News stories from Friday September 22, 1972

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

It was announced that the cost of living increased only 2.9% in the year since President Nixon imposed wage and price controls. The administration hopes to keep the rate of inflation below 3% through the end of 1972. Inflation was rising at a rate of 4.4% during the year preceding the economic controls. The purchasing power of rank and file workers has also been up this year. [CBS] President Nixon attended a dinner at Texas Democrat John Connally's ranch; the President also stopped in Laredo and Rio Grande City, where he visited a customs and narcotics control station on the Mexican border and criticized the leniency of the courts on heroin pushers. The President courted Mexican-American voters in the area. Seven miles from the Connally dinner, other Democrats threw a tamale and beer party with Democratic vice-presidential nominee Sargent Shriver as the guest of honor. [CBS] George McGovern campaigned in Michigan and New York today. He addressed a retail store employees union in Detroit and accused President Nixon of exploiting the busing issue for political purposes. McGovern said that the President has failed to maintain quality in schools and is using the busing issue to cover up his failings. Vice President Spiro Agnew charged McGovern with having more sympathy for North Vietnam than South Vietnam; McGovern warned Agnew not to dare question his patriotism.McGovern later stopped in Rochester, N.Y., en route to a campaign appearance in Pittsburgh. He will then return to Washington, DC for some F.D.R.-style fireside chats regarding the Vietnam war. [CBS] The Senate Finance Committee approved a welfare bill which sets up work requirements and raises Social Security benefits. [CBS] The United Nations General Assembly will consider the issue of international terrorism. The steering committee vetoed opposition from Arab and African nations, and China. [CBS] Israeli Foreign Minister Abba Eban discussed Arab terrorism and the prospects for Mideast peace with Secretary of State William Rogers. Rogers disapproves of Israeli retaliatory strikes against neighboring Arab nations; Eban stated that Israel will not sit by and allow terrorists to destroy her. [CBS] West German Chancellor Willy Brandt dissolved Parliament and called for a new election after losing a vote of confidence. [CBS] Philippine President Marcos declared martial law after an abortive attempt on the life of the Philippine Secretary of Defense. Radio stations and newspapers have been shut down. [CBS] The FDA has banned the use of the germ-killer hexachlorophene except by prescription. The drug is linked to brain damage in laboratory animals. [CBS] Supplies of energy-producing fuels are dwindling in the United States. The Office of Emergency Preparedness proposes more recycling of materials and greater use of mass transit. [CBS] The FBI arrested a Michigan man for setting off a bomb at the Strategic Air Command base near Sault Ste. Marie. The Air Force pumped fuel out of a storage tank at Sawyer Air Force Base in search of the bomb, which was eventually found and removed. [CBS] At the Connor Spring and Manufacturing Company in Monterey Park, California, a four-foot high "big wheel" came loose from an earth mover, rolled down a hill and crashed into the factory. [CBS] The three released American POW's are beginning their journey home from North Vietnam; they may stop in Vientiane, Laos, and Russia en route to America. Lt. Mark Gartley noted that conditions have improved for American POW's in North Vietnam; Lt. Norris Charles related his friendship with the guards, and Maj. Edward Elias talked about the sense of humor of his guard. [CBS]

Stock Market Report

Dow Jones Industrial Average: 943.03 (+3.54, +0.38%)
S&P Composite: 108.52 (+0.09, +0.08%)
Arms Index: 0.97

	Issues	Volume*
Advances	710	5.74
Declines	674	5.29
Unchanged	385	1.54
Total Volume		12.57

* 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*
September 21, 1972	939.49	108.43	11.94
September 20, 1972	940.25	108.60	11.98
September 19, 1972	943.18	108.55	13.33
September 18, 1972	945.36	108.61	8.80
September 15, 1972	947.32	108.81	11.69
September 14, 1972	947.55	108.93	12.50
September 13, 1972	949.88	108.90	13.07
September 12, 1972	946.04	108.47	13.56
September 11, 1972	955.00	109.51	10.71
September 8, 1972	961.24	110.15	10.98