News stories from Monday April 16, 1973

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

The U.S. announced the resumption of bombing in Laos in response to a large Communist build-up in the north. Congress reacted to the renewed bombing: Senator Mark Hatfield lamented that U.S. bombs may drop again in North Vietnam if the Cambodian and Laotian bombing continues. Senator John Pastore noted that the goal was to get out of Indochina, not become more deeply involved. The U.S. also continued the bombing of Cambodia. Reports say that South Vietnamese troops again crossed the Cambodian border in pursuit of Communist forces. [CBS] More supply ships reached the besieged Cambodian capital of Phnom Penh, but U.S. bombing is said to be inflicting heavy civilian casualties. Premier Lon Nol is under pressure from the United States to broaden his base of support by bringing opposition leaders into the government. This would lay the foundation for negotiations with the Khmer Rouge. [CBS] The Senate opened hearings on the Cambodian refugee problem. Senator Edward Kennedy said that the U.S. should send diplomats rather than bombs to Cambodia. Deputy Assistant Secretary of State Arthur Hummel stated that negotiations are far off. [CBS] Egyptian Foreign Minister Zayyat and Israeli Ambassador Tekoah exchanged hostile remarks at a United Nations debate on the Mideast. [CBS] For the second time in two days saboteurs attacked installations of the American-owned Trans-Arabian Pipeline Corporation. [CBS] In Washington, the New Zealand charge d' affaires reported that someone shot at the embassy house during the night and left a warning painted on the walls. The message was signed by the "Black September" Arab terrorist movement. [CBS] Senator Sam Ervin's Watergate Committee demanded that all White House aides who will be called before it must testify in open session with reporters present. No compromise deal has been worked out with the administration regarding executive privilege. [CBS] President Nixon addressed a meeting of construction workers in Washington; he stated that the defense budget cannot be cut. Nixon announced that he plans to meet with Soviet Communist party leader Leonid Brezhnev.Organized labor has been critical of the administration's economic policy and of Labor Secretary Brennan regarding the minimum wage issue. AFL-CIO president George Meany believes that Brennan is not part of the decision-making process; Brennan said that resigning when he doesn't get his way wouldn't solve the problem. [CBS] President Nixon reportedly will tighten price controls. The House refused to force a rollback of prices or to freeze them at current levels. The administration announced new guidelines intended to hold down interest rates for small businesses and home buyers. [CBS] The Defense Department announced cutbacks at 274 military bases. Hunter's Point Naval Shipyard in San Francisco employs 5,600. It is scheduled to close in June, 1974. Acting San Francisco Mayor Robert Gonzales criticized the closing of the shipyard. Closure will hurt the area's economy. [CBS] Federal agents say that they have cracked the largest drug distribution ring in American history; 86 persons were indicted in New York City, Detroit and New Jersey. [CBS] Oakland, California, votes for mayor tomorrow. Bobby Seale, the veteran radical turned establishment, is running. Seale says he represents positive, constructive change. Conservative incumbent mayor John Reading is favored to win. Reading urged people to vote for him if they are happy with the existing situation in Oakland. [CBS] An appeals court ordered school districts in 17 southern and border states to proceed with integration. [CBS] William Safire, former ghost writer for Richard Nixon and Spiro Agnew, has joined the ranks of the "Eastern liberal establishment" by becoming a columnist for the New York Times. [CBS] The Justice Department charged United Air Lines and five transportation unions with discrimination against blacks and women in their employment practices. [CBS] Pablo Picasso was buried today in the garden of his chateau in France. [CBS] The two pandas which China gave to President Nixon as a gift to the U.S. observed the first anniversary of their arrival at the Washington National Zoo. Henry Kissinger is a regular visitor to the pandas. [CBS]

Stock Market Report

Dow Jones Industrial Average: 956.73 (-2.63, -0.27%)
S&P Composite: 111.44 (-0.64, -0.57%)
Arms Index: 1.21

	Issues	Volume*
Advances	569	3.61
Declines	822	6.29
Unchanged	357	1.45
Total Volume		11.35

* 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 13, 1973	959.36	112.08	14.39
April 12, 1973	964.03	112.58	16.36
April 11, 1973	967.41	112.68	14.89
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