeting with Jeb Magruder, convicted Watergate conspirator G. Gordon Liddy and Attorney General John Mitchell to discuss intelligence activities. Mitchell denied being at that meeting. [CBS]
  • Special Watergate prosecutor Archibald Cox says that he will to go into many aspects of Watergate that have not been touched on yet. For example, the International Telephone and Telegraph affair with Donald Segretti and Charles Colson. ITT was involved in funding the 1972 Republican national convention. Segretti has already been implicated in Florida on charges of trying to sabotage Democrats' campaigns via a forged letter from Senator Edmund Muskie. [CBS]
  • President Nixon appointed Clarence Kelley, a former Kansas City police chief, as the new director of the FBI. Quick Senate approval is expected. [CBS]
  • Henry Kissinger and Le Duc Tho met again in Paris, France, to work out post cease-fire negotiations for Vietnam. The Thieu government said that it won't sign any agreement Kissinger and Tho make, but may accept their suggestions. [CBS]
  • Air Force Col. Theodore Guy has charged eight of his fellow POWs with misconduct. Now there is word that more charges may be brought. Younger POWs are trying to get senior POW commanders to press charges against officers who aided the enemy after being captured. Admiral James Stockdale is seeking the Pentagon's advice, but there has been no comment from the Pentagon so far. [CBS]
  • West German Chancellor Willy Brandt became the first head of the German government to visit Israel. Brandt said that he can't undo the horror already done, but he hopes that Israel and Germany will look to the future. Brandt placed a memorial wreath on the graves of victims who were murdered by the Nazis. Israel does not desire a normal relationship with West Germany because special aid, such as payments to Jewish survivors of Nazism, would stop. [CBS]
  • Skylab astronauts Pete Conrad and Joseph Kerwin took a walk in space to repair a solar panel. The trouble was pinpointed to a bolt holding the panel down. Now the bolt is out and the panel is working at one-third capacity. If that works out well, later Skylab missions will proceed as scheduled. [CBS]
  • Commencement ceremonies were held yesterday at West Point. For cadet James Pelosi, it was the end of a long ordeal. Pelosi was charged with violating the honor system. A board of officers dismissed the case against him, but Pelosi forced to endure "the silence", a form of severe punishment. Pelosi was forced to live and eat alone. He was ostracized by the other cadets and academy officials for almost two years. Although the punishment is degrading, Pelosi said that he endured it because of personal pride. Five other cadets have gone to federal court to protest similar treatment. [CBS]


Stock Market Report

Dow Jones Industrial Average: 909.62 (+11.44, +1.27%)
S&P Composite: 105.84 (+1.53, +1.47%)
Arms Index: 0.93

IssuesVolume*
Advances9088.27
Declines4714.00
Unchanged3671.89
Total Volume14.16
* 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*
June 6, 1973898.18104.3113.08
June 5, 1973900.81104.6214.08
June 4, 1973885.91102.9711.23
June 1, 1973893.96103.9310.41
May 31, 1973901.41104.9512.19
May 30, 1973908.87105.9111.73
May 29, 1973925.57107.5111.30
May 25, 1973930.84107.9419.27
May 24, 1973922.44107.1417.31
May 23, 1973895.02104.0714.95


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