News stories from Monday June 18, 1973

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

At the request of Senate leaders Mike Mansfield and Hugh Scott, the Senate Watergate hearings have been postponed until the Nixon-Brezhnev summit is over. Former White House counsel John Dean was to have testified this week. Dean was ready to contradict President Nixon's Watergate statements with documentation, when the committee voted to postpone the hearings. Committee chairman Sam Ervin said that he reluctantly voted to halt the hearings. Only one Senator, Lowell Weicker, voted against the postponement. Senator Howard Baker stated that the summit talks shouldn't have any conflict from hearings, and the postponement had nothing to do with Dean's upcoming testimony. Earlier, the committee learned that the President waived all executive clemency rights and attorney-client privilege. [CBS] Special Watergate prosecutor Archibald Cox is probing key legalities involving the presidency. A reporter asked Cox if he is looking into subpoenaing President Nixon prior to impeachment. Cox replied that he has drawn no conclusions, but that question is being considered along with indicting the President prior to impeachment. Cox said that he does not think the White House is dragging its feet on giving Watergate documents to him. [CBS] In a call to UPI's Helen Thomas, Martha Mitchell said that President knew about the Watergate scandal. John Mitchell and President Nixon had meetings to plan strategy, according to Martha. [CBS] Former White House aide H.R. Haldeman moved his family to California over the weekend because of concerns over Watergate's effects on them. [CBS] Summit talks began with welcoming ceremonies at the White House for Soviet party leader Leonid Brezhnev, who flew from Camp David, Maryland, to begin talks with President Nixon. Brezhnev received a 21-gun salute in a cordial, informal welcome. President Nixon said that expanded arms control based on the Moscow summit last year can bring the world closer to lasting peace. Brezhnev stated that he hopes to accomplish both Soviet and American desires and to serve interests for world peace.Some protesters were arrested while demanding religious freedom for Russia. At the State Department ballerinas picketed, protesting the cultural agreement to replace American dancers with Russian ballerinas for the 1974 summer season at the Lincoln Center. Brezhnev and Nixon began negotiations immediately after the ceremonies. In one week of meetings, they hope to negotiate mutual European troop reductions, a strategic arms limitation agreement, and a trade pact. [CBS] Improving relations between Russia and the United States was under examination in the Senate Armed Services Committee as Secretary of Defense-designate James Schlesinger testified at his confirmation hearing. Schlesinger said that the defense budget must grow larger to keep up with current U.S. commitments. He stated that he sees no alternative to continued Cambodian bombing, and he can imagine a major escalation in the Vietnam war if a North Vietnamese offensive in South Vietnam occurs, though he doesn't expect that to happen. Schlesinger opposes a reduction in the number of troops in Europe without an agreement with NATO foes to reduce their forces as well. [CBS] A trapped research sub off Key West, Florida, was rescued by a salvage ship. The fate of its four crewmen is unknown but at least two are possibly still alive. Edward Link, the sub's designer and father of one of the men trapped in the sub, said that the air supply would have been exhausted in a few more hours. Capt. William McVey said that with enough time he could have gotten the men out safely, but because of the limited amount of time available, the men had to be rescued quickly. On board in the bow were Robert Meek and Archibald Menzies. In the aft, feared dead, were Clayton Link and Albert Stover. [CBS] The Supreme Court ruled that drug manufacturers must prove the effectiveness of their products or the FDA can remove them from the market. [CBS] The FTC charged 11 shampoo manufacturers with inadequate evidence for their advertising claims and ruled that they must prove those claims. [CBS] In the past decade, so many people have moved to Florida that residents are considering ways to stop more from coming; entire cities may close to newcomers. A spokesman for the population advisory group said that land developers are packing homes and people into too small of an area. Some places such as Boca Raton and Fort Myers already have placed a population cap on their towns. Fort Myers is refusing to grant zoning changes for land development, although Fort Myers Chamber of Commerce spokesman Don Bottorf said that it's un-American to stop population migration. [CBS] The uncovered sports stadium may become extinct. The "superstadium" began with the Astrodome in Houston, Texas, featuring climate-controlled sports and closed circuit TV. It lost $500,000 in 1971 but the boom continues. In Irving, Texas, a new superstadium for the Dallas Cowboys has opened. Next is the Superdome in New Orleans, Louisiana. Superdome promoter Dave Dixon says that the dome will be fun for the city, and profitable. It is hoped that money will roll in from parking revenue, taxes and game tickets. When the Superdome was first proposed in 1966 it was estimated to cost $35 million and be self-supporting. Superdome director Ben Levy now admits that the Dome may seek help from taxpayers if it needs money. Attorney Benjamin Toledano believes that New Orleans taxpayers have been deceived. In Minneapolis, Minnesota, taxpayers voted down a dome that would cost $54 million. [CBS]

Stock Market Report

Dow Jones Industrial Average: 875.08 (-13.47, -1.52%)
S&P Composite: 103.60 (-1.50, -1.43%)
Arms Index: 1.65

	Issues	Volume*
Advances	288	1.37
Declines	1,137	8.90
Unchanged	305	1.19
Total Volume		11.46

* 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 15, 1973	888.55	105.10	11.97
June 14, 1973	902.92	106.40	13.21
June 13, 1973	915.49	107.60	15.70
June 12, 1973	927.00	108.29	13.84
June 11, 1973	915.11	106.70	9.94
June 8, 1973	920.00	107.03	14.05
June 7, 1973	909.62	105.84	14.16
June 6, 1973	898.18	104.31	13.08
June 5, 1973	900.81	104.62	14.08
June 4, 1973	885.91	102.97	11.23