News stories from Tuesday October 3, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The TFX F-111 warplane was supposed to be an all-purpose fighter-bomber, and would save billions on aircraft procurement. But cost overruns and design faults caused the Navy to drop the plan. In a congressional investigation four years ago, Senator John McClellan branded the F-111 plane a flop. Senator Stuart Symington said that canceling the program would save money and lives. 500 F-111's were built despite those warnings; 23 have crashed. In 1968, F-111's were sent to Vietnam but were withdrawn after crashes. Upon being returned to Vietnam, another crashed. The Pentagon says that the planes will remain in combat. [CBS]
- The U.S.S. Newport News was damaged when a shell exploded in a gun barrel while firing on Vietnam; 19 persons were killed, and 37 wounded. Radio Hanoi claims that the damage was done by a Communist attack. Capt. Walter Zartman stated that there was no enemy activity against the ship. [CBS]
- Democrats are being frustrated in their attempts to call attention to the Watergate case. Court actions regarding the break-in at the Democrat headquarters are in recess, and the House Banking Committee rejected chairman Wright Patman's plea to investigate Republican campaign funds. Patman claims that the Nixon administration contacted committee members and asked them to vote against an investigation. Rep. William Widnall denied that he had been contacted by the White House. Senator Edward Kennedy's Judiciary Committee is the only forum left for pre-election airing of the Watergate case. [CBS]
- George McGovern, speaking in New York and Massachusetts, attacked President Nixon on "law and order". In New York City, McGovern called for ending aid to corrupt governments in Southeast Asia and other to opium-producing nations. He also called for federal aid to cities for the rehabilitation of drug addicts, and a crackdown on drug advertisements. On the topic of street crime, McGovern urged aid to fund more police and streetlights, and gun control. He advocated speedy trials, prison reform and job training for convicts. McGovern stated that President Nixon tries to mask his record of failure against crime behind a veil of "law and order" rhetoric.
In Boston, McGovern drew a large crowd. Former House Speaker John McCormack, former Senator Eugene McCarthy and McGovern all charged the Nixon administration with corruption; McGovern said that the Nixon administration is the biggest moral affront of any administration in American history.
[CBS] - Vice President Spiro Agnew responded to Senator McGovern's latest charges. In Fort Wayne, Indiana, Agnew said that the crime rate has been cut during the Nixon administration. Agnew responded to a heckler that President Johnson stopped bombing North Vietnam because of such protests, to no avail. [CBS]
- President Nixon announced his support of a bill banning local television blackouts of sports contests when there is a sellout 48 hours before game time. [CBS]
- At the White House, President Nixon and Soviet Foreign Minister Gromyko formally signed agreements to slow the nuclear arms race. Nixon, Gromyko, and Soviet Ambassador Dobrynin flew via helicopter from Camp David, Maryland, to the White House. Gromyko said that Soviet officials are anxious for more strategic arms limitation treaties; President Nixon said that he looks forward to the next steps in limiting nuclear arms.
The President uses such occasions to glorify his achievements, instead of direct campaigning.
[CBS] - The Senate killed one of the three family-support plans before it: Senator Ribicoff's plan for more liberal guaranteed income. [CBS]
- Consumer advocate Ralph Nader is investigating Congress. Nader's army of volunteers and professionals are checking out all information about Congress, its procedures and members. They have published one book so far. Nader stated that Congress has abdicated its power to committee chairmen, the executive bureaucracy and special interest groups. Rep. Gerald Ford denied that Congress is a tool of the executive branch, big business or big labor. Rep. William Scherle said that no good will result from the investigation. Nader's next volume profiles the members of Congress. [CBS]
- The trial of Juan Corona, who is accused of murdering 25 farm workers, continues in Fairfield, California. The prosecution has no witnesses, fingerprints, or motive for the murders, so it relies on circumstantial evidence. Prosecutor Bart Williams noted blood stains in Corona's truck and on his clothes, knife and pistol. Defense attorney Richard Hawk cited the investigators' mishandling of evidence gathered at mass graves. Hawk theorized that the crimes were committed by a homosexual, and Corona is heterosexual. [CBS]
- Danish Prime Minister Jens Otto Krag has resigned for personal reasons after Denmark voted to join the European Common Market. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 954.47 (+1.20, +0.13%)
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* |
| October 2, 1972 | 953.27 | 110.16 | 12.44 |
| September 29, 1972 | 953.27 | 110.55 | 16.25 |
| 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 |