News stories from Tuesday July 11, 1972

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

George McGovern won a big victory on the California delegate challenge, and his two principal rivals have dropped out of the race, assuring McGovern a first-ballot nomination. Hubert Humphrey said that he will not permit his name to be entered in nomination at the convention, and he released his delegates but stated that his battle for social justice in America will continue. Humphrey campaign manager Jack Chestnut reported that Humphrey and his staff will remain active throughout the convention.Edmund Muskie said that it's apparent McGovern is the convention's choice as the presidential nominee of the party. Muskie believes that continuing his own candidacy would benefit no one, and therefore has withdrawn from the race and announced his support of McGovern; Muskie may consider another run in the future. CBS news estimates that McGovern now has well over the 1,509 delegates that are needed for the nomination. [CBS] Hopeless as the odds now look, George Wallace, Henry Jackson, Shirley Chisholm and Terry Sanford still remain in the race for the Democrat presidential nomination. AFL-CIO leaders, who are bitterly opposed to McGovern, are supporting Senator Jackson.Governor Wallace took an afternoon boat ride today, and he will appear on the convention floor to advocate the adoption of the minority plank of the party platform. Jackson said that he feels obligated to continue his candidacy to the end, and Chisholm also plans to fight to the finish. [CBS] George McGovern is working on his acceptance speech. He will assure the families of POWs that he would keep a residual force in southeast Asia until all American prisoners are free. McGovern is considering who his running mate will be; he prefers Senator Edward Kennedy, but UAW president Leonard Woodcock is another possibility. Woodcock says he's not a candidate for vice president, but the decision is up to the nominee. Woodcock's articulation of economic issues could benefit McGovern. [CBS] The McGovern victory in the California delegate challenge started events turning his way. Kansas state Senator Harold Herd gave a pep talk to the McGovern faction of the Kansas delegation before the vote on California. Representatives of both McGovern and Muskie visited the Kansas delegation to discuss the California question with them. Karlin Lawing, the McGovern whip from Kansas, called on Julian Bond to convince a young black female Kansas delegate to vote with McGovern on the California challenge. California delegate chairman Willie Brown called on the convention to give McGovern back his delegation. Kansas voted 18 to 17 for McGovern on the California issue; New York put him over the top. [CBS] Florida Governor Reubin Askew will deliver the convention's keynote address tonight. Approval of the party platform is also on the agenda. The platform calls for the abolition of Congress' seniority system, national health insurance, breaking up industrial monopolies, ending the Vietnam war, amnesty for draft dodgers, and busing to assure quality education. George Wallace will lead the fight against the platform, but McGovern forces are expected to beat the challenge. [CBS] The state of Michigan filed an emergency appeal against a court order that it buy 295 school buses for use in a possible busing program this fall. Judge Stephen Roth appointed an 11-person panel to fashion a busing plan for Detroit and 52 nearby suburban school districts. Michigan Attorney General Frank Kelley believes that the Supreme Court will probably reverse judge Roth and the buses will be unnecessary. Panel member Mary Ellen Riordan noted that the law of the land is that schools shall not be segregated, and there is no way to desegregate Detroit schools without involving the suburbs. [CBS] NASA criticized the Apollo 15 astronauts for carrying postage stamps to the moon without authorization. Astronauts David Scott, Al Worden and James Irwin later turned over hundreds of stamps to an acquaintance in West Germany who sold them to collectors for $1.500 each. Irwin has since retired to head a Christian organization. [CBS] The State Department asked the ambassadors of 12 major meat-exporting nations to attend a meeting where it will be announced that the United States will buy all available meat. [CBS] South Vietnamese marines who were flown by U.S. helicopters to the north of Quang Tri city met heavy enemy resistance today. Other government troops tried to push in from the south and east. Three American helicopters were downed during the airlift. [CBS] Two people in Belfast and one in Londonderry were killed as violence resumed in Northern Ireland. A Protestant parade to commemorate the Battle of the Boyne in 1690, which established Protestant domination, is expected to cause more trouble tomorrow. [CBS] Bobby Fischer arrived late for the start of the world championship chess tourney with Boris Spassky in Iceland; the opening match adjourned undecided. Icelandic reporter Mik Magnusson said that Fischer was tedious, arrogant, inconsiderate and rude. Americans stationed at the Naval base at Keflavik were incensed by Fischer's conduct. Their position is sensitive due to Communist pressure on the government of Iceland to close the base and evict the Americans.In an effort to honor Fischer, the Icelandic government set him up in a model home that is to be first prize in a national lottery. Fischer complained that the house is not satisfactory and moved to a suite in a hotel, which he found too be too public. Then, on orders from the U.S. embassy, the Navy provided Fischer housing in the quarters of the Rear Admiral, who is on leave in the United States. [CBS]

Stock Market Report

Dow Jones Industrial Average: 925.87 (-6.40, -0.69%)
S&P Composite: 107.32 (-0.79, -0.73%)
Arms Index: 1.42

	Issues	Volume*
Advances	420	2.58
Declines	1,020	8.90
Unchanged	309	1.35
Total Volume		12.83

* 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*
July 10, 1972	932.27	108.11	11.70
July 7, 1972	938.06	108.69	12.90
July 6, 1972	942.13	109.04	19.52
July 5, 1972	933.47	108.10	14.71
July 3, 1972	928.66	107.49	8.14
June 30, 1972	929.03	107.14	12.86
June 29, 1972	926.25	106.82	14.61
June 28, 1972	930.84	107.02	12.14
June 27, 1972	935.28	107.37	13.75
June 26, 1972	936.41	107.48	12.72