News stories from Monday January 17, 1972

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

West Coast longshoremen resumed their dock strike; the White House will ask Congress for special legislation to halt the strike. ILWU president Harry Bridges says that his union wants a guaranteed annual wage to offset the fact that fewer men are needed for unloading containerized cargo. [CBS] Canadian air traffic controllers are on strike. [CBS] The Supreme Court will hear its first case on desegregation involving a city outside the South when it takes up the case of Denver, Colorado's schools. [CBS] The Supreme Court will also hear cases regarding the constitutionality of the death penalty. Stanford University professor Anthony Amsterdam argues that the increasing rarity of the death penalty indicates increasing repudiation by the American public. State attorneys replied that the "cruel and unusual punishment" clause in the constitution was never meant to apply to killing without unnecessary cruelty. Jack Greenberg of the NAACP Legal Defense Fund believes that the Supreme Court should act, because discrimination against the underprivileged is involved. [CBS] The have been no executions in the U.S. for five years; the Supreme Court has consolidated appeals from 697 persons awaiting execution for hearings. In Georgia, Lucious Jackson was convicted of raping a white woman and sentenced to death in 1968. He thinks that his race insured his sentence. Jackson is pessimistic about his fate and bitter about racism. In Florida, Donald Schneble was convicted of murdering a woman and is studying trigonometry and navigation while on death row. Schneble sees political pressure for the Supreme Court to rule as the public wants it to, but he is trying to be optimistic. [CBS] The New Jersey Supreme Court declared the state's death penalty law unconstitutional; the law provided for execution upon conviction by a jury. [CBS] New hope is reported at the CIA base at Long Cheng, Laos, as American air strikes have slowed the North Vietnamese attackers. U.S. B-52s hammered enemy supply lines on the Ho Chi Minh trail despite Communist missile attacks. Heavy air raids by South Vietnam are being used to blunt the expected enemy offensive.A U.S. helicopter pilot was killed near Danang today, and nine soldiers were wounded by land mines near Saigon. Seven servicemen were wounded by a grenade. [CBS] Draft dodgers and deserters in Canada say that the only acceptable amnesty would be a total one; they refuse to accept any implication of guilt. [CBS] Pakistani President Ali Bhutto offered Bangladesh Prime Minister Sheik Mujibur Rahman control of Pakistan in order to reunite the country. [CBS] In Geneva, the World Council of Churches reported that 200,000 Bengali women who were raped during the India-Pakistan war have been deserted by their husbands. [CBS] Irish Republican Army terrorists escaped from the prison ship Maidstone. Six hundred police are combing Belfast, looking for the escapees. [CBS] The U.S. Surgeon General issued a report concerning the link between television violence and aggressive behavior in children. [CBS] Clifford Irving, the author of a new book about Howard Hughes, says that the book will reveal a loan which Hughes made to President Nixon's brother Donald in 1956. Clark Clifford, future Secretary of Defense under Lyndon Johnson, is said to have arranged the loan. Former Hughes executive Noah Dietrich says that Frank Waters arranged the loan. Dietrich recalled that Hughes' contributions were made in order to attain political influence and he cited actions taken by the government after the loan was made. [CBS] A fire set by arsonists damaged an office building at Stanford University, and a bomb was found at the university power plant. The campus disruptions stem from the suspension of radical professor Bruce Franklin. [CBS] A New York department store reported that a 19-year-old Russian hockey player was caught trying to shoplift a sports coat. [CBS] The Federal Reserve Board reported that industrial was production up 0.7% in December due mostly to the settlement of the coal strike. [CBS] The U.S. dollar fell to a new low on European money markets, despite devaluation. [CBS] Senator Edmund Muskie was endorsed for the Democratic presidential nomination by Senators Harold Hughes, Mike Gravel, Lee Metcalf and Quentin Burdick. [CBS]

Stock Market Report

Dow Jones Industrial Average: 911.12 (+4.44, +0.49%)
S&P Composite: 103.70 (+0.31, +0.30%)
Arms Index: 0.79

	Issues	Volume*
Advances	897	9.33
Declines	590	4.85
Unchanged	273	1.68
Total Volume		15.86

* 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 14, 1972	906.68	103.39	14.96
January 13, 1972	905.18	102.99	16.41
January 12, 1972	910.82	103.59	20.97
January 11, 1972	912.10	103.65	17.97
January 10, 1972	907.96	103.32	15.32
January 7, 1972	910.37	103.47	17.14
January 6, 1972	908.49	103.51	21.10
January 5, 1972	904.43	103.07	21.35
January 4, 1972	892.23	102.09	15.19
January 3, 1972	889.30	101.67	12.57