News stories from Tuesday February 20, 1973

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

The government of Laos announced that it reached a cease-fire agreement with the Pathet Lao Communists; 300 American MIAs are thought to be in Laos. [CBS] President Nixon stopped in Columbia, South Carolina, to thank the state legislature for its support of his Vietnam policy; the President received a warm reception. He wants to convince the country that the U.S. accomplished its aims in Vietnam and that the war was necessary and worthwhile. The President read a letter from a mother who lost her son in Vietnam, but who feels that the war accomplished "peace with honor". [CBS] Of the 163 POWs freed so far by Vietnam, all but one are back in the United States. Capt. Joseph Crecca remains at Clark Air Force Base in Philippines because he has malaria. [CBS] In the first 19 days of the Vietnam cease-fire, 200,000 civilians have been driven from their homes by fighting. 135 Communist truce violations were reported today by South Vietnam. [CBS] The Supreme Court let stand a lower court ruling which declared that Alabama's anti-busing law is unconstitutional. The Court also refused to review a ruling ordering Memphis, Tennessee, to bus school children in order to integrate schools. Parents in Memphis are sending children to their own newly-created schools in order to avoid busing and integration. Churches are donating the buildings in which classes are held. An organization called "Citizens Against Busing" claims to have 7,000 students. City school principal Katherine Sevedge says that parents fear the unknown future of the public schools. [CBS] Yesterday President Nixon visited the AFL-CIO convention in Florida. Today, Democrats did the same thing. Democrat party chairman Robert Strauss was given a cold reception at the labor convention, but he warned that organized labor must know deep down that Democrats will do more for them than Republicans will. AFL-CIO president George Meany refused to talk with Strauss. [CBS] George Meany asked President Nixon to try to end the Philadelphia teachers strike. WCAU-TV in Philadelphia reports that Nixon has contacted assistant Labor Secretary William Usery about the dispute. [CBS] Thousands of people rallied today in Washington to protest Office of Economic Opportunity cuts and anti-poverty program cutbacks. Reverend Jesse Jackson said the rally represents the start of the "poor people's summer offensive."Newark, N.J., Mayor Kenneth Gibson stated he will not be told that the people of Newark will be ignored while North Vietnam is to be rebuilt. Mrs. Coretta King said that she won't stand by while her husband's dream is destroyed. Southern Christian Leadership Conference Rev. Ralph Abernathy vowed to fight President Nixon's Office of Economic Opportunity cutbacks. Black Rep. Shirley Chisholm insisted that race was not the reason for today's protests. [CBS] The Senate passed legislation for the elderly. The bill passed today is almost identical to the one vetoed by President Nixon last session, but sponsor Thomas Eagleton says that the bill's benefits were reduced to conciliate the President. It is designed to improve the delivery of existing services to the elderly, and would also increase the number of senior service centers and give more money for medical research on aging. Between 40,000 and 60,000 jobs could be created by the bill. [CBS] Chrysler is recalling 150,000 Plymouths and Dodges to replace leaking fuel pumps; General Motors must fix 15,000 1973 model year trucks because of possible brake defects. [CBS] Agriculture Secretary Earl Butz reported that the January consumer price index showed the greatest jump in monthly increases in 25 years. Food prices in January were up nearly 3%. [CBS] White House communications adviser Clay Whitehead testified before a Senate committee about the administration's proposal that local stations be made responsible for network television content. Senator John Pastore demanded to know the meaning of Whitehead's phrases like "ideological plugola" and "elitist gossip". Whitehead answered that people in the media plug ideas like products in which they have a financial interest. Pastore replied that President Nixon does that at every news conference. Whitehead stated that the administration is trying to get a wider range of views to be presented on the three major networks; Pastore vowed that Congress will resist attempts by the administration to curb freedom of speech.The Senate opened hearings on "shield" legislation to protect reporters from having to divulge news sources to courts. Senator Alan Cranston said that without an absolute shield many sources who wish to remain anonymous will not talk to reporters about controversial matters. But Senator Sam Ervin doesn't feel that an absolute shield law is permissible when knowledge of a crime is at issue, though he regrets the Supreme Court's decision that the first amendment doesn't protect reporters from revealing confidential sources. Columnist James Kilpatrick doesn't favor legislation to protect reporters; he feels that the first amendment sufficiently guarantees freedom of the press. [CBS] Congress is holding hearings regarding life insurance companies. Ralph Nader says that life insurance has "contrived secrecy and complexity." Senator Philip Hart agreed that most life insurance buyers have only a vague idea of what they have bought. [CBS] One side of the volcano which has been erupting on Heimaey Island off the coast of Iceland collapsed, pouring lava over the island. [CBS] Two British soldiers were killed in Belfast, Northern Ireland, when they were caught in a cross-fire. [CBS] Three masked men broke into the Indian High Commission Building in London, England, and took hostages. The men, believed to be Pakistanis, demanded freedom for Pakistani POWs who have been held since the 1971 India-Pakistan war. Police killed two of the men and captured the third. [CBS]

Stock Market Report

Dow Jones Industrial Average: 983.59 (+4.36, +0.45%)
S&P Composite: 115.40 (+0.42, +0.37%)
Arms Index: 0.92

	Issues	Volume*
Advances	734	6.58
Declines	697	5.75
Unchanged	371	1.69
Total Volume		14.02

* 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*
February 16, 1973	979.23	114.98	13.32
February 15, 1973	973.13	114.45	13.94
February 14, 1973	979.91	115.10	16.52
February 13, 1973	996.76	116.78	25.32
February 12, 1973	991.57	116.06	16.13
February 9, 1973	979.46	114.68	19.26
February 8, 1973	967.19	113.16	18.44
February 7, 1973	968.32	113.66	17.96
February 6, 1973	979.91	114.45	15.72
February 5, 1973	978.40	114.23	14.58