News stories from Friday March 20, 1970

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

The scattered post office strikes may end due to a meeting between Labor Secretary George Shultz and union leaders; work is scheduled to resume pending a five-day settlement deadline. A national walkout is likely if an agreement is not reached.Mailmen across the country support the strike for a pay increase, better insurance, collective bargaining and a shorter seniority period. Letter Carriers Association president James Rademacher believes that the striking men will return to work, but he noted that the workers are voicing legitimate grievances. A question is whether the mailmen will obey union leaders. Letter carriers in Minneapolis and Pittsburgh went on strike despite union orders not to do so. [CBS] Prices increased 0.5% last month. President Nixon claims that inflation is under control. [CBS] G. Harrold Carswell's Senate support is eroding, as four Republican Senators are now said to be reconsidering their support for the Supreme Court nominee. Minority Leader Hugh Scott doesn't favor Carswell, but says that he won't oppose President Nixon again after having helped scuttle the previous nominee, Judge Clement Haynsworth. [CBS] The Senate confirmed Curtis Tarr as Director of the Selective Service. [CBS] The Senate Foreign Relations Committee approved a plan to stop U.S. and Soviet offensive and defensive missile deployment. Committee chairman William Fulbright called the arms race "insanity." [CBS] President Nixon proposed tax breaks for small businessmen. [CBS] An arsonist ignited a hotel in Seattle, killing 20 people. Flammable liquid exploded in the lobby; the building was gutted. [CBS] Thai troops are fighting against the Communists in Laos. Those troops were flown into combat in U.S.-chartered transports. Eighty thousand North Vietnamese are advancing on Long Cheng. [CBS] The Cambodian government is prepared to crush any attempt by Prince Sihanouk to retake power. Sihanouk may use Cambodian Communist forces in a counter-coup. South Vietnam Vice President Nguyen Cao Ky is concerned that Sihanouk's ouster may cause a Cambodian civil war, yielding an eventual North Vietnamese takeover of that country. [CBS] President Nixon's civil rights statement has been postponed until next week; there was no explanation for the delay. [CBS] Black Muslims in Ashville, Alabama, have abandoned their cattle farm. White hostility and the poisoning of the cattle drove the Muslims away. Rev. James Bishop declared that the Muslims can go back where they came from; farm manager John Davis says he will move to a friendlier area.Whites fear a new black nation in the South. Rev. Bishop observed that Muslims won't fight for America, and he believes that Muslims are as dangerous as Cuban Communists. Davis replied that he would be treated better in Cuba or Russia than he is in Alabama. [CBS] The FDA is increasing its investigation of saccharin, which causes cancer in mice. [CBS] American Cancer Society president Jonathan Rhoads stated that air pollution causes cancer. A University of North Carolina home economics professor said that air pollution dissolves and discolors $2 billion in fabrics each year. [CBS] Interior Secretary Walter Hickel cited 140 Chevron Oil Company violations in the Gulf of Mexico and is seeking funds to increase inspections. Senator Gaylord Nelson wants all oil offshore drilling halted until safety measures are developed. [CBS] Television is a costly weapon for political candidates. 73% of Senators and 50% of Representatives spent over half of their campaign funds on TV commercials during the last election. National Committee for an Effective Congress director Russell Hemenway believes that all candidates should have access to television at reasonable costs, and the National Association of Broadcasters' Vincent Wasilewski says that suspension of the "equal time" rule would improve the situation. [CBS]

Stock Market Report

Dow Jones Industrial Average: 763.66 (-1.32, -0.17%)
S&P Composite: 87.06 (-0.36, -0.41%)
Arms Index: 1.10

	Issues	Volume*
Advances	411	2.09
Declines	864	4.83
Unchanged	281	1.00
Total Volume		7.92

* 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
Date	DJIA	S&P	Volume*
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
March 10, 1970	779.70	88.75	9.45
March 9, 1970	778.31	88.51	9.76
March 6, 1970	784.12	89.44	10.98