News stories from Friday June 16, 1972

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

A reporter for the London Evening News in Moscow stated that President Podgorny's trip to Hanoi is believed to be for the purpose of urging a cease-fire. Soviet leaders are convinced that President Nixon wants the U.S. out of Vietnam, but North Vietnam may reject the Russian peace plan.Something is going on regarding Vietnam. The Paris Peace Talks are set to resume next week, but just as a screen. Henry Kissinger's trip to Peking and Soviet President Podgorny's trip to Hanoi are being called "fishing expeditions" to see if President Nixon's trips to Russia and China, the U.S. bombing of North Vietnam and the mining of its harbors and other events have changed Hanoi's stance. The Soviet Union and China accept America's withdrawal from Vietnam as fact, but Hanoi may not. President Nguyen Van Thieu's government is said to be the big hangup for North Vietnam. The view from the U.S. State Department is still murky, but there is a feeling that Vietnam is turning a corner -- South Vietnam's successful block of North Vietnam's invasion, North Vietnam's hardships resulting from U.S. bombings and harbor minings, a coincidence of interests among the big powers to end the war. Even Russia has denounced North Vietnam's attack on the South. North Vietnam is reportedly bitter toward its allies and hateful toward America. There is no sign that Hanoi is ready to cooperate. [CBS] The U.S. bombing of North Vietnam continues, but fighting has eased in South Vietnam. The American 196th infantry brigade has begun to pull out, leaving the defense of Danang to South Vietnam's 3rd infantry division, which is said to be weak. Six U.S. bomber squadrons are scheduled to be transferred to Thailand. [CBS] The first-ever air hijacking occurred in 1930 in Peru; 300 skyjack attempts have been made since 1967. The International Airline Pilots' Association announced a worldwide strike for Monday to demand stronger measures against hijackings. The effect of the strike will be tremendous, although some pilots won't join in. The head of United Airlines pilots declared the strike to be unconstructive. American Airlines also hopes to be operating as usual. Two ground maintenance unions voted to support the strike. The pilots want a strong United Nations condemnation of hijackings. [CBS] At the final meeting of the U.N. environmental conference in Stockholm, a declaration was adopted to guide the fight against pollution. China objected to the ban on nuclear arms testing. The final report will go to the United Nations. [CBS] Doctors at Holy Cross Hospital in Silver Spring, Maryland will operate on George Wallace to remove the bullet from his spinal area. Governor Wallace still plans to attend the Democratic national convention. [CBS] George McGovern testified at a Joint Economic Committee hearing with regard to his proposed cutting of the defense budget. McGovern denied a rumor which casts aspersions on his World War II career; the rumor was begun by the John Birch Society and recirculated by Manchester, New Hampshire, newspaper publisher William Loeb. McGovern's Army file has been released; there is no record of any reprimand. [CBS] Senator Edmund Muskie is visiting California in search of campaign funds. In Los Angeles, Muskie convinced new and old contributors to come across with money. He is encouraged by his backers, and said that Democrats are glad he is back in the race. The "Stop McGovern" movement was noted by Muskie aides as one reason why contributors are now backing Muskie. [CBS] Members of Hubert Humphrey's camp predict that McGovern will not get the Democratic nomination; they also talked of challenging the winner-take-all delegate procedure in California. [CBS] Chicago Mayor Richard Daley has defeated the opposition in his bid to head the Illinois delegation to the Democratic national convention. Daley was challenged by Senator Adlai Stevenson III and also by Natalie Foreman, but Daley won big at the Illinois state convention. After his victory, Daley pleaded for a united convention.The "Yippies" have canceled their plans to demonstrate at the Democratic convention; they will save it for the Republicans in August. [CBS] The Securities and Exchange Commission criticized ITT for failure to disclose the stock sale of a subsidiary just before the Justice Department's antitrust action. The SEC is seeking to enjoin ITT and two of its officials from further violations. [CBS] Food prices, especially meat, are predicted to rise; the Price Commission is concerned. [CBS] The California Supreme Court has changed Sirhan Sirhan's sentence from death to life imprisonment; Sirhan was convicted for the 1968 slaying of Senator Robert Kennedy. [CBS] Clifford Irving, Edith Irving and Richard Suskind have drawn prison sentences for their Howard Hughes autobiography hoax against the McGraw-Hill publishing company. The Irvings requested clemency and spoke tearfully of their children. Judge John Cannella was unmoved by their pleas. The sentences are 2 ½ years in jail for Clifford Irving, two months for Edith Irving and $10,000 fines for both; Richard Suskind was sentenced to six months in jail. Edith Irving's extradition is being sought by Switzerland so that she can stand trial for defrauding Swiss banks. [CBS] A judge has ordered federal supervision of United Mine Workers union activities. Labor Department representatives will be assigned to all UMW offices, and a new election for union president is ordered; the 1969 election of W.A. "Tony" Boyle has been struck down. [CBS] The funeral for John Paul Vann, who was a U.S. adviser in South Vietnam, was held at Arlington National Cemetery; Vann was given a hero's funeral. Mourners included high-ranking administration officials and also Daniel Ellsberg, who leaked the Pentagon Papers. Secretary of State William Rogers and Defense Secretary Melvin Laird headed the official delegation. Later, President Nixon presented the Medal of Freedom to Vann's oldest son. [CBS]

Stock Market Report

Dow Jones Industrial Average: 945.06 (-0.91, -0.10%)
S&P Composite: 108.36 (-0.08, -0.07%)
Arms Index: 0.91

	Issues	Volume*
Advances	561	5.03
Declines	804	6.54
Unchanged	361	1.44
Total Volume		13.01

* 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 15, 1972	945.97	108.44	16.94
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