News stories from Monday August 2, 1971

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

The Apollo 15 lunar module blasted off and the event was captured on film for the first time ever; the film was taken by a camera on the lunar rover. [CBS] The Senate has voted to bail out the Lockheed Aircraft Corporation, approving the government loan by a margin of 49-48. Senator William Proxmire said that the closeness of the vote, despite tremendous lobbying pressure in favor of the loan, indicates that those who are opposed are really right. Senator Marlow Cook cast the deciding vote, but said that he is bothered by piecemeal legislation that has been designed for Lockheed only. President Nixon stated that approval of the loan will save thousands of jobs. [CBS] The UTU has agreed to a change in railroad work rules, resulting in an agreement to end the railroad strike. UTU members will receive a 42% pay increase over 42 months; railroad service will be resumed by tomorrow. [CBS] The steel industry reached agreement with its unions last night, avoiding a strike. However, steel companies are complaining that the settlement is inflationary; U.S. Steel increased its prices an average of 8% as a result of the settlement; other companies quickly followed suit. [CBS] Republican Senator Lowell Weicker attacked President Nixon's economic policy. [CBS] Secretary of State William Rogers announced a new U.S. policy toward admitting the People's Republic of China to the United Nations. Rogers said that the U.S. will support the admission of China to the U.N. while opposing the expulsion of Taiwan. It is believed that the announcement will result in the eventual expulsion of Taiwan from the United Nations.Taiwan ambassador James Shen said that admitting China to the U.N. is like the police asking criminals for help. [CBS] The leaders of the Soviet Union and its Communist allies, except Rumania, held a secret summit meeting and denounced left and right wing opportunism. [CBS] The Senate Foreign Relations Committee released a report on its staff members' visit to Laos. The report says that the military situation in Laos is worsening; the U.S. is reportedly spending $374 million on the defense of Laos next year.China is continuing to build roads in northern Laos, and North Vietnam has a new complex of supply trails through Laos. [CBS] Former military intelligence agent Barton Osborn told a House committee of torturing and killing enemy POWs. [CBS] Senator Mike Mansfield said it's unlikely that there will be a new draft law until September. [CBS] Four Greek politicians stated that the Greek government is run by dictatorial generals who exploit U.S. military assistance and violate human rights. [CBS] President Nimiery of the Sudan has ordered the second highest-ranking Soviet diplomat and the Bulgarian ambassador to leave the country. [CBS] A federal court ordered Edgar Smith to be freed on bail after spending 14 years on death row. [CBS] A grand jury indicted a dentist for putting orthodontic bands on the teeth of men in order to help them avoid the military draft. [CBS] A Coast Guard cutter picked up Dr. Bernard Bender and his son from their yacht; the Benders were released by Cuba three weeks ago. [CBS] James Vogan testified before a Senate Committee about hunters shooting eagles in Colorado and Wyoming for sport, and to collect bounties from sheep ranchers. [CBS] A film shows Apollo 15 astronaut David Scott demonstrating how a hammer and a feather fall from his hand to the moon's surface at equal rates. [CBS]

Stock Market Report

Dow Jones Industrial Average: 864.92 (+6.49, +0.76%)
S&P Composite: 95.96 (+0.38, +0.40%)
Arms Index: 0.82

	Issues	Volume*
Advances	909	7.65
Declines	469	3.24
Unchanged	257	0.99
Total Volume		11.88

* 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 30, 1971	858.43	95.58	12.97
July 29, 1971	861.42	96.03	14.57
July 28, 1971	872.01	97.07	13.94
July 27, 1971	880.70	97.78	11.56
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