News stories from Tuesday June 6, 1972

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

The U.S. 4th Circuit Court of Appeals overturned a lower court's order consolidating the Richmond, Virginia, school system with those of neighboring Henrico and Chesterfield counties. The court said that the January order by judge Robert Merhige asserted questionable power to restructure the state's internal government for the purpose of achieving racial balance in schools. The court further stated that Merhige erred because there was no invidious discrimination.Virginia Attorney General Andrew Miller said that the confusion regarding schools is now being cleared up, and uncertainty will be removed. Richmond school board chairman Mrs. Hamilton Crockford said that she is disappointed with the circuit court's decision, and vowed that the case will be taken to the Supreme Court. Chesterfield County Attorney Fred Gray stated that today's comprehensive decision vindicates his position with respect to evidence and the law. The Richmond case was the one which motivated President Nixon to ask Congress for a moratorium on busing. Merhige's decision, an attempt to break the white suburban "noose", had a direct bearing on cases in Indianapolis, Detroit, Boston, Hartford, Dayton and Wilmington (Delaware). The Nixon administration was delighted by today's ruling. [CBS] As California voters go to the polls, George McGovern and Hubert Humphrey await the voters' decision which is vital to their presidential hopes. McGovern returned to California from a trip to Houston, where he tried to mollify skeptical Democrats at the National Governors Conference, and he learned of the birth of his grandson in Los Angeles. Humphrey stated that he will do better in California than pre-election polls showed. New Jersey, New Mexico and South Dakota are also holding primaries today, all of which are expected to go for McGovern. Rep. John Ashbrook is making a conservative challenge to President Nixon on the Republican side. [CBS] McGovern's trip to Houston came in response to loud dissatisfaction being voiced by some Democrats attending the National Governors Conference there. McGovern tried to reassure uneasy Democrat governors in the wake of a "Stop McGovern" movement that was triggered by doubts about his candidacy. McGovern said that he made no compromises at the conference, but clarified his stands and he believes that the discussion was enormously beneficial. Georgia Governor Jimmy Carter said that McGovern assured states like North Carolina, Tennessee and Maryland that he will not accept delegate votes he didn't earn in accordance with state laws. But Kentucky Governor Wendell Ford says that he doesn't find McGovern any more acceptable now than he did before.A southerner as a running mate might help McGovern in the South, but most Democrat governors don't think that he can carry their states. Governors John Gilligan of Ohio, Milton Shapp of Pennsylvania, Marvin Mandel of Maryland and Warren Hearnes of Missouri remain uncommitted. [CBS] The Republican party now assumes that McGovern will be the Democratic nomine, and is already using Humphrey's words against him. Republican platform committee chairman Rep. John Rhodes claimed that McGovern's platform will, in Humphrey's words, scare the country half to death. Rhodes said that questionnaires were sent out to a representative group of American editors, educators, labor leaders and senior citizens in connection with building the Republican party platform. [CBS] Cuban Premier Fidel Castro, who is visiting Warsaw, Poland, reportedly is suffering from a heart problem. [CBS] An underground explosion in a coal mine in Rhodesia has trapped 468 men; most are feared to be dead but rescue efforts are underway. [CBS] Secretary of Defense Melvin Laird testified before the House and Senate Armed Services committees and expressed reservations about the U.S.-Soviet Strategic Arms Limitation treaty. Laird stated that he will not support the arms limitation agreement if Congress does not move forward on the Trident submarine and the B-1 bomber. Laird said that congressional disapproval of those items would put American security and negotiating power in jeopardy. [CBS] South Vietnamese troops cleared Kontum of North Vietnamese resistance, ending the 12-day siege of the Central Highlands city. [CBS] American jets flew 220 missions over North Vietnam, knocking out eight bridges and 100 ships and barges near Vinh. [CBS] At the United Nations Conference on the Human Environment in Stockholm, Swedish Premier Olof Palme assailed "ecological warfare" in southeast Asia. Russell Train, the U.S. representative to the conference, said that such topics belong in another forum, and the State Department denounced Palme's speech. [CBS] Four years ago today Robert Kennedy died in Los Angeles. At Arlington National Cemetery, his family and friends gathered for a folk mass. His widow Ethel, who recently broke her leg skiing, stood throughout the ceremony. [CBS] One family in Valencia, California, was observed as they reacted to appeals for their votes. Bob Englander, 44, an undecided voter, is vice president of his Machinists Union local. He is a lab technician at Lockheed. His wife Ann cares for their two children. They are selling their house due to squeeze of prices and taxes.Ann says that the government doesn't know enough about the problems of average people. She makes her own clothes, sells jewelry on the side, and shops for bargains. Bob wants law and order, national defense and less government waste. Bob says that he likes certain things about McGovern, Wallace and Humphrey. The Englander children can go to good schools, but property taxes are high. Ann is a Republican, but anti-Nixon. Bob chose Humphrey, Ann left her ballot blank as a protest. [CBS]

Stock Market Report

Dow Jones Industrial Average: 951.46 (-2.93, -0.31%)
S&P Composite: 108.21 (-0.61, -0.56%)
Arms Index: 1.61

	Issues	Volume*
Advances	480	3.39
Declines	948	10.77
Unchanged	318	1.82
Total Volume		15.98

* 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 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
May 23, 1972	962.30	109.78	16.41
May 22, 1972	965.31	109.69	16.03