News stories from Friday March 23, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Watergate defendant James McCord desires to tell Judge John Sirica the hidden details of the bugging of Democratic party headquarters at the Watergate complex. McCord wrote in a letter to the judge that others were involved in the bugging, the defendants were pressured to plead guilty and remain silent, and perjury was committed during the trial. McCord wants to talk privately with Judge Sirica. Sam Dash, the new chief counsel for the Senate Watergate Committee, commented on McCord's letter. Dash said that McCord doesn't feel he can trust the FBI, but Dash hopes he will trust Sirica and the Senate committee. Senator Robert Packwood indicated that Republicans are bothered by the fact that it seems there is much more to be revealed.
G. Gordon Liddy was sentenced to up to 20 years in prison and fined $40,000. The judge postponed his sentencing of the other five convicted defendants. Prosecutor Earl Silbert asked that the defendants be held in Washington for grand jury testimony beginning next Monday. Reaction to these developments was hard to find at the Southern White House in Key Biscayne; spokesman Gerald Warren refused to comment.
[CBS] - The release of the last prisoners of the Vietnam war is still being delayed. Nine American POWs are being held in Laos. The U.S. wants them released along with those held by Vietnamese Communists. The theory is that Laotian Communists are holding the POWs as bargaining chips in talks with the U.S.-supported regime of Souvanna Phouma. Phouma and the Pathet Lao are talking about forming a coalition government. [CBS]
- The U.S. reported that Communists have set up missile sites in South Vietnam, and ordered North Vietnam to remove them or the U.S. will take necessary action. [CBS]
- The United Auto Workers are meeting in Detroit to draw up a bargaining package for upcoming contract negotiations. UAW president Leonard Woodcock says that workers shouldn't be forced to work overtime. Union representatives complained that assembly line work is boring, strenuous, and results in poor workmanship. A spokesman said that this issue must be settled in the coming talks.
In Sweden, Saab manufacturers have an experiment underway to solve assembly line blues. Employees at the Saab factory work in teams and do various jobs, rather than working as individuals repeating the same job over and over. The cost is slightly higher but is compensated for by less absenteeism and employee turnover.
[CBS] - United Mine Workers president Arnold Miller rid his office of all symbols of Tony Boyle's regime, including his Cadillac. A union worker bought the car for $2,500. [CBS]
- The Democratic national committee is meeting in Washington, DC. Party chairman Robert Strauss stated that the Nixon administration has had a sobering effect on Democrats. [CBS]
- President Nixon removed import quotas on oil, but the administration is now warning of a possible gasoline shortage this summer. [CBS]
- Soviet and American experts agreed to begin a joint study of lake and river pollution. The Delaware and Moscow Rivers are the first targets. [CBS]
- Three large banks rolled back to a 6.5% prime lending rate; their rates had been raised to 6.75%. Other banks are retaining the new 6.75% rate. [CBS]
- Senator William Proxmire now says that he won't deduct his hair transplant operation from his income tax as he had originally planned. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 922.71 (-2.49, -0.27%)
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 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 |
| March 16, 1973 | 963.05 | 113.54 | 15.13 |
| March 15, 1973 | 969.82 | 114.12 | 14.45 |
| March 14, 1973 | 978.85 | 114.98 | 14.46 |
| March 13, 1973 | 976.07 | 114.48 | 14.21 |
| March 12, 1973 | 969.75 | 113.86 | 12.81 |
| March 9, 1973 | 972.23 | 113.79 | 14.07 |