News stories from Thursday February 8, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Congress passed emergency legislation to end the strike against the Penn Central Railroad; the strike had been called to protest railroad job cutting. A long strike could cause major problems since freight is carried to 16 states by the railroad. Congress called for a 90-day cooling-off session and also called for the Nixon administration to submit a plan to Congress within 45 days ensuring the preservation of essential rail services in the Northeast.
Penn Central can't continue without government help. Trustee Jervis Langdon says that an overall plan is needed to restore rail viability in the Northeast. United Transportation Union president Al Chesser says the railroad is like a welfare patient. The bill passed by Congress will be flown to President Nixon who is now in California.
[CBS] - Bodies are still being recovered from the crash of a Navy jet into an apartment building in Alameda, California. The Navy's Corsair has had multiple problems and several have crashed. Recovery teams which were digging out bodies this morning believe that 40 people were in the building at the time of the crash. The body of the pilot, Lt. Robert Ward, has been uncovered. [CBS]
- Senate Republican George Aiken says that the Vietnam aftermath requires a spirit of reconciliation. But when Secretary of State Rogers testified today in Congress, little spirit of reconciliation was present. Rogers ran into congressional opposition for post-war aid to Indochina. Rogers stated that if certain people had kept quiet, the war could have been ended earlier, and he said that he hopes Congress will admit that President Nixon was right all along. Rep. Donald Fraser asked if Rogers wants Congress to go further and declare it has approved everything that the President has done in the last four years. Rogers replied that Congress should say that it's very pleased with and proud of government policies. Congress is not in the mood to approve post-war aid to Indochina. [CBS]
- President Thieu of South Vietnam charged Communists with more cease-fire violations. [CBS]
- In Paris, the Viet Cong is said to be anxious for high level talks in Saigon regarding the political future of South Vietnam, but they will come to Saigon only if they are allowed the same freedom of movement they get in Paris. Viet Cong delegations currently in South Vietnam are being kept isolated. In an incident at Tan Son Nhut Air Force Base where Viet Cong and North Vietnamese delegates are being kept, reporters were arrested by South Vietnamese troops and their papers confiscated for trying to interview delegates. The government later apologized. [CBS]
- A reporter spoke with Communist troops near the Saigon area. The Viet Cong unit was anxious to talk with the American media. The unit chief said that as long as two governments exist in South Vietnam he will fight. A 22-year-old draft dodger from the South Vietnamese army was featured; another soldier said that peace can come to South Vietnam only when there is a free election. The Viet Cong complain of South Vietnamese truce violations and claim they are anxious for the International Control Commission to come to the area. [CBS]
- West Germany is buying up dollars to try to keep the price of the deutschmark stable, as other countries busily exchange dollars for marks. The last run on the dollar resulted in devaluation. At that time, Treasury Secretary John Connally said he expected the move to result in a trade surplus for the United States. Instead, the trade deficit has grown to $7 billion. Germany and Japan have continued surpluses; the mark and the yen are still stronger than the dollar. Washington is now talking about import surcharges, which might stimulate a conference to realign currencies. [CBS]
- U.S. official Charles Colson is going to Moscow to talk about improving trade, but legislation currently before Congress would deny any U.S. trade concessions to Russia until it permits Jews to emigrate freely to Israel. [CBS]
- The Senate approved Caspar Weinberger as Health, Education and Welfare Secretary. [CBS]
- The Senate named members to a special committee to investigate the Watergate affair. Sam Ervin is the chairman; other members are Daniel Inouye of Hawaii, Joseph Montoya of New Mexico and Herman Talmadge of Georgia. Republican members are Howard Baker of Tennessee, Edward Gurney of Florida and Lowell Weicker of Connecticut. [CBS]
- New indications that Nazi leader Martin Bormann is dead have appeared. [CBS]
- Violence continued in North Ireland, but no deaths were reported today.
Maire Drumm, housewife and mother of five, is vice president of Sinn Fein (the political wing of the Irish Republican Army). Former leader Rory O'Grady was imprisoned last month. Drumm and her husband have both served time in jail; her oldest son is now imprisoned. Mrs. Drumm says that British soldiers watch her movements 24 hours a day. She doesn't see why being a grandmother is contradictory with being a political leader, and vowed that British soldiers will never break the IRA. She insists that the border between Northern Ireland and the Irish Republic must go, and believes that violence by the IRA brings that goal closer to fulfillment.
[CBS]
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Stock Market Report
Dow Jones Industrial Average: 967.19 (-1.13, -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* |
| 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 |
| February 2, 1973 | 980.81 | 114.35 | 17.47 |
| February 1, 1973 | 985.78 | 114.76 | 20.67 |
| January 31, 1973 | 999.02 | 116.03 | 14.87 |
| January 30, 1973 | 992.93 | 115.83 | 15.27 |
| January 29, 1973 | 996.46 | 116.01 | 14.68 |
| January 26, 1973 | 1003.54 | 116.45 | 21.13 |
| January 24, 1973 | 1004.59 | 116.73 | 20.87 |