News stories from Monday June 26, 1972

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

George McGovern won another bloc of delegates to the Democratic national convention; the party's platform and credentials committees met. Washington, DC Rep. Walter Fauntroy assembled a bloc of 96 previously uncommitted black delegates to support McGovern. McGovern said that this assures him a first-ballot nomination at the convention, but his aides found duplications and reported that McGovern is still 17 delegates short of the necessary 1,509. Humphrey aide Arnold Pinkney said that a telephone survey showed several black delegates still uncommitted.N.O.W. chairman Gloria Steinem is disappointed with many of McGovern's stands on women's issues; women are angered at McGovern for not sponsoring a female co-chairman (with Lawrence O'Brien) of the convention. CBS estimates that McGovern currently has 1,418 delegates. [CBS] The Democratic platform committee debated, as McGovern delegates moved to stiffen tax reform and anti-monopoly planks. A Black Caucus move to establish minimum welfare payments was rejected. A compromise was reached with Wallace backers on the economic plank. Fred Folsom said that busing should be outlawed by the Democratic party; Wayne Morse denounced a plank that would contribute to segregation in schools. The anti-busing plank was defeated in committee but will be revived as an issue at the convention. [CBS] The Democratic credentials committee faced a challenge to the delegates from California. McGovern took all 271 delegates with just 45% of the vote. Humphrey, with 40% of the vote, claims that he should get a share under the proportional representation rule. In a June 4 interview, Humphrey had stated that only a "spoilsport" would challenge California's delegate law.If Humphrey's challenge is successful, it could cost McGovern 151 delegates. Supporters of Humphrey, Jackson, Chisholm and Wallace are banding together to battle McGovern. McGovern attorney Joseph Rauh says that the challengers are trying to put Humpty Dumpty back together again. McGovern campaign coordinator Frank Mankiewicz is confident that the challenge will be rejected, but he believes that Humphrey will be demeaned and the party will be damaged by his move. [CBS] Fighting was reported near Hue, South Vietnam. [CBS] American bombers struck from Hanoi to Vinh, damaging a steel mill that was still in operation. New forces are helping to fix bombed portions of North Vietnamese transportation systems; the new workers may be Chinese. [CBS] Violence erupted in Northern Ireland hours before the IRA cease-fire was to take effect. A policeman was shot in Newry and a soldier was killed in Londonderry. [CBS] President Nixon lifted quota restrictions on meat imports, saying that the move will counter recent rises in meat prices by increasing supply. The President refused to freeze meat prices, however. Treasury Secretary George Shultz is not predicting a reduction in meat prices, but hopes they will stabilize. [CBS] A $552 million trade deficit was reported for the U.S. in May. [CBS] The Supreme Court ruled that courts cannot investigate Army surveillance of civilians; witnesses may refuse to testify before grand juries regarding evidence received through illegal electronic bugging; and officials at Central Connecticut State College cannot ban Students for a Democratic Society from campus. The court also overturned the convictions of three persons for using obscene language. [CBS] A farmer in Peru, Indiana, found $502,000 in his field. The FBI says it is the ransom from the hijack of an American Airlines plane. Farm owner Lowell Elliott may get a reward. [CBS] Hurricane Agnes has left a trail of destruction on the east coast. 122 people have been killed and property damage is estimated at $2 billion. Flood insurance is being encouraged for the future via reduced government rates.The massive clean-up has begun. In Wilkes-Barre, Pa., the Susquehanna River has receded back within its banks, but a slippery sea of contaminated and malodorous mud is left in the streets. In Elmira, N.Y., slime and mud cover everything; few people here were covered by flood insurance. Electrical, telephone and water lines are all severed and thousands remain homeless. CBS news reporter Del Vaughn was killed during the flood when his helicopter crashed in Harrisburg, Pa. WCAU-TV reporter Sid Brenner, cameraman Lou Clark and the helicopter pilot also perished in the accident while covering the flood story. [CBS]

Stock Market Report

Dow Jones Industrial Average: 936.41 (-8.28, -0.88%)
S&P Composite: 107.48 (-0.79, -0.73%)
Arms Index: 1.27

	Issues	Volume*
Advances	415	2.76
Declines	999	8.44
Unchanged	328	1.52
Total Volume		12.72

* 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 23, 1972	944.69	108.27	13.94
June 22, 1972	950.71	108.68	13.41
June 21, 1972	951.61	108.79	15.51
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