News stories from Tuesday July 17, 1973

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

Executive clemency has been given to Secret Service agents subpoenaed by the Senate Watergate Committee in its effort to learn more about the newly-revealed White House bugging system and tapes. The president is reportedly undecided about granting the committee access to the tapes, but the Senate committee believes that only a slim hope exists of getting the documents and tapes. [CBS] Former Nixon attorney Herbert Kalmbach continued his testimony before the Senate Watergate Committee. Lowell Weicker asked Kalmbach why cash was used for to pay off the Watergate defendants rather than some other method. Kalmbach replied that he was given orders to follow certain procedures. Senator Inouye said that he finds it difficult to believe Kalmbach was unaware of the illegality of his activities, and Kalmbach admitted that he now realizes fundraising for the Watergate defendants was an illegal and improper act. He added that he assumed the fundraising order came from the president.Senator Ervin questioned Kalmbach about the taped telephone conversation between Kalmbach and John Ehrlichman on April 19, questioning whether the purpose of that conversation was to further the idea of making John Dean the scapegoat for the Watergate affair. Kalmbach agreed to the assertion that he obeyed orders from Dean and Ehrlichman without question because President Nixon had faith in them, and assured the committee that everything which was done was in the President's and the re-election campaign's best interest. [CBS] President Nixon continues his recovery from viral pneumonia, and the matter of the White House tapes is occupying his time. The president ordered that the tapes be considered official presidential documents. He hasn't yet claimed full rights of executive clemency over them, but there is no indication that Nixon will release any documents or tapes to Senate committee chairman Sam Ervin.The president met with White House attorneys Leonard Garment and Fred Buzhardt today. Press secretary Ron Ziegler held a meeting with reporters, during which he finally admitted that President Nixon considers the White House tapes to be part of his personal, presidential documents. At a later meeting, assistant press secretary Gerald Warren claimed executive privilege for Secret Service testimony on this issue. There was no word on the promised meeting between Senator Ervin and the president. [CBS] Former White House aide Egil Krogh appeared before the House Armed Services committee regarding the possible connection between his White House "plumbers" unit and the CIA. Krogh took the fifth amendment 50 times. [CBS] The Republican National Committee says that it's broke and facing a $1 million deficit. National chairman George Bush has taken a cut in salary. Contributions have dwindled since the Watergate scandal was revealed. [CBS] Treasury Secretary George Schultz was among the advisers who met with President Nixon at Bethesda Naval Hospital today. The Phase IV economic plans will be announced tomorrow. [CBS] The Cost of Living Council reported that 43 companies have been forced to close because of the price freeze. More than half of those were meat packers. [CBS] The Federal Trade Commission issued an antitrust complaint against the eight largest oil companies, including Exxon, Texaco, Gulf, Standard Oil of California, Mobil, Shell, Atlantic Richfield and Standard Oil of Indiana. The FTC is trying to restore competitive practices; the companies denied charges of causing gasoline shortages and monopolizing the industry. [CBS] The Senate gave the go-ahead for the trans-Alaska oil pipeline by approving an amendment which states that the proposed pipeline area meets Environmental Policy Act requirements. The tie vote was broken by vice president Spiro Agnew. Alaska Senator Ted Stevens stated that today's action was taken to halt environmental extremists who want there to be no development in the north. Alaska Senator Mike Gravel said that lawyers for environmental groups will stop their suit, and asserted that Congress has the right to decide about development. Henry Jackson warned that if lawsuits hold up pipeline construction, he will ask the federal government to build the pipeline, which is needed now to offset foreign oil export and gasoline shortages.Wilderness Society spokesman Stewart Brandborg accused oil companies of using advertisements and intimidation to sway the Senate to vote for the amendment. Friends of the Earth spokesman George Alderson stated that oil company lobbyists were in touch with senators all the way until the vote was taken. The House will vote on a similar bill this week. [CBS] The Pentagon described the secret Cambodian bombing raids in 1970, and the deception which was used to keep them secret. The Pentagon admitted that more than 1,400 strikes were made in massive bombing raids before May, 1970. Defense Department spokesman Jerry Friedheim reported that some Congressmen knew of the raids, but no report was prepared for Senator Harold Hughes when he asked for information. A reporter asked why senators were discriminated against regarding knowledge of secret Cambodian bombings, and who gave the authority for such discrimination. Friedheim replied that military and civilian officials made the decision. [CBS] The extreme loss of lives has caused the Cambodian government to institute a compulsory military draft for men between the ages of 18 and 35. Cambodian troops have suffered heavy losses from Communist attacks. [CBS] As Afghanistan's King Mohammad Zahir vacationed in Rome, his government was overthrown by military troops. A former prime minister led overthrow, in a bloodless coup d'etat. [CBS] Secretary of State William Rogers left Tokyo after his economic meeting with Japanese heads of state. All parties agreed to work together on the energy crisis. [CBS] Japan's new prosperity has side effects. The economic status of Japan is second in the world, but the Japanese are not happy. Though many luxuries are now available, some psychologists believe that buying luxuries is a substitute for basics that consumers can't afford. The cost of living is up 10%, food prices have skyrocketed, fish sales are down, and the basic staple -- soybeans -- is not readily available. Some are afraid to serve fish because of the pollution scare, as sewage and industrial wastes flow into the water. Air pollution is also staggering.The new theme for Japan is becoming "go slow". The younger generation is against growth for growth's sake, and wants to enjoy life at a slower pace. The present generation wants leisure while the older generation stressed work and growth. [CBS]

Stock Market Report

Dow Jones Industrial Average: 898.03 (+0.45, +0.05%)
S&P Composite: 105.72 (+0.05, +0.05%)
Arms Index: 1.25

	Issues	Volume*
Advances	921	9.60
Declines	544	7.07
Unchanged	332	2.08
Total Volume		18.75

* 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 16, 1973	897.58	105.67	12.92
July 13, 1973	885.99	104.09	11.39
July 12, 1973	901.94	105.50	16.40
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