News stories from Friday June 11, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon said that the federal government will not force suburbs to accept low income housing projects; he made a distinction between racial discrimination and economic discrimination and said the law allows for economic discrimination.
Black Jack, Missouri, was incorporated as a city last August, and passed a zoning ordinance prohibiting the construction of new apartment buildings; that ordinance prevents the building of a low income project. The zoning commission chairman said that local people expect that Housing Secretary George Romney will try to use the civil rights act to beat them into submission. People are afraid of a repetition of St. Louis' Pruitt-Igo housing project disaster. The ACLU has filed a lawsuit against the city of Black Jack, challenging the constitutionality of economic discrimination.
[CBS] - House Ways and Means Committee chairman Wilbur Mills has proposed an alternative to the Nixon administration's revenue sharing plan. [CBS]
- President Nixon asked Congress to pass a bill to pay $50,000 to the families of policemen who are killed in the line of duty. [CBS]
- The chairman of the Lockheed Aircraft Corporation testified before a Senate committee concerning approval of the government's $250 million loan. Dan Haughton denied mismanaging of the company and stated that he would resign if that was necessary for the loan to be approved; but having all board members resign would cause customers to leave, making the loan worthless. Haughton said that if work continues the $1.4 billion which has already been invested will be made back, otherwise the money is lost. Lockheed needs Congress to approve the loan within the next 30-40 days. [CBS]
- Japan announced that it will allow the Chrysler Corporation to invest $100 million in Mitsubishi Motors. [CBS]
- North Vietnamese forces captured Srang, Cambodia; South Vietnam President Nguyen Van Thieu ousted five cabinet ministers and transferred a sixth, leaving only his most loyal supporters in place. [CBS]
- Lt. John Vequist is the first U.S. Military Academy graduate to seek asylum in Sweden. Vequist says that he is seeking asylum because his conscience won't allow him to fight in the Vietnam war; he doubts that his family will wholeheartedly support his action and thinks that most other West Point graduates hate him for ruining their reputation. [CBS]
- The Pentagon announced that General George Young, who was censured for inadequately investigating the My Lai massacre, will retire as of June 30; demoted General Samuel Koster has been transferred. [CBS]
- A federal judge has ordered the Army not to send two black soldiers back to West Germany to serve three-year prison terms for attempted rape; Bernard Tucker and Nathaniel Holmes will be given a hearing in federal court. [CBS]
- Soviet party leader Leonid Brezhnev announced his willingness to discuss U.S.-USSR naval force reductions in the Mediterranean Sea during negotiations for troop reductions in Europe. [CBS]
- The White House was closed today to prepare for Tricia Nixon's wedding tomorrow; President Nixon took part in wedding rehearsals. Tricia said that her father advised her to be happy, and she said that she isn't nervous. [CBS]
- The Republican National Committee announced that California Governor Ronald Reagan has agreed to make campaign speeches for a $25,000 fee or 20% of the gross, whichever is smaller. [CBS]
- The FCC reported that it will review its "fairness doctrine" which requires television and radio to present all sides of controversial issues. [CBS]
- Pope Paul instituted reforms to simplify the annulments of marriages. [CBS]
- The corn blight has appeared again this year, spreading across 11 Illinois counties so far. The development of hybrids to combat the disease is expected to take at least two years. Sweet corn is not affected by the blight. [CBS]
- An earthquake hit Santo Domingo in the Dominican Republic; another quake hit the Pacific Ocean near the Amchitka Island, Alaska, nuclear test site. [CBS]
- Four students were killed in rioting in Mexico City; students claim that 10 were killed by police. [CBS]
- The death toll from the Illinois Central train derailment has been revised down to 11; the cause is believed to be a locked wheel. A public hearing on the accident will be held within 30 days. [CBS]
- Federal officials have recaptured Alcatraz Island from Indians after 19 months. [CBS]
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Dow Jones Industrial Average: 916.47 (+0.51, +0.06%)
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 10, 1971 | 915.96 | 100.64 | 12.45 |
| June 9, 1971 | 912.46 | 100.29 | 14.25 |
| June 8, 1971 | 915.01 | 100.32 | 13.61 |
| June 7, 1971 | 923.06 | 101.09 | 13.80 |
| June 4, 1971 | 922.15 | 101.30 | 14.40 |
| June 3, 1971 | 921.30 | 101.01 | 18.79 |
| June 2, 1971 | 919.62 | 100.96 | 17.74 |
| June 1, 1971 | 913.65 | 100.20 | 11.93 |
| May 28, 1971 | 907.81 | 99.63 | 11.76 |
| May 27, 1971 | 905.78 | 99.40 | 12.61 |