News stories from Thursday August 31, 1972

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

President Nixon is in Hawaii for a summit meeting with Japanese Premier Tanaka; he met with Ambassador Ellsworth Bunker and Henry Kissinger before the Tanaka meetings.Japan wants more independence based on its economic position; the President feels that Japan must pay more for access to U.S. markets and for U.S. protection. The imbalance of trade between the U.S. and Japan is the main issue. Hawaii is a big tourist spot for the Japanese, bringing in much income to Hawaii. Japanese business investment in Hawaii is also large. Both are reminders of Japan's economic importance in the world. [CBS] Vietnamese casualties include U.S. bases in Vietnam which have fallen to disuse as U.S. troops leave. Long Binh, the largest of the U.S. bases in Vietnam, is becoming a ghost town. Few Americans are left, but Montagnard mercenaries have come along as reinforcements to help protect American troops. Long Binh may soon become South Vietnamese property. [CBS] A pilot in Thailand's national police force was arrested on suspicion of having planted the bomb which exploded over South Vietnam during a Bangkok-to-Hong Kong passenger flight on June 15. [CBS] George McGovern interrupted his strategy and organization conferences with his advisers for a panel interview with foreign newsmen which will be broadcast in Europe. McGovern indicated that American forces in Thailand could be his bargaining chip to obtain the early release of American POW's who are being held by North Vietnam. [CBS] New evidence in the Watergate bugging case at the Democratic national headquarters has been reported. Federal investigators say that G. Gordon Liddy, a former counsel to the Committee to Re-Elect the President; and E. Howard Hunt, former White House consultant, were both in the Watergate hotel with electronic receiving devices on June 17 when wiretappers were found in Democratic national headquarters. Hunt has pleaded the fifth amendment in response to questions put to him so far.In Miami, the Dade County state's attorney says he has evidence that the Democrat national headquarters had been raided prior to June 17. Bernard Barker and Frank Sturgis had film processed in Miami on June 10. Attorney Richard Gerstein said that according to the testimony of the photograph developer, the film showed documents on a rug being held for photographing. The documents consisted of correspondence between Lawrence O'Brien and others, and dossiers on high officials in the Democratic party. This suggests that the Watergate affair was just one in a series of break-ins. Michael Richardson, the photo shop manager, said that Barker & Sturgis asked for a rush job and were pleased with the results. The state's attorney said that he will press charges in Florida for violation of banking laws and possession of stolen property. [CBS] Treasury Secretary George Shultz criticized George McGovern's tax proposals; Commerce Secretary Peter Peterson criticized McGovern's views on relations with the Soviet Union. [CBS] Five behavioral psychologists disclosed that they helped the defense pick members of the jury in Angela Davis's trial. Their forecasts of the jurors' reactions were accurate. [CBS] An epidemic of hog cholera has broken out in Kentucky, Indiana and Ohio. All hogs on contaminated farms must be slaughtered; farmers will be reimbursed by the federal government. Barns and yards must be doused with disinfectant afterwards. Farmers with uncontaminated hogs may lose money due to the scare of an epidemic. Hog cholera doesn't affect humans. [CBS] Al Worden, the last of the three astronauts involved in the Apollo 15 stamp scandal, is now out of the astronaut corps. Worden was assigned to be a research engineer and test pilot at Ames Research Center in California. [CBS] The National Transportation Safety Board is proposing specific new standards to cover recreational vehicles such as trucks, campers and trailers. Special drivers licenses and emergency equipment may be required. [CBS] Mark Spitz was confirmed as the greatest swimmer in the history of the modern Olympic games by winning his fourth and fifth gold medals. U.S. sprinters Eddie Hart and Rey Robinson were disqualified from the 100-meter race for failing to show up on time for a qualifying heat. [CBS] Bobby Fischer and Boris Spassky adjourned the 21st game of the world chess championship in Iceland. [CBS] Iceland is involved in an international dispute over codfish. Tomorrow, Iceland will extend its fishing rights limit from 12 miles to 50. British and West German trawlers intend to defy the new law. Fishing represents 20% of Iceland's gross national product and the country claims that its fishing stocks are being depleted by foreign fishermen. Iceland's stand is based on the American principle which is used to claim offshore oil. [CBS] In Northern Ireland there is alarm that a psychopathic thrill killer and sniper is on the loose. 55 people have been killed recently, with no apparent political motive. It is believed that the sniper may be a Swede who was hired to kill. [CBS] A militant Mexican-American group called the "Brown Berets" staged a peaceful invasion of Catalina Island off the southern California coast, claiming that Mexico never ceded the island to the United States. [CBS]

Stock Market Report

Dow Jones Industrial Average: 963.73 (+5.87, +0.61%)
S&P Composite: 111.09 (+0.52, +0.47%)
Arms Index: 0.68

	Issues	Volume*
Advances	794	7.02
Declines	580	3.48
Unchanged	358	1.84
Total Volume		12.34

* 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 30, 1972	957.86	110.57	12.47
August 29, 1972	954.70	110.41	12.30
August 28, 1972	956.95	110.23	10.72
August 25, 1972	959.36	110.67	13.84
August 24, 1972	958.38	111.02	18.28
August 23, 1972	970.35	112.26	18.67
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