News stories from Thursday October 5, 1972

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

President Nixon and Senator McGovern battled for headlines today with a news conference and a foreign policy speech. At a news conference in Washington, the President answered questions on taxes, Vietnam and busing; he promised not to initiate any tax increases in 1973 and also promised to work on reducing property taxes. Nixon stated that the Paris Peace Talks are in a sensitive stage, and he will not repeat President Johnson's mistake of halting bombing before a peace settlement is reached. The President said that relief from school busing is now in Congress' lap. [CBS] George McGovern described President Nixon's foreign policy stance as being a naive, pre-nuclear view dating back to the 19th century. Speaking in Cleveland, McGovern claimed that the Vietnam war would drag on under a continued Nixon presidency, and he accused the President of unconsciously promoting isolationism from our allies. McGovern added that he would grant diplomatic recognition to China and he favors a seat for Japan on the United Nations Security Council. [CBS] Organized labor conventions in seven states have defied AFL-CIO president George Meany's election-neutrality edict and called for President Nixon's defeat. Democratic vice-presidential nominee Sargent Shriver came to Denver to thank the Colorado Labor Council for endorsing the Democratic ticket; the Colorado Labor Council won a federal court injunction preventing its takeover by the national AFL-CIO. [CBS] Federal judge John Sirica ordered all persons connected with the Watergate bugging case not to discuss the case in public. Senator Mike Mansfield called Sirica's ruling an infringement on freedom of speech; Senator George Aiken called it futile and Senator George McGovern said that he will not stop talking about it. McGovern campaign chairman Lawrence O'Brien called a news conference to discuss the case, directly challenging the judge's order. [CBS] The wives of Republican candidates have issued a booklet on political etiquette. The booklet advises ladies not to talk loud or argue, and to watch their husbands proudly during speeches. [CBS] Paul Owens, a bank robber serving time in Lewisburg Prison in Pennsylvania, filed a lawsuit because he was not allowed to contribute to the McGovern campaign. The U.S. Bureau of Prisons has dropped the ban, and prisoners may now donate to the candidate of their choice. [CBS] Wholesale prices were up 0.3% in September. Most food prices were up, but the cost of meat was down. [CBS] The recent 20% increase in Social Security benefits boosts elderly persons just far enough for them to lose other aid and end up with less money than before. The Senate today passed an amendment that the 20% increase should not be regarded as income insofar as it affects other programs. The Senate also cut back the Medicaid program. [CBS] By refusing to end a filibuster, the Senate caused the consumer protection agency bill to be killed. [CBS] The House voted to refuse to allow federal highway to funds be used for mass transit. [CBS] Cancer researchers from 10 nations met in Bethesda, Maryland, for a conference sponsored by the National Cancer Institute. They presented a drug called BCG which stopped a cancerous tumor from growing in a guinea pig. BCG has been used as an anti-tuberculosis vaccine. National Cancer Institute immunologist Dr. William Terry says that BCG may be useful on humans. However, BCG has only been effective in the early stages of cancer, and has not been perfected for use on humans. [CBS] Two U.S. immigration inspectors were indicted in San Diego for accepting bribes and allowing marijuana and cocaine to be smuggled into the United States. [CBS] The Senate warned Russia to rescind its exorbitant exit fees now being levied against Jews seeking to emigrate, or face trade barriers. Soviet Foreign Minister Gromyko assured President Nixon that restrictions will be eased. [CBS] Three Americans were killed in Vietnam last week, four were wounded and one is missing. [CBS] Uganda and Tanzania announced a settlement of their border dispute. [CBS] The House Judiciary Committee concluded its hearings on proposals to grant immunity to newsmen called before grand juries. The Supreme Court has ruled that reporters cannot withhold sources. Newark, N.J., reporter Peter Bridge was jailed for contempt because of the ruling. [CBS]

Stock Market Report

Dow Jones Industrial Average: 941.30 (-10.01, -1.05%)
S&P Composite: 108.89 (-1.20, -1.09%)
Arms Index: 1.86

	Issues	Volume*
Advances	399	2.78
Declines	1,017	13.19
Unchanged	335	1.76
Total Volume		17.73

* 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 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
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