News stories from Monday June 11, 1973

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

After the Watergate break-in, President Nixon's attorney Herbert Kalmbach sought money for the Watergate burglars and their lawyers. According to a report from the General Accounting Office regarding the Nixon campaign committee's records, finance director Maurice Stans received a rush request from Kalmbach for all available cash. Stans sent $75,000 and then $30,000. Kalmbach claims he was urged by former Nixon aide John Ehrlichman to get the money and say it was needed for an urgent project "at the top". Thomas V. Jones made what he thought was a political contribution of $75,000 to the Nixon campaign, but campaign aide Fred LaRue passed it along for illegal use without Jones' knowledge. [CBS] The Senate Watergate committee has given former White House counsel John Dean limited immunity. Grand jury prosecutors agreed to charge Dean on one count only. However, Dean's lawyer is appealing to Judge John Sirica that Dean get full immunity from grand jury prosecution, or he wants the judge to stop Dean's subpoena to appear. [CBS] Former White House spokesman Ron Ziegler said that an earlier statement made regarding President Nixon's personal vote of confidence call to John Dean was a mistake. Ziegler now says that the call was made by chief of staff H.R. Haldeman. [CBS] The Nixon administration is supporting special Watergate prosecutor Archibald Cox's request to suspend the Senate hearings or stop television coverage of them. Interior Secretary Morton backs Cox's appeal. Vice President Spiro Agnew voiced his agreement to the National Association of Attorneys General, which is meeting in St. Louis. Agnew criticized the Ervin committee, stating that the only way to get the truth fairly is in a court of law. Agnew said that the Senate hearings will block imprisonment for the guilty, innocents will be smeared, and the truth may never be known. [CBS] Senate Watergate Committee chairman Sam Ervin expressed his regret for Vice-President Agnew's disapproval of the Watergate hearings, but insisted that the hearings will continue anyway. [CBS] The Supreme Court approved a ruling which forbids industrial or other pollution in areas that are currently free of pollution. [CBS] Voluntary controls set by the Nixon administration to deal with the oil shortage may not be enough. The government's Oil Policy Committee discussed mandatory controls under which major oil companies would supply equally to independents and their own stations. Congressman Donald Riegle argued that oil companies now need foreign help even though a year ago the companies said that their domestic refineries could meet America's oil needs. Ecology and the fuel shortage may collide; if pollution standards are lowered, the fuel supply will increase. [CBS] Colonel Kaddafi of Libya has seized the American-owned Baker-Hunt Oil Company. He said that it's time to teach U.S. a lesson. [CBS] Soaring temperatures in the Northeast have caused this year's first major power reduction in some cities. There was an 8% voltage reduction in New York City. [CBS] Howard Phillips is serving illegally as the Office of Economic Opportunity director, according to a federal judge, because President Nixon never asked for Senate approval of Phillips. The judge ordered Phillips to stop all duties. [CBS] There is a dispute in the Senate over President Nixon's nominee to the five-member Federal Power Commission. The FPC regulates electric rates and wholesale natural gas rates. Under Presidents Kennedy and Johnson, the commission was balanced between business and consumer interests. However, many claim that Nixon's board represents business only. Members include John Nassikas, Albert Brooke, Rush Moody and William Spring. New nominee Robert Morris worked as a rep for Standard Oil. Senator Frank Moss believes that Morris will consider Standard Oil before consumers. Senator Ted Stevens stated that the commission should consist of impartial members. If the Senate doesn't approve Morris for the FPC, it will finally be exercising some power over the President. [CBS] A United Airlines flight from Cleveland, Ohio, to Miami, Florida, landed safely today, but at the wrong airport. It landed at a field eight miles from Miami International Airport. The Federal Aviation Administration has grounded the pilot and copilot pending an investigation. [CBS] Businesses are capitalizing on the Watergate caper. For the younger set, Watergate bumper stickers and T-shirts abound. For the older set, a jigsaw puzzle, Watergate game (Monopoly style) and dart board are available. All significant Watergate characters from H.R. Haldeman to Sam Ervin are on the board. [CBS]

Stock Market Report

Dow Jones Industrial Average: 915.11 (-4.89, -0.53%)
S&P Composite: 106.70 (-0.33, -0.31%)
Arms Index: 1.26

	Issues	Volume*
Advances	700	3.82
Declines	708	4.86
Unchanged	355	1.26
Total Volume		9.94

* 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 8, 1973	920.00	107.03	14.05
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