News stories from Tuesday July 27, 1971

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

Apollo 15 astronauts tested the problem with the main engine; moon landing is still scheduled for Friday. An electrical short circuit may have caused a light to indicate that the engine was firing when it wasn't. [CBS] The American Academy of Sciences announced that no cases of smallpox were reported anywhere in the world in 1970. [CBS] Convicted criminal Vincent Teresa testified before a Senate committee concerning organized crime. Teresa said that the "mob" is a syndicate operation with a gambling base, and that it couldn't operate without police cooperation and protection. Teresa stated that the mob largely consists of Italians and Jews, and said that if he hadn't agreed to cooperate with the FBI the mob would have killed him. [CBS] The Justice Department announced the creation of a task force to probe organized crime's penetration of financial circles. [CBS] Angela Davis pleaded innocent to murder, conspiracy and kidnapping charges at her arraignment today. Her trial will begin in late September. [CBS] President Nixon presented one of the new Eisenhower silver dollars to Mrs. Dwight Eisenhower. The dollar is 40% silver, and costs $10; it will be valuable in 25 years because it is being minted in limited quantities. [CBS] Senate Foreign Relations Committee chairman William Fulbright expressed disappointment that his committee was not consulted by the White House during or after the planning of President Nixon's trip to China. [CBS] Defense Secretary Melvin Laird said that the military will need 100,000 men during the next 12 months. [CBS] Two more jurors were tentatively selected for Capt. Ernest Medina's trial; five jurors have been chosen so far. [CBS] Guerrillas blew up four U.S. helicopters at the Lai Khe base in South Vietnam; 1,000 South Vietnamese troops drove into Cambodia. [CBS] The Soviet news agency protested the purge of Communists in the Sudan following the attempted coup last week. [CBS] The Nixon administration asked railroad strike negotiators to submit to binding arbitration; the UTU rejected the idea. [CBS] U.S. Steel reported $78 million in second quarter earnings; General Motors reported second quarter earnings of $570 million. [CBS] Senator Mike Mansfield said he doubts that any action will be taken on the Lockheed Aircraft corporation loan before the Senate's month-long vacation beginning at the end of next week. [CBS] Pan Am announced that it will no longer book any tours involving the killing of endangered species. [CBS]

Stock Market Report

Dow Jones Industrial Average: 880.70 (-8.17, -0.92%)
S&P Composite: 97.78 (-0.89, -0.90%)
Arms Index: 1.58

	Issues	Volume*
Advances	333	1.75
Declines	1,052	8.75
Unchanged	266	1.06
Total Volume		11.56

* 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*
July 26, 1971	888.87	98.67	9.93
July 23, 1971	887.78	98.94	12.37
July 22, 1971	886.68	99.11	12.57
July 21, 1971	890.84	99.28	11.92
July 20, 1971	892.30	99.32	12.54
July 19, 1971	886.39	98.93	11.43
July 16, 1971	888.51	99.11	13.87
July 15, 1971	888.87	99.28	13.08
July 14, 1971	891.21	99.22	14.36
July 13, 1971	892.38	99.50	13.54