News stories from Thursday July 12, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon has agreed to meet privately with Senate Watergate committee chairman Sam Ervin to discuss White House papers, in an attempt to avoid a clash regarding executive clemency. The White House stated that the meeting between the President and Senator Ervin is a courtesy move. Nixon's letter to Ervin last Saturday said that no access to White House files would be permitted. Letter sent to President by committee to avoid Const. clash. Senator Howard Baker believes that the meeting will serve good purposes for both the committee and the President, and he is not upset at being excluded from the meeting.
The White House maintains that the President is still determined not to release the files.
[CBS] - Former Attorney General John Mitchell ended his testimony before the Senate Watergate committee. Committee counsel Sam Dash revealed inconsistencies between Mitchell's testimony and earlier statements he made to the FBI and Democratic party investigators. Dash asked if perjury was included as activity to help get the President re-elected. He further stated that since Mitchell may have given false statements at previous times, his credibility before the committee is in question. Dash noted unsatisfactory responses on Mitchell's approval or disapproval of the Liddy burglary plan and the President's knowledge or involvement in the Watergate cover-up, as well as Mitchell's own role in the cover-up and other White House activities.
Mitchell stated that the committee should judge his testimony and make its own conclusions. Dash contended that if Mitchell's testimony is to be believed, then the testimonies of Magruder, Sloan, McCord, Reisner, Stans and John Dean must all be untrue.
[CBS] - White House counsel Richard Moore went before the Senate Watergate committee. Moore was urged to testify in order to rebut John Dean's testimony against President Nixon. Moore claims that at no meetings during spring of '73 which were attended by Dean, the President and Moore, did anyone mention the Watergate cover-up or have knowledge that anyone from the White House was involved in the Watergate affair.
However, Moore showed forgetfulness and confusion when questioned by assistant counsel Terry Lenzer. One revelation by Moore indicated that the President knew about the Hunt-Liddy operation against Daniel Ellsberg. Nixon apparently told John Dean that the Ellsberg probe was needed because FBI director J. Edgar Hoover was a friend of Ellsberg's father-in-law. This occurred just after Dean had told the President that John Ehrlichman was involved in the Ellsberg case.
[CBS] - Special prosecutor Archibald Cox asked for a budget from the White House. Watergate-related costs to the taxpayers next year will be enormous. Cox told a Senate committee that $2.8 million and 90 people will be needed for the first year; $1.8 million to pay personnel and the rest of the money for rent. Approval of the budget seems assured. Watergate committee hearings will cost $500,000.
The Watergate affair will cost taxpayers $3.3 million next year.
[CBS] - Barry Goldwater stated that Edward Kennedy should stop moralizing on Watergate until all the facts about Chappaquiddick are known. [CBS]
- Yesterday, the Senate Foreign Relations Committee killed the nomination of former Ambassador to Laos G. McMurtrie Godley as Assistant Secretary of State for East Asian and Pacific Affairs. Today the White House fired back.
The administration called for three senators visiting China to cast their votes, but even that didn't pull off the nomination of Godley. The administration called the committee's action "deplorable" and stated that Godley was rejected because he carried out orders in Laos, adding that Godley is a highly qualified officer, but he was caught in the battle between Congress and the White House regarding the Indochina war.
[CBS] - Reports from Argentina say that newly elected President Hector Campora will resign. Exiled dictator Juan Peron is expected to return to power. [CBS]
- The Air Force will begin the pull-out of B-52 bombers from Southeast Asia tomorrow, The first planes will come from Guam. Bomber cuts for Cambodia are to be completed by August 15, when all funding stops. [CBS]
- A major fire occurred in the Personnel Records Center in Overland, Missouri. Millions of World War I and II, and post-WW II and Vietnam military records were stored on 6th floor where the fire originated. Arson is suspected. [CBS]
- New York Congressman Bertram Podell has been indicted on bribery charges. He took money to help get a mail route for an air taxi firm. Miami businessman Martin Miller and Herbert Podell were also indicted. [CBS]
- The president of the National Association of Food Chains said that some food prices will increase as much as 15% after the freeze is lifted. [CBS]
- The U.S. dollar lost value on the European money market. [CBS]
- Japanese are concerned about a possible major earthquake. The worst Japanese earthquake in history occurred on September 11, 1923. Many Japanese believe that earthquakes move in 50 year cycles, so this would be the year for the next major one. Records show that tremors are increasing and a large quake is in fact possible. With subways, skyscrapers, and raised highways, a modern earthquake would be disastrous. Many employers supply each worker with an earthquake kit, and stores sell them too. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 901.94 (-6.25, -0.69%)
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 11, 1973 | 908.19 | 105.80 | 18.73 |
| 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 |