News stories from Friday October 13, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Henry Kissinger has returned to Washington, DC, and Le Duc Tho to North Vietnam, from their private peace talks in Paris. Kissinger briefed President Nixon and Secretary of State Rogers today. Kissinger is said to have presented a new peace plan to North Vietnam, including a cease-fire and a coalition government. Now South Vietnam President Thieu must be convinced to accept a shared government with the Communists. [CBS]
- Black and white sailors fought on the U.S. aircraft carrier Kitty Hawk, which is stationed off the Vietnam coast. 33 men were injured in the brawl. [CBS]
- The U.S. Air Force has canceled plans to turn over 18 Dragonfly jets to the South Vietnamese air force. American pilots and crew will remain at the Bien Hoa Air Force Base in South Vietnam. In the Central Highlands, Communist forces overran the former Green Beret base at Ben Het; a threat to Pleiku and Kontum is feared. [CBS]
- American F-111 jets attacked near Hanoi. [CBS]
- Ex-FBI agent Alfred Baldwin worked for the Republican presidential campaign security staff. He will be a witness in the trial of his former boss, James McCord, and seven others who are charged with the break-in at the Democratic national headquarters. Baldwin says he was assigned the task of monitoring phones at Democrat headquarters. Conversations were transcribed, logged and then turned over to McCord. Baldwin didn't question the legality of his actions to people he thought controlled the operation, including former Attorney General John Mitchell. Baldwin claims that plans to bug the Democratic national convention were interrupted by the June 17 arrests. [CBS]
- George McGovern, in Seattle, called President Nixon a tool of big money and special interests. McGovern said that a new administration is needed in order to restore public faith in government. He proposed that campaigns for President and Congress be partially financed via tax revenues, a $50 per person limit on campaign contributions, and financial disclosure by federal employees. McGovern blames Nixon for appointing Earl Butz as Secretary of Agriculture, Richard Kleindienst as Attorney General and Maurice Stans as campaign finance director. [CBS]
- Senator McGovern's wife Eleanor was hospitalized at Georgetown University due to stomach cramps. [CBS]
- The Soviet Communist party newspaper Pravda reported on Campaign '72, saying that President Nixon will win due to his achievements in foreign policy. [CBS]
- Chile's Marxist government is facing a labor crisis; President Allende has seized control of radio stations. [CBS]
- Congressional leaders are aiming for adjournment next week. The Senate passed the revenue sharing bill and is working on a noise-control bill (in order to ban SST's). [CBS]
- CBS News and the St. Louis Globe-Democrat investigated the financial aspects of HUD's program of high-rise housing. Private investors build high rise city dwellings, the Department of Housing and Urban Development holds the mortgages.
In St. Louis, the owners of the Towne House Luxury Apartments are $1.5 million and four years behind in their mortgage payments; investors reaped a $1 million tax windfall. In Detroit, the "1300 Lafayette East" cooperative is $600,000 behind in mortgage payments. St. Louis' Mansion House, which is owned by 20 investors including Henry Ford II and ITT's Harold Geneen, has never made a profit, but HUD is trapped into not foreclosing. In Jersey City, "Gregory Park" is owned by Arthur Padula, who owes $1 million in mortgages. Padula said that HUD doesn't foreclose because it would lose even more money on a second sale of the property.
[CBS] - 66-year-old Dr. S.I. Hayakawa, who took a hard line four years ago in stopping student disorders at San Francisco State College, has resigned as president of the college. [CBS]
- New York City's First National City Bank and Pittsburgh's Mellon National Bank increased their prime lending rates to 5.875%. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 930.46 (-7.00, -0.75%)
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 12, 1972 | 937.46 | 108.60 | 13.13 |
| October 11, 1972 | 946.42 | 109.50 | 11.90 |
| October 10, 1972 | 951.84 | 109.99 | 13.31 |
| October 9, 1972 | 948.75 | 109.90 | 7.94 |
| October 6, 1972 | 945.36 | 109.62 | 16.63 |
| October 5, 1972 | 941.30 | 108.89 | 17.73 |
| October 4, 1972 | 951.31 | 110.09 | 16.64 |
| 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 |