News stories from Thursday January 21, 1971

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

The Senate Democratic caucus voted to replace Edward Kennedy with Robert Byrd as Democratic whip. Kennedy was confident of maintaining his position, but Byrd quietly gathered support. Byrd had Senator Richard Russell's proxy; Russell died approximately four hours after the vote. Kennedy's chances for the Democratic presidential nomination are seriously damaged by his defeat for whip, while Senator Edmund Muskie's chances have improved. President Nixon's supporters are happy about the caucus vote. [CBS] Senator Russell's death was caused by respiratory ailments complicated by emphysema. Former President Lyndon Johnson appointed Russell to the Warren Commission in 1963 against his will, but Russell served faithfully. [CBS] Former President Harry S. Truman was admitted to the hospital with severe stomach pains. [CBS] The 92nd Congress convened today; Congress now includes 13 blacks and 13 women. Black members of the House announced that they will boycott President Nixon's State of the Union message as a protest against his domestic policies. [CBS] Carl Albert became Speaker of the House today, as he began his 25th year in Congress. [CBS] Senator Mike Mansfield questioned whether President Nixon is distorting Congress' legislative intent to limit U.S. military activity in Cambodia. The Senate Foreign Relations Committee is expected to open hearings on the Cambodian situation within a week. [CBS] Allied troops captured the northern end of Pich Nil Pass on Highway 4 in Cambodia, but five miles of that highway are still controlled by North Vietnam. Cambodian Premier Lon Nol said that U.S. assistance to Cambodia is currently "quite adequate" and there is no need for American ground troops. [CBS] Five thousand sheep in Utah were killed by nerve gas testing two years ago; now 1,000 more sheep have suddenly died. The Pentagon claims that it has done no testing in the last 14 months. A poisonous weed is being blamed for the recent deaths. [CBS] A federal court fined Gulf Oil Company $250,000 for failing to provide oil well safety valves in the Gulf of Mexico. Oil from last week's ship collision in San Francisco Bay has been swept out to sea, and is no longer endangering wildlife. [CBS] On the second day of Britain's first postal and telephone strike, strikers reported that other countries have agreed not to accept calls originating in Britain although some operators continued to work. Small private delivery companies are handling some mail. [CBS] Ecuador seized another U.S. tuna boat, bringing the total seizures to ten in the last two weeks. [CBS] A French air force plane crashed in southern France; 21 people were killed, including seven members of the French atomic energy commission and some top military officers. [CBS] American scientists announced the creation of a man-made memory molecule. Its eventual use will be to improve brain functions of the senile and mentally retarded, and it may help cure alcoholics and drug addicts. [CBS] The Phnom Penh (Cambodia) airport was hit by North Vietnamese mortar fire. [CBS]

Stock Market Report

Dow Jones Industrial Average: 854.74 (+4.79, +0.56%)
S&P Composite: 94.19 (+0.41, +0.44%)
Arms Index: 0.65

	Issues	Volume*
Advances	883	12.49
Declines	528	4.87
Unchanged	261	1.70
Total Volume		19.06

* 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 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
January 11, 1971	837.21	91.98	14.72
January 8, 1971	837.01	92.19	14.10
January 7, 1971	837.83	92.38	16.46