News stories from Wednesday June 21, 1972

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

A man wearing a Pinkerton guard uniform walked into a Cherry Hill, New Jersey office, ordered all the women out, then shot at the men; four were killed, eight wounded. The attacker, identified as Edwin Grace, shot himself but is still alive. The shooting rampage occurred in the Heritage House Professional Building. The gunman continually reloaded his rifle as he ran from one office to another, killing men. [CBS] White House rumors have it that the shooting in Vietnam may stop at any time. Moscow reportedly passed the word that a temporary Vietnam cease-fire is possible if the U.S. goes back to the Paris Peace Talks. President Nixon is interested but wary; he is awaiting the return of Henry Kissinger from Peking before making a decisive assessment. Soviet President Podgorny returned to Russia after a difficult consultation with North Vietnamese leaders. North Vietnam may now be willing to settle for a political (as opposed to military) solution to the war. The administration does not want to raise false hopes, but President Nixon will address the nation on Vietnam. [CBS] Two North Vietnamese naval bases near Vinh were bombed, and piers were destroyed by American pilots. Near Haiphong, war materials were hit. [CBS] South Vietnamese marines are still trying to retake Quang Tri province from the Communists. [CBS] President Thieu's public relations officer said that South Vietnamese citizens who work for foreign news agencies hurt the country by saying that South Vietnamese troops run from the enemy. The Foreign Minister is about to stop letting foreign newsmen into the country. [CBS] George McGovern is now within 120 delegates of clinching the Democratic presidential nomination. McGovern won 225 delegates out of 248 that were elected in New York, for a total of 1,285. He may get 27 of the 30 New York delegates still to be assigned.Chicago Mayor Richard Daley spoke out against McGovern's Vietnam war views at the Mayors Conference in New Orleans. Daley called on the mayors to stand behind the President's Vietnam policy (even though he won't back Nixon for re-election) because as a loyal American he respects the office of the president. Daley has not endorsed any Democratic candidate so far, but has leaned toward Muskie. Daley says that he will not join the "Stop McGovern" movement, but his actions today did not help the senator. McGovern will not make a personal fight for his ideas at the Platform Committee, but he has moderated his statements regarding the defense budget and welfare plans. Hubert Humphrey called McGovern's New York sweep a fine victory, but noted that McGovern still doesn't have enough delegates for a first-ballot victory. McGovern won't name his V.P. choice until he gets the nomination, but says that he thinks highly of Senator Kennedy. Kennedy stated that there are no circumstances under which he would accept national office this year. [CBS] In New York congressional primary results, Rep. Emanuel Celler, chairman of the House Judiciary Committee, lost his bid for renomination to Elizabeth Holtzman, a 31-year-old attorney. Celler, who was first elected to Congress in 1922, can run as the Liberal party nominee. Rep. Bella Abzug was unsuccessful in her attempt to unseat Rep. William Fitts Ryan; Rep. John Rooney beat Allard Lowenstein. [CBS] The Pentagon will send troops to Miami for the political conventions, probably to Homestead Air Force Base. Attorney General Richard Kleindienst and Florida Governor Reubin Askew say there are signs that the troops may be needed to keep the peace, order and safety. [CBS] The Labor Department reported that the cost of living was 0.3% higher in May, even though food prices declined 0.2%. [CBS] Israel sent soldiers into southern Lebanon, where they captured a Syrian general and four Syrian colonels. Israeli airplanes and artillery bombed and shelled Ft. Herman in Lebanon as a reprisal for Arab guerrilla raids. [CBS] Pope Paul says that he never wanted to be Pope, with all the papal burdens. On the ninth anniversary of his election, he said that Lord Jesus guides Peter's Church. [CBS] Joseph Lindici, a shoe store owner from Beacon, N.Y., has been arrested by the FBI as a suspect in the recent Queen Elizabeth II ocean liner extortion attempt. He may also have been involved in a similar scheme against American Airlines. [CBS] The House Committee on Government Operations denounced the administration of a Detroit housing project. Profiteering, incompetence and corruption affect housing developments in many cities.The Montgomery Real Estate Company, a speculator which bought a house in Detroit for $9,000, sold it for $3,500 more on the same day. The government says it would take $9,800 to repair the house, which is not feasible so the house will be repossessed; the mortgage company will be paid off in full. Two years ago, a Federal Housing Administration appraiser found nothing wrong with the house. The FHA owns a quarter million vacant homes, or $2.5 billion in lapsed mortgages which the American taxpayer must make good. Housing Secretary George Romney admits the failure of the FHA program. [CBS]

Stock Market Report

Dow Jones Industrial Average: 951.61 (+3.39, +0.36%)
S&P Composite: 108.79 (+0.23, +0.21%)
Arms Index: 1.04

	Issues	Volume*
Advances	672	6.29
Declines	736	7.17
Unchanged	357	2.05
Total Volume		15.51

* 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*
June 20, 1972	948.22	108.56	14.97
June 19, 1972	941.83	108.11	11.66
June 16, 1972	945.06	108.36	13.01
June 15, 1972	945.97	108.44	16.94
June 14, 1972	946.79	108.39	12.32
June 13, 1972	938.29	107.55	15.71
June 12, 1972	936.71	107.01	13.39
June 9, 1972	934.45	106.86	12.79
June 8, 1972	941.30	107.28	13.82
June 7, 1972	944.08	107.65	0.00