News stories from Thursday June 8, 1972

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

The House passed anti-busing legislation as part of its education bill; a similar measure which was already passed by the Senate was debated in the House. Liberals say it goes too far; conservatives say it doesn't go far enough. President Nixon is expected to sign the bill, which includes direct aid to universities, emergency grants, grants to students and aid to veterans, among other provisions. [CBS] After three months of controversy over his role in the ITT affair, Richard Kleindienst was confirmed as Attorney General by the Senate. A motion by liberal Democrats to recommit the nomination for more hearings failed, and confirmation was granted by a vote of 64-19. Senators McGovern, Muskie and Humphrey voted "no". Kleindienst said that he is humbled and flattered by the vote. Budget director George Shultz was also confirmed as Treasury Secretary to replace John Connally. [CBS] Edmund Muskie is rumored to be ready to officially withdraw from the presidential race and throw his delegate strength to George McGovern. But for now, Muskie says that he has made no decision about backing McGovern and is continuing with his own candidacy. Muskie's own staff and several senators who have backed him expect a withdrawal announcement when Muskie addresses the National Press Club tomorrow; he may then endorse McGovern. Muskie controls 197 delegates, enough to clinch McGovern's nomination. McGovern said that Muskie wants a united Democratic party, a harmonious convention and the defeat of President Nixon in the fall. McGovern also met briefly with Hubert Humphrey today. [CBS] Rep. Shirley Chisholm visited George Wallace in the hospital. Chisholm said that Wallace is not a candidate who is solely concerned about race, and he speaks out on many issues. [CBS] American air strikes over North Vietnam were the heaviest in two weeks, hitting the ports of Haiphong, Thanh Hoa and Vinh and a truck park at Hanoi. Bombers destroyed a railroad tunnel through a mountain near the Chinese border. The Air Force reports that American bombers have wrecked 18 major railroad bridges, choking off all railroad traffic into the country. Along with the blockade of North Vietnamese ports, the bombing has almost totally isolated North Vietnam from outside supply sources. Five power plants have been damaged, also nine gasoline storage areas.Air Force Deputy Chief of Staff, General George Eade, credited the new laser-guided bombs which provide accuracy in hitting only military targets. He also gave no indication of any letup in bombing. [CBS] 25 miles northwest of Saigon, ARVN and Viet Cong forces are fighting for Trang Bang. South Vietnam accidentally dropped napalm on civilians and one of their own soldiers rather than on the Viet Cong. Many were burned horribly. [CBS] Eleven Americans were killed in Vietnam last week and 20 were wounded. South Vietnamese dead numbered 912; North Vietnam and the V.C. lost 4,314. [CBS] The U.S. has given ground on the final U.S.-Soviet communique, with serious ramifications. Secretary of State Rogers admits a major U.S. concession to the Russians on Berlin. The communique states that the four-power agreement on Berlin relates only to the West German side of the city. East Germans are now reinterpreting the Berlin accords and restricting civilian access to East Berlin. [CBS] The State Department confirmed reports that Pakistan used American relief aid for military purposes last year. Pakistan will be asked to refund the misused aid. [CBS] A Czechoslovakian airliner was hijacked to West Germany by 11 of the 14 passengers on board. The pilot was shot dead for refusing to cooperate; the co-pilot flew the plane to Weiden. German police are holding the hijackers. [CBS] The International Air Line Pilots Association asked the United Nations Security Council to call a meeting by June 16 to do something about air piracy. They are threatening a walkout for June 19 if action isn't taken. The IALPA also plans a boycott of all countries harboring hijackers. [CBS] General Motors asked a federal appeals court to review the Environmental Protection Agency's ruling which refused to extend the 1975 Clean Air Act involving auto emissions. [CBS] The House Ways and Means Committee refused President Nixon's request to increase the limit on the national debt through next February, because tax reform was not attached to the legislation. [CBS]

Stock Market Report

Dow Jones Industrial Average: 941.30 (-2.78, -0.29%)
S&P Composite: 107.28 (-0.37, -0.34%)
Arms Index: 1.24

	Issues	Volume*
Advances	541	4.18
Declines	801	7.67
Unchanged	380	1.97
Total Volume		13.82

* 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*
June 7, 1972	944.08	107.65	0.00
June 6, 1972	951.46	108.21	15.98
June 5, 1972	954.39	108.82	13.45
June 2, 1972	961.39	109.73	15.40
June 1, 1972	960.72	109.69	14.91
May 31, 1972	960.72	109.53	15.23
May 30, 1972	971.18	110.35	15.81
May 26, 1972	971.25	110.66	15.73
May 25, 1972	969.07	110.46	16.48
May 24, 1972	965.46	110.31	17.87