News stories from Monday June 7, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- There have been two plane crashes in the U.S. within the past 24 hours: 49 passengers were killed when an Air West plane collided with a Marine fighter jet near Los Angeles. 28 people were killed in in the crash of an Allegheny Airlines plane in New Haven, Connecticut.
In New Haven, witnesses reported that the plane came in low because of fog and hit a power line; the co-pilot and two passengers survived. Terrain and weather are hampering rescue efforts in California. The planes tumbled into a mountainous canyon near Duarte after their collision; fog is delaying the rescue. The radio operator of the jet fighter is the only survivor. The cause of the collision has not been determined.
[CBS] - The Senate held a closed session, in which it was learned that the U.S. is spending twice what most Senators believed was being spent on military and economic aid to Laos. Senator Stuart Symington proposed a $200 million ceiling on aid to Laos.
The Senate will vote next week on the McGovern-Hatfield amendment to fix December 31 as the U.S. withdrawal date from South Vietnam; lobbying in support of the amendment has begun.
[CBS] - U.S. B-52's bombed enemy positions in response to rocket attacks against American and South Vietnamese bases in South Vietnam near the DMZ. U.S. troop strength in South Vietnam is now down to 250,900. [CBS]
- Aubrey Daniel, the prosecuting attorney in Lt. William Calley's trial, has been hired by a Washington, DC law firm. [CBS]
- Soviet television showed the Soyuz II cosmonauts entering the Salyut space laboratory after docking today. [CBS]
- The Supreme Court ruled that states do not have to establish separate districts for minority groups and ruled that blacks may sue private citizens who conspire to deny them civil rights. [CBS]
- The Senate Banking Committee opened hearings on the proposed government loan to the Lockheed Aircraft Corporation. Senator William Proxmire asked whether the vitality of the free enterprise system is jeopardized by the government bailing out a large company which is threatened by bankruptcy. Treasury Secretary Connally noted that the free enterprise system is already highly regulated by the government, and helping Lockheed is not a departure from policy.
30,000 workers could lose their jobs if Congress doesn't approve the $250 million loan for Lockheed to continue development of the Tri-Star Airbus. Aerojet-General Corporation spokesman Jack Volbrecht warned that if the government bails out Lockheed, other companies will expect the same help when they are in financial trouble.
[CBS] - The Penn Central Railroad reported that Ohio and Indiana laws which require larger train crews than necessary may cause the railroad to fold by the end of the year. [CBS]
- Housing Secretary George Romney said President Nixon believes that a strong home-building industry is important to the U.S. economy; the President has promised to try to keep mortgage rates at 7%. Bank of America announced it was increasing its mortgage rate to 7.5% today. [CBS]
- Bridge tenders in New York City went on strike and left bridges open, causing huge traffic jams; the strike concerns a pension plan which the state legislature failed to approve. Mayor John Lindsay said that he may ask for help from the National Guard. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 923.06 (+0.91, +0.10%)
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 4, 1971 | 922.15 | 101.30 | 14.40 |
| June 3, 1971 | 921.30 | 101.01 | 18.79 |
| 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 |