News stories from Wednesday August 9, 1972

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

The Senate voted to outlaw the sale of "cheap" handguns; the attempted assassination of Alabama Governor George Wallace brought the bill back to life. Senator Birch Bayh is working to keep gun the control bill passable. Conservatives want to strengthen it so it will lose votes, liberals seek to keep it moderate enough to pass. Bayh is pleased with the final version, and he noted that guns used by hunters and marksmen are not affected by this bill. Senator Roman Hruska opposes the bill. [CBS] George McGovern and his new running mate, Sargent Shriver, began their campaign with a unity theme. McGovern and Shriver met with mayors and senators on Capitol Hill. McGovern said that he wants to win, and hopes his effort will be a political plus for other Democratic slates. The duo also visited with governors, the women's caucus and the Latin caucus. McGovern later addressed a Democratic party unity luncheon.John Connally announced the founding of an organization called "Democrats for Nixon" and stated that this will be a tough campaign. The organization's vice-chairmen include Sammy Davis Jr., Charlton Heston, Mickey Mantle and Frank Sinatra. Connally says that he expects former President Lyndon Johnson to support the Democratic ticket. [CBS] Senator Edward Kennedy said that his 1970 bill to subsidize the training of family doctors was illegally subjected to President Nixon's pocket veto as Congress was only in recess, not adjournment. Kennedy claims that the bill should be made law. [CBS] The Pentagon wants to develop bigger and better warheads and has requested $20 million to do it. The new warheads would give the U.S. first-strike capability. [CBS] A Navy jet was shot down over North Vietnam; its pilot is missing. Air Force and Navy jets continued strikes on North Vietnam, including a bridge at Thanh Hoa and a shipyard near Haiphong.A Navy admiral said that North Vietnam can't last more than four more months due to the blockage of supplies. An Air Force general stated that North Vietnam's railroad links with China have been cut and North Vietnam is incapable of mounting another large offensive. But in the field, one Army general said that he sees no effect of the blockade. The South Vietnamese government doesn't believe the blockade will cause North Vietnam to surrender, and said that North Vietnam can not be stopped unless its economy (including dikes) is destroyed. President Thieu warned of another upcoming Communist offensive. U.S. officials believe that North Vietnam's war machine is being hurt badly by the blockade and the bombing, but they also believe that North Vietnam is capable of launching one more attack on South Vietnam. General David Ott noted that North Vietnam has large stockpiles of supplies, therefore more time is needed to assess the value of the blockade; Secretary of Defense Melvin Laird expects to see results in the fall and spring. [CBS] Scientists have developed a new flu vaccine in the form of a nasal spray which has been tested on prison volunteers. The vaccine was found to prevent illness in those exposed to Hong Kong flu germs. [CBS] The Amalgamated Clothing Workers union is urging a consumer boycott against the products of the Farah Manufacturing Company, which produces pants. Senators Gaylord Nelson, Philip Hart and Walter Mondale back the boycott.Workers from Juarez, Mexico, toil at the Farah plant in El Paso, Texas. Unionization, therefore, is difficult. Farah pays $1.70 per hour, three times what workers make in Mexico, and the company has a comprehensive medical care program including free eyeglasses. Company president Willie Farah says that workers have job security, and that strike organizers are outsiders -- professionals with monetary and political interests. The company also pays half the cost of employees' meals. Workers commend the working conditions and wages; strikers complain about the lack of raises and say that other workers are afraid to walk out. The Catholic Church supports the strike. A national boycott effort by the Amalgamated Clothing Workers may be effective. Major department stores in New York City are being picketed for carrying the Farah line. Senator Nelson said that the workers have been taken advantage of; United Farm Workers union president Cesar Chavez is rallying support for the boycott. [CBS] East coast victims of Hurricane Agnes are complaining that federal government aid is snarled in bureaucracy. Housing Secretary George Romney and Pennsylvania Governor Milton Shapp visited victims in Wilkes-Barre, Pennsylvania; a three-way shouting match ensued. [CBS] A huge fire broke out in the San Pedro area of Los Angeles. 39 fire companies, three fire boats and three fire helicopters finally controlled the chemical fire in the storage area of the harbor. A huge storage tank exploded and was hurled 300 feet into the air. No deaths, and only minor injuries were reported. Damage was held to just $500,000. [CBS] The 12th game of the world championship chess match in Iceland ended in a draw. Bobby Fischer has 7 points; Boris Spassky 5. [CBS] A California fireman has lost his job after undergoing a transplant operation; doctors replaced Carl Tagler's missing thumb with a big toe. Tagler was building a seven-room house in Redwood City by himself when he cut off his right thumb with a power saw. Doctors replaced the thumb with a toe. Tagler says that his new thumb is as good as the old one, but the Redwood City fire department claims he is disabled and is therefore retired. Tagler says he doesn't want disability pay; he's physically capable of being a fireman and wants to do his job. Tagler will take his case to court. [CBS]

Stock Market Report

Dow Jones Industrial Average: 951.16 (-1.28, -0.13%)
S&P Composite: 110.86 (+0.17, +0.15%)
Arms Index: 0.88

	Issues	Volume*
Advances	732	7.55
Declines	681	6.16
Unchanged	351	2.02
Total Volume		15.73

* 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*
August 8, 1972	952.44	110.69	14.55
August 7, 1972	953.12	110.61	13.22
August 4, 1972	951.76	110.43	15.70
August 3, 1972	947.70	110.14	19.97
August 2, 1972	941.15	109.29	17.92
August 1, 1972	930.46	108.40	15.54
July 31, 1972	924.74	107.39	11.12
July 28, 1972	926.70	107.38	13.05
July 27, 1972	926.85	107.28	13.87
July 26, 1972	932.57	107.53	14.13