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Thursday March 2, 1972
. . . where the 1970s live forever!

News stories from Thursday March 2, 1972


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

  • Attorney General nominee Richard Kleindienst requested a Senate Judiciary Committee hearing to clear up charges that the Justice Department ensured a favorable settlement for International Telephone and Telegraph in an antitrust suit in return for ITT's contribution to the Republican national convention in San Diego. The issue was disclosed in a memo obtained by columnist Jack Anderson.

    Anderson claims that Kleindienst lied to Democratic party chairman Lawrence O'Brien when he stated that he had no part in the lawsuit. Kleindienst admits having met with ITT board member Felix Rohatyn, but committee chairman Eastland says that Kleindienst is guilty of nothing. Senator Philip Hart stated that the terms in the issue are defined hazily, as Kleindienst says that he participated in meetings, but not in a settlement. Anderson reported that Kleindienst admitted his implication in a settlement. The committee is seeking the author of the memo, ITT lobbyist Dita Beard. [CBS]

  • French authorities seized a half ton of heroin on a boat at Marseilles, the largest amount ever captured. [CBS]
  • John Ingersoll, director of the U.S. Bureau of Narcotics, told a Senate committee that caution must be taken in transferring drug-addicted soldiers during Vietnam troop withdrawals, in order to prevent users from spreading their habit. [CBS]
  • Six U.S. combat deaths were reported for the week in Vietnam, and 56 wounded. [CBS]
  • U.S. B-52 bombers again pounded Communist positions in the South Vietnamese Central Highlands. [CBS]
  • British Prime Minister Heath reported that the army will discontinue its questionable methods of interrogating prisoners in Northern Ireland. [CBS]
  • President Nixon has reportedly resumed military aid to Greece, less than a month after Congress stopped it. [CBS]
  • On his first day out of the cabinet, former Attorney General Mitchell demonstrated that he is now chairman of President Nixon's re-election campaign at a meeting with Republican leaders. [CBS]
  • Senator Edmund Muskie began his final drive before the New Hampshire primary ballots are cast. In Florida, Muskie emotionally denied having spoken against French-Canadians.

    "The Seed" in Ft. Lauderdale, a place where kids with drug problems come for help, was the site of Muskie's speech. Seed manager Art Barker says he was with Muskie at all times during his visit and denied that Muskie ridiculed "Canucks". A letter alleging Muskie's derision of French-Canadians was written by Paul Morrison of Deerfield Beach, Florida; a search revealed that there is no such person. Jim Kerr, one of two Ft. Lauderdale reporters who covered Muskie that day, heard no talk of "Canucks" and can find no Paul Morrison. William Loeb's Manchester (N.H.) Union Leader published Morrison's letter accusing Muskie. Loeb says that he will document the letter. [CBS]

  • Pennsylvania labor leaders endorsed Senator Hubert Humphrey for president. Humphrey praised the achievements of the labor movement and said that he was the "victim" of Mayor Daley's and Lyndon Johnson's forces at the 1968 Chicago convention where violence erupted. Humphrey also stated that he has been a leader in the fight for civil rights, and distanced himself from LBJ's war policy. [CBS]
  • The Senate gave final approval to the $32 billion foreign aid appropriation, with only four months left in the fiscal year. [CBS]
  • Office of Emergency Preparedness director George Lincoln warned of a national natural gas shortage due to low price levels. [CBS]
  • A winter storm knocked out a major power line in Canada. The province of Quebec was without heat or electricity for part of the day. [CBS]
  • In Washington, Pa., a sentence of death has been ordered for Paul Gilly, who was found guilty of the 1969 murder of United Mine Workers' official Joseph Yablonski, his wife and daughter. Gilly is the second of five defendants to get the death penalty; the other three are awaiting trial. Pennsylvania Governor Milton Schapp has suspended the death penalty during his term of office, however. [CBS]
  • A Chicago judge issued an arrest warrant for former heavyweight boxing champion Muhammad Ali. Ali was found in contempt of court for failing to deposit $44,000 in a Chicago bank as a guarantee of alimony payments to his first wife. [CBS]
  • The National Heart and Lung Institute announced that a nuclear-powered heart machine was successfully implanted in a calf. Artificial plastic hearts have been tested on 75 other calves and have worked well for up to three days. [CBS]
  • An exam for students interested in attending the Air Force Academy is scheduled to be held in St. Louis. Seventeen-year-old Roy Gawf, who had dreamed of attending the Air Force Academy, was shot to death by a Kansas City police officer while breaking into an office where copies of the exam were kept. [CBS]


Stock Market Report

Dow Jones Industrial Average: 933.77 (-1.66, -0.18%)
S&P Composite: 107.32 (-0.03, -0.03%)
Arms Index: 0.97

IssuesVolume*
Advances7259.84
Declines7069.34
Unchanged3253.02
Total Volume22.20
* 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
DateDJIAS&PVolume*
March 1, 1972935.43107.3523.67
February 29, 1972928.13106.5720.32
February 28, 1972924.29106.1918.20
February 25, 1972922.79106.1818.18
February 24, 1972912.70105.4515.86
February 23, 1972911.88105.3816.77
February 22, 1972913.46102.2916.67
February 18, 1972917.52105.2816.59
February 17, 1972922.03105.5922.33
February 16, 1972922.94105.6220.67


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