News stories from Monday August 21, 1972
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The first session of the Republican national convention was called to order. A smooth, harmonious session is expected, in contrast to the long, dispute-filled Democratic convention. Republican party chairman Robert Dole opened the proceedings and took the opportunity to criticize George McGovern. Secretary of State William Rogers paid tribute to former President Dwight Eisenhower. Mamie Eisenhower addressed the convention via film, and said that Ike was proud of Nixon. President Nixon visited with Mrs. Eisenhower in Gettysburg, Pa. [CBS]
- The major controversy among Republicans concerns the rule governing delegates to the 1976 Republican convention; efforts at a compromise are underway but conservatives seem to have the power. Edward Bivins, the black Republican mayor of a small Michigan town, recommended 10 additional at-large members (including young people and members of ethnic and racial minorities) be added to the Republican national committee; his amendment was defeated. However, a co-chairmanship has been established so that one member of each sex will jointly rule the national Republican party. [CBS]
- Senator Edward Brooke criticized the Republican platform's outspoken anti-busing plank. A plank to end the military draft may be strengthened. [CBS]
- The Republican credentials committee denied a seat to a delegate favorable to Rep. Pete McCloskey. [CBS]
- Anti-war demonstrators came to the convention hall in Miami Beach; three men in wheelchairs led a march out of Flamingo Park. 500 members of Vietnam Veterans Against the War marched to a high school where the National Guard is garrisoned, and called on the Guardsmen to join them. Seven protesters climbed onto a roof and cut radio cables, then were taken into custody. In front of the convention hall, several hundred people spent a quiet afternoon; rock music was played. [CBS]
- George McGovern visited areas of Pennsylvania which were flooded by Hurricane Agnes. In Kingston, flood victims crowded around McGovern as he accused the Nixon administration of sluggishness in helping them. McGovern stated that the same amount of money required to fight the Vietnam war for two days could rebuild all of the flooded areas. [CBS]
- The bugging of the Democratic national headquarters in Washington's Watergate Hotel is back in the news. White House press secretary Ron Ziegler has called the break-in a "third-rate burglary attempt". However, Time magazine reports that the FBI found that Democrat party headquarters had already been bugged and the five men who were arrested there were removing a bug, while the monitoring of the operation was taking place in two rooms of the Howard Johnson motel across the street. Monitoring was being done by a security-intelligence squad of the Committee to Re-Elect the President.
Former assistant Attorney General Robert Mardian has been linked to the bugging. Mardian insists that he had nothing to do with the Watergate affair and said that any implication to the contrary is a bald-faced lie. On the CBS Morning News, presidential aide John Ehrlichman implied that a private investigation into the matter has been carried out by presidential staff and found no White House involvement. But members of the Committee to Re-Elect the President are not federal employees and therefore were not investigated by the White House. In an interview with the Orlando Sentinel, Attorney General Richard Kleindienst confirmed that grand jury action in the case is imminent; he instructed the U.S. attorney to "let the chips fall where they may".
[CBS] - An unmanned space observatory, the "Copernicus", has been launched from Cape Kennedy. It will be used for the study of stars and how they were formed. [CBS]
- South Vietnamese troops pushed into the Que Son Valley to meet the major enemy threat to Danang. Refugees and soldiers are fleeing Que Son. Some are still trapped behind enemy lines. The fall of Que Son comes on the 27th anniversary of Ho Chi Minh's takeover of North Vietnam. [CBS]
- President Anwar Sadat of Egypt was interviewed by a French journalist and said that the U.S. may now present more a favorable stance to Egypt since the Soviets have been expelled, otherwise America may find that its interests in the Mideast will be damaged. Sadat stated that the U.S. gets money from Arab oil and gives it to Israel. [CBS]
- The executive board of the International Olympic Committee is debating Rhodesia's participation in the upcoming Munich games. African athletes have demanded Rhodesia's expulsion or else they will boycott the games. [CBS]
- Local Miami Beach merchants say that the Republicans and Democrats are small spenders and tippers, and they keep away other conventions and tourists. Florida Governor Reubin Askew hinted at a change for '76. Askew said that he will work to let Ronald Reagan's California have both national conventions next time.
In San Diego, where the Republicans were to have met, all is happiness. The city held a parade to celebrate the Republicans not coming here for their convention. A French horn concert, children's games and dancing girls abound. Cab drivers who were interviewed said they were happy not to have the Republicans here. The Sheraton Hotel, whose ITT connection caused the Republicans to move, is filled to capacity. A comic book convention and tourists are filling San Diego's hotels.
[CBS]
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Stock Market Report
Dow Jones Industrial Average: 967.19 (+1.36, +0.14%)
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 18, 1972 | 965.83 | 111.76 | 16.15 |
| August 17, 1972 | 961.39 | 111.34 | 14.36 |
| August 16, 1972 | 964.25 | 111.66 | 14.95 |
| August 15, 1972 | 969.97 | 112.06 | 16.67 |
| August 14, 1972 | 973.51 | 112.55 | 18.87 |
| August 11, 1972 | 964.18 | 111.95 | 16.57 |
| August 10, 1972 | 952.89 | 111.05 | 15.26 |
| August 9, 1972 | 951.16 | 110.86 | 15.73 |
| August 8, 1972 | 952.44 | 110.69 | 14.55 |
| August 7, 1972 | 953.12 | 110.61 | 13.22 |