News stories from Friday August 14, 1970

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

A federal judge has permitted the Army to dump nerve gas but asked them to find a shallower spot so that containers won't be crushed. The state of Florida and the Environmental Defense Fund want a different site to be selected. An appeals court will hear arguments on Monday; a potential hurricane could cause a further delay. [CBS] Israel charged that the United Arab Republic is still moving missiles closer to the Suez Canal, and demanded that the United States force the United Arab Republic to remove the missiles; Israeli jets hit Jordanian army positions. [CBS] Communists attacked My Chanh, South Vietnam. The ARVN hit enemy positions at My Chanh and U.S. helicopters and advisers aided the battle. The Communists are trying to divert action from Fire Base O'Reilly; South Vietnam still holds the Fire Base. [CBS] Lt. William Calley's My Lai court-martial has been postponed. [CBS] Some progress was made at the Strategic Arms Limitation Talks in Vienna. The next meeting will take place in Helsinki, Finland, on November 2. A formal treaty is still far away, however. [CBS] The Vatican has resumed diplomatic relations with Yugoslavia. [CBS] President Nixon and top officials were in New Orleans for a meeting on desegregation. The President campaigned through the streets and met with representatives from Arkansas, Alabama, Mississippi, Georgia, Louisiana, North Carolina and South Carolina. The President said that he will eliminate dual school systems and wants the states' cooperation. [CBS] House Republicans won a battle when too few members showed up to fight. The House defeated a measure to limit campaign funds to seven cents per vote; there were few members of Congress present to begin with, and the Republicans left so there would be no quorum. Therefore the bill can't be passed until next year. [CBS] The Federal Communications Commission ruled that the three television networks must give prime time for contrasting viewpoints to President Nixon's five Indochina speeches; they also ruled that CBS must let Republicans have air time respond to Democrat party chairman Lawrence O'Brien's speech. [CBS] Massachusetts is experimenting with no-fault auto insurance, and insurance companies are unhappy. The law makes companies pay up to $2,000 for lost wages and expenses without any court action, reduces premiums by 15% and requires that companies renew a motorist's insurance regardless of accident record. Governor Francis Sargent signed the auto insurance reform bill, stating that he won't let the insurance industry threaten the government. The Massachusetts legislature may prohibit companies from selling any type of insurance if they won't renew auto policies. [CBS] The FDA is banning cyclamates in all foods and drinks effective September 1. [CBS] Many military men hang around the Capitol, as "liaisons" lobby for the Pentagon's interests. Dep. Assistant Secretary for Public Affairs Richard Capen says that military representatives serve Congress and don't lobby. The Pentagon claims that it has no lobbyists, just legislative liaisons (who spend more than the top-25 lobbying groups). Senator Mark Hatfield says that he blames Congress for believing the Pentagon for too long, and letting the military's power grow. [CBS]

Stock Market Report

Dow Jones Industrial Average: 710.84 (+3.49, +0.49%)
S&P Composite: 75.18 (+0.42, +0.56%)
Arms Index: 0.89

	Issues	Volume*
Advances	628	3.85
Declines	558	3.04
Unchanged	325	0.97
Total Volume		7.86

* 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 13, 1970	707.35	74.76	8.64
August 12, 1970	710.64	75.42	7.44
August 11, 1970	712.55	75.82	7.33
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