News stories from Friday January 26, 1973

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

The Vietnam cease-fire agreement will be signed Saturday at the Hotel Majestic in Paris. President Nixon has proclaimed the day as one of prayer and thanksgiving. After the cease-fire begins, North Vietnam will send the U.S. a list of its prisoners of war. General Daniel James announced that American planes will take the POWs home via the Philippines. Briefings will be held in the Philippines to determine, if possible, what happened to those who are still listed as missing in action. Pentagon spokesman Jerry Friedheim said that efforts will be made to find the MIAs. [CBS] Heavy fighting in Vietnam resulted in the loss of two Americans. One was killed in Pleiku today, and one yesterday at Bien Hoa AFB. Bien Hoa was attacked again today. Danang Air Force Base was also hit by enemy rockets. No Americans were killed in the attack, but at least 10 Vietnamese civilians were killed and 10 wounded. [CBS] Vice President Agnew leaves Sunday for a tour of Southeast Asia to discuss postwar relations. [CBS] Some of the U.S. structures and aircraft in Vietnam will be used by the International Control Commission. Canadian members of the ICC are getting ready for Vietnam. Canada has warned that it will only remain in the commission if it proves effective. [CBS] President Nixon talked with prisoner-of-war families at Homestead Air Force Base and at the White House, where he introduced three POW wives to congressional leaders in the cabinet room. After the POW wives left, Nixon told the congressmen that his 1973 budget will total almost $269 billion, resulting in a $12 billion deficit. [CBS] The Office of Economic Opportunity will be abolished, along with the National Aeronautics and Space Council, the Office of Emergency Preparedness and the Office of Science and Technology. [CBS] President Nixon's campaign organization was fined $8,000 for violating campaign finance laws. [CBS] Alabama Governor George Wallace underwent surgery again. His condition is reported as satisfactory. [CBS] In the third CBS report on the energy crisis, the role of the oil industry is examined. Twenty-five major oil companies exist, which together control 72% of the country's natural gas, 50% of the coal, 80% of the uranium and 84% of America's refining capacity. Congressman Neal Smith says that an anti-competitive effect results from this organization of oil companies.Oil companies have always had a close relationship with Washington. Men from oil states such as Robert Kerr from Oklahoma and Sam Rayburn and Lyndon Johnson from Texas have represented oil interests in Congress. Claude Brinegar, Transportation Secretary-designate, comes from Union Oil. Oil men are in sensitive positions in the Interior Department as well. The deputy undersecretary in charge of energy policy used to work for Humble Oil. The last four directors of the federal oil and gas office came from the oil industry and later returned to it. Interior Secretary Rogers Morton says this is not a bad thing. Morton noted that to deal with technical problems, the office must have technically qualified people. But the Ford Foundation's David Freeman claims that oil companies have had a "monopoly" in influencing U.S. energy policy. Oil invests more in American politics than any other industry. Oil companies have highly favorable tax arrangements with the government. Oil companies having investments in the Mideast influence U.S. policy there. In the fourth report, CBS will look at policies which are successfully promoted by oil interests and how these policies have contributed to the energy crisis. [CBS] The Society for the Christian Commonwealth, a group of Catholic laymen, voted to excommunicate Justice William Brennan because of his vote in the recent Supreme Court case legalizing abortion. [CBS] The Navy reported racial problems aboard the aircraft carrier Intrepid in the Mediterranean. [CBS] Twenty-four-year-old Michael Brody, a millionaire heir who had been committed to a psychiatric institution for giving away his money, committed suicide. [CBS] Agriculture Secretary Earl Butz stated that restrictions on the use of chemicals in food production could cause a rise in grocery prices. [CBS]

Stock Market Report

Dow Jones Industrial Average: 1003.54 (-1.05, -0.10%)
S&P Composite: 116.45 (-0.28, -0.24%)
Arms Index: 0.75

	Issues	Volume*
Advances	496	7.47
Declines	1,025	11.52
Unchanged	292	2.14
Total Volume		21.13

* 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*
January 24, 1973	1004.59	116.73	20.87
January 23, 1973	1018.66	118.22	19.06
January 22, 1973	1018.81	118.21	15.57
January 19, 1973	1026.19	118.78	17.02
January 18, 1973	1029.12	118.85	17.81
January 17, 1973	1029.12	118.68	17.68
January 16, 1973	1024.31	118.14	19.17
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