News stories from Friday June 30, 1972

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

The Democratic convention credentials committee is debating a challenge to the seating of Chicago Mayor Richard Daley's 59 delegates. McGovern forces are solidly against Daley, and Daley is the underdog in this challenge. McGovern would gain 41 delegates if Daley is defeated, but he could lose any Daley support in November in the process. A Humphrey aide was on the convention floor before the meeting, hustling votes for Daley. Chicago alderman William Singer, the head of the group which is opposing Daley, predicted that there would be no compromise; McGovern coordinator Eli Segal would have preferred a compromise. An attorney for one challenged delegate said that he was made an offer by people claiming to be associated with McGovern; after he accepted it, the offer was withdrawn.McGovern spoke to a group of electrical workers and appealed to the union men on the basis of their "common enemy". McGovern recalled that Richard Nixon said back in 1967 that it would take a genius to wreck the U.S. economy; McGovern said that he's here today to congratulate a genius. He conceded that he hasn't been the first choice of some union leaders, but the same was true of John Kennedy, Harry Truman and Franklin Roosevelt. The reception today didn't hide the fact that McGovern's candidacy has been hurt; there is a strong desire for revenge among McGovern supporters. [CBS] George Wallace will leave the Silver Spring, Maryland, hospital on Friday to head for the Democratic national convention in Miami Beach. Stopping in Montgomery, Alabama, on the way will allow him to legally resume the governorship of Alabama. Governor Wallace will arrive at the convention in a wheelchair. Dr. James Duke said that it's too early in Wallace's treatment for him to stand alone or without support, though he is impressed with the governor's progress. It will take months for Wallace to learn to swing his legs. [CBS] The Agriculture Department reported that the prices of raw farm products were up in June. The Defense Department announced that it will reduce beef purchases by 10% for the next four months. The President met with his economic advisors today; claims that efforts to get prices down are not working were refuted. Cost of Living Council director Donald Rumsfeld said that there are controls on meat prices, and they are working. Treasury Secretary George Shultz stated that there has been gradual but very clear-cut success in the battle against inflation. President Nixon instructed his advisors to meet with producers and grocers to discuss new ways to get prices down. [CBS] Conservative Democratic sources say that John Connally may be asked to head a "Democrats for Nixon" organization. [CBS] North Vietnam has agreed to President Nixon's proposal to resume the Paris Peace Talks on July 13. John Connally may stop in Paris for private negotiations. [CBS] South Vietnamese marines and paratroopers have pushed to the edge of Quang Tri city, which has been held by North Vietnam for nearly two months. President Thieu says that the objective is to retake the entire province. Fire Base Checkmate, 12 miles southwest of Hue, was overrun by the enemy.President Nixon insists that reports of U.S. bombing of North Vietnamese dikes are inaccurate. Films from a Swedish television show damage to a dike that was allegedly hit by Americans. A Defense Department spokesman said that action reports for the dates involved failed to show any bombing raids in that area, and he reiterated that dikes are not targeted for bombing. Pentagon officials reported that the Communists are building a new oil pipeline between Hanoi and the Chinese border. [CBS] The Senate approved a 20% increase in Social Security benefits to go into effect September 1; President Nixon wanted 10%. If the bill is passed, there would be a 27% increase in withholding taxes on wage earners making more than $10,800 per year, up to a maximum withholding of $660 in 1974. Future Social Security benefit increases would also be tied to the cost of living. [CBS] California Senator Alan Cranston has introduced a bill giving newsmen the right to withhold information about their sources from federal authorities. Cranston's bill was prompted by the Supreme Court decision which held that newsmen have no constitutional right to withhold such information from grand juries. The New York Times is especially concerned by the ruling which overturned a lower-court decision on behalf of Times reporter Earl Caldwell, who refused to be questioned on information given to him by the Black Panthers.Editors at the New York Times are worried about the effects of the Supreme Court's decision. They are afraid that both reporters and sources will be inhibited from pursuing sensitive stories. The relationship between the press and the government may be changed. The Times plans to continue fighting through the courts and will seek state and federal legislation to keep its sources private. [CBS] President Nixon vetoed a bill providing for increased funds for the Corporation for Public Broadcasting for the next two years. The President wanted the funds to be approved on a year-to-year basis until the system can be reviewed and perhaps revised. [CBS] Eight million gallons of crankcase oil are flowing unchecked down Pennsylvania's Schuylkill River. Hurricane Agnes caused the oil to overflow its storage lagoons. [CBS] The number of police to be on hand in Miami Beach for the national conventions has been doubled in an effort to reduce the need for National Guard or Army troops in case of trouble. Miami Beach residents fear a repeat of the 1968 Democratic national convention in Chicago. The official scene of the struggle between those advocating an open hand to protesting groups and those for a closed fist is the Miami Beach city council. The Justice Department sent tough riot-control experts to talk to city councilmen. Washington, DC police chief Theodore Zanders and others have convinced the council that a hard line is best, include denying the parks and golf courses to protesters; Mayor Chuck Hall wanted to make them available as campsites to protest groups. What happens in Miami Beach will depend largely on police chief Rocky Pomerance, who said he finds it encouraging that all protesters claim that they want peaceful demonstrations, and he noted that the city recognizes the right of peaceful dissent. The "Yippies" plan to start camping out on Monday. [CBS]

Stock Market Report

Dow Jones Industrial Average: 929.03 (+2.78, +0.30%)
S&P Composite: 107.14 (+0.32, +0.30%)
Arms Index: 0.98

	Issues	Volume*
Advances	910	7.31
Declines	493	3.89
Unchanged	320	1.66
Total Volume		12.86

* 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 29, 1972	926.25	106.82	14.61
June 28, 1972	930.84	107.02	12.14
June 27, 1972	935.28	107.37	13.75
June 26, 1972	936.41	107.48	12.72
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