News stories from Friday March 10, 1972

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

The Senate Judiciary Committee continued its probe of the Justice Department's settlement of the ITT antitrust suit and ITT's pledge to the Republican party. Columnist Jack Anderson and his associate Brit Hume testified today. Anderson says that when former Attorney General John Mitchell testifies, it will be one of the most arrogant examples of perjury the committee has ever heard, if he repeats his denial of knowing about ITT's pledge to the Republican national convention. Senator Marlow Cook told Anderson to let Mitchell speak for himself.Republican party chairman Senator Robert Dole noted that AT&T agreed to provide telephone service to the 1972 Democratic national convention despite still being owed $1.5 million from the 1968 convention. Dole called AT&T's service a "contribution", and a much larger one than ITT's pledge to the city of San Diego -- and not to the Republican convention itself, as has been alleged. Democrat party chairman Lawrence O'Brien accused Dole of laying a smoke screen in order to cover up a Republican scandal. Attorney General nominee Richard Kleindienst said that former Attorney General Mitchell had no part in the ITT settlement (because he had disqualified himself) nor did the White House. Mrs. Dita Beard, ailing ITT lobbyist, said through her attorney that she is anxious to testify, and she denied that Mitchell told her that President Nixon had intervened. Dr. Victor Liszka described Mrs. Beard as disturbed and irrational, and former Kentucky Governor Louie Nunn recalled her heavy drinking. This picture does not correspond with the description given by her associates as being a hard-driving, aggressive, intelligent lobbyist, tough and earthy, but always in possession of her faculties. [CBS] Liberal Rep. Pete McCloskey has withdrawn from the Republican race for the presidency due to a lack of funds and will now concentrate on his re-election to Congress. The New Hampshire primary cost the McCloskey campaign $140,000 and outstanding debts total $40,000. McCloskey will leave his name on the ballot in 10 states where he is already entered, as a protest against President Nixon's policy of bombing the Communists in southeast Asia. [CBS] New York City Mayor John Lindsay, who left the Republican party and is running for the Democratic presidential nomination, is concentrating on his campaign in Florida. Lindsay's campaign techniques include: swimming in a bay to show his concern for ecology; dancing to show concern for the aged; air travel, billboards, campaign buses, parades, churches (mostly black), and rock bands at rallies. Lindsay says that the Nixon administration should be ashamed, and Democrat Senators even more so, for backing down on the busing issue. Lindsay is using actor Carroll O'Connor, who plays Archie Bunker, for television and radio ads. However at the New York Yankees' training camp in Florida, Lindsay "struck out" with New York fans. [CBS] President Nixon met with AFL-CIO president George Meany at the White House. [CBS] The wholesale price index was up 0.9% in February. The Nixon administration says that inflation will be curbed, but AFL-CIO president Meany called the figure a "whopping increase". [CBS] The price of the U.S. dollar rose on European money markets. [CBS] More bomb scares and extortion attempts are being reported on the nation's airlines, and even on a Greyhound bus. Airports have increased security, and airline officials met with Federal Aviation Administration leaders. The presidents of 29 airlines met with Department of Transportation officials to discuss anti-extortion measures. Better fencing-out of unauthorized personnel, closer guarding of planes on the ground, checks on passengers, cargo and baggage are included in security measures. Transportation secretary John Volpe believes that legislation may be needed to keep airlines from complying with extortion demands. [CBS] The FDA moved to reduce lead content in paint. [CBS] The IRS will crack down on tax preparation companies which falsify tax returns in order to drum up business. [CBS] FBI director J. Edgar Hoover requested a larger budget from the Senate Appropriations Committee. When asked if he plans to retire, Hoover said "the wish is father to the thought". [CBS] The United States and China will conduct official diplomatic meetings in Paris. White House press secretary Ron Ziegler said that the meetings will begin soon. Partly as a result of President Nixon's visit, Peking has switched its policy and now favors a negotiated end to the Vietnam war. Premier Chou En-lai visited Hanoi to reassure the North Vietnamese government that he did not sell out their interests to President Nixon. [CBS] Cambodian Premier Lon Nol, still recovering from a stroke, resumed full control of the government and replaced Cheng Heng as Chief of State. [CBS] Five thousand South Vietnamese troops launched a drive into Cambodia in order to prevent Communist attacks on Saigon. [CBS] U.S. fighter-bombers attacked anti-aircraft installations in a 9th straight day of American air raids in North Vietnam. [CBS] Rep. McCloskey's abandonment of his challenge to President Nixon is one more barrier removed from Nixon's path this political year. The China trip drove his popularity up; the New Hampshire primary drove down Democrat prospects. The Moscow visit will cause another surge in Nixon ratings. The ITT-Justice Department affair and food price hikes are domestic problems for the President, however. A settlement of the war in Vietnam would be the final clincher for Nixon's re-election. [CBS] Before Clifford Irving's Howard Hughes book scandal, the McGraw-Hill book company published the memoirs of Indian Chief Red Fox. The New York Times now reports that book was another hoax, copied from a 30-year-old book on the Sioux. [CBS]

Stock Market Report

Dow Jones Industrial Average: 939.87 (-2.94, -0.31%)
S&P Composite: 108.37 (-0.57, -0.52%)
Arms Index: 1.09

	Issues	Volume*
Advances	519	5.96
Declines	922	11.49
Unchanged	319	2.24
Total Volume		19.69

* 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*
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
March 2, 1972	933.77	107.32	22.20
March 1, 1972	935.43	107.35	23.67
February 29, 1972	928.13	106.57	20.32
February 28, 1972	924.29	106.19	18.20
February 25, 1972	922.79	106.18	18.18