News stories from Monday February 2, 1970

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

President Nixon sent to Congress the first $200 billion budget in the history of the United States, declaring that the bill is necessary to fight inflation yet is adequate for programs under present economic conditions. The budget calls for the federal government to spend more on human resources than on national defense. [CBS] Today was the deadline for school desegregation in the South, but some state officials are still fighting the court order. Education officials have to deal with the situation now.Governor Claude Kirk of Florida opposes busing and pupil reassignment and has issued an order forbidding both. White parents went to court to show their opposition to busing too. The Florida Attorney General has advised school boards to obey the courts, but the boards are caught in the middle and so are students and educators. [CBS] A Justice Department lawyer said that Supreme Court nominee G. Harrold Carswell displayed hostility to northern volunteer lawyers in a 1964 civil rights case; Norman Knoph said that the judge called the lawyers "meddlers." Senate Judiciary Committee chairman James Eastland is expected to end the committee's hearings and call for a vote tomorrow. [CBS] Since 1893, the Great Northern and Northern Pacific Railroads have been trying to merge. The Supreme Court has finally approved the merger. [CBS] The Supreme Court turned down Adam Clayton Powell's suit to recover $55,000 in back pay from Congress along with his $25,000 fine. The Court had ruled earlier that his exclusion from the 90th Congress was unconstitutional. [CBS] The death toll in the Argentina railroad accident continues to climb. Police have arrested two railroad employees for failing to give the correct signal. The accident occurred when an express train ran into a stalled local train at 50 m.p.h. The exact number of dead and injured are not yet known, but it is estimated that 150 are dead and 400 injured. [CBS] Communists shelled 114 bases and towns in South Vietnam; 21 Americans were killed, and officials expect more such attacks during the Tet holiday. [CBS] An explosion leveled a police station in Shaker Heights, a Cleveland suburb; the cause is unknown. Cleveland's new police chief has been accused of taking bribes while on the Detroit police force. [CBS] Three men in Cleveland pleaded innocent to charges of conspiring to murder Joseph Yablonski of the United Mine Workers union. Paul Gilly, Aubran Martin and Claude Vealey are accused of murder and have been taken to federal court, their first of many expected appearances. [CBS] Judge Julius Hoffman ordered the defense to rest its case in the Chicago riot conspiracy trial, then reversed himself. Ralph Abernathy will be the last witness for the defense. [CBS] A federal grand jury indicted 12 deputy sheriffs for violations in the People's Park demonstration in Berkeley, California, last May. Eight officers shot into the crowd and others beat prisoners. [CBS] The parents of Mary Jo Kopechne were injured in an auto accident, receiving only minor bruises. [CBS]

Stock Market Report

Dow Jones Industrial Average: 746.44 (+2.38, +0.32%)
S&P Composite: 85.75 (+0.73, +0.86%)
Arms Index: 1.06

	Issues	Volume*
Advances	842	7.59
Declines	494	4.74
Unchanged	239	1.11
Total Volume		13.44

* 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*
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
January 21, 1970	782.27	89.91	9.88
January 20, 1970	777.85	89.83	11.05
January 19, 1970	776.07	89.65	9.50