News stories from Tuesday March 27, 1973
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The last 32 POWs held by the Viet Cong were released. Lt. Commander Phillip Kunstler was the most recently captured of the prisoners. Commander Harley Hall, the man shot down with Kunstler, was not on the list, but U.S. POWs claim that he was also captured. All POWs are scheduled to be released by Thursday. The last phase of U.S. troop withdrawal from Vietnam is now in progress. [CBS]
- Canada announced that it will remain in the International Control Commission until May 31. If the Saigon government and the Viet Cong are not moving toward a political solution by then, External Affairs Minister Mitchell Sharp stated that Canada will withdraw. [CBS]
- Nine American captives are still being held by the Pathet Lao, and 300 other Americans are missing in Laos. A cease-fire is now in effect there. Premier Souvanna Phouma said that he doesn't know if the Pathet Lao is holding other American prisoners, but perhaps more will be known after a coalition government is set up. [CBS]
- Presidential aide John Ehrlichman previously warned Congress that its appropriation bills would be vetoed. Today President Nixon vetoed the vocational rehabilitation bill, saying that it is inflationary and would force a 15% tax increase. Budget director Roy Ash said that passage of this bill would be the beginning of a major inflationary spending spree. Health, Education and Welfare Secretary Caspar Weinberger declared that higher taxes will be necessary if President Nixon's budget is not followed. [CBS]
- The federal government banned supersonic transport flights within the United States. [CBS]
- Negotiations resumed between Indians and the government at Wounded Knee, South Dakota. During the night up to 4,000 rounds of gunfire were exchanged. One person was seriously wounded. [CBS]
- Republicans are upset by the administration's handling of the Watergate case. Senators John Tower, Norris Cotton and James Buckley urged that the scandal be exposed and cleared up. The Senate Watergate Committee will hear from James McCord tomorrow. Attorney Seymour Glanzer is attempting to discredit McCord's testimony. Prosecutor Earl Silbert admits offering McCord a reduced prison term in return for talking. E. Howard Hunt and other Watergate defendants will also testify before the Senate investigating committee. [CBS]
- Congressional leaders called for the administration to impose more wage and price controls. [CBS]
- Some supermarket chains will shut down on Saturday to protest rising food prices. In Florida, many people are going into the fields to pick their own strawberries, corn and other items since prices are much lower this way. Tomato grower Fred Helms says that all kinds of people are coming to pick food crops. In Boston, people go to farmers markets to buy food at lower prices. Mayor Kevin White is among the shoppers. [CBS]
- Ford Motor Company announced plans for price increases on three of its 1973 models. [CBS]
- Last April, 13-year-old John Malachowsky of West Babylon, New York, complained that the price increase in model airplane paint from 15 cents to 19 cents was unjustified under Phase II economic controls. Testor Corp., the manufacturer of the paint, was taken to task by the government. Testor is now losing $313,000 in excess profits because of Malachowsky. Malachowsky says he hopes to get his 40 cents back out of the deal. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 944.91 (+17.01, +1.83%)
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 26, 1973 | 927.90 | 109.84 | 14.98 |
| March 23, 1973 | 922.71 | 108.88 | 18.47 |
| March 22, 1973 | 925.20 | 108.84 | 17.13 |
| March 21, 1973 | 938.37 | 110.49 | 16.08 |
| March 20, 1973 | 949.43 | 111.95 | 13.25 |
| March 19, 1973 | 952.06 | 112.17 | 12.46 |
| March 16, 1973 | 963.05 | 113.54 | 15.13 |
| March 15, 1973 | 969.82 | 114.12 | 14.45 |
| March 14, 1973 | 978.85 | 114.98 | 14.46 |
| March 13, 1973 | 976.07 | 114.48 | 14.21 |