News stories from Tuesday January 26, 1971

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

Congress is upset about the use of U.S. airpower in Cambodia and attempts by the Nixon administration and the Pentagon to get around the congressional ban of U.S. ground forces in Cambodia. The U.S. replaced 45 Cambodian air force planes which were destroyed in a raid.The State Department thinks that Secretary of Defense Laird and the Pentagon botched explaining U.S. actions in Cambodia. However, the Pentagon's distinctions between trainers, instructors and advisors is considered artificial, and there is the fear that military equipment delivery teams are in violation of the Cooper-Church amendment. [CBS] A bomb exploded in Phnom Penh, Cambodia, and fighting was reported near the city. There was a cease-fire for the Vietnamese New Year, but many violations were reported.Saigon released 800 more North Vietnamese POWs and called on North Vietnam to reciprocate. James Low, an American prisoner of war who was returned by North Vietnam, described being tortured by the North Vietnamese and said that the films released by North Vietnam of U.S. POWs at Christmas were not typical of his experience -- there was no group activity, and POWs were punished if they communicated with others. [CBS] Israel Defense Minister Moshe Dayan claims that Soviet high-altitude missiles are being deployed in Syria. [CBS] The new ruler of Uganda stated that ousted President Obote is a Communist. Obote, who is now in Tanzania, says that the coup was engineered by Israel and other foreign forces. [CBS] Wilbur Mills, chairman of the House Ways and Means Committee, attacked President Nixon's revenue sharing plan. Mills says he does not intend to give money which the federal government doesn't have to states and cities which are not raising those funds; Mills said that "we have nothing to share." [CBS] President Nixon told Congress that its first order of business is to finish business from the last Congress. [CBS] The U.S. Postal Service board of governors voted to request an increase in postage rates. [CBS] The USSR said that its unmanned Venus 7 spaceship survived 9,000 degree temperatures and atmospheric pressure 90 times that of earth for 23 minutes, and sent back data from Venus during that time. [CBS] Secretary of State Rogers testified to a House committee regarding the U.S. exchanging astronomical data with Red China. [CBS] A nun testified in a hearing about the plot to kidnap Henry Kissinger; the federal government has tapped telephones of the Catholic Church. Some who were involved in the alleged plot held a news conference in Baltimore. Three of the defendants called their indictment a government frame-up and said that their peaceful philosophies are inconsistent with the charges made against them.The Vatican has launched an all-out campaign against artificial contraception. The U.S. was the chief target, being accused as the leader in promoting an international birth control policy. [CBS] A report from the National Radiation Protection and Measurements Council rejected charges of dangerously high radiation levels at nuclear power plants. [CBS] Two Venezuelan freighters collided in the Gulf of Mexico; one person was killed and one was injured. The ships are locked together 90 minutes from Galveston. One ship was carrying wheat, the other coffee. The collision occurred in heavy fog. [CBS] Long Beach, California, purchased the Queen Mary ocean liner as a museum and tourist attraction. They now estimate that the cost of conversion will be over $60 million. [CBS]

Stock Market Report

Dow Jones Industrial Average: 866.79 (+1.17, +0.14%)
S&P Composite: 95.59 (+0.31, +0.33%)
Arms Index: 0.88

	Issues	Volume*
Advances	811	11.10
Declines	672	8.06
Unchanged	223	2.23
Total Volume		21.39

* 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 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
January 18, 1971	847.82	93.41	15.40
January 15, 1971	845.70	93.03	18.01
January 14, 1971	843.31	92.80	17.60
January 13, 1971	841.11	92.56	19.07
January 12, 1971	844.19	92.72	17.82