News stories from Monday December 7, 1970

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

Reports indicate that Coast Guard Rear Admiral William Ellis was the one who ordered a Soviet defector returned. The Coast Guard is blaming a lack of State Department guidelines; the State Department blames the Coast Guard's action. Rep. Wayne Hays said that new guidelines will prevent incidents like this in the future. [CBS] In Warsaw, West Germany and Poland signed a border treaty which guarantees the Polish border. [CBS] Giovanni Bucher, the Swiss Ambassador to Brazil, has been kidnapped. [CBS] Palestinian guerrillas and the Jordanian army fought; a new cease-fire was later agreed on. [CBS] The United Nations approved an international Peace Corps patterned after the U.S. organization. [CBS] Power was cut in Britain as electrical workers are on strike. [CBS] Nevada Governor Paul Laxalt reported that Howard Hughes is on vacation, feeling fine and resting. Hughes' casino power struggle is settled and former Hughes' top man Robert Maheu has been fired. Ex-Hughes attorney Tom Bell said that Hughes left Las Vegas unexpectedly but wouldn't speculate as to the reason. [CBS] Assistant Health, Education and Welfare Secretary James Farmer resigned but said that he remains on friendly terms with the President. [CBS] The United Auto Workers and Ford Motor Company have reached a tentative contract; no details were given. [CBS] Four railroad craft unions are threatening to strike on Thursday if not given raises. [CBS] Thirty Senators charged that the Interstate Commerce Commission is a slave to the railroads instead of regulating them. [CBS] The Senate Finance Committee approved a national health insurance plan under Social Security for major medical costs. [CBS] The Senate passed a $17.7 billion Housing and Urban Development appropriation which is $1 billion less than before President Nixon's veto. [CBS] A one-month cease-fire in Vietnam may occur. Communists launched offensives in Laos and Cambodia, but South Vietnam was quiet. There are now fewer than 350,000 American troops in Vietnam. [CBS] There was more strong testimony against Lt. William Calley today. Charles Sledge stated that he saw Calley kill Vietnamese civilians, and Thomas Turner claimed that Calley and Paul Meadlo killed 90-100 Vietnamese. Defense attorney George Latimer moved for a mistrial. [CBS] The Supreme Court won't hear the appeal of a Connecticut National Guardsman who was ordered to active Army duty for wearing long hair. [CBS] The oil rig fire off the coast of Louisiana is still blazing. Firemen dumped seawater onto the burning platform; some oil is leaking. [CBS] Nixon aide Pat Buchanan censors the news the President sees. Buchanan says that the President gets a 30-50 page news report daily, compiled from many sources; that news digest now also goes to all presidential aides. Buchanan stated that he doesn't "tone down" the news coverage and said that Nixon is the best-informed President ever. [CBS] President Nixon asked Congress for emergency legislation to delay the railroad strike for 45 days. [CBS] Cartoonist Rube Goldberg died at age 87. [CBS]

Stock Market Report

Dow Jones Industrial Average: 818.66 (+2.60, +0.32%)
S&P Composite: 89.94 (+0.48, +0.54%)
Arms Index: 0.87

	Issues	Volume*
Advances	919	9.71
Declines	475	4.38
Unchanged	282	1.46
Total Volume		15.55

* 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*
December 4, 1970	816.06	89.46	15.98
December 3, 1970	808.53	88.90	20.48
December 2, 1970	802.64	88.48	17.96
December 1, 1970	794.29	87.47	20.17
November 30, 1970	794.09	87.20	17.70
November 27, 1970	781.35	85.93	10.13
November 25, 1970	774.71	85.09	13.49
November 24, 1970	772.73	84.78	12.56
November 23, 1970	767.52	84.24	12.72
November 20, 1970	761.57	83.72	10.92