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Wednesday January 12, 1972
. . . where the 1970s live forever!

News stories from Wednesday January 12, 1972


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

  • Communist forces mounted 34 attacks, striking at Bien Hoa, Tay Ninh, and the Central Highlands in South Vietnam. A helicopter carrying the U.S. Army Secretary was attacked but missed. The threat of another Tet offensive is very real. [CBS]
  • Outbreaks of flu across the country are being reported by the Center for Disease Control in Atlanta. Medical epidemiologist Dr. James Sprague says that there is no way to predict an epidemic. [CBS]
  • For the first time, the federal government is reporting that there is less segregation in the South than in the North. The Department of Health, Education and Welfare's civil rights director says that busing has improved desegregation in the South. [CBS]
  • A court in St. Louis ruled that the song "Dixie" is not racially abusive. Twenty-nine blacks from Jonesboro, Arkansas, had protested the song. [CBS]
  • Legislation requiring welfare recipients to register for work has been found faulty because few jobs are allegedly available. But Linda Colburn of the New York State Employment Service notes that few welfare applicants meet employer's standards, such as having recent references.

    Yet statistics show that only a small percentage of able-bodied adults are on welfare. Experimental work relief programs have proved to be costly and of little help. One welfare administrator says that 4,000 men were put to work on municipal projects to earn their welfare checks; 30,000 had been projected. [CBS]

  • The Nixon administration will not spend the extra money allotted by Congress for the food stamp program. [CBS]
  • The Treasury Department reported that tax evasion charges are being levied against drug pushers. [CBS]
  • The Supreme Court refused to further liberalize the Warren Court rulings on standards for accepting confessions in trials, and extended government control over electric utilities, giving the Federal Power Commission authority over statewide systems. [CBS]
  • Negotiations are underway for the sale of U.S. warplanes to Israel. [CBS]
  • White House press secretary Ron Ziegler announced that there will be live television coverage via satellite of President Nixon's visit to China. The Chinese ping-pong team may visit the U.S. next spring. [CBS]
  • Artist Andrew Wyeth's announcement of painting President Nixon's official portrait was denied by the administration's historical commission. [CBS]
  • Baton Rouge remains under curfew after a recent racial battle. Sheriff Ralph Hancock and deputy Dwayne Wilder, who were shot during the racial violence, were buried today. [CBS]
  • A teenager has beaten the stock market without putting up any money. Abraham Treff, a 19-year-old college sophomore in Philadelphia, made money on the market via telephone. Treff says he did it to prove that brokers are breaking stock exchange regulations. [CBS]
  • A gun battle between police and Communist guerrillas was reported in the Dominican Republic; students demonstrated in Santo Domingo. [CBS]
  • A Braniff Airlines 747 was hijacked between Houston and Dallas; 93 passengers were allowed to debark. The hijacker is demanding $1 million and 10 parachutes or he will blow up the plane. [CBS]


Stock Market Report

Dow Jones Industrial Average: 910.82 (-1.28, -0.14%)
S&P Composite: 103.59 (-0.06, -0.06%)
Arms Index: 1.25

IssuesVolume*
Advances7238.09
Declines77410.83
Unchanged2692.05
Total Volume20.97
* 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
DateDJIAS&PVolume*
January 11, 1972912.10103.6517.97
January 10, 1972907.96103.3215.32
January 7, 1972910.37103.4717.14
January 6, 1972908.49103.5121.10
January 5, 1972904.43103.0721.35
January 4, 1972892.23102.0915.19
January 3, 1972889.30101.6712.57
December 31, 1971890.20102.0914.04
December 30, 1971889.07101.7813.81
December 29, 1971893.66102.2117.15


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