News stories from Friday May 21, 1971

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

President Nixon is optimistic about a breakthrough in the Strategic Arms Limitation Talks. Nixon told U.S. SALT negotiator Gerard Smith to negotiate on anti-ballistic missile defense systems and short and medium range offensive weapons first. The President said that the chances for peaceful progress have been improved by the negotiations agreement that was announced yesterday. [CBS] The cost of living in April was up 0.3%; the rise for the year is the lowest since 1967. The Labor Department reported that consumer purchasing power was up last month. Great Britain had a 2.1% cost of living increase for April. [CBS] Congress heard testimony concerning fish which have been contaminated by water pollution. Some testimony was about the difficulty of determining whether fish are safe to eat. Senator Philip Hart asked if it is true that four helpings of tuna are as dangerous as one of swordfish, then why are swordfish banned and not tuna? Dr. Virgil Wodicka said that the FDA cannot make available possibly-dangerous food and specify intake limitations; swordfish can be consumed safely if it is not eaten too often, and it's unlikely that anyone would eat enough tuna to be harmed. [CBS] The Senate agreed to a schedule for votes on the draft extension bill; Senator Mike Gravel threatened a filibuster. [CBS] Army Secretary Stanley Resor has resigned. [CBS] The House Internal Security Committee concluded their hearings on the Washington, DC antiwar protests. All witnesses before the committee were friendly; committee chairman Richard Ichord said that he believes the protesters tried to prevent violence as much as the police did, in order to protect their respectability; Ichord suggested a law whereby protest organizations post a bond against the possibility of damage from protests.A federal judge prohibited a Washington, DC bank from giving the committee more information about the account of the National Peace Action Coalition. [CBS] The latest General Motors stockholders meeting included a challenge from a group called "Campaign GM". Campaign GM demands that General Motors report more fully on auto pollution, car safety and minority hiring progress; it also demands that GM change procedures to give stockholders more say in determining board members. GM director Reverend Leon Sullivan said that he thinks Campaign GM is a good thing. [CBS] The administration proposed guidelines for federally-subsidized burglary and robbery insurance in high crime areas. [CBS] Brian Nichols and Allen McGee claim that the Orleans County, New York, sheriff's department hired them to terrorize a hippie commune; the government is investigating. [CBS] Presidential advisers Donald Rumsfeld and Robert Finch reported that efforts to curb drug use by American soldiers in Europe have not been effective. [CBS] Parks Service director George Hartzog warned that national parks are becoming hangouts for drug users. [CBS] The State Department acknowledged Egypt's reply to its Suez Canal reopening proposal; the reply was described as tough and unyielding. [CBS] Heavy fighting was reported between South Vietnamese and North Vietnamese forces in Cambodia. [CBS] South Vietnam forces captured a key ridge in the Ashau Valley; Communists blew up a bridge in the Mekong Delta. [CBS] Chilean President Salvador Allende said that there is no turning back in Chile's march toward socialism. [CBS] Joseph Stalin's daughter Svetlana Peters gave birth to a girl in San Rafael, California. [CBS] British Prime Minister Heath and President Pompidou of France have completed their talks; France has agreed to Britain's membership in the Common Market, but the British people must still be sold on joining. [CBS]

Stock Market Report

Dow Jones Industrial Average: 921.87 (-1.54, -0.17%)
S&P Composite: 100.99 (-0.32, -0.32%)
Arms Index: 1.17

	Issues	Volume*
Advances	547	4.04
Declines	801	6.90
Unchanged	304	1.16
Total Volume		12.10

* 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*
May 20, 1971	923.41	101.31	13.34
May 19, 1971	920.04	101.07	11.74
May 18, 1971	918.56	100.83	17.64
May 17, 1971	921.30	100.69	15.98
May 14, 1971	936.06	102.21	16.43
May 13, 1971	936.34	102.69	17.64
May 12, 1971	937.46	102.90	15.14
May 11, 1971	937.25	102.62	17.73
May 10, 1971	932.55	102.36	12.81
May 7, 1971	936.97	102.87	16.49