News stories from Tuesday January 16, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Tacit North Vietnamese recognition of two Vietnams has cleared the way for a peace settlement. General Alexander Haig and President Thieu discussed the agreement today in Saigon. Haig delivered a draft of the agreement to Thieu personally, though Ambassador Bunker had already told Thieu the general terms of the agreement. The release of POWs is to start the day after the pact is signed and is to be completed within 60 days, along with the total withdrawal of American troops. Cease-fire control teams will be based in several cities in Vietnam. In certain areas of South Vietnam, North Vietnamese troops will be allowed to remain. Much of the agreement is deliberately vague. President Nixon is said to have made arrangements with Moscow and Peking that if North Vietnam starts up the war again it will get no help from the Soviet Union or China.
Reports that the cease-fire would go into effect by Friday were denied by the White House. Press secretary Ron Ziegler stated that the President would not announce a cease-fire before his inauguration on Saturday, and Henry Kissinger will not return to Paris this week. A settlement appears close but still just out of reach. At the technical talks regarding the Vietnam settlement, deputy assistant Secretary of State William Sullivan greeted the North Vietnamese delegates cordially today. It was the best atmosphere at the peace talks since the December bombing began.
[CBS] - The U.S. is continuing aerial reconnaissance over North Vietnam. Except for the SR-71, the reconnaissance planes being flown over North Vietnam are not armed. Powerless drones are being used instead. [CBS]
- The U.S. bombed enemy positions in South Vietnam and Cambodia. The South Vietnamese infantry wishes for the end of the war. Casualties are down but draft calls are 10,000 a month. [CBS]
- The attorney for James McCord said that his client bugged the Watergate offices in a effort to prevent violence; McCord and G. Gordon Liddy are the lone remaining defendants in the case.
Prosecutor Earl Silbert called security guard Frank Wills, who testified to finding that doors inside the Watergate building had been taped to prevent them from locking. Officer John Barrett and two other policemen told of capturing the five men, including McCord and Frank Sturgis, in the act of bugging. The defense cross-examined Thomas Gregory, the college student who was recruited by E. Howard Hunt to infiltrate Muskie and McGovern headquarters. Liddy's attorney, Peter Marulus, attacked Gregory's credibility. But McCord's attorney, Gerald Alch, accepted Gregory's testimony. Alch said that Republicans had good reason to fear antiwar violence, which motivated them to spy on Democrats. The effort to avert that violence justified the bugging, according to Alch. Alch noted that plans existed for demonstrations, and therefore possible violence, at the Republican national convention.
[CBS] - Leonard Woodcock, president of the United Auto Workers, agreed to serve on the committee which will advise the Cost of Living Council regarding Phase III wage-price controls. Woodcock resigned last March from Phase II's Pay Board. [CBS]
- A court of appeals ordered new hearings in the Detroit school integration case. Last month, busing was ordered by the courts to achieve racial balance in Detroit's schools. [CBS]
- Warmer weather has eased the fuel crisis across the nation. [CBS]
- Heavy rains drenched the San Francisco area and caused property damage, especially in Marin County. Governor Reagan may declare some communities disaster areas. [CBS]
- The jury in Fairfield, California, continues to deliberate in the Juan Corona murder trial. Judge Richard Patton instructed the jury to try to reach a verdict; deliberations have been going on for five days. Corona, a farm labor contractor, is accused of murdering 25 migrant workers. Corona's attorney Richard Hawks says that only circumstantial evidence exists against the defendant. The jury is reportedly split 8-4. [CBS]
- The Russians have put another unmanned lunar rover on the moon. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 1024.31 (-1.28, -0.12%)
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* |
| January 15, 1973 | 1025.59 | 118.44 | 21.52 |
| January 12, 1973 | 1039.36 | 119.30 | 22.23 |
| January 11, 1973 | 1051.70 | 120.24 | 25.05 |
| January 10, 1973 | 1046.06 | 119.43 | 20.88 |
| January 9, 1973 | 1047.11 | 119.73 | 16.83 |
| January 8, 1973 | 1047.86 | 119.85 | 16.84 |
| January 5, 1973 | 1047.49 | 119.87 | 19.33 |
| January 4, 1973 | 1039.81 | 119.40 | 20.23 |
| January 3, 1973 | 1043.80 | 119.57 | 20.62 |
| January 2, 1973 | 1031.68 | 119.10 | 17.09 |