News stories from Monday June 5, 1972

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

In tomorrow's climactic California primary, the winner will most likely become the Democratic presidential nominee; polls indicate that George McGovern will win. Hubert Humphrey is still campaigning statewide while McGovern has gone to New Mexico, which is also holding a primary tomorrow. New Jersey and South Dakota voters go to the polls as well. McGovern also went to the National Governors Conference in Houston to seek uncommitted delegates who are controlled by Democrats there, and to talk with southern governors who are edgy about his views. This precludes a possible election-eve television debate between Humphrey and McGovern.McGovern says that although his nomination may be clinched in California by the fact that all 271 delegates are given to the winner, his reform movement has proposed proportional representation. He cited his five previous primary victories and hopes to win California, New Mexico, South Dakota and possibly New Jersey, saying that he will follow up those with a win in New York. McGovern hopes to have a voice in writing the Democratic party platform, but he will be satisfied if the delegates are chosen fairly. [CBS] Hubert Humphrey vowed to do his damndest to win California. Humphrey noted that if McGovern is the nominee he will have to run on a Democratic party platform which will be more moderate than his campaign proposals. Humphrey admits that the California primary is very significant, but said that losing California doesn't mean a candidate is through. Humphrey believes that if he wins California he has a better chance of a first-ballot nomination at the convention than McGovern would. Regardless of tomorrow's outcome, Humphrey will not drop out of the race because he wants the Democratic party to win. Even if McGovern wins the nomination, Humphrey says that he will work to unify the party. [CBS] Los Angeles Mayor Sam Yorty officially dropped out of the presidential race and urged his supporters to vote for Humphrey. Yorty attacked McGovern's lavishly-financed campaign of deception, which is threatening a suicidal radicalization of the Democratic party. Yorty, Muskie, Jackson, Chisholm, McCarthy and Lindsay remain on the California primary ballot. A write-in campaign for Wallace is also underway. [CBS] The Office of Federal Elections reported that some contributions to Humphrey's campaign are possibly in violation of the 1971 election law; some contributions were made in the names of other persons. [CBS] At the National Governors Conference in Houston, only three out of 28 Democrat governors who were present expressed a belief that George McGovern could beat Richard Nixon in their states (South Dakota, New Mexico and Wisconsin). [CBS] Hanoi concedes that stepped-up American bombing of North Vietnam has caused very difficult economic problems, but Hanoi radio insists that North Vietnam will survive and continue its war effort. U.S. jets carried out further intensive bombing in North Vietnam, knocking out two more bridges on a railroad to China. Bombs which are guided by laser beams are being used. [CBS] At Phu My, the district capitol of Binh Dinh province, South Vietnamese troops and American planes repelled a Communist attack. [CBS] Secretary of Defense Melvin Laird testified that the U.S.-Soviet treaties to limit strategic arms might produce a savings of $1 billion in defense costs. But if the Vietnam war continues at its present rate, there might be no savings at all. Laird says that George McGovern's plan to cut the defense budget by $30 billion would be equivalent to surrender. Senator William Proxmire claims that McGovern's proposal would provide for American superiority in many areas. Laird told a House committee that he will ask for a boost in the present budget if the Vietnam war continues. [CBS] The aircraft carrier "America" commenced sailing for Vietnam from Norfolk, Virginia, but a peace group in rowboats and canoes blocked the harbor to protest its departure. The Coast Guard cleared a path for the carrier; several of the group's boats tipped over, and 31 protesters had to be pulled from the water. [CBS] Outgoing Treasury Secretary John Connally has left on a round-the-world trip starting in Venezuela. Press secretary Ron Ziegler stated that Connally will visit 15 countries within the next month to discuss economic and other issues. [CBS] The United Nations has convened an international meeting in Stockholm to tackle global pollution. The conference will emphasize the fragile nature of the planet and draw up guidelines for its protection. U.N. Secretary General Kurt Waldheim says that all nations have a common concern and a common stake in the future of the planet. He stated that the protection of the Earth is more critical than the divisions and conflicts which unnecessarily keep nations apart. The Soviet bloc is boycotting the meeting because of America's rejection of voting delegates from East Germany. U.S. environmental delegate Shirley Temple Black said that the meeting is one of the most important the world has ever held.An independent conference is also being held in protest of the neglect of controversial issues, such as population control, by the United Nations conference. There are also protests outside the conference against "ecocide", specifically the destruction of the environment due to the war in Indochina. [CBS] Ford announced that the production of its 1972 cars will be extended until the 1973 models meet federal anti-pollution standards, in order to keep Ford workers employed. [CBS] Ralph Nader's aviation consumer action project charged that Chase Manhattan Bank exercises control over 15 airlines, in violation of the Federal Aviation Act. Nader's group petitioned the Civil Aeronautics Board to address the issue. [CBS] Alabama Governor George Wallace talked by telephone with his temporary successor, Lt. Governor Jere Beasley, to establish a cooperative working relationship. [CBS] Funeral services were held in St. George's chapel at Windsor Castle for the Duke of Windsor. The coffin, draped with the Duke's personal standard, was carried by the men of the first battalion of the Welsh Guards. When the Duke was the Prince of Wales, he had become a colonel in that regiment. The men of the Royal family followed -- the Duke of Edinburgh and King Olav of Norway. The Duchess of Windsor sat between the Queen and Prince Philip. The Dean of Windsor conducted the service. After the burial, the Duchess went to Heathrow Airport for her flight back to Paris. [CBS]

Stock Market Report

Dow Jones Industrial Average: 954.39 (-7.00, -0.73%)
S&P Composite: 108.82 (-0.91, -0.83%)
Arms Index: 1.72

	Issues	Volume*
Advances	458	2.54
Declines	986	9.38
Unchanged	313	1.53
Total Volume		13.45

* 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, 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
May 23, 1972	962.30	109.78	16.41
May 22, 1972	965.31	109.69	16.03
May 19, 1972	961.54	108.98	19.58