News stories from Tuesday April 3, 1973

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

The Senate upheld President Nixon's veto of the vocational rehabilitation bill. Senator Hubert Humphrey called it the most "inhumane" veto the President ever handed down. Senator Taft argued that the bill is inflationary. Liberal Republicans like Charles Percy and Clifford Case voted against the President, but four southern Democrats and Independent Harry Byrd voted with him. Republican whip Robert Griffin declared that Republicans are for fiscal responsibility. Democrat whip Robert Byrd noted that it is difficult to override a veto, and Alan Cranston said that he hopes future efforts to override vetoes will be more successful. [CBS] Watergate defendant G. Gordon Liddy again refused to testify to the grand jury, and is now being held in contempt of court by Judge John Sirica. Prosecutor Seymour Glanzer discussed Liddy's refusal to answer substantive questions despite the fact that he was given immunity from further prosecution.Senator Sam Ervin says that he is concerned about leaks to the press by the Senate investigating committee, as is White House press secretary Ron Ziegler. Senator Lowell Weicker hopes that White House chief of staff H.R. Haldeman resigns, since he won't testify to the Senate committee. [CBS] The effects of the meat boycott are beginning to be felt. Meat sales are off 25-50% in New York City and 15-20% in Los Angeles. Beef and pork sales in Atlanta are down 25-40% while chicken sales are up. Beef auctions have fewer cattle to sell. Pasture land is good this time of year and cattlemen can let the animals graze rather than sell. Beef prices are holding steady. The public relations office at the Lion Country Safari in Irvine, California, came up with the idea of feeding fish to the lions to show support of the meat boycott. [CBS] Heavy fighting was reported in Cambodia. Despite massive U.S. bombing, the Communist siege of Phnom Penh continued. [CBS] Defense Secretary Elliot Richardson warned that the U.S. may resume air strikes in support of South Vietnam if North Vietnam continues its infiltration. The Viet Cong said that the U.S. risks starting the war over again if it continues military aid to the Thieu government. [CBS] President Nixon and President Thieu concluded their two-day meeting in San Clemente, California. A joint Nixon-Thieu communique expressed grave concern over continued North Vietnamese infiltration of South Vietnam. Nixon assured Thieu that the U.S. will continue to support South Vietnam. Thieu said that his meeting with Nixon has laid the foundation for peace in Indochina. [CBS] In 1966, Lyndon Johnson met with South Vietnamese leaders in the Philippines and told them that the U.S. would not allow South Vietnam to become another Korea. But it did anyway. America still has troops in Korea 23 years after the end of the war, and the U.S. is now promising South Vietnam continued support. American involvement in Cambodia originally began as a support effort for Vietnam. Now Cambodia threatens to take over where Korea and South Vietnam left off. [CBS] The Supreme Court recently ruled that the use of local property taxes to support schools is legal. But the practice is often discriminatory. The Tenafly school district, located in a wealthy area of New Jersey, gets $1,470 per student per year. Jersey City schools only get $700 a student. The New Jersey Supreme Court ruled that the use of property taxes to support schools results in unequal education facilities for children, and therefore the state must finance schools in the future by methods other than the use of property taxes. [CBS] A mistrial was declared in the murder-kidnap trial of Ruchell Magee. Co-defendant Angela Davis was acquitted earlier in the same case involving the murder of a judge in 1970. [CBS] The Senate voted in favor of harsh mandatory sentences for drug pushers and for stiff penalties for certain crimes committed while using a gun. [CBS] Four power plants shut down near Fort Lauderdale, Florida, due to a malfunction. Power has now been restored. [CBS] Valerie Kushner, the wife of a POW, was active in the antiwar movement. She seconded the nomination of Senator George McGovern at the Democratic national convention. Her husband, Maj. Floyd Kushner, spoke today in Phoenixville, Pa. Kushner said that his wife's actions were his main source of strength. He claims that he made antiwar broadcasts under pressure while he was a POW, but he declined to repudiate those statements now.Kushner was the only POW who was a doctor. He said he was frustrated by his lack of ability to help fellow prisoners who were ill. [CBS] Former POWs consumed more than a ton of beef, 1,300 pounds of other meat and 326 pounds of tomatoes while in the Philippines en route to the United States. [CBS]

Stock Market Report

Dow Jones Industrial Average: 927.75 (-8.43, -0.90%)
S&P Composite: 109.24 (-0.94, -0.85%)
Arms Index: 1.46

	Issues	Volume*
Advances	383	2.28
Declines	1,034	8.96
Unchanged	355	1.67
Total Volume		12.91

* 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*
April 2, 1973	936.18	110.18	10.64
March 30, 1973	951.01	111.52	13.74
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