News stories from Thursday July 5, 1973

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

The Federal Reserve Board increased the maximum interest rate on passbook savings accounts from 4.5% to 5%. The Federal Home Loan Bank Board boosted savings and loan interest rates from 5% to 5.25%. The interest rate ceiling on mortgages was raised from 7% to 7.75%. That rate applies to FHA and VA mortgages. [CBS] The Nixon administration has placed export controls on 41 other commodities after announcing controls on soybeans last week. The availability of High-protein feeds will be maintained for American farmers under the new controls. The purpose is to protect prices and keep them from skyrocketing as soybean prices did. Soybean export controls came too late, but before a drain on other grain feeds causes subsequent food shortages and high prices, export controls will keep the feed prices as they are now. [CBS] Egil Krogh, a former White House aide and member of the "plumbers" unit assigned to stop news leaks, took the fifth amendment before the Los Angeles grand jury which is probing the break-in of Daniel Ellsberg's psychiatrist's office. [CBS] David Young, Krogh's associate in the "plumbers" unit, has been granted limited immunity by a federal judge and compelled to testify before the Senate Watergate committee. [CBS] President Nixon seems to be yielding to Republican governors who desire a bigger role in party affairs. The president met with Washington Governor Dan Evans; the White House said that Watergate was not mentioned. Deputy White House news secretary Gerald Warren stated that Vice President Spiro Agnew also was not discussed, but Evans and other Republican governors want Agnew to be reinstated as the liaison between the White House and themselves. [CBS] Government auditors issued their report on the Maryland fundraising dinner last year in Vice President Agnew's honor; the report charges that campaign finance regulations were violated. Hugh Sloan's testimony before the Senate Watergate committee gave a clue to the violations. The Nixon re-election committee sent $50,000 to fund the dinner, and the names of contributors were falsely put on those funds from re-election committee.The General Accounting Office report says that $47,000 was contributed by corporations, which is illegal under campaign finance laws. Agnew stated that he had no connection with planning the dinner and knew nothing about how it was funded. [CBS] George Wallace and Ted Kennedy met for a Fourth of July celebration in Decatur, Alabama. Kennedy spoke at the event, and stated that he holds the Nixon administration responsible for the inflation that hurts the majority of Americans. Unity among Democrats was the theme of the day, with Kennedy, Wallace, Alabama state chairman Robert Vance and national party chairman Robert Strauss present. Wallace received the Audie Murphy patriotism award. Wallace said that the only way for America to have freedom is to hold the number one military position in the world. He added that unless the Democratic party can appeal to middle America, the party won't do any good. [CBS] Since the sterilization cases in Montgomery, Alabama, were brought to the public's attention, more attention is begin focused on involuntary sterilizations. The federal Office of Economic Opportunity, which is the parent agency to the local Alabama, agency, admitted that its sterilization guidelines were unclear. Department of Health, Education and Welfare Secretary Caspar Weinberger has frozen all funds for sterilization until new guidelines are set up. [CBS] A recent Supreme Court ruling allows each community to decide what constitutes pornography; this has produced a dilemma for some areas. Charlottesville, Virginia, is divided on the hard-core pornography issue. One bookstore was closed by local police. Store owner Edward Haigh said that he doesn't consider his books to be "hard core", just girlie-type magazines and books. City officials wanted the store across the street to remove Playboy and Penthouse magazines. Sheriff George Bailey says that pictures of completely naked women are offensive, but the police chief believes the enforcement issue has gotten out of hand. [CBS] Elizabeth Taylor remains separated from Richard Burton. [CBS] Secretary of State William Rogers offered a five-point plan for peace and stability in Europe at the European Security Council conference. [CBS] The value of the dollar fell again today. United Nations Secretary General Kurt Waldheim said that the U.N. is considering switching its currency away from the dollar. [CBS] A independent commission recommended that the British government give back land that citizens relinquished during World War II. In 1943, Winston Churchill moved out the residents of Tyneham Village, England, and established a gun range. He promised to restore the land to the people after the war, but never did. The "Committee of 43" is a protection agency designed to keep speculators from moving into the area. Committee chairman Rodney Legg believes that commercialism must not be allowed to ruin the beautiful and rugged land when the army moves out. But even if the government returns the land, the old lifestyle of Tyneham can't be recreated. [CBS]

Stock Market Report

Dow Jones Industrial Average: 874.32 (+0.15, +0.02%)
S&P Composite: 101.78 (-0.09, -0.09%)
Arms Index: 0.93

	Issues	Volume*
Advances	558	3.92
Declines	751	4.90
Unchanged	410	1.68
Total Volume		10.50

* 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*
July 3, 1973	874.17	101.87	10.56
July 2, 1973	880.57	102.90	9.83
June 29, 1973	891.71	104.26	10.77
June 28, 1973	894.64	104.69	12.76
June 27, 1973	884.63	103.62	12.66
June 26, 1973	879.44	103.30	14.04
June 25, 1973	869.13	102.25	11.67
June 22, 1973	879.82	103.70	18.47
June 21, 1973	873.65	103.21	11.63
June 20, 1973	884.71	104.44	10.60