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Friday July 10, 1970
. . . where the 1970s live forever!

News stories from Friday July 10, 1970

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

  • The IRS has revoked the tax-exempt status of private schools that they deem to be racially discriminatory; contributions to them are no longer deductible. 10,000 tax-exempt schools are under review. [CBS]
  • South Vietnam is investigating alleged atrocities at Con Son prison. Senator Robert Byrd urged the United States to withdraw economic support from the South Vietnam penal system if the Con Son accusations turn out to be true. [CBS]
  • China has freed Bishop James Walsh after imprisoning him for 12 years as a spy; Hong Kong doctors reported that his condition is good. The Chinese reported that another alleged spy prisoner, Hugh Redmond, committed suicide last April. [CBS]
  • An expert on handicapped workers reports that 2 out of every 3 Vietnam veterans are barely eking out living in marginal jobs; there are 120,000 disabled Vietnam veterans in the United States. [CBS]
  • United Nations Secretary General U Thant discussed the Mideast crisis in Washington with President Nixon. Assistant Secretary of State Joseph Sisco reported that the USSR has long been involved in the Mideast, and he fears increased fighting there soon. [CBS]
  • Egypt and Israel claimed downing jets and denied each other's reports. [CBS]
  • The Jordanian government signed a peace treaty with Palestinian guerrillas. [CBS]
  • President Nixon wants the amount of money in the new education bill to be decreased before the bill leaves Congress. Health, Education and Welfare Secretary Elliot Richardson is trying to avert a Nixon-Congress veto confrontation; the $4.8 billion bill is $1 billion too high according to the President, and includes money for desegregation. [CBS]
  • California industrialist Norton Simon spent $2 million in his unsuccessful bid to win the Republican Senate nomination; all but $100,000 was his own money. Simon's opponent George Murphy spent $600,000. [CBS]
  • Farming is the third most dangerous job in country. Only mining and construction kill, maim and injure more workers. Many farming injuries occur as the result of tractor accidents; safety procedures on farms are voluntary.

    A new enclosed cab tractor has been designed, but it is too expensive. Rollover protection currently exists on only 10% of tractors that are sold. Legislation may be necessary to require anti-rollover safety frames on tractors. [CBS]

  • An Associated Press survey showed toxic mercury levels in the water in 14 states; some fishing bans have been set. The source of the mercury pollution is industrial discharge. [CBS]
  • A Philadelphia court ruled that a car owner is partly liable for an accident by a car thief, because he left his keys in the car; the owner is appealing the verdict. [CBS]
  • A former Japanese officer reported that 23 American POWs were killed when the United States dropped the atomic bomb on Hiroshima in World War II. [CBS]

Stock Market Report

Dow Jones Industrial Average: 700.10 (+7.33, +1.06%)
S&P Composite: 74.57 (+0.51, +0.69%)
Arms Index: 1.51

Total Volume10.17
* 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
July 9, 1970692.7774.0612.82
July 8, 1970682.0973.0010.97
July 7, 1970669.3671.2310.47
July 6, 1970675.6671.789.34
July 2, 1970689.1472.928.44
July 1, 1970687.6473.048.61
June 30, 1970683.5372.729.28
June 29, 1970682.9172.898.77
June 26, 1970687.8473.479.16
June 25, 1970693.5974.028.20

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