News stories from Monday January 29, 1973

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

North Vietnam and South Vietnam both claimed brazen cease-fire violations by the other. Saigon cited almost 500 violations by the Communists. Hundreds are dead on both sides. Anthony Dal Pozzo was the first U.S. soldier to be killed after the truce. He was flying an unarmed helicopter over the Mekong Delta. Bitter fighting is taking place near the DMZ. Near Saigon, South Vietnamese soldiers attacked a hamlet held by the Viet Cong. South Vietnam claims that the V.C. moved into the hamlet 40 miles from Saigon during the night after the truce went into effect.The White House says that cease-fire violations are to be expected, but violations on such a large scale were not anticipated. The administration is asking South Vietnam to use restraint, and State Department spokesman Charles Gray said that the U.S. is trying to stabilize the situation. North Vietnam has been offered $2.5 billion over the next five years for reconstruction, so the U.S. is hopeful that North Vietnam will respect the cease-fire. [CBS] President Lon Nol of Cambodia ordered a unilateral cease-fire. [CBS] U.S. war planes struck the Ho Chi Minh trail in Laos. [CBS] Eight hundred U.S. prisoner of war soldiers are back from Vietnam so far. [CBS] The Pentagon says that 56 American POWs are not accounted for on the list of 555 names released Saturday by North Vietnam. [CBS] President Nixon sent Congress his $269 billion budget, eliminating such things as hospital construction, student loans, mental health programs, housing, emergency employment and urban development. The President is eliminating the Office of Economic Opportunity, the Office of Emergency Preparedness, the Office of Science and Technology and the Office of Consumer Affairs. Virginia Knauer of consumer affairs will stay on as a presidential adviser. Funds for farm aid and fighting pollution are sharply reduced.47% of the budget goes to human resources, 30% goes to defense, 10% to physical resources. 42% of tax receipts come from income taxes, 29% from Social Security taxes and similar contributions. Defense spending is up due to wage and price increases. During the Nixon years, the budget deficit now totals $84 billion. Senate Majority Leader Mike Mansfield acknowledged that Congress and the White House have differences over budget priorities. House Speaker Carl Albert accused President Nixon of tearing down humanitarian programs which were started under Franklin Roosevelt and continued under Democrat presidents. [CBS] The Soviet government newspaper Izvestia admitted that the Russian economy was poor in 1972. [CBS] Twelve Republican Congressmen urged President Nixon to restore diplomatic relations with Cuba. [CBS] Both sides rested their cases today in the Watergate bugging trial. Prosecutor Earl Silbert stated that G. Gordon Liddy led the wiretap conspiracy, and Liddy and James McCord acted illegally without the knowledge of the rest of the Nixon re-election committee. Defense attorney Peter Maroulis raised the question of why a line was drawn between Liddy and the campaign officials who authorized payments to him -- Jeb Magruder, Herbert Porter, Robert Odle and Hugh Sloan.Dwight Chapin is leaving his job as President Nixon's appointments secretary. Reports have linked Chapin with the Watergate bugging, but officials say that his resignation is not connected to those reports. [CBS] The Senate confirmed Elliot Richardson as Defense Secretary. [CBS] A volcano continued to erupt on the island of Heiymaey off the coast of Iceland. Helicopters rescued sheep from the island. The Icelandic government may build a new town for refugees from Heiymaey who were evacuated earlier. [CBS] Auguste Ricord was sentenced to 20 years in prison for smuggling heroin and other narcotics into the United States. [CBS] Laslo Toth, the 34-year-old Hungarian who was accused of vandalizing Michelangelo's "Pieta" at the Vatican, was ordered confined to a psychiatric hospital. [CBS] Governor Daniel Walker of Illinois ordered that his name not be put on such things as fishing licenses and billboards welcoming people to Illinois, calling it an unnecessary expense for these to be changed every four years. [CBS] Mrs. Lyndon Johnson said that her husband knew about the Vietnam peace settlement before he died because President Nixon phoned L.B.J. about the successful negotiations. [CBS] About 500 U.S. Army deserters live in Sweden. Charles Rougle, who has a Masters degree in Russian literature, deserted from Fort Lewis, Washington, and now lives in Stockholm. Rougle says that he is guilty of nothing; the U.S. government is the guilty party in the war. John Picciano says that he feels he has done the right thing by deserting. Lew Simon claims to be a "political refugee", but would like to be able to go home. [CBS] Col. William Nolde was the last American soldier to be killed in Vietnam before the cease-fire. Mrs. Nolde says that her husband felt the war was important to America's survival, and she hopes that peace will last. [CBS]

Stock Market Report

Dow Jones Industrial Average: 996.46 (-7.08, -0.71%)
S&P Composite: 116.01 (-0.44, -0.38%)
Arms Index: 1.12

	Issues	Volume*
Advances	512	4.17
Declines	927	8.45
Unchanged	373	2.06
Total Volume		14.68

* 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*
January 26, 1973	1003.54	116.45	21.13
January 24, 1973	1004.59	116.73	20.87
January 23, 1973	1018.66	118.22	19.06
January 22, 1973	1018.81	118.21	15.57
January 19, 1973	1026.19	118.78	17.02
January 18, 1973	1029.12	118.85	17.81
January 17, 1973	1029.12	118.68	17.68
January 16, 1973	1024.31	118.14	19.17
January 15, 1973	1025.59	118.44	21.52
January 12, 1973	1039.36	119.30	22.23