Monday October 12, 1970
. . . where the 1970s live forever!

News stories from Monday October 12, 1970


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

  • President Nixon campaigned in New England, where he announced a reduction in the number of U.S. troops in Vietnam to 344,000 by 1971. The President spoke for Republican candidates in Hartford, saying that he wants a "generation of peace."

    The President vetoed a bill to limit political advertising expenditures. [CBS]

  • Defense Secretary Melvin Laird ordered the U.S. military services to prepare for the end of the draft by mid-1973. Laird denied that the announcement was aimed to help Republicans. [CBS]
  • Viet Cong negotiator Madame Nguyen Thi Binh denounced President Nixon's Indochina peace plan. [CBS]
  • The National Peace Action Coalition is planning rallies for October 31; the coalition is irked at Senate doves' endorsement of President Nixon's Vietnam peace plan. [CBS]
  • Communists are massing troops near Phnom Penh, Cambodia.

    More Communist soldiers are surrendering in Vietnam. Many Viet Cong are leaving the jungles to surrender; they are hungry and have lost faith in the Communists. Former members of the Viet Cong are now working for the allies. [CBS]

  • United Arab Republic President Anwar Sadat charged the U.S. with using Gamal Abdel Nasser's death to pressure the United Arab Republic into surrendering to Israel. [CBS]
  • French-Canadian separatists said that will free British diplomat James Cross in exchange for 23 political prisoners, but they won't release Quebec Labor Minister Pierre Laporte unless they receive $500,000 in gold and get their separatist manifesto published. [CBS]
  • The Senate approved a bill against organized crime and terrorist bombings; the bill strengthens federal law enforcement power. [CBS]
  • FBI assistant director William Sullivan stated that the U.S. Communist party is not causing or leading current unrest; he said that the party is weaker than it formerly was. [CBS]
  • The Supreme Court heard busing and desegregation cases. The NAACP said that no black child should be forced to attend a racially identifiable school, i.e., over 50% black. Solicitor General Erwin Griswold defended the Charlotte-Mecklenburg, North Carolina, school board plan for keeping several all-black schools. The Supreme Court will withhold decisions on these and related cases.

    The Supreme Court will review a law on importing obscenity and will see if states can sue an industry for mercury pollution; the Court refused to hear a case on Wisconsin's abortion law. [CBS]

  • The Catholic Church affirmed that abortion is murder even when the mother's life is threatened by the pregnancy. [CBS]
  • The Civil Rights Commission charged that the federal government is breaking promises for equal rights and blamed a lack of presidential leadership and a hostile bureaucracy. [CBS]
  • The Senate refused to add a freedom of choice school desegregation plan to the women's rights amendment. [CBS]
  • Secretary of State William Rogers says that Europe is alarmed at the trade quota bill which is pending in Congress; the Nixon administration wants textile imports to be limited, but not other goods. [CBS]
  • President Nixon bet $5 on Conservatives to win the British election, and won $30 on his bet. [CBS]


Stock Market Report

Dow Jones Industrial Average: 764.24 (-4.45, -0.58%)
S&P Composite: 84.17 (-0.91, -1.07%)
Arms Index: 1.00

IssuesVolume*
Advances3331.96
Declines9295.46
Unchanged2901.15
Total Volume8.57
* 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
DateDJIAS&PVolume*
October 9, 1970768.6985.0813.98
October 8, 1970777.0485.9514.50
October 7, 1970783.6886.8915.61
October 6, 1970782.4586.8520.24
October 5, 1970776.7086.4719.76
October 2, 1970766.1685.1615.42
October 1, 1970760.6884.329.70
September 30, 1970760.6884.2114.83
September 29, 1970760.8884.3017.88
September 28, 1970758.9783.8614.39


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