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Friday April 7, 1972
. . . where the 1970s live forever!

News stories from Friday April 7, 1972


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

  • North Vietnam opened a new front in the Mekong Delta region of South Vietnam. Fifteen miles north of Saigon on Highway 13, enemy rockets hit Phu Cuong. An Loc and Quan Loi are under siege. Refugees and American advisers were evacuated from An Loc by helicopter. Near Cambodia, Loc Ninh and Fire Base Hung Tau fell to attacks from North Vietnam and the Viet Cong. The curfew has been extended in Saigon. Troops have been pulled from Saigon to protect other areas, leaving the capital almost defenseless. Forty thousand enemy troops are reportedly massed across the Cambodian border.

    Hundreds of U.S. jets bombed enemy targets north and south of the DMZ and destroyed a bridge over a river in the DMZ. The U.S. destroyer Lloyd Thomas was hit by enemy artillery and machine gun fire; three sailors were injured. North Vietnam claims to have shot down three more U.S. aircraft (13 in the past two days). The U.S. says that three were downed since yesterday and 10 since Friday.

    Fighting raged in Quang Tri city, Hue and Dong Ha. Five newsmen, three American advisers and 12 South Vietnamese were injured in a mortar barrage at Dong Ha; a rocket attack followed the mortars. A 500-pound bomb was mistakenly dropped on Dong Ha by an allied plane.

    Defense Secretary Melvin Laird says that the U.S. will continue to bomb military targets in and near the demilitarized zone until the enemy withdraws into North Vietnam and shows a willingness to negotiate seriously in Paris. [CBS]

  • A new debate on Vietnam broke out on the Senate floor, touched off by Edward Kennedy. Kennedy accused President Nixon of posturing for domestic political gain, and called for the resumption of the Paris Peace Talks. Hubert Humphrey also wants the talks to be resumed. Barry Goldwater called for an end to "nit-picking criticism". [CBS]
  • No American ground troops who remain in Vietnam are directly involved in the current offensives, though some American helicopter pilots and advisors are involved. However, 69,000 American airmen based in South Vietnam, Thailand, Guam and on aircraft carriers are directly involved in support of South Vietnam's effort. The Associated Press reported that a fifth carrier, Midway, has been ordered to Vietnam ahead of its scheduled sailing time. [CBS]
  • Former President Lyndon Johnson is hospitalized in Charlottesville, Virginia, because of chest pains he suffered while visiting his daughter and son-in-law, Mr. and Mrs. Charles Robb. Johnson's condition is reportedly stable. [CBS]
  • Economic statistics for the month of March: the unemployment rate was up to 5.9%, but the number of people working was also up. The wholesale price index rose only 0.1%, with food prices down. Economic adviser Marina Whitman said she is encouraged by the March figures. AFL-CIO president George Meany criticized the administration's economic policy, but said he doubts that Nixon can be beat in the presidential election. [CBS]
  • The IRS acknowledged a report that 40% of U.S. corporations paid no federal income tax. The report says that firms escape taxes by the use of deductions, credits and other loopholes. The IRS conceded that some deductions could be legitimate, however. [CBS]
  • Brooklyn gang leader Joseph Gallo was shot to death in a Manhattan restaurant. Nine months ago, Joseph Colombo (a rival of Gallo) was shot at a meeting of the Italian-American Civil Rights League. Police say that the two shootings may be connected. [CBS]
  • The White House announced the opening of a heroin hot line in Washington, DC, a phone number that people can call when they have information on heroin pushers. The toll-free number is 800-368-5363. Press secretary Ron Ziegler said that callers can remain anonymous. [CBS]
  • President Nixon nominated John Warner as Secretary of the Navy to succeed John Chafee, who is resigning. [CBS]
  • Britain's new secretary for Northern Ireland, William Whitelaw, released 73 suspected IRA terrorists as a peace gesture. Three men were killed in Belfast today in an explosion of an illegal bomb factory, and a British soldier was killed by sniper fire. [CBS]
  • The Senate Judiciary Committee voted to continue the probe into the ITT affair until April 20. [CBS]
  • A new campaign spending law went into effect, closing the loopholes of an often-ignored 47-year-old statute governing political contributions. Public disclosure of the names and amounts of contributors is now required.

    Most of George Wallace's money comes from small donations at campaign rallies. He has fewer "fat cats" than any other Democratic candidate. Senator Henry Jackson's failure to reveal his contributors has been criticized, and he is being picketed by Common Cause, the citizens' lobby which backed the new law. Common Cause chairman John Gardner attacked Jackson and President Nixon for refusing to say where their money has come from.

    Maurice Stans, President Nixon's campaign finance director, had been urging supporters who wish to remain anonymous to make their donations before today's deadline for revealing contributors. [CBS]

  • Jolted by setbacks in Florida and Wisconsin, Senator Edmund Muskie's campaign strategy is undergoing a thorough review; Robert Squire has resigned as television advisor. [CBS]
  • Sgt. Donald Friar's attempt to adopt a Vietnamese baby was delayed 14 months due to an incorrect report that Friar was a drug addict. President Nixon intervened on the soldier's behalf. [CBS]
  • A hijacker took over a United Airlines 727 jet with 96 people aboard en route from Newark to Los Angeles. He asked for money and demanded to be flown to San Francisco. [CBS]
  • A Senate proposal for one nationwide presidential primary is under consideration. An alternative plan for five regional primaries has been suggested by Senator Bob Packwood. [CBS]


Stock Market Report

Dow Jones Industrial Average: 962.60 (+3.16, +0.33%)
S&P Composite: 109.62 (+0.20, +0.18%)
Arms Index: 0.81

IssuesVolume*
Advances7679.73
Declines6857.08
Unchanged3233.09
Total Volume19.90
* 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*
April 6, 1972959.44109.4222.83
April 5, 1972954.55109.0022.96
April 4, 1972943.41108.1218.11
April 3, 1972940.92107.4814.99
March 30, 1972940.70107.2014.36
March 29, 1972933.02106.4913.86
March 28, 1972937.01107.1715.38
March 27, 1972939.72107.3012.18
March 24, 1972942.28107.5215.39
March 23, 1972944.69107.7518.38


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