News stories from Tuesday March 6, 1973

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

Democrats launched a new attack on the Nixon administration's impounding of $15 billion for domestic programs which was appropriated by Congress. House Democrats submitted a bill written by Appropriations Committee chairman George Mahon requiring the President to tell Congress within 10 days about the funds he intends to refuse to spend. Congress then would have 60 days to override the President's decision.House Speaker Carl Albert declared that Congress has control over the expenditure of funds under the Constitution; House Minority Leader Gerald Ford stated that the President is not obligated to spend money appropriated by Congress. Republican Senator Hugh Scott said that Democrats always spend too much money, and if Congress can't keep spending down, then Nixon will. Federal Reserve Board chairman Arthur Burns cautioned that nothing is accomplished by battling over presidential prerogatives. Burns supports a plan in which Congress would set its own spending limit. [CBS] Mark Riffon is four years old. He attends a federally-assisted child care center in New York City which will soon close unless the city can contribute money from revenue sharing funds. New guidelines will force thousands of mothers onto welfare. Parents protested the Nixon budget cuts today at the Department of Health, Education and Welfare office in New York City. Mary Ann Riffon said that mothers are working to pay the rent and buy food; they don't want to go on welfare. Other cuts will affect medical research and training. Dr. Michael DeBakey, the famed heart surgeon, called the cuts "extremely short-sighted." [CBS] The Cost of Living Council re-imposed mandatory price regulations on oil companies. Oil prices can now only rise 1% in 1973. [CBS] Britain agreed to float the pound jointly with other Common Market currencies against the U.S. dollar. [CBS] Sudan President Gaafar Nimeiry stated that he will deal strictly with the eight "Black September" terrorists who killed two Americans and one Belgian diplomat in Khartoum. The bodies of slain diplomats Cleo Noel and Curtis Moore are lying in state in Washington, DC. President Nixon met today with a Sudanese cabinet minister and ambassador to discuss the murders, then attended a State Department ceremony honoring diplomats who have died in service to America. Nixon said that the U.S. can never give in to terrorist demands. [CBS] Israel offered to pay $30,000 to each family of the persons who died when Israeli fighters mistakenly shot a down Libyan passenger plane. [CBS] Southern Airways pilot William Haas told a House committee about the November hijacking of his plane. The pilot was critical of official efforts to stop the hijacking, including a call to the plane by White House aide John Ehrlichman at a bad moment, and officers shooting out the plane's tires at the Orlando airport. [CBS] A CIA officer testified at the Pentagon Papers trial in Los Angeles. The prosecution is trying to prove that the release of the papers by defendants Daniel Ellsberg and Anthony Russo could have damaged national security. The defense called CIA researcher Samuel Adams, who countered this argument and said that, by order of Generals William Westmoreland and Earl Wheeler, the Pentagon lied in the papers about the progress of the Vietnam war. Prosecutor David Nissen objected and Adams' testimony was cut off. [CBS] Florida customs officers claim to have seized nine tons of marijuana. [CBS] Pearl S. Buck, winner of Pulitzer and Nobel Prizes for her novels on China, died today at the age of 80. [CBS] Communist members of the Joint Military Commission said that they will stop boycotting Commission meetings if the issue of Communist POWs is put on the agenda. [CBS] Secretary of State William Rogers said that he feels peace can be maintained in Vietnam, but prospects for a political settlement are questionable. [CBS] Eighty American prisoners who were recently freed in Vietnam will arrive in the U.S. tomorrow. [CBS] The Senate passed three veterans' bills, two of which were pocket-vetoed by President Nixon last year. [CBS]

Stock Market Report

Dow Jones Industrial Average: 979.00 (+12.11, +1.25%)
S&P Composite: 114.10 (+1.42, +1.26%)
Arms Index: 0.73

	Issues	Volume*
Advances	1,042	12.59
Declines	449	3.96
Unchanged	308	1.16
Total Volume		17.71

* 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*
March 5, 1973	966.89	112.68	13.72
March 2, 1973	961.32	112.28	17.71
March 1, 1973	949.65	111.05	18.21
February 28, 1973	955.07	111.68	17.95
February 27, 1973	947.92	110.90	16.13
February 26, 1973	953.79	112.19	15.86
February 23, 1973	959.89	113.16	15.45
February 22, 1973	971.78	114.44	14.57
February 21, 1973	974.34	114.69	14.88
February 20, 1973	983.59	115.40	14.02