News stories from Monday October 12, 1970

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

President Nixon campaigned in New England, where he announced a reduction in the number of U.S. troops in Vietnam to 344,000 by 1971. The President spoke for Republican candidates in Hartford, saying that he wants a "generation of peace."The President vetoed a bill to limit political advertising expenditures. [CBS] Defense Secretary Melvin Laird ordered the U.S. military services to prepare for the end of the draft by mid-1973. Laird denied that the announcement was aimed to help Republicans. [CBS] Viet Cong negotiator Madame Nguyen Thi Binh denounced President Nixon's Indochina peace plan. [CBS] The National Peace Action Coalition is planning rallies for October 31; the coalition is irked at Senate doves' endorsement of President Nixon's Vietnam peace plan. [CBS] Communists are massing troops near Phnom Penh, Cambodia.More Communist soldiers are surrendering in Vietnam. Many Viet Cong are leaving the jungles to surrender; they are hungry and have lost faith in the Communists. Former members of the Viet Cong are now working for the allies. [CBS] United Arab Republic President Anwar Sadat charged the U.S. with using Gamal Abdel Nasser's death to pressure the United Arab Republic into surrendering to Israel. [CBS] French-Canadian separatists said that will free British diplomat James Cross in exchange for 23 political prisoners, but they won't release Quebec Labor Minister Pierre Laporte unless they receive $500,000 in gold and get their separatist manifesto published. [CBS] The Senate approved a bill against organized crime and terrorist bombings; the bill strengthens federal law enforcement power. [CBS] FBI assistant director William Sullivan stated that the U.S. Communist party is not causing or leading current unrest; he said that the party is weaker than it formerly was. [CBS] The Supreme Court heard busing and desegregation cases. The NAACP said that no black child should be forced to attend a racially identifiable school, i.e., over 50% black. Solicitor General Erwin Griswold defended the Charlotte-Mecklenburg, North Carolina, school board plan for keeping several all-black schools. The Supreme Court will withhold decisions on these and related cases.The Supreme Court will review a law on importing obscenity and will see if states can sue an industry for mercury pollution; the Court refused to hear a case on Wisconsin's abortion law. [CBS] The Catholic Church affirmed that abortion is murder even when the mother's life is threatened by the pregnancy. [CBS] The Civil Rights Commission charged that the federal government is breaking promises for equal rights and blamed a lack of presidential leadership and a hostile bureaucracy. [CBS] The Senate refused to add a freedom of choice school desegregation plan to the women's rights amendment. [CBS] Secretary of State William Rogers says that Europe is alarmed at the trade quota bill which is pending in Congress; the Nixon administration wants textile imports to be limited, but not other goods. [CBS] President Nixon bet $5 on Conservatives to win the British election, and won $30 on his bet. [CBS]

Stock Market Report

Dow Jones Industrial Average: 764.24 (-4.45, -0.58%)
S&P Composite: 84.17 (-0.91, -1.07%)
Arms Index: 1.00

	Issues	Volume*
Advances	333	1.96
Declines	929	5.46
Unchanged	290	1.15
Total Volume		8.57

* 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*
October 9, 1970	768.69	85.08	13.98
October 8, 1970	777.04	85.95	14.50
October 7, 1970	783.68	86.89	15.61
October 6, 1970	782.45	86.85	20.24
October 5, 1970	776.70	86.47	19.76
October 2, 1970	766.16	85.16	15.42
October 1, 1970	760.68	84.32	9.70
September 30, 1970	760.68	84.21	14.83
September 29, 1970	760.88	84.30	17.88
September 28, 1970	758.97	83.86	14.39