News stories from Tuesday January 4, 1972

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

Senator Edmund Muskie will declare his candidacy for the Democratic presidential nomination on TV tonight, and Senator George McGovern has filed for the New Hampshire primary. McGovern vowed to work against Muskie and prove the pollsters wrong. [CBS] The Peace Corps warned Congress to approve its funding or face a reduction of 50% in Corps volunteers. [CBS] The former chairman of the Penn Central Railroad and two others are charged with diverting $21 million from the railroad for their own use. [CBS] The federal government charged migrant labor contractors in the South with transporting nine peach pickers from Georgia to South Carolina and holding them in involuntary servitude for two months. The laborers are white; the contractors are black. [CBS] President Nixon visited San Diego to announce a $55 million shipbuilding contract that will boost employment there. [CBS] Jack Anderson, aide and successor to the late syndicated columnist Drew Pearson, continues Pearson's practice of criticizing people in high places. Anderson published top-secret White House memos during the India-Pakistan war which showed that presidential aide Henry Kissinger chided officials for not being tough enough on India. Anderson says that most administrations try to operate in the dark and cover up their mistakes. [CBS] Daniel Ellsberg pleaded innocent to a federal indictment in Los Angeles which accuses him of the theft of the Pentagon Papers. Ellsberg defended his actions as being in the public interest. [CBS] Communist forces ambushed a U.S. patrol 40 miles northeast of Saigon, then shot down four helicopters which were sent in to aid the patrol. North Vietnamese MiG fighters were spotted deep inside Laos today; one U.S. jet was lost over Laos. [CBS] Tel Aviv, Israel, implemented a new device to detect bombs in parcel post, probably sent as part of an Arab terrorist attack. [CBS] A National Airlines 747 from Miami to Los Angeles hit clear air turbulence over Houston; 21 people aboard were injured. [CBS] A Delta Airlines flight from New York to Houston carried radioactive medical isotopes. A leak contaminated the baggage compartment but was deemed as no health threat. [CBS] The sky marshal program to deter hijackers may be cut by one third. The Airline Passenger's Association dislikes the use of sky marshals and wants hijackers to be stopped in airport terminals. Former sky marshal Hugh Vandervoort said that he found the marshals to be badly screened and poorly trained. Sky marshal program director Benjamin Davis defended the marshals, but agreed that the main defense against hijacking should be on the ground. [CBS] Price Commission chairman Jack Grayson stated that some price controls will be lifted by spring and the commission's work will be finished this year. [CBS] Robert Carson, a Republican party leader in Hawaii, was convicted of accepting bribes to help stop indictments in a stock fraud case. [CBS] President Nixon suggested a play for Miami Dolphins' coach Don Shula to use against the Dallas Cowboys in the Super Bowl. [CBS]

Stock Market Report

Dow Jones Industrial Average: 892.23 (+2.93, +0.33%)
S&P Composite: 102.09 (+0.42, +0.41%)
Arms Index: 0.61

	Issues	Volume*
Advances	837	9.43
Declines	590	4.08
Unchanged	305	1.68
Total Volume		15.19

* 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 3, 1972	889.30	101.67	12.57
December 31, 1971	890.20	102.09	14.04
December 30, 1971	889.07	101.78	13.81
December 29, 1971	893.66	102.21	17.15
December 28, 1971	889.98	101.95	15.09
December 27, 1971	881.47	100.95	11.89
December 23, 1971	881.17	100.74	16.00
December 22, 1971	884.86	101.18	18.93
December 21, 1971	888.32	101.80	20.46
December 20, 1971	885.01	101.55	23.81