News stories from Wednesday April 18, 1973

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

If new grand jury indictments are made in the Watergate case, it could hinder the efforts of the Senate investigating committee. Senator Sam Ervin said that he would hesitate to call anyone under indictment to testify, because such testimony would be self-incriminating. But he is happy about President Nixon's decision to have his aides testify.Martha Mitchell may be subpoenaed. James McCord's attorney asked that the wife of former Attorney General John Mitchell testify in the Watergate civil case. McCord has stated that during the winter of 1972 he was at the Mitchells' Watergate apartment on a daily basis. But John Mitchell claims that he met McCord only twice. In the Watergate criminal case, more indictments are expected. Gordon Strachan, an aide to White House chief of staff H.R. Haldeman, is said to be involved. Former election committee aide Fred LaRue also appeared today at the grand jury room in Washington. [CBS] President Nixon has moved to squelch further discussion of the Watergate case at the White House. Press secretary Ron Ziegler, responding to orders from the President, refused to comment on the Watergate case today on the grounds that nothing should be said until judicial processes regarding the case are complete.Outside the White House, however, discussion of Watergate is widespread. Democratic party chairman Robert Strauss criticized President Nixon's handling of the case. Republican party chairman George Bush claims that Watergate hasn't obscured the positive aspects of the Nixon administration. Republicans want to settle out of court the civil suit brought by Democrats regarding the bugging. Strauss feels that the offer of money by Republicans constitutes an admission of guilt. [CBS] Presidential campaign finance chairman Maurice Stans met with attorneys for Common Cause, which is suing for disclosure of campaign contributions. Common Cause refuses to drop its suit. [CBS] President Nixon delivered his message to Congress regarding the energy crisis, saying that if energy resources are properly developed, they can meet our needs for centuries to come. The President has dropped oil import quotas and tariffs, and encouraged the building of refineries and the expansion of offshore drilling to increase oil production. He asked for new deep-water ports to accommodate supertankers, and urged that the trans-Alaska pipeline be built. Price controls on newly developed gas resources are ended. The President called on America to conserve energy and devote money to building mass transit systems. He ruled out gasoline rationing as a means of conserving fuel. [CBS] The Supreme Court ruled that states may enact their own laws regarding offshore oil spills. [CBS] The Environmental Protection Agency charged U.S. Steel in Gary, Indiana, of violating Indiana's air pollution laws. The EPA says that the steelworks in Gary is one of the country's single largest sources of pollution. [CBS] The U.S. bombed Cambodia today but halted bombing in Laos. North Vietnam is said to be moving an air defense regiment into Cambodia. [CBS] The Indonesian part of the International Control Commission may withdraw its team members from the field in Vietnam unless the downing of an ICC helicopter earlier this month is investigated. The U.S. accused the Polish and Hungarian teams of wanting to investigate only South Vietnamese truce violations. [CBS] Senate Republican leader Hugh Scott announced that the Soviet Union has agreed to suspend its emigration tax on Jews. The U.S. may now confer most favored nation trading status on the Soviets. [CBS] United Farm Workers union leader Cesar Chavez asked AFL-CIO president George Meany for help in his struggle with the Teamsters. Chavez claims that the Teamsters and grape growers in Southern California are conspiring to destroy the UFW. Meany declined to meet with Chavez but issued a strong statement against the Teamsters. Chavez says he is satisfied with Meany's statement, and plans further action to protect his union. He urged the public to boycott grapes. [CBS] Black Panther leader Bobby Seale and incumbent Mayor John Reading will have a runoff election for mayor of Oakland, California. Voters approved an ordinance in Berkeley, California, requiring police to give the lowest possible priority to enforcing marijuana laws. [CBS] Bank robbers in New York City were caught with some help from a newsman. Bandits held a group of hostages during a shootout with police in Harlem. Mace Brown, one of the FBI's 10 most wanted criminals, was shot to death by police. The two remaining bandits requested that a reporter and a policeman go to the door of the bank and said they would surrender to them. The plan worked smoothly. [CBS] The University of Oklahoma football team, winners of the 1973 Sugar Bowl, must forfeit eight of its wins for having tampered with the high school records of two players. The coach is being allowed to resign. [CBS] President Nixon has finally made a public statement about the Watergate case and now seems ready to cooperate fully with the Senate investigating committee. He likely would not have taken this action had it not been for investigative reporting that has brought much of the bugging incident to light, and those reports would not have been possible if reporters were not allowed to protect their sources. [CBS]

Stock Market Report

Dow Jones Industrial Average: 958.31 (+4.89, +0.51%)
S&P Composite: 111.54 (+0.60, +0.54%)
Arms Index: 0.90

	Issues	Volume*
Advances	670	6.21
Declines	715	5.95
Unchanged	384	1.73
Total Volume		13.89

* 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*
April 17, 1973	953.42	110.94	12.83
April 16, 1973	956.73	111.44	11.35
April 13, 1973	959.36	112.08	14.39
April 12, 1973	964.03	112.58	16.36
April 11, 1973	967.41	112.68	14.89
April 10, 1973	960.49	112.21	16.77
April 9, 1973	947.55	110.86	13.74
April 6, 1973	931.07	109.28	13.89
April 5, 1973	923.46	108.52	12.75
April 4, 1973	922.71	108.77	11.89