News stories from Wednesday March 25, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The prime interest rate decreased from 8.5% to 8.0%, a move whch should reduce consumer credit. The Labor Department reported only a 0.1% wholesale price rise this month. [CBS]
- A federal judge has forbidden the Professional Air Traffic Controllers Organization to strike; the injunction came in response to a work slowdown. PATCO attorney F. Lee Bailey stated that the slowdown is not a strike. Over two-thirds of New York City controllers called in sick today, whch caused numerous flights to be delayed, rerouted or canceled. [CBS]
- Postmaster General Winton Blount lifted mail embargoes as the postal strike ended. Troops tried delivering New York City business and hospital mail. The return of the mailmen is due to a 12% pay increase and better benefits. The strike ended with a street rally, which was designed to protest union leaders' negotiation attempts.
The government negotiated its first strike settlement with federal employees. Labor Secretary George Shultz yielded control to Blount, disappointing union leaders.
[CBS] - Railroad sheetmetal workers will negotiate in order to try to prevent a national railroad strike. [CBS]
- At a Senate hearing, the Pentagon acknowledged the Vietnam marijuana problem but denied a connection between marijuana and the My Lai murders. My Lai exposer Ronald Ridenhour also accused the Senate of falsely linking marijuana and the massacre. The Army charged three more soldiers with the murders at My Lai in '68. [CBS]
- A South Vietnamese newspaper reported that President Nguyen Van Thieu is reconsidering coexistence with the Viet Cong; police seized the papers. [CBS]
- The Senate is on the verge of rejecting G. Harrold Carswell's nomination to the Supreme Court; there will be a vote April 6 to return his name to the Judiciary Committee. The President supports Carswell, but opponents are now confident of victory. [CBS]
- Interior Secretary Walter Hickel cited 357 Chevron Oil Company offshore oil drilling violations in the Gulf of Mexico. Hickel recommended federal prosecution of all who break oil regulations, and Congress sent President Nixon a bill pertaining to Hickel's suggestion. [CBS]
- The Dominican Republic released 21 political prisoners in exchange for an American air attache's safe return. [CBS]
- Secretary of State William Rogers and the Soviet ambassador met to discuss a Mideast arms freeze, but reached no agreement. [CBS]
- Stokely Carmichael attended a closed Senate subcommittee hearing. Carmichael said that he was questioned about his Communist activity and he stated that he doesn't know H. Rap Brown's whereabouts. Brown replaced Carmichael as the head of the Student Nonviolent Coordinating Committee. [CBS]
- President Nixon called the Los Angeles court-ordered desegregation plan the most extreme ever. The Los Angeles school board was pleased with the President's statement, however Los Angeles superior court judge Joseph Wapner was appalled at the White House's intervention, and he stated that such intervention contradicts law and order. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 790.13 (+16.37, +2.12%)
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* |
| March 24, 1970 | 773.76 | 87.98 | 8.84 |
| March 23, 1970 | 763.60 | 86.99 | 7.33 |
| March 20, 1970 | 763.66 | 87.06 | 7.91 |
| March 19, 1970 | 764.98 | 87.42 | 8.93 |
| March 18, 1970 | 767.95 | 87.54 | 9.79 |
| March 17, 1970 | 767.42 | 87.29 | 9.09 |
| March 16, 1970 | 765.05 | 86.91 | 8.91 |
| March 13, 1970 | 772.11 | 87.86 | 9.56 |
| March 12, 1970 | 776.47 | 88.33 | 9.14 |
| March 11, 1970 | 778.12 | 88.69 | 9.18 |