News stories from Friday March 17, 1972

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

ITT lobbyist Dita Beard issued a sworn denial that she wrote the memo linking the Justice Department's settlement of ITT's antitrust case with ITT's contribution to the Republican national convention. A Senate subcommittee postponed its trip to Denver to take Beard's testimony from her hospital room.Senator Hugh Scott read Mrs. Beard's statement in which she says that she did prepare a memo for Bill Merriam on plans for the Republican convention in San Diego, but not the memo published by columnist Jack Anderson, which she calls a forgery. Beard said that assertions regarding the antitrust case and former Attorney General Mitchell are untrue, and stated that she is ready to testify from her bedside. Anderson claims that Mrs. Beard authenticated the memo and that it was verified before being published. [CBS] President Nixon sent Congress the details of his anti-busing policy, which he outlined last night on TV. Nixon urged Congress to block mandatory court-ordered busing until July 1973, and he ordered the Justice Department to intervene in selected school districts to obtain reversals in some busing decisions (e.g. in Richmond and Denver); $2.5 billion in federal aid was requested for poor schools.Health, Education and Welfare Secretary Elliot Richardson stated that congressional legislation for a moratorium on busing will be constitutional. Washington, DC NAACP director Clarence Mitchell said that Nixon's approach to the issue of busing is fraudulent, and that the President is siding with George Wallace, bus burners, the Ku Klux Klan, and all who stir up racial hate. The constitutionality of President Nixon's plan, if it is passed by Congress, will be decided by the Supreme Court. [CBS] Democratic presidential hopefuls reacted to the President's busing proposals. George Wallace applauded Nixon's opposition to busing, but called for even stronger executive action. John Lindsay stated that the President's action offers nothing positive for a "fear-ridden" country. Hubert Humphrey asked for the President to more clearly define the meaning of "moratorium" and his intent regarding busing. Edmund Muskie claimed that no one has proposed busing to achieve racial balance. George McGovern said that Nixon, the politician, is making a frantic effort to capitalize on an emotional issue and distract the attention of the nation from real problems. Eugene McCarthy declared that Nixon's proposals are unconstitutional. Shirley Chisholm accused the President of calling for a return to a "plantation society". [CBS] Republican reaction to the President's busing plan was not as strong, pro or con. Senator Robert Griffin said he is pleased that the President offered better educational opportunities for the disadvantaged in inner cities, and pleased that he ordered the Justice Department to intervene in some pending cases. Senator Strom Thurmond said that the President's plan is good but doesn't go far enough, and he called for a constitutional amendment. Senator Edward Brooke said that Nixon's plan will be a throwback to "separate but equal". [CBS] Senator Henry Jackson said that he will not disclose the names of his financial backers, no matter what the other Democratic presidential rivals do; Jackson accused them of grandstanding on the issue. [CBS] Price Commission chairman Jack Grayson accused Agriculture Secretary Earl Butz of damaging the price control program by defending rising meat prices. The Price Commission announced new regulations on rates for the nation's utilities. [CBS] A U.S. Army helicopter exploded and crashed in a river near Saigon; 11 soldiers aboard were killed. Four other American aircraft have been damaged since Wednesday, with one pilot killed and others missing in Laos. [CBS] Last December 30, five days of intensive U.S. bombing over North Vietnam ended. In the final hours, two U.S. jets were shot down. Aboard one was Navy flier Lt. Norris Charles. A film of Norris being displayed in Hanoi was shown, in which he described his capture. [CBS] Earlier this week British naval officer David Bingham was sentenced to 21 years in prison after being convicted of spying for the Russians. His wife Maureen said she had encouraged his spying in order to pay off family debts. Today she also was arrested. [CBS] The California Supreme Court modified its ban on the death penalty, and stated that persons on trial for capital offenses (such as Angela Davis) should not automatically be released on bail. [CBS] The Attica prison revolt six months ago sparked controversy. Fewer prisoners are housed at Attica now, and there are more guards and a new warden. But no fundamental reforms have been accomplished. The metal shop employs few men now. Pay of between 30 cents and $1.00 isn't enough to meet even minimal needs at the prison commissary, and there is little recreation. New York Corrections Commissioner Russell Oswald says that the prison is starved for funds. Prisoners have elected an inmate liaison council and a grievance committee for the first time. This is one of the few real changes since the uprising. [CBS]

Stock Market Report

Dow Jones Industrial Average: 942.88 (+6.17, +0.66%)
S&P Composite: 107.92 (+0.42, +0.39%)
Arms Index: 0.79

	Issues	Volume*
Advances	714	8.02
Declines	720	6.42
Unchanged	295	1.60
Total Volume		16.04

* 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 16, 1972	936.71	107.50	16.70
March 15, 1972	937.31	107.75	19.46
March 14, 1972	934.00	107.61	22.37
March 13, 1972	928.66	107.33	16.73
March 10, 1972	939.87	108.37	19.69
March 9, 1972	942.81	108.94	21.46
March 8, 1972	945.59	108.96	21.29
March 7, 1972	946.87	108.87	22.64
March 6, 1972	950.18	108.77	21.00
March 3, 1972	942.43	107.94	20.42