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Thursday August 12, 1971
. . . where the 1970s live forever!

News stories from Thursday August 12, 1971


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

  • Alabama Governor George Wallace is testing President Nixon's anti-busing policy by ordering a white girl reassigned to a school closer to her home. Wallace said that using his executive power to issue an order preventing the busing of hundreds of children is in keeping with President Nixon's policy, and he will see to it that those who assault teachers or other students are expelled. Wallace considers his action a test of White House sincerity.

    White House press secretary Ron Ziegler said that the busing issue is in the hands of the Justice Department; President Nixon is expected to try to avoid confrontation with Wallace. The U.S. Civil Rights Commission criticized President Nixon's stand on busing. [CBS]

  • South Vietnam Vice President Nguyen Cao Ky is making veiled threats against President Nguyen Van Thieu. Ky said that he will continue to fight legally and won't mention a coup. Ky is giving the South Vietnam Supreme Court until August 24th to reverse its decision rejecting his candidacy for president; Ky is hoping that the U.S. will pressure President Thieu into forcing the court to reverse its decision. [CBS]
  • North Vietnamese forces attacked South Vietnamese bases near the DMZ. [CBS]
  • No progress was reported at the Paris Peace Talks today. [CBS]
  • The Ad Council is preparing an advertising campaign to try to improve the lot of American POWs; relatives of the POWs' are beginning a counter-campaign. "Families for Immediate Release" opposes the Nixon administration-supported ad campaign which calls for North Vietnam to identify the POWs and tell where & how they are. The proposed television commercial from the Families for Immediate Release urges people to write their congressman and demand an end to the Vietnam war; Ad Council executive Alfred Seaman says that he doesn't see a conflict in wanting to end the war and bring the POWs home, and wanting to know how the POWs are in the meantime. [CBS]
  • George Bush, the U.S. ambassador to the United Nations, said rumors that the United States is not trying to save Taiwan's seat in the U.N. are untrue. [CBS]
  • The Senate Internal Security committee released its study of China; Dr. Richard Walker of the University of South Carolina created the study, which compares Mao Tse-tung to Joseph Stalin. Senator James Eastland says that America should use caution in dealing with Peking. [CBS]
  • Syria severed diplomatic relations with Jordan following heavy fighting along their border. [CBS]
  • More violence occurred in Northern Ireland. Irish Prime Minister John Lynch blames the government in Northern Ireland for the turmoil. A funeral was held for an IRA member who was killed Monday as British troops conducted a house-to-house search for weapons. Catholics burned an abandoned brickworks building to end its use by Protestant snipers; no firemen were present to control the fire. [CBS]
  • Currency speculators forced the U.S. dollar to an all time low in relationship to the West German Deutschmark. [CBS]
  • West German carrier Lufthansa vetoed a lower air fare schedule at a rate fixing meeting in Montreal; if Lufthansa doesn't approve the schedule by September 1, airlines will be free to fix their own new rate schedules. [CBS]
  • The Apollo 15 astronauts held a news conference in Houston. Astronaut David Scott described the details of pictures that were taken on the moon, and he told of leaving a plaque on the moon with the names of astronauts and cosmonauts who have died in the exploration of space. [CBS]
  • New York Democratic party chairman John Burns predicts that John Lindsay will create excitement similar to Robert F. Kennedy. Lindsay has little chance of winning the Democratic presidential nomination in 1972, and it will only strengthen the position of Senator Edmund Muskie if Lindsay declares his candidacy. Being on bad terms with both the New York state legislature and the Nixon administration, Lindsay's chances of improving conditions in New York City are poor. [CBS]
  • The Socialist Workers party announced its 1972 presidential ticket of Mrs. Linda Jenness for President and Andrew Pulley for Vice President; both are too young to qualify for those offices. [CBS]


Stock Market Report

Dow Jones Industrial Average: 859.01 (+12.63, +1.49%)
S&P Composite: 96.00 (+1.34, +1.42%)
Arms Index: 1.24

IssuesVolume*
Advances1,12311.05
Declines3103.78
Unchanged2421.08
Total Volume15.91
* 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 11, 1971846.3894.6611.37
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


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