News stories from Wednesday July 15, 1970

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

The chairman of the House committee investigating My Lai increased his charges against the Army. Rep. Edward Hebert stated that the Army hampered the committee's investigation and covered up the incident. Rep. Samuel Stratton reported top-level Army interference. General Samuel Koster is included in the cover-up. [CBS] The White House denied disagreeing with Secretary of State William Rogers' pessimistic report regarding the Cambodian invasion. Rogers feels that the invasion hurt the chances for a negotiated peace, and increased China's influence with Hanoi. It was a military success but a diplomatic liability. [CBS] Cambodians failed to recapture the Cambodian resort of Kirirom. [CBS] Thai Foreign Minister Thanat Khoman reported that Asians are questioning the United States' reliability as an ally. Domestic division in America disturbs them; Khoman blamed reporters, liberals, politicians and intellectuals for the divisiveness. [CBS] The Presidential Commission on Campus Unrest held its first hearing. President Nixon expects the commission to make its findings before the fall semester. National Student Association president Charles Palmer warned of the possible continuation of student protest; San Francisco State College president S.I. Hayakawa claimed that much of the student unrest is psychological, not simply caused by events. Senator Edward Kennedy blamed student violence on the police and the National Guard. [CBS] The Ohio state legislature is investigating the Kent State University deaths. Students and teachers testified that National Guard officers were unwilling to work with university personnel, and they called the Guard "outside agitators". [CBS] Congress opened hearings on terrorist bombings and is considering federal control of explosives. [CBS] The FBI is investigating the murder of Missouri state Rep. Leon Jordan, who was shot in Kansas City. Jordan was opposed for re-election by a black militant. [CBS] The United Auto Workers has begun negotiations with General Motors; union contracts expire in September. UAW president Leonard Woodcock is new, auto sales are down, workers have been laid off, and car prices are rising.Woodcock blames the Vietnam war for causing inflation. [CBS] The Federal Reserve Board reported that industrial production was down 0.3% in June. [CBS] British dockworkers have gone on strike, closing ports throughout the United Kingdom. [CBS] Using a lesson learned in Vietnam, the Defense and Transportation Departments are experimenting with helicopters to aid auto accident victims in the United States. [CBS] The Nixon administration has asked Congress cancel 20 offshore oil leases near Santa Barbara, but conservationists are pointing to holes in the plan. A federal no-drilling sanctuary was proposed, but oil companies may get millions from the government for not drilling where they already failed to find oil. Two current offshore wells will continue, and oil companies will increase drilling outside the sanctuary area. Conservationists are criticizing the government more than the oil companies regarding the Santa Barbara plan. [CBS]

Stock Market Report

Dow Jones Industrial Average: 711.66 (+8.62, +1.23%)
S&P Composite: 75.23 (+0.81, +1.09%)
Arms Index: 0.87

	Issues	Volume*
Advances	837	5.58
Declines	412	2.38
Unchanged	297	0.91
Total Volume		8.87

* 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*
July 14, 1970	703.04	74.42	7.36
July 13, 1970	702.22	74.48	7.45
July 10, 1970	700.10	74.57	10.16
July 9, 1970	692.77	74.06	12.82
July 8, 1970	682.09	73.00	10.97
July 7, 1970	669.36	71.23	10.47
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