News stories from Wednesday July 29, 1970

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

The U.S.' Mideast peace plan has split Arabs; Iraq and Syria are against the plan, the United Arab Republic and Jordan are for it. Iraq has put 10,000 of its troops into Jordan under Palestinian guerrilla control in defiance of King Hussein. The Israeli cabinet is split on the peace plan issue. Prime Minister Golda Meir won't agree to the peace plan until her cabinet is unanimous. [CBS] Cambodians tried to retake Kirirom and sustained many casualties. 500 South Vietnamese civilians held six U.S. Marines until the American government paid them $2,500 for a youth who was killed by the Marines' truck. [CBS] The East coast is hot, humid and polluted; Mayor John Lindsay put emergency procedures into effect in New York City. Municipal incinerators, industries and automobile drivers were asked to cut down on pollution. Power has been cut in New York and New England, but the shortage is easing. [CBS] President Nixon signed the Washington, DC crime bill and prodded Congress for more anti-crime legislation. The new law is controversial, but the President claims that the law is essential in order to stop crime in Washington. He wants more legislation and criticized Congress for not providing it. [CBS] Prosecution testimony continued in Charles Manson's murder trial. Linda Kasabian described the Sharon Tate murders and said that the Manson family is brutal; the defendants stared at the witness. Kasabian's attorney claimed that the defendants were trying to psych her out. [CBS] "Tommy the Traveler" (Thomas Tongyai) was cleared of charges of harassment though he is still being investigated for sparking violence at Hobart College as an undercover police agent. [CBS] A Congressional committee tentatively agreed to the postal reform bill which calls for the post office to be an independent agency run by a board of governors, an 8% employee pay raise and major policy changes. [CBS] The Democratic party is seeking new 18-year-old voters, but Senator Edward Kennedy warned the party not to alienate young hard-hats. Party chairman Lawrence O'Brien stated that he regrets having once supported the Vietnam war. [CBS] Wholesale prices rose 0.5% last month; the Nixon administration is disappointed but optimistic. [CBS] Major California grape growers signed contracts with the United Farm Workers after a five year strike and boycott, but the UFW strike against holdouts continues. Wages are now $1.80 per hour plus 20 cents per box picked. [CBS] British dockworkers ended their strike, getting a raise; some militants may continue wildcat strikes. [CBS] An Alaskan ferry ran aground near Prince Rupert Harbor, British Columbia; oil is leaking from the ship. [CBS] A Senate committee opened hearings on mercury pollution in water; Ralph Nader wants emergency legislation. The hearings focused on Lake St. Clair, Michigan and the Detroit River. Dow Chemical Company and the Wyandotte Chemical Company are major polluters, but both are building mercury recycling systems. The fishing ban due to mercury contamination has cost Michigan millions. Little is really known about the effects of mercury on humans; research continues. [CBS]

Stock Market Report

Dow Jones Industrial Average: 735.56 (+4.11, +0.56%)
S&P Composite: 78.04 (+0.27, +0.35%)
Arms Index: 1.21

	Issues	Volume*
Advances	809	6.57
Declines	457	4.50
Unchanged	304	1.52
Total Volume		12.59

* 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 28, 1970	731.45	77.77	9.04
July 27, 1970	730.08	77.65	7.46
July 24, 1970	730.22	77.82	9.52
July 23, 1970	732.68	78.00	12.46
July 22, 1970	724.67	77.03	12.46
July 21, 1970	722.07	76.98	9.94
July 20, 1970	733.91	77.72	11.66
July 17, 1970	735.08	77.69	13.87
July 16, 1970	723.44	76.34	12.20
July 15, 1970	711.66	75.23	8.86