News stories from Thursday May 24, 1973

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

President Nixon delivered a speech to former prisoners of war about the need for government secrecy, in an attempt to win support for his covering up some of the secrets in the Watergate scandal. The President said that without secrecy there could have been no China initiative and no Strategic Arms Limitation Talks. Furthermore, the POWs would still be in prison in Hanoi. The President stated that it's time to quit making a hero of Daniel Ellsberg; the audience applauded loudly. The POWs are in Washington for ceremonies honoring them at the White House. The festivities will include an appearance by Bob Hope at a White House dinner for the men and their wives. [CBS] Convicted Watergate spy Bernard Barker testified at the Senate Watergate hearings today, as did James McCord's former attorney Gerald Alch. Alch again denied ever having tried to get McCord to plead guilty and accept clemency from the President. However, Alch did tell McCord to expect a telephone call from John Caulfield. Sam Ervin asked Alch if it is not reasonable for McCord to infer that Alch wanted him to accept executive clemency, since this is what Caulfield offered in that telephone conversation. Alch replied that McCord should not have inferred improper conduct because of the call. Alch is also sticking to his story that attorney Bernard Fensterwald told him that he and his client, McCord, were out to get President Nixon. Senator Talmadge warned that conflicting testimony could lead to perjury charges. Fensterwald said that he believes if executive clemency was offered then Nixon must be involved, but denied that he is out to "get" the President.Barker stated that he wasn't pressured to plead guilty by E. Howard Hunt, even though Hunt told him that the evidence against him was overwhelming and even though his attorney, Henry Rothblatt, urged him to plead innocent. Barker said that what he did was done for Cuba. Alfred Baldwin stated that he didn't think what he did in the Watergate scandal was wrong because so many of the people involved worked for the White House. [CBS] Treasury Secretary George Shultz accepted the resignation of Treasury Department officer John Caulfield. U.S. attorney Harold Titus said that Caulfield, a key figure in the Watergate scandal, has agreed to plead guilty and testify for the government without immunity. Indictments are expected within 2-3 months. [CBS] L. Patrick Gray explained his attempt to warn President Nixon about the Watergate cover-up while he was acting director of the FBI. Senator John McClellan read Gray's statement which said Gray had told the President that there were people working for him who were trying to ruin him and trying to misuse the CIA and FBI. Gray claimed he had asked Clark MacGregor to speak to Nixon about it. Nixon told Gray to continue his investigation of the Watergate case.Elliot Richardson moved from the Defense Department to the Justice Department today. Richardson said that as Attorney General he wants to restore confidence in law enforcement. As Defense Secretary Richardson accomplished little because of his short term in office. [CBS] Rep. William Mills has committed suicide, less than a week after being charged with accepting an illegal campaign contribution from the Nixon re-election committee. Friends say that Mills was worried that the $25,000 contribution would be associated with Watergate. Interior Secretary Rogers Morton set up the campaign payment through then-Attorney General John Mitchell. Morton stated that there was nothing improper about loaning Mills campaign money. Mills made a statement yesterday in Easton, Maryland, in which he denied having done anything improper. [CBS] Three astronauts will be launched towards Skylab tomorrow. All is going smoothly in the pre-launch countdown. Astronauts Pete Conrad, James Kerwin and Paul Weitz must repair temperature and electrical problems aboard Skylab if their 28-day mission in space is to be a success. Skylab program director William Schneider said that the astronauts have been properly prepared for their mission. [CBS] Major banks boosted their prime lending rate from 7% to 7¼%. [CBS] Commerce Secretary Dent announced that there was a trade surplus for April. [CBS] U.S. envoy William Sullivan briefed President Thieu of South Vietnam on the progress of the Vietnam truce talks which were held in Paris between Henry Kissinger and North Vietnam's Le Duc Tho. [CBS] A second major official in the British government has resigned because of a sex scandal that is said to be the worst since the Profumo affair. Lord Jellicoe, the Leader of the House of Lords, resigned after admitting to affairs with call girls. Lord Lambton resigned on Tuesday after admitting to similar acts. Prime Minister Edward Heath assured the people that nobody else in the government is involved in the scandal, and no security information was leaked as was feared in the Profumo affair with model Christine Keeler in 1963. The British public feels that there is little comparison between Watergate and England's sex scandal. [CBS]

Stock Market Report

Dow Jones Industrial Average: 922.44 (+27.42, +3.06%)
S&P Composite: 107.14 (+3.07, +2.95%)
Arms Index: 0.56

	Issues	Volume*
Advances	1,187	13.75
Declines	349	2.26
Unchanged	270	1.30
Total Volume		17.31

* 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*
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
May 17, 1973	911.72	105.56	13.06
May 16, 1973	917.14	106.43	13.80
May 15, 1973	917.44	106.57	18.53
May 14, 1973	909.69	105.90	13.52
May 11, 1973	927.98	108.17	12.98
May 10, 1973	939.34	109.54	13.52