News stories from Thursday August 3, 1972

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

George McGovern is encountering difficulties in the selection of a new vice-presidential nominee. McGovern was forced to act too quickly in Miami and is being more careful with this selection; He recommended to Democratic party chairman Jean Westwood that an improved way of choosing vice-presidential nominees be developed. McGovern reported that Senators Kennedy, Ribicoff and Humphrey still refuse the position; he plans to talk with Senator Muskie. Muskie stated that he has not been approached and made no further comment. Humphrey said that it would be a rerun for him to accept the vice-presidential bid again. If he cannot be president, he wants to remain a senator. McGovern insists that the Eagleton incident has not hurt his credibility or permanently damaged his presidential chances. [CBS] In Pittsburgh, the executive board of the United Steel Workers union refused to endorse either presidential candidate. Union president I.W. Abel said that his organization will back "deserving" congressional, state and local candidates. [CBS] Thomas Eagleton and McGovern campaign coordinator Frank Mankiewicz are trying to end controversy over when Eagleton was first told that he was the vice-presidential nominee. Reporter Robert Hardy of KMOX radio in St. Louis was in Eagleton's motel room when the call came in, and he taped the conversation. Mankiewicz claims that he asked Eagleton a series of questions about his background. Eagleton and Mankiewicz agree that no statements were made regarding the senator's health. [CBS] The break-in and attempted bugging of Democratic national headquarters is plaguing Republicans. Federal agents are now investigating two members of President Nixon's re-election campaign for possible violations of election laws. Nixon campaign manager Clark MacGregor refused to comment on the situation. The FBI and the Office of Federal Elections are conducting investigations into a $25,000 campaign contribution check which passed from Kenneth Dahlberg (Republican Midwest financial chairman) of Minneapolis to Republican national financial chairman Maurice Stans; the $25,000 was not reported to the Government Accounting Office. [CBS] The defense rested in the trial of Arthur Bremer, who is charged with shooting Alabama Governor George Wallace and three others. A telephone threat on Bremer's life caused security to be increased at the Upper Marlboro, Maryland, courthouse. Defense attorney Benjamin Lipsitz continued reading from Bremer's diary. Bremer wrote that he stalked President Nixon in Ottawa, Ontario, and missed six chances to kill him. The diary also records a trip to Dearborn, Michigan, to track Wallace. Dr. Brian Cowley and three other psychiatrists testified in rebuttal that Bremer did in fact appreciate the criminality of his acts. [CBS] The FCC is refusing to allow censorship of former Klan organizer J. B. Stoner's broadcast campaign ads. Stoner is running for the Democratic nomination for U.S. Senate in Georgia. The mayor of Atlanta and civil rights organizations have tried to block Stoner's racist commercials. [CBS] The Senate ratified the Strategic Arms Limitation Treaty with Russia. However, Senator Henry Jackson attempted to impose reservations on a companion five-year agreement. [CBS] Stepped-up fighting was reported in and around Quang Tri city. The Danang air force base was hit by North Vietnamese rockets, killing one American and wounding 20. [CBS] Eight Americans were killed in Vietnam last week. 17 were wounded and one is missing. [CBS] A bomb killed a British Army demolitions expert in Northern Ireland. In Belfast, Catholic residents of the Andersontown neighborhood resent British occupation of a recreational facility. Soldiers lost their cool when a member of the crowd of angry Catholics struck an officer in the face; they then fired rubber bullets. The crowd retreated but came back for another attack. [CBS] Queen Elizabeth interrupted her vacation cruise off the coast of Scotland to declare a state of emergency in England. If approved by House of Commons, the move will permit the use of troops to unload ships which have been tied up by the longshoremen's strike. [CBS] The 1972 presidential campaign is tied up with issues unrelated to the problems facing the nation. George McGovern is trying to find an impeccable running mate to replace Thomas Eagleton. Republicans are struggling with the investigation of the "Watergate caper", the break-in at Democratic national headquarters. John Mitchell has left the Republican campaign fold, and Republican money was found in a burglar's bank account. [CBS] The American Party is convening to pick its presidential nominee. George Wallace refused to run again as the party's candidate, but some delegates are talking about drafting the Alabama governor anyway. Rep. John Schmitz from California, who is a member of the John Birch Society, will probably be the nominee as the party veers sharply to the right. [CBS]

Stock Market Report

Dow Jones Industrial Average: 947.70 (+6.55, +0.70%)
S&P Composite: 110.14 (+0.85, +0.78%)
Arms Index: 0.96

	Issues	Volume*
Advances	825	10.39
Declines	586	7.07
Unchanged	354	2.51
Total Volume		19.97

* 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 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
July 20, 1972	910.45	105.81	15.05