News stories from Thursday June 3, 1971

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

Imprisoned Teamsters union president James Hoffa has given up the position of president to union vice president Frank Fitzsimmons. Fitzsimmons announced that he will run for union president at the Teamsters convention on July 5, and Hoffa will not run for re-election. Hoffa believes he has better chance for parole now. Union members say that although Fitzsimmons is a good leader, Hoffa is better. [CBS] South Vietnamese forces retreated from a debacle at Snoul, Cambodia. [CBS] North Vietnam refused to accept 13 POWs who are being held by South Vietnam; the POWs have been taken by boat from Danang, South Vietnam, to a prearranged exchange point in case North Vietnam changes its mind. [CBS] The South Vietnamese lower House approved a bill limiting the number of candidates for president; Vice President Nguyen Cao Ky said that if the bill becomes law, democracy in South Vietnam will be a joke. [CBS] Secretary of State William Rogers attended a meeting of NATO allies in Lisbon, Portugal. The purpose of the NATO conference was to discuss Berlin, the Soviets' offer to negotiate troop reductions in Europe, and the SALT talks. [CBS] Egypt announced its $1 ½ billion defense budget. [CBS] India revealed that it hopes to have anti-ballistic missiles within three years. [CBS] The Concorde supersonic transport was displayed at the Paris air show; potential Concorde buyers were given a ride.Transportation Secretary John Volpe says that the U.S. must get in the supersonic transport race. Senator Barry Goldwater was impressed by the Concorde and said that he regrets Congress' mistake of taking the U.S. out of the supersonic transport race. [CBS] The eruption of Mount Etna in Sicily is reportedly over. [CBS] Congress approved the administration's plan to merge volunteer programs, including the Peace Corps and VISTA, into a new organization called Action Corps which will begin operating next week. [CBS] House Ways and Means Committee chairman Wilbur Mills continued to campaign against the Nixon administration's revenue sharing plan, calling it the "most dangerous proposal ever". [CBS] The House rejected a proposal to cancel the last two scheduled Apollo moon flights. [CBS] President Nixon met with law enforcement officials to discuss the recent attacks on policemen. New York City police commissioner Patrick Murphy was not invited to the meeting; White House sources called Murphy's absence an embarrassing foul-up. Murphy said he can't imagine that his not being invited was an oversight and insisted that it must have been deliberate.President Nixon rejected suggestions of tougher gun control laws and rejected laws to make the murder of a police officer a federal crime. Attorney General John Mitchell stated that law enforcement agencies prefer to handle murders as local crimes. [CBS] Deputy Attorney General Richard Kleindienst defended the mass arrests that were made during the Washington, DC antiwar demonstrations. Kleindienst said that antiwar protesters mobilized as a group in order to disrupt the U.S. government. ACLU lawyer Monroe Freedman said that the police suspended normal arrest procedures and could have arrested anyone. [CBS] Fritz Sprandel was trying to canoe from New York City to Los Angeles, California; weather forced him to land in Cuba. Sprandel won't leave until the Cubans release his canoe. [CBS] The body of a 24th murdered migrant worker was discovered near Yuba City, California. [CBS] President Nixon has agreed to allow methadone treatment experiments for U.S. soldiers who are heroin addicts in South Vietnam. [CBS]

Stock Market Report

Dow Jones Industrial Average: 921.30 (+1.68, +0.18%)
S&P Composite: 101.01 (+0.05, +0.05%)
Arms Index: 1.30

	Issues	Volume*
Advances	908	9.79
Declines	518	7.25
Unchanged	258	1.76
Total Volume		18.80

* 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 2, 1971	919.62	100.96	17.74
June 1, 1971	913.65	100.20	11.93
May 28, 1971	907.81	99.63	11.76
May 27, 1971	905.78	99.40	12.61
May 26, 1971	906.41	99.59	13.55
May 25, 1971	906.69	99.47	16.05
May 24, 1971	913.15	100.13	12.06
May 21, 1971	921.87	100.99	12.09
May 20, 1971	923.41	101.31	13.34
May 19, 1971	920.04	101.07	11.74