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Wednesday August 11, 1971
. . . where the 1970s live forever!

News stories from Wednesday August 11, 1971


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

  • New York City Mayor John Lindsay announced his switch from the Republican party to the Democratic party. Lindsay said that he enrolled in the Democratic party because of 20 years of failure of Republican politics; the Republican Party has moved so far from policies Lindsay considers necessary that he can no longer work within it. Lindsay said that the Democratic party offers the best hope for a change in the direction of the country; he doesn't know if he will run for president, but wants to build a coalition to bring changes to government. President Nixon had no comment concerning Lindsay's decision. [CBS]
  • Political leaders in both parties reacted to John Lindsay's party switch. Senator Edward Muskie applauded Lindsay's decision; Senator Hubert Humphrey thinks Lindsay represents a trend of turning away from the Nixon administration. Eugene McCarthy thinks that Lindsay has better Democratic credentials than some already in the party. Chicago mayor Richard Daley was delighted to hear of Lindsay's decision.

    On the Republican side, Senator Strom Thurmond said that he thinks Lindsay made a wise decision. California Governor Ronald Reagan said that Lindsay has set an example which might be followed by others in both parties. Rep. Pete McCloskey believes that Lindsay's decision hurts the Republican party. Senator Barry Goldwater said that if Lindsay ever becomes President, he must do a better job than he has done as New York City Mayor or America will be in a mess. [CBS]

  • John Lindsay's dissatisfaction with the Republican party had been growing for some time; Democratic party leaders welcomed Lindsay grudgingly because of his political ambitions. An aide said that Lindsay won't announce his presidential candidacy within the next four months.

    New York City residents wonder why Lindsay should be president of the United States when he has failed to solve New York City's problems; although the hard hats and white ethnics view Lindsay as a radical, he remains a plausible political star. [CBS]

  • In Idaho Falls, voters are recalling state Senator Fisher Ellsworth and state Rep. Aden Hyde for supporting a pay raise for members of the Idaho legislature. [CBS]
  • President Nixon clarified his policy on school busing. He is opposed to busing to achieve school desegregation, and ordered administration officials not to use busing except where necessary or they risk the loss of their job. Health, Education and Welfare Secretary Elliot Richardson is reportedly unhappy with the President's position. Alabama Governor George Wallace had urged Nixon to clarify his busing policy last night. [CBS]
  • The Justice Department is dropping its investigation into Alabama Governor George Wallace's 1968 campaign contributions due to a lack of evidence. [CBS]
  • Four more persons were killed in a third day of violence in Northern Ireland. Irish Republican Army leader Sean MacStiofain says that the IRA regards the 16,000 British soldiers in Northern Ireland as targets, and he expects an intensification of the activities of IRA units. [CBS]
  • Senator Edward Kennedy believes that his criticism of Pakistan was responsible for the cancellation of his trip there. Kennedy viewed East Pakistani refugee camps in Calcutta, India, today. [CBS]
  • A military judge has found Marine Sgt. Jon Sweeney not guilty of charges of running away in the face of the enemy and communicating with the enemy in South Vietnam. [CBS]
  • Acting Cambodian Prime Minister Sisowath Matak said that Cambodia, with the aid of the U.S., is planning a winter offensive to recapture four provinces from the Communists. [CBS]
  • The Soviet Union, in an obvious reference to Rumania, said that it will not tolerate any ally adopting a neutral stance toward China. [CBS]
  • A Russian airliner reportedly crashed at Irkutsk last week; 80-100 people were killed. [CBS]
  • NASA released a film shot by the Apollo 15 astronauts showing the lunar module landing on the moon and astronauts David Scott and James Irwin on the moon. The film also shows the blast-off from the moon and the satellite which was left behind in moon orbit. [CBS]
  • The University of Florida and the federal government are suing Gatorade manufacturer Stokely-Van Camp for profits from the product; Gatorade was developed at the University of Florida with funds from the federal government. [CBS]


Stock Market Report

Dow Jones Industrial Average: 846.38 (+6.79, +0.81%)
S&P Composite: 94.66 (+1.12, +1.20%)
Arms Index: 0.93

IssuesVolume*
Advances9357.64
Declines3882.94
Unchanged3120.79
Total Volume11.37
* 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
DateDJIAS&PVolume*
August 10, 1971839.5993.549.46
August 9, 1971842.6593.538.11
August 6, 1971850.6194.259.49
August 5, 1971849.4594.0912.10
August 4, 1971844.9293.8915.41
August 3, 1971850.0394.5112.49
August 2, 1971864.9295.9611.87
July 30, 1971858.4395.5812.97
July 29, 1971861.4296.0314.57
July 28, 1971872.0197.0713.94


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