News stories from Tuesday January 27, 1970

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

President Nixon formally sent to Congress his veto of the Health, Education and Welfare bill. The President stated that he is willing to compromise on one educational program -- impacted school aid -- under which a large number of children of federal employees attend school at military bases. It will take 130 House votes to sustain the President's veto; most observers believe that the veto will be sustained. [CBS] The Senate Judiciary Committee began hearings on Supreme Court nominee Judge G. Harrold Carswell. Carswell repudiated his 1948 white supremacy speech and claimed that he is not a racist. The Senators asked the judge about his role in turning a public golf course into a private one in order to avoid integration. Carswell said that he didn't play any part in deciding the golf course's policies. Carswell's nomination seems assured. [CBS] The Senate approved a controversial and constitutionally questionable provision of the anti-crime bill, aimed at narcotics violators. The "no-knock" provision would let agents raid without warning if they have a special warrant. [CBS] The strike against General Electric may be nearing a settlement. J. Curtis Counts, director of the federal mediation service, has summoned union officials to a meeting. [CBS] Dr. Wernher Von Braun, head of the Marshall Space Flight Center, is being transferred to Washington, DC. NASA stated that he will be the administrator for planning; Braun's job is to plan new space ventures. [CBS] Cincinnati's striking non-union city employees asked other municipal employees to stay home in support of their 23-day-old strike. Garbage is accumulating and raw sewage now pours into the Ohio River. Repairs on damaged waterworks are underway, but 260 million gallons of raw sewage have already been dumped into the river. The sewage problem is due to a shortage of workers; 1,500 are on strike. [CBS] One thousand government cars are being adapted to use natural gas as fuel in order to reduce air pollution. The head of the General Services Admininstration told a Senate committee that tests on the vehicles have been successful and economical. [CBS] A Cleveland grand jury began its investigation into the murder of United Mine Workers official Joseph Yablonski, his wife and daughter. The grand jury heard testimony from the family of one of the accused killers, Paul Gilly. Kenneth and Joseph Yablonski, Jr. went before the jury to tell what they knew of their father's murder. The FBI's five day search of the Monongahela River for the murder weapon has paid off. [CBS] The Detroit suburb of Madison Heights is trying to hold parents legally responsible for the criminal acts of their children. Mayor Monte Gerald, author of the ordinance, said he won't know if the law is constitutional until a parent is brought into court. [CBS] At the Chicago convention conspiracy trial, the judge agreed to let Bobby Seale, one of the original defendants, be a defense witness; earlier he was sentenced to four years for contempt. Norman Mailer also testified for the defense, following five days on the stand by Rennie Davis. [CBS] The Army was ordered to specify what it plans to try to prove against Lt. William Calley in the My Lai case. [CBS] President Nixon's third phase of troop withdrawal from Vietnam is underway; 3,000 Marines are on their way home. [CBS] The U.S. Air Force began nine days of relief flights to Nigeria to aid refugees, but Biafran refugees are currently receiving only a little of the aid which reaches Nigeria. [CBS]

Stock Market Report

Dow Jones Industrial Average: 763.99 (-4.89, -0.64%)
S&P Composite: 87.62 (-0.55, -0.62%)
Arms Index: 1.30

	Issues	Volume*
Advances	427	2.33
Declines	882	6.26
Unchanged	275	1.03
Total Volume		9.62

* 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*
January 26, 1970	768.88	88.17	10.67
January 23, 1970	775.54	89.07	11.00
January 22, 1970	786.10	89.95	11.05
January 21, 1970	782.27	89.91	9.88
January 20, 1970	777.85	89.83	11.05
January 19, 1970	776.07	89.65	9.50
January 16, 1970	782.60	90.92	11.94
January 15, 1970	785.04	91.68	11.12
January 14, 1970	787.16	91.65	10.38
January 13, 1970	788.01	91.79	9.87