News stories from Wednesday June 17, 1970

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

The House passed a bill permitting 18-year-olds to vote in federal elections, and sent the bill to the President. The bill not only lowers the voting age, it extends the 1965 Voting Rights Act and bans literacy tests. President Nixon wants the 18-year-old vote by constitutional amendment, not legislation. Rep. Gerald Ford said that passage of the bill was not a defeat for the President, and the measure is unconstitutional. [CBS] In his speech on the economy, President Nixon admitted that unemployment and inflation are problems; he appointed a national commission on productivity and an inflation alert group, but neither will have real power. [CBS] AFL-CIO president George Meany stated that "Nixonomics" won't solve problems; Democrats attacked the President's speech, Republicans praised it. Chase-Manhattan bank chairman David Rockefeller says that he believes the President's plan is sound and the business decline should end by 1971. [CBS] The nation's mayors want federal military, space, highway, agriculture and research funds to be cut; they want more money to be given to cities. [CBS] The Senate Armed Services Committee rejected President Nixon's request for five anti-ballistic missile sites; they approved further development for two existing sites and funds for two new ones. [CBS] Lobbyist Nathan Voloshen has pleaded guilty to influence peddling; House Speaker John McCormack's aide Martin Sweig pleaded innocent. McCormack himself was not charged. [CBS] A curfew is in effect in two mainly black Miami neighborhoods after looting and shooting. [CBS] Kenneth Gibson defeated incumbent Newark, N.J., mayor Hugh Addonizio and will become the first black mayor of Newark. Race was the major issue in the non-partisan campaign. Addonizio is on trial for conspiracy and extortion. The city is decayed and in bad shape financially; recovery will be difficult. [CBS] The Air Force C-5A still needs more tests and changes; the final cost estimate is $54 million per plane for 81 planes. [CBS] Senator Jacob Javits introduced legislation requiring a $50 deposit by car buyers in order to ensure that the car won't be abandoned. [CBS] Communists drove close to Phnom Penh, Cambodia. A direct attack on the capitol is feared; the city is cut off on three sides. [CBS] Ousted Prince Norodom Sihanouk lost his power due to obesity; he was at a diet clinic when army generals took over Cambodia. [CBS] South Vietnam reported that 300 civilians were killed by the Viet Cong last week. [CBS] King Hussein of Jordan stated that he won't abdicate under guerrilla pressure. [CBS] Soviet biologist Zhores Medvedev was put in a mental institution for criticizing the Communist government; his colleagues protested and Medvedev was released. [CBS]

Stock Market Report

Dow Jones Industrial Average: 704.68 (-1.58, -0.22%)
S&P Composite: 76.00 (-0.15, -0.20%)
Arms Index: 1.26

	Issues	Volume*
Advances	639	3.79
Declines	643	4.80
Unchanged	277	1.29
Total Volume		9.88

* 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*
June 16, 1970	706.26	76.15	11.33
June 15, 1970	687.36	74.38	6.92
June 12, 1970	684.21	74.21	8.89
June 11, 1970	684.42	74.45	7.77
June 10, 1970	694.35	75.48	7.24
June 9, 1970	700.16	76.25	7.05
June 8, 1970	700.23	76.29	8.04
June 5, 1970	695.03	76.17	12.45
June 4, 1970	706.53	77.36	14.38
June 3, 1970	713.86	78.52	16.60