News stories from Tuesday March 28, 1972

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

Fifty years of home rule ended in Northern Ireland. Ulster's parliament disbanded for the year as Britain took direct control of the country. Thousands of Protestants gathered at Stormont Castle, rallying against the British as the Ulster Parliament closed. Outgoing Prime Minister Brian Faulkner made a surprise appearance and stated that Ulster has been betrayed by Britain. He promised no cooperation with the new advisory commission which will govern the nation. William Craig, leader of the Ulster Vanguard, spoke to the people and urged solidarity. After their rally, Protestants surged into the Catholic section of Belfast; three people were wounded and at least one death was reported.Protestant workers continue to strike. The strike has been successful as stores, transportation facilities and airports are shut down, as are local newspapers. But in Catholic neighborhoods, business goes on as usual. Catholics are not members of the Ulster Vanguard movement and do not support it. [CBS] The Commerce Department reported the second-highest foreign trade deficit in history. Business indicators were up 0.5% in February, the smallest increase in five months. [CBS] The Price Commission began hearings on the effectiveness of price controls. AFL-CIO president George Meany denounced price control actions and said that maintaining profit margins is of more concern to the board than price controls. Meany charged that food packagers are reducing quantities instead of raising prices. Ralph Nader is scheduled to testify tomorrow. The president of the National Association of Manufacturers also testified and disagreed with Meany, blaming increased wages for inflation. [CBS] The Cost of Living Council asked the IRS to investigate big meatpacking houses to check their compliance with price controls. The profits of food chains are also under scrutiny. [CBS] The Senate hearings on ITT have recessed, but talk goes on. Republicans attacked Democrats for not passing the President's legislative program and called the ITT hearings a "political sideshow". Senator Hugh Scott defended Attorney General nominee Richard Kleindienst. Scott quoted Edmund Muskie's statements regarding Kleindienst, then noted that all politicians are guilty at times of "jackassery". [CBS] Shirley Chisholm is not campaigning in Wisconsin although she is on the primary ballot. Her Wisconsin campaign director urged Chisholm supporters to vote for George McGovern instead. Republican ex-candidate Pete McCloskey is supporting Democrat John Lindsay in Wisconsin. [CBS] Detroit federal judge Stephen Roth is moving ahead with orders for busing in Detroit, despite President Nixon's anti-busing proposal and the Justice Department's request that he delay his order. Roth dismissed school district boundary lines as just being "political conveniences". [CBS] In San Jose, California, a jailbreak attempt and a shootout occurred near the building where the trial of Angela Davis is taking place. Three inmates took hostages and demanded a car; one inmate was killed during the shooting and two prisoners are in custody. The hostages were unharmed. Jacob Zitzer, the slain inmate, had escaped from San Quentin earlier. This jailbreak is said to be unrelated to Davis' trial. [CBS] The government summed up its case in the trial of the "Harrisburg 7". Government attorney William Connally read letters written by the defendants as part of his 3½ hour summary. Henry Kissinger's kidnapping was referred to, and Boyd Douglas figured prominently.Attorney J. Thomas Menaker, speaking for the defense, disparaged the FBI's use of Boyd Douglas. Attorney Paul O'Dwyer followed with a reference to Douglas being paid by the FBI and called Douglas a "Judas". The defense will continue with its final summation by Ramsey Clark. The case is expected to go to the jury on Thursday. [CBS] Government standards for processed foods allow the presence of filth such as rodent hairs. The FDA says that absolute food purity is impossible. [CBS] The furor about Lt. William Calley, who was a hot issue a year ago, has cooled with the passage of time. A "Free Calley" rally in Columbus, Georgia, failed to draw a crowd. [CBS] Local elections were held on the west bank of the Jordan River for the first time since Israel took over the area in 1967. Threats of action by Arab guerrillas did not diminish the crowd, as a carnival atmosphere prevailed. Arabs are electing their own leaders, with Israel's approval, while King Hussein is in Washington to talk with President Nixon. Only 17,000 of the 125,000 residents are allowed to vote, but the elections are viewed optimistically as evidence of Arab-Israeli coexistence. The outcome of the election could affect the federation proposal of King Hussein.Nixon and Hussein met at the White House and discussed an autonomous Palestinian state as proposed by the King; the need of economic and military aid from U.S. was stressed. King Hussein reportedly was unsuccessful in getting President Nixon's approval for his peace plan, the primary reason being that the plan to create a Palestinian state cannot succeed without an Israel-Jordan peace agreement. [CBS] House Foreign Affairs Committee chairman Wayne Hays rejected demands for a public hearing on the alleged drunkenness of Paris Peace Talks ambassador Arthur Watson. Watson denied that he was intoxicated, and blamed sleeping pills for his behavior. Watson admitted his rudeness and offered an apology. [CBS]

Stock Market Report

Dow Jones Industrial Average: 937.01 (-2.71, -0.29%)
S&P Composite: 107.17 (-0.13, -0.12%)
Arms Index: 1.07

	Issues	Volume*
Advances	623	5.61
Declines	790	7.59
Unchanged	351	2.18
Total Volume		15.38

* 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 27, 1972	939.72	107.30	12.18
March 24, 1972	942.28	107.52	15.39
March 23, 1972	944.69	107.75	18.38
March 22, 1972	933.93	106.84	15.40
March 21, 1972	934.00	106.69	18.61
March 20, 1972	941.15	107.59	16.42
March 17, 1972	942.88	107.92	16.04
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