News stories from Thursday January 14, 1971

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

President Nixon appealed to youth to channel efforts for change within the system. The President delivered his definitive statement on youth today at the University of Nebraska, proposing to Congress that the Peace Corps, Vista, and similar organizations unite in a new Volunteer Service Corps and give participants the chance to transfer between service abroad and at home. Nixon mentioned the 18-year-old vote for the next presidential election but did not talk about an end to the military draft. [CBS] Sgt. Charles Hutto was acquitted in the My Lai trial and a second soldier was also found innocent. [CBS] There are reports of heavy fighting in the push to reopen Highway 4 in Cambodia; American B-52's are giving support in the battle. U.S. air strikes in Cambodia are actually three times the number that was reported previously. Defense Secretary Melvin Laird doesn't rule out the possibility of the U.S. airlifting South Vietnamese troops into Cambodia. [CBS] At the Paris Peace Talks, U.S. negotiator David Bruce attempted to give the North Vietnamese representatives a list of 1,534 American soldiers who are missing or are prisoners in Indochina. He stated that North Vietnam has a legal and moral obligation to provide information on the soldiers. The list was not accepted. [CBS] Egypt called Israel's latest peace proposals a "rehash." [CBS] A U.S.-Canada commission reported that industrial pollution is causing damage to health and property on both sides of Lake Ontario and Lake Erie. [CBS] The German-owned BASF Corporation has decided not to build a $100 million petrochemical complex near Beaufort, S.C. because the decision on whether to allow the plant's construction is taking too long. [CBS] A federal court stopped the state of Florida from interfering with Cuban shrimp boats that are fishing more than 12 miles offshore. [CBS] Public schools in the South are now more integrated than those in the North. A federal report shows that 69% of black children in the North attend all-black or nearly all-black schools; the figure is 60% in the South. Federal desegregation efforts will now concentrate on the North. [CBS] The Supreme Court ruled that cities must obtain federal permission before annexing white suburbs or changing polling locations because such actions are potentially discriminatory to blacks. The Court struck down two federal laws to fight smut mail as violations of freedom of speech. [CBS] Vice President Spiro Agnew spoke about the welfare situation in California, saying that the welfare problem will never be solved until someone tackles hard social judgments -- such as who decides when a neglected child can be taken from its mother, or when the mother of several illegitimate children should be told she can have no more? Agnew also said that the government may have to decide when to let the incurably ill die. [CBS] Secretary of Housing George Romney has halted the federal program to help poor families buy their own homes; the halt is due to abuses. A long investigation revealed profiteering and fraud in the program. [CBS] Bobby Baker turned himself in to authorities at the Lewisburg, Pa., federal building and was taken to the penitentiary. Baker could be paroled next December. [CBS] Nine people were killed and 40 injured in a fire in a home for the elderly in Louisville, Kentucky. It is suspected that the fire was caused by an electrical malfunction. [CBS] The federal government issued a warning that Corvair car heaters may emit toxic fumes. [CBS] Television entertainer Johnny Carson's wife Joanne is suing him for divorce and is asking for $7,000 a week alimony. [CBS] Shares of Johnson Products are now on sale on the American Stock Exchange. Johnson is the first company owned predominately by blacks to be traded on a major exchange. [CBS] AT&T accepted the Federal Communications Commission offer and applied for an increase in long distance rates that will result in an additional $250 million in profits. A hearing will be held to consider the increase. [CBS] Bethlehem Steel stated that it has no intention of rolling back its recent price increase. Other companies are watching the developments. The White House has been delaying providing guidelines for price increases, but may now be forced to take drastic measures. [CBS]

Stock Market Report

Dow Jones Industrial Average: 843.31 (+2.20, +0.26%)
S&P Composite: 92.80 (+0.24, +0.26%)
Arms Index: 0.65

	Issues	Volume*
Advances	789	10.66
Declines	602	5.30
Unchanged	290	1.64
Total Volume		17.60

* 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 13, 1971	841.11	92.56	19.07
January 12, 1971	844.19	92.72	17.82
January 11, 1971	837.21	91.98	14.72
January 8, 1971	837.01	92.19	14.10
January 7, 1971	837.83	92.38	16.46
January 6, 1971	837.97	92.35	16.96
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