News stories from Wednesday May 3, 1972

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

Communist forces are keeping up pressure on the approaches to Hue in South Vietnam. Food and gasoline are scarce; arson, looting and gunfighting have been reported in the city. Thousands of panicky refugees are leaderless, and retreating South Vietnamese soldiers are being blamed for the situation. Many refugees have left Hue via Highway 1 for Danang. Fire Base Nancy has already fallen, Fire Base King is under attack and Phu Bai is being hit by rockets -- Hue is completely encircled by the enemy. In Binh Dinh province, another fire base fell. American bombers pounded enemy positions in South Vietnam. Three jets and a helicopter were downed; their crews were rescued.On Highway 13, the line of retreating South Vietnamese soldiers stretches 32 miles north of Hue. One American adviser, Maj. Robert Sheridan, said that South Vietnam had only 10,000 troops in the area while North Vietnam had 40,000; still, he doesn't think Hue will fall. South Vietnam successfully protected a major bridge near Hue with less than 60 men. Secretary of Defense Melvin Laird has ordered a fact-finding team, including five generals, to South Vietnam to find out what Saigon needs in terms of arms and supplies. [CBS] A French newspaper is reporting that the U.S. has secretly proposed a seven-day truce in Vietnam, including a cease-fire. The State Department denied the report. [CBS] Ballots from the Ohio primary are still being counted; there is only a narrow margin between Hubert Humphrey and George McGovern. Cuyahoga County, which includes Cleveland, is still counting ballots. Humphrey leads, but a clear-cut victory is not indicated. He is counting on Edmund Muskie and Henry Jackson supporters and those who believe that he represents the center of the Democratic party. Humphrey claims that George Wallace is shifting toward his position instead of vice-versa. McGovern is encouraged by the Ohio vote, believing that it shows he has broadened his support. McGovern says that he appeals to the people instead of fat-cat bosses.Slow returns from the Cleveland area are due to voting machine foul-ups which resulted in a court order to keep polls open for a extra 5 ½ hours last night, until midnight. [CBS] Humphrey narrowly won over Wallace in the Indiana primary. Muskie was on the ballot, but did not campaign. Black voters in Indianapolis delivered victory to Humphrey; the effort by the state's labor unions also helped. Suburban areas voted for Wallace. A nationwide tally of convention delegates shows McGovern still in the lead. [CBS] J. Edgar Hoover's body lies in state at the Capitol Rotunda. President Nixon has named attorney L. Patrick Gray to serve as temporary successor until the election. Gray said that no one can replace Hoover. Rain fell as Hoover's body was carried up the Capitol steps. Senators and representatives paid their respects, and Supreme Court Chief Justice Warren Burger eulogized Hoover. Funeral services are set for tomorrow at the National Presbyterian Church in Washington. [CBS] Rescuers are searching for survivors of a silver mine fire in Kellogg, Idaho. Interior Secretary Morton has taken charge of the operation. At least 29 miners are dead and 50 are missing at the Sunshine Silver Mine. Fresh air is being pumped into the mine in case some of the missing miners are still alive. [CBS] United Mine Workers president Tony Boyle has been implicated regarding a fund from which the murderers of union leader Joseph Yablonski and his family were paid. Silous Huddleston, president of a UMW local, pleaded guilty to three counts of murder in the Yablonski case. [CBS] The Price Commission has frozen the prices of 1,600 companies which are late in reporting their profit margins. [CBS] In New York City, seven persons were scalded to death when a steam pipe exploded in a Wall Street building; 4,000 people had to be evacuated. [CBS] The Miami Beach city council is inviting the Republican party to hold its national convention there, instead of in San Diego. Councilman Jerome Greene complained that he has been asked to impose on the citizens of Miami Beach an event which is a potential threat to the area. But councilman Herbert Magnes said that Miami Beach is capable of holding peaceful conventions, and Mayor Chuck Hall has prepared plans regarding youths who may descend on the city for the convention. [CBS]

Stock Market Report

Dow Jones Industrial Average: 933.47 (-1.73, -0.18%)
S&P Composite: 105.99 (-0.09, -0.08%)
Arms Index: 0.87

	Issues	Volume*
Advances	505	5.47
Declines	918	8.61
Unchanged	329	1.82
Total Volume		15.90

* 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*
May 2, 1972	935.20	106.08	15.37
May 1, 1972	942.28	106.69	12.88
April 28, 1972	954.17	107.67	14.16
April 27, 1972	945.97	107.05	15.74
April 26, 1972	946.94	106.89	17.71
April 25, 1972	946.49	107.12	17.03
April 24, 1972	957.48	108.19	14.65
April 21, 1972	963.80	108.89	18.20
April 20, 1972	966.29	109.04	18.19
April 19, 1972	964.78	109.20	19.18