News stories from Friday March 3, 1972

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

The Senate Judiciary Committee heard testimony regarding the Justice Department's settlement of the ITT antitrust suit and a subsequent ITT donation to the Republican party. Senator Hugh Scott says that the Democrats are trying to turn the matter into a political issue.Attorney General nominee Richard Kleindienst claimed to have no knowledge prior to October regarding ITT's pledge to contribute to the Republican convention. But Senator Edward Kennedy produced a letter to Kleindienst dated in September, linking the antitrust suit with the contribution pledge. The letter was written after the settlement of the suit. Kleindienst says that he requested this hearing in order to dispel suspicion that was created by columnist Jack Anderson. The Virginia home of ITT lobbyist Dita Beard, who allegedly wrote the memo used by Anderson, is empty. Chairman Eastland has postponed the hearings until Tuesday, when Anderson and former Attorney General John Mitchell are expected to testify. California Lt. Governor Ed Reinecke called on Republicans to turn down ITT's contribution, to dispel doubts of propriety. [CBS] The Labor Department reported that February's unemployment rate was down to 5.7% from January's 5.9% on a seasonally-adjusted basis. Organized labor and the Democratic party pointed out that the same number of people were unemployed in February as there were in January. [CBS] The trial of Reverend Philip Berrigan and six others continued in Harrisburg, Pa. Mrs. Zoya Horne, former librarian at Bucknell University, was sentenced to jail for contempt of court after she refused to testify for the government despite being granted immunity. Boyd Douglas, an FBI informer who carried letters to and from Rev. Berrigan in prison, testified that two letters between Berrigan and Sister Elizabeth McAlister are authentic. Prosecutor William Lynch read the letters, which spell out a plot to kidnap presidential aide Henry Kissinger. Douglas testified that Father Joseph Winderoth spoke with engineers about blowing up steam tunnels in Washington, DC. [CBS] Ten thousand South Vietnamese infantrymen swept through South Vietnam's Central Highlands to flush out enemy concentrations, following bombings by American B-52s. [CBS] Assistant Secretary of State Marshall Green is visiting Taiwan to convince the Nationalist Chinese of continued U.S. support. [CBS] China accused the U.S. of conspiring with Japan to take over islands that are rightfully China's, and accused the U.S. of working with Taiwan to plunder China's sea resources. China also affirmed the rights of Central and South American countries to set unlimited territorial waters. [CBS] Secretary of State William Rogers and Secretary of Defense Melvin Laird have broken with tradition and become involved in election-year politics. Former Attorney General Mitchell predicted more such action from administration officials. [CBS] A Boston Globe poll shows President Nixon way ahead in the New Hampshire Republican presidential primary, with 69% to 14% for Rep. Pete McCloskey and 5% for Rep. John Ashbrook. The newspaper ordered re-polling of New Hampshire Democrats due to the continuing drop in Edmund Muskie's lead. [CBS] Democrats are fighting hard as they enter the final week before the New Hampshire primaries. When Senator Edmund Muskie called the publisher of the Manchester Union Leader a gutless coward and a liar, and then wept, something changed in the New Hampshire primary. Only two major Democratic candidates are entered in New Hampshire (Muskie, McGovern) and the rest are working in Florida (Humphrey, Jackson, Lindsay) against George Wallace and the busing issue.Muskie denounced publisher William Loeb for saying that he belittled New Hampshire's French-Canadians and for printing unflattering comments about Mrs. Muskie. Muskie said that he showed emotion about the attack on his wife because he's not an "iceberg" and he doesn't think that the American people want an iceberg as president. George McGovern stated that he would be disappointed with less than a 25% showing in New Hampshire primary, and said that Muskie will be lucky to get 50%. Los Angeles Mayor Sam Yorty, who is backed by the Union Leader, has received a surge of support since Muskie's outburst, as have most other Democratic candidates. Senator Vance Hartke may get 5%; House Ways and Means committee chairman Wilbur Mills has spent much money in New Hampshire for a write-in campaign; "anti-candidate" Edward Cole, who is too young to be President, may get scattered votes; write-in votes will go to Senator Edward Kennedy. Muskie said that he expected his percentage to drop somewhat as other candidates become better-known. [CBS] The Environmental Protection Agency says that air pollution controls may cost American industry $42 billion over five years. Consumer prices will rise as a result. [CBS] In Alabama, federal judge Frank Johnson ruled that state officials have a constitutional responsibility to care for those in mental institutions. [CBS] The FDA asked Australian officials about an anti-depressant drug which is suspected of having caused babies to be born without arms. The drug, imipramine, is sold in the United State under the trade name Tofranil. The Australian doctor who discovered the effects of thalidomide 10 years ago is now reporting evidence against imipramine. [CBS] A six-year-old El Monte, California, boy was rescued after spending seven hours in a 28-foot deep construction shaft. Anthony Bernadino fell into the hole while he was flying a kite. [CBS] American Indians complain about how some pro sports teams portray them. Pro teams haven't changed, but Stanford University is dropping the Indian as its symbol. [CBS] ABC news reporter Bill Lawrence died; he was covering the New Hampshire presidential campaign. [CBS]

Stock Market Report

Dow Jones Industrial Average: 942.43 (+8.66, +0.93%)
S&P Composite: 107.94 (+0.62, +0.58%)
Arms Index: 0.80

	Issues	Volume*
Advances	903	12.06
Declines	525	5.61
Unchanged	328	2.75
Total Volume		20.42

* 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*
March 2, 1972	933.77	107.32	22.20
March 1, 1972	935.43	107.35	23.67
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