News stories from Friday February 4, 1972

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

The national unemployment rate, with seasonal adjustments, declined from 6.0% to 5.9% in January; Labor Secretary James Hodgson is encouraged. Senator William Proxmire says that the Nixon administration is just trying to put the best possible face on a gloomy picture, and he claims that the statistics are slanted. [CBS] The Agriculture Department reported that the price of meat is at its highest point in 20 years. A spokesman for the department said that controlling food prices would be difficult. [CBS] The U.S. and the European Common Market nations agreed to major agricultural trade concessions at meetings in Brussels. [CBS] North Vietnam is expected to launch a Tet offensive in the Central Highlands of South Vietnam. Bunkers are being built in preparation for the offensive. The absence of U.S. combat troops is causing anxiety, as combat duties will fall to the much maligned regional forces. [CBS] President Sadat of Egypt, after talking with Soviet leaders, was discouraged in his plans to renew war in the Mideast. [CBS] The Prime Ministers of Great Britain and Northern Ireland are appealing for the cancellation of the Catholics' planned march in Newry, Northern Ireland. Thousands of marchers are expected to participate, so the British army has increased its presence in anticipation of the march. Checkpoints have been established to screen out weapons and ammunition. Tension is mounting in Belfast prior to the Newry march; vehicles have been hijacked and burned. British soldiers at Newry fear they might have to search for enemies within their own ranks because the IRA may infiltrate Newry with stolen uniforms.Senators Edward Brooke and James Buckley urged the passage of a resolution calling for the end of violence in Northern Ireland and U.S. aid in mediating the dispute. [CBS] Britain granted recognition to Bangladesh, which is taking steps to join the British Commonwealth. [CBS] The United Nations Security Council is meeting in Ethiopia to discuss African problems. The Council urged Britain to discard its settlement plan with Rhodesia; Britain vetoed the resolution. [CBS] In Vienna, the sixth round of U.S.-Soviet talks on the limitation of strategic arms ended. The talks will resume in Helsinki in March. An agreement is reportedly in the offing. [CBS] Both sides of the West coast dock strike gave testimony before Congress. Longshoremen's union president Harry Bridges warned of a worldwide boycott of American ships if a settlement is forced by Congress. Shippers' representative Edmund Flynn urged Congress to pass emergency legislation to end the strike. [CBS] John Meier, a former aide to Howard Hughes, told a federal grand jury in New York that he never gave computer files about Hughes to author Clifford Irving. Richard Suskind, Irving's researcher, was subpoenaed to appear before the grand jury. Suskind has stated that he saw Irving and Hughes together in Palm Springs, but now he is less communicative and has been given strict instructions not to make any comment on the Hughes affair. Danish singer Nina Van Pallandt denied that Irving met with Hughes on their trip to Mexico, but says that Irving proposed marriage to her. [CBS] A extortionist who threatened to blow up Walt Disney World was thwarted. [CBS] The Federal Aviation Administration rule requiring airlines to screen passengers to prevent hijackings goes into effect tomorrow. [CBS] M-16 rifles made by Colt are the U.S. infantry's standard weapon. The FBI is investigating charges that Colt employees deliberately covered up defects in samples that were due to be examined by inspectors. [CBS] On the presidential campaign trail: Henry Jackson attacked Edmund Muskie's criticism of President Nixon's Vietnam peace proposal. In New Hampshire, George McGovern launched a low-key attack on Muskie's proposal for housing for the elderly, questioning the source of funds.Hubert Humphrey, campaigning in Florida, criticized President Nixon on unemployment; Senator Jackson attacked Nixon's "credibility gap" on unemployment and the economy; George Wallace spoke out against the President's offer to help rebuild Indochina after the war; John Lindsay urged stricter gun control laws. [CBS]

Stock Market Report

Dow Jones Industrial Average: 906.68 (+3.53, +0.39%)
S&P Composite: 104.86 (+0.22, +0.21%)
Arms Index: 0.91

	Issues	Volume*
Advances	843	9.44
Declines	600	6.12
Unchanged	313	2.33
Total Volume		17.89

* 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*
February 3, 1972	903.15	104.64	19.88
February 2, 1972	905.85	104.68	24.07
February 1, 1972	901.79	104.01	19.60
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