News stories from Friday July 28, 1972

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

At the Paris Peace Talks, North Vietnamese negotiators charged that President Nixon is trying to elude responsibility by denying that American planes are deliberately bombing dikes in North Vietnam. The State Department released a CIA report which states that only 12 North Vietnamese dikes have been struck by American bombs. Hits that were made in the Red River delta region were in conjunction with military targets; North Vietnam claims that 58 dikes have been hit. The CIA report is based on aerial photos which were taken July 11-12. Senators Fulbright, Aiken and Symington were shown the photos. [CBS] Letters that were allegedly written by eight American pilots protesting the bombing of North Vietnam have been sent to anchormen at the three television networks, a New York Times reporter and nine members of Congress as part of North Vietnam's propaganda campaign. The letters were brought to America by actress Jane Fonda. [CBS] The Senate approved a proposal to bar the military from using rain-making and fire storms as weapons of war. Senator Gaylord Nelson proposed the amendment after the Pentagon reported unsuccessful efforts to start forest fires in South Vietnam during the Johnson administration. [CBS] President Thieu has assumed broad powers of search and arrest in South Vietnam. National police are conducting house-to-house searches in order to find Viet Cong members. The police force has become more politically oriented and militarily trained; actions taken against suspected Communist sympathizers are harsh. Opposition leader Tran Quang Thuan said that many innocent people have been jailed, and some are charged in order to extract bribes from their families. Many Catholic and leftist students are disappearing from South Vietnam. Some charge that Thieu is using the police not only to root out the V.C., but to silence his opposition. [CBS] South Vietnamese troops continued efforts to retake Quang Tri city, and a task force recaptured the coastal town of Hoi An. Heavy fighting was reported near Bong Son. Rudolph Kaiser, an American adviser in Go Cong province, was killed in an ambush. [CBS] Democratic vice-presidential nominee Thomas Eagleton vows to stay in the race. Columnist Jack Anderson now says he was premature in reporting that Eagleton had once been arrested for drunk driving in Missouri. Eagleton received calls of support from Senators Edward Kennedy and Mike Mansfield. Eagleton said that the best test of whether he can take pressure is this campaign; he stated that he's determined to stay in the race in order to disprove Anderson's charges. [CBS] "Vietnam Veterans Against the War" supports George McGovern. "Concerned Vietnam Veterans for Nixon" held a news conference today in Washington. These veterans who support President Nixon claim to be bipartisan, with no affiliation with the VFW, American Legion or the Committee to Re-Elect the President. Vietnam veteran John Todd, who lost his sight in Vietnam, said that McGovern is blind to the realities of the Vietnam war. [CBS] President Nixon will attend the funeral of Louisiana Senator Allen Ellender. James Eastland has been elected president pro-tem of the Senate to replace Ellender. [CBS] Reverend Theodore Hesburgh, chairman of the Federal Civil Rights Commission, stated that the anti-busing proposal being considered by Congress would impose "educational genocide" on minority children. The House Education Committee is considering the Equal Educational Opportunities Act, which virtually forbids busing as a means to achieve racial balance for elementary-school children. Rep. Edith Green observed that busing is not working, but Hesburgh says that he doesn't want black children to be deprived of good schools. [CBS] General Motors reported record profits for the second quarter of 1972. [CBS] The Civil Aeronautics Board refused the proposed merger of Western and American Airlines. [CBS] All major British ports are shut down in the wake of a nationwide dock strike. [CBS]

Stock Market Report

Dow Jones Industrial Average: 926.70 (-0.15, -0.02%)
S&P Composite: 107.38 (+0.10, +0.09%)
Arms Index: 0.88

	Issues	Volume*
Advances	607	5.28
Declines	771	5.93
Unchanged	356	1.84
Total Volume		13.05

* 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 27, 1972	926.85	107.28	13.87
July 26, 1972	932.57	107.53	14.13
July 25, 1972	934.45	107.60	17.18
July 24, 1972	935.36	107.92	18.02
July 21, 1972	920.45	106.66	14.01
July 20, 1972	910.45	105.81	15.05
July 19, 1972	916.69	106.14	17.88
July 18, 1972	911.72	105.83	16.82
July 17, 1972	914.96	105.88	13.17
July 14, 1972	922.26	106.80	13.91