News stories from Wednesday January 6, 1971

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

Defense Secretary Laird stated that the U.S. combat role in Vietnam will end this summer. The South Vietnamese will soon able to do all ground fighting, but Americans will continue in positions of logistics and air support. [CBS] It was reported that 45% of American soldiers in Vietnam have used drugs. The U.S. command in Saigon has ordered searches of living quarters and fields, and created narcotics enforcement and drug education programs. Drugs are available in Vietnam for a fraction of U.S. prices, but pushers don't always sell the real thing. For every drug case that is treated, five more go undetected. [CBS] A House committee proposed action to deal with hard drug usage in the U.S. The Select Committee on Crime called for stricter drug laws, especially on heroin, as the first step to halt overseas production of opium. Committee chairman Claude Pepper recommends that Congress ban the import of crude opium and morphine into the U.S. The committee found that half of all violent crimes in America were committed by persons under the influence of narcotics or dangerous drugs.The committee considered having the federal government buy up the entire Turkish opium crop in order to eliminate 80% of heroin in the United States, but that idea was dropped. [CBS] President Nixon praised Congress for its prompt approval of extra foreign aid to Cambodia and other trouble spots. Legislation forbids the use of U.S. ground troops in Cambodia. [CBS] The military situation in Cambodia is deteriorating. Secretary of Defense Laird will discuss the situation at meetings with allied commanders in Saigon. [CBS] United Nations mediator Gunnar Jarring reportedly will visit Israel before substantive talks begin. Jarring is scheduled to go to Jerusalem tomorrow; the real peace talks begin next week. [CBS] In Leningrad, the trial of nine Jews who are accused of hijacking a Soviet plane was stopped. A source said that the USSR decided to halt the prosecution of the Jews, but the court-martial of a Jewish officer in the Red Army in the same hijacking is continuing. [CBS] Russian factory workers delivered letters to the U.S. embassy in Moscow denouncing anti-Soviet hysteria in the United States. [CBS] Primer cord is now banned from use in mines after it was found in the coal mine following the recent explosion in Hyden, Kentucky. Mine owner Charles Finley said that he didn't know primer cord was being used underground. Federal regulations are dimly understood and inspections are haphazard. [CBS] Several New York City banks lowered their prime interest rate to 6.5%. [CBS] Lockheed Aircraft is refusing to take the $200 million fixed loss proposed by the Pentagon on the building of the C-5A super transport. Lockheed will try for a better settlement in court. [CBS] The cause of death of former heavyweight boxing champ Sonny Liston remains unknown. [CBS] Scientists at the University of California have reproduced a human growth hormone in a test tube. [CBS]

Stock Market Report

Dow Jones Industrial Average: 837.97 (+2.20, +0.26%)
S&P Composite: 92.35 (+0.55, +0.60%)
Arms Index: 1.06

	Issues	Volume*
Advances	1,098	11.87
Declines	341	3.91
Unchanged	225	1.18
Total Volume		16.96

* 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 5, 1971	835.77	91.80	12.60
January 4, 1971	830.57	91.15	10.01
December 31, 1970	838.92	92.15	13.39
December 30, 1970	841.32	92.27	19.14
December 29, 1970	842.00	92.08	17.75
December 28, 1970	830.91	91.09	12.29
December 24, 1970	828.38	90.61	12.14
December 23, 1970	823.11	90.10	15.40
December 22, 1970	822.77	90.04	14.51
December 21, 1970	821.54	89.94	12.69