News stories from Tuesday July 7, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Secretary of the Army Stanley Resor reported that American casualties in Indochina are down by half this year due to Vietnamization. [CBS]
- Col. Nguyen Van Ve specializes in political prisoner camps; he has run the Con Son prison camp for five years. Ve denied charges of torture and bad conditions, but refused to permit a tour of the grounds. Ve is known to deal harshly with stubborn prisoners. During their recent visit, Representatives Augustus Hawkins and William Anderson reported "atrocities" at the camp.
Saigon admits the shortcomings of the penal system, but asserts that the U.S. can't dictate changes. 12 U.S. Congressmen toured South Vietnam, but only briefly mentioned Con Son in their report. One staff member of the fact-finding tour resigned in protest. Former Navy pilot Tom Harkin resigned his committee post, saying that the administration is whitewashing the report and the fact-finding committee didn't find the facts of the matter. Rep. Ross Adair claims that the committee report was necessarily brief, but says he was assured that South Vietnam would rectify the situation. Adair further stated that the U.S. can't control South Vietnamese domestic affairs.
[CBS] - Communists have withdrawn from Angkor Wat, Cambodia. [CBS]
- A 100-member citizens' committee is recommending changes in health insurance.
One change would replace Medicare with tax-funded free health care for all. Senator Edward Kennedy announced that he supports the plan, and National Urban League director Whitney Young feels that the program would benefit all income groups, not just the poor.
The American Medical Association won't support the plan, but committee chairman Leonard Woodcock isn't concerned.
[CBS] - 12 Senators introduced a bill to end the draft and create a volunteer Army. [CBS]
- The UTU has called a strike against three major railroads; the B&O, L&N and Southern Pacific are hit. The railroads have asked for federal intervention; a national shutdown is threatened. [CBS]
- The FTC is investigating the breakfast cereal industry's lack of competition and advertisements; three companies own 80% of the business: Kellogg's, General Mills and General Foods. [CBS]
- France exploded its third hydrogen bomb in the atmosphere in the South Pacific; the bomb was blown from a balloon.
The Concorde SST is another French project having trouble. A nine-week strike, aircraft modifications and spiraling costs are slowing tests. The Boeing Company is working on a better model but sonic booms are a problem. National pride and prestige keeps the Concorde project going; if all goes well, it should fly to New York City by 1974.
[CBS] - In Los Angeles, the jury is being selected for Charles Manson's muder trial. [CBS]
- 12,000 Catholics were harassed by militant Protestant leader Ian Paisley at a mass in Canterbury, England. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 669.36 (-6.30, -0.93%)
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* |
| July 6, 1970 | 675.66 | 71.78 | 9.34 |
| July 2, 1970 | 689.14 | 72.92 | 8.44 |
| July 1, 1970 | 687.64 | 73.04 | 8.61 |
| June 30, 1970 | 683.53 | 72.72 | 9.28 |
| June 29, 1970 | 682.91 | 72.89 | 8.77 |
| June 26, 1970 | 687.84 | 73.47 | 9.16 |
| June 25, 1970 | 693.59 | 74.02 | 8.20 |
| June 24, 1970 | 692.29 | 73.97 | 12.63 |
| June 23, 1970 | 698.11 | 74.76 | 10.79 |
| June 22, 1970 | 716.11 | 76.64 | 8.70 |