News stories from Friday July 27, 1973

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

Former White House aide John Ehrlichman continued his testimony before the Senate Watergate committee, and he continued to disagree with the testimony of other key witnesses. Ehrlichman said that John Dean's testimony regarding revealing the Watergate matter to the President on March 21 probably didn't happen.Ehrlichman assumed Dean's role as Watergate investigator for the White House after the President became disenchanted with Dean; according to Ehrlichman, Nixon felt that Dean was too deeply involved in Watergate himself and transferred the investigation to Ehrlichman on March 30. Ehrlichman stated that the internal investigation into Watergate was made difficult by Dean's refusal to testify without immunity, and by John Mitchell's part in the Watergate affair; Ehrlichman said that Mitchell's role in Watergate baffled him and H.R. Haldeman. Ehrlichman met with Mitchell on April 14 to tell him that his silence didn't serve the President; Nixon wanted Mitchell to speak out if he knew something. Senator Lowell Weicker denounced Ehrlichman's belief that probing into politicians' personal habits and exposing them was proper during political campaigns, but Ehrlichman retorted that constituents should be made aware if politicians' personal habits keeps them from performing the duties for which they were elected. [CBS] Special Watergate prosecutor Archibald Cox had kind words for the White House, but spoke of issuing more subpoenas. Cox said that the President's lawyers have been helpful in most matters except the White House tapes which are being refused by the President. Cox noted that failing to receive the White House tapes would hamper his investigation. The tapes could contain evidence of the Watergate cover-up and possible perjury.The White House also refused Cox's request for reports regarding contributions by ITT, and refused access to John Dean's files. Cox warned that more subpoenas may be issued to get that information. [CBS] The Senate voted in favor of for stiff penalties regarding the misuse of political campaign contribution. An amendment offered by Senator Byrd provides maximum sentences of 10 years in jail and a $25,000 fine, and also places a $50 limit on cash contributions. During his speech, Senator George McGovern said that it's hard to believe a president who insists he be taken on faith and doesn't come forth with facts. [CBS] Senator Robert Dole, while chairman of the Republican National Committee, first called the President's re-election committee "CREEP"; the name has stuck. The Committee to Re-Elect the President still exists and is taking in money. The General Accounting Office reported that the committee received $200,000 in the last three months, raising its amount of cash on hand to $ 4.25 million. No one seems to know who gets the money. Committee spokesman De Van Shumway is baffled by what to do with the money. Shumway says his main duties concern assisting the committee's attorneys in lawsuits. Shumway expects his job to end soon, but no one's sure about that either. [CBS] The all-volunteer Army is having trouble getting volunteers. The Army is willing to sacrifice quality for quantity, according to Army Secretary Howard Callaway, and is now accepting a greater number of non-high school graduates. [CBS] The Cambodian government is calling for volunteers to help soldiers defend Phnom Penh against Communist takeover; U.S. air support continues. [CBS] A federal court of appeals in New York overruled a lower court's ruling to immediately halt all military involvement in Cambodia. The court scheduled a hearing on the matter to take place August 13, just two days before U.S. involvement in Cambodia ends. [CBS] Navy captain Arturo Araya, the top military aide to President Salvador Allende of Chile, has been assassinated. Araya was gunned down by a right-wing military group, according to the government. A military coup attempt was aborted in Santiago last month. [CBS] Skylab 2 astronauts are anxious to get the longest-ever stay in space underway. Launch time is set for 7:11 a.m. EDT tomorrow. The crew will link with the space station and remain there for 59 days as a test of man's durability in space. The three astronauts, Alan Bean, Jack Lousma and Dr. Owen Garriott, arrived at Cape Kennedy today. [CBS] The Commerce Department reported that economic indicators increased 1.9% for last month. [CBS] General Motors announced that its sales and profits reached all-time high. [CBS] CBS is suing two former Columbia Records executives to recovery $300,000 from them. David Wenshaw and Anthony Rabino are charged with conspiracy to defraud the company. Both worked under Columbia Records president Clive Davis. Davis was fired earlier and sued for misuse of company funds. The actions resulted from an investigation into payola in the record industry. [CBS]

Stock Market Report

Dow Jones Industrial Average: 936.71 (+2.18, +0.23%)
S&P Composite: 109.59 (-0.26, -0.24%)
Arms Index: 0.93

	Issues	Volume*
Advances	526	4.26
Declines	888	6.67
Unchanged	343	1.98
Total Volume		12.91

* 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 26, 1973	934.53	109.85	18.41
July 25, 1973	933.02	109.64	22.22
July 24, 1973	918.72	108.14	16.28
July 23, 1973	913.15	107.52	15.58
July 20, 1973	910.90	107.14	16.30
July 19, 1973	906.68	106.55	18.65
July 18, 1973	905.40	106.35	17.02
July 17, 1973	898.03	105.72	18.75
July 16, 1973	897.58	105.67	12.92
July 13, 1973	885.99	104.09	11.39