News stories from Monday June 4, 1973

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

President Nixon admitted meeting with former White House counsel John Dean about Watergate, but insisted that no cover-up was discussed. White House spokesman Gerald Warren told reporters that logs were kept of those meetings, but they will not be released since that would be "constitutionally inappropriate." [CBS] Watergate has been the primary political issue at the national governors meeting at Lake Tahoe, Nevada. Wisconsin Governor Patrick Lucey said that President Nixon would be doing a great favor to the country if he stepped down so that the government could function again. Virginia Governor Linwood Holton believes that the President could be cleared if he went before the people and spoke to them. [CBS] Special Watergate prosecutor Archibald Cox tried unsuccessfully to stop the Watergate hearings so that they do not interference with prosecution of the criminal case. Cox stated that continuing the Senate trial will obstruct justice, and those who are in the wrong may not be brought to justice. When asked about the revelation that the White House kept logs of secret meetings with John Dean, Cox replied that his job entitles him to access to everything, and he means to get it.Watergate Committee chairman Sam Ervin said that it is very important to have Watergate hearings, but he will take Cox's proposal before the committee. Senator Joseph Montoya retorted that the Senate can't wait three months at Cox's leisure. [CBS] Rotating live network coverage of the Senate Watergate hearings begins Tuesday -- NBC will televise the hearings on Tuesday, CBS on Wednesday and ABC on Thursday. [CBS] The Senate Democrat caucus announced that it favors a 90-day freeze that would includes wages, prices, profits, rents and interest rates. The plan would be a long-range cure for inflation. [CBS] Gold hit new high of $124 ounce in London. In Europe, the dollar plunged again. [CBS] Treasury Secretary George Shultz said that he is puzzled by weakness of the dollar abroad and the stock market here. Shultz believes that bargains can be found everywhere. [CBS] Former prisoner of war Air Force Capt. James Brudno committed suicide. It happened shortly after the Pentagon announced plans to watch POWs carefully for mental problems. [CBS] Last January, residents of Haimaey, Iceland, were forced to evacuate following the surprise eruption of a nearby volcano. Recovery workers and technical crews were the only ones allowed in the town. Lava has been diverted from the harbor and now flows into sea. Efforts to uncover the city and begin rebuilding are getting underway. [CBS] NASA has given Skylab astronaut Pete Conrad the go-ahead for a space walk. The astronauts plan to repair a broken power generator. [CBS]

Stock Market Report

Dow Jones Industrial Average: 885.91 (-8.05, -0.90%)
S&P Composite: 102.97 (-0.96, -0.92%)
Arms Index: 1.21

	Issues	Volume*
Advances	347	2.00
Declines	1,115	7.76
Unchanged	311	1.47
Total Volume		11.23

* 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*
June 1, 1973	893.96	103.93	10.41
May 31, 1973	901.41	104.95	12.19
May 30, 1973	908.87	105.91	11.73
May 29, 1973	925.57	107.51	11.30
May 25, 1973	930.84	107.94	19.27
May 24, 1973	922.44	107.14	17.31
May 23, 1973	895.02	104.07	14.95
May 22, 1973	892.46	103.58	18.02
May 21, 1973	886.51	102.73	20.69
May 18, 1973	895.17	103.86	17.08