News stories from Wednesday June 16, 1971

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

The Senate rejected the McGovern-Hatfield amendment to cut off funds for the Vietnam war as of December 31; the amendment lost 55-42; Lawton Chiles' amendment for a June 1, 1972 withdrawal deadline was defeated 52-44. George McGovern said that he will continue to offer amendments with different withdrawal date deadlines in the coming month. Senator Robert Dole said it's not a matter of a date; the amendments were defeated because most senators don't want to tie the President's hands. But Senator Mark Hatfield said that the President cannot ignore 73% of the American people or the 44 senators who want the war ended by December 31.The U.S. Mayors Conference urged President Nixon to withdraw U.S. troops from South Vietnam by the end of the year or sooner. [CBS] The federal government has begun legal action to regain the classified Pentagon report from the New York Times; a hearing on a permanent injunction against publishing the report will be held tomorrow. New York Times president Arthur Sulzberger said that he believes that publication of the report will not damage national security.Retired General Maxwell Taylor was the chairman of the Joint Chiefs of Staff and ambassador to South Vietnam during the U.S. build-up in South Vietnam. Taylor opposes the publication of the documents because it sets a precedent for officials betraying government secrets and harms international relations. [CBS] Communist forces attacked Cambodian naval guard posts in Phnom Penh.A U.S. helicopter was shot down near Khe Sanh, South Vietnam. South Vietnam President Nguyen Van Thieu announced that the army will discontinue using deserters as unarmed front line workers. [CBS] Pre-trial hearings have begun regarding Capt. Ernest Medina's involvement in the My Lai massacre. Medina's attorney, F. Lee Bailey, moved to have the charges against Medina dropped; a hearing on Bailey's dismissal motion will be held on Monday. [CBS] Sgt. Barry Gilfry was discharged by the Air Force because of his participation in an antiwar demonstration. [CBS] A leftist terrorist killed one policeman at national police headquarters in Santiago, Chile, then blew himself and a second policeman up with a homemade bomb. [CBS] The FBI announced the recovery of El Greco's "The Immaculate Conception" in New York City; the painting, stolen 35 years ago in Spain, is worth over $1 million. [CBS] Soviet ambassador Dobrynin and Secretary of State William Rogers agree that the U.S. and USSR will negotiate mutual troop reductions in Europe; Soviet party leader Leonid Brezhnev said that talks regarding Berlin are far enough along for concrete proposals to be made. [CBS] The Atomic Energy Commission reported no radiation leakage from the detonation of an atomic weapon in an underground test in Nevada. [CBS] The House voted to cut off funds the for F-14 fighter plane due to development cost overruns. [CBS] University of Georgia scientists determined that bacteria is killing wildlife in Lake Apopka, Florida; the bacteria can only be killed by spending $1 million to drain the lake. [CBS] The Commerce Department reported improvements in personal income and home building last month. [CBS] In testimony before a Senate committee regarding the Lockheed Corporation loan, Federal Reserve Board chairman Arthur Burns said that the government should establish procedures for loans to major corporations that are in financial trouble. [CBS]

Stock Market Report

Dow Jones Industrial Average: 908.59 (+1.39, +0.15%)
S&P Composite: 100.52 (+0.20, +0.20%)
Arms Index: 0.99

	Issues	Volume*
Advances	637	6.09
Declines	707	6.68
Unchanged	327	1.54
Total Volume		14.31

* 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, 1971	907.20	100.32	13.55
June 14, 1971	907.71	100.22	11.53
June 11, 1971	916.47	101.07	12.27
June 10, 1971	915.96	100.64	12.45
June 9, 1971	912.46	100.29	14.25
June 8, 1971	915.01	100.32	13.61
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