News stories from Wednesday March 1, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Senate passed the $23 billion education bill, after struggles to include an amendment to prohibit busing failed. Senator Robert Dole re-offered the Griffin amendment to ban court-ordered busing (which failed yesterday) as two opponents were absent today, but the amendment still lost 48-47. Vice President Agnew was notified to be present in order to break a potential tie. [CBS]
- A House committee is considering a constitutional amendment to stop busing. Rev. Theodore Hesburgh, chairman of the U.S. Civil Rights Commission, says that such an amendment would be a setback for civil rights. [CBS]
- Defense Secretary Melvin Laird hopes to keep 1972 draft calls under 50,000. The goal of an all-volunteer army by 1973 is still in effect. [CBS]
- The "Last Man" syndrome is affecting American soldiers in Vietnam who, as U.S. troops withdraw, fear being the last man killed there. The 2nd squadron of the 11th Armored Cavalry lost one man yesterday and four were wounded. The squadron was part of the 4,960 men who were withdrawn from Vietnam today. [CBS]
- Lebanon and Syria-based Arab guerrillas attacked Israel's Golan Heights. Israel pounded guerrilla camps in both countries; Syria bombed Israel in retaliation. [CBS]
- In Northern Ireland, part-time soldier Tommy Fletcher was executed by terrorists in the border village of Frevagh. [CBS]
- The Socialist-oriented People's National Party scored a victory in the Jamaican elections, over the conservative labor party. [CBS]
- A Russian translator at the U.N. asked a New York City policeman for asylum. The State Department returned the translator to his wife, who will send him back to Russia for psychiatric treatments. [CBS]
- Controversy continues over blame for the dam collapse which caused the tragic West Virginia flood, as the death toll reached 76. In Buffalo Creek, a coal company assigned guards to the dam two days prior to the break and had ordered bulldozers to reinforce it. [CBS]
- The Senate Judiciary Committee will hold a hearing on charges that the Nixon administration made a deal with the ITT Corporation. Committee chairman James Eastland said that the session was requested by Attorney General nominee Richard Kleindienst. Columnist Jack Anderson, who made the charges, will testify.
ITT is accused of seeking a favorable settlement on an antitrust suit in exchange for a contribution to the Republican party. Anderson claims that Kleindienst lied when he placed blame on former assistant Attorney General Richard McLaren. Senator Hugh Scott sees no threat to Kleindienst's confirmation.
[CBS] - Yancey Martin, a black 36-year-old ex-Army captain who joined Martin Luther King's civil rights movement and then worked for the Democratic National Committee, is now on the campaign staff of Senator George McGovern; he chose McGovern over black candidate Shirley Chisholm. Speaking to a group of blacks in Daytona Beach, Florida, Martin said that he usually questions the motives of liberals because he has little confidence in white people, but he endorses McGovern. Martin is trying to win the support of Southern blacks for McGovern, despite limited funds. McGovern says that he has rejected offers of campaign contributions due to strings being attached. But many of McGovern's campaign workers, especially blacks, have dropped out of the campaign due to a lack of funds. [CBS]
- A judge in Clearwater, Florida, pointed out a loophole in the new Florida drug law which would cause the sale and use of marijuana not to be illegal. The Florida Attorney General took issue with the judge, and the state legislature is moving to pass a clarification to the law. [CBS]
- A House committee killed a bill for setting procedures to settle railroad and airline strikes. Committee chairman Harley Staggers said that no similar anti-strike legislation will be considered this session. [CBS]
- Lockheed Aircraft Corporation reported a $15 million profit for 1971. [CBS]
- A New York City judge granted Howard Hughes a temporary injunction against four companies who were making Howard Hughes tee-shirts. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 935.43 (+7.30, +0.79%)
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 29, 1972 | 928.13 | 106.57 | 20.32 |
| February 28, 1972 | 924.29 | 106.19 | 18.20 |
| February 25, 1972 | 922.79 | 106.18 | 18.18 |
| February 24, 1972 | 912.70 | 105.45 | 15.86 |
| February 23, 1972 | 911.88 | 105.38 | 16.77 |
| 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 |