News stories from Tuesday February 2, 1971

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

Washington sources now say that there may not be an allied invasion of Laos. There was fighting in northern South Vietnam today, but no attack in Laos. President Nixon informed the allies that there will be no U.S. and South Vietnamese invasion in Laos although U.S. air strikes in Laos are continuing. State Department and Pentagon officials are complaining about the lack of information concerning the Laos situation as the administration's news embargo continues. [CBS] The first truck convoy on Highway 4 in Cambodia in the last two months arrived in Phnom Penh. [CBS] John Connally testified to the Senate Finance Committee regarding fees he received while Governor of Texas; the Senate then confirmed his nomination as Secretary of the Treasury. Connally explained that the money he received was part of fees to be paid for serving as executor of an estate. Connally said that when he became Secretary of the Navy, he gave up nearly $500,000 in fees he was owed.Committee chairman Russell Long said that he believes someone out is to "nail" the Governor. Only two committee members abstained from the vote to confirm Connally. [CBS] The United Auto Workers struck against Chrysler Corporation but called off the strike when an agreement was reached three hours later. [CBS] Apollo 14 is now three-fourths of the way to the moon. [CBS] The State Department reported that South Vietnam and Korea have used $700 million since 1965 from the "Food for Peace" program for military purposes, with U.S. approval. [CBS] The U.S. Postal Service announced new mail rates to become effective the second week of May. First class mail will be 8 cents, air mail 11 cents. [CBS] Social Security benefits will be raised by Congress. The Nixon administration requested a 6% increase; Rep. Wilbur Mills says that a 10% increase is being considered. [CBS] Former President Truman left a Kansas City hospital after 13 days of treatment for an intestinal disorder. [CBS] The Middle East cease-fire deadline is Friday. United Nations Secretary General U Thant appealed for an extension. [CBS] Hijackers blew up a plane in Lahore, Pakistan, after India refused to release Kashmir Liberation Front political prisoners. Pakistan granted asylum to the hijackers; India protested by denying fly-over rights to Pakistani military aircraft. [CBS] Eldridge Cleaver sent a tape to a Berkeley, California, radio station announcing that Dr. Timothy Leary and his wife are locked in his "protective custody" in Algeria. Cleaver also stated that psychedelic drugs are harmful to revolution. [CBS] The Pentagon told Congress of its plan for an all-volunteer army; Senator John Stennis expressed skepticism. [CBS] Frank Rizzo resigned as city police commissioner to run for Mayor of Philadelphia. [CBS] C.H. Kuhl, the soldier who was slapped by Gen. George Patton during World War II, died today. [CBS] The organizer of the "Victory in Vietnam" marches was in Cocoa Beach, Florida, for the Apollo 14 launch. Fundamentalist preacher Rev. Carl McIntire has bought up real estate in the area, including the Hilton Hotel. McIntire says he is removing the hotel bar in order to influence morals; the Gospel of Christ is what he feels the area needs.It is estimated that McIntire paid $25 million for various properties, and he intends to recreate biblical Jerusalem among other plans. Businessmen hope that the McIntire complex attracts tourists to replace the losses from NASA cutbacks. Chamber of Commerce president Roger Dobson believes that it will be an asset; controversial perhaps, but it will bring people into the area. Methodist superintendent Dr. Raymond Alley said that McIntire is difficult to work with and tends to polarize. Alley doesn't think McIntire makes a positive contribution. [CBS]

Stock Market Report

Dow Jones Industrial Average: 874.59 (-3.22, -0.37%)
S&P Composite: 96.43 (+0.01, +0.01%)
Arms Index: 0.93

	Issues	Volume*
Advances	760	10.77
Declines	654	8.61
Unchanged	273	2.65
Total Volume		22.03

* 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*
February 1, 1971	877.81	96.42	20.65
January 29, 1971	868.50	95.88	20.96
January 28, 1971	865.14	95.21	18.84
January 27, 1971	860.83	94.89	20.64
January 26, 1971	866.79	95.59	21.38
January 25, 1971	865.62	95.28	19.05
January 22, 1971	861.31	94.88	21.68
January 21, 1971	854.74	94.19	19.06
January 20, 1971	849.95	93.78	18.33
January 19, 1971	849.47	93.76	15.80