News stories from Monday January 24, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon sent Congress his 1973 fiscal year budget of $246.3 billion; the national debt is now greater than ever, at $25.5 billion. Treasury Secretary John Connally insists that the budget deficit will reduce unemployment without creating more inflation. President Nixon asked Congress to impose a rigid ceiling on spending so as to not put the economy even deeper in debt. Budget planners predict that the budget will balance if unemployment can be relieved, because of fewer welfare benefits and more tax revenue. The President asked for a record-high defense budget, though proportionately less than for welfare.
Senate Appropriations chairman Allen Ellender rejected a spending ceiling; House committee chairman George Mahon criticized the deficit.
[CBS] - Reverend Philip Berrigan and six others are charged with conspiring to kidnap presidential aide Henry Kissinger and plotting to blow up the heating systems of federal buildings in Washington, DC. In Harrisburg, Pa., today the defendants and their supporters marched to the courthouse with a coffin as a symbol of their resistance. A reporter said that Berrigan is optimistic about the trial, but getting the issues before the people is Berrigan's main priority, not acquittal. Former Attorney General Ramsey Clark heads the defense team, heightening his feud with FBI director J. Edgar Hoover. [CBS]
- The checks from McGraw-Hill and Life magazine to Howard Hughes for publishing rights to his autobiography were cashed in Switzerland by a person named Helga R. Hughes, who is now being sought for arrest. Author Clifford Irving claims that he gave the checks directly to Howard Hughes. [CBS]
- U.S. jets carried out five "protective reaction strikes" against North Vietnamese anti-aircraft sites. [CBS]
- Peace in Rhodesia was enforced after days of racial rioting. In Salisbury, security forces are on full alert. A British government survey for public opinion on a proposed agreement to give Africans greater political participation sparked riots, as blacks fear that Rhodesian independence would result in continued rule by the white minority. Rhodesian Prime Minister Ian Smith says the riots prove that blacks lack maturity and are uncivilized. [CBS]
- Students staged a sit-in at the University of Cairo and are demanding war with Israel. President Sadat said that he will not tolerate pressure groups. [CBS]
- New United Nations Secretary General Kurt Waldheim visited President Nixon in Washington. Waldheim asked the President for financial backing and for new faith in the U.N. Secretary of State Rogers discussed the Mideast and the India-Pakistan situation with Waldheim. [CBS]
- The Soviet Union formally recognized the nation of Bangladesh. [CBS]
- The FTC accused the nation's four largest cereal makers of illegally monopolizing the breakfast food market. Kellogg's, General Mills, General Foods and Quaker Oats are accused of avoiding competition and cooperating to insure big profits for all. [CBS]
- Consumer advocate Ralph Nader charged the federal government and the dairy industry with illegally setting up a political front organization to finance President Nixon's re-election campaign. [CBS]
- The Supreme Court ruled that the residency requirements for welfare recipients in New York and Connecticut are unconstitutional. [CBS]
- Denmark's King Frederik was buried today. The "sailor king" was honored with a funeral procession in Copenhagen, then a train took the body to Roskilde. President Nixon's representative at the funeral was John Eisenhower. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 896.82 (-10.62, -1.17%)
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* |
| January 21, 1972 | 907.44 | 103.65 | 18.81 |
| January 20, 1972 | 910.30 | 103.88 | 20.21 |
| January 19, 1972 | 914.96 | 103.88 | 18.80 |
| January 18, 1972 | 917.22 | 104.05 | 21.07 |
| January 17, 1972 | 911.12 | 103.70 | 15.86 |
| January 14, 1972 | 906.68 | 103.39 | 14.96 |
| January 13, 1972 | 905.18 | 102.99 | 16.41 |
| January 12, 1972 | 910.82 | 103.59 | 20.97 |
| January 11, 1972 | 912.10 | 103.65 | 17.97 |
| January 10, 1972 | 907.96 | 103.32 | 15.32 |