News stories from Tuesday June 8, 1971

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

The Senate is set to vote in eight days on the McGovern-Hatfield amendment to cut off funds for the Vietnam war on December 31; former Defense Secretary Clark Clifford is among those lobbying in favor of the amendment. Clifford told of his plan whereby the U.S. withdraws all forces by December 31 and ceases all military activity; North Vietnam would return all American POWs and refrain from attacking U.S. forces during the withdrawal. He believes that such a proposal would be accepted by North Vietnam. The White House dismissed Clifford's proposal due to the danger to South Vietnam. Lobbyists need to change the minds of 20 senators by one week from tomorrow. [CBS] The Senate approved a $2.75 billion pay increase for the armed forces. [CBS] 80 Cambodian soldiers were killed in heavy fighting near Phnom Penh.Two U.S. soldiers were killed in an ambush near the DMZ. [CBS] The Army has charged three black soldiers with attempted murder in a "fragging" incident at Camp Humphrey near Seoul, South Korea.A racial brawl occurred in a Seoul bar last night. [CBS] Former Chilean Interior Minister Edmundo Zujovic was assassinated in Santiago. [CBS] More union workers have joined the bridge tenders' strike in New York City. 14 bridges leading into Manhattan are still out of operation, and now sanitation workers have gone on strike. The head of the Municipal Employees Union says that untreated sewage could become a health problem within 53 hours. School lunch truck drivers also joined the strike. [CBS] Attorney General John Mitchell said that more than $400 million worth of securities which have been stolen in the U.S. during the last two years has not been recovered. [CBS] Treasury Secretary John Connally told the Senate Banking Committee that he is not sure the $250 million government loan to Lockheed will save the company in the long run. The Defense Department announced finalizing a contract with Lockheed for the C-5 transport for the Air Force. [CBS] The Soviet Union presented a proposal to United Nations covering the banning of nuclear weapons, pollution, claims of sovereignty, and military activity on the moon. [CBS] Russian cosmonauts flew the Salyut space laboratory to a higher orbit. [CBS] The FTC says that the American people were smoking less last year than the year before. [CBS] EPA director William Ruckelshaus is urging Americans to put pressure on the government to create enforceable anti-pollution rules. [CBS] European gypsy moths have infested the northeastern United States. [CBS]

Stock Market Report

Dow Jones Industrial Average: 915.01 (-8.05, -0.87%)
S&P Composite: 100.32 (-0.77, -0.76%)
Arms Index: 1.39

	Issues	Volume*
Advances	420	2.85
Declines	982	9.27
Unchanged	275	1.49
Total Volume		13.61

* 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, 1971	923.06	101.09	13.80
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