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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jul 19, 1971
Page
11
The morning tape shows mixed activity on the New York Stock Exchange with notable gains in some issues and declines in others. Traders watched price swings across utilities and energy sectors as investors reassessed earnings and external signals amid a choppy session.
Magma Copper proposes a three year contract for about 3,000 workers amid a broad West Coast copper strike that shut mines and mills, while 15,000 longshoremen walk off across 24 ports from Canada to Mexico. Rail unions dispute work rules as two Western railroads face ongoing walkouts.
Washington union negotiators and postal management entered their second day of 24 hour talks to seal a contract. A Labor Department official said progress was being made as both sides held firm despite a Sunday midnight deadline for binding arbitration. The Postal Service had offered a $750 million package on July 1, with Postmaster General William Blount joining the talks.
Washington Rep. Wilbur Mills of Arkansas says Treasury Secretary Connally should resign to avoid becoming the scapegoat for the economy. He hints he would advise Connally to quit if asked and notes the political risk to Democrats if Connally stays in office. Mills also says businessmen have approached him about entering the 1968 nomination.
Washington reports a decline in unemployment among Vietnam era veterans aged 20 to 38 from 11 percent in February to 8.1 percent in June. The Bureau of Labor Statistics also notes a fall for male veterans of the same age from 8.7 percent to 7.0 percent last month.
The Los Angeles based West Coast exchange warns it will open trading for a new coin despite a Treasury warning that such action could violate the Gold Reserve Act of 1934. The exchange filed suit in U S District Court to block Treasury interrupt.
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