News stories from Thursday June 15, 1972

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

President Nixon invited 122 senators and representatives to the White House for a briefing on the U.S.-Soviet arms control agreements. They are members of committees which must act on the agreements. The President recalled the tragedy of Woodrow Wilson's failure to win Senate approval for the League of Nations treaty.Henry Kissinger answered questions regarding the agreements. Senator Henry Jackson questioned ambiguities and asked to hear testimony of the Joint Chiefs of Staff and the Secretary of Defense before making any decisions. Rep. William Conover said that this country must remain strong in order to enable further negotiations, but Senator Jackson claimed that the agreement does not even give the U.S. parity with Russia. [CBS] A British Airlines jet crashed in the Central Highlands of South Vietnam; all passengers, including 17 Americans, are feared dead. The Convair 880 jet was en route from Singapore to Hong Kong. 16 Americans were among the 87 persons killed yesterday in the crash of a Japanese airliner near New Delhi, India. [CBS] Because Soviet President Podgorny is visiting Hanoi, U.S. war planes are banned from bombing in that area. However, other North Vietnamese targets were hit, including Dong Hoi. [CBS] In South Vietnam, An Loc has been held so far against enemy attacks, but the cost is high. South Vietnam claims a 100% victory for ARVN forces at An Loc; U.S. General James Hollingsworth called it the greatest victory in the history of warfare. But many survivors who are pouring out of An Loc are being killed from North Vietnamese shelling. 42 civilians who survived the battle at An Loc died today in a helicopter crash. [CBS] Six Americans were killed in Vietnam last week, 32 were wounded and 14 are missing. [CBS] In March, Air Force General John Lavelle was returned to America from U.S. Air Force command in Vietnam and forced to retire because he ordered unauthorized bombing in North Vietnam. Today, Senator William Proxmire called for Lavelle to be court-martialed. [CBS] Edmund Muskie has embarked on a new quest for delegates to revive his presidential candidacy in case of a deadlock at the Democratic national convention; Muskie proclaimed himself still very much a candidate, but said that in order for him to win the nomination, the same thing must happen to Senator McGovern that happened to Muskie in April. [CBS] Many senators have been challenged in primaries during the course of campaign '72; most challenges have been unsuccessful. Margaret Chase Smith, 74, has been a senator from Maine for the last 24 years. She is being challenged by 38-year-old millionaire lawyer-businessman Robert Monks. Monks defended spending so much money on his campaign; Smith says that she doesn't have that kind of money and wouldn't spend it even if she did, because that isn't the proper way to get elected. Smith and Monks are both "Nixon Republicans", but are at odds on the issues of industry and unemployment in Maine. [CBS] The Senate voted to kill the Subversive Activities Control Board. [CBS] Mexican President Luis Echeverria is visiting America and he met at the White House with President Nixon today. Nixon lauded the friendship between America and Mexico; Echeverria said that it is impossible for him to understand why the U.S. does not use the same boldness and imagination it applies to solving complex problems with its enemies to finding solutions to simple problems with its friends. The two presidents also discussed pollution of the Colorado River, balance of trade, and world power politics. [CBS] A taxpayer revolt is going on in Memphis, Tennessee. Leonard Hudson, 29, disputed the tax assessment against his cleaning establishment. When four Tennessee revenue agents showed up to collect, Hudson pulled a gun. He forced three agents to strip and then ordered them out of his store, holding the fourth agent hostage as police surrounded the area. Hudson is demanding an audience with Tennessee Governor Winfield Dunn, who is flying to the scene. Hudson clams that he does not owe any back taxes and said that the state of Tennessee willfully refuses to deal with the needs of its black citizens. [CBS] Last year the U.S. made an agreement with Turkey for that country to stop growing the poppies which are used in heroin, granting Turkey $30 million as compensation. In Kirku, Turkey, this was the last opium season; future poppy fields are banned. Farmers here have grown poppies for generations to sell to the government, but now don't know what they will do when the crop is made illegal. The Turkish government will use the $30 million from the U.S. to pay farmers what they would have received from poppy crops for the next five years. Farmers are praying for help to find a new crop to replace the poppy. Turkey is just a beginning to the solution of the drug problem. [CBS] The United Nations Conference on the Human Environment in Stockholm approved the creation of a new U.N. agency to deal with environmental problems. The conference also called for a 10-year moratorium on whale hunting, as whales constitute an endangered species. An unofficial group proposed that the conference treat people as an endangered species too. [CBS]

Stock Market Report

Dow Jones Industrial Average: 945.97 (-0.82, -0.09%)
S&P Composite: 108.44 (+0.05, +0.05%)
Arms Index: 1.08

	Issues	Volume*
Advances	635	6.57
Declines	777	8.72
Unchanged	337	1.65
Total Volume		16.94

* 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 14, 1972	946.79	108.39	12.32
June 13, 1972	938.29	107.55	15.71
June 12, 1972	936.71	107.01	13.39
June 9, 1972	934.45	106.86	12.79
June 8, 1972	941.30	107.28	13.82
June 7, 1972	944.08	107.65	0.00
June 6, 1972	951.46	108.21	15.98
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