News stories from Wednesday August 4, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon has relaxed his opposition to a wage-price review board; he is willing to consider a review board if he becomes convinced that it will reduce inflation without stifling the economy. The President promised that unemployment will decrease by the end of this year.
Senator Mike Mansfield says that President Nixon must act now to halt inflation; 13 Republican leaders have proposed legislation to fight inflation. The Senate Republicans proposed councils to increase productivity, and a wage-price review board. Senator Jacob Javits said that he supports President Nixon, but is making this proposal to help Nixon decide what is best for America. Senator Edward Brooke said that monetary and fiscal policies have proved insufficient to bring prices and wages under control.
[CBS] - Steel companies are laying off workers because steel users stockpiled reserves in anticipation of a strike. Union local president Jesse Arrendondo said that he thinks workers won't mind a 30-day layoff; steel workers will receive unemployment benefits during their layoff. [CBS]
- The Justice Department reported a half billion dollars worth of stocks and bonds were stolen in the first six months of this year. [CBS]
- The French government ordered banks to stop buying American dollars except from tourist and business interests; the value of the dollar fell on European money markets. [CBS]
- Lockheed Aircraft Corporation reported second quarter earnings of $3 million, assuming the success of the Tri-Star airbus. [CBS]
- The Chinese news agency accused Secretary of State Rogers of lying when he stated that the U.S. would continue relations with both Chinas. President Nixon cautioned against expecting a quick end of the Vietnam war to result from his trip to China. [CBS]
- The House passed a draft extension bill with an amendment urging President Nixon to set a Vietnam withdrawal date. [CBS]
- President Nixon promised that the U.S. will remain neutral in the South Vietnam presidential election.
South Vietnam Vice President Nguyen Cao Ky has been unable to gain enough endorsements to be placed on the ballot; the only certified candidate, other than President Nguyen Van Thieu, is General Duong Van Minh. The U.S. embassy is urging Thieu to allow Ky to run, but having no success.
[CBS] - Seven jurors have been selected for the trial of Col. Oran Henderson; Henderson pleaded not guilty to charges of covering up the My Lai massacre. [CBS]
- A federal magistrate recommended that Daniel Ellsberg stand trial in California for illegal possession of the Pentagon Papers. [CBS]
- All 14 East Pakistani members of the Pakistan embassy in Washington are seeking political asylum in the United States. [CBS]
- Apollo 15 astronauts launched a satellite into orbit around the moon; astronaut Alfred Worden will take a walk in space tomorrow. [CBS]
- Mississippi Lt. Governor Charles Sullivan and William Waller will be in the August 24th runoff for the Democratic gubernatorial nomination. [CBS]
- The Senate limited how much of a candidate's own money may be spent on a campaign; $50,000 for President, $35,000 for Senator, $25,000 for House. [CBS]
- New Hampshire is the site of the first presidential primary. President Nixon, Senators Birch Bayh, Henry Jackson, George McGovern and Rep. Pete McCloskey will visit New Hampshire soon. [CBS]
- The Senate Armed Services Committee denied funds to deploy anti-ballistic missile systems at Whiteman Air Force Base, Missouri, and near Washington, DC. [CBS]
- Railroads are working to clear the freight backlog following their strike settlement. [CBS]
- Two men are holding four hostages in a Munich, West Germany, bank and are demanding $465,000 ransom. [CBS]
- Police in Sydney, Australia, have arrested two men in connection with a half million dollar extortion of Qantas Airways. [CBS]
- The Vatican reports that Sister Fiorella, who was in charge of turning away improperly dressed people from St. Peter's Basilica, has been replaced due to nervous exhaustion. [CBS]
- Neighbors are turning against the Washington, DC Recycling Center. A petition is being circulated to get the center closed due to noise and the "city dump" atmosphere it has created. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 844.92 (-5.11, -0.60%)
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* |
| August 3, 1971 | 850.03 | 94.51 | 12.49 |
| August 2, 1971 | 864.92 | 95.96 | 11.87 |
| July 30, 1971 | 858.43 | 95.58 | 12.97 |
| July 29, 1971 | 861.42 | 96.03 | 14.57 |
| 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 |