News stories from Friday March 26, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Nixon administration is considering another move to halt the wage and price spiral in the construction industry. A four-member panel including the Secretaries of Labor and Housing recommended that President Nixon issue an executive order imposing constraints. Labor Secretary Hodgson said that there are no plans for expanding constraints to other areas. President Nixon agreed to the idea and will issue the order after seeing the specific proposal, which will include price as well as wage constraints. Hodgson dodged a question about controls on profits. [CBS]
- Justice Department officials predicted that convicted Teamsters union president James Hoffa will receive parole next week. A spokesman stated that the decision is up to the parole board. [CBS]
- The AFL-CIO announced an agreement between the United Farm Workers and the Teamsters, ending their dispute over organizing California lettuce workers. United Farm Workers leader Cesar Chavez suspended his lettuce boycott but will reimpose the boycott if growers with Teamster contracts refuse to negotiate with the United Farm Workers. [CBS]
- Civil war has broke out in Pakistan as the West Pakistan army battled civilians in East Pakistan. East Pakistan leader Sheik Mujibur Rahman has declared the region to be independent. There are 1,100 American citizens in East Pakistan. [CBS]
- North Vietnamese artillery in the demilitarized zone killed several South Vietnamese at the Dong Ha, South Vietnam, base; North Vietnam's activity is increasing in the DMZ. South Vietnam is reinforcing Khe Sanh and the border area. [CBS]
- The State Department is considering giving the Communists a taste of their own medicine at the Paris peace talks. U.S. ambassador David Bruce recommended to Secretary of State Rogers that the allies boycott the talks next week in retaliation for the Communist boycott yesterday. [CBS]
- Secretary of State Rogers met with Soviet ambassador Dobrynin to discuss the Mideast situation. Dobrynin says that Israel must be the one to break the talks deadlock. [CBS]
- Five hundred Soviet Jews reportedly emigrated from the USSR to Israel in the last month, for a total of 700 since January 1 compared to 1,000 during all of last year. [CBS]
- The jury continued deliberations for a 10th day in Lt. William Calley's trial. Judge Reid Kennedy is reluctant to rush the verdict. [CBS]
- The Pentagon released figures indicating a sharp increase in drug use by the military. [CBS]
- The Justice Department admitted that FBI wiretaps recorded the conversations of a female defendant who was accused of causing riots in Chicago in 1969. [CBS]
- The Congressional Black Caucus set a May 17th deadline for President Nixon to reply to 60 proposals concerning blacks in the United States. The proposals were presented to him yesterday. [CBS]
- The South Carolina Education Association elected its first black president, teacher Agnes Wilson. [CBS]
- The House Ways and Means Committee tentatively approved a welfare reform bill but added $5 billion to the cost of the program. [CBS]
- Potential Democratic presidential candidates spoke at a meeting of Democrats. Senator Henry Jackson accused the Nixon administration of inertia in dealing with the economy; in reference to the defeat of the supersonic transport, Jackson warned that Democrats will lose if they attack people where they work. Senator Edmund Muskie attacked the administration's Vietnam war policy. Muskie stated that South Vietnam was not in Laos long enough to seriously disrupt the enemy's flow of supplies, and the heavy casualties they suffered indicate a military defeat.
Laotian leaders feel that their country is now in a more precarious position as a result of South Vietnam's operation there; the credibility of President Nixon's "Vietnamization" program is in doubt.
[CBS] - An armored payroll truck was robbed of more than $1 million in London. [CBS]
- James Earl Ray, the convicted killer of Reverend Martin Luther King, was interviewed after three years in prison. Ray had refused all interviews for three years, but now has granted two although his attorney says that interviews could jeopardize appeals to reverse Ray's conviction. [CBS]
- An amateur art critic came up with a unique way of expressing his views: In Memphis, Tennessee, an armed man in disguise kidnapped the son of art academy professor Richard Batey and stated that Batey's son would be released when nude photos displayed at the art gallery were removed. The academy then agreed not to use nude models.
The kidnapper felt that the photos and the use of nude models is immoral, and he decided that it was his responsibility to purge Memphis of their corrupting influence. Eddie Batey was released after his father announced on local television and radio that the photos had been removed.
[CBS] - Eleven-year-old Michael Register of Macon, Ga., led police to the house where he had been held by kidnappers until $5,000 ransom was paid by the boy's mother. One arrest has been made and more are expected. The boy said he managed to steal $20 of the money as well as an identification card belonging to one of the alleged kidnappers, John Plummer. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 903.48 (+2.67, +0.30%)
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 25, 1971 | 900.81 | 99.61 | 15.87 |
| March 24, 1971 | 899.37 | 99.62 | 15.72 |
| March 23, 1971 | 908.89 | 100.28 | 16.47 |
| March 22, 1971 | 910.60 | 100.62 | 14.29 |
| March 19, 1971 | 912.92 | 101.01 | 15.15 |
| March 18, 1971 | 916.83 | 101.19 | 17.91 |
| March 17, 1971 | 914.02 | 101.12 | 17.07 |
| March 16, 1971 | 914.64 | 101.21 | 22.27 |
| March 15, 1971 | 908.20 | 100.71 | 18.92 |
| March 12, 1971 | 898.34 | 99.57 | 14.68 |