News stories from Wednesday July 11, 1973

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

An administration spokesman said that White House papers will be restricted. The Senate Watergate committee had asked for documents to help in the Watergate probe. Asst. press secretary Gerald Warren stated that the Senate committee will not receive access to any papers from the White House or members of the President's current or former staff. John Dean and others may claim their own personal papers, but no official document will be permitted to be copied or removed. [CBS] Former Attorney General John Mitchell endured tough questioning from the Senate Watergate committee today. The motivations behind Mitchell's actions in Watergate and inconsistencies with other witnesses' testimonies were hit hard.Senator Howard Baker asked why Mitchell took it upon himself to keep information regarding Watergate from the President, which obviously required the President's knowledge and decisions. Mitchell replied that if the President had known about the White House "horrors", the President would then have been involved in the cover-up or would have been forced to make disclosures that could have affected his re-election, Baker noted that by denying the President access to information, Mitchell was in effect acting as president without authority in the Watergate matter. Mitchell confirmed doing so, and stated that although no Constitutional authority permitted his actions, it was merely a matter of judgment on his part. Committee chairman Sam Ervin asked if President Nixon ever asked Mitchell what he knew about Watergate. Mitchell replied that he did not, not after the first discussion on June 20. Senator Lowell Weicker questioned Mitchell intensely, particularly regarding the March 22 meeting with John Dean, John Ehrlichman, H.R. Haldeman and President Nixon. Weicker asked if the Watergate matter was mentioned. Mitchell testified that Watergate was mentioned only in connection with the Senate investigating committee. Weicker queried whether the people at that meeting might already have had Watergate information, so there was no need for discussion. Mitchell denied Weicker's assertion, but the senator noted that the President already allegedly suspected Mitchell's involvement according to testimony by John Dean, and Weicker said that it was strange that the President wouldn't ask Mitchell for an explanation. Both Weicker and Mitchell displayed barely-controlled anger. Mitchell was not shaken from his original testimony, however. Watergate hearings resume tomorrow with live CBS coverage. [CBS] The White House confirmed that President Nixon's Watergate defense is being handled by six lawyers. [CBS] The Washington (DC) Star-News reports that a dummy organization was used to funnel secret campaign funds to Republicans in 1970. The money ended up in the bank of former Nixon attorney Herbert Kalmbach, Kalmbach refused comment.Kalmbach allegedly gave the funds to former aide Jack Gleason and, on orders from White House aide H.R. Haldeman, they were distributed to Republicans during the 1970 campaigns. Senator Lowell Weicker, a member of the Senate Watergate committee, is said to have been one recipient. Weicker admitted receiving campaign funds, but claimed that there was nothing illegal about it and he knew nothing about a dummy organization. [CBS] The Nixon campaign finance committee returned an illegal $55,000 contribution that was made by American Airlines. The committee said it was "shocked" to find that the money came from corporate funds. [CBS] A Brazilian jet crashed outside Orly Airport near Paris, France. 134 passengers were on board; there were 12 survivors. The pilot radioed to the airport regarding a fire and his intent to make a crash landing. The aircraft crashed into a field, burning bodies instantly as fuel spread the fire through the hulk of the plane. [CBS] An FBI investigation reportedly has found no criminal actions involved in the sale of U.S. wheat to Russia. [CBS] President Nixon met with his cabinet to discuss new Phase IV economic controls. Phase IV will include a lifting of the present wage-price freeze, but tight controls are to remain on food, gasoline and lumber. Emphasis will be placed on profit margins, with pay hikes to remain at present levels. A tax increase is possible. A recession is likely if Phase IV is not successful. [CBS] The dollar continued to strengthen on European money markets today. [CBS] The FBI search for persons involved in an $18 million counterfeit securities scheme ended after arrests were made in New York. Peter Raia, the mastermind of the operation, was also arrested. [CBS] Senate Foreign Relations chairman William Fulbright believes that Soviet Jewish emigration should not become an issue between the U.S. and Russia. Fulbright says that peace is the most important goal, and the U.S. should refrain from meddling in Soviet domestic problems. [CBS] The Senate Foreign Relations Committee killed the nomination of G. McMurtrie Godley for assistant secretary of state for East Asian and Pacific Affairs, and asked that Godley be reassigned outside of Asia. [CBS] Fire gutted a boarding house in Worcester, Massachusetts, killing five. Many people were injured, including firemen. The cause of the blaze is under investigation. [CBS] The federal government announced the approval of $2 million in grants for drug treatments for cancer to be available at regional hospitals, New medical treatments involve three types of cancer. [CBS] Actor Robert Ryan died of cancer in New York today. [CBS] Bobby Riggs has challenged women's tennis champion Billie Jean King to a match with a $100,000 purse. Riggs, 55, challenged Margaret Court earlier this year and won that battle of the sexes. But Miss King took top honors at Wimbledon and intends to put Riggs in his place. King is an active participant in the women's lib movement. She stated that she will play Bobby as if he were her equal, and will show no pity. Riggs says that women should stay in the home where they belong, and quit competing in a man's world. [CBS]

Stock Market Report

Dow Jones Industrial Average: 908.19 (+19.87, +2.24%)
S&P Composite: 105.80 (+2.28, +2.20%)
Arms Index: 0.66

	Issues	Volume*
Advances	1,294	15.73
Declines	224	1.79
Unchanged	266	1.21
Total Volume		18.73

* 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*
July 10, 1973	888.32	103.52	15.09
July 9, 1973	877.26	102.14	11.56
July 6, 1973	870.11	101.28	9.98
July 5, 1973	874.32	101.78	10.50
July 3, 1973	874.17	101.87	10.56
July 2, 1973	880.57	102.90	9.83
June 29, 1973	891.71	104.26	10.77
June 28, 1973	894.64	104.69	12.76
June 27, 1973	884.63	103.62	12.66
June 26, 1973	879.44	103.30	14.04