News stories from Monday June 22, 1970

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

President Nixon signed the bill giving 18-year-olds the vote, and by doing so also extended the 1965 Voting Rights Act. The President believes that the bill is unconstitutional but likes its provisions, especially the ban on literacy tests; he wants a constitutional amendment for the 18-year-old vote. Attorney General John Mitchell will file a test case on the bill's constitutionality. [CBS] The Penn Central Railroad is still running despite being bankrupt, and other corporate assets are unaffected by the railroad's creditors; 450,000 shares of stock have been sold. There has been no Wall Street panic yet, but some fear that this is the first step in a major economic decline. Federal aid is necessary in order to continue railroad passenger service. [CBS] U.S. air strikes are exceeding the 21-mile limit in Cambodia; the Pentagon has admitted making raids deep inside the country, but the White House claims that the attacks are necessary to protect Americans. President Nixon says that he reserves the right to bomb enemy supply lines wherever U.S. troops are in danger.Communist assaults near Phnom Penh are continuing. The Cambodian army is poor and badly equipped; most roads to the capitol are blocked. The South Vietnamese are aiding the defense but captured Communist weapons are not being used yet. North Vietnam can topple Phnom Penh by attacking, or by besieging it and waiting for the Lon Nol government to fall. [CBS] Kent State University resumed classes for the first time since the shootings in May. [CBS] The FBI reported a 13% increase in serious crime for the first quarter of 1970; Washington, DC's crime rate was up 22%. [CBS] The Supreme Court set new guidelines for trials, allowing juries of fewer than 12 persons. Poor defendants will get attorneys for pre-trial hearings, and all have a right to a jury trial if the sentence is six months or more. The ruling may clog more courts. [CBS] A court refused Muhammad Ali's attorney's request for a Canadian prizefight; Ali is appealing his conviction for draft evasion. [CBS] A Pan Am jet is en route to U.S. after being hijacked to Cairo; there are no reported injuries. The Albanian-born American hijacker surrendered in Cairo; his hijacking was a protest against American imperialism. [CBS] CBS has offered the Democratic party TV and radio time to respond to the President's economic speech; the network will also sell spots to political parties for fundraising purposes during non-campaign periods. [CBS]

Stock Market Report

Dow Jones Industrial Average: 716.11 (-4.32, -0.60%)
S&P Composite: 76.64 (-0.41, -0.53%)
Arms Index: 1.40

	Issues	Volume*
Advances	412	2.06
Declines	820	5.75
Unchanged	297	0.90
Total Volume		8.71

* 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
Date	DJIA	S&P	Volume*
June 19, 1970	720.43	77.05	10.98
June 18, 1970	712.69	76.51	8.87
June 17, 1970	704.68	76.00	9.87
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