News stories from Wednesday October 18, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In Paris, a North Vietnamese spokesman said that recent talks with Henry Kissinger have so far failed to break the deadlock caused by President Nixon's intransigence in support of President Thieu. Kissinger arrived in Saigon shortly after new Army Chief of Staff, General Creighton Abrams, who has a close relationship with Thieu. Kissinger and Thieu will discuss a cease-fire and the makeup of a coalition government. Thieu is not expected to be cooperative, but the North Vietnamese spokesman was optimistic about the prospects for peace. [CBS]
- The 92nd Congress heads toward adjournment, rebuffing the President on the way. Congress overrode President Nixon's veto of the water pollution control bill; the House rejected the President's request for a federal spending ceiling. Senators Javits and Tunney objected to an amendment eliminating 16 states from the 13-week broadening of unemployment compensation coverage. The President will charge Congress with extravagance. [CBS]
- In Detroit, George McGovern charged President Nixon with deliberately raising unemployment rather than efficiently running the economy. The Republican party has scheduled a speech by John Connally of "Democrats for Nixon" right before McGovern's upcoming TV speech. [CBS]
- University of Southern California associations produced friendships which persist into the White House. Ron Ziegler, Gordon Strong, Dwight Chapin, Donald Segretti and others were all classmates at USC and are now presidential assistants. Attorney Lawrence Young claims that Segretti told him of plans to disrupt Democrats' campaigns, and he described the man who paid Segretti; the description fits Dwight Chapin. Young said that Segretti told him he was only one of many such saboteurs.
Presidential press secretary Ron Ziegler stated that political espionage and sabotage is something the White House does not condone.
[CBS] - Bad weather in Alaska continues to hamper efforts to find the lost plane which was carrying Rep. Hale Boggs and three others and has been missing since Monday. Search planes are scanning the coast and mountains between Anchorage and Juneau. A helicopter picked up signals from an emergency locator beacon. [CBS]
- Russia has agreed to settle its World War II lend-lease debt to the U.S. at a rate of seven cents on the dollar. A U.S.-Soviet trade agreement was signed by Secretary of State Rogers and Soviet Foreign Trade Minister Nikolai Petrolichev; trade between the two nations is expected to triple. The agreement must be approved by Congress, but some members oppose it due to the Soviet tax on Jewish emigrants. [CBS]
- The Bahamas has become a scene of the black nationalist movement. Prime Minister Lyndon Pindling was re-elected on a platform to give the Bahamas political independence from Britain by next July.
85% of Bahamians are black. The islands are a multi-million dollar tourist resort, but the banking and financial complex is controlled by foreign investors who are mostly white. Blacks live in poverty, far removed from the glamour of the resorts. Now "Bahamianization" puts blacks in jobs once held by whites. Pindling says that serious investors should realize that their investments are more secure in the Bahamas than anywhere else.
[CBS] - Rioting was reported in Protestant sections of Belfast, Northern Ireland, directed at British soldiers patrolling the area. [CBS]
- Chicago Mayor Richard Daley is pushing hard for the Democratic vote in Illinois. Daley says that the only poll that counts in the '72 presidential election will be held on November 7, and it will be a Democratic victory.
But the Daley political machine is running scared. Daley fears that a large McGovern defeat in Illinois might ruin his own local dynasty. Republican Senator Charles Percy appears to be sweeping to re-election over Democrat Roman Pucinski by a margin exceeding President Nixon's. Ethnic groups have switched to backing Republicans because they fear McGovern's radicalism. Republican Governor Richard Ogilvie may even be re-elected. Daniel Walker was running for Governor as an anti-Daley reform Democrat, but now Walker has patched up his split with Daley. State prosecutor Edward Hanrahan, a Democrat and the protector of the Daley machine, is on trial for conspiracy in the Chicago police raid on Black Panther headquarters. Bernard Carey, a former FBI agent, is running for Hanrahan's post.
[CBS] - Russia's giant panda has died. The two in Washington, DC are now the only pandas in the world outside of China. [CBS]
- California State University at San Francisco's faculty voted to award Emperor Hirohito of Japan the school's first honorary degree. School president S.I. Hayakawa noted that the Emperor would probably rather be considered a human being than a god. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 932.34 (+5.86, +0.63%)
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 17, 1972 | 926.48 | 107.50 | 13.41 |
| October 16, 1972 | 921.66 | 106.77 | 10.94 |
| October 13, 1972 | 930.46 | 107.92 | 12.87 |
| 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 |