News stories from Wednesday February 23, 1972

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

President Nixon and Premier Chou En-lai are reported to have made tentative agreements on the exchange of newsmen, students and scholars as well as low level diplomatic exchanges, but stopping short of formal recognition. Nixon and Chou met again today for four hours at the Peking guest house where President and Mrs. Nixon are staying. Some are speculating that the Vietnam war has come up during the talks. [CBS] Part of Chairman Mao's Red Army was displayed for newsmen. Chinese soldiers studied a model of a U.S. tank, and discussed how to blow it up. There is no military draft in China; army service is considered an honor. Besides carrying out military tasks, the Red Army operates a pharmaceutical laboratory, raises wheat and pigs and puts on shows. [CBS] President Nixon will visit the Great Wall of China, which was built around 200 B.C. [CBS] The Senate debate on busing has begun. Senators Mike Mansfield and Hugh Scott, the Democrat and Republican leaders, introduced a bipartisan busing bill drafted by Senate liberals Walter Mondale, Jacob Javits, Philip Hart and Edward Brooke, in their effort to head off more drastic anti-busing action. The bill, offered as an amendment to the pending higher education bill, would put three conditions on federal money for busing: (1) a school district must ask for it; (2) busing must not be so great in time or distance as to risk children's health or education; (3) a school district must have had time to exhaust appeals against busing orders.Conservative Senator Robert Griffin had introduced a different anti-busing bill. [CBS] A judge in San Jose, California, ruled that Angela Davis can be released on bail. [CBS] Florida Governor Reubin Askew declared a moratorium on capital punishment until July, 1973. [CBS] The Supreme Court will permit a recount of the 1970 Indiana Senate race where Senator Vance Hartke faced Republican challenger Richard Roudebush. The Supreme Court said that the recount does not remove the Senate's constitutional power to judge its own election results. Roudebush, now an assistant deputy director in the Veterans' Administration, has not decided whether he will press his earlier appeal for a recount. [CBS] The Supreme Court ruled that tenants don't have a constitutional right to withhold rent because a landlord fails to make repairs. [CBS] The cost of living was up 0.1% in January before seasonal adjustments, less than the 0.4% increase in December and less than the predictions of administration economists. [CBS] House Ways and Means Committee chairman Wilbur Mills proposed that Social Security benefits be increased by 20% beginning June 1. Mills said that the increase could come from surplus money in the Social Security trust fund. [CBS] A federal grand jury indicted the commander of the Alabama Air National Guard on charges that he illegally conspired to solicit contributions for political campaigns. General George Doster and three subordinates are accused of collecting $3,000 from Air Guard officers for the 1970 Alabama elections, mostly for Governor George Wallace. [CBS] In Baltimore, a federal judge sentenced Rep. John Dowdy to 18 months in prison and a $25,000 fine for bribery and conspiracy. [CBS] Senator William Proxmire, 56 years old, underwent a face lift and hair transplant operation. [CBS] Exiled South Vietnamese General Nguyen Can Thi, who has spent the last six years in Washington, DC, tried to return to Saigon but President Thieu's government wouldn't let him off the plane. Neither would they let 189 American servicemen who are on leave get on the plane. The Pan Am jet was ordered to fly out of Vietnam with only Thi on board. [CBS] Palestinian commandos who hijacked a German jet released the crew and surrendered to South Yemen authorities. All passengers, including Joseph Kennedy III, had been released earlier and flown to Frankfurt, West Germany. One passenger said that the hijacking was apparently revenge for West Germany's sending money to Israel. Kennedy described the hijackers as jumpy but said that they were considerate of the passengers, and he commended the crew and passengers. [CBS] The Soviet Union reported that the Luna 20 spacecraft has launched a container of moon rocks back to Earth. [CBS] A gymnastics exhibition was performed for President Nixon in Peking. The crowd applauded President and Mrs. Nixon and Premier Chou En-lai's entrance into the hall. [CBS]

Stock Market Report

Dow Jones Industrial Average: 911.88 (-1.58, -0.17%)
S&P Composite: 105.38 (+3.09, +3.02%)
Arms Index: 0.76

	Issues	Volume*
Advances	766	9.17
Declines	653	5.92
Unchanged	334	1.68
Total Volume		16.77

* 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 22, 1972	913.46	102.29	16.67
February 18, 1972	917.52	105.28	16.59
February 17, 1972	922.03	105.59	22.33
February 16, 1972	922.94	105.62	20.67
February 15, 1972	914.51	105.03	17.77
February 14, 1972	910.49	104.59	15.84
February 11, 1972	917.59	105.08	17.85
February 10, 1972	921.28	105.59	23.46
February 9, 1972	918.72	105.55	19.85
February 8, 1972	907.13	104.74	17.39