News stories from Friday September 29, 1972

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

The welfare reform bill which guarantees a minimum income may be doomed in Congress. Senator Ribicoff wants more income provided than the administration's version of the bill; Senator Long wants to cut welfare rolls. The White House is taking a no-compromise position. Rep. Wilbur Mills says that the proposal is probably dead in the House. [CBS] The Treasury Department refused to grant a tax break that was requested by grain exporters who profited the from sale of wheat to Russia. [CBS] U.S. grain exporters had inside knowledge that Russia would need vast amounts of American wheat. Winter wheat farmers in the southwestern U.S., unaware of the Russian situation, sold their crops early and cheaply.The wheat export subsidy pays grain exporters the difference between domestic and export prices. Grain exporters made their deals with the Soviets but did not register them with the government until U.S. prices soared, making the subsidy greater. The Agriculture Department is ending the subsidy system now, but giving exporters five more days to cash in. Grain exporters are reaping excessive profits at taxpayer expense. [CBS] President Nixon is remaining at the White House; Senator McGovern is staying at his Maryland home. Democratic vice-presidential nominee Sargent Shriver campaigns in Ohio, Vice President Agnew is in Florida. [CBS] The Washington Post reported that John Mitchell, while Attorney General, personally controlled a secret Republican fund that was used to gather information about Democrats; Mitchell denied the story. In Tampa, Florida, Vice President Agnew expressed confidence in Mitchell and slammed protesters who disrupted his speech; he denounced those who would "give in to the forces of aggression" in Vietnam. [CBS] Cost of Living Council director Donald Rumsfeld noted that past increases in Social Security benefits have sometimes resulted in a rent increase for recipients. The White House has ordered the IRS to maintain a nationwide rent watch during this Social Security increase. [CBS] Senators Mike Mansfield and George Aiken introduced a bill for a personal depletion allowance for income tax purposes. [CBS] Japan and China resumed diplomatic relations; Taiwan severed ties with Japan. China is going to establish diplomatic relations with West Germany. [CBS] Soviet advisers are training the Syrian armed forces with Soviet weapons. The Soviet Union is making a new bid to strengthen its position in Mideast since having been kicked out of Egypt. Syria and Iraq will never agree to a peace settlement with Israel, so Russia is offering military aid to those countries. [CBS] Henry Kissinger returned from meetings with North Vietnamese negotiators in Paris. Peace in Vietnam, with the ouster of President Thieu, is being predicted. General Alexander Haig, Kissinger's deputy, will visit South Vietnam to assess the situation. [CBS] The Senate committee which is investigating unauthorized air strikes over North Vietnam heard testimony today from the chairman of the Joint Chiefs of Staff, Admiral Thomas Moorer. Senate Armed Services Committee chairman John Stennis concluded that there was no general military challenge to civilian authority despite the violation of bombing rules by Air Force General John Lavelle. Senator Richard Schweiker charged that there was a breakdown in the military chain of command, saying that the Navy was encouraged to break the spirit of the rules with more aggressive "protective reaction" bombings of North Vietnam, but he hesitated to make Lavelle a scapegoat. [CBS] A British soldier and a sniper were killed in a shootout in Belfast, Northern Ireland; a female sniper was injured. Rioting ensued. [CBS] Airline hijacker Frederick Hahneman has been sentenced to life in prison; he refuses to tell authorities the location of the ransom he received. [CBS] The three American POW's who were released by North Vietnam are undergoing checkups in military hospitals and have been reunited with their loved ones. Mark Gartley's mother objected to her son's hospitalization, and a member of the POW's anti-war escort group charged military officials with re-incarcerating the men. Georgia Elias, the wife of Maj. Edward Elias, called the charge "baloney".Assistant Secretary of Defense Dr. Roger Shields said that the U.S. military is only concerned with the physical and mental well-being of the released POWs. Maj. Elias is resting at Maxwell Air Force Base Hospital in Montgomery, Alabama; Lt. Gartley is at St. Albans Naval Hospital in New York City; Lt. Charles is in the Balboa Naval Hospital in San Diego. At the Miramar Naval Air Station in San Diego, the Navy is holding daily briefings on Charles' progress on medical tests. Capt. Donald Kaufmann stated that he sees no indication for the need of prolonged hospitalization. Olga Charles said that the Navy has treated her and her husband well, but she isn't 100% happy with the government's handling of the situation. [CBS]

Stock Market Report

Dow Jones Industrial Average: 953.27 (-1.88, -0.20%)
S&P Composite: 110.55 (+0.20, +0.18%)
Arms Index: 1.00

	Issues	Volume*
Advances	752	7.82
Declines	629	6.57
Unchanged	377	1.86
Total Volume		16.25

* 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*
September 28, 1972	955.15	110.35	14.71
September 27, 1972	947.25	109.66	14.62
September 26, 1972	936.56	108.17	13.15
September 25, 1972	935.73	108.05	10.92
September 22, 1972	943.03	108.52	12.57
September 21, 1972	939.49	108.43	11.94
September 20, 1972	940.25	108.60	11.98
September 19, 1972	943.18	108.55	13.33
September 18, 1972	945.36	108.61	8.80
September 15, 1972	947.32	108.81	11.69