News stories from Wednesday January 19, 1972

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

American B-52s hammered North Vietnamese supply routes and troop concentrations as the enemy builds up for another Tet offensive. North Vietnam has improved its aerial defenses with Soviet-built MiG fighters and anti-aircraft missile sites. A U.S. Phantom jet brought down a MiG over North Vietnam. [CBS] Fighting is raging around the CIA base at Long Cheng, Laos. The Pentagon approved a tour of the CIA base by reporters. [CBS] More rioting was reported in Salisbury and Fort Victoria, Rhodesia. Black demonstrators are protesting white rule. [CBS] The two Russian fishing vessels which were captured by the Coast Guard off the coast of Alaska have agreed to sail to the Naval base at Adak in the Aleutians. [CBS] The Cost of Living Council exempted small retail stores and apartment owners from price controls. Council director Donald Rumsfeld says that the move enables enforcement efforts to be concentrated on large retailers and landlords. AFL-CIO treasurer Lane Kirkland denounced the move as unfair to consumers. [CBS] The Pay Board rejected the Cost of Living Council's proposal to exempt workers making no more than $1.90 an hour from wage controls, calling for a higher figure. [CBS] Rep. Jack McDonald nominated University of Michigan co-ed Valerie Shoen to be the first female Midshipman at the U.S. Naval Academy. McDonald says that women should be granted the opportunity for the fine education and training that is offered by the service academies. At Annapolis, Midshipmen who were interviewed disliked the idea. [CBS] Federal judge Robert Merridge refused to stay an order consolidating the county schools of Chesterfield and Henrico in Virginia with the Richmond city schools. Judge Clement Haynsworth will receive the case under appeal. [CBS] Longshoremen's union president Harry Bridges says that talks will resume to try to end the dock strike on the west coast. [CBS] Florida has closed its state prisons, refusing to accept new prisoners from county jails until the overcrowding situation is resolved. Florida corrections director Louis Wainwright defended the move, saying that he refuses to invite riots. [CBS] The House approved a campaign spending bill limiting the ads of legislative and executive candidates on television and radio, and requiring reports on expenditures. [CBS] Senator Edmund Muskie was endorsed by the head of the Government Workers Union, his first endorsement from organized labor. [CBS] President Nixon expressed a new get-tough policy with foreign governments which expropriate the private property of Americans. If property is seized without adequate compensation, the U.S. may cut off foreign aid to that country. [CBS] The Environmental Protection Agency stated that it requires more evidence from General Motors in order to justify a one-year extension of the 1975 deadline for cutting auto pollution. Agency administrator William Ruckelshaus warned Senator Muskie to stop playing politics with the issue. [CBS] The Transportation Department wants air bags in cars by 1976. Auto manufacturers oppose the move as being more hazardous than safe. The government is experimenting on air bags with volunteers, not dummies. No volunteers have been injured in crashes equivalent to 60 m.p.h. [CBS] Howard Hughes told author Robert Eaton that it's possible to keep a man's death a secret by using tapes and computers. Eaton is writing a book to compete with the one written by Clifford Irving. [CBS] A vast chasm greater than the Grand Canyon was photographed on Mars. [CBS] Sandy Koufax, Yogi Berra and Early Wynn were named to the Baseball Hall of Fame. [CBS]

Stock Market Report

Dow Jones Industrial Average: 914.96 (-2.26, -0.25%)
S&P Composite: 103.88 (-0.17, -0.16%)
Arms Index: 0.89

	Issues	Volume*
Advances	604	7.24
Declines	859	9.12
Unchanged	313	2.44
Total Volume		18.80

* 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 18, 1972	917.22	104.05	21.07
January 17, 1972	911.12	103.70	15.86
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