News stories from Wednesday September 27, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The three American POW's who were released by North Vietnam (Maj. Edward Elias, Lt. Mark Gartley, Lt. Norris Charles) arrived today in Moscow en route to the United States. The U.S. diplomatic mission offered the POW's sleeping quarters, medical care and military transport home; they refused for the sake of other prisoners.
Gartley said that since the anti-war committee picked the POW's up in Hanoi, he feels he should return home with them. Elias said that he dislikes receiving so much publicity, and stated that the North Vietnamese did not instruct the POW's to keep any secrets when being debriefed upon their return home.
[CBS] - The Senate investigation of the unauthorized bombing of North Vietnam includes charges that Navy as well as Air Force pilots made strikes. Armed Services Committee chairman John Stennis said that two Navy fliers from the USS Constitution will testify: Lts. William Groper and William Moore. [CBS]
- Henry Kissinger has ended two days of private talks with North Vietnamese negotiators Xuan Thuy and Le Duc Tho in Paris. Rumors are spreading regarding a peace agreement that would include the resignation of President Thieu. [CBS]
- President Nixon left New York City for a campaign stop in California, reportedly talking with Henry Kissinger while in flight. Press secretary Ron Ziegler denied reports of an imminent cease-fire in Vietnam. In Oakland, the President rode on the new BART mass transit system and criticized George McGovern's defense and economic plans. [CBS]
- The index of leading economic indicators was up 2.2% in August. [CBS]
- Dr. Paul McCracken, former chief economic adviser to President Nixon, stated that any president will have a hard time avoiding tax increases. His study also criticized revenue sharing, which President Nixon favors. [CBS]
- George McGovern won a straw poll at a convention of the Illinois AFL-CIO, but union president George Meany still refuses to reconsider his stand of neutrality in the 1972 election. [CBS]
- During the "Chicago 7" conspiracy trial three years ago, Black Panther leader Bobby Seale received a four-year prison sentence for contempt of court. An appeals court has ordered that the contempt charges be dropped unless transcripts of electronic surveillance of the Panthers are shown. The government will drop the charges. [CBS]
- President Nixon will confer with Soviet Foreign Minister Gromyko at a working dinner at the White House to discuss Soviet-American trade. Soviet officials in Washington, DC are arranging to ship American wheat to Russia. [CBS]
- Five government investigations are probing the U.S.-Soviet wheat deal. Charges of conflict of interest stem from windfall profits that were reaped by six large grain exporters, and the suppression of information. The Russian wheat crop failed so the Soviets have come to the U.S. for grain. American wheat farmers had a good year but were unaware of the Soviet crop failure, and therefore sold early and cheap. Texas, Oklahoma and Kansas farmers are sowing next year's crop now. They lost money on this year's harvest by selling before prices went up due to the Soviet deal; wheat farmers feel swindled. Higher prices now will mean lower support payments in 1973, so farmers who sold early will lose again. Congressional investigators estimate that early-crop farmers will lose $68-100 million in federal subsidies.
Government officials knew about the Soviet wheat trouble during the May summit in Moscow, but the Department of Agriculture never publicized the Soviet agricultural problem and Agriculture Secretary Butz withheld a departmental report on it. The "Southwestern Miller" grain trade journal reported on July 18 that 100 million bushels would be sold to Russia, when in fact 419 million bushels were being sold. Big exporters had vital knowledge of the correct amount.
The National Farmers Union has noted the cozy relationship between grain exporters and the Agriculture Department -- Clarence Palmby, assistant Secretary of Agriculture for International Affairs, left the department on June 7 to become vice president of the Continental Grain Company; Carol Brunthaver, who came to the Agriculture Department in 1969 from Cook Company, replaces Palmby as assistant secretary. Clifford Pulvermacher, general manager of the Agriculture Department's export marketing service, left on June 30 to become the Washington, DC representative for a grain company; George Shanklin, Washington, DC representative for the Bungee Corporation, joined the export marketing service.
Palmby testified before the House Agriculture Committee, saying that he received the grain company job offer, rented a posh New York City apartment, then went to Moscow as assistant Secretary of Agriculture for the initial grain deal negotiations. He met with Soviet trade officials in Washington, DC, then accepted his job offer and resigned from the Agriculture Department, then met again with Russian negotiators. His new employer, Continental Grain Corporation, made a large wheat sale to the USSR. Palmby maintains that he is not guilty of any impropriety.
[CBS] - The U.S. is requiring visas for all foreign visitors except Canadians in order to cut terrorism, especially while the U.N. General Assembly is meeting.
The House amended the foreign aid bill to deny credits to foreign governments which charge more than $50 for an emigration visa. The revision is aimed at Russia's heavy tax on Jewish emigrants. But the Senate Appropriations Committee dropped the amendment. Israel charges emigrants $140.
[CBS] - Chinese Communist party leader Mao Tse-tung entertained Japanese Prime Minister Tanaka in Peking today. Diplomatic relations between Japan and China will be established soon. [CBS]
- The Nobel Peace Prize Committee in Norway announced that there will be no peace prize this year. President Nixon had been nominated. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 947.25 (+10.69, +1.14%)
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 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 |
| September 14, 1972 | 947.55 | 108.93 | 12.50 |
| September 13, 1972 | 949.88 | 108.90 | 13.07 |