News stories from Thursday June 28, 1973

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

Former White House counsel John Dean spent a fourth day before the Senate Watergate committee. Committee chairman Sam Ervin and vice-chairman Howard Baker questioned Dean. As he did yesterday, Senator Daniel Inouye read a White House statement which the committee received from presidential counsel Fred Buzhardt. Dean denied that he is just acting in his own self-interest, or that he is the main conspirator in the Watergate cover-up.Ervin asked Dean about a memo from H.R. Haldeman to Tom Houston, author of the Surveillance Act of 1970. That memo reports full presidential approval to go ahead with the plan. Ervin asked if there's any written document showing that President Nixon did not approve of the plan; Dean said that he knows of no such document. Dean was asked if any act of the President before the Watergate committee was established and before the onset of Watergate hearings would show that he wanted all the facts to be known. Dean replied that the contrary is true, and the President certainly didn't want aides Haldeman and Ehrlichman brought up before the committee. Ervin concluded by stating that the President must take care to see that laws are faithfully executed. He asked Dean if any action by President Nixon between June 17, 1972 and the present would indicate that laws were followed in the Watergate matter. Dean said that he has told the truth as he recalls it and would rather not comment on the President's actions. Senator Baker asked Dean, "What did the President know and when did he know it?" Dean recited all contacts he had with the President, repeating that at the September 15 meeting with Nixon and Haldeman, the President congratulated Dean on doing a good job. Baker said that the committee will get to the truth by correlating Dean's testimony with Haldeman's testimony and statements by the President. Senator Talmadge was puzzled by Dean's lack of direct access to the President, going only through White House aides. Senator Weicker said that the White House's statement and questions submitted to the committee were intended to show Dean's and former Attorney General John Mitchell's guilt; Weicker stated that the White House has violated the Constitution numerous times, and repeated his claim that John Ehrlichman and Richard Kleindienst had a plan to smear him by starting a rumor that he was switching to the Democratic party. Weicker asserted that he is a true Republican and represents other Republicans. Weicker said that true Republicans don't cover up, threaten or commit illegal acts. Nor do they harass citizens and keep an enemies list. Senator Baker noted that the President's conduct in office is now being questioned, and he said that Ervin did a good job stringing together actions of possible presidential misconduct. The committee is now talking about President Nixon as a possible target for committee hearings. [CBS] Time ran out for Senator Weicker to introduce and read all of the Watergate documents and transcripts. Some of them were made available to the press after today's hearings. John Ehrlichman asked Attorney General Richard Kleindienst about the Watergate situation on March 28, and Kleindienst said that Judge John Sirica's sentencing procedure had loused up the situation; Sirica presided over the original "Watergate 7" trial. During another call, Ehrlichman told Kleindienst that serious questions were being raised about former Attorney General John Mitchell's connection to the Watergate case. Kleindienst said that if Mitchell was involved, he would appoint a special Watergate prosecutor -- and he did. [CBS] The Western White House announced that President Nixon will not testify before the Senate committee by subpoena, invitation, or voluntarily. Spokesman Gerald Warren said that the President testifying would violate the Constitution's separation of powers. [CBS] Presidential counsel Melvin Laird said that President Nixon will continue to hold press conferences from time to time, but not while the Watergate hearings are going on. The last presidential press conference took place a year ago. [CBS] The Wall Street Journal reported on questions regarding Senate Watergate committee member Joseph Montoya's use of campaign funds in 1970. The paper charged Montoya with laundering campaign funds through dummy committees in Washington, DC so voters wouldn't know that his money came from labor organizations and special interest groups. The activity took place before the passage of the new Disclosure Law, which forces all candidates to reveal the sources of their campaign funds. Montoya stated that he acted legally because he disclosed all funds from his own state (New Mexico). However, all funds should have been reported. Senator