News stories from Friday July 24, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In Fargo, North Dakota, President Nixon met with farm state governors to discuss agricultural problems, and supported Republican candidates. The White House denied that the trip is political. [CBS]
- President Nixon signed a $1 billion subsidy and loan program to help home builders and industry. [CBS]
- The Justice Department is suing eight companies for mercury pollution under an 1899 law; the companies are Georgia-Pacific, Olin, Oxford Paper, Weyerhauser, Diamond Shamrock, Allied Chemical, Intl. Minerals and Chemical Corporation and Pennwalt. Georgia-Pacific claims that it's developed a mercury recycling device. [CBS]
- New legislation passed by Congress bans oil spills and institutes tough penalties for even minor spills. [CBS]
- Charles Manson's murder trial has begun. The prosecutor called Manson a megalomaniac who was trying to start a race war. The defense attorney said that the prosecutor's statements were slanderous and defamatory. [CBS]
- The Senate has begun debate on a $19 billion weapons bill; Senator John Stennis said that an anti-ballistic missile system is mandatory for the United States. [CBS]
- The Campus Unrest Commission concluded its fifth day of hearings. Berkeley professor Edward Teller accused the "New Left" of attacking academic freedom, and stated that if U.S. military research is halted while totalitarian countries continue, freedom of speech in America won't last.
The commission will investigate last May's Jackson State College shootings.
[CBS] - American planes destroyed abandoned U.S. Fire Base Ripcord in South Vietnam. The first U.S. Marine division has begun its withdrawal from Vietnam, and ¼ of the American military in the Philippines is to be pulled out as well. [CBS]
- United Arab Republic President Gamal Abdel Nasser says he doubts that Israel will ever accept the U.S. Mideast peace proposal. The Greek government announced that it will release seven Arab guerrillas in exchange for the safety of hijacked passengers. [CBS]
- Sgt. William Higdon has been court-martialed for stealing and for accepting bribes while in charge of servicemen's clubs in Vietnam. [CBS]
- California vineyard workers are organizing and may change the whole agriculture industry. The United Farm Workers union has won 35-40% of grape industry contracts after a bitter fight. UFU leader Cesar Chavez is pleased with gains made by the union; wages and fringe benefits have increased. Stores selling non-union grapes are being picketed. Melon and citrus growers are now under siege by the union. Chavez says he will continue legal, moral, non-violent activity. No other part of agriculture has ever been as unionized as California vineyards. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 730.22 (-2.46, -0.34%)
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* |
| July 23, 1970 | 732.68 | 78.00 | 12.46 |
| July 22, 1970 | 724.67 | 77.03 | 12.46 |
| July 21, 1970 | 722.07 | 76.98 | 9.94 |
| July 20, 1970 | 733.91 | 77.72 | 11.66 |
| July 17, 1970 | 735.08 | 77.69 | 13.87 |
| July 16, 1970 | 723.44 | 76.34 | 12.20 |
| July 15, 1970 | 711.66 | 75.23 | 8.86 |
| July 14, 1970 | 703.04 | 74.42 | 7.36 |
| July 13, 1970 | 702.22 | 74.48 | 7.45 |
| July 10, 1970 | 700.10 | 74.57 | 10.16 |