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Thursday May 21, 1970
. . . where the 1970s live forever!

News stories from Thursday May 21, 1970

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

  • A Senate compromise on the Cambodia situation is looking better to the administration. Senators John Sherman Cooper and Frank Church had introduced an amendment to halt Cambodian involvement, but now the tone of their amendment has been softened. The White House doesn't approve of the bill, but is less offended by it. The McGovern-Hatfield bill to terminate all war-related funds is coming up for consideration as well. [CBS]
  • South Vietnamese troops continued their drive into Cambodia. South Vietnam Vice President Nguyen Cao Ky stated that it's naive to think that South Vietnam will withdraw just because the U.S. does; South Vietnam will fight as long as Communists are in Cambodia.

    Senator Mike Mansfield reacted sharply, saying that America is in danger of increased involvement in Cambodia and Laos because of the administration's support for South Vietnam. Phnom Penh wants all Vietnamese out of Cambodia; Cambodians would rather die than live under Vietnamese rule, North or South. [CBS]

  • The second meeting of East and West German leaders yielded little diplomatic progress, but tumultuous street scenes occurred. In West Germany, 5,000 left-wingers urged recognition of East Germany. East German Premier Willi Stoph is demanding full political recognition before other steps can be taken; no progress has been made. [CBS]
  • The House passed a 5% increase in Social Security benefits and a payroll tax hike to pay for it. [CBS]
  • President Nixon asked Congress for $500 million this year and $1 billion next year for school desegregation. [CBS]
  • Attorney General John Mitchell urged police to use minimal force and to keep cool during civil disorders. [CBS]
  • Former Attorney General Ramsey Clark denounced the Nixon administration's anti-crime proposals, especially preventive detention. [CBS]
  • New York Stock Exchange president Bernard Lasker met with President Nixon to discuss economic problems. Nixon stated that he is sure of an eventual upswing in the market. [CBS]
  • Democratic party chairman Lawrence O'Brien derided President Nixon's leadership. He denounced the President's policies and claimed that the President is a poor and devious leader. [CBS]
  • Education commissioner James Allen stated that he opposes the Cambodian invasion and wants immediate U.S. withdrawal from Indochina. [CBS]
  • The White House has started yacht cruises for Vietnam veterans. David and Julie Eisenhower took some wounded vets for a ride on the presidential yacht. [CBS]
  • The New York Times announced that it will suspend publication if the printers' union contract is not settled; the paper is losing money. [CBS]
  • Trouble resumed at Ohio State University when students blocked entrances to the college. The National Guard was called out. [CBS]
  • The White House tried to discredit CBS news for revealing an American atrocity in Vietnam by having newspaper reporters publish criticism on behalf of the White House, demanding proof of the atrocity and claiming it was faked. Proof follows.

    A CBS news film shows a wounded North Vietnamese prisoner who was stabbed. The Pentagon claims that the film is a fraud and says that the man may have been dead already. The South Vietnamese soldier who stabbed the prisoner has been named Soldier of the Year for 1970. He admits the stabbing, but claims that the prisoner reached for his rifle. American advisers were present at the time. [CBS]

Stock Market Report

Dow Jones Industrial Average: 665.25 (-11.30, -1.67%)
S&P Composite: 72.16 (-1.36, -1.85%)
Arms Index: 0.91

Total Volume16.71
* 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
May 20, 1970676.5573.5213.02
May 19, 1970691.4075.469.48
May 18, 1970702.8176.968.28
May 15, 1970702.2276.9014.57
May 14, 1970684.7975.4413.92
May 13, 1970693.8476.5310.72
May 12, 1970704.5977.8510.85
May 11, 1970710.0778.606.65
May 8, 1970717.7379.446.93
May 7, 1970723.0779.839.53

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