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Thursday July 16, 1970
. . . where the 1970s live forever!

News stories from Thursday July 16, 1970

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

  • The Commerce Department reported a minor increase in the Gross National Product and a 4.2% annual rate of inflation; they also report that new housing construction is up.

    The Chrysler Corporation reported second quarter profits. [CBS]

  • The Air Line Pilots Association, Department of Transportation and Federal Aviation Administration representatives discussed anti-hijacking measures. Employees are being trained to spot hijackers' psychological characteristics, and metal detectors will be used throughout airports. [CBS]
  • New York City police commissioner Howard Leary told a Senate committee about terrorist bombings. There were 3,000 bomb cases in New York City last year and 6,000 in the first six months of this year. [CBS]
  • The Campus Unrest Commission heard from more students today. Northwestern University student president Eva Jefferson stated that President Nixon and university administrations are the ones inciting riots. Harvard student Steven Kelman said that ghetto and campus violence achieves only a repressive backlash.

    Campus unrest can't be stopped without reorienting the government's foreign and domestic policies. [CBS]

  • The Interstate Commerce Commission approved an increase of 15% in the parcel post rate. [CBS]
  • Republican party chairman Rogers Morton accused CBS of playing partisan politics by giving Democrats free air time to air their anti-Nixon administration views; CBS claims that they gave the Democrats "equal" time. [CBS]
  • Britain's Prince Charles and Princess Anne are visiting Washington, DC. President Nixon welcomed the guests to the White House. [CBS]
  • The Spiro Agnew watch business is booming. The two companies which are making the watches give charities chosen by the Vice President a share of their profits. [CBS]
  • The United Nations wants a similar organization for the world's youths under the age of 25. One such group is meeting in New York City; their votes are mostly leftist and anti-American. [CBS]
  • Communists are still holding hold Kiri Rom, Cambodia, after one week of fighting; the Communist strategy is to inflict heavy casualties and quickly withdraw. [CBS]
  • The finance minister of Cambodia reported his country's need for foreign aid; he wants $50 million from the United States. [CBS]
  • Bishop James Walsh spoke of his experiences as a prisoner of the Chinese. Walsh is ecstatic about his release, and he is not bitter towards the Communists. Walsh was in China since 1958 and loves the Chinese people. He signed a false confession after being accused of spying, and says that he received good treatment during his lengthy prison term. [CBS]
  • Queen Elizabeth declared a state of emergency and may use troops to break the British dock strike. 75% of Britain's imports and exports are currently halted; longshoremen want a major wage increase and are refusing to compromise. This is the first labor crisis for the new Conservative government. Goods may be rationed; the British economy is badly jeopardized. [CBS]
  • Some British troops have been withdrawn from Northern Ireland; a bomb ripped through a Belfast bank today, injuring 25 people. [CBS]
  • West Germany and the Soviet Union will discuss a non-aggression pact; the Germans want improved relations with the Communist bloc. [CBS]

Stock Market Report

Dow Jones Industrial Average: 723.44 (+11.78, +1.66%)
S&P Composite: 76.34 (+1.11, +1.48%)
Arms Index: 1.07

Total Volume12.20
* 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 15, 1970711.6675.238.86
July 14, 1970703.0474.427.36
July 13, 1970702.2274.487.45
July 10, 1970700.1074.5710.16
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

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