News stories from Friday August 27, 1971

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

Japan has decided to float the yen; Japanese exports have been practically halted since the new U.S. economic policy took effect. Japanese auto companies are raising car prices, and the ship building industry is likely to be hurt by the yen's floatation. The revaluation will hurt U.S. tourists visiting Japan; the Tokyo stock market continues to drop.The U.S. Treasury Department said that floating the yen is realistic and welcome; the dollar increased slightly in light trading on European money markets. [CBS] Housing Secretary George Romney recommends a wage-price review board after the 90-day freeze ends. Romney said that a review board could curb abuses of power by enforcing restraints through the courts; he feels that profits should also be limited. Though Romney maintains he's not speaking for the White House, he is the third cabinet member to discuss action beyond the 90-day freeze. [CBS] Tropical storm Doria hit the coast of North Carolina; New York City is under a hurricane watch. [CBS] Northern Italy has been hit by cyclones and hail storms; some of the hills around Rome have caught fire as the drought continues. India, Pakistan, Thailand and Laos are enduring floods. [CBS] Residents of Gary, Indiana, are protesting air pollution from U.S. Steel. The Gary air pollution appeals board ordered U.S. Steel to control emissions from their coke ovens within five years; the order will cost the company $250 million. [CBS] The Equal Employment Opportunity Commission may go to court to prevent companies from leaving cities to avoid ghettos. [CBS] The Democratic party has asked for equal time to respond to President Nixon's economic policy announcement. [CBS] Capt. Ernest Medina's trial is recessed for 10 days. Witness Frederick Widmer was cited for contempt after taking the fifth amendment. Defense lawyer F. Lee Bailey appealed to the White House to pressure South Vietnam into letting 2 Vietnamese witnesses testify in person. President Nixon reportedly won't try to get the Vietnamese witnesses to the trial. [CBS] A witness and the defense lawyers at Col. Oran Henderson's trial told about missing reports concerning the My Lai massacre. [CBS] At Fort McPherson, Georgia, General Ralph Haines presented a trophy to the U.S. Third Army for having the highest re-enlistment rate in America. Though largely responsible for the high rate, Col. Anthony Herbert did not play an active role in the award ceremony. Herbert was told that he couldn't receive the award because of a lack of time, but Herbert thinks the fact that he has accused his superiors of atrocities in the Vietnam war was the primary factor in his not being allowed to participate. Herbert said that the Army shouldn't feel embarrassed by his accusations. [CBS] Five U.S. soldiers were killed in an ambush near Danang, South Vietnam. [CBS] U.S. personnel have been ordered to stay off the streets of Saigon in anticipation of South Vietnam's national assembly election this weekend. National assembly candidate Tran Tuan Nham threatened to burn himself to death in protest of President Nguyen Van Thieu's repressive election policies; Nham has charged that the U.S. is behind the repression. Police arrested Nham and his campaign workers on charges of disturbing the public order. [CBS] President Nixon approved the Berlin agreement. [CBS] A federal judge refused the request by 33 congressmen to release a report recommending the cancellation of the Amchitka Island nuclear test. The test is to be the largest U.S. underground nuclear blast ever, and environmentalists fear the test could trigger an earthquake or a tidal wave; it may affect sea otters and bald eagles.Senator Mike Gravel thinks that if enough pressure is applied to President Nixon, he'll call off the test. The explosion is scheduled for a month from now. [CBS] A judge ruled that 7-year-old Robert Colunio must settle an argument concerning the burial location for his parents, brother, sister and grandmother, all of whom were killed in a recent traffic accident. [CBS]

Stock Market Report

Dow Jones Industrial Average: 908.15 (+2.05, +0.23%)
S&P Composite: 100.48 (+0.24, +0.24%)
Arms Index: 0.89

	Issues	Volume*
Advances	813	6.89
Declines	550	4.15
Unchanged	301	1.46
Total Volume		12.50

* 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
Date	DJIA	S&P	Volume*
August 26, 1971	906.10	100.24	13.99
August 25, 1971	908.37	100.41	18.28
August 24, 1971	904.13	100.40	18.70
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