News stories from Wednesday May 20, 1970

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

House Speaker John McCormack announced that he won't run for his seat again after 42 years in Congress. The Speaker denied that age and criticism are reasons for his retirement. McCormack favors Carl Albert as his successor. Hale Boggs, Dan Rostenkowski, Morris Udall and James O'Hara will vie for the soon-to-be-vacant House Majority Leader seat. [CBS] A peaceful mass demonstration supported President Nixon in New York City. Construction and trade unions sponsored a pro-administration rally in which 150,000 took part. The "Silent Majority" is becoming noisy. [CBS] 1,000 attorneys arrived in Washington and met with Congressmen, urging them to end the Vietnam war. Former U.N. Ambassador Francis Plimpton said that war is too important to be left to the President. An important segment of the establishment is now voicing its dissent against the war. [CBS] The cost of living rose at a 6% annual rate; an AFL-CIO spokesman said that the Nixon administration's anti-inflation moves are clearly failing. [CBS] 3,000 South Vietnamese troops entered Cambodia to hit the last known Communist border sanctuary. U.S. advisers and air support were used to aid the invasion. The troops moved 10 miles into the country with no resistance. [CBS] Washington is questioning the duration of South Vietnam's involvement in Cambodia. The State Department reports that there are no plans for South Vietnam's withdrawal from Cambodia, and American air and naval support may remain indefinitely.South Vietnam is placing the Nixon administration in an embarrassing position. Ambassador Ellsworth Bunker is rushing back to Saigon with the President's orders. [CBS] Senate Republican Leader Hugh Scott wants a compromise on the Cambodia debate but Senator Robert Griffin took a hard stand against the Cooper-Church amendment. [CBS] Mao Tse-tung stated that the danger of World War III exists and that the Nixon administration is isolated by world opinion and faces chaos at home. [CBS] Premier Fidel Castro admitted that it will be a moral defeat if the 1970 Cuban sugar harvest is not a record crop. [CBS] Hurricane Alma is approaching Cuba. [CBS] White-collar and blue-collar workers have gone on strike and slowed activity in Italy. They are protesting against the two-month-old government. Another election will be held next month. [CBS] Air mail going less than 750 miles will travel by ground starting July 1; no major impact is expected. [CBS] President Nixon asked Congress for anti-oil pollution legislation. He also wants two international treaties ratified and other new laws to be passed. [CBS] President Nixon and Negro college presidents met and discussed problems. The 15 black university administrators are angry at the President's racial policy. They demand more blacks in government policy-making, a Negro deputy Attorney General, more money for black education and better crowd control techniques. Howard University president James Cheek said that the President's inaction is what has caused the current trouble. [CBS] A Congressional delegation visited the scene of the Jackson State College shootings. Senator Walter Mondale is now asking for a murder investigation regarding the two students who were killed by police gunfire last week. A court ordered the students to allow the removal of evidence. Students burned the order; they want the dormitory to be preserved. [CBS] NAACP official James Floyd was shot and killed in Savannah, Georgia. A 16-year-old black youth is charged with his murder. [CBS] Former Governor Orval Faubus announced that he will run against Governor Winthrop Rockefeller in Arkansas. [CBS] A New York City rush hour subway collision killed two persons and wounded 53. [CBS] Nine-year-old Pamela Cross wrote to President Nixon about Vietnam, pollution and other issues. Health, Education and Welfare official Robert Burns replied and told her to mind her studies and let the President deal with national and international affairs. [CBS]

Stock Market Report

Dow Jones Industrial Average: 676.55 (-14.85, -2.15%)
S&P Composite: 73.52 (-1.94, -2.57%)
Arms Index: 2.29

	Issues	Volume*
Advances	160	0.67
Declines	1,258	12.04
Unchanged	160	0.31
Total Volume		13.02

* 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 19, 1970	691.40	75.46	9.48
May 18, 1970	702.81	76.96	8.28
May 15, 1970	702.22	76.90	14.57
May 14, 1970	684.79	75.44	13.92
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