News stories from Monday August 7, 1972

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

Various elements of the Democratic party, recognizing the need for unity, have fallen into line behind George McGovern's choice of Sargent Shriver to be his new running mate. House Democrats unanimously endorsed Shriver. Texas state legislator Frances Farenthold, the women's movement candidate for vice president, withdrew in support of the McGovern-Shriver ticket. Chicago Mayor Richard Daley called Shriver a great selection as the Democratic national committee begins its two-day session to formally choose a successor to Thomas Eagleton as the vice-presidential nominee.Wisconsin, New Jersey and Virginia delegate challenges were settled quickly, but the Ohio challenge remains unsettled. Rep. Louis Stokes complained that the McGovern delegation from Ohio has been ignored by the chairman of one of the nomination groups. Little opposition to Shriver is expected; the South Dakota party chairman pledged to re-nominate Eagleton, but Eagleton will not comply. [CBS] George McGovern announced the selection of Sargent Shriver in a nationally-televised address on Saturday night. Republican party chairman Robert Dole complained that McGovern used most of the time to attack President Nixon's policies, and he asked for equal time; all three networks declined. [CBS] An Associated Press survey shows that George McGovern has been endorsed by the leaders of labor unions which have 6 million members; President Nixon has the backing of unions with 2.4 million members. The leaders of unions with 10 million more workers are either neutral or undecided. McGovern is making a pitch to the latter group. He spoke to the executive committee of the Amalgamated Clothing Workers today and will speak to another labor group in Miami tomorrow. McGovern recalled President Truman's 1948 victory with the help of organized labor and said that Nixon campaign manager Clark MacGregor will have to tell Nixon he lost in November, and labor will have done it. MacGregor denied McGovern's accusation that President Nixon plans to raise taxes. [CBS] Three Democrat mayors endorsed President Nixon: Louie Welch of Houston, Beverly Briley of Nashville, and Jack Maltester of San Leandro, California. [CBS] The federal government filed civil rights lawsuits under the Equal Employment Opportunity Act against Los Angeles, California, and Montgomery, Alabama, for discrimination in hiring. [CBS] North Vietnam has stepped up pressure against Hue, South Vietnam, and Kampong Trabek and Neak Luong in Cambodia, although American jets knocked out 14 North Vietnamese tanks. The two Cambodian towns are on Highway 1 leading to South Vietnam's Mekong Delta. Two villages near Hue have been overrun, and a major assault on Hue is expected. [CBS] The Women's Army Corps will be doubled in size. If women do many of the jobs which are now done by men, it will be easier to convert to an all-volunteer force. The W.A.C. uniform will be redesigned; pantsuits are being considered. [CBS] Two British soldiers were killed by a mine near Northern Ireland's border with Ireland. A teenage boy was shot to death in Belfast. Catholic residents of the Andersonstown district marched to protest the British Army's occupation of a recreational facility, Casement Park. Stones and bottles were hurled at soldiers, and an armored vehicle was sprinkled with gasoline and set ablaze. Soldiers countered with rubber bullets. [CBS] The Senate voted 84-7 against a bill which would outlaw the private ownership of pistols. Legislation to ban cheap handguns is still under consideration. The Senate also rejected Edward Kennedy's amendment to require registration of all firearms and licensing of owners. [CBS] The President's Council on Environmental Quality reported that air quality in cities improved from 1969 to 1970, but water pollution was worse. The council said that farm runoff is a serious polluter of water. [CBS] After Sargent Shriver is officially nominated for vice president by the Democratic national committee, the party hopes that contributions (which dried up during the Eagleton affair) will resume. Shriver has energy, enthusiasm, and self-confidence like other members of the Kennedy dynasty. [CBS] Charlie Ross of Brooklyn was arrested for impersonating an attorney. He had won four straight acquittals for defendants in tough narcotics cases. [CBS]

Stock Market Report

Dow Jones Industrial Average: 953.12 (+1.36, +0.14%)
S&P Composite: 110.61 (+0.18, +0.16%)
Arms Index: 0.94

	Issues	Volume*
Advances	714	6.01
Declines	667	5.29
Unchanged	364	1.92
Total Volume		13.22

* 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 4, 1972	951.76	110.43	15.70
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