News stories from Tuesday August 11, 1970

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

President Nixon vetoed the education and housing bills as inflationary, for costing $1 billion too much. Each bill is $500 million over the President's budget request. The House will try overriding the education bill veto tomorrow. [CBS] The House Ways and Means Committee has introduced a bill to set import quotas on textiles, shoes and other products if needed; a veto is likely. [CBS] South Vietnam claims that its forces killed 250 Communists in a major battle for Fire Base O'Reilly. Massive U.S. air strikes pinned down the North Vietnamese unit. [CBS] Pvt. George Hardin failed in his second attempt to hijack a plane from Saigon to Hong Kong; a crewman was wounded. Hardin was captured. [CBS] The Israelis hit Lebanese guerrillas along the Jordanian border. Arab terrorists raided Israel across the Jordan River. [CBS] Senate supporters of expanding the anti-ballistic missile program predicted victory in tomorrow's vote. President Nixon wants the anti-ballistic missile in order to help the U.S. bargaining position at the Strategic Arms Limitation Talks with the Soviets. Three key votes will decide the measure. [CBS] Army nerve gas rockets are en route to the North Carolina coast for disposal at sea. [CBS] The British Navy admits dumping the toxic materials which are now washing ashore on the Isle of Wight; they also dumped German nerve gas in the 1950's. [CBS] Former Vice President Hubert Humphrey spoke to the American Bar Association and denounced left & right-wing extremists as spoiling chances for social progress. [CBS] Southern Christian Leadership Conference leader Ralph Abernathy claims that the FBI is tapping his phone; he denied a Time magazine report that tapes of Martin Luther King's conversations were used to get King to tone down his criticism of the FBI. [CBS] The FBI has nabbed Reverend Daniel Berrigan. Berrigan is to serve a three-year sentence for destroying draft records; he played cat and mouse with police at antiwar rallies. Berrigan says that he will continue his antiwar resistance. [CBS] President Nixon has nominated Federal Trade Commission critic Miles Kirkpatrick to head the FTC. [CBS] Inmates in New York City's prison rioted for a second day to protest conditions there; Mayor John Lindsay vowed to make an investigation, and promised no reprisals against the prisoners. [CBS] The President's pornography commission report denies that pornography increases sex crimes, but a psychologist told Congress that evidence contradicts the report. [CBS] Environmental adviser Russell Train agrees that deadlines to speed the fight against pollution should be set. He will oppose the supersonic transport if it is bad for the environment. [CBS]

Stock Market Report

Dow Jones Industrial Average: 712.55 (-1.37, -0.19%)
S&P Composite: 75.82 (-0.38, -0.50%)
Arms Index: 1.22

	Issues	Volume*
Advances	364	1.63
Declines	826	4.53
Unchanged	336	1.18
Total Volume		7.34

* 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*
August 10, 1970	713.92	76.20	7.58
August 7, 1970	725.70	77.28	9.37
August 6, 1970	722.82	77.08	7.56
August 5, 1970	724.81	77.18	7.66
August 4, 1970	725.90	77.19	8.31
August 3, 1970	722.96	77.02	7.65
July 31, 1970	734.12	78.05	11.64
July 30, 1970	734.73	78.07	10.43
July 29, 1970	735.56	78.04	12.58
July 28, 1970	731.45	77.77	9.04