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Tuesday September 12, 1972
. . . where the 1970s live forever!

News stories from Tuesday September 12, 1972


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

  • Senator Edward Kennedy and Chicago Mayor Richard Daley campaigned today with George McGovern in Illinois. Daley called for the election of the entire Democratic ticket. but some Chicago Democratic leaders are still skeptical of McGovern; some aldermen did not applaud him. Alderman William Singer, who worked to unseat Daley's delegation at the Democratic national convention, is delighted with Daley's support of McGovern. [CBS]
  • President Nixon held a strategy session with campaign officials today. Finance chairman Maurice Stans, who has been accused in the Watergate bugging incident, was not present. [CBS]
  • A federal judge ordered an eight-day recess in the Democrats' civil suit over the break-in at Democratic national headquarters. [CBS]
  • South Vietnamese marines stormed the North Vietnamese citadel at Quang Tri, South Vietnam. American B-52's aided in the attack. [CBS]
  • American bombers cut North Vietnam's rail lines to China, destroyed a bridge at Thanh Hoa and struck targets near Hanoi. Two jets were lost but the pilots were rescued. [CBS]
  • In Tripoli, Libya, the bodies of five Arab guerrillas who helped kill 11 Israeli athletes at the Olympics received a heroes' funeral. The crowd clamored for more such sacrifices until Palestinian rights are restored. The Libyan government called the Arabs "martyrs" who were fighting for their homeland which has been usurped by the Israelis. Moslems crowded around to touch the coffins. Arab guerrillas consider the Munich events to be a success for their cause, which is to start Mideast violence moving again. Israeli Foreign Minister Abba Eban admitted that any plans for peace talks have been squelched. [CBS]
  • The gunman who killed eight people at a golf course in the Virgin Islands is being hunted. St. Croix police captured three suspects following a telephone tip. [CBS]
  • New York Governor Nelson Rockefeller's commission issued its report on last year's Attica prison revolt. The commission blamed authorities for the uprising and criticized Governor Rockefeller for not being there. Robert McKay, dean of New York University law school and chairman of the governor's commission, noted that the report does not absolve the inmates, but a defective system permitted the incidents. The commission concluded that another riot is possible. [CBS]
  • The Senate is considering a revenue sharing bill under which the federal government would share $30 billion with local governments. Senator Gaylord Nelson said that funding for the measure would come from the budget deficit, an action which he called irresponsible. Senator Jacob Javits claims that the bill favors southern states and farm states. Finance Committee chairman Russell Long turned back attacks on the bill, and Rep. Wilbur Mills has agreed to use the Senate version of the distribution formula when the bill reaches the House. [CBS]
  • The Supreme Court ruled that Congress' anti-busing amendment does not apply to Las Vegas, Nevada. Justices Douglas, Powell and Rehnquist have so ruled in separate cases. [CBS]
  • William Taub, who represents himself as Jimmy Hoffa's attorney in dealings with the Nixon administration over Hoffa's proposed trip to North Vietnam to meet with American POW's, has been discovered to not be a lawyer. The New York Times reported on Taub's history as a con man. [CBS]
  • Henry Kissinger is conferring with Soviet leaders in Moscow, and on his way back to the United States he will stop in London and Paris for talks with Prime Minister Heath and President Pompidou. He may also meet North Vietnam peace negotiator Le Duc Tho in Paris. [CBS]
  • During the 1968 presidential campaign it was claimed that Richard Nixon had a secret plan to end the Vietnam war. Now William Safire, Nixon's ghost writer, reports that Nixon never said he had such a plan. Safire says that the press perpetuated an erroneous statement. Nixon inferred that he had a plan, however, and never objected to claims that such a plan existed. [CBS]
  • The Price Commission is holding hearings into Chrysler's and American Motors' request for a price increase on their 1973 cars; the car manufacturers argue that they should be allowed to recover the cost of new equipment which is mandated to meet federal safety and pollution control standards.

    In Big Spring, Texas, Chrysler dealer Dewey Ray refuses to sell small cars because he considers them unsafe. Ray says that he doesn't want to be a party to a serious injury or death resulting from the crash of a subcompact. Chrysler safety engineers admit that a bigger car is safer. [CBS]

  • The possibility of a common currency for European Common Market countries has increased; finance ministers meeting in Rome agreed on the establishment of a European monetary fund. [CBS]


Stock Market Report

Dow Jones Industrial Average: 946.04 (-8.96, -0.94%)
S&P Composite: 108.47 (-1.04, -0.95%)
Arms Index: 1.24

IssuesVolume*
Advances3512.46
Declines1,0789.35
Unchanged3381.75
Total Volume13.56
* 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
DateDJIAS&PVolume*
September 11, 1972955.00109.5110.71
September 8, 1972961.24110.1510.98
September 7, 1972962.45110.2911.09
September 6, 1972963.43110.5512.01
September 5, 1972969.37111.2310.63
September 1, 1972970.05111.5111.60
August 31, 1972963.73111.0912.34
August 30, 1972957.86110.5712.47
August 29, 1972954.70110.4112.30
August 28, 1972956.95110.2310.72


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