I tried to isolate what was written in black with a couple of my photo programs, but am unable to decipher what it says. But, there is definitely some writing below the X.
It looks an awful lot like an overlay that is partially obscuring the crawler. The letters and symbols are just a shade darker than the crawler's background colors, just enough to stand out, but not dark enough to be read effectively. There is quite an offset ( about 1/2 space) in the crawler text and the overlay text.
Next to the S&P crawler, the overlay text says "to black".
Below the right leg of the X over the VP's face is an image that looks similar to a human face. It can be seen on the negative, but not on the original.