News stories from Wednesday October 21, 1970

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

The Labor Department reported that the cost of living decreased 0.5%. Economic adviser Paul McCracken noted that progress has been made during the year, but Johnson administration economist Arthur Okun said that slowing inflation is not worth high unemployment and recession. Raymond Soniet, who worked in the Eisenhower administration, stated that the current anti-inflation policy is inadequate. House Ways and Means Committee chairman Wilbur Mills called the budget deficit a dangerous sign, and he wants action. [CBS] A coroner in Montreal said that Canadian Labor Minister Pierre Laporte was strangled by a gold chain. Police are seeking Laporte's killers and James Cross' kidnappers; two people have been arrested so far. [CBS] Santa Cruz, California, police are seeking two hippie-type men and a woman for the Victor Ohta family murders; they were seen near where a stolen car was found. [CBS] Federal hearings have begun in Wichita on the Colorado plane crash which killed members of the Wichita State University football team. Co-pilot Ronald Skipper admitted to having only 30 hours of flight time in such planes. Skipper said that the plane began vibrating after a turn, then crashed. The plane was 3,500 pounds overweight. [CBS] Former Supreme Court Chief Justice Earl Warren said that injustice to minorities is the nation's number one problem. [CBS] General Edward Scherrer and General Claude McQuarrie are missing in Turkey; their plane is believed to have crashed. [CBS] Presidential news secretary Ron Ziegler denied Saigon reports of a U.S.-South Vietnam unilateral cease-fire. [CBS] Israeli Prime Minister Golda Meir told the United Nations that she wants negotiations with Arabs without outside intervention; Meir and Soviet Foreign Minister Andrei Gromyko blame opposite sides for the failure of the peace talks. [CBS] President Nixon turned his back on Republican Senator Charles Goodell and indirectly endorsed Goodell's opponent, James Buckley; the President also endorsed New York Governor Nelson Rockefeller. New York City Mayor John Lindsay endorsed Democrat Arthur Goldberg against Rockefeller; the New York AFL-CIO endorsed Rockefeller, but Goldberg believes that he will be the one to get the votes of organized labor. Rockefeller has asked Vice President Spiro Agnew to stay out of New York politics. Rockefeller is behind in the polls, but moving up. [CBS] The TWA stewardess strike has ended after one day. [CBS] President Nixon signed legislation for $2.7 billion for the shipbuilding industry; 30 ships per year will be built for the next 10 years. [CBS] American agronomist Norman Borlaug received the Nobel Peace Prize for developing a strain of wheat which will increase production in underdeveloped countries. [CBS] In Northern Ireland, Catholic politician Bernadette Devlin has been freed after four months in jail for inciting to riot; her term was shortened for good behavior. [CBS] Black Panther leader Eldridge Cleaver reported that Weather Underground terrorist Bernardine Dohrn is in Algeria. Cleaver, Dohrn and Dr. Timothy Leary will hold a news conference tomorrow. [CBS] The Soviets announced that another unmanned lunar probe was launched yesterday. [CBS]

Stock Market Report

Dow Jones Industrial Average: 759.65 (+0.82, +0.11%)
S&P Composite: 83.66 (+0.02, +0.02%)
Arms Index: 1.32

	Issues	Volume*
Advances	627	4.10
Declines	653	5.65
Unchanged	322	1.58
Total Volume		11.33

* 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*
October 20, 1970	758.83	83.64	10.63
October 19, 1970	756.50	83.15	9.89
October 16, 1970	763.35	84.28	11.30
October 15, 1970	767.87	84.65	11.25
October 14, 1970	762.73	84.19	9.92
October 13, 1970	760.06	84.06	9.50
October 12, 1970	764.24	84.17	8.57
October 9, 1970	768.69	85.08	13.98
October 8, 1970	777.04	85.95	14.50
October 7, 1970	783.68	86.89	15.61