News stories from Tuesday May 25, 1971

Summaries of the stories the major media outlets considered to be of particular importance on this date:

The 14th Czechoslovakian Communist party congress convened in Prague; party leader Gustav Husak addressed the congress. [CBS] President Nixon dedicated four state waterways in Alabama. In Mobile, Governor George Wallace said that the people of Alabama have great respect for President Nixon. The crowd included protesters who expressed anti-busing, anti-Nixon sentiments. The President expressed his contempt for northerners who criticize the South's racial problems. [CBS] The Justice Department will require Southern states to prove in advance that any proposed voting law changes are not racially discriminatory. [CBS] The Soviet Union introduced their supersonic transport, the TU-144, at the Paris Air Show. The TU-144 flies faster and farther than the Concorde, but carries fewer passengers; the TU-144 costs about $20 million. The Concorde made a test flight from Toulouse, France, to Dakar in western Africa in 2 ½ hours. [CBS] The Pentagon is refusing to give Congress the details of Lockheed Aircraft's financial situation. [CBS] Assistant Defense Secretary Robert Froehlke has reportedly been chosen to succeed Army Secretary Stanley Resor. [CBS] The Senate will vote on the draft extension bill after amendments to the bill were defeated. Senator Edward Kennedy said that the amendment for bonus pay for combat volunteers only appeals to the poor and its effect is to get the poor to serve as "cannon fodder". Senator John Stennis said he thinks that men in combat are entitled to a bonus. The vote tomorrow on an amendment to increase military pay could affect the draft extension bill. [CBS] Racial violence resulted in one dead, 10 injured and 135 arrests at Travis Air Force Base, California. [CBS] A helicopter carrying Generals John Cushman and Ngo Quang Truong was shot down; they were rescued by another helicopter. [CBS] A bomb destroyed a police station in Belfast, Northern Ireland; more than 20 people were injured. [CBS] President Sadat greeted Soviet President Podgorny and his delegation in Cairo; the USSR is concerned about the Sadat's recent purge of pro-Russian officials in the Egyptian government. [CBS] Judge Otto Kerner testified before a Senate committee and said that he sees few improvements in the national racial climate since the 1967 riots. [CBS] Senator Edward Kennedy said that presidential commissions could be the conscience of the nation, but they are speaking to deaf ears. [CBS] Judge Harold Mulvey dismissed charges against Black Panthers Bobby Seale and Ericka Huggins following their trial which ended yesterday with a hung jury. [CBS] The "Harrisburg 7" defendants were arraigned in Harrisburg, Pennsylvania. The defendants refused to make any plea so the judge entered not-guilty pleas for them. Defendant Sister Elizabeth McAlister said that she refused to submit a plea because of the illegalities in the government's preparation of the case. Defendant Eqbal Ahmad said that they can't plead not-guilty to the charges because they are members of a community of war resisters. [CBS] U.S. Treasury Undersecretary Paul Volcker told an international conference that other nations should take over more of their own defense and ease restrictive trade policies in order to relieve the burden on the U.S. dollar. [CBS] Heavyweight boxing champ Joe Frazier's European singing tour is drawing small crowds. Frazier missed a luncheon today with the U.S. ambassador to Austria. [CBS] 5,000 police officers, some from as far away as Cleveland, attended the funeral for the policemen who were killed in New York City last Friday. Mayor John Lindsay and Harlem political leaders also attended the funeral. [CBS]

Stock Market Report

Dow Jones Industrial Average: 906.69 (-6.46, -0.71%)
S&P Composite: 99.47 (-0.66, -0.66%)
Arms Index: 0.84

	Issues	Volume*
Advances	363	4.21
Declines	1,027	9.95
Unchanged	274	1.90
Total Volume		16.06

* in millions of shares

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*
May 24, 1971	913.15	100.13	12.06
May 21, 1971	921.87	100.99	12.09
May 20, 1971	923.41	101.31	13.34
May 19, 1971	920.04	101.07	11.74
May 18, 1971	918.56	100.83	17.64
May 17, 1971	921.30	100.69	15.98
May 14, 1971	936.06	102.21	16.43
May 13, 1971	936.34	102.69	17.64
May 12, 1971	937.46	102.90	15.14
May 11, 1971	937.25	102.62	17.73