News stories from Tuesday August 24, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Illinois Supreme Court ordered that the suppressed indictments by a special grand jury investigating the shootout between the police and Black Panthers Fred Hampton and Mark Clark be made public; the indictments charge Chicago prosecutor Edward Hanrahan and 13 others with conspiring to obstruct justice. Others indicted include an assistant state attorney, eight policemen involved in the raid and four policemen investigating the raid; Chicago police commissioner James Conlisk was named as a co-conspirator. Judge Joseph Power had suppressed the indictments on the grounds that the grand jury may have been improperly pressured by special prosecutor Barnabas Sears, though some charge that Mayor Daley ordered the indictments suppressed to avoid political embarrassment.
The indictment charges that crime laboratory experts conducted an inadequate investigation and Hanrahan arranged a false re-enactment for a television program. Black Panther attorney Kermit Coleman said that he will reserve his elation until those who were indicted are actually prosecuted. Hanrahan said that he has done nothing wrong, and welcomes an early hearing to demonstrate his innocence in court.
[CBS] - San Quentin Prison is imposing more security, restricting visits to inmates, and censoring revolutionary literature following the shootout in which six people were killed last Saturday; the search continues for the lawyer who visited inmate George Jackson before the killings. [CBS]
- Commerce Secretary Maurice Stans announced that businessmen and the Cost of Living Council agree with him that wage-price restraints may be necessary beyond the 90-day freeze. Stans said that he recommends avoiding the extremes of doing nothing beyond 90 days, and imposing permanent controls. The government decided today that welfare payments will not be frozen during the 90-day period. [CBS]
- The federal government is putting $800 million into the mortgage market to keep interest rates down. The action is expected to stimulate the buying, selling and building of homes. Gibraltar Savings and Loan Association president Herbert Young said that as a result of government action, it has reduced the prime rate on single family residence loans from 7.75% to 7.5%. [CBS]
- The European Common Market countries charged that the new U.S. economic policy violates international agreements; the International Monetary Fund reportedly may recommend new exchange rates with the U.S. dollar devalued. [CBS]
- American forces are on alert due to the political situation in South Vietnam; national assembly elections are five days away. 1,300 candidates are campaigning for 157 national assembly seats. Though over one-third of the candidates are military men, few are running on a platform of military victory over North Vietnam; most are urging national reconciliation. [CBS]
- U.S. soldiers at Quang Tri, South Vietnam, tarred a South Vietnamese soldier after catching him stealing a truckload of items from the base. [CBS]
- King Hussein of Jordan warned that Arab countries are not yet strong enough to engage in war with Israel. [CBS]
- Greek Premier Papadopoulos has reportedly dismissed his entire cabinet and will name a new one tomorrow. [CBS]
- Canada will phase out two squadrons of anti-aircraft missiles despite U.S. objections. [CBS]
- China is reportedly buying 22 Trident 2E jet passenger planes for $48 million. [CBS]
- A federal judge ruled that Alabama Governor George Wallace has no power to overrule a court order for the busing of students in Hobson City and Oxford, Alabama. [CBS]
- Pentagon civil rights chief Frank W. Render is reportedly going to resign soon. [CBS]
- A federal judge upheld the right of the Common Cause citizens group to take civil action regarding campaign contributions; national party committees may be forced to push for legislation with real limitations and penalties as a result. [CBS]
- A U.S. Navy oil spill is dirtying the Western White House beach at San Clemente, California. [CBS]
- Lobbyist Nathan Voloshen has died at age 73. Voloshon pleaded guilty last year to using former House Speaker John McCormack's office for influence peddling. [CBS]
- Negotiations in the west coast longshoremen's strike will begin tomorrow. [CBS]
- A school teacher in Somerset County, N.J., may lose her job as result of having a sex-change operation. The school board may fire Mrs. Paula Grossman because of her change from a man to a woman last March. Grossman says she wants to continue teaching at the same school, and thinks that the children are "resilient, human, and kind enough" to accept her explanation.
The school board has recommended that Grossman be fired due to the sensation she created and the resulting impairment of the school system. Grossman will take her case to court if necessary.
[CBS]
|
Stock Market Report
Dow Jones Industrial Average: 904.13 (+11.75, +1.32%)
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 23, 1971 | 892.38 | 99.34 | 13.04 |
| August 20, 1971 | 880.91 | 98.33 | 11.89 |
| August 19, 1971 | 880.77 | 98.16 | 14.19 |
| August 18, 1971 | 886.17 | 98.60 | 20.68 |
| August 17, 1971 | 899.90 | 99.99 | 26.79 |
| August 16, 1971 | 888.95 | 98.76 | 31.72 |
| August 13, 1971 | 856.02 | 95.69 | 9.96 |
| August 12, 1971 | 859.01 | 96.00 | 15.91 |
| August 11, 1971 | 846.38 | 94.66 | 11.37 |
| August 10, 1971 | 839.59 | 93.54 | 9.46 |