News stories from Thursday July 29, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Agriculture Department announced a second recall of the Hormel company's Genoa salami; it is believed that the salami is contaminated. [CBS]
- The Bon Vivant corporation declared bankruptcy; all Bon Vivant products were ordered recalled after botulism was found in five cans of vichyssoise soup. Bon Vivant president Andrew Paretti said that the soup manufacturing plant is immaculate, and he believes he should be allowed to sell all products other than vichyssoise. [CBS]
- The Nixon administration is proposing a 10-year changeover to the metric system in the United States. [CBS]
- One robber was killed, one was wounded, two were captured and one escaped in a bank robbery in New York City; all of the stolen money was recovered. [CBS]
- The Justice Department confirmed that $11,000 was paid to relocate the family of Vincent Teresa before he testified at Senate racketeering hearings; Teresa's jail sentence has been reduced from 20 years to five years. [CBS]
- Apollo 15 may be the most important flight of the Apollo program, because the landing site is difficult and this mission may yield the most new knowledge about the moon of all past and future Apollo flights. [CBS]
- President Nixon wrote a letter of condolence to the 12-year-old daughter of Soviet cosmonaut Georgi Dobrovolsky, who was killed in the Soyuz II accident. [CBS]
- Apollo 15 is circling the moon. Astronauts David Scott and James Irwin will land on the moon tomorrow. [CBS]
- An informal House-Senate agreement has reportedly been reached on a compromise antiwar amendment to the draft bill, but a compromise on the Lockheed Aircraft Corporation loan collapsed. A compromise had been reached to end the filibuster in exchange for a vote on the $250 million Lockheed loan only; the administration backed off the compromise due to uncertainty of the outcome of the vote. The Senate will vote on ending the filibuster tomorrow.
A rival firm has unveiled its version of the Lockheed Tri-Star airbus. The FAA certified the McDonnell Douglas DC-10 Tri-Jet airbus; the DC-10 will be flown commercially in three weeks. McDonnell Douglas chairman James McDonnell said that the DC-10 is an example of what can be created in a competitive enterprise system.
[CBS] - The new U.S. Postal Service will issue $250 million in bonds; Rep. Morris Udall said that President Nixon's former law firm should be removed from consideration in preparing the bond issue due to their ties to the administration. [CBS]
- Steel industry negotiations are continuing secretly; the United Steel Workers reportedly rejected an offer from steel companies.
Kennecott Copper reached an agreement with some local workers, but the general copper strike continues as does the west coast longshoremen's strike.
[CBS] - Ford Motor Company announced wholesale price increases for their 1972 cars; the increases average 5.2%. [CBS]
- The Atomic Energy Commission discussed the sharing of nuclear secrets with 10 free-world countries. [CBS]
- 3,500 South Vietnamese troops drove into Cambodia to block enemy infiltration into South Vietnam.
President Nguyen Van Thieu and General Duong Van Minh qualified for the South Vietnam presidential election ballot; Vice President Nguyen Cao Ky is having trouble qualifying.
[CBS] - David Bruce proposed a cease-fire during his final session as U.S. Paris Peace Talks negotiator today. [CBS]
- Two Senate committees are attempting to strengthen Congress' role in creating foreign policy. The Senate Foreign Relations Committee voted to cut all foreign aid funds within 35 days unless it receives a top secret Pentagon study on foreign aid. Former Secretary of State Dean Rusk testified in opposition to the proposed legislation. Rusk said that improving relations with China and determining policy toward admitting China to the United Nations are both presidential functions, though the President should keep Congress informed. Former ambassador Averell Harriman believes that Congress should be told more about President Nixon's China trip. [CBS]
- The FDA reported that most of the contaminated chicken feed from a Wilmington, North Carolina, factory has been consumed; the Agriculture Department reported that no contaminated chickens have reached the public. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 861.42 (-10.59, -1.21%)
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 28, 1971 | 872.01 | 97.07 | 13.94 |
| July 27, 1971 | 880.70 | 97.78 | 11.56 |
| July 26, 1971 | 888.87 | 98.67 | 9.93 |
| July 23, 1971 | 887.78 | 98.94 | 12.37 |
| July 22, 1971 | 886.68 | 99.11 | 12.57 |
| July 21, 1971 | 890.84 | 99.28 | 11.92 |
| July 20, 1971 | 892.30 | 99.32 | 12.54 |
| July 19, 1971 | 886.39 | 98.93 | 11.43 |
| July 16, 1971 | 888.51 | 99.11 | 13.87 |
| July 15, 1971 | 888.87 | 99.28 | 13.08 |