News stories from Wednesday June 28, 1972

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

President Nixon's goal to reduce American troop strength in Vietnam to 49,000 by Saturday will be met, and future reductions will go further. 10,000 more U.S. ground troops will be out by September, leaving a ground strength of 39,000. 120,000 men, however, are currently in the combat zone. Press secretary Ron Ziegler announced the President's new policy that draftees will no longer be assigned to Vietnam unless they choose to go. A residual force may remain in Vietnam as a bargaining tool for a negotiated peace.President Nixon will hold his first live broadcast news conference in more than a year tomorrow at 9:00 p.m. EDT. [CBS] Two investigators for the Senate Foreign Relations Committee returned from Vietnam with the conclusion that South Vietnam cannot make it alone. Even the American embassy in South Vietnam has lost faith in Vietnamization. [CBS] South Vietnamese troops attempted to recapture Quang Tri province, storming across the My Chanh River above Hue. American planes and ships bombarded North Vietnamese positions there, but the South Vietnamese still encountered enemy resistance. [CBS] Senator John Stennis reported that the confirmation of General Creighton Abrams as Army Chief of Staff is being held up by the investigation of Air Force General John Lavelle, who ordered unauthorized bombing strikes over North Vietnam. President Nixon appointed General Frederick Weyand to Abrams' post as commander of U.S. forces in Vietnam. [CBS] The Democratic convention credentials committee is considering a challenge to the Georgia delegation, requiring that more blacks, women and young people be included. It appears that George McGovern has the delegate strength to defeat the California challenge which will take place tomorrow. He is, however, on the spot over the Illinois challenge. If McGovern supports the challengers, he risks losing Chicago Mayor Richard Daley's backing; otherwise, he will anger reformers. Compromise has been urged. [CBS] Democratic congressmen oppose additional party reforms being proposed for the convention; reforms would give grass-roots delegates more power. Rep. Frank Annunzio praised the "old" Democratic party and its achievements. Rep. Wayne Hays said that the Democratic caucus is disturbed that delegates, who don't represent anyone, will tear up the convention. Rep. Joe Waggoner said that the House of Representatives is the body of the national legislature closest to the people, and its members have been purposely ignored by the new Democrats. Rep. Bella Abzug cited the value of opening up the Democratic party, and stated that some representatives fear a threat to their own power. Annunzio noted that Abzug lost her race for re-nomination. [CBS] George McGovern is nearing the end of his quick fence-mending swing through the South. He spoke of the possibility of a Southern governor as his presidential running mate -- Dale Bumpers of Arkansas, Jimmy Carter of Georgia, South Carolina's John West, or Reubin Askew of Florida. [CBS] Charles Snider, George Wallace's campaign director, said that Wallace supporters will not stage a walk-out at the Democratic national convention. [CBS] In Upper Marlboro, Maryland, Arthur Bremer pleaded innocent by reason of insanity to charges in connection with the shooting of George Wallace. [CBS] Chicago Mayor Richard Daley told the House Judiciary Committee that gun manufacturers and dealers should be required to pay part of the hospital bills and funeral expenses of the victims of handgun shootings. [CBS] In the Texas state legislature, Senator Mike McKool set a new filibuster record of 42 hours and 33 minutes, talking about funding for mental health programs. [CBS] The Miami Beach city council has decided to offer two locations for non-delegate campsites during the conventions: Haulover Park and Watson Island, both of which are several miles away from Convention Hall.Yippies Abbie Hoffman and Jerry Rubin are stressing non-violence at the 1972 conventions in order not to detract from the real issues. Rubin said that demonstrators don't want "another Chicago"; they want a peaceful protest and an alliance with senior citizens. The Youth International Party (Yippies) has set up its headquarters in Miami. They emphasized doing nothing to embarrass the Democrats, and concentrating on beating the Republicans instead. The National Welfare Rights Organization plans rallies and a peaceful march from a Baptist church in the ghetto, and Southern Christian Leadership Conference chairman Ralph Abernathy called on the city council to permit construction of "Resurrection City #2" for convention protesters. Miami Beach residents have urged strong laws against demonstrators, and at Homestead Air Force Base the Army is preparing for the conventions in case violence erupts. [CBS] Earlier this week Martha Mitchell threatened to leave her husband John unless he quit politics. She claimed that she had been manhandled by security agents working for President Nixon's re-election committee. Since then she has been in seclusion at the Rye, New York, country club. John Mitchell joined her there Monday; the Mitchells left together today. [CBS] France reportedly set off a nuclear device in the Pacific Ocean 800 miles southwest of Tahiti. The French Defense Minister and the U.S. Atomic Energy Commission declined comment. [CBS] The State Department reported that a special intelligence committee has been formed to ensure that the Soviet Union abides by Strategic Arms Limitation Talks agreements. [CBS] Business indicators were up 0.2% in May. The Commerce Department, despite that small gain, still predicts a period of strong economic growth. [CBS] In August, 1942, U.S. Marines began their assault on Guadalcanal in the Pacific, one of the toughest battles of World War II, with 5,000 Americans killed. Five Marines who died fighting there against the Japanese have been returned from unmarked graves to burial with honors at Arlington National Cemetery; 20 relatives attended the ceremony. The men are: Corporal John Suggs, PFC David Johns, PFC Eugene Johnston, PFC Godfrey Hunter and Pvt. Paul Gagnon. [CBS]

Stock Market Report

Dow Jones Industrial Average: 930.84 (-4.44, -0.47%)
S&P Composite: 107.02 (-0.35, -0.33%)
Arms Index: 1.27

	Issues	Volume*
Advances	514	3.46
Declines	851	7.26
Unchanged	377	1.42
Total Volume		12.14

* 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 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
June 15, 1972	945.97	108.44	16.94
June 14, 1972	946.79	108.39	12.32