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...list of possible nominees had been sent to the A.B.A.'s judiciary committee. "I put in about 50 calls to courts and law schools all over the country," says Miss Totenberg. After five hours on the telephone, she had assembled the complete list and sent it out on the Dow Jones news wire. Oddly enough, she talked frequently with Rehnquist that day but got no intimation that he was under consideration. He did not know it himself...
Economic Home Run. The first public reaction to this program was a mixture of approval and uncertainty. The most volatile economic indicator, the stock market, wobbled nervously. On the day after Nixon's speech, the Dow Jones industrial average fell nearly eight points, and it closed the week at 894. Investors found it difficult to appraise the program, and they were particularly unsure about what actions the new Interest and Dividends Committee might take...
...nation's businessmen and bankers generally supported the President's actions. Said A.W. ("Tom") Clausen, president of the Bank of America: "We believe his program will begin to make possible an orderly transition out of the freeze." With liberal use of metaphor, Dow Chemical Chairman Carl Gerstacker responded in terms that Sports Fan Nixon understands best: "The President has hit another home run in the fight against inflation." Chrysler Corp. Chairman Lynn Townsend voiced the hope that the Price Commission will allow some increases on '72 models, which came out during the freeze. Said he: "We price only once...
...guarded confidence at home. Some of the week's developments: THE ECONOMY. With the first rush of excitement subsiding, businessmen and consumers began looking for signs of the impact that Nixon's new program was having on the economy. The New York Stock Exchange's Dow Jones industrial average, which had soared to a high of 908.37 the previous week, started the week lower as Wall Street investors consolidated their gains and began to digest the possibility of an excess-profits tax; but it ended strongly at 912.75. The wholesale cost of food, industrial raw materials...
Partly as a result of the postponed approval of a large nuclear power plant in Midland (pop. 35,000), the Dow Chemical Co.-the city's biggest employer-announced that it intends to move one of its small chemical plants to the Gulf Coast, where electrical power is still relatively abundant and cheap. Many Midlanders jumped to the obvious conclusion that if the nukes were not quickly completed and placed in operation, Dow might shut down more of its Midland-based operations. Fearing for their jobs, they bought a full page ad in a local newspaper attacking environmentalist critics...