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Wednesday September 13, 1972
. . . where the 1970s live forever!

News stories from Wednesday September 13, 1972

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

  • Henry Kissinger reportedly has made a large trade deal with the Soviet Union, as part of which the Soviets would agree to pay off their World War II lend-lease loan; the U.S. would grant Russia trade preferences and the Soviets will establish special facilities for U.S. businessmen. A U.S.-China trade deal is also in the works, permitting China to buy U.S. wheat. The deal, which was worked out in Paris, is virtually final. [CBS]
  • The Senate Armed Services Committee is investigating high-level military conduct in Vietnam; General Creighton Abrams testified today. Committee chairman John Stennis said that Abrams' testimony conflicts with that of General John Lavelle, who is accused of ordering unauthorized bombing of North Vietnam. [CBS]
  • Six Americans have left for Hanoi to pick up three released POW's -- Markham Gartley, Norris Charles and Edward Elias will be freed. Walter Wilber and William Glen Byrns were interviewed along with Elias last month. Elias said that he wasn't aware of the destruction of civilians by U.S. bombing until he was captured. Byrns said he has seen many pictures of bomb damage while a POW. Wilber stated that he agrees with Ramsey Clark (who was in North Vietnam at the time of his interview) that the destruction caused by American bombing is a tragedy. [CBS]
  • South Vietnamese marines pushed into Quang Tri's citadel. [CBS]
  • American bombers struck targets near Hanoi and Thanh Hoa. Three North Vietnamese MiG's were downed; one U.S. Phantom jet was downed on Monday. [CBS]
  • Maurice Stans, President Nixon's campaign finance chairman, has been implicated in the break-in at the Democratic party headquarters at the Watergate hotel. House Banking Committee chairman Wright Patman received a report with information from a Texas oil executive that Stans approved the complex financial deal which has been linked to the incident; Stans accused the committee of partisan behavior.

    Republicans have filed a countersuit to the Democrats' action seeking damages for the Watergate break-in. The Republican suit accuses former Democratic party chairman Lawrence O'Brien of maliciously abusing court processes for political gain. [CBS]

  • George McGovern campaigned with Senator Edward Kennedy at his side in front of large crowds in Pittsburgh; McGovern and Kennedy also went to Philadelphia and New York City. [CBS]
  • President Nixon met with his campaign advisers at Camp David, Maryland. Press secretary Ron Ziegler announced that October 11 will be Casimir Pulaski Day, and October 15 will be National Shut-in Day.

    Nixon is pacing himself in his campaign for re-election, using others to do most of the campaigning: Housing Secretary George Romney attacked George McGovern in Portland, Oregon; in Atlanta, Transportation Secretary John Volpe praised the President's success in fighting unemployment. Agriculture Secretary Earl Butz has left Washington, DC for a tour of the Midwest. In Des Moines, Butz called McGovern a liar regarding accusations that President Nixon's trade deal with Russia came at the expense of American farmers. Even Secretary of State Rogers and Secretary of Defense Laird have attacked McGovern's policies. In St. Louis, Julie Nixon Eisenhower played golf with Bob Hope and Lee Trevino.

    McGovern campaign director Frank Mankiewicz says that President Nixon is treating the country as if it were a business he owns; he regards cabinet members as his employees and sends them out to sell the product. [CBS]

  • Wayne Aspinall, chairman of the House Interior Committee, was defeated in his Colorado primary. John McMillan of South Carolina, chairman of the District of Columbia committee, was also defeated in his primary. Charles Diggs of Detroit will replace McMillan as committee chairman; unlike McMillan, Diggs approves home rule for Washington, DC. [CBS]
  • Police in West Germany have begun security checks of all 40,000 Arabs living there. Officials in the U.S. are discussing anti-terrorism measures. Senator Mike Mansfield called for the abolition of the Olympic games for being too political, racist and murderous. [CBS]
  • The Price Commission continued hearings on manufacturers' requests for increased auto prices. UAW president Leonard Woodcock denounced the hearings as a political charade. [CBS]

Stock Market Report

Dow Jones Industrial Average: 949.88 (+3.84, +0.41%)
S&P Composite: 108.90 (+0.43, +0.40%)
Arms Index: 0.76

Total Volume13.07
* 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
September 12, 1972946.04108.4713.56
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

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