News stories from Wednesday February 4, 1970

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

Senator Hugh Scott appealed for patience and less criticism to persuade Hanoi to end the Vietnam war. Scott stated that the process of U.S. troop withdrawal has steadily gained momentum, but Senator George McGovern said that he sees politics in that policy. Many Senators feel that hearings are needed to help the Nixon administration disengage from South Vietnam. Senator Scott acknowledges that new enemy attacks have lengthened the process of U.S. withdrawal from Vietnam. [CBS] It is the eve of the Tet holiday in South Vietnam. The allies don't expect a major Tet offensive this year, and South Vietnam President Thieu says that the enemy lacks the capability for large scale ground attacks. In an interview, Thieu admitted that he has no peace proposal, and he sees no hope for peace through negotiation. [CBS] Senator Mike Mansfield attacked President Nixon's plans to expand the Safeguard ABM system, because he feels that expansion will stalemate nuclear arms control talks with Russia. [CBS] The Organization of American States, meeting in Venezuela, stated that Cuba should be permitted to rejoin the OAS. The United States said that it has no objections, if Castro will stop trying to export revolution from Cuba to the rest of the Western Hemisphere. [CBS] President Nixon noted that the federal government is one of the nation's worst polluters, and he ordered government facilities to stop fouling the air and water. The campaign is designed to eliminate pollution at federal facilities and to set an example for private industry. The government is required to meet pollution standards by December 31, 1972.San Francisco Bay is an example of federal pollution. Mare Island Naval Base is dumping chemicals into sewage that ends up in the bay. At Hunters Point Naval Shipyard, ships are dumping waste into the bay. The Great Lakes Naval Training Station in Illinois is a major polluter also. The cleanup process will require over $250,000. [CBS] Police in Shaker Heights, Ohio, believe that mental patient Martin Burns was responsible for bombing the police station there recently, killing himself and injuring 15 others. [CBS] Cleveland police chief William Ellenburg resigned because of accusations of taking bribes while on the Detroit force, though Ellenburg denies the accusations. Mayor Carl Stokes chose Lewis Coffey to succeed him. [CBS] Assistant Attorney General Will Wilson announced that the federal strike force against organized crime has been successful, and can break rackets in 5-10 years. The strike force technique was first employed by Ramsey Clark; it uses small teams of FBI and narcotics agents working together. [CBS] New studies make it impossible to give marijuana a clean bill of health. Dr. Stanley Yolles, director of the National Institute of Mental Health, said that marijuana interferes with the thinking process and recent memory. [CBS] The Treasury Department said that despite an increase in interest rates, redemption of U.S. Savings Bonds exceeded sales for the 15th straight month. [CBS] Captain James Lovell, the commander of the next moon flight, told reporters that this will be his last space journey. [CBS] There was a violent outburst at the Chicago conspiracy trial. The defendants shouted profanities at the judge; U.S. marshals hit and dragged the defense staff from the room. Judge Julius Hoffman had defendant David Dellinger jailed as a result of his repeated outbursts. [CBS] House Speaker John McCormack dismissed the attack by fellow Democrats on his leadership as ingratitude. [CBS] The United States replied to the Soviet warning regarding the Mideast crisis, but no details were given about the reply. Egyptian and Israeli planes swapped attacks today. Cairo had an air raid alert but was not attacked. [CBS] The United Nations reported that the situation in Biafra is improving; relief is coming in and food is being distributed. Law and order has been re-established. [CBS] Dr. Walter Menninger, a psychiatrist, suggests that newsmen be required to meet professional standards like lawyers and doctors are. Menninger has spent the last year studying the news media and its relationship to violence, and he suggests that reporters be licensed.Gilbert Smith, president of the Associated Press Managing Editors Association, argued that a license never made a doctor good or competent. Menninger refers to the fourth estate as the guardian of a free society, but many see that role threatened due to subpoenas for newsmen's information which was never broadcast or published. Reporters get much more on a story than gets printed; some off-the-record information is not intended for publication. Subpoenas are generating controversy between journalists and lawyers. One reporter stated that his notebook is sacred, and he would never let a prosecutor get near it. However, Illinois states' attorney Edward Hanrahan said that he doesn't understand why anyone would not be anxious to provide information to see that the justice system works as well as possible. Television executives argue against subpoenas they call "fishing expeditions," and some recommend that stations destroy all tapes within 12 hours of broadcast. Newsmen also object to the disclosure of confidential sources. But subpoenas continue to pour in. [CBS]

Stock Market Report

Dow Jones Industrial Average: 754.49 (-2.97, -0.39%)
S&P Composite: 86.24 (-0.53, -0.61%)
Arms Index: 1.75

	Issues	Volume*
Advances	507	2.63
Declines	826	7.51
Unchanged	237	0.91
Total Volume		11.05

* 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 3, 1970	757.46	86.77	16.05
February 2, 1970	746.44	85.75	13.44
January 30, 1970	744.06	85.02	12.32
January 29, 1970	748.35	85.69	12.21
January 28, 1970	758.84	86.79	10.51
January 27, 1970	763.99	87.62	9.63
January 26, 1970	768.88	88.17	10.67
January 23, 1970	775.54	89.07	11.00
January 22, 1970	786.10	89.95	11.05
January 21, 1970	782.27	89.91	9.88