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Monday June 25, 1973
. . . where the 1970s live forever!

News stories from Monday June 25, 1973


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

  • Former White House counsel John Dean testified before the Senate Watergate committee today, claiming that President Nixon was involved with the cover-up along with 28 other campaign officials who knew at least one aspect of the cover-up. Dean named H.R. Haldeman, John Ehrlichman, John Mitchell, Maurice Stans, Charles Colson, Herbert Kalmbach and others.

    Dean stated that the President was involved, but he didn't realize how deeply; Dean said that he hopes President Nixon will be pardoned. Dean read from a prepared statement for hours, dropping many bombshells including the wiretapping of newsmen, spying on Senator Kennedy, destroying evidence pertaining to E. Howard Hunt at Haldeman's order, the CIA's involvement in the cover-up plan, a payoff fund run by Ehrlichman and Haldeman, trying to limiting the indictments of the "Watergate 7" and, finally, Dean's meetings with the President.

    Dean testified to meeting with Nixon and Haldeman in September, and claimed that the President told Dean that he was pleased with the actions being taken in the cover-up and getting the probe stopped at G. Gordon Liddy. The President mentioned that a list should be kept of press people covering the Watergate scandal, who were to be "hurt" after the election, possibly by using the IRS.

    The White House successfully stopped any pre-election Watergate hearings and former assistant Attorney General Henry Peterson covered up the Segretti case. After the election though, pressure mounted and Dean and the President began intensive meetings in March. Dean recalled telling the President that demands for money were being made mainly by convicted Watergate conspirator Hunt. The President said that money was no problem, and he had discussed executive clemency for Hunt with Ehrlichman. Nixon mentioned wanting to get White House spokesman Ron Ziegler off the hook regarding frequent Watergate questions from reporters. At a March 21 meeting, Dean told the President that the Watergate cover-up was becoming "a cancer on the presidency" and must be removed.

    On April 15 Nixon and Dean met again. Dean stated that the prosecutor knew the truth; the President began to back down. Dean told Nixon that he didn't want him to be impeached, but Dean felt compelled to tell the truth. On April 17, President Nixon told that Dean no resignations of staff members would be requested until the grand jury acted. On April 30, Dean was fired.

    White House spokesman Ron Ziegler said that President Nixon was aware of Dean's testimony before summaries were provided; the White House had no comment. [CBS]

  • The Senate Watergate hearings have full nationwide coverage in the United States, but foreign reporters are having trouble getting Watergate stories home through the U.S. Information Agency. As one example, British reporters were not allowed to broadcast their discussion with Senator Daniel Inouye using U.S. Information Agency equipment. USIA television director Bob Scott stated that he has no obligation to foreign reporters if possible harmful effects on the U.S. could result. Foreign reporters pay their own broadcast transmission costs, but Scott claims that the Watergate hearings are getting enough news coverage without the U.S. Information Agency helping foreign reporters. [CBS]
  • The House voted with the Senate (which voted previously) to cut all funds for U.S. bombing in Cambodia and Laos. Democrat Majority Leader Tip O'Neill said that the vote was the only way to stop the bombing once and for all. Republican leader Gerald Ford believes that the President must have a military option, however. Ford stated that the bill's proponents are undercutting the President who brought peace, and their actions are a signal to the enemy to continue the war. [CBS]
  • Soviet leader Leonid Brezhnev departed from Andrews Air Force Base today, with Vice President Spiro Agnew and a small crowd of well-wishers present to see him off. Brezhnev wished the American people peace and prosperity as he boarded the plane for Paris and a meeting with French President Georges Pompidou tomorrow.

    The joint communique signed by Brezhnev and Nixon was released to the press today. While briefing reporters, Henry Kissinger said that Watergate was never mentioned at the summit. Kissinger listed the benefits of the summit: a permanent agreement to limit offensive nuclear weapons within 12-14 months and an early end to fighting in Cambodia; a conference date for mutual European troop reductions set for October 30; trade agreements of $2-3 billion within the next three years. Kissinger told reporters that Watergate was not mentioned because domestic problems are not discussed with foreign leaders. Kissinger may go to Peking later this month to reassure the Chinese about the relationship between the United States and the Soviet Union. [CBS]

  • The Supreme Court today ruled against plans by New York and Pennsylvania to aid parochial schools indirectly, and ruled against free textbooks for private academies in Mississippi which were created to avoid integration. The Court held that the plans in all three states are unconstitutional. Justice Lewis Powell stated that public aid to parochial schools violates the separation of church and state.

    Catholic schools are hurt the most by this decision. At St. Joseph's Academy in Albany, New York, 80% of the students are black, and 50% are not Catholic; Whites and Catholics have moved to the suburbs. The school has an $80,000 deficit, and without help from taxpayers it will have to merge or close. Many of the inner-city parents would not be able to afford a tuition increase and would have to enroll their children in public schools. The Court allowed a revenue bond plan for construction on the grounds of a religious college, but would not permit public money for the needs of similar grammar or high schools. [CBS]

  • After CBS Records president Clive Davis was fired for his connection to a payola scandal, Senator James Buckley called for separate investigations into the record industry by the FCC, Justice Department and Senate. Buckley alleged that payola is used freely to influence the market in records, drugs are used to bribe disc jockeys and entertainers, and the underworld may be involved. If so, small record producers are hurt. Buckley said that it must be known if these practices really exist. The Justice Department has begun a probe, and the Federal Communications Commission is cooperating; CBS had no comment. [CBS]
  • Arson is possible at a New Orleans bar where 29 persons were killed in a fire. Two eyewitnesses told a reporter that the fire was started intentionally. The bar was a hangout for homosexuals. Positive identification of the victims will be difficult because homosexuals usually carry false identification. [CBS]
  • Chief administration economist Herbert Stein said that a shortage of food may end the price freeze on broiler chickens, eggs and tomatoes. The Nixon administration had no comment. [CBS]
  • The food shortage is getting serious for companies in Indianapolis. The Evans Milling Company and Illinois Cereal are already closed. Kellogg's may have to begin layoffs soon. Robert Evans, the president of the Evans Milling Company, said that millers are in a cost squeeze because the price of their raw material, corn, is not frozen. There is no profit to be made. [CBS]
  • In Houston, 21-month-old David must live in a germ-free bubble. David acts like a normal child, only he lives in a bubble. He has no immunity to germs and would die if allowed outside the bubble. David's disease is incurable and hereditary for 50% of the male babies in his family. One brother already died from the disease; doctors had a bubble ready for David as soon as he was born. One doctor stated that being isolated has not done any significant harm to David because it is only partial isolation. Doctors feel that a cure will come soon. A new bubble is in the planning stages for David. His family has requested to remain anonymous. [CBS]


Stock Market Report

Dow Jones Industrial Average: 869.13 (-10.69, -1.22%)
S&P Composite: 102.25 (-1.45, -1.40%)
Arms Index: 1.61

IssuesVolume*
Advances3071.56
Declines1,0758.82
Unchanged3651.29
Total Volume11.67
* 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 22, 1973879.82103.7018.47
June 21, 1973873.65103.2111.63
June 20, 1973884.71104.4410.60
June 19, 1973881.55103.9912.97
June 18, 1973875.08103.6011.46
June 15, 1973888.55105.1011.97
June 14, 1973902.92106.4013.21
June 13, 1973915.49107.6015.70
June 12, 1973927.00108.2913.84
June 11, 1973915.11106.709.94


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