News stories from Thursday March 15, 1973

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

President Nixon warned North Vietnam of serious consequences if its infiltration of South Vietnam continues, saying that the U.S. is very concerned with North Vietnam's infiltration of men and supplies down the Ho Chi Minh trail into South Vietnam. The President also discussed his refusal to allow John Dean to testify at the confirmation hearing of L. Patrick Gray and challenged the Senate to test the doctrine of executive privilege in court. Nixon is unhappy about Gray furnishing FBI files to the Senate regarding the Watergate investigation.Senator Sam Ervin says that he will go to court to subpoena any White House staff members to get their testimony about the Watergate case; Senator Howard Baker agrees with Ervin. [CBS] Released POWs have said that most Americans classified as missing in action are probably dead. [CBS] Maj. Philip Smith and Lt. Robert Flynn have been released from China. Smith and Flynn were taken prisoner after crashing in Chinese territory while on bombing raids in North Vietnam. The two men appear to be in good health.During his recent visit to China, Henry Kissinger discussed the release of POWs as well as mutual U.S.-Chinese reduction of forces in South Vietnam and North Vietnam respectively. [CBS] Canadian officials, headed by External Affairs Minister Mitchell Sharp, arrived in Saigon to decide whether Canada will remain in the International Control Commission. [CBS] Grenades were thrown into a Buddhist pagoda in the Saigon area, killing 17 and wounding 88. Saigon blamed Communist terrorists. Meanwhile, Hanoi charged the U.S. with cease-fire violations. [CBS] In Paris, the U.S. and North Vietnam opened talks on reconstruction aid to North Vietnam. Maurice Williams, the leader of the U.S. team, says the two sides are determined to reach an agreement. [CBS] Office of Economic Opportunity cuts are being attacked in Congress. In San Jose, California, Connie Wilson and Barbara Heath both work but they make less than $100 a week. They keep their children in a federally-subsidized day care center which costs the women $7 a week, otherwise they couldn't afford to work at all. President Nixon's budget cuts are causing the center to close. Heath says that she might have to go on welfare if the center closes. Karen Streetman stated that many mothers can't afford private child care for their children, as she led a demonstration protesting the possible closing of child care centers. [CBS] Fish in Biscayne Bay off the Florida coast are dying. Health authorities are baffled by the fish deaths and believe that bacteria or a virus in the bay may be the cause. Water sports on the bay have been banned. [CBS] The number of cases of gonorrhea in the U.S. in 1972 was the highest ever reported. [CBS] High officials in the JFK administration testified for the defense in the Pentagon Papers trial of Daniel Ellsberg and Anthony Russo today. Ted Sorensen stated that the release of the papers could not possibly have harmed American security. Other former JFK and LBJ aides, including McGeorge Bundy and Arthur Schlesinger, agreed. Schlesinger claimed that if the papers were released earlier, the U.S. might have been spared much agony and bloodshed in the Vietnam war. John Kenneth Galbraith said that the papers are not only useless, but also dull reading. [CBS] The Senate passed a bill to permit the use of highway funds for public transportation systems. [CBS] Interior Secretary Rogers Morton stated that the government should get tough in talks with the Indians who are occupying the town of Wounded Knee, South Dakota. [CBS] President Nixon rejected food price controls, but lowered the beef import tax. [CBS] Chic Young, creator of the comic strip "Blondie", died yesterday at the age of 72. The strip will be continued by Jim Raymond and Young's son, Dean. [CBS] The U.N. Security Council opened a special meeting in Panama. Panamanian leader General Omar Torrijos is appealing for world support in obtaining the canal for Panama and getting the United States out of his country. U.S. United Nations Ambassador John Scali wants private talks on the matter. [CBS] Democrat Senators voted for a reduction in the number of American troops overseas. [CBS] The Senate moved to block increased U.S.-Soviet trade until emigration restrictions on Russian Jews are eliminated. Henry Jackson's bill would not allow the USSR to receive most favored nation trade status with the United States. [CBS] David Bruce was named by the Nixon administration as the first U.S. liaison chief in Peking. Bruce, a 75-year-old retired diplomat, said he was surprised and delighted by the assignment. The U.S. has for all practical purposes established diplomatic relations with China. Bruce is a Democrat and President Nixon wants bipartisan support for improving Sino-American relations. Bruce is also about the same age as the Chinese leaders. [CBS] President Tito of Yugoslavia was nominated by the Soviet Union for the Nobel Peace Prize. [CBS] The school book depository building in Dallas from which Lee Harvey Oswald fired the shots that killed John F. Kennedy, is up for sale as an important historical building. [CBS]

Stock Market Report

Dow Jones Industrial Average: 969.82 (-9.03, -0.92%)
S&P Composite: 114.12 (-0.86, -0.75%)
Arms Index: 1.62

	Issues	Volume*
Advances	435	2.78
Declines	973	10.06
Unchanged	364	1.61
Total Volume		14.45

* 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 14, 1973	978.85	114.98	14.46
March 13, 1973	976.07	114.48	14.21
March 12, 1973	969.75	113.86	12.81
March 9, 1973	972.23	113.79	14.07
March 8, 1973	976.44	114.23	15.10
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