News stories from Thursday May 25, 1972

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

President Nixon and Soviet leaders failed to come to an agreement on Vietnam, as neither side can yield on its principles or its commitments to allies. However, neither side is threatening to escalate the war. At the government guest house outside of Moscow, Nixon and Henry Kissinger conferred with Brezhnev, Podgorny and Kosygin for five hours. Kissinger and Foreign Minister Gromyko worked on a draft of the Vietnam portion of a joint communique until 4:00 a.m. [CBS] Negotiators are also having trouble on other important issues; trade talks are in trouble. The Soviets are asking for ridiculously low interest rates on loans that Washington is offering in order for the Russians to be able to purchase more American products. The Soviets are also resisting repaying World War II lend-lease, wanting to pay only half of the U.S.' lowest offer: 10 cents on the dollar of the original loan. Last minute hitches may also develop in the nuclear arms agreement; an announcement regarding the Strategic Arms Limitation Talks has been postponed pending more discussion. A treaty to reduce naval incidents at sea between U.S. and Soviet vessels was signed.President and Mrs. Nixon saw "Swan Lake" at the Bolshoi Theater. At the ballet, a woman shouted "Freedom to Vietnam". Some speculate that the Soviets planned the shouting scene. [CBS] The Vietnam impasse at the summit is of interest to some local bystanders. Diplomatic representatives of North Vietnam, who are living at the Czarist mansion in Moscow, cannot understand how Soviet Communist party chief Brezhnev can entertain the man who ordered the bombing of North Vietnam and the mining of its ports. North Vietnamese newspapers have denounced the summit. [CBS] The Russians excel in space exploration, but on Earth their economy and bureaucracy are swamped by paperwork. The Soviet government cannot provide all of the things the people want and need. 28 American companies are in Moscow this week with the solution -- computers. Premier Kosygin's son-in-law is in charge of automation. Trade talks at the summit could make it easier for the Russians to take the big leap forward into the computer age. [CBS] The woman who shouted for Vietnam at the Bolshoi ballet has been identified as the wife of an Italian journalist. [CBS] The Soviet news agency Tass reports that Piotr Shelest, a Russian Politburo member, has been replaced as Communist party chief in the Ukraine. He opposed President Nixon's Moscow visit and summit. [CBS] Enemy forces launched attacks on Hue and on Kontum in the Central Highlands. North Vietnamese tried to cross the My Chanh river north of Hue, but failed. Communists cut Highway 1 five miles from Danang and infiltrated Kontum, but were driven out. Some U.S. advisers evacuated from Kontum. [CBS] American air strikes over North Vietnam have caused heavy damage to railroads linking Hanoi with China. The State Department says that the air raids have curtailed the movement of military arms to North Vietnam. [CBS] Eight Americans were killed in Vietnam last week, 22 were wounded and seven are missing. [CBS] Bombs destroyed washrooms at the American consulate and the American Legion post in Paris, France. Unexploded bombs were found in Pan Am and TWA offices there. [CBS] The House Committee on Crime concluded its third week of hearings on links between organized crime and sports, with a focus on horse racing. An investigator for the Thoroughbred Racing Protective Bureau told the committee about a scheme by organized crime to race fast horses under the names of slower horses at a dozen different tracks in order to collect big payoffs through apparent long shots. Joseph Barboza, once an underworld enforcer, testified and implicated singer Frank Sinatra. [CBS] The Commerce Department reported that business indicators were up 1.4% in April. March figures were revised to show an increase of 1.9%, twice the preliminary rate. [CBS] U.S. and Canadian government security officials confirmed that Arthur Bremer was in Ottawa on April 14 during President Nixon's visit there. The Toronto Star quoted a Canadian official as saying there is no doubt that Bremer was "doing a little stalking" in Ottawa. He stayed in the Lord Elgin Hotel where the President's Secret Service men stayed. Bremer also stayed at the Waldorf-Astoria Hotel in New York City on April 7 when Hubert Humphrey was scheduled to be there. [CBS] A black labor leader in Michigan approves of George Wallace as the Democrat's V.P. candidate. Tom Turner, president of the Detroit AFL-CIO, said that organized labor must interpret and relate to the Wallace vote. Turner, a Humphrey man, noted that organized labor fears Senator McGovern as an ideological extremist. [CBS] A judge is giving an Army veteran a second chance. 20-year-old Joe Armstrong lives in a poor black Miami neighborhood where unemployment is high. Unable to find a job, he robbed a liquor store to feed his family. Armstrong pleaded guilty to armed robbery. Dade County criminal court Judge Al Sepe called it an "environmentally motivated crime" and released the prisoner. Sepe then found a job for Armstrong as a student x-ray technician at a local hospital. [CBS] In congressional testimony, Agriculture Secretary Earl Butz criticized emotional ecologists and back-to-nature advocates. Despite opposition to chemical pesticides, Butz stated that substantial amounts will have to be used if Americans expect to continue to eat. [CBS] Mrs. Nixon, Mrs. Brezhnev and others visited the Bolshoi Theater School of Choreography in Moscow, an institution which includes academic studies along with schooling in dance. Students demonstrated their dance skills for the First Lady. [CBS]

Stock Market Report

Dow Jones Industrial Average: 969.07 (+3.61, +0.37%)
S&P Composite: 110.46 (+0.15, +0.14%)
Arms Index: 0.67

	Issues	Volume*
Advances	714	8.55
Declines	706	5.64
Unchanged	330	2.29
Total Volume		16.48

* 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*
May 24, 1972	965.46	110.31	17.87
May 23, 1972	962.30	109.78	16.41
May 22, 1972	965.31	109.69	16.03
May 19, 1972	961.54	108.98	19.58
May 18, 1972	951.23	107.94	17.37
May 17, 1972	941.15	106.89	13.60
May 16, 1972	939.27	106.66	14.07
May 15, 1972	942.20	106.86	13.60
May 12, 1972	941.83	106.28	13.99
May 11, 1972	934.83	105.77	12.90