20 YEARS AGO THIS WEEK: Appearing before a Congressional subcommittee in Los Angeles, recording artists urged passage of a law requiring radio stations to pay royalties to singers and musicians and not just composers each time a recording of their work is broadcast. Radio station owners argued that such a law would cripple their industry.
THE NEWSMAKER: Federal Trade Commission chairman Michael Pertschuk, at a news conference in Los Angeles, announced a nationwide investigation of price-fixing in the real estate industry, citing a “pattern of uniformity” in fees and commissions. A California Association of Realtors spokesman insisted commissions were set by negotiation.
March 30, 1978
Dow Jones Industrial Average: 759.62
New York Gold: $179.85
Gallon milk: $1.25
25-foot motor home: $18,578