News stories from Tuesday August 31, 1971

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

A grandmother and her grandson flew from New York City to Amsterdam, Holland, and back 160 times in last five months at a cost of over $100,000. [CBS] The Campbell Soup Company is recalling over 1,000 cases of vegetable soup from nine states. [CBS] The steel industry in Youngstown, Ohio, is resisting pressure to halt its polluting of the Mahoning River. The EPA says that using the river as an open sewer is both repugnant and contrary to the federal water pollution act. A steel company attorney said that the Youngstown community needs a working river, not a recreational river. [CBS] California must find a different way to raise funds for schools since the use of property taxes was declared unconstitutional by the state Supreme Court; the decision will be appealed to the U.S. Supreme Court. [CBS] More busing plans began as schools continued to open for the year. In Pontiac, Michigan, 10 buses were blown up in an apparent protest of a desegregation plan; Pontiac is appealing the court order to integrate. NAACP attorney William Waterman said he is concerned that the community, legislative leaders and President Nixon have inspired sick minds to violent acts. Supreme Court Justice Warren Burger refused to rescind the court-ordered busing plan for Winston-Salem, North Carolina.Health, Education and Welfare Secretary Elliot Richardson met with President Nixon in San Clemente. Richardson denied that he considered resigning after the President spoke out against busing. Richardson says he is in total agreement with the administration's busing policy. [CBS] A murder warrant has been issued for lawyer Stephen Bingham. Bingham is believed to have smuggled a gun to inmate George Jackson before the shootout at San Quentin Prison. Marin County district attorney Bruce Bales said he has determined that Bingham is the only person who could have smuggled a gun to Jackson, and additional evidence rules out the possibility that Bingham unknowingly transported the gun. Bingham is yet to be located. [CBS] The FBI reported that the crime rate was up 11% for 1970 over 1969; the crime rate is up 176% in the last 10 years. Only one out of every five crimes was solved last year.The Law Enforcement Assistance Administration's budget is up 1110% since it was created in 1968, but the General Accounting Office reports that 24 states distributed less than 5% of Law Enforcement Assistance Administration funds to local agencies for fiscal 1971; critics charge that the administration lacks proper review procedures and doesn't know how its money is spent. Congressional hearings on the Law Enforcement Assistance Administration will resume next month. [CBS] Illinois state's attorney Edward Hanrahan refused to enter a plea at his indictment hearing. [CBS] American blacks in Israel claim equal rights to Jews who settle there. Black Israelites leader Ben-Ami Carter says that blacks in Israel are subjected to "intellectual racism". He added that blacks have come to Israel not as Jews, but as Hebrew Israelites; they intend to grow their own food and build their own houses with assistance from throughout the world. [CBS] President Nixon invoked executive privilege in refusing the Senate Foreign Relations Committee's request for his military foreign aid plan. [CBS] Three U.S. soldiers were killed in an ambush near Danang, South Vietnam. [CBS] Cuba wants the airlift of Cuban refugees to America to be halted. [CBS] Commentator Eric Sevareid noted that the odds of ever being punished for a crime remain on the side of the criminal. Most serious crimes are committed by those in the range of 14-24 years old. The National Transportation Safety Board reports that persons under 25 are responsible for more than their share of auto fatalities. If guns, dope and cars were taken away from youths, U.S. communities would be transformed. [CBS]

Stock Market Report

Dow Jones Industrial Average: 898.07 (-3.36, -0.37%)
S&P Composite: 99.03 (-0.49, -0.49%)
Arms Index: 0.88

	Issues	Volume*
Advances	463	3.35
Declines	892	5.70
Unchanged	317	1.39
Total Volume		10.44

* 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 30, 1971	901.43	99.52	11.14
August 27, 1971	908.15	100.48	12.49
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