News stories from Tuesday February 1, 1972

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

The IRA had vowed revenge for 13 Catholics who were shot by British soldiers in a Londonderry demonstration. Today a sniper killed one soldier and stones were thrown at others. In Dublin, hundreds protested at the British embassy, burning the Union Jack and mock coffins. In London, officials denied that British soldiers fired indiscriminately, but they have set up an investigation into the incident. [CBS] Fighting around Fire Base Sabre near Saigon left two Americans dead and four wounded. [CBS] Henry Kissinger said that the secret Paris negotiations ended when North Vietnam delegate Le Duc Tho became ill. Hanoi now claims it was ready to continue, but the talks were canceled by the United States. [CBS] President Nixon attended the annual national prayer breakfast. Washington, DC Mayor Walter Washington urged a search for unity and reconciliation for the peoples of the nation and the world. President Nixon asked for prayers for the success of his trips to Peking and Moscow, in efforts to bring peace to the world. [CBS] The Nixon administration is considering a plan to raise $16 billion for schools through a form of a national sales tax. A value-added tax would replace property taxes. Nixon also asked Congress for $1.3 billion for rural development. [CBS] California Governor Ronald Reagan attacked President Nixon's welfare reform plan at a Senate hearing, calling it a giant step toward a welfare state. [CBS] Last fall, CBS reporter Daniel Schorr was investigated by the FBI; the Nixon administration claimed it was in connection with consideration for a job. Senator Sam Ervin's constitutional rights subcommittee resumed hearings on freedom of the press today, and Schorr testified. A letter from FBI director J. Edgar Hoover states that the investigation of Schorr was favorable. But Schorr says that such an investigation without his consent demonstrates insensitivity to personal rights, and he accused the government of trying to discredit the news media. [CBS] The Senate refused to stop a filibuster against giving the Equal Employment Opportunity Commission the power to enforce bans on job discrimination. [CBS] Attorney General John Mitchell took a stand against court-ordered school desegregation, such as in Richmond, Virginia, which would merge cities with county districts. [CBS] The Federal Aviation Administration has ordered airlines to visually screen all passengers in an attempt to curtail hijackers. But the FAA behavioral profile may not be effective: Garrett Trapnell, a confessed hijacker, has arrest and psychiatric records and yet he passed TWA's screening before he hijacked a plane from Los Angeles to New York on Saturday. [CBS] The shooting deaths of New York City policemen Gregory Foster and Rocco Laurie are believed to have been caused by the "Black Liberation Army"; the funerals were held today. Foster's funeral at St. Patrick's Cathedral was attended by scores of policemen. Foster was a Vietnam veteran and a rookie cop. Mayor Lindsay and police commissioner Murphy were in attendance. [CBS] The FDA's recommendation that hospital nurseries discontinue the use of hexachlorophene for bathing babies has resulted in outbreaks of staph infections, as had been feared by the Center for Disease Control in Atlanta. [CBS] The price of gold rose to a record high of $48 per ounce on European markets. [CBS] Funeral services were held in Chicago for gospel singer Mahalia Jackson. Mayor Richard Daley and Sammy Davis, Jr. eulogized Jackson; Aretha Franklin sang a tribute to her. [CBS]

Stock Market Report

Dow Jones Industrial Average: 901.79 (-0.38, -0.04%)
S&P Composite: 104.01 (+0.07, +0.07%)
Arms Index: 0.88

	Issues	Volume*
Advances	758	9.59
Declines	701	7.81
Unchanged	291	2.20
Total Volume		19.60

* 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 31, 1972	902.17	103.94	18.25
January 28, 1972	906.38	104.16	25.00
January 27, 1972	899.03	103.50	20.36
January 26, 1972	889.15	102.50	14.94
January 25, 1972	894.72	102.78	17.57
January 24, 1972	896.82	102.57	15.64
January 21, 1972	907.44	103.65	18.81
January 20, 1972	910.30	103.88	20.21
January 19, 1972	914.96	103.88	18.80
January 18, 1972	917.22	104.05	21.07