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Monday September 10, 1973
. . . where the 1970s live forever!

News stories from Monday September 10, 1973


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

  • Over the weekend President Nixon called for Congress to cooperate with him. Democratic leaders seem willing, but the parties' goals differ. Nixon urged domestic spending cuts to curb inflation, but not defense cuts. He also called for building the Alaska oil pipeline, approving increases in natural gas prices, and restoring the death penalty. The issues of middle class housing and aid to the poor will come later on the agenda. Although the president's tone was conciliatory, he implied that his criticism of Congress will resume if it does not pass his bills.

    Senator Mike Mansfield met with Senate committee chairman to work on other bills. More money for domestic programs and less for defense is predicted. Bills to limit the President's powers are also predicted.

    President Nixon restated his opposition to busing and said that school integration is proceeding at an acceptable pace; he wants Congress to ban busing. [CBS]

  • The Pentagon gave the Senate Armed Services committee an explanation regarding the secret Cambodia bombings in 1969-70. Senator Harold Hughes was critical of the explanation.

    The White House ordered that the bombing be kept secret; the Pentagon devised the procedure for doing so. 3,785 B-52 bomb strikes were involved as U.S. ground troops probed Laos and Cambodia to gather intelligence and to destroy enemy materiel. [CBS]

  • In Cambodia today, the struggle for Kompong Cham continued. Government troops claimed to have made advances. [CBS]
  • The Cost of Living Council granted the steel industry a price increase, in two stages. [CBS]
  • The approaching end of the beef price freeze has had little effect on prices or supplies so far. The National Livestock Feeders Association predicts a 5%-7% increase in prices when the freeze is lifted, however demand for beef has dropped. Uncertainty is seen at the retail level as prices fluctuate. [CBS]
  • Some gas stations have shut down as a protest against government price controls. An increase in wholesale prices combined with a decrease in capped retail prices have caused stations to operate at a loss, and a general strike may result. [CBS]
  • Senator Herman Talmadge reported that Japan has bought one-sixth of the present U.S. cotton crop in an action similar to the U.S.-Soviet wheat deal. A increase in clothing prices is predicted because of the deal; export controls are being sought. [CBS]
  • Russell Train gained Senate approval as director of the Environmental Protection Agency; Train defended President Nixon's call for relaxing clean air standards to avoid a shortage of heating oil this winter by allowing more coal to be used. Environmental activist Barry Commoner charged the Nixon administration with rewarding the oil industry and conspiring against ecology programs. Commoner called the Nixon energy policy "another Watergate". Train presented the situation as a choice between using all available fuels or having a fuel shortage. [CBS]
  • Investigations are underway as to whether diagnostic X-rays and high altitude jet airplane travel cause increased cancer risks. [CBS]
  • There were two more bombings in London today. Bombs exploded in railroad stations, injuring 13 people. The Irish Republican Army is thought to be responsible.

    The trial of persons accused in the March, 1973, bombings in London has begun. [CBS]

  • Watergate conspirator G. Gordon Liddy refused to take the swearing-in oath before testifying at the House Armed Services committee. Today the House voted to charge Liddy with contempt of Congress. [CBS]
  • In San Diego, the Republican national committee met for the first time since Watergate. Party chairman George Bush claims that the Watergate scandal has not hurt the Republicans, and his hopes for the 1974 congressional elections remain high. [CBS]
  • President Nixon's 1972 campaign finance committee spent $1 million in the last three months. Part of the expenditure was to pay for the legal costs of Maurice Stans, Hugh Sloan, Herbert Porter, Jeb Magruder and Fred LaRue. [CBS]
  • Princess Anne of Great Britain took a spill at the European Riding Championships at Kiev in the Soviet Union. She was uninjured, though initial reports stated otherwise. [CBS]


Stock Market Report

Dow Jones Industrial Average: 891.33 (-7.30, -0.81%)
S&P Composite: 103.85 (-0.91, -0.87%)
Arms Index: 1.43

IssuesVolume*
Advances5743.27
Declines8366.79
Unchanged3601.56
Total Volume11.62
* 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
DateDJIAS&PVolume*
September 7, 1973898.63104.7614.93
September 6, 1973901.04105.1515.67
September 5, 1973899.08104.6414.58
September 4, 1973895.39104.5114.21
August 31, 1973887.57104.2510.53
August 30, 1973882.53103.8812.10
August 29, 1973883.43104.0315.69
August 28, 1973872.07103.0211.81
August 27, 1973870.71102.429.74
August 24, 1973863.49101.6211.20


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