News stories from Monday April 2, 1973

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

The national meat boycott began in earnest today. Some meat packers declared temporary layoffs. Supermarkets in New York City reported significant reductions in beef sales; one company said that sales were off 80%.Farmers' wives staged a counter protest in Rochester, Minnesota. Mrs. Eugene Holst said that meat prices are fair considering how much it costs to raise beef. Farmers' wives bought out the meat supply at two markets. In Sioux City, Iowa, the wives said they would rather shoot their hogs than sell them for less. The meat boycott caused the Iowa Beef Processors plant in Fort Dodge to close. Congress is considering imposing wage and price controls. The Nixon administration opposes the idea, and Treasury Secretary George Shultz stated that President Nixon would veto such legislation. Agriculture Secretary Butz believes that the meat boycott and the administration's moves to increase food supplies will have more effect than price controls. [CBS] President Thieu of South Vietnam visited President Nixon in San Clemente. Nixon said that Thieu has led a courageous fight. Outside, actress Jane Fonda led a demonstration against Thieu. Thieu wants continued support, including U.S. air power and reintervention if necessary. Thieu will have dinner with the President tonight, with Governor Reagan tomorrow night, and he will meet with Congress later. [CBS] Heavy fighting continued in Cambodia. Phnom Penh is virtually surrounded by Communists. [CBS] A federal appeals court ruled that the President's impoundment of highway funds which have been appropriated by Congress is illegal. [CBS] Senator Sam Ervin rejected President Nixon's offer to let his aides talk informally with Ervin's investigating committee. Ervin stated that although the President appears to want information on the Watergate bugging kept secret, White House aides have the same duty to testify to Senate committees as other people. Press secretary Ron Ziegler insisted that the administration will continue to refuse to allow aides to testify before the Senate in open session. G. Gordon Liddy is still refusing to testify to the grand jury. [CBS] International Telephone and Telegraph president Harold Geneen testified to the Senate regarding ITT's involvement in the election of President Salvador Allende in Chile. Geneen said that ITT's offer of $1 million to the U.S. government to keep Allende from winning Chile's presidential election was not actual intervention, it was just a measure of ITT's willingness to join in the government's plan. [CBS] The Supreme Court refused to hear the Alaska oil pipeline case. A lower court had blocked the construction of the 800-mile pipeline. [CBS] The federal government banned the practice of commercial fishermen using radio-equipped porpoises to locate tuna schools. [CBS] Flooding on the Mississippi and Missouri Rivers has driven people from their homes. [CBS] Billy Graham said he now regrets his recent statement that rapists should be castrated. [CBS] Los Angeles votes for mayor tomorrow. Sam Yorty, Tom Reddin, Jess Unruh and Tom Bradley are running. The voters are apathetic because all of the candidates sound alike: Bradley says he favors better law enforcement; Reddin says he can make the streets safe; Unruh favors putting police in high schools; Mayor Yorty told L.A. police and firemen that they're the best departments in the country.Eileen Anderson is also running. She sings her message. Anderson promises to lower taxes and eliminate smog. She will eliminate smog by cutting holes in mountains and blowing fresh air into the city. [CBS]

Stock Market Report

Dow Jones Industrial Average: 936.18 (-14.83, -1.56%)
S&P Composite: 110.18 (-1.34, -1.20%)
Arms Index: 1.76

	Issues	Volume*
Advances	424	1.81
Declines	993	7.47
Unchanged	339	1.36
Total Volume		10.64

* 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*
March 30, 1973	951.01	111.52	13.74
March 29, 1973	959.14	112.71	16.05
March 28, 1973	948.00	111.62	15.85
March 27, 1973	944.91	111.56	17.50
March 26, 1973	927.90	109.84	14.98
March 23, 1973	922.71	108.88	18.47
March 22, 1973	925.20	108.84	17.13
March 21, 1973	938.37	110.49	16.08
March 20, 1973	949.43	111.95	13.25
March 19, 1973	952.06	112.17	12.46