Montoya seems to be the only one to have suffered politically from being on the Senate Watergate committee. [CBS] Former White House counsel Charles Colson challenged John Dean's testimony regarding the White House enemies list. Colson said it is actually Dean's personal enemies list combined with a list from a former aide who made social invitations and appointments. [CBS] Tension between Congress and the White House is growing; Secretary of State William Rogers hinted at a potential compromise. The Senate Appropriations Committee appended an even stronger anti-bombing rider to an appropriations bill that must be passed for the government to continue to operate. Senator Thomas Eagleton challenged President Nixon to decide whether bombing Cambodia is more important than a functioning government. Speaking before the Senate Foreign Relations Committee, Secretary of State Rogers said that although there are two strong opposing views, some reasonable compromise will be worked out. The administration wants to compromise, but won't hesitate to veto bills with the anti-bombing amendment attached. [CBS] Egypt fired on Israeli jets that were supposedly crossing over Egyptian airspace. An Egyptian military spokesman said that one jet was shot down over the Suez Canal. Israel said that it had no jets in Egyptian territory and none were hit. [CBS] Abel Kavanaugh, one of eight former POWs who were charged with misconduct by Col. Theodore Guy, died from an apparent suicide after spending five years in a prisoners of war camp in North Vietnam and 3 ½ months back home in Denver, Colorado. Kavanaugh went to see a doctor for a physical checkup and seemed extremely nervous on the day of his death. Dr. John Bolin stated that Kavanaugh told him about being in trouble in Vietnam, but wouldn't say why. An hour later Kavanaugh shot and killed himself. Kavanaugh's wife Sandra said that his own people killed him after five years in a POW camp. She intends to take legal action against Col. Guy and others. Robert Webster, Kavanaugh's brother-in-law, believes that if Guy had left things alone, POWs wouldn't be as scared and upset at the possibility of being put in another jail. Police are being careful not to use the word "suicide" yet in Kavanaugh's death. [CBS] The General Services Administration reported that work which was requested by Secret Service agents on Vice President Spiro Agnew's home cost $125,000. [CBS] An Agriculture Department economist stated that the export embargo on soybeans and cottonseed should reduce prices and strengthen the domestic feed grain supply.The Chicago Board of Trade has not yet reopened for soybean sales. Buyers and sellers are in a state of confusion. With soybean prices soaring, the cost of soy meal that is used to feed livestock has risen 300% in the past year; that cuts significantly into profits. Many hog farmers wonder why they should work long hours for no financial gain. Famers may wait until the profit margin improves, and then resume or expand their operations. If most farmers take this to heart, there will be severe shortages by the fall. [CBS] Long Island surgeon Dr. Vincent Montemarano was charged in the mercy killing of a terminal cancer victim. He gave the patient a lethal dose of potassium chloride. Dr. Malcolm Todd, president-elect of the American Medical Association said that a board will be established on the subject of mercy killings. Euthanasia may have a place in the medical field, but the doctor doesn't have the sole right to make the decision. [CBS] Medicare now includes coverage for kidney disease, regardless of age, and covers those needing kidney transplants or regular dialysis treatment. Marc Strignano of Plainview, New York, has advanced kidney disease requiring the use of a kidney machine three times a week for five hours each. His parents believe they have spent $300,000 Marc's medical needs up to now. Though 15 ½, he looks like he is just 12. Marc said that kids in school are used to him, but many of his friends don't call anymore. Medicare will now pay for a kidney transplant for Marc; the new Medicare benefits for all kidney patients are a tremendous relief from financial burden. [CBS]

Stock Market Report

Dow Jones Industrial Average: 894.64 (+10.01, +1.13%)
S&P Composite: 104.69 (+1.07, +1.03%)
Arms Index: 1.02

	Issues	Volume*
Advances	874	7.01
Declines	517	4.24
Unchanged	356	1.51
Total Volume		12.76

* 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 27, 1973	884.63	103.62	12.66
June 26, 1973	879.44	103.30	14.04
June 25, 1973	869.13	102.25	11.67
June 22, 1973	879.82	103.70	18.47
June 21, 1973	873.65	103.21	11.63
June 20, 1973	884.71	104.44	10.60
June 19, 1973	881.55	103.99	12.97
June 18, 1973	875.08	103.60	11.46
June 15, 1973	888.55	105.10	11.97
June 14, 1973	902.92	106.40	13.21