News stories from Monday January 15, 1973

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

The major controversy regarding the issue of school busing is whether courts can compel busing across school district lines to achieve integration. The Supreme Court has agreed to hear a case on this issue. [CBS] Peace again is at hand in Vietnam. Press secretary Ron Ziegler stated that because of progress in the Henry Kissinger-Le Duc Tho talks, President Nixon has ordered all bombing in North Vietnam to be stopped. But mines which are already in North Vietnamese waters will remain and U.S. reconnaissance flights over North Vietnam will continue. Kissinger's next trip to France might be to finalize the agreement. [CBS] Since April of 1972, almost one million tons of bombs have been dropped on Indochina. A reporter who covers the Pentagon estimated that the cost of the bombing is $3 billion, not including the 158 U.S. planes which have been lost and the 500 men killed, captured or missing. [CBS] General Alexander Haig is scheduled to confer with President Thieu in Saigon tomorrow. A major compromise in the new peace plan deals with Vietnamese sovereignty. The new agreement recognizes one Vietnam with two separate governments. President Nixon reportedly feels that peace is finally near, and President Thieu is believed to be willing to sign the new agreement. The status of the demilitarized zone and the supervisory force are questions that may also have been resolved. Poland, Canada, Hungary and Indonesia will be the supervisory nations.Important peace talks are still underway in Paris. Ambassador William Sullivan, head of the U.S. team of technical experts, and George Aldrich, a State Department legal consultant, will meet again tomorrow for talks with the North Vietnamese regarding details of the peace settlement. Acceptance of the peace agreement would mean that all U.S. troops would be out of Vietnam in 60 days, including POW's. [CBS] The Federal Reserve Board reported that industrial production was up 0.8% in December. [CBS] Last week E. Howard Hunt pleaded guilty to all charges of bugging Democrat national headquarters in Washington. Today the "Miami 4" also pleaded guilty. Only two defendants -- James McCord and G. Gordon Liddy -- now remain in the bugging case, and Judge John Sirica denied a mistrial motion for those two. Sirica questioned Bernard Barker about why he entered a guilty plea. Defendants Gonzales, Martinez, Sturgis and Barker denied being paid anything but their expenses, and they say they don't know where that money came from; Sirica doesn't believe it. Defense attorney Henry Rothblatt stated that the "Miami 4" feared that if George McGovern won the election, the U.S. would have better relations with Cuba and they didn't want this. The issues of who financed the bugging and why remain unknown. [CBS] The Supreme Court let stand a lower court decision on reporters' rights to protect news sources. The lower court ruled that Denny Welch, a reporter for Life magazine, was not required to disclose Justice Department sources for a story about St. Louis Mayor Afonso Cervantes' connection with St. Louis gangsters. On Capitol Hill, a Senate committee announced that it will hold hearings on measures to protect reporters from being required to reveal sources. [CBS] The federal government issued a plan to control smog in the Los Angeles area. Cars cause 90% of the smog in the Los Angeles basin. Today EPA director William Ruckelshaus announced a radical new program to clean up the L.A. air, saying that gasoline rationing is the only possible solution to the smog problem. Los Angeles Mayor Sam Yorty called the plan "totally unrealistic." [CBS] Fairfax County, Virginia, paid a special tribute to the late Martin Luther King, Jr. on the anniversary of his birthday. The county commissioners added King's name to the traditional observance honoring General Robert E. Lee and Stonewall Jackson. In Atlanta, a graveside ceremony was held for King, who would have been 44 years old today. Mrs. Coretta King and her family attended the proceedings at King's grave. Atlanta Mayor Sam Massell greeted Mrs. King at the site. At King's nearby church, a ceremony was held similar to those from the days when the civil rights movement was young. Congressman Andrew Young said that more progress has been made in civil rights in the last 10 years than anyone thought possible. The Congressional Black Caucus has proposed that January 15 become a national holiday. [CBS] The jury is still deliberating in the trial of alleged mass murderer Juan Corona. Corona is charged with murdering 25 migrant workers in Yuba City, California. [CBS] The makers of cold remedies have been ordered to submit evidence that their advertising claims are true. In one case the FTC required Dristan to show that its drug contains a special fever reducer. The makers of Dristan say that the "fever reducer" is aspirin. Contac is also being investigated. [CBS] Since 1947, Greece has received $1 billion in military aid from the United States. Today Premier George Papadopoulos stated that Greece no longer wants or needs U.S. aid. Greece will still get indirect aid. [CBS] Israeli prime Minister Golda Meir is visiting Pope Paul. Israel says that Meir was invited; the Vatican says Meir came on her own initiative. [CBS]

Stock Market Report

Dow Jones Industrial Average: 1025.59 (-13.77, -1.32%)
S&P Composite: 118.44 (-0.86, -0.72%)
Arms Index: 1.37

	Issues	Volume*
Advances	458	4.57
Declines	1,047	14.32
Unchanged	309	2.63
Total Volume		21.52

* 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 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
December 29, 1972	1020.02	118.05	27.55