News stories from Monday July 19, 1971

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

President Nixon discussed his trip to the People's Republic of China with Congress; Nixon wants a meeting with Soviet leaders to balance the China trip. Senator Mike Mansfield said that President Nixon needs the support of Congress and the American people if substantive results are to come from the trip to China. Senator Hugh Scott reported that the President asked congressmen to restrain their comment in order to avoid misinterpretation by China. Senator Edward Kennedy called the trip a "magnificent gesture".Vice President Agnew was not informed of the trip before its announcement in order to insure secrecy and because of Agnew's criticism of the U.S. ping-pong team's visit to China earlier this year. [CBS] It was reported that 100,000 U.S. soldiers will be out of South Vietnam in seven months, over a month ahead of schedule; 50,000 will be withdrawn in the next 2 ½ months. The U.S. base at Phu Loi was hit by rockets today.South Vietnam called on North Vietnam to join in a cease-fire. Pravda reported that 10 teenage Viet Cong soldiers were given summer vacations in the Soviet Union. [CBS] A tentative agreement was reached in the telephone workers' strike; strikers will return to work Wednesday. Progress was reported in the U.S. Postal Service workers' negotiations. [CBS] The Senate voted to continue the Subversive Activities Control Board; the board costs $450,000 per year. Senator William Proxmire said that the Senate failed to kill the board because anyone who is opposed to subversion and Communism is able to get anything they want, so the control board has nothing to do. Those voting to continue the board did so without enthusiasm. [CBS] The FBI may be sued for sex discrimination. Mrs. Sandra Nemser wants to become the first female FBI agent; she told of going to the Justice Department to apply for a job as a secret agent, but FBI director J. Edgar Hoover wrote Nemser a letter stating that an agent's job is too dangerous for a woman. Nemser said she found out that no FBI agents have been hurt this year, and only two were last year; she says that being an agent would give her a chance to travel and meet people. [CBS] President Nixon proposed that the FDA be converted to a consumer safety administration which would have authority over household goods. [CBS] The Transportation Department shelved a plan to require low bumper guards on trucks and trailers on the basis that it would cost too much in proportion to the number of lives it would save. [CBS] U.S. and Mexican officials met to discuss the sleeping sickness epidemic which is affecting horses. In San Luis Potosi, Mexico, over 1,700 people have become ill from sleeping sickness. U.S. Surgeon General Jesse Steinfeld said that the disease is not as fatal for humans as it is for horses, but he advised people to use mosquito repellent. Steinfeld doesn't think that people other than those working in laboratories need to be vaccinated.6,000 horses have died of the disease in Mexico. [CBS] Ecologists continue to block construction of the trans-Alaska pipeline. At Prudhoe Bay, 42 completed wells are ready to pump oil from northern Alaska. 15 construction companies have gone bankrupt waiting for pipeline approval; recoating stored pipe to prevent rusting is the only activity going on. [CBS] A group of military officers seized control of the government in the Sudan and are promising to bring democracy to the country. [CBS] The Jordanian government claims to have crushed the Palestinian guerrilla movement after five days of fighting. [CBS] In order to get the economy moving, the government in Britain cut sales taxes up to 10% and eliminated restrictions on installment buying. [CBS] Former Secretary of State Dean Acheson recently criticized President John F. Kennedy's handling of the Cuban missile crisis. Today an aide to Senator Edward Kennedy released a letter written to President Kennedy by Acheson after the crisis; the letter praised his judgment. [CBS] NASA assured the Soviet Union that the Soyuz II tragedy poses no new problems for Apollo 15; Apollo 15's moon flight launches next Monday. [CBS] Pele, the world's greatest soccer player, has "retired" from the Brazilian national team; he will continue playing with his home club in Santos, Brazil. [CBS]

Stock Market Report

Dow Jones Industrial Average: 886.39 (-2.12, -0.24%)
S&P Composite: 98.93 (-0.18, -0.18%)
Arms Index: 0.81

	Issues	Volume*
Advances	515	4.26
Declines	827	5.57
Unchanged	310	1.60
Total Volume		11.43

* 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*
July 16, 1971	888.51	99.11	13.87
July 15, 1971	888.87	99.28	13.08
July 14, 1971	891.21	99.22	14.36
July 13, 1971	892.38	99.50	13.54
July 12, 1971	903.40	100.82	12.02
July 9, 1971	901.80	100.69	12.64
July 8, 1971	900.99	100.34	13.92
July 7, 1971	895.88	100.04	14.52
July 6, 1971	892.30	99.76	10.44
July 2, 1971	890.19	99.78	9.96