News stories from Wednesday October 4, 1972

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

The Senate shelved welfare reform for 5 to 9 years, continuing the present system while testing rival plans. Three years ago, President Nixon announced his guaranteed minimum income plan, and said that America could work its way out of poverty. Congress is going to test the Nixon approach, the more liberal Ribicoff plan, and the more rigorous "forced-work" plan from Senator Russell Long.Senator Abraham Ribicoff blamed the Senate Finance Committee, other Senators and President Nixon for the failure of the welfare reform bill. Health, Education and Welfare Secretary Elliot Richardson noted that the President's plan passed the House twice and could have passed the Senate. Senator Long said that his Finance Committee was not willing to have the number of people on welfare be multiplied. [CBS] The House passed a compromise clean-water bill, setting tough new pollution controls. [CBS] President Nixon previously vetoed a 20% increase in benefits for retired railroad workers. Today the House and Senate overrode his veto, making the increase law. [CBS] Vice President Spiro Agnew campaigned in George McGovern's home state today. In Rapid City, South Dakota, Agnew criticized McGovern for running down the nation's establishments with no facts to back him up, stirring up hate and suspicion and trying to discredit America's leadership. [CBS] As assistant Secretary of Agriculture, Clarence Palmby took part in the U.S.-Soviet wheat negotiations; he then joined a grain exporting firm. Agriculture Secretary Earl Butz told reporters that he regrets the appearance of impropriety. Senator Herman Talmadge said that his Agriculture and Forestry Committee will investigate the grain deal after the November elections. [CBS] George McGovern was a World War II bomber pilot, but he doesn't have a commercial pilot's license. The FAA may discipline charter pilots for letting McGovern fly his campaign plane. [CBS] Newsmen believe that freedom of the press depends on journalists' capacity to protect their sources. Newark (N.J.) Evening News reporter Peter Bridge wrote a story on May 2 about a bribe that was offered to a housing commissioner. A grand jury demanded that the reporter reveal his source; Bridge refused and was jailed. The Supreme Court has ruled that newsmen cannot withhold such information. Bridge said that the court's ruling makes reporters reticent to seek information and he believes that the press will be reduced to noncontroversial news releases. [CBS] The House and Senate are considering eliminating hometown television blackouts of pro sports events when there is a sellout at least 48 hours before game time; President Nixon endorses the measure. National Football League commissioner Pete Rozelle noted that team owners oppose lifting blackouts even when games are sold out, and stated that the proposal before Congress would be self-defeating because sellout games would cease. Senator Vance Hartke replied that there is no law to guarantee that football owners should get wealthy. Baseball commissioner Bowie Kuhn and FCC commission chairman Dean Burch will also testify. [CBS] During mass arrests at last year's May Day demonstration in Washington, DC, police picked up two Labor Department employees, Peter Roberts and Dennis Lieberman. Roberts and Lieberman sued and were awarded $7,000 in damages plus legal fees. [CBS] Millionaire Glen Turner is accused of violating securities laws. As his trial began in Clearwater, Florida, 600 women demonstrated outside the courthouse. The judge jailed Turner for refusing to reveal his role in organizing the demonstration. [CBS] Heavy rains and high winds from typhoon Lorna have pounded North Vietnam for the past several days. Today, American F-111's flew bombing raids over North Vietnam, resuming their duties after being grounded for a week. [CBS] The FDA ended its ban on shellfish; the ban had been implemented when the fish were contaminated by "red tide" (toxic algae). [CBS] At London's Heathrow Airport, an American passenger went crazy after debarking from a BOAC flight from New York City. Weapons were later found in the passenger's luggage. [CBS] Senator McGovern, speaking in Buffalo, N.Y., said that he must raise more funds soon in order to carry out a radio and television campaign. In Pittsburgh, McGovern had his picture taken with local candidates and he received gifts from supporters. A sign on the podium fell down, and electrical problems plagued the public address system. [CBS]

Stock Market Report

Dow Jones Industrial Average: 951.31 (-3.16, -0.33%)
S&P Composite: 110.09 (-0.21, -0.19%)
Arms Index: 0.92

	Issues	Volume*
Advances	598	6.53
Declines	823	8.23
Unchanged	340	1.88
Total Volume		16.64

* 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*
October 3, 1972	954.47	110.30	13.09
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