News stories from Tuesday June 23, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Concern about the U.S. economy is extremely high after Penn Central's bankruptcy; Chrysler Corporation stock faltered today but then recovered. Congress wants a major investigation into Penn Central, and has introduced bills for a $750 million railroad emergency fund. [CBS]
- The Treasury Department is redeeming partly burned $100 bills which are held by North Vietnam. $96,000 in genuine and burned bills are being exchanged for new ones.
But $72,000 more won't be redeemed. The money was circulated from Asia and Latin America; it is part of a $7 million cache from Viet Cong and North Vietnamese Cambodian embassies. The Treasury invoked the "dealing with the enemy act" and won't accept the bills.
[CBS] - A federal suit has been filed challenging the constitutionality of the 18-year-old vote; it also challenges residency requirements and the abolition of literacy tests. [CBS]
- The Associated Press reports that American beef contains the artificial hormone DES, which increases the weight of cattle but causes cancer in mice; the report claims that the practice is continuing despite its illegality and with the knowledge of federal officials. The FDA says that the amounts of DES are insignificant, but cancer experts disagree. [CBS]
- The American Medical Association announced that it opposes warnings on packages of birth control pills; they said that the warnings would scare pill users and hurt patient-doctor relations. [CBS]
- Vice President Spiro Agnew says that Americans are on a national "drug trip", and that the drug culture is threatening society. Agnew says that alcohol is OK, but marijuana isn't. [CBS]
- The $250 million Navy unmanned helicopter program has failed; 411 of 740 have crashed and the remaining helicopters are now in storage. Rep. Sidney Yates charges that the operation was funded while research was still going on. The anti-submarine program "DASH" has fallen through as well. [CBS]
- Communists struck near Phnom Penh, Cambodia; Cambodians are retreating. [CBS]
- Although air strikes by the U.S. in North Vietnam are officially over, POWs remain. In Sacramento, relatives of American prisoners of war are lobbying the California legislature to petition Hanoi for better treatment of POWs and a full list of names. The amount of influence of the California legislature on Hanoi is questionable. [CBS]
- The Army has dropped My Lai cover-up charges against General George Young, Col. Nels Parson and Maj. Robert McKnight. [CBS]
- A Canadian right-wing group obtained an assault warrant against "Chicago 7" attorney William Kunstler after a fracas at a University of Toronto speech; Kunstler poured a pitcher of water on the group's founder. [CBS]
- Soviet cosmonauts Andrian Nikolayev and Vitali Sevastyanov lost weight and developed cardiovascular instability as a result of their record space flight. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 698.11 (-18.00, -2.51%)
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* |
| June 22, 1970 | 716.11 | 76.64 | 8.70 |
| June 19, 1970 | 720.43 | 77.05 | 10.98 |
| June 18, 1970 | 712.69 | 76.51 | 8.87 |
| June 17, 1970 | 704.68 | 76.00 | 9.87 |
| June 16, 1970 | 706.26 | 76.15 | 11.33 |
| June 15, 1970 | 687.36 | 74.38 | 6.92 |
| June 12, 1970 | 684.21 | 74.21 | 8.89 |
| June 11, 1970 | 684.42 | 74.45 | 7.77 |
| June 10, 1970 | 694.35 | 75.48 | 7.24 |
| June 9, 1970 | 700.16 | 76.25 | 7.05 |