News stories from Tuesday January 20, 1970

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

The U.S. and China resumed formal diplomatic talks in Warsaw, Poland. Relations have improved between the United States and Communist China, as they now resume talks that were broken off two years ago by the Chinese. [CBS] Vice President Spiro Agnew spent this afternoon with Secretary of State William Rogers discussing the improved relations with Communist China. The Warsaw meetings are causing uneasiness with Nationalist Chinese leader Chiang Kai-shek, however. [CBS] U.S. troops killed 234 North Vietnamese near the Cambodian border; American casualties were light.The U.S. command in Vietnam has cleared itself of censoring news. A former newscaster who accused the Army of censorship was transferred to a new job. Attorneys for Lt. William Calley, who is accused of participating in the My Lai massacre, hope for dismissal after accusing the government of interfering with My Lai murder case. George Latimer, Calley's civilian attorney, claims that Defense Secretary Melvin Laird went to the President and said that he felt he must prosecute Calley for murder. [CBS] A by-product of the Nigerian war may be expansion of Soviet influence there. Nigeria's ambassador to Moscow announced that Soviet aid was the biggest factor in the victory over Biafra. [CBS] The Senate approved the appropriations bill which President Nixon threatened to veto. There was a delay in sending it to the White House in order to resolve differences between the House and Senate as to whether the anti-poverty agency is to have a free hand in spending funds. [CBS] The NAACP announced that it will oppose the confirmation of federal Judge G. Harrold Carswell for a seat on the Supreme Court. [CBS] Dr. Timothy Leary, former Harvard instructor, was convicted of illegally transferring marijuana. [CBS] A scientist who is studying the possible banning of DDT stated that a total ban would endanger the world's food supply. [CBS] Senator Philip Hart accused General Motors of telling dealers to ignore car defects unless they involve safety or were pointed out by owners. G.M. revised that order three days after Senate investigators asked about it. [CBS] A National Airlines 727 landed at Miami after a test flight. It was the first landing of a big jet at Dade Airport. Conservationists fear that the jetport could become a huge commercial operation which would contaminate the Everglades National Park.The exhaust from jet airplane engines is claimed to cause 1% of the nation's air pollution. Airlines have agreed to install devices by the end of 1972 which will substantially reduce pollution. The Federal Aviation Administration has cleared the new 747 jet for commercial service. [CBS] The Federal Reserve Board increased the interest rate which banks may pay on savings deposits. [CBS] A presidential commission proposed that construction unions give negotiators the power to negotiate binding labor contracts without going back to membership. [CBS] The Air Force efficiency expert who uncovered the cost overrun of the C-5A super transport and was then fired, has been hired by a congressional committee. Ernest Fitzgerald lost his job in what the Air Force called an "economic" move. [CBS]

Stock Market Report

Dow Jones Industrial Average: 777.85 (+1.78, +0.23%)
S&P Composite: 89.83 (+0.18, +0.20%)
Arms Index: 1.00

	Issues	Volume*
Advances	627	4.80
Declines	659	5.07
Unchanged	283	1.18
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*
January 19, 1970	776.07	89.65	9.50
January 16, 1970	782.60	90.92	11.94
January 15, 1970	785.04	91.68	11.12
January 14, 1970	787.16	91.65	10.38
January 13, 1970	788.01	91.79	9.87
January 12, 1970	790.52	91.70	8.90
January 9, 1970	798.11	92.40	9.38
January 8, 1970	802.07	92.68	10.67
January 7, 1970	801.81	92.63	10.01
January 6, 1970	803.66	92.82	11.46