News stories from Wednesday August 1, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A monthly check of retail food prices showed that prices are sharply increasing. In New York City, groceries costing $20.01 in March showed a 9.8% increase during the past month and now cost $22.57. The prices of eggs, chicken and potatoes have soared. Prices were up by similar amounts in Atlanta, Chicago and Los Angeles. [CBS]
- Cattlemen arrived in Washington to try to persuade President Nixon to lift the beef price freeze before its scheduled end on September 12. Agriculture Secretary Earl Butz met with meat industry spokesmen, but stated that he hasn't advised the administration to lift the freeze before September 12. When asked by a reported if he personally believes the freeze should be lifted, Butz replied he would never have started the freeze in the first place but would end it before September if it was his decision. The president of the American Meat Institute said that public reaction to the meat shortage will be heard loud and long; meat spokesmen believe that economic controls have brought chaos to their industry. [CBS]
- Former chief of staff H.R. Haldeman appeared again before the Senate Watergate committee. He admitted writing words of approval beside a memo sent to him warning of violent demonstrators with obscene signs who were set to appear at President Nixon's appearance in Charlotte, North Carolina, with evangelist Billy Graham. Senator Lowell Weicker read the memo from advance man Robert Walker warning of demonstrators at the President's appearance. Haldeman testified that words of approval were written on the memo because the public would then see that the demonstrations were organized for violent purposes, and were not merely individuals dissenting with the President's political views.
Senator Weicker read another memo from Haldeman to John Dean that would link Communist money and all demonstrations to Democrats. Weicker charged Haldeman with linking slanderous activities to Democrats because Haldeman thought it was true despite no facts to back him up. Haldeman stated that he asked Dean for facts leading to that conclusion. Weicker noted that the memo orders Dean to put out the story, not probe for facts.
Majority counsel Sam Dash introduced a memo to Haldeman from Charles Colson indicating concern that Attorney General John Mitchell had notice of the $400,000 pledge by ITT to the Republican national convention before the ITT antitrust suit was settled, and hadn't told the grand jury the truth about it. Haldeman said he did not recall any of that. Dash asked if Haldeman became aware that Mitchell had committed perjury before the grand jury regarding the ITT pledge, would he have gone to the President? Haldeman confirmed he would have approached the President about the matter.
[CBS] - During a recess in the Senate Watergate hearings, Haldeman's lawyer, John Wilson, referred to Senator Daniel Inouye as "that little Jap." Bad feelings have been seething between Wilson and Inouye.
A reporter asked Wilson if he really made that statement; Wilson confirmed that he did, but he doesn't consider the remark derogatory because Inouye previously called Wilson's client John Ehrlichman a liar. Wilson said his actual words were that he found Senator Weicker's questioning to be fair, but had trouble with "that little Jap." Inouye said it's the heat which is causing tempers to flare, and he believed Wilson's remark was unfortunate.
[CBS] - The president of the California state bar association said that his staff is investigating President Nixon and five other attorneys who are linked to Watergate, including John Ehrlichman, Herbert Kalmbach, Gordon Strachan, Robert Mardian and Donald Segretti. [CBS]
- Supreme Court Justice Thurgood Marshall refused to order an immediate halt to U.S. bombing in Cambodia. The ACLU vowed to take the case to Justice William O. Douglas. [CBS]
- The "Gainesville 8", eight members of Vietnam Veterans Against the War who were accused of plotting violence at the Democrat and Republican conventions last year, are about to stand trial in Gainesville, Florida. The defendants insist that the charges against them have been brought by the Nixon administration in order to overshadow the Watergate affair. Jury selection for the trial is underway.
Supporters of the defendants demonstrated today against the court-imposed gag rule which keeps the defendants from talking about their case. They also demonstrated against two FBI agents who were found in a closet beside the defense attorneys' conference room with telephone equipment. Agents say it was a routine line check. The attorneys asked Judge Winston Arnow to halt the trial pending an investigation into the FBI's reason for hiding in the closet with bugging equipment. Arnow denied the motion. Defendant William Patterson appealed to the Senate Watergate committee for congressional intervention in the Gainesville 8 trial, and stated that he believes the executive and judicial branches of the government are against the defendants.
[CBS] - The Senate confirmed William Colby as the new director of the CIA. [CBS]
- Walter Ulbricht, the Communist leader who helped found East Germany, has died. [CBS]
- Democratic congressman Charles Vanik charged that a growing number of corporations are becoming freeloaders. Vanik released a tax payment report for the largest U.S. companies which alleges that five corporations with more than $270 million in income paid no federal income tax for 1972. Six other corporations with $468 million in income won't owe taxes and will receive $7 million in tax credits. Vanik charged that the average employee for a large company pays more taxes than the company he works for, and he claimed that more and more companies pay little or no income tax. Among the corporations cited for "freeloading", ITT and McDonnell Douglas denied Vanik's accusations. [CBS]
- IBM was charged with contempt of court for refusing to turn over documents to be used in an antitrust suit against it. IBM faces a $150,000 daily fine until the documents are released. IBM asked for a stay of the contempt order, claiming that the documents are confidential. [CBS]
- The FDA announced that vitamins A and D pose a danger to health if large dosages are taken. A doctor's prescription will soon be required. [CBS]
|
Stock Market Report
Dow Jones Industrial Average: 912.18 (-14.22, -1.53%)
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 31, 1973 | 926.40 | 108.22 | 13.53 |
| July 30, 1973 | 933.77 | 109.25 | 11.17 |
| July 27, 1973 | 936.71 | 109.59 | 12.91 |
| 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 |