News stories from Tuesday February 27, 1973

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

The American POWs who were expected to be released last night are still being held. North Vietnam says it will not release them until the U.S. and South Vietnam comply with all provisions of the cease-fire. North Vietnam also wants a guarantee of safety for Communist members of the Joint Military Commission.White House press secretary Ron Ziegler, quoting the President, stated that the U.S. regards the POW issue as the highest priority and wants it to be discussed before anything else at the Paris conference on Vietnam which is now in session. Ziegler noted that American prisoners were supposed to be released at same rate that American servicemen are withdrawn from Vietnam. Half of all American servicemen are out of Vietnam now, but only one-fourth of American POWs have been released. At the international conference in Paris, Secretary of State Rogers brought up the prisoners of war issue after President Nixon ordered Rogers to drop everything else. Earlier, North Vietnam's Nguyen Tanh Le blasted the U.S. and South Vietnam for violating the cease-fire. State Department spokesman Robert McCloskey reported that the U.S. has evidence of North Vietnamese infiltration into South Vietnam since the truce. North Vietnam claims that the U.S. is delaying sweeping mines from Haiphong harbor. In South Vietnam, heavy fighting was reported today in the Mekong Delta. In Binh Dinh province, the South Vietnamese commander charged that North Vietnam moved into a hamlet after the truce; South Vietnam is trying to regain it. [CBS] The nation's governors are meeting in Washington, DC. Governors say that President Nixon's spending cuts are either a fiscal disaster or an example of executive courage, according to whether the governor is Democrat or Republican. Kentucky Governor Wendell Ford says that the U.S. should cut foreign aid and help its own people. Washington Governor Dan Evans feels that the President is on the right track. Maine Governor Ken Curtis says that the President's budget cuts will kill jobs and reduce health and social services. [CBS] Howard Phillips, acting director of the Office of Economic Opportunity, announced that dismantling of OEO offices will continue. Rep. Shirley Chisholm noted that even though the Lockheed corporation mismanaged funds, it got government help. She suggested that no less be done for the country's poor. Phillips maintains that poverty programs are not being cut off as critics charge, just transferred to other agencies. [CBS] A former Internal Revenue Service auditor who is now the IRS union head told the Senate that tax auditors are expected to produce a quota of deficient payments. Consumer advocate Ralph Nader suggested the establishment of a taxpayer's representative to help taxpayers. National Association of Internal Revenue Employees union chief Vincent Connery testified that auditors get promotions for producing large numbers of deficient payments. Senator Mark Hatfield said that there may be a taxpayer revolt if Congress doesn't correct the unfair and complex tax system. The IRS denied that its agents are assigned quotas. [CBS] A House committee voted to continue foreign aid and killed a Senate proposal that foreign aid not be released until funds for domestic programs which have been impounded by the President are released. [CBS] Big political campaign contributions must be reported, according to law, but the Nixon campaign received a secret $200,000 contribution from international financier Robert Vesco. Vesco has been implicated in the alleged theft of $224 million from Investors Overseas Services. Nixon campaign aide Harry Sears claims that he and a Vesco executive delivered the contribution to campaign finance chief Maurice Stans. Edward Nixon, the President's brother, was also involved in the transaction. A campaign spokesman stated that Vesco's contribution was rejected and returned to him last month. [CBS] Michigan Congressman Donald Riegle has switched parties from Republican to Democrat. Riegle says that he feels Republicans have become too conservative. [CBS] A draft lottery drawing will be held March 8. In case of an national emergency the numbers drawn will be drafted, but otherwise they will not be. [CBS] Beef prices reached a new high of $1.20 a pound; economic indicators were up 1.2% in January. [CBS] In Paris, air passengers are beginning to paying a noise tax of 2-3 francs. The money will be used to soundproof schools and hospitals near airports. [CBS] At a high school in Richmond, Virginia, two boys shot at each other during a quarrel. The students missed, but hit two others; one person was killed and one was injured. [CBS] Philadelphia Mayor Frank Rizzo announced that the city's teacher strike has been settled. [CBS]

Stock Market Report

Dow Jones Industrial Average: 947.92 (-5.87, -0.62%)
S&P Composite: 110.90 (-1.29, -1.15%)
Arms Index: 1.42

	Issues	Volume*
Advances	408	3.16
Declines	1,045	11.53
Unchanged	334	1.44
Total Volume		16.13

* 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*
February 26, 1973	953.79	112.19	15.86
February 23, 1973	959.89	113.16	15.45
February 22, 1973	971.78	114.44	14.57
February 21, 1973	974.34	114.69	14.88
February 20, 1973	983.59	115.40	14.02
February 16, 1973	979.23	114.98	13.32
February 15, 1973	973.13	114.45	13.94
February 14, 1973	979.91	115.10	16.52
February 13, 1973	996.76	116.78	25.32
February 12, 1973	991.57	116.06	16.13