News stories from Thursday March 8, 1973

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

Two bombs exploded in London on a day when a referendum was being held in Northern Ireland to determine whether that country will remain part of the United Kingdom or become united with the Irish Republic; 180 people were wounded and one was killed in a bomb explosion near the Old Bailey building. Another bomb exploded near Defense Ministry recruiting offices near Scotland Yard. About 12 were injured. Police were able to clear most of the area before the explosion, but property damage was extensive.Violence was also widespread in Northern Ireland. In Belfast, bomb blasts, shooting attacks and fire served as a backdrop for the Northern Irish referendum on union with Eire. Despite this, Protestants turned out in large numbers at polling stations to vote for continued union with the U.K. Most Catholics boycotted the referendum. [CBS] Wholesale prices were up 1.6% in February and food prices were up 3.2%. Using the last three months as a basis, food prices are going up at a rate of 56% per year. Agriculture Secretary Earl Butz said that food prices can not go down when all other prices and wages are rising. Council of Economic Advisers chairman Herbert Stein predicts that food prices will level off by summer. [CBS] The Chamber of Commerce recommended that Congress repeal the minimum tax law. That law is designed to insure that the wealthy must pay some tax, although they can mostly escape through tax shelters. [CBS] Nine Common Market countries have drawn up a list of steps they want the U.S. to take to help end the current monetary crisis. Their proposals will be presented to Treasury Secretary Shultz tomorrow at the international meeting in Paris. [CBS] The impasse at Wounded Knee may be near a climax. The government has given the Indians an ultimatum to leave Wounded Knee by sundown or be forced out by troops. Both sides are still hoping for a peaceful end to the incident. The Indians are standing firm in their demand for the removal of the Sioux tribal president, a thorough investigation of the Bureau of Indian Affairs and Senate hearings on broken Indian treaties. Some residents of Wounded Knee are leaving the area in anticipation of violence. Methodist bishop James Armstrong proposed a cease-fire; the Indians agreed, but with reservations. AIM leader Carter Camp said that he accepted the cease-fire so that the negotiation of Indian demands can resume. [CBS] A transport plane carrying a military stunt parachute team lost a wing and crashed during a thunderstorm in North Carolina; all 14 persons on board were killed. [CBS] Three Navy jets of an exhibition flying team collided over the Imperial Valley desert in California. All pilots parachuted to safety. [CBS] A Swiss court sentenced Edith Irving to two years in prison for her role in the Howard Hughes autobiography hoax. Her husband Clifford Irving is serving a 2½ year term in the United States. [CBS] Agriculture Secretary Earl Butz reported that a Justice Department investigation of the Russian wheat deal shows that no fraud was involved in the sale. [CBS] Acting FBI chief L. Patrick Gray was questioned again today by a Senate committee regarding the FBI's investigation of the Watergate bugging. White House press secretary Ron Ziegler was critical of the Senate questioning. The Senate has heard testimony linking President Nixon's personal attorney Herbert Kalmbach and former White House appointments secretary Dwight Chapin to political espionage. [CBS] Two of the human guinea pigs in the Tuskegee syphilis research program told their stories to a Senate committee. Charles Pollard said he thought he was being treated for syphilis when he actually was not. Pollard was infected in 1933. He was given $25 for participation in the program. Senator Edward Kennedy reacted with shock and outrage at the Tuskegee study. Kennedy stated that somebody must look out for trusting patients being deceived by such projects, and called for a watchdog agency to keep an eye on human experimentation. [CBS] A draft lottery was held to establish a stand-by manpower pool in case of national emergency. [CBS] President Nixon sent Congress a message regarding community development and asserted that under his plan no city would get less money than it is now getting under federal programs. The President's plan also recommends more money for mass transit and less for roads. [CBS] Because of continuing inflation, food price controls at the farm level may be necessary as a temporary measure to slow down the price spiral. [CBS] The Associated Press reported a split in the International Control Commission between the Communist nations of Poland and Hungary and the Western nations of Canada and Indonesia. [CBS] Officials from Washington and Hanoi will meet Thursday in Paris to discuss U.S. reconstruction aid for North Vietnam. Shortly after this the Viet Cong and South Vietnam will meet in Paris to discuss a political settlement for Vietnam. [CBS] Fifty-six more former POWs are heading home from the Philippines. Air Force Col. Leo Thorsness was temporarily detained in Hawaii with fever and a sore throat. Commander Richard Stratton arrived at Travis AFB in California. He said that the prisoners never lost faith in America, and now for the first time in six years he has something to smile about. Stratton was greeted by former fellow POW Commander Ted Kaufman and Lt. Commander Everett Alvarez. Stratton's friend, Navy Commander Dean Kraemer, says that the story of why Stratton (while a prisoner of war) confessed to bombing civilians will soon be told. [CBS]

Stock Market Report

Dow Jones Industrial Average: 976.44 (-3.54, -0.36%)
S&P Composite: 114.23 (-0.22, -0.19%)
Arms Index: 1.35

	Issues	Volume*
Advances	662	5.28
Declines	766	8.22
Unchanged	343	1.60
Total Volume		15.10

* 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*
March 7, 1973	979.98	114.45	19.31
March 6, 1973	979.00	114.10	17.71
March 5, 1973	966.89	112.68	13.72
March 2, 1973	961.32	112.28	17.71
March 1, 1973	949.65	111.05	18.21
February 28, 1973	955.07	111.68	17.95
February 27, 1973	947.92	110.90	16.13
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