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Wednesday March 21, 1973
. . . where the 1970s live forever!

News stories from Wednesday March 21, 1973

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

  • The cost of living was up 0.8% in February due to rises in the prices of food, fuel and other commodities. Shoppers advocate a meat boycott.

    Herbert Stein, chairman of the President's Council of Economic Advisers, stated that food prices will rise more slowly by the end of the year than they are rising now. Cost of Living Council director John Dunlop said that it takes time to change the government's agricultural policy from that of limiting food production to that of increasing it. [CBS]

  • In a majority opinion written by Justice Lewis Powell, the Supreme Court ruled that schools can be supported by property taxes. However in poor areas where schools are supported by local property taxes, the schools are inferior to those in wealthy areas. Today President Nixon's appointees on the Supreme Court plus Justice Potter Stewart effectively said that the Constitution doesn't guarantee an equal education to all citizens. [CBS]
  • An Illinois couple is charged with child abandonment for selling their 12-year-old daughter for $30,000. Fred and Rita Flynn are alleged to have sold their daughter to Harold Miller. Miller wanted to marry the girl. [CBS]
  • Reverend Billy Graham supports President Nixon's plan to restore the death penalty; he also suggested that rapists be castrated. Graham praised South Africa during his current tour there. [CBS]
  • L. Patrick Gray was questioned again by the Senate today. Democrats continued to interrogate Gray about the FBI's investigation of the Watergate bugging case. Under questioning from Senator Edward Kennedy, Gray said that he sent a summary of the FBI's Watergate investigation to White House attorney John Dean through the Attorney General's office. Gray also sent raw FBI files straight to Dean. Nobody else was told about the transaction. Republican Senator Edward Gurney defended Gray, saying that he feels Gray is qualified to be the permanent FBI director. [CBS]
  • Another case of slave farm labor was uncovered in Florida. Worker Julius Graff told how he was held for two months at a migrant farm labor camp near the Everglades against his will. He finally got away in the back of a truck. Graff says he was paid with a bottle of wine, cigarettes and dinner for a week's work. Crew chief Joe "Bigfoot" Thomas has been arrested. He had a crew of 22, many of whom are too scared to talk. The woman who owned the buildings where the workers slept was given a baby boy by Thomas as payment for rents. Last November a worker was hit and killed by a car while trying to escape Thomas' camp. [CBS]
  • Ford is recalling 59,000 Torinos in order to locate and repair steering defects. [CBS]
  • John McCone, current ITT chief and former CIA director, testified to the Senate about ITT's efforts to influence Chile's politics. McCone stated that ITT president Harold Geneen offered $1 million to any government agency with a plan to have Chile's Parliament decide the election in favor of conservative candidate Jorge Alessandri when it became clear that Marxist candidate Salvador Allende would win the popular vote. Allende is now threatening to expropriate ITT properties in Chile. McCone said that he discussed the offer with Henry Kissinger, but no action on it was taken. [CBS]
  • Two Libyan air force planes fired on an American C-130 plane over the Mediterranean; the plane escaped. [CBS]
  • The Viet Cong will release its remaining 32 American POWs on Saturday. North Vietnam will release its remaining prisoners on Sunday. [CBS]

Stock Market Report

Dow Jones Industrial Average: 938.37 (-11.06, -1.16%)
S&P Composite: 110.49 (-1.46, -1.30%)
Arms Index: 1.65

Total Volume16.08
* 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
March 20, 1973949.43111.9513.25
March 19, 1973952.06112.1712.46
March 16, 1973963.05113.5415.13
March 15, 1973969.82114.1214.45
March 14, 1973978.85114.9814.46
March 13, 1973976.07114.4814.21
March 12, 1973969.75113.8612.81
March 9, 1973972.23113.7914.07
March 8, 1973976.44114.2315.10
March 7, 1973979.98114.4519.31

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