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Tuesday March 7, 1972
. . . where the 1970s live forever!

News stories from Tuesday March 7, 1972


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

  • The Senate Judiciary Committee continued hearings on the Justice Department's settlement of the ITT antitrust case and ITT's contribution to the Republican national convention. Acting Attorney General Richard Kleindienst testified again today, and former Kentucky Governor Louie Nunn testified about a confrontation between Attorney General Mitchell and ITT lobbyist Dita Beard at the Kentucky Derby. Mitchell had told her that the Derby was no place to discuss such things.

    Kleindienst and former antitrust chief Richard McLaren have changed their previous testimony. McLaren now admits that he did obtain an outside financial consultant (who recommended a settlement) through White House aide Peter Flanigan. Kleindienst disclosed a letter and a call from attorney Lawrence Walsh, acting for ITT, asking for a delay in court action four days before board member Felix Rohatyn saw Kleindienst about an out-of-court settlement. Columnist Jack Anderson reaffirmed his charge that Kleindienst lied about not being involved in the settlement.

    Republican party chairman Bob Dole announced that the Republicans have rejected the offer of financial support for their San Diego convention from an ITT subsidiary, although the offer was actually made to the San Diego civic committee, not to the Republican party.

    Dr. Victor Liszka, who has treated ITT lobbyist Dita Beard for nine years, testified on her physical and mental condition before the committee yesterday. Liszka said that no ethics were violated in discussing Mrs. Beard's health with the committee, and denied that a Justice Department investigation of his wife for Medicare overcharges has anything to do with his testimony. [CBS]

  • A extortionist planted bombs in TWA jetliners and phoned in a ransom demand of $2 milliony. A bomb in a plane which was en route from New York City to Los Angeles was sniffed out by dogs and defused after the plane returned to New York City. A New York City detective stated that the bomb was defused just 12 minutes before it was set to go off. Another plane from Denver is now in New York City, and is being searched for bombs. [CBS]
  • A commercial seaplane bound for the Bahamas from Miami with six passengers aboard was hijacked to Cuba by two armed men. The pilot and the mechanic were wounded by the hijackers. [CBS]
  • A 14-year-old boy attempted to hijack a National Airlines plane from Tampa, Florida, to Sweden. He was overpowered by a federal marshal. [CBS]
  • A bomb blast in Belfast, Northern Ireland, destroyed two floors of the city's largest department store. No one was injured in the pre-dawn explosion. [CBS]
  • Secretary of State William Rogers issued his annual foreign policy report and warned the Soviet Union to stop exploiting explosive international situations. Rogers is optimistic about U.S. relations with China after President Nixon's visit there. Formal diplomatic relations with Bangladesh may be established by the United States. [CBS]
  • American and North Vietnamese planes fought over North Vietnam. The U.S. claims that one North Vietnamese and no American planes were downed; North Vietnam claims that two U.S. planes were shot down by anti-aircraft guns. North Vietnam charged the United States with waging a major air campaign to bomb populated areas in North Vietnam. The U.S. says that the only targets have been anti-aircraft installations. [CBS]
  • The U.S. proposed to resume the suspended Indochina peace talks, but the Communists have not replied. [CBS]
  • In the Harrisburg, Pa., trial of Reverend Philip Berrigan and six others, the defense tried to destroy the credibility of the government's chief witness, FBI informant Boyd Douglas. Defense attorney Ramsey Clark questioned Douglas, who revealed that he has a long criminal record but denied that he tried to promote the alleged conspiracy among the defendants. Douglas stated that Berrigan considered a plan to wreck the Pentagon's computer system. [CBS]
  • The Federal Bureau of Prisons is relaxing its censorship of prison mail. Prisoners may send uncensored letters to newsmen, and newsmen are encouraged to visit federal prisons. [CBS]
  • West Virginia Governor Arch Moore said that 100 coal mine reservoirs must be pumped dry to avoid the possibility of another earthen dam collapse. [CBS]
  • With 1% of the New Hampshire Democratic presidential primary vote counted, George McGovern leads Edmund Muskie 20 votes to 15; Sam Yorty has 1 vote. [CBS]


Stock Market Report

Dow Jones Industrial Average: 946.87 (-3.31, -0.35%)
S&P Composite: 108.87 (+0.10, +0.09%)
Arms Index: 0.91

IssuesVolume*
Advances72910.36
Declines7459.59
Unchanged2912.69
Total Volume22.64
* 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 6, 1972950.18108.7721.00
March 3, 1972942.43107.9420.42
March 2, 1972933.77107.3222.20
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


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