News stories from Wednesday February 9, 1972

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

A sharp increase in enemy attacks is being reported in South Vietnam; the Tet offensive may be underway. The U.S. aircraft carrier Constellation left Hong Kong for the Gulf of Tonkin, and the carrier Kitty Hawk is preparing to leave San Diego. The Pentagon warned that the U.S. will step up bombing in southeast Asia if the enemy launches an offensive. B-52 bombers have been moved from the U.S. to Guam for stand-by duty; F-4 Phantom jets in the Philippines will move to bases in Thailand.Twenty-nine enemy attacks have been reported in South Vietnam, three of them against U.S. installations in the Danang area. Binh Dinh province was hard-hit, with a barracks, three towns and the base at Phu Cat being shelled. Near Saigon, signs of enemy infiltration are everywhere. The last two armored cavalry divisions left in Vietnam are protecting Saigon during the Tet holiday. [CBS] President Nixon addressed Congress on the State of the World. He believes that his foreign policy has brought peace closer, but is disappointed in the failure to negotiate an end to the Vietnam war. Nixon's State of the World message made the points that the Soviet Union may try a missile attack on the United States, but U.S. relations with China are improving. The President complimented Japan and urged a repair in relations with India; he is encouraged with the situation in the Mideast.The President denied questioning the patriotism of those who disagree with his Vietnam peace plan, but he urged other presidential candidates not to encourage the enemy to prolong the war until after the U.S. elections. Senator Edmund Muskie said that dissent about the war will not end just because of the President's dislike of criticism. [CBS] The House passed a bill raising the national debt ceiling by $20 billion. [CBS] The Pay Board ruled that advance clearance is required for pay raises of more than 7%. [CBS] Federal Reserve Board chairman Arthur Burns urged the Pay Board to take a tough stand against inflationary wage increases, but stated that the Price Commission should be flexible on price increases. [CBS] The Agriculture Department is predicting a 4% increase in food prices during 1972. [CBS] Catholic civil rights leaders in Northern Ireland planned today as "Disruption Day" to paralyze the country, but their attempts were unsuccessful. In Londonderry, five opposition members of the Northern Ireland Parliament went on a 24-hour hunger strike to mark the deaths of 13 men who were shot by British soldiers. Demonstrators put out roadblocks to disrupt traffic, and Catholic teachers picketed an army post. In Belfast, women and children protested the practice of internment without trial; children stoned army vehicles. [CBS] James Meredith, the first black student at the University of Mississippi, announced that he will run as a Republican for the U.S. Senate seat of Democrat James Eastland. [CBS] Two federal prosecutors will visit Switzerland to investigate Clifford Irving's account of the Howard Hughes affair. [CBS] Author Leon Uris was ordered to pay $250,000 to former French spy Philipe DeVasoli, the model for the character in his novel "Topaz". [CBS] A Soviet scientist claims to have found micro-organisms 250 million years old in some potassium ore. When soaked in water, they came to life. [CBS] The National Commission on Narcotics and Drug Abuse will recommend the abolition of criminal penalties for the use of marijuana. John Finlator, former deputy director of the Bureau of Narcotics, urged reform of the law and says that marijuana is no more dangerous than alcohol or cigarettes. [CBS] Defendants and their attorneys have come before a U.S. appeals court on charges of contempt and crossing state lines to incite riots at Democratic National Convention in 1968. During the initial trial, nationwide demonstrations occurred on college campuses. Now, however, the universities are quiet again and the defendants seem to have mellowed as well.John Froines says that there will be fewer demonstrations and more programs, in efforts to reach the people once more. Rennie Davis believes that the era of '60s revolt must turn into a long-term building process. Jerry Rubin urged young people to register and vote and he called for demonstrations -- without violence -- at the Republican National Convention in San Diego. Bobby Seale, who had to be bound and gagged during the initial trial because of his disruptions, now says to use a hammer rather than a gun to build free medical clinics -- but keep a gun handy to defend the right to build. [CBS]

Stock Market Report

Dow Jones Industrial Average: 918.72 (+11.59, +1.28%)
S&P Composite: 105.55 (+0.81, +0.77%)
Arms Index: 0.78

	Issues	Volume*
Advances	912	12.30
Declines	568	5.95
Unchanged	280	1.60
Total Volume		19.85

* 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 8, 1972	907.13	104.74	17.39
February 7, 1972	903.97	104.54	16.93
February 4, 1972	906.68	104.86	17.89
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