News stories from Wednesday April 11, 1973

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

Judge William Jones ruled that the Nixon administration has no authority to dismantle the Office of Economic Opportunity, and he directed OEO chief Howard Phillips to cease dismantlement. [CBS] Environmental Protection Agency director William Ruckelshaus granted car makers a one-year delay in meeting the auto emission standards which were proposed for 1975. Auto manufacturers were given standards which they must meet in the meantime. Ruckelshaus said that the extension was granted because of the potential disruption of society involved in attempting to enforce the original standards.Senator Edmund Muskie says that auto manufacturers have been doing less to achieve pollution-free cars than they should, and consumer advocate Ralph Nader accused Ruckelshaus of giving in to the manufacturers' threats of economic disruption if the standards were enforced. Ruckelshaus stated that he doubts the Chrysler Corporation even tried to meet the anti-pollution standards, but he gave the delay in order to avoid increased unemployment. Auto makers say they still can't comply with the new anti-pollution standards. Henry Ford II said that the 1976 standards are impossible to achieve, but UAW president Leonard Woodcock claims that car manufacturers can meet the new requirements. Mazda and Honda already meet the 1976 standards. Innovative technology and flexible approaches to research have led the two Japanese companies to develop cars that have very small amounts of polluting emissions. A Honda spokesman said that American manufacturers are too rigid in their attitudes towards pollution control. [CBS] The American Automobile Association declared that the platform shoes which are currently popular are a driving hazard because they make shifting the foot between the brake and gas pedal difficult. [CBS] President Nixon's appointments secretary Dwight Chapin, alleged spy Donald Segretti, former H.R. Haldeman aide Gordon Strachan, and Jeb Magruder aide Robert Reisoner testified today before a grand jury regarding the Watergate bugging.Many Republicans are upset by the Watergate affair. Senator Barry Goldwater believes that President Nixon should allow his aides to testify and should clarify the Watergate mess. Illinois Rep. John Anderson sat in on the Senate hearing in which Attorney General Richard Kleindienst contended that executive privilege could be used to prevent testimony by any administration employee to the Senate. Anderson said that he was shocked by the administration's interpretation of executive privilege and accused it of acting with contempt towards Congress. [CBS] President Nixon urged Congress to improve the laws governing private pension plans. [CBS] House Democratic leaders postponed their plans to force price and rent rollbacks. [CBS] Meat boycotters are urging the public to observe meatless days every Tuesday and Thursday. [CBS] A convoy of 400 trucks, protected by American planes, reached besieged Phnom Penh, Cambodia. General Alexander Haig is visiting Phnom Penh, and may be trying to arrange aid to Cambodia from South Vietnam. U.S. officials have stated that Lon Nol's regime is not in immediate danger of collapse, but President Nixon may ask South Vietnam to help the Cambodian government against the Communists. [CBS] The Pentagon reported that North Vietnam now has missile sites in South Vietnam as well as up to 170,000 troops. Since the cease-fire took effect, the Communist position in South Vietnam has become stronger than it has ever been. [CBS] Defendant Daniel Ellsberg testified in the Pentagon Papers case. Ellsberg explained how he changed from being a hawk on Vietnam to a dove while on assignment for the U.S. government in Vietnam. Senator William Fulbright and professor Richard Faulk will soon be called by defense attorney Leonard Boudin. [CBS] International financier Edward Krock is being charged with evading $1.5 million in income taxes. [CBS] The West German Attorney General ruled with certainty that the skull found last winter in a Berlin railroad yard is that of missing Hitler aide Martin Bormann. [CBS] Lebanon and Israel exchanged protests at the United Nations regarding yesterday's raid by Israeli commandos on Arab guerrillas in Beirut. A radio broadcast in Algiers called for the assassination of all Americans because the U.S. is pro-Israel. Demonstrators protested the raids in Lebanon. Kamal Nasser, one of the guerrillas killed yesterday, was a spokesman for the Palestinian Liberation Organization. [CBS] Four persons were killed in a flash fire at the Sears building in Chicago. [CBS] The FDA proposed new controls to curtail radiation leaks from microwave ovens. [CBS] A continuing snowstorm is delaying further rescue efforts for the victims of a plane crash near Basel, Switzerland. The plane was chartered from England, and many of its passengers were women on a trade fair excursion from Axbridge. At least 40 residents of the village of Axbridge were killed in the crash; most were young mothers. It is still not completely clear who survived the crash and who did not. Villagers are trying to get information on relatives and friends who were in the crash. [CBS]

Stock Market Report

Dow Jones Industrial Average: 967.41 (+6.92, +0.72%)
S&P Composite: 112.68 (+0.47, +0.42%)
Arms Index: 0.79

	Issues	Volume*
Advances	777	7.92
Declines	647	5.24
Unchanged	361	1.73
Total Volume		14.89

* 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 10, 1973	960.49	112.21	16.77
April 9, 1973	947.55	110.86	13.74
April 6, 1973	931.07	109.28	13.89
April 5, 1973	923.46	108.52	12.75
April 4, 1973	922.71	108.77	11.89
April 3, 1973	927.75	109.24	12.91
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