News stories from Monday May 1, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Quang Tri city has almost fallen to Communist forces. 80 American advisers were airlifted to safety while 40 volunteers remain behind with 5,000-10,000 South Vietnamese troops. The Highway 1 escape route has been mined and is teeming with enemy soldiers. South Vietnamese commanders abandoned their men and flew to Hue; Hue is bracing for an attack.
South of Hue, Highway 1 leading to Danang was cut briefly. In Binh Dign Province, Tam Quan fell to the enemy. In the Central Highlands, Kontum is surrounded and being evacuated. The North Vietnamese blew up a bridge 35 miles west of Saigon. American B-52's struck in the Mekong Delta, near Vi Thanh.
[CBS] - North Vietnamese politburo member Le Duc Tho met with Henry Kissinger in secret negotiations last year; he is now back in Paris and secret talks may resume. On March 24, David Livingston, vice president of the Distribution Workers of America, and two other American labor leaders met with Tho in Hanoi. Livingston talked with Kissinger upon his return to the United States. Livingston revealed a conversation in which Kissinger discussed a coalition government in South Vietnam. The Nixon administration has stated publicity that it will not impose a coalition on South Vietnam and President Thieu says he will never accept one. [CBS]
- A million people gathered in Red Square in Moscow to celebrate May Day. President Podgorny used the occasion to blast U.S. aggression in Indochina.
The White House says that President Nixon and Soviet Communist Party leader Leonid Brezhnev have reached an agreement on curbing the missile race. Strategic Arms Limitation Talks in Helsinki are expected to be more successful.
[CBS] - The New York Times received the Pulitzer Prize for Public Service for its publication of the Pentagon Papers. The National Reporting award goes to syndicated columnist Jack Anderson for his articles on American foreign policy decisions in the India-Pakistan war. The trustees of Columbia University, who oversee the annual prizes, expressed reservations about the awards: in the case of the New York Times' award, Neil Sheehan, who researched and wrote stories on the Pentagon Papers, was not cited by the committee.
In the Arts, the fiction award was given to Wallace Stegner ("Angle of Repose"); the biography award to Joseph Lash ("Eleanor and Franklin"); and the distinguished book award to Barbara Tuchman ("Stillwell and the American Experience in China").
[CBS] - Columnist Jack Anderson accused the FBI of snooping on the sex lives, drinking habits and personal affairs of prominent Americans who are not suspected of criminal or security offenses. Anderson claims that FBI chief J. Edgar Hoover prepared secret memos for former President Johnson's bedside reading. Anderson appeared before a House committee today in support of legislation to limit government secrecy. [CBS]
- President Nixon's Cost of Living Council has removed price controls from small businesses; the decision affects 26% of nation's payroll and 28% of the nation's sales -- a quarter of America's economy is being freed from price regulations. Cost of Living Council chairman Donald Rumsfeld denied that the action is a step toward phasing out Phase II, and he said that the behavior of those being exempted will be watched, but competition should keep prices down. Price Commission chairman Jack Grayson opposes the exemption because it will spur criticism; the AFL-CIO will attack the move as being weighted against unions. [CBS]
- Rose Wylie, one of 14 members of the rent advisory board, has been charged with extortion. She is also a member of the Philadelphia Housing Authority. [CBS]
- Presidential primaries are set for tomorrow in Alabama, Indiana and Ohio. With Muskie's withdrawal, the Indiana election is now a battle between Humphrey and Wallace; the Ohio race is basically Humphrey and McGovern, although the ballot includes Henry Jackson as well.
Jackson took time to be with his family while other candidates campaigned furiously; Jackson denies that he is ready to drop out of race and stated that he hopes to inherit Muskie's middle-of-the-road vote. He said that Wallace is too far right and McGovern too far left. Jackson denied that he is running for VP, but won't rule out the possibility of accepting that position.
[CBS] - American banks may lend the Soviet Union money for it to use to purchase U.S. machinery. [CBS]
- A federal grand jury indicted General Motors and Ford Motor Company for conspiring to restrict competition in the fleet market. [CBS]
- A U.S. district court overturned the 1969 election of United Mine Workers president W.A. "Tony" Boyle. Judge William Bryant agrees with the government that union money and facilities were used improperly. [CBS]
- A California family is concerned about the innocent victims of wars in places such as Vietnam, Bangladesh and Biafra. Robert and Dorothy Debolt have opened their home to children who no one else wants; there are now 14 children in their family, some of whom are handicapped. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 942.28 (-11.89, -1.25%)
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 28, 1972 | 954.17 | 107.67 | 14.16 |
| April 27, 1972 | 945.97 | 107.05 | 15.74 |
| April 26, 1972 | 946.94 | 106.89 | 17.71 |
| April 25, 1972 | 946.49 | 107.12 | 17.03 |
| April 24, 1972 | 957.48 | 108.19 | 14.65 |
| April 21, 1972 | 963.80 | 108.89 | 18.20 |
| April 20, 1972 | 966.29 | 109.04 | 18.19 |
| April 19, 1972 | 964.78 | 109.20 | 19.18 |
| April 18, 1972 | 968.92 | 109.77 | 19.41 |
| April 17, 1972 | 966.59 | 109.51 | 15.39 |