News stories from Wednesday July 5, 1972

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

A federal appeals court has given back to George McGovern the California delegates which the Democratic convention's credentials committee had taken away. McGovern is now only 12 votes away from nomination, though his aides claim he now has more delegates than he needs to win on the first ballot. The same court upheld the committee's decision to unseat Chicago Mayor Richard Daley and his 58 delegates. The losers in both cases will ask the Supreme Court to call a special session to hear appeals.McGovern is elated with the court's decision and he is hopeful that the Democrats can proceed with an orderly convention. McGovern plans to lead efforts to unify the party himself. Senator Humphrey said that even if the Supreme Court allows the California primary result to stand, the convention can still overturn the decision. Democratic party counsel Joseph Califano said that courts don't belong in the political realm, and he asked the Chief Justice to convene the Supreme Court to decide the court's role in political convention decisions. Califano stated that the committee will abide by the Supreme Court's decision. Mayor Daley avoided comment on the court's decision to unseat his delegation, but attorney Jerome Torshen said that if the Supreme Court bars Daley's appeal, a floor fight at the convention will result. [CBS] The Miami Beach city council debated providing campsites for demonstrators who are expected at the national political conventions. Members of protest groups, conservatives and the press attended the council meeting.A coalition of poor people's organizations marched behind Rev. Ralph Abernathy through tight security at the convention center to demand 750 seats in the convention hall for the poor. Abernathy also demands the representation of poor people at the convention itself, and he demands that a park be used as a campsite for the poor. Abernathy's arrival at the council meeting rekindled a debate on campsites for demonstrators near the convention hall. Washington, DC police chief Theodore Zander said that the estimated number of protesters has been reduced, and therefore an area for them on Miami Beach should be provided. Councilman Jerome Greene, whose decision would determine the council's vote, cited the feelings of Miami Beach residents against campsites. A policeman's recommendation convinced Greene to vote for the campsite, and Flamingo Park will be set aside for protest groups. [CBS] Two men have hijacked a Pacific Southwest Airlines jet and ordered it to fly to the Soviet Union. Armed with shotguns, they took over the Sacramento to Hollywood-Burbank flight with 86 persons on board. They are demanding $800,000 ransom, parachutes, and maps for a flight to Siberia. [CBS] In New York, a man held his own baby daughter hostage at knifepoint aboard an empty American Airlines jet at Buffalo International Airport. Charles Smith finally surrendered; he had stabbed his estranged wife and another man prior to the airport incident. [CBS] Treasury Secretary George Shultz met with grocery chain executives to discuss rising food prices. Shultz appeared to be more conciliatory than his predecessor, John Connally. Shultz noted that everybody would like to see food prices lower, including supermarkets and the Nixon administration. Tomorrow, farmers will defend and explain their role in setting the price of meat. [CBS] South Vietnamese paratroopers moved against light resistance into Quang Tri city. They avoided a fortress in the center of the city where North Vietnamese troops are feared to have dug in. An American plane accidentally bombed a South Vietnamese position east of the city. [CBS] The Commerce Department licensed Boeing to sell $150 million worth of 707 jets to China. Boeing and China are haggling over the price. [CBS] Japan and France each got new Prime Ministers as a result of special party caucuses. Kakuei Tanaka was elected president of Japan's majority party, thereby automatically succeeding retiring Premier Eisaku Sato. Tanaka promised to maintain strong relations with the U.S., upgrade relations with China and sign a peace treaty with Russia.In Paris, French Premier Jacques Chaban-Delmas resigned along with his 40-member cabinet; he had been criticized for taking advantage of income tax loopholes. Pierre Messmer will succeed Chaban-Delmas. He is a former Minister of Overseas Departments and Territories. [CBS] Two Protestant brothers were prosecuted by terrorists in Northern Ireland for visiting Catholic friends. Ten people have been killed in Ulster since Saturday. [CBS] The World championship chess match in Iceland may be postponed for another week. International Chess Federation president Dr. Max Euwe proposed the delay but admitted that he violated chess federation rules by allowing two earlier postponements. Euwe says that defending champion Boris Spassky of the Soviet Union is upset and needs a week before the first game. Euwe suggested a different schedule for the tournament in order to avoid conflict with the chess Olympics in Yugoslavia in September. U.S. grand master Bobby Fischer apologized for causing the delay in starting the match. [CBS] A judge in New York City granted a permanent injunction against freelance photographer Ronald Galella, ordering him not to get within 50 yards of Jacqueline Kennedy Onassis or within 75 yards of her children. The judge dismissed a counter-suit by Galella which charged that Mrs. Onassis and the Secret Service interfered with his right to earn a living. [CBS] The major Democratic presidential candidates will arrive in Miami Beach on Friday or Saturday; their staffs have preceded them. Humphrey headquarters is in the Carillon Hotel (278 rooms). Much of his staff will sleep dormitory style, four to a room. Humphrey has had trouble raising money and his headquarters is run on a sparse budget. There are volunteers, however, and a sophisticated communications setup. The operation will cost $50,000. [CBS]

Stock Market Report

Dow Jones Industrial Average: 933.47 (+4.81, +0.52%)
S&P Composite: 108.10 (+0.61, +0.57%)
Arms Index: 0.85

	Issues	Volume*
Advances	850	8.40
Declines	562	4.71
Unchanged	352	1.60
Total Volume		14.71

* 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*
July 3, 1972	928.66	107.49	8.14
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