News stories from Wednesday August 23, 1972

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

The final session of the Republican national convention will soon begin. The convention will renominate Vice President Spiro Agnew and hear the acceptance speeches of Agnew and President Nixon. Outside, demonstrators will attempt to cut off access to the hall. Protesters built a sandbag barricade to represent a North Vietnamese dike. Police have a barricade of buses around the hall. Protesters tried to let the air out of the tires of a delegate's car; the driver stepped on the gas and hit a young woman, giving her a broken ankle. [CBS] Young protesters are ready for the main Republican convention demonstration; protesters at Flamingo Park are prepared for this evening's work. Protest leaders stressed non-violent, organized demonstrations at their rally earlier today.Buses are parked bumper to bumper, forming a barrier around the convention hall. Washington, DC officials are working with Miami Beach police, preparing for possible disruptions. 1,100 state and local police are on hand, with 5,500 National Guardsmen and regular Army troops standing by. Roving vans of demonstrators practiced their tactics, including barricading streets and slashing tires. Delegate's cars were surrounded and assaulted. Much action was reported on Collins Avenue, the hotel row of Miami Beach. Tear gas was used. "Chicago 8" defendant David Dellinger was affected by tear gas in a hotel lobby. The delegates arrived even as the demonstrations continued. [CBS] Democratic presidential nominee George McGovern addressed the American Legion convention in Chicago and met with Mayor Richard Daley. At the convention, McGovern stressed his love of America and recalled his days as a bomber pilot in World War II. He wore an American Legion hat from the Mitchell, South Dakota, post and stated that he would never allow this nation to become a second-rate power. McGovern then criticized the Vietnam war and military waste; he received only polite applause.McGovern met with Mayor Daley and stressed the unification of the Democratic party. Daley vowed that Chicago will turn out the Democratic vote. In Atlanta, Georgia Governor Jimmy Carter refused to appear with Sargent Shriver at a rally, but he stated his endorsement of the Democratic ticket. Shriver said that he didn't come to Atlanta to get Carter's support, but to pay respect to him; Shriver is certain that Carter will back the party. [CBS] The General Accounting Office is delaying making public an audit on Republican campaign spending. The audit was made after the Democrat party headquarters break-in was reported; Nixon campaign finance chairman Maurice Stans requested the delay. The GAO investigator is reportedly seeking more information from Stans. [CBS] $1 million ransom which was flown to Algeria by a band of hijackers has been returned to Delta Airlines. Algerian officials turned the money over to Delta representatives in Paris, France. Black Panthers living in Algeria had requested that the money be turned over to them instead. The hijackers are still being questioned by Algerian authorities. [CBS] Enemy forces hit Danang, South Vietnam, with huge rockets. South Vietnamese troops are still trying to push Communists from their positions in the Que Son Valley. [CBS] The International Olympic Committee has a new president, Irish businessman Lord Killanin. He succeeds the retiring Avery Brundage. [CBS] In Iceland, the 17th game of the world chess championship ended in a draw. Bobby Fischer has 10 points; Boris Spassky, 7. [CBS] Vice Admiral Hyman Rickover accused the U.S. Navy of wasting $50 million a year due to loafers in shipyards, and he testified before the House Appropriations Committee that the Navy does nothing about it. Rickover also noted the progress that has been made in Russian shipbuilding. [CBS] There have been many demonstrations this week in Miami Beach in support of President Nixon; a flotilla of 85 yachts is one example. Rich Republicans are beating the heat at the convention: Texas millionaire John Moran relaxes on his yacht, the "Wild Rose", with Texas Rep. Bill Archer; W. Clement Stone (who contributed $1 million to the Nixon campaign) gave a party for visiting foreign diplomats on his yacht, the "Black Hawk". A Republican party was held at the "Vizcaya" mansion. At the Palm Bay Club there is an air of Republican equality -- everybody is a millionaire. Club manager Curtis DeWitz said that it's been a fun a week, and noted the presence of stars such as Charlton Heston and Zsa Zsa Gabor. Guilford Dudley, a Tennessee tycoon and former ambassador to Denmark, said that Americans aren't opposed to making money and don't resent those who do. Private jets wait to whisk the rich back home in comfort. [CBS]

Stock Market Report

Dow Jones Industrial Average: 970.35 (-3.16, -0.32%)
S&P Composite: 112.26 (-0.15, -0.13%)
Arms Index: 0.76

	Issues	Volume*
Advances	782	10.07
Declines	662	6.47
Unchanged	319	2.13
Total Volume		18.67

* 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 22, 1972	973.51	112.41	18.56
August 21, 1972	967.19	111.72	14.29
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