News stories from Thursday May 14, 1970

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

The White House is trying to rally Republican support in the Senate debate to limit Cambodian operations. Defense Secretary Melvin Laird, presidential adviser Henry Kissinger and Undersecretary of State Elliot Richardson told the Senate that passage of the Cooper-Church amendment would be a no-confidence vote for President Nixon. The administration wants a free hand to re-enter Cambodia. [CBS] President Nixon based the Cambodian invasion on increased threats to Americans in South Vietnam, but Defense Secretary Laird says that one-third of the Communists have already left their sanctuaries in Cambodia. [CBS] President Nixon flew to the Florida White House for a rest. [CBS] South Vietnamese troops and their American advisers launched a new offensive in Cambodia, but made no contact with the enemy. [CBS] Russia has reportedly asked China for a joint policy regarding Indochina. [CBS] Ellsworth Bunker, the U.S. Ambassador to South Vietnam, met with the Senate Foreign Relations Committee. The State Department refused to allow Bunker to speak at an open Senate session. Senator William Fulbright revealed previously-unannounced arms aid to Cambodia, and is angry at the Nixon' administration's "deception". [CBS] Paris Peace Talk representatives met, exchanged threats, and agreed to meet again next week. [CBS] Israel reportedly downed some Egyptian MiGs, but there is no indication that the pilots were Russians. President Nasser admitted that Soviet advisers are at Egyptian surface-to-air missile sites, but he added that there is no Soviet pressure on Egypt. [CBS] The Commerce Department reported a 3% decline in goods and services output and a $1.7 billion deficit in the balance of payments. A decline in total national income was only averted because of increased Social Security payments; industrial production is down. Federal Reserve Board chairman Arthur Burns says that the economy is "glum" but will improve by the end of 1971. He said that the U.S. economy is currently between recession and inflation. [CBS] Ford Motor Company turned down a Soviet request for a joint truck factory, but they may exchange non-strategic information. Defense Secretary Melvin Laird opposes any technological exchange. [CBS] The United Auto Workers need a new leader and a new direction following the death of Walter Reuther. Most auto workers liked Reuther; as UAW president he negotiated big advances for labor. Negotiations with the auto makers are coming up and a successor is being sought. [CBS] Senator Thomas Dodd was hospitalized after suffering a heart attack. [CBS] A Texas psychiatrist claims that 8,000 drivers commit suicide on highways each year, not counting drunks. [CBS] Illinois police reported the suicide of the former mental patient who was sought for killing three people in a Danville V.A. hospital yesterday. [CBS] The FBI broke up a bank burglary ring which was responsible for 40 jobs in 14 states. The ring included a 1930's University of Tennessee football star. [CBS] Commerce Secretary Maurice Stans previously announced that 37 firms would offer 300 New York City franchises to minority groups. So far 19 of those firms and 257 franchises haven't had any requests from minorities. [CBS] The House Appropriations Committee cut funding for some government programs in order to increase money for fighting pollution. [CBS] President Nixon signed a bill extending the school lunch program and starting a similar breakfast plan. [CBS] Washington is almost back to normal after the recent protest rallies. Now it is clean-cut, intelligent students who are working within the system for the antiwar lobby. Corporate money supports student protest and Wall Street lawyers will add pressure on the administration. The Cooper-Church amendment reflects the mood of the country. [CBS]

Stock Market Report

Dow Jones Industrial Average: 684.79 (-9.05, -1.30%)
S&P Composite: 75.44 (-1.09, -1.42%)
Arms Index: 0.63

	Issues	Volume*
Advances	229	3.03
Declines	1,211	10.10
Unchanged	170	0.79
Total Volume		13.92

* 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*
May 13, 1970	693.84	76.53	10.72
May 12, 1970	704.59	77.85	10.85
May 11, 1970	710.07	78.60	6.65
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