News stories from Thursday February 5, 1970

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

President Nixon visited Indianapolis and Chicago to study urban problems, pollution and crime. The purpose of the President's visit is to counteract criticism that his administration isn't sensitive enough to problems of the cities, and to prove that his conversion to the anti-pollution crusade is real. [CBS] A bipartisan effort was launched aimed at reasserting the Senate's constitutional rights regarding foreign policy. [CBS] A Lebanese newspaper reported massive Soviet arms aid to Egypt to strengthen its air defense. The United States conceded that there has been a gradual increase over the last few months, but no big upsurge. [CBS] The Lunar New Year (Tet) cease-fire is in effect in Vietnam, and fighting was relatively quiet; 70 Americans were killed. [CBS] A $35 billion educational bill became the target of the fight against Supreme Court school desegregation orders today when Mississippi Senator John Stennis prepared an amendment to require that desegregation be enforced uniformly across the nation. Mississippi Governor John Bell Williams asked his state's legislature to re-establish the principle of freedom of school choice. [CBS] Supreme Court nominee Judge G. Harrold Carswell denied in writing that he was hostile to civil rights lawyers. The Senate Judiciary Committee's vote on confirmation was put off again. [CBS] A scientist said that dogs, smoking under lab conditions, developed lung cancer. It is the first direct cause-effect link between smoking and cancer. Cigarettes with filter tips did not produce cancer, but the smokers had other respiratory diseases. The tobacco industry stated that meaningful conclusions can't be drawn between humans and laboratory dogs.Agriculture Secretary Clifford Hardin announced that his department will continue to ban the consumption of chickens who have been infected by a cancer virus. [CBS] Dunlop Tire and Rubber Company is refusing to call in 90,000 tires found to be unsafe by the Transportation Department. There may be civil action against the company. [CBS] The Nixon administration claims that overzealous consumer protection could have harmful economic side effects. Assistant Attorney General Richard McLaren acknowledged that the government has to develop more protection for consumers, but can't tie business up in knots. [CBS] Phosphates in detergents upset conservationists; there is trouble between Arthur Godfrey and a detergent company over its advertising. Godfrey said that he did not think Axion contained phosphates, but now says he can no longer sell the product unless he can tell the truth about it. The Colgate-Palmolive company feels that Godfrey's remarks have been misinterpreted, and noted that Axion is a pre-soak which is only used in small quantities. Godfrey has been a leading anti-pollution advocate for years. [CBS] There is a tuberculosis scare on Capitol Hill; two have died from the disease and four other cases have developed. Health officials have arranged for Capitol Hill employees to take tuberculosis tests. [CBS] Cincinnati city employees reached an agreement, ending their one-month strike. [CBS] A Cleveland grand jury indicted Annette Gilly as a defendant in the Yablonski slayings; she is the wife of one of the three defendants in the case. Joseph Yablonski's son, Joseph Jr., testified before a Senate committee today and stated that no coal miner will ever challenge the United Mine Workers union leadership again unless the government examines the last election campaign. [CBS] Attorney General John Mitchell said he regrets that subpoenas of news information may have raised questions of interference with freedom of the press. U.S. attorneys are renegotiating the broadness of some of the subpoenas.Newsmen have become the source of news; many who do the interviewing are now being interviewed. Vice President Agnew's attacks on the media have been followed by subpoenas for newsmen's notes, tapes and films to help prosecute those who are accused of crimes. The Justice Department's new policy will be to ask for information first, and then subpoena only specific items. Dr. Menninger's proposal to license newsmen accomplishes nothing except to provide proof of education. [CBS]

Stock Market Report

Dow Jones Industrial Average: 750.26 (-4.23, -0.56%)
S&P Composite: 85.99 (-0.25, -0.29%)
Arms Index: 0.96

	Issues	Volume*
Advances	465	3.06
Declines	840	5.33
Unchanged	255	1.05
Total Volume		9.44

* 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*
February 4, 1970	754.49	86.24	11.04
February 3, 1970	757.46	86.77	16.05
February 2, 1970	746.44	85.75	13.44
January 30, 1970	744.06	85.02	12.32
January 29, 1970	748.35	85.69	12.21
January 28, 1970	758.84	86.79	10.51
January 27, 1970	763.99	87.62	9.63
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