News stories from Monday May 11, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon met in Washington with the governors of 43 states. Governor Frank Licht of Rhode Island claimed that Vice President Spiro Agnew doesn't understand the aims of students. Agnew asserted that anti-intellectual forces control the nation's college campuses and reestablishment of authority is his top priority. Governor John Love of Colorado reported a standing ovation for President Nixon. The National Guard was not a major topic. [CBS]
- The Senate Foreign Relations Committee voted to cut all Cambodia funds after June 30. The committee proposed the cutoff as an amendment to the military assistance bill. Senator Frank Chuch introduced the measure, saying that the youth of America want the war to be stopped, not won with honor. One-third of the Senate approved Church's proposal but passage by Congress is doubtful. [CBS]
- College students across the country are holding meetings and discussions about the Indochina war. 380 students at Colgate University demanded that Secretary of State William Rogers either resign his political position or his Colgate University trusteeship. Yale president Kingman Brewster says that students are trying official protest routes, but if that is unsuccessful they will resort to violence. [CBS]
- George Gwynn, Jr. burned himself to death today, holding a sign saying, "In the name of God, end the war". The 23 year-old was not a radical, just too sensitive. [CBS]
- New York City construction workers continued their violent confrontations. 2,000 hardhats marched along Wall Street to support the Nixon administration and to protest Mayor John Lindsay's blaming the police for not halting Friday's violence, when construction workers beat up antiwar protestors. Police kept order today. [CBS]
- In an article published in TV Guide, Vice President Spiro Agnew blamed television for student demonstrations and violence. Agnew's remarks were not curbed by President Nixon although the President claims that he wants cooler rhetoric from those in his administration. [CBS]
- Georgia Governor Lester Maddox said that television should cover decent students, not troublemakers. [CBS]
- South Vietnamese ships reached Phnom Penh in their deepest penetration yet into Cambodia, bringing supplies and transporting Vietnamese refugees back to South Vietnam. Six American advisers being with the Vietnamese vessels violates President Nixon's penetration limit. Ground troops continued finding enemy supplies and met with little resistance. [CBS]
- South Vietnam President Nguyen Van Thieu said that whenever his country is threatened by Communists from Cambodia, he'll send troops there. Thieu reaffirmed his intent to have South Vietnamese troops enter Cambodia at any time. [CBS]
- Enemy rockets hit Saigon last night. [CBS]
- The chief North Vietnamese Paris Peace Talks negotiator has flown back to Hanoi, but will return to Paris. The Communists are demanding a new high-level U.S. representative. [CBS]
- Laotian Premier Phouma says that Communists are increasing their offensive in Laos in order to replace rice supplies which have been captured by the allies. [CBS]
- U.S. Steel hiked prices $6 per ton; the increase will affect many consumer goods. [CBS]
- The Labor Department reported that wholesale prices were steady last month. [CBS]
- The IRS announced that Americans must report foreign bank accounts on their 1970 tax forms because foreign accounts can be used cover illegal money. [CBS]
- Auto plants will observe three minutes of silence on Friday in honor of dead United Auto Workers president Walter Reuther; a successor will be named soon. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 710.07 (-7.66, -1.07%)
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* |
| May 8, 1970 | 717.73 | 79.44 | 6.93 |
| May 7, 1970 | 723.07 | 79.83 | 9.53 |
| May 6, 1970 | 718.39 | 79.47 | 14.38 |
| May 5, 1970 | 709.74 | 78.60 | 10.58 |
| May 4, 1970 | 714.56 | 79.37 | 11.45 |
| May 1, 1970 | 733.63 | 81.44 | 8.29 |
| April 30, 1970 | 736.07 | 81.52 | 9.88 |
| April 29, 1970 | 737.39 | 81.81 | 15.80 |
| April 28, 1970 | 724.33 | 80.27 | 12.62 |
| April 27, 1970 | 735.15 | 81.46 | 10.24 |