News stories from Friday July 7, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Eight of the nine Supreme Court justices are back in Washington, DC to act on the Democratic national convention delegate cases involving the California and Illinois delegations. Chief Justice Burger has been asked to call the court into a rare special session. The Supreme Court will decide if federal courts should play a role in the nomination process of a political party.
George McGovern's forces are protesting any court decision without a full hearing. The appeals court action on the California and Illinois cases has inspired other suits, and delegate challenges in Mississippi and Arkansas have been taken to court. McGovern is estimated to be within seven votes of a first-ballot victory.
[CBS] - George McGovern will arrive in Miami Beach tomorrow. Hubert Humphrey, Edmund Muskie and George Wallace arrived today. Wallace left his Maryland hospital and stopped in Alabama en route to Florida. President Nixon provided an Air Force hospital plane for Wallace's use. Wallace said that he will insist to the Democratic convention that America maintain a strong military posture. He called for an end to the Vietnam war, but with action to protect the remaining Americans in Vietnam. Wallace denounced the use of busing to achieve racial balance in schools. The governor spoke briefly upon his arrival at the Miami airport before an unusually small crowd, then went to his hotel room.
Senator Humphrey arrived in Miami Beach from his home in Waverly, Minnesota, noting that he is still in the race; Humphrey called on all candidates to support the party's nominee.
Edmund Muskie arrived from his home in Kennebunk Beach, Maine. Muskie insists that he is not part of the "Stop McGovern" movement, but he will not drop out of the race to support McGovern just for the sake of party unity. Muskie stated that running as vice president is not an attractive possibility to him. Senator Henry Jackson charged that the candidacy of McGovern is fading.
[CBS] - A Baltimore judge has postponed the federal trial of Governor Wallace's accused assailant, Arthur Bremer, so that it won't interfere with Bremer's trial on state charges. [CBS]
- President Nixon is ordering commuter airlines to inspect every passenger in order to prevent hijackings. Presidential adviser John Ehrlichman announced the new requirement, noting the second hijacking in the past two days of a Pacific Southwest airliner. The hijacker received $450,000 ransom and ordered the plane to Oakland, California. A passenger tried to talk the hijacker into giving himself up. The hijacker, Francis Goodell, a 21-year-old who is AWOL from the Army, heeded the advice of his hostage. The passenger was a California highway patrolman who said that he told the hijacker his family would be hurt. The FAA fined Pacific Southwest Airlines $1,000 for inadequate security. [CBS]
- South Vietnam claims to have recaptured two-thirds of Quang Tri city, but CBS newsmen report that the South Vietnamese force is still over a mile away from the city. The Communists shelled Hue for a sixth day; a new enemy offensive may be beginning. [CBS]
- Wholesale prices were up 0.5% in June, mostly due to meat prices. Treasury Secretary Shultz stated that countries shipping the most meat to the U.S. will get favored treatment when 1973 import quotas are set. The unemployment rate dropped from 5.9% to 5.5% in June, on a seasonally adjusted basis. [CBS]
- The National Academy of Sciences studied 27 non-prescription cold remedies and verified less than 10% of claims of effectiveness. Coricidin was said to be ineffective; Contac may be somewhat effective. Isofrin nose drops, Fedrazil for hay fever and Chlorophen Nicocaps for hay fever were the only three medications found to be effective. [CBS]
- The Pentagon announced that 2,500 Marines and paratroopers will begin arriving in Florida tomorrow to stand by in case of trouble at the political conventions. They will be stationed at an Air Force Base 30 miles away and will be called in only if state and local police and the Florida National Guard are insufficient. [CBS]
- Organized labor may sit out the presidential election if George McGovern wins the Democratic nomination. AFL-CIO president George Meany, though not a convention delegate, will try to block McGovern's drive for the nomination. [CBS]
- The Poor People's Coalition demanded 750 convention floor seats. Now the National Welfare Rights Organization is carrying its fight for representation to the arrangements committee of the Democratic national convention, which was meeting today at the Hotel Fontainebleau. Reverend Ralph Abernathy's SCLC and the National Tenants' Organization joined in the effort but the coalition found that the meeting was closed. Secret Service guards ushered Democrat party chairman Lawrence O'Brien out the back door as the group stormed the building and took over the podium.
Democratic national committeeman Richard Murphy deplored the conduct of the coalition and vowed that the convention will be orderly. Chairman O'Brien returned and appointed a committee to meet with the protesters to discuss a seating compromise.
[CBS]
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Stock Market Report
Dow Jones Industrial Average: 938.06 (-4.07, -0.43%)
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 6, 1972 | 942.13 | 109.04 | 19.52 |
| July 5, 1972 | 933.47 | 108.10 | 14.71 |
| 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 |