News stories from Tuesday December 8, 1970

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

Transportation secretary John Volpe announced that the government may use military troops as railroad workers if there is a strike. Railway Clerks Union president C. L. Dennis accused President Nixon of being on the side of management, and he vowed that his union will strike on Thursday. Senator Mike Mansfield said that the President should negotiate for both sides. Volpe declared that the government will use all necessary means to keep railroads running. [CBS] British electrical workers continued their strike; power has been cut throughout the country. [CBS] There are reports that the Nixon administration will give Cambodia more military aid. Secretary of State William Rogers said that the U.S. must continue aid, but he assured that Cambodia won't become a "new Vietnam". Defense Secretary Melvin Laird said that more aid will help speed up U.S. withdrawals. The Senate has prohibited U.S. ground troops in Cambodia. [CBS] Anti-American riots continued in Qui Nhon, South Vietnam. The accidental death of a boy caused by a soldier sparked the protest. [CBS] Senator William Fulbright stated that the American military may have known that the North Vietnam prisoners of war camp was empty before they raided it. [CBS] The prosecution rested its case against Lt. William Calley. Thomas Turner testified that he saw Calley and Paul Meadlo kill Vietnamese civilians at My Lai in 1968. James Dursi stated that Calley ordered the murders; Dursi admitted killing a baby. [CBS] King Hussein of Jordan is in Washington to talk with President Nixon about the chances for Mideast peace; Hussein wants American military aid. [CBS] President Nixon has called a news conference for Thursday. [CBS] The government now says that wholesale prices were down only 0.1% last month, not 0.2% as reported before. [CBS] Ford reported a $15 increase in the average price of its cars. [CBS] The latest Soviet budget reportedly emphasizes consumer goods over military spending. [CBS] The House approved the supersonic transport bill; a House-Senate conference will seek a compromise. The Senate previously rejected funding for the SST. [CBS] Army Chief of Staff William Westmoreland abolished reveille and bed checks, and beer is now allowed in barracks. [CBS] United Mine Workers leader Joseph Yablonski, who opposed Tony Boyle for union president last year, was murdered 11 months ago. In a surprise ruling today, murder suspect Claude Vealey was ordered to be extradited from Ohio to Pennsylvania for trial. [CBS] Elections in Pakistan showed a leftist shift and a move toward home rule for East Pakistan. [CBS] The United Nations Security Council condemned Portugal for invading Guinea. [CBS] A Cuban naval officer is receiving asylum at the U.S. embassy in Tokyo, and Congress is investigating the Coast Guard's previous rejection of a Soviet defector. Robert Brieze said that the commander of the "Vigilant" wept while following orders to return the Soviet sailor. Brieze stated that he saw the Soviets beat the sailor and urged the captain to save the defector, but he had to follow orders. [CBS]

Stock Market Report

Dow Jones Industrial Average: 815.10 (-3.56, -0.43%)
S&P Composite: 89.47 (-0.47, -0.52%)
Arms Index: 1.18

	Issues	Volume*
Advances	545	4.49
Declines	835	8.11
Unchanged	288	1.77
Total Volume		14.37

* 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 7, 1970	818.66	89.94	15.53
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