News stories from Wednesday August 5, 1970

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

The "Big 4" support the U.S. Mideast peace plan. Washington plans for Israel and the United Arab Republic to police the cease-fire themselves; Arab guerrillas said that they'll attack United Nations representatives imposing the cease-fire. [CBS] Rep. Clark MacGregor reported that the United States will halt Vietnam offensive operations by next May and will have only 20,000 Americans there by the end of 1972; the White House denied speeding up the withdrawal timetable. [CBS] American planes continue to support Cambodian troops near Skoun. Senator Mike Mansfield stated that the bombing raids contradict President Nixon's policy. [CBS] Charles Manson's trial focused on President Nixon's accusation of Manson's guilt. Judge Charles Older denied a motion for a mistrial and he believes that the jurors were unaffected by Nixon's claim. Linda Kasabian continued her testimony. Manson family women gathered outside the courthouse with knives. [CBS] Attorney George Davis says that President Nixon should stay out of court actions; the President stated that the My Lai killings were unjustified; Davis represents a My Lai soldier. [CBS] Black Panther leader Huey Newton has been freed on $50,000 bond after serving three years in prison; he was granted a retrial for murdering a policeman. [CBS] Robert Kennedy, Jr. and Sargent Shriver III were charged with marijuana possession. [CBS] The Senate ended its hearings on breakfast cereals. Robert Choate, the administration's nutrition consultant, charged that the cereal industry conspired to exclude advertising practices from their testimony. Choate also reported that his neighbors were questioned about his personal life. [CBS] The Oxford Paper Company announced that it will close its plant in Maine due to the federal mercury pollution lawsuit. [CBS] 15 states have sued the auto industry to force them develop a non-polluting engine and put pollution controls on present cars. General Motors has introduced the Vega to compete with foreign imports. [CBS] President Nixon's environmental adviser Russell Train has endorsed the Army's plan to dump nerve gas in the Atlantic Ocean. Georgia Governor Lester Maddox said that he'll ride atop the train when it goes through Georgia; Macon Mayor Ronnie Thompson threatened to have police board the train. Bermuda and the Bahamas have asked that the dumping be postponed. [CBS] Top television executives oppose Senator William Fulbright's plan to give Congress free air time; CBS president Frank Stanton claims that the plan is unconstitutional. Senator Robert Griffin denounced the CBS show which was used by Democrats to rebut President Nixon, calling it partisan politics. Republican leaders have introduced a bill calling for four Congressional television debates per year. [CBS] Mrs. Lenore Romney won the Republican nomination for Senate from Michigan. [CBS] The House accepted a $55,000 per crop farm subsidy ceiling. 2.5 million farmers got payments last year, some of whom got millions of dollars for not growing anything. Rep. Bob Poage says that farmers need the subsidy money in order to survive, and stated that subsidies don't help the rich get richer. Farmers may break up their land holdings to evade the subsidy limit. [CBS]

Stock Market Report

Dow Jones Industrial Average: 724.81 (-1.09, -0.15%)
S&P Composite: 77.18 (-0.01, -0.01%)
Arms Index: 1.34

	Issues	Volume*
Advances	599	2.81
Declines	617	3.87
Unchanged	309	0.98
Total Volume		7.66

* 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*
August 4, 1970	725.90	77.19	8.31
August 3, 1970	722.96	77.02	7.65
July 31, 1970	734.12	78.05	11.64
July 30, 1970	734.73	78.07	10.43
July 29, 1970	735.56	78.04	12.58
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