News stories from Friday July 6, 1973

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

At his first news conference, new Secretary of Defense James Schlesinger said that bombing in Cambodia may continue even after the agreed-upon end date of August 15. He speculated that if no cease-fire is reached by August 15, the President might seek Congress' approval for extending the bombing in Cambodia. Cambodian government troops must improve if possible before the U.S. air raids stop, Schlesinger added. [CBS] Cambodian Premier Lon Nol is ready to negotiate for peace, but in Peking, exiled Cambodian leader Prince Sihanouk refuses to discuss any settlement; he called for an end to U.S. involvement and an end to the Lon Nol regime. In China, Chou En-lai told visiting U.S. congressmen that American involvement in Cambodia is wrong, and he agrees with Sihanouk's viewpoint. [CBS] President Nixon and Henry Kissinger met with Chinese Ambassador Huang Chen at the California White House. Nixon asked for the Chinese to pressure Prince Sihanouk to meet with Kissinger in Peking and discuss peace for Cambodia. Kissinger said that if no cease-fire is in effect by August, the President has the right to ask Congress for a bombing extension. The probability of the Chinese cooperating with President Nixon's request is unknown. [CBS] At the Washington, DC White House, four Catholic nuns staged a protest against the war in Cambodia. They were arrested but released later. [CBS] American Airlines admitted giving $75,000 to President Nixon's re-election campaign. Most of the money came from corporate funds, making the contribution illegal. American Airlines chairman George Spater issued a statement, taking full responsibility for $55,000 in corporate funds which were used for the contribution. The contribution was solicited by President Nixon's former attorney, Herbert Kalmbach. The merger of Western Air Lines and American is pending, and Spater felt that the merger wouldn't be approved unless he made a contribution. Special prosecutor Archibald Cox will use the admission to force other companies which made illegal contributions to come forward. Cox now possesses a secret contributors list that was kept by secretary Rosemary Woods; the list contains other possibly illegal contributors.Kalmbach's attorney confirmed that his client solicited Spater, but he had no knowledge of the illegal use of corporate funds. [CBS] The June unemployment rate dropped to 4.8%. Wholesale prices increased 2.4%. Farm prices were up 7%. [CBS] Money markets in Europe and Asia are seeing the dollar plunge to all-time lows. With the dollar's devaluation, American tourists abroad are full of confusion. Americans are spending more time and money in Britain than ever. Inflation is running rampant in Britain, but most tourists don't seem to mind paying high prices for rooms and food.American tourism in Paris is up from last year, but between French inflation and U.S. dollar devaluation, Americans are no longer the biggest spenders; Japanese and West German currency demands greater respect. Tourism from America is as high as ever in Italy. Most opt for a prepaid tour that includes all costs. With inflation very bad in Italy, Americans are not splurging as much. [CBS] In May, two families in Collinsville, Illinois, were falsely raided by narcotics agents in search of drugs. Herbert Giglotto's family has moved from their home because of harassment. CBS was allowed to interview the Giglottos if the location was kept secret. Herbert Giglotto said that his family was harassed by unknown persons and his cars were wrecked. Mrs. Giglotto stated that harassing phone calls came in at certain hours each day. The phone calls, threats and general harassment forced them to leave their home and travel around the country. [CBS] John Thompson, the American head of the Firestone Tire Company's offices in Argentina, has been freed unharmed. He was kidnapped last month. There is no word on the amount of ransom allegedly paid by Firestone. [CBS] The Bahamas, formerly under British rule, will begin self-government on Tuesday as power transitions from whites to blacks. After 300 years, the Bahamas will finally be an independent nation. National symbols are already on display and an independence rally is planned. Prime Minister Lynden Pindling deserves much credit for placing blacks in key positions to benefit the mostly black nation. But most feel that the transition of power was too smooth to help poor blacks in the Bahamas. Nothing much has changed in many people's opinion. [CBS] The Environmental Protection Agency relaxed clean air standards on non-military planes, allowing two more years before enforcing emission standards. Acting EPA director John Krohl denied that the standards were eased because of industry pressure. [CBS] Comedian Joe E. Brown died today in California at the age of 81 after a long illness. [CBS] A new beef substitute may help beat high meat prices. Bud Basolo of Stockton, California, has invented a new species, a cross between Holstein cattle and buffalo which is called "beefalo". Basolo says that there is more muscle on beefalo to make good steaks and roasts. Beefalos cost little to raise, gain weight quickly and their meat tastes good. Basolo noted that regular steaks have 50% fat while a beefalo steak is 90% lean. Beefalo will be sold in markets for a trial period this fall. [CBS]

Stock Market Report

Dow Jones Industrial Average: 870.11 (-4.21, -0.48%)
S&P Composite: 101.28 (-0.50, -0.49%)
Arms Index: 1.33

	Issues	Volume*
Advances	588	3.11
Declines	731	5.15
Unchanged	422	1.72
Total Volume		9.98

* 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 5, 1973	874.32	101.78	10.50
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