News stories from Tuesday August 29, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- George McGovern presented his proposals for revising the tax and welfare systems to the New York Society of Security Analysts. His plan calls for the elimination of tax breaks for capital gains, a "balanced full-employment economy", and a reduction of defense spending. McGovern would raise new revenue by cutting the defense budget and reforming taxes, but he claims that no wage or salary earners would pay more taxes. Tax reforms include measures to tax capital gains, end oil and gas loopholes, reduce depreciation allowances and end tax shelters. McGovern's welfare reforms would add public service jobs, expand Social Security and pay those who remain on welfare $4,000 for a family of four. Some Wall Street brokers expressed skepticism, others said that McGovern's new plan shows real fiscal responsibility. [CBS]
- George McGovern announced his first choice for a cabinet post, saying that he would nominate Rep. Wilbur Mills as Secretary of the Treasury. Mills stated that he will consider the offer if McGovern is elected, but he would have to think about the seniority and power he would be relinquishing as chairman of the House Ways and Means Committee. [CBS]
- President Nixon announced another withdrawal of U.S. troops from Vietnam. Press secretary Ron Ziegler stated that the U.S. troop level in Vietnam will be reduced to 27,000 men by December, 1972. The President insisted that there will be an American presence in Vietnam until all POW's are released, and the bombing of North Vietnam will not be stopped before the elections. He stressed that amnesty for draft dodgers must be contingent on a penalty. Nixon denied accusations that his administration is pro-business. He refuses to debate Senator McGovern, but does not object to a debate between the vice-presidential nominees. He also criticized the Democrat-controlled Congress. [CBS]
- House Armed Services Committee chairman Edward Hebert doubts that the draft can be ended by next July as the President announced, and he cited the fact that many men enlist in order to escape the draft. Without that incentive, Hebert doubts that the military can attract enough volunteers. [CBS]
- President Nixon acknowledged that there have been technical violations of the new campaign finance law in the handling of his re-election funds, but he said that the Democrats are also guilty. Nixon stressed his desire to clear the air regarding the Watergate bugging affair.
E. Howard Hunt, a former CIA agent, White House consultant and novelist who was listed in one suspect's address book, made a 1½-hour deposition before Democratic party attorney Edward Bennett Williams. Hunt later tried to elude newsmen, refusing comment. Charles Colson, special counsel to President Nixon, will give a deposition tomorrow.
[CBS] - The Price Commission rejected requests by Ford and General Motors for price increases on their 1973 cars. Manufacturers have requested to increase prices in order to cover the costs of new safety and antipollution devices. The commission rejected the request due to the corporations' profit margins. Price Commission chairman Jack Grayson denied that there was any political influence on the commission's decision. Henry Ford II angrily noted that one branch of government tells the auto industry to make safety and pollution improvements while another branch refuses to give it permission to recover the costs. [CBS]
- The government is urging better truck brakes, more secure doors and new fuel tank standards to reduce the hazard of auto pileups. [CBS]
- 1,500 people were killed and 7,000 injured at railroad crossing accidents last year. Transportation Secretary John Volpe today announced a $750 million program to improve 30,000 railroad crossings. [CBS]
- A federal appeals court okayed the busing of 14,000 Memphis school children. [CBS]
- A flotilla of U.S. cruisers and destroyers completed a raid near Haiphong, North Vietnam. Vice Admiral J. L. Holloway, commander of the 7th Fleet, called the move a daring raid into strongly defended enemy territory. The cruisers Newport News and Providence along with two destroyers bombarded the coast; two North Vietnamese torpedo boats were destroyed. Two more small Chinese minesweepers slipped into Haiphong harbor, past the U.S. mine fields, making a total of three in the harbor. They have not carried out any minesweeping operations, however. [CBS]
- Air Force Capt. Steve Ritchie downed his fifth North Vietnamese MiG, becoming the third ace of the Vietnam war. [CBS]
- Mark Spitz set his third world record and won his third gold medal at the Munich Olympics, in the 200-meter freestyle. Sandra Neilson won the women's 100-meter freestyle. Gold-medal favorite Shane Gould of Australia came in third. [CBS]
- The 20th game of the world championship chess tournament in Iceland adjourned. Bobby Fischer leads Boris Spassky 11 to 8. [CBS]
- PCB, an industrial chemical used as a flame retardant in electrical wiring among other things, has caused skin ailments in laboratory tests on animals. The Environmental Protection Agency stated that the chemical was found in human tissues in 18 states; Canada reported that PCB has been found in Arctic polar bears. [CBS]
- Arthur Butler, a retired Scotland Yard detective, claims that Jack the Ripper was actually a woman -- a female abortionist who cut up victims in order to conceal fatal operations. [CBS]
- A Senate committee issued its report regarding the Army's spying on civilians. The report claims that detailed studies still exist despite Defense Secretary Laird's order for such records to be destroyed. [CBS]
- George McGovern's new tax reform proposals may soon be forgotten in the political game of one-upmanship in which President Nixon and McGovern are vying for attention from the media. Nixon ended the draft after McGovern opened his campaign's financial books for inspection; McGovern's welfare announcement was met with Nixon's troop withdrawal announcement and the administration's denial of automobile price increases. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 954.70 (-2.25, -0.24%)
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 28, 1972 | 956.95 | 110.23 | 10.72 |
| August 25, 1972 | 959.36 | 110.67 | 13.84 |
| August 24, 1972 | 958.38 | 111.02 | 18.28 |
| August 23, 1972 | 970.35 | 112.26 | 18.67 |
| August 22, 1972 | 973.51 | 112.41 | 18.56 |
| August 21, 1972 | 967.19 | 111.72 | 14.29 |
| August 18, 1972 | 965.83 | 111.76 | 16.15 |
| August 17, 1972 | 961.39 | 111.34 | 14.36 |
| August 16, 1972 | 964.25 | 111.66 | 14.95 |
| August 15, 1972 | 969.97 | 112.06 | 16.67 |