News stories from Monday July 3, 1972

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

A federal judge refused to rule on the California and Illinois delegate disputes involving George McGovern and Chicago Mayor Richard Daley; the Democratic convention credentials committee's action is therefore upheld in both cases. Judge George Hart stated that he sees no constitutional reason for interfering with the committee's action. McGovern attorney Joseph Rauh deplored Hart's action; party counsel Joseph Califano says that the judge acted properly. The U.S. Court of Appeals will consider the cases.The credentials committee approved a compromise regarding the Rhode Island primary. Earlier, the committee rejected challenges to delegates from North Carolina, Georgia, Alabama and Washington. [CBS] The presidential candidates took a breather over the holiday. George McGovern relaxed at his home in Maryland. When questioned about the possibility of an independent candidacy, McGovern replied that it is not likely but he criticized the decision of the credentials committee regarding the California delegation. [CBS] The "Yippies" canceled their golf course sleep-in in Miami Beach; they will sleep in a synagogue instead. The youthful demonstrators are said to desire a peaceful image. Yippie leader Rennie Davis spoke at a news conference and vowed that the group intends a peaceful protest. [CBS] North Vietnam shelled Hue, South Vietnam, causing slight damage. South Vietnam is driving to retake Quang Tri province; U.S. bombing is reportedly intense. China is said to be ready to help North Vietnam repair and defend its rail lines, and China is boosting its economic and military aid to North Vietnam. The effectiveness of the Paris Peace Talks will likely be reduced due to these actions. [CBS] The Defense Department denied a report of cloud-seeding for making rain over North Vietnam. It had no comment about such actions over Laos or South Vietnam. The chance of success in attempting weather modification is said to be slim. [CBS] President Ali Bhutto of Pakistan will seek ratification of the peace treaty with India. The accord, worked out with Indian Prime Minister Indira Gandhi, is called a breakthrough. [CBS] Jewish industry, especially El Al Airlines, has been threatened unless the surviving Japanese terrorist from the Tel Aviv massacre is freed by Israel or permitted to commit suicide. The International Air Transport Association released information that "open war" is threatened against El Al and any airports which permit that airline to use its facilities. [CBS] Former President Harry Truman remains hospitalized in Kansas City, Missouri, for treatment of a digestive ailment. [CBS] Word now is that Bobby Fischer will go to Iceland for his match with Boris Spassky. British chess enthusiast James Slater sweetened the pot with more money. [CBS] General Motors is recalling Chevrolet Vegas because of defective axles. [CBS]

Stock Market Report

Dow Jones Industrial Average: 928.66 (-0.37, -0.04%)
S&P Composite: 107.49 (+0.35, +0.33%)
Arms Index: 0.85

	Issues	Volume*
Advances	807	4.50
Declines	522	2.48
Unchanged	350	1.16
Total Volume		8.14

* 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 30, 1972	929.03	107.14	12.86
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