News stories from Wednesday February 21, 1973

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

Israel shot down a Libyan passenger plane over the Sinai; Egypt called it an act of mass murder. Israeli Prime Minister Golda Meir expressed deep sorrow over the incident, but said that the pilot should have heeded three warnings to land the plane since he was over Israeli territory. Israel reports that 73 people were killed. Earlier, Israeli forces raided two Arab guerrilla camps 120 miles inside Lebanon. They claim to have killed 40 Arab guerrillas and destroyed the camps which were used for training Arabs and other terrorists. Defense Minister Moshe Dayan was told by returning officers that a Turkish terrorist was captured. [CBS] President Nixon declared that food prices will come down by the end of the year, and has suggested that it would be "patriotic" to eat more fish since meat prices are so high. Federal Reserve Board chairman Arthur Burns recommends that Americans substitute cheese for meat now and then. [CBS] The Senate voted 69-20 to revive the program of low interest loans for rural electrification. President Nixon had killed the program. The Senate also voted 89-0 in favor of a federal anti-hijacking security force. [CBS] Big-city mayors protested President Nixon's budget cuts at a meeting in Washington. Milwaukee Mayor Henry Maier claimed that the federal budget cuts shift the burden to local property taxpayers. New York City Mayor John Lindsay says that there is enough money in the bloated military budget to take care of vital domestic programs without any danger to national security. Gary (Ind.) Mayor Richard Hatcher said that the Nixon administration didn't have to send Henry Kissinger to negotiate withdrawal from the cities. San Francisco Mayor Joseph Alioto stated that rebuilding North Vietnam should not take precedence over the rebuilding of American cities. [CBS] Laos has signed a cease-fire truce similar to the Vietnam agreement. [CBS] Secretary of State Rogers discussed postwar aid to North Vietnam, denying that money has been set aside in the Pentagon budget for use in the reconstruction of North Vietnam. Doing so would bypass the necessity for getting congressional approval for spending in North Vietnam. Senator Clifford Case demanded to know if President Nixon intends to bypass Congress; Rogers refused to say. Senator Gale McGee noted that Congress' mood is "ugly" and it is mad about "executive high-handedness." [CBS] The next group of American POWs are scheduled for release next Tuesday. [CBS] White House sources say that Soviet Communist party leader Leonid Brezhnev congratulated President Nixon on the Vietnam cease-fire. Soviet-U.S. relations should improve now. Chinese-American relations are likely to improve as a result of Henry Kissinger's visit. The two nations will issue a joint communique tomorrow. [CBS] The Supreme Court made an important new ruling today. While Earl Warren was Chief Justice of the Supreme Court, the "one man, one vote" rule which requires that congressional districts within a state must be roughly equal in population was strongly upheld. Today the conservative Burger court ruled that state legislatures need not be as strictly apportioned as the Warren court required congressional districts to be. William Rehnquist said that states may follow city and county lines in drawing legislative districts, regardless of population. [CBS] Southern California was hit by its biggest earthquake in two years; only two people were hurt, but property damage is extensive. Most of the damage was done in Oxnard, near Los Angeles. [CBS] A gas line exploded in Coopersburg, Pennsylvania. Two people were killed, 20 were injured, and four are missing. Men who were working on a sewer hit a gas line. [CBS] Senator Edmund Muskie announced that he may run for president in 1976. [CBS] The government approved the use of the drug DES for emergency "morning after" contraception in cases of rape or incest. An FDA commissioner testified to Congress that the drug is safe. [CBS] A casket believed to contain the body of Marshal Philippe Petain has been found. [CBS] Skipjack oyster boats were once a familiar sight on Chesapeake Bay. Dredging for oysters is hard work. The occupation is going out of existence, says Chauncey Wallace and other oyster dredgers. Only 33 skipjacks remain on Chesapeake Bay, where there used to be 2,000. New mechanical fishing ships are taking over. [CBS]

Stock Market Report

Dow Jones Industrial Average: 974.34 (-9.25, -0.94%)
S&P Composite: 114.69 (-0.71, -0.62%)
Arms Index: 1.55

	Issues	Volume*
Advances	450	2.97
Declines	985	10.07
Unchanged	354	1.84
Total Volume		14.88

* 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*
February 20, 1973	983.59	115.40	14.02
February 16, 1973	979.23	114.98	13.32
February 15, 1973	973.13	114.45	13.94
February 14, 1973	979.91	115.10	16.52
February 13, 1973	996.76	116.78	25.32
February 12, 1973	991.57	116.06	16.13
February 9, 1973	979.46	114.68	19.26
February 8, 1973	967.19	113.16	18.44
February 7, 1973	968.32	113.66	17.96
February 6, 1973	979.91	114.45	15.72