News stories from Wednesday April 12, 1972

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

Key American bases in South Vietnam came under rocket and mortar attack at Danang, Phu Bai and Bien Hoa. U.S. B-52s struck targets inside North Vietnam. North Vietnam claims that its shore batteries set fire to a U.S. warship in the South China Sea.South Vietnamese forces in Kompong Trach, Cambodia, came under fire but repulsed the assault. American B-52s bombed enemy positions within one mile of An Loc. President Thieu flew to Lai Khe and ordered his commanders to repel the siege at An Loc immediately. South Vietnamese reinforcements who are en route to An Loc via Highway 13 were attacked for a second day near Chon Thanh. U.S. soldiers at Phu Bai balked at going out on patrol. The battalion commander persuaded one company to go, and cursed newsmen who were present for causing their hesitation. North Vietnam continued attacks on Fire Base Bastogne; allies have been unable to resupply the outpost due to heavy enemy anti-aircraft fire. Weather continues to favor the Communists. Bad conditions inhibit aircraft which would be used to spot the enemy and for air strikes. B-52s, however, fly over the clouds and drop bombs electronically over pre-programmed targets. [CBS] Communists again demanded that the Paris Peace Talks be resumed. The French government also urged the U.S. and South Vietnam to return to the bargaining table; the United States expressed official displeasure with the French position. U.S. chief negotiator William Porter is returning to Paris, however. Press Secretary Ron Ziegler refused to deny that secret negotiations are underway. [CBS] The White House says that the North Vietnamese offensive has not changed U.S. withdrawal policy. However, the next troop cuts will hinge on the amount of Communist activity in South Vietnam. The build-up of American air and sea power continues. [CBS] A film from North Vietnam shows thousands attending a rally in Hanoi celebrating the Communists' alleged victories in South Vietnam. Nguyen Van Trang, chief secretary of the Workers' Party, told the crowd that North Vietnam is winning everywhere on the ground, and warned them to prepare for renewed American bombing of Hanoi. [CBS] The FBI arrested United Mine Workers field representative William Prater of LaFollette, Tennessee, in connection with the 1969 murder of UMW official Joseph Yablonski; Prater is charged with conspiracy. One defendant, Annette Gilly, changed her plea to guilty and has turned states evidence. [CBS] President Nixon is refusing to let White House aide Peter Flanigan testify about the ITT affair. The Senate Judiciary Committee, divided along party lines, has so far declined to subpoena him. The confirmation of Richard Kleindienst as Attorney General is now in question. The White House stands on the doctrine of "executive privilege" in refusing to let Flanigan testify. Senator Robert Byrd joined with other Democrats in insisting that Flanigan must testify before the cloud over Kleindienst's head can be lifted. Committee chairman James Eastland abstained from breaking the tie vote, as he is hesitant to subpoena employees of the executive branch.A White House letter denying Flanigan's appearance says that he only assisted in obtaining a financial consultant to advise on the ITT antitrust settlement. Senator John Tunney warned that Kleindienst's nomination will be jeopardized if Flanigan does not appear; Senator Byrd said that if Flanigan isn't permitted to testify, Kleindienst's nomination should be withdrawn. Kleindienst vowed that he will continue as acting Attorney General. The President is showing slight cracks in his confidence that Kleindienst will win. Alternative action is being considered in the event that Kleindienst's nomination fails. [CBS] Ohio Rep. William McCulloch denounced President Nixon's proposed busing moratorium as a prostitution of the courts at a House Judiciary committee meeting. Acting Attorney General Richard Kleindienst supports a halt to busing. McCulloch, a Republican who introduced the administration's bill, now denounces it and has joined committee chairman Emanuel Celler in questioning the constitutionality of the bill. [CBS] The IRS has assigned 15,000 agents to help taxpayers in their last minute rush to file returns; the government doesn't trust private tax preparers and therefore is providing an alternate method of help. Widespread fraud has been found in commercially-prepared returns. [CBS] The Apollo 16 astronauts rehearsed for Sunday's scheduled moon launch; television pictures beamed back from the moon are expected to be superior to previous ones. Image enhancement now produces a picture that is free from interference. Image Transform, Inc. takes a television picture apart electronically and puts it back together more clearly by using a computer. NASA signed a contract with the firm 24 hours after seeing its results. The computer processing takes only a few seconds. [CBS] Former President Lyndon Johnson, recovering from a heart attack, is reported to be in great spirits and good condition at the Brooke Army Hospital in San Antonio. [CBS] President Nixon nominated Benjamin Hooks of Memphis to be the first black member of the FCC, succeeding the retiring Robert Bartley. [CBS] The Price Commission opened hearings into the high cost of food, as consumers picketed outside the hearing. The AFL-CIO escalated its war against the President's wage and price control program. The union advocates picketing of supermarkets and other stores that increase prices excessively. [CBS] Fourteen Chinese ping-pong players arrived in Detroit to start their two-week tour of the United States. [CBS]

Stock Market Report

Dow Jones Industrial Average: 966.96 (+4.36, +0.45%)
S&P Composite: 110.18 (+0.42, +0.38%)
Arms Index: 0.90

	Issues	Volume*
Advances	865	13.27
Declines	649	8.99
Unchanged	296	2.43
Total Volume		24.69

* 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*
April 11, 1972	962.60	109.76	19.93
April 10, 1972	958.08	109.45	19.47
April 7, 1972	962.60	109.62	19.90
April 6, 1972	959.44	109.42	22.83
April 5, 1972	954.55	109.00	22.96
April 4, 1972	943.41	108.12	18.11
April 3, 1972	940.92	107.48	14.99
March 30, 1972	940.70	107.20	14.36
March 29, 1972	933.02	106.49	13.86
March 28, 1972	937.01	107.17	15.38