News stories from Monday September 13, 1971

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

At least 37 people were killed, including 28 inmates, as police used force to recapture an Attica State Prison cell block from inmates. Inmates' attorney William Kunstler was denied admission to the prison; Kunstler thinks he was refused entrance because people were being killed. National Guard helicopters poured riot gas into the prison courtyard. 29 of the 38 prison guards being held hostage were rescued; four hostages are in critical condition.State corrections commissioner Russell Oswald said it was apparent that inmates would not participate in reasonable negotiations, so police action was taken with extreme reluctance after attempts at a peaceful solution failed; Black Panther Bobby Seale insists that the state be charged with murder. Some prisoners are still resisting; at least 100 inmates are reportedly being treated for injuries. New York Governor Nelson Rockefeller approved the police action; President Nixon expressed his approval of Rockefeller's decision. [CBS] Labor and business leaders expressed their opinions about Phase II of the administration's economic policy. President Nixon hopes to announce the details of Phase II by early October; he remains opposed to restraints on profits and bank interest rates. The President met with 11 banking and business leaders today.U.S. Chamber of Commerce president Archie Davis believes that wage gains should be related to increases in productivity, and both prices and wages must be regulated. General Motors chairman James Roche hopes that Phase II controls will be voluntary. AFL-CIO president George Meany asked why wage earners must carry the main burden; Meany favors profit restraints on the basis of equity. President Nixon said that the 10% import surcharge won't be lifted until America's competitive trade position is restored. A presidential commission approved the surcharge as a temporary measure, but called for the removal of trade barriers as a long range objective. [CBS] European Common Market countries agreed to seek devaluation of the U.S. dollar as part of a world revaluation, [CBS] The State Department exempted Latin America from the 10% cut in foreign aid. [CBS] The National Governors conference began in Puerto Rico. The Nixon administration's welfare reform plan was criticized by some. California Governor Ronald Reagan wants subsidies to the working poor to be amended; he said that the welfare reform bill lacks a realistic work requirement. Vice President Spiro Agnew said that steps must be taken to protect the taxpayer against welfare abuses. [CBS] A satellite hotline between Washington, DC and Moscow will be in operation within a year. [CBS] Former Soviet Premier Nikita Khrushchev was buried in Moscow; no political leaders attended the funeral. [CBS] About 200 cars were involved in collisions due to fog in Thelwall, England; at least 10 people were killed and 60 injured. [CBS] The defense began its case at Capt. Ernest Medina's trial. Lt. William Calley was called by the defense, but pleaded the fifth amendment. [CBS] Civilians who were killed during the Communist occupation of Baray, Cambodia, are being unearthed for Buddhist burial. [CBS] San Francisco began its school busing plan, which calls for the busing of 26,000 children; school attendance was only about 50% today. Chinese parents boycotted schools in protest of the busing of their children. [CBS] 125 blacks were arrested in Butler, Alabama, for unlawful assembly; they were protesting jobs and school discrimination. [CBS] U.S. salvage boats are working to get four Cuban fishing boats to Port Aransas, Texas, before Hurricane Edith reaches the area. [CBS] Scotland Yard has been unable to pinpoint a walkie-talkie conversation concerning a bank robbery today in which Lloyds Bank found that $2.5 million had been stolen. [CBS]

Stock Market Report

Dow Jones Industrial Average: 909.39 (-1.61, -0.18%)
S&P Composite: 100.07 (-0.35, -0.35%)
Arms Index: 1.09

	Issues	Volume*
Advances	543	3.21
Declines	811	5.22
Unchanged	344	1.57
Total Volume		10.00

* 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*
September 10, 1971	911.00	100.42	11.38
September 9, 1971	915.89	100.80	15.79
September 8, 1971	920.93	101.34	14.23
September 7, 1971	916.47	101.15	17.08
September 3, 1971	912.75	100.69	14.04
September 2, 1971	900.63	99.29	10.69
September 1, 1971	899.02	99.07	10.77
August 31, 1971	898.07	99.03	10.43
August 30, 1971	901.43	99.52	11.14
August 27, 1971	908.15	100.48	12.49