News stories from Thursday December 10, 1970

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

A Washington, DC judge stated that he will fine the railroad unions $200,000 a day if they are not back at work by midnight. Three out of four striking unions have already returned, but the railway clerks have not. Commuters haven't been hurt by the strike yet, but industry will be if the strike continues; agricultural traffic will also suffer. [CBS] The Penn Central Railroad claimed that it will go broke if required to pay the increased wages that were voted by Congress. [CBS] Systematic blackouts cover England as the British electrical strike continues. Negotiations are slated to resume soon. [CBS] President Nixon will hold a televised news conference tonight. The President hasn't held a news conference in Washington since May. Reporters are angry, and heated questions are expected. [CBS] Secretary of State William Rogers asked the Senate Foreign Relations Committee to approve aid to Cambodia. Rogers noted that the administration can't afford to send troops into Cambodia because it would be a political disaster. Senator Frank Church believes that increasing aid would escalate the war. [CBS] The U.S. and South Vietnam tried pressuring the Communists to exchange POWs; North Vietnam refused. [CBS] A one-month cease-fire proposal for Indochina was rejected by both North and South Vietnam. [CBS] The defense opened its case for Lt. William Calley; Calley will testify. Defense attorney George Latimer declared that Calley acted under orders at My Lai. [CBS] In Seattle, a mistrial was declared for seven leftists who were charged with conspiring to bomb buildings. The defendants refused to enter the court so the judge cited them for contempt. [CBS] There is controversy in Washington, DC over the release of a government study on discrimination. The report charges that black teachers in the South were fired because of their race. [CBS] Environmental Protection Agency director William Ruckelshaus has charged Detroit, Cleveland and Atlanta with not taking action against pollution. Ruckelshaus stated that those cities must clean up their water within 180 days or face federal lawsuits. Cleveland Mayor Carl Stokes called the move a "cheap political stunt." Detroit Mayor Roman Gribbs said that the EPA should get its facts straight. [CBS] Firefighters continue to battle the oil rig blaze in the Gulf of Mexico. There is only one light oil slick so far and the flow of oil from one well has been stopped. [CBS] A propane gas line exploded in New Haven, Missouri. The explosion uprooted trees, shook the ground and burned homes. [CBS] Eight Nobel Prize winners are in Sweden to receive their prizes. The Nobel chairman denounced the Soviets for restraining literature prize winner Alexander Solzhenitsyn. [CBS] Lee Iacocca was named as the new president of Ford Motor Company. [CBS] Convicted influence peddler Martin Sweig is back on the congressional payroll. He is now on the staff of Rep. Robert Leggett (D, Calif.). [CBS] Rep. Mendel Rivers (D, South Carolina) will have heart surgery tomorrow. [CBS]

Stock Market Report

Dow Jones Industrial Average: 821.06 (+5.82, +0.71%)
S&P Composite: 89.92 (+0.38, +0.42%)
Arms Index: 0.87

	Issues	Volume*
Advances	799	8.00
Declines	552	4.80
Unchanged	300	1.81
Total Volume		14.61

* 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 9, 1970	815.24	89.54	13.55
December 8, 1970	815.10	89.47	14.37
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