News stories from Wednesday February 10, 1971

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

Forty-six people are known dead from the Los Angeles earthquake and 15 are still missing the in ruins of a V.A. hospital. Workers are clearing the Golden State Freeway. [CBS] South Vietnamese forces captured Tchepone, Laos. Four U.S. helicopters were reportedly shot down and three American cameramen are among those missing. South Vietnam Vice President Ky raised the possibility of South Vietnam attacking inside North Vietnam in order to insure the success of the Laos operation. U.S. Secretary of State Rogers denied any such plan but Pentagon sources wouldn't rule out the possibility. [CBS] It was revealed that Cambodian Premier Lon Nol may have suffered a stroke two days ago. [CBS] Red China established diplomatic relations with Nigeria. [CBS] Senator George Aiken proposed an all-Asian conference to try to bring peace to Indochina. Secretary of State Rogers endorsed Aiken's proposal. [CBS] Potential Democratic presidential candidates have agreed to campaign against the Nixon administration rather than each other. Senator George McGovern attacked FBI director J. Edgar Hoover as being a liability to law enforcement. He declared that Hoover should be held in contempt for his failure to supply information about the case of a former agent who was fired for criticizing Hoover. [CBS] Montgomery Ward and Spiegel were accused by the FTC of deceptive advertising, violating the truth-in-lending law, and failing to inform customers of their interest-charging policies. [CBS] President Nixon assured industry that government will not destroy the right to correct wrongs regarding industrial pollution. The Industrial Pollution Control Council submitted a report, charging that some government pollution standards are too harsh. [CBS] Health, Education and Welfare Secretary Richardson stated that 53 of the 882 school districts which have been aided by desegregation funds are not desegregating. [CBS] Three days ago nine Catholic nun schoolteachers in Detroit resigned, charging parents with being racists. Church officials will not pressure the nuns into changing their minds. St. Raymond School never integrated so the nine nuns quit in protest of the "racist" atmosphere in which parents placed their property values above God. [CBS] House Speaker Carl Albert urged President Nixon to temporarily freeze wages, prices, rents and interest in order to fight inflation. [CBS] Rolls Royce stock on the British stock market dropped from 90 cents to 6 cents after they its bankruptcy was announced. Lockheed Aircraft is now unable to complete jet aircraft due to Rolls Royce's inability to deliver jet engines, so Lockheed will lay off 6,500 workers as a result. [CBS] There have been only small demonstrations in the U.S. against the Laos operation. Campuses are quiet compared to the reaction to the Cambodian operation in 1970. [CBS]

Stock Market Report

Dow Jones Industrial Average: 881.09 (+1.30, +0.15%)
S&P Composite: 97.39 (-0.12, -0.12%)
Arms Index: 0.87

	Issues	Volume*
Advances	550	7.18
Declines	856	9.73
Unchanged	280	2.14
Total Volume		19.05

* 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 9, 1971	879.79	97.51	28.25
February 8, 1971	882.12	97.45	25.59
February 5, 1971	876.57	96.93	20.48
February 4, 1971	874.79	96.62	20.86
February 3, 1971	876.23	96.63	21.68
February 2, 1971	874.59	96.43	22.03
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