News stories from Friday August 4, 1972

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

The jury in Upper Marlboro, Maryland, rejected Arthur Bremer's plea of insanity and found him guilty of trying to kill Alabama Governor George Wallace. Prosecutor Arthur Marshall discounted Bremer's insanity; defense attorney Benjamin Lipsitz called Bremer a "freak". The jury deliberated for 1 hour and 35 minutes before finding Bremer sane and guilty. Judge Ralph Powers asked Bremer for his comments on the verdict; Bremer said that he would have liked it if society had protected him from himself. Powers sentenced Bremer to 63 years in prison, with parole possible in 15 years. He faces more charges in federal court.Prosecutor Marshall stated that Bremer is sick but he knew what he was doing, therefore he was legally sane. He added that Bremer acted alone with no conspiracy backing him. William Bremer, the defendant's father, said that if this verdict represents Maryland justice, he can't understand it. [CBS] George McGovern apparently has asked Senator Edmund Muskie to replace Thomas Eagleton as vice president on the Democratic ticket. Muskie flew to Maine to consider the offer and talk with his wife Jane, who opposes it. If Muskie says no, Kennedy in-law Sargent Shriver and Senator Frank Church are said to be high on the list of possibilities. [CBS] The Communications Workers Union broke with AFL-CIO president George Meany to endorse George McGovern for president. [CBS] George Wallace stated his refusal to make another third-party run while addressing the American Party convention by phone; Wallace urged the convention not to draft him. The delegates cheered when the conviction of Arthur Bremer was announced, but the convention honored Wallace's request. Wallace campaign manager Charles Snider said that the governor has refused an offer to head an "Independents for Nixon" movement, which would have brought him a sub-cabinet post. [CBS] President Nixon says that he has complete trust in campaign finance chairman Maurice Stans. A $25,000 campaign check that was turned over to Stans was later deposited in the Florida bank account of one of the five men who were arrested in the Democratic party headquarters break-in and bugging case. [CBS] Anti-war activist Rennie Davis said that demonstrations at the Republican national convention in Miami Beach will be non-violent. [CBS] The Associated Press reports that of the 1,348 delegates to the Republican convention, only 12 are uncommitted. [CBS] The wholesale price index was up 0.8% in July, the biggest increase since February. Rising food prices are blamed for the increase, especially poultry and eggs. [CBS] The nation's unemployment rate stayed at 5.5% in July. [CBS] Ten Democratic senators including George McGovern called on Congress to oppose the U.S. bombing of North Vietnamese dikes. Senator Edward Kennedy accused President Nixon of a deliberate policy to destroy the dike system. Kennedy said that he doesn't believe the U.S. can bomb North Vietnam into a negotiated settlement, and claimed that the devastation caused by the destruction of dikes could be equal to the use of an atomic bomb. Press secretary Ron Ziegler called Kennedy's charge irresponsible, serving to further the Communists' propaganda campaign. [CBS] Fighting continues in Quang Tri city, South Vietnam. [CBS] Black Panther officials claim that Algeria has released the hijackers who seized a Delta Airlines jet on Monday. The $1 million ransom may be returned. [CBS] Airports have tightened security in an effort to prevent hijackings. At O'Hare International Airport, a CBS News employee tried to get an unmarked metal case onto a Delta airplane without being searched, and he succeeded; the case could have contained a gun. Eastern Airlines uses x-ray machines to search hand luggage. Increased security has caused increased arrests, but statistics show that hijackings are increasing.Civil Aeronautics Board chairman Secor Browne called for a federal agency to be in charge of air safety, and said that is not the airlines' responsibility. The Air Line Pilots Association warned that crews will order passengers off of planes if they are not satisfied with security measures; an ALPA spokesman criticized airlines for not doing enough. [CBS] The Senate voted for a five-year extension of the Civil Rights Commission, giving it the power to investigate discrimination by sex as well as race. [CBS] The Air Force Academy is making contingency plans to admit some female cadets if the constitutional amendment giving equal rights to women is approved. Rep. Bella Abzug criticized the "tokenism" of the Academy. [CBS] ABC announced that Dick Cavett will be on only one week out of every four after January. Jack Paar will return as a talk show host for one week per month also. [CBS] Bobby Fischer beat Boris Spassky in the tenth game (of 24) in the world championship chess tournament in Iceland. Fischer now leads 6 ½ to 3 ½. [CBS] Firefighters have brought the Big Sur California forest fire under control. Formerly super-secret U-2 spy planes like the one in which Francis Gary Powers was shot down over the Soviet Union in 1960 were used to provide infrared photos of the Big Sur fire at close range. [CBS]

Stock Market Report

Dow Jones Industrial Average: 951.76 (+4.06, +0.43%)
S&P Composite: 110.43 (+0.29, +0.26%)
Arms Index: 0.92

	Issues	Volume*
Advances	771	7.89
Declines	626	5.91
Unchanged	367	1.90
Total Volume		15.70

* 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*
August 3, 1972	947.70	110.14	19.97
August 2, 1972	941.15	109.29	17.92
August 1, 1972	930.46	108.40	15.54
July 31, 1972	924.74	107.39	11.12
July 28, 1972	926.70	107.38	13.05
July 27, 1972	926.85	107.28	13.87
July 26, 1972	932.57	107.53	14.13
July 25, 1972	934.45	107.60	17.18
July 24, 1972	935.36	107.92	18.02
July 21, 1972	920.45	106.66	14.01