News stories from Friday March 30, 1973

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

President Nixon responded to mounting criticism of White House handling of the Watergate case. Press secretary Ron Ziegler stated that the President will direct anyone called by the grand jury to testify before it. The White House is working out informal procedures with the Senate investigating committee for presidential aides to give information without sacrificing their constitutional rights.The Associated Press reported that James McCord told the Senate investigating committee that H.R. Haldeman, White House chief of staff, had to be aware of the plan to bug the Democratic party headquarters. Haldeman refused to answer a reporter's questions about the Watergate case. In court, Judge John Sirica postponed sentencing McCord until June so McCord can continue his testimony. Defendant G. Gordon Liddy maintained his silence, even though he has been granted immunity. The prosecution offered Liddy a reduced prison term in exchange for his testimony, but Liddy is still invoking the fifth amendment. McCord attorney Gerald Alch is reportedly on the verge of quitting because McCord has a new lawyer, wealthy Democrat Bernard Fensterwald. Fensterwald posted part of McCord's bail. Alch feels that Fensterwald is making moves designed to embarrass Republicans rather than seeking the truth about the case. [CBS] Congressional leaders had mixed reactions to President Nixon's decision to impose price ceilings on beef, pork and lamb. Senator Hugh Scott approves the move; House Agriculture Committee chairman W.R. Poage says that the decision is a mistake. AFL-CIO president George Meany called the price ceiling "inadequate." Organizers of the meat boycott plan to go ahead despite the price freeze, and some supermarkets are cutting meat orders by as much as 25% in anticipation of the boycott.The prices of cattle and hogs jumped on the Chicago Mercantile Exchange. Live cattle, hogs and sheep are exempt from the price ceiling, and exchange members are betting that long term prices will continue to rise because supply is not keeping up with demand. Exchange spokesman Leo Melamed said that price ceilings will only be disruptive. Oren Lee Staley, president of the National Farmers Organization, told a reporter that farmers will be hurt by the price ceiling. Meat packers were surprised that the administration didn't include a meat price rollback instead of just implementing price ceilings. Price ceilings are expected to only slightly reduce present prices. [CBS] Mobil Oil Corporation announced that it will limit gasoline distribution because of a possible coming gas shortage. Texaco and Cities Service ("CITGO") will do the same. [CBS] Former POWs continued to reveal tales of torture, starvation and lack of medical treatment while in captivity in North Vietnam. [CBS] The Viet Cong claims that 10,000 to 20,000 American military advisers remain in South Vietnam, disguised as civilians. The U.S. responded that it only has civilians in South Vietnam now. [CBS] Ellsworth Bunker, the U.S. Ambassador to South Vietnam, resigned. Career diplomat Graham Martin will replace him. [CBS]

Stock Market Report

Dow Jones Industrial Average: 951.01 (-8.13, -0.85%)
S&P Composite: 111.52 (-1.19, -1.06%)
Arms Index: 1.67

	Issues	Volume*
Advances	547	3.36
Declines	864	8.87
Unchanged	348	1.51
Total Volume		13.74

* 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 29, 1973	959.14	112.71	16.05
March 28, 1973	948.00	111.62	15.85
March 27, 1973	944.91	111.56	17.50
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