News stories from Friday June 1, 1973

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

President George Papadopoulos has promised to restore the Greek parliament before the end of this year. King Constantine II, the ruler before Papadopoulos who is now in exile, may return. [CBS] President Nixon returned to Washington after summit talks with French President Georges Pompidou in Iceland. Little was decided on trade, monetary matter or the schedule for subsequent talks between NATO powers and the United States. Nevertheless, Henry Kissinger and President Nixon called the meeting "very successful". The next phase of ongoing summit talks will take place with Soviet party leader Leonid Brezhnev in DC. The President made a couple of faux pas, recalling his first visit to the "god-forsaken" country of Iceland and toasting his Icelandic host as the "President of Ireland." [CBS] The cod war is escalating. Britain claims that an Icelandic coast guard ship cut the lines of British fishing boats; Iceland says that three British ships rammed its coast guard vessel. [CBS] Pentagon chief health officer Dr. Richard Wilbur stated that returning POWs should be watched closely for five years, looking for health and readjustment problems. [CBS] A party was held in Dallas, Texas, for former POWs. But overshadowing the celebration was Col. Theodore Guy's misconduct charges against eight POWs. Sgt. Peter Drabic said that Guy's charges could apply to all POWs in a prison camp. But civilian prisoner of war Michael Benge agrees with Guy that those he charged did in fact collaborate with the enemy. A reporter asked about torture, to which Benge replied that torture to other prisoners resulted from the eight charged POW's. Benge also stated that the eight POWs requested political asylum in North Vietnam but were refused. [CBS] Special Watergate prosecutor Archibald Cox has reportedly asked the Senate to call off its hearings. Los Angeles district attorney Joseph Busch and Cox are coordinating the Watergate probe. Cox admitted to meeting with Senate Watergate counsel Sam Dash, but Cox made no mention of taking any court action to stop the hearings. Senate Majority Leader Mike Mansfield said that no one will subordinate the Ervin committee. [CBS] Mail sent to the television networks is solidly against broadcast of the Senate Watergate hearings. Mail received by the Watergate committee has been very favorable, however. [CBS] Convicted Watergate spy James McCord will publish a book called "Watergate Sanction." [CBS] In four major cities, food prices continue to peak. Food costing $20.01 in New York City in March now costs $20.65, a 3% increase, and inflation is even higher elsewhere -- the same food items purchased with twenty dollars on March 1 now cost $21.59 in Chicago, $21.38 in Atlanta and $20.83 in Los Angeles. [CBS] The nationwide unemployment rate remained at 5%. [CBS] A booming economy results in more taxes being collected. For 1973, there has been a $7 billion reduction in the fiscal year deficit, down to $18 billion; a deficit of $3 billion is projected for 1974. [CBS] Gold prices temporarily jumped to $120 an ounce in London, England, but dropped back to $117.75. [CBS] A second Skylab crew will be sent 12 days earlier than planned. Today was a day off for the first crew; astronauts Pete Conrad, Joseph Kerwin and Paul Weitz relaxed and exercised. Weitz said that the astronauts are performing well in the weightless environment. [CBS]

Stock Market Report

Dow Jones Industrial Average: 893.96 (-7.45, -0.83%)
S&P Composite: 103.93 (-1.02, -0.97%)
Arms Index: 1.21

	Issues	Volume*
Advances	386	2.21
Declines	975	6.77
Unchanged	391	1.43
Total Volume		10.41

* 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 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
May 17, 1973	911.72	105.56	13.06