News stories from Friday September 7, 1973

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

In economic news: wholesale prices jumped in August; the Cost of Living Council issued its rules for Phase IV; beef prices are unfrozen as of midnight Sunday; a 10%-30% cut-back in price increases on 1974 model cars and trucks has been ordered; hearings regarding the supplies and costs of gasoline and home heating oil are set.The prices of farm products increased the most in August, also processed foods and feeds. Grain, egg and poultry prices have been rising since the was freeze lifted on August 12. Treasury Secretary George Shultz thinks the worst is over, and Agriculture Secretary Earl Butz believes that retail prices won't rise much more now. AFL-CIO president George Meany called President Nixon's economic programs "failures". [CBS] The Soviet purchase of American grain last year drove prices up. Treasury Secretary George Shultz said that he hopes to get a decrease in Russian purchases. [CBS] John Ehrlichman pleaded innocent to charges regarding the burglary of Daniel Ellsberg's psychiatrist's office. Ehrlichman, who is charged with conspiracy, burglary, and perjury, surrendered today and referred reporters' questions to his attorney. Ehrlichman lawyer Joseph Ball stated that the whole matter is political. Ehrlichman, along with White House "plumber" David Young, were driven to the Los Angeles county jail for booking, and were later released without bail. [CBS] Henry Kissinger went before the Senate Foreign Relations Committee for confirmation proceedings. The committee was concerned about Watergate and wiretaps. Kissinger stated that plugging national security leaks was the only purpose of the wiretaps. The secret bombing of Cambodia in 1969-1970 was also a concern. A snag in Kissinger's confirmation is possible, as the committee wants an FBI report on Kissinger's role in wiretaps. Attorney General Elliot Richardson will be consulted. [CBS] A plot to hook marijuana smokers on harder drugs has been uncovered. Congressman Lester Wolff, chairman of the House subcommittee on narcotics, stated that Asian drug dealers are lacing pot with opium, which reaches the United States through military channels. [CBS] The Paris Palestine-Arab drama continued at the Kuwait airport. Arab abductors threatened to kill the hostages if their demand for Jordan's release of a Palestinian prisoner was not met; Jordan refused.Saudi Arabia refused to let the kidnappers' plane land, and the terrorists returned to Kuwait. Another plane was sought to take them to Damascus. A representative of Yasser Arafat negotiated with the terrorists. One hostage was reportedly shot. Arafat called a press conference in Algiers and pledged that the gunmen will be brought to account for their actions. [CBS] The summit of "nonaligned" nations, a bloc of third world countries, continued in Algiers. Fidel Castro attended and spoke reassuringly of the Soviet Union, and attacked Col. Muammar Kaddafi of Libya, who had condemned both Russia and the United States. Castro claimed that Soviet arms defeated U.S. troops in Vietnam. [CBS] Communist forces swept through Kompong Cham, Cambodia, but most were driven back. Heavy casualties were reported. [CBS] Federal marshals seized a Russian fishing ship in docked in a Massachusetts port as payment for damages against an American lobstering company whose lobster nets were cut two years ago by a Soviet vessel. [CBS] In 1784, John Sevier charged North Carolina with neglect of its western region and led a movement to create the state of "Franklin". The state of Tennessee was later formed from that territory. History is repeating itself in Nebraska.A legislative dispute has led to talk of the panhandle seceding; the Nebraska panhandle may join Wyoming. Hiram Scott College, which is now bankrupt, is at issue along with the condition of roads in the region. Governor James Exon, who is also an object of the dispute, recently toured the panhandle and met with residents. Wyoming is interested, but secession is doubted. [CBS]

Stock Market Report

Dow Jones Industrial Average: 898.63 (-2.41, -0.27%)
S&P Composite: 104.76 (-0.39, -0.37%)
Arms Index: 1.35

	Issues	Volume*
Advances	795	6.44
Declines	606	6.65
Unchanged	367	1.84
Total Volume		14.93

* 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*
September 6, 1973	901.04	105.15	15.67
September 5, 1973	899.08	104.64	14.58
September 4, 1973	895.39	104.51	14.21
August 31, 1973	887.57	104.25	10.53
August 30, 1973	882.53	103.88	12.10
August 29, 1973	883.43	104.03	15.69
August 28, 1973	872.07	103.02	11.81
August 27, 1973	870.71	102.42	9.74
August 24, 1973	863.49	101.62	11.20
August 23, 1973	864.46	101.91	11.39