News stories from Wednesday March 22, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Three of the five labor members of the Pay Board quit today: AFL-CIO president George Meany, I.W. Abel of the Steelworkers Union, and the Machinists Union's Floyd Smith. Teamsters president Frank Fitzsimmons will remain on board and the UAW's Leonard Woodcock is undecided.
Meany claimed that the Pay Board is unfair to labor and is government-controlled, as he announced the AFL-CIO's resignation from the board. Board chairman George Boldt denied that there is any bias among board members and charged labor members with disregard for the American public, who are the ones who pay for inflation. White House press secretary Ron Ziegler stated that President Nixon will not allow labor leaders to sabotage the fight against inflation.
[CBS] - The President's Commission on Drug Abuse proposed that marijuana laws be eased. Their report recommends no penalties for private use, but heavy penalties for driving after marijuana use. The commission stated that little evidence has been found that marijuana causes addiction, brain damage or birth defects. [CBS]
- Edmund Muskie picked up 59 convention delegates in the Illinois primary, returning him to Democratic front-runner status. Wallace has 71 convention votes so far, McGovern 27.5, Humphrey 6, Lindsay 6, Chisholm 5, Mills 1, and 147 are uncommitted. Most of Illinois's 87 uncommitted delegates will be controlled by Chicago Mayor Richard Daley.
Mayor Daley's prestige suffered as a result of Illinois' primary races. Daley's choice for Cook County states attorney, Raymond Berg, was beaten by incumbent Edward Hanrahan. Daley backed Lt. Governor Paul Simon for governor, but he lost to Dan Walker, who conducted a walking campaign across Illinois. Daley says that he will support the Democratic party nominees.
[CBS] - A shooting at Jackson State College in Mississippi two years ago resulted in two deaths and many injured youths. Today in Biloxi a white jury rejected damage claims against the police who were involved. [CBS]
- British Prime Minister Heath presented a plan for peace to Northern Ireland Prime Minister Brian Faulkner. In Belfast, another bombing was reported in a Victoria railroad station; many people in a nearby hotel were injured. [CBS]
- Senators Walter Mondale and Mike Gravel are sponsoring a move to end U.S. bombing in southeast Asia and to hasten the withdrawal of American forces. It will probably be offered as an amendment to the foreign aid bill, but probably won't pass. [CBS]
- The Senate passed a constitutional amendment guaranteeing equal rights for women; the states must now ratify the measure. If ratified by three-fourths of the states within seven years, this amendment could have wide repercussions regarding the military draft, child support, sex crimes and labor legislation. Floor manager Birch Bayh said that the measure is designed to make men and women equal under the law; Sam Ervin led the opposition. Senators Bennett, Buckley, Cotton, Fannin, Goldwater, Hansen and Stennis voted with Ervin against the amendment. [CBS]
- A Senate committee investigating the effects of television violence on children heard testimony from FCC commissioner Nicholas Johnson, who called network executives a "vicious, evil influence". FCC chairman Dean Burch said that the networks should voluntarily reduce needless violence in children's programs. [CBS]
- The House unanimously authorized a $105 million attack on sickle cell anemia, an inherited blood disease found exclusively among blacks. [CBS]
- The Supreme Court struck down a Massachusetts law which forbids the sale of birth control devices to single people while permitting sales to married persons. [CBS]
- The Illinois primary upset Chicago Mayor Daley's political machine, but Daley is adjustable and will support Hanrahan, and Walker (who said that Daley's police were responsible for the 1968 Democratic Convention riots). Senator Muskie beat Eugene McCarthy handily, but faces Wallace in Wisconsin. President Nixon is helped by the Democrats' disarray, and Wisconsin Republicans may cross party lines to vote for Wallace, further muddling the Democrats. [CBS]
- Thomas William Edward Coke, the 5th Earl of Leicester, has been a member of Parliament's House of Lords for 22 years and, like his ancestors, has never said anything. He will make his first speech soon, on the subject of farming. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 933.93 (-0.07, -0.01%)
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 21, 1972 | 934.00 | 106.69 | 18.61 |
| March 20, 1972 | 941.15 | 107.59 | 16.42 |
| March 17, 1972 | 942.88 | 107.92 | 16.04 |
| March 16, 1972 | 936.71 | 107.50 | 16.70 |
| March 15, 1972 | 937.31 | 107.75 | 19.46 |
| March 14, 1972 | 934.00 | 107.61 | 22.37 |
| March 13, 1972 | 928.66 | 107.33 | 16.73 |
| March 10, 1972 | 939.87 | 108.37 | 19.69 |
| March 9, 1972 | 942.81 | 108.94 | 21.46 |
| March 8, 1972 | 945.59 | 108.96 | 21.29 |