News stories from Wednesday July 22, 1970

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

Scientists report that saccharin is safe, but they want more research. [CBS] Interior Secretary Walter Hickel charged 13 companies with causing mercury water pollution and gave their names to the Justice Department. [CBS] 600 Hindu pilgrims died in a flash flood in India. [CBS] 741 passengers and crew were rescued from the burning ship "Fulvia". [CBS] Egypt responded to the United States peace initiative, saying that they will accept a cease-fire and talks; Israel opposes the cease-fire. The U.S. will ask the Soviet Union and United Arab Republic for a total military halt during the 90-day truce. [CBS] Five United States helicopters were downed in South Vietnam; the U.S. bombed North Vietnam; Communists ambushed Cambodians near Kiri Rom. [CBS] Cambodian Premier Lon Nol received a promise of military aid from Thailand, but no mention of troops. [CBS] Six Arabs hijacked a Greek airliner from Athens to Cairo. The captors demanded the release of seven prisoners from Greek jails; the airline passengers were released, but the crew is still being held hostage. [CBS] A soldier tried to hijack a plane from Saigon to Hong Kong; he failed, and then surrendered to police. [CBS] A Philadelphia judge named four men to reorganize the Penn-Central Transportation Company: Willard Wirtz, George Baker, Jervis Langdon and Richard Bond. Retired Penn-Central board chairman Stuart Saunders says that the railroad is unmanageable due to inflation, recession and tight money. The Federal Reserve said that giving Penn Central a loan would only have postponed its bankruptcy. [CBS] A New York City power generator is out for the rest of the summer, resulting in a 15% decrease in electrical capacity. [CBS] A presidential task force recommends that the administration stop giving money to cities which don't increase low and middle income housing. [CBS] The National Council on Organized Crime held its first meeting and vowed to break up organized crime within six years, though it offered few specifics. [CBS]

Stock Market Report

Dow Jones Industrial Average: 724.67 (+2.60, +0.36%)
S&P Composite: 77.03 (+0.05, +0.06%)
Arms Index: 1.23

	Issues	Volume*
Advances	765	6.08
Declines	496	4.86
Unchanged	309	1.53
Total Volume		12.47

* 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*
July 21, 1970	722.07	76.98	9.94
July 20, 1970	733.91	77.72	11.66
July 17, 1970	735.08	77.69	13.87
July 16, 1970	723.44	76.34	12.20
July 15, 1970	711.66	75.23	8.86
July 14, 1970	703.04	74.42	7.36
July 13, 1970	702.22	74.48	7.45
July 10, 1970	700.10	74.57	10.16
July 9, 1970	692.77	74.06	12.82
July 8, 1970	682.09	73.00	10.97