News stories from Friday June 8, 1973

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

Judge John Sirica heard arguments today about immunity, perjury and media coverage regarding the Watergate hearings. Representing special prosecutor Archibald Cox, Philip Heymann requested that broadcasts of indicted witnesses be barred. Judge Sirica asked Senate committee counsel Sam Dash why televised hearings are necessary. Dash replied that strong public support for the prosecution of Watergate is needed, and television is a way to get into people's homes.Sirica also heard from convicted Watergate burglar James McCord's lawyer, who pleaded for a new trial for his client or a reversal of his sentence, because other witnesses who have admitted their perjury have cast a new light on McCord's testimony. [CBS] John Ehrlichman testified at the hearing which is investigating the break-in at Daniel Ellsberg's lawyer's office; he refused comment. Regarding Watergate, Ehrlichman said that John Dean assured him and other White House officials that a thorough Watergate probe was being conducted. [CBS] A federal judge in New York ruled that former Commerce Secretary Maurice Stans will be allowed to testify at the Watergate hearings. [CBS] The Watergate-related Investigations are widening. Senate committee chairman Sam Ervin reported that his committee will probe the Ellsberg burglary and the White House's secret espionage plan. Special prosecutor Archibald Cox will investigate the ITT affair and possible perjured testimony by former Attorney General Richard Kleindienst. [CBS] The Senate passed a farm bill regarding crop subsidies. The bill limits payments to $20,000 per farmer and extends the federal farm crop program for five years. [CBS] The Agriculture Department predicts a record winter wheat crop this year, but farmers are in trouble now. In many places there is no oil for wheat combines, and crops will be lost without fuel for their combines. [CBS] The Senate antitrust and monopoly committee began hearings on the fuel shortage. Senator Edward Kennedy stated that hearings are not enough, and Congress should look into possible antitrust violations by major oil companies. The attorney generals from five states testified that they believe oil companies are pushing out independents to assure themselves a monopoly. California attorney general Robert Killian noted that independent gas stations are being replaced by larger stations owned by big oil companies. Senators are concerned that large companies will stop the independents' supply to force them out of business. Massachusetts attorney general Robert Quinn reported that there will be a shortage of home heating fuel by 1974. [CBS] The El Paso Natural Gas Company and Occidental Petroleum announced long-term plans to obtain fuel from Russia. They will import $10 billion of fuel over the next 25 years from Soviets, beginning in 1979. [CBS] President Nixon gave the commencement address at the Florida Institute of Technology. He made no mention of the Watergate scandal. Shortly after the President's departure, a transmitting tower collapsed near the university. [CBS] Rapid City, South Dakota, is beginning to recover from the floods of a year ago. There is a construction boom in Rapid City. Homes, businesses, and new land development are everywhere. There was a mental health crisis in Rapid City after the flood because of the strains and hardships on families. Rapid City was also the center of recent Indian civil disturbances. The Indians say that they have not received their fair share of flood relief funds. After the recovery from the flood is complete, Indian troubles are likely. [CBS] The Federal Reserve Board raised the discount interest rate to 6 ½%. [CBS] The Greek military regime proposed that the newly-proclaimed Republic of Greece select its president in a general election. If the people adopt the proposal, the presidential term will be seven years with no second term.The Greek people have been told that they have democracy now, but only one man is running for president -- current military ruler George Papadopoulos. Those who disagree with the newly-proclaimed democracy may be put in concentration camps. [CBS] Generalissimo Francisco Franco has turned over the presidency of Spain to his confidant, Luis Carrero Blanco. Franco remains the supreme Head of State. [CBS] Henry Kissinger and North Vietnam's Le Duc Tho did not hold any meetings today in Paris. The meetings will resume tomorrow. [CBS]

Stock Market Report

Dow Jones Industrial Average: 920.00 (+10.38, +1.14%)
S&P Composite: 107.03 (+1.19, +1.12%)
Arms Index: 0.82

	Issues	Volume*
Advances	1,071	9.83
Declines	391	2.95
Unchanged	293	1.27
Total Volume		14.05

* 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*
June 7, 1973	909.62	105.84	14.16
June 6, 1973	898.18	104.31	13.08
June 5, 1973	900.81	104.62	14.08
June 4, 1973	885.91	102.97	11.23
June 1, 1973	893.96	103.93	10.41
May 31, 1973	901.41	104.95	12.19
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