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Friday October 1, 1971
. . . where the 1970s live forever!

News stories from Friday October 1, 1971


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

  • East and Gulf coast stevedores have joined the striking west coast longshoremen; only Texas ports remain open. A guaranteed wage for a 40-hour week is the main issue. The New York Shippers Association said that it would face bankruptcy if it paid dock workers for 40 hours weekly. The San Francisco strike has been going on for 92 days; the harbor is full of ships.

    President Nixon won't seek a Taft-Hartley back-to-work order for the time being. Press secretary Ron Ziegler stated that the President doesn't feel it is a national emergency yet. [CBS]

  • 80,000 coal miners in 20 states went on strike; an agreement is not close. [CBS]
  • South Vietnamese paratroopers broke the siege of a fire base near the Cambodian border; allied forces ran into resistance near Krek. [CBS]
  • Some see the latest fighting in Vietnam as an attempt to embarrass President Nguyen Van Thieu's government before the election; there were protests against the government in Hue and Saigon today. In Saigon, a group tore down Thieu election posters. A coalition of Catholics, Buddhists, and others want to force Thieu's resignation. Vice President Nguyen Cao Ky, Thieu's opponent, spoke at a protest rally and said that he'll join the people to overthrow the dictatorship. Ky urged the police and military to join in the struggle. [CBS]
  • Col. Oran Henderson took the stand in his trial. Henderson is charged with lying about never questioning ex-helicopter crewman Lawrence Colburn. Colburn said that Henderson questioned him two days after the My Lai massacre in 1968; Henderson refuted Colburn's statement. Judge Wondolowski promised to render a decision by next week. [CBS]
  • On the 22nd anniversary of the Communist takeover of China, Mao Tse-tung did not make a public appearance. [CBS]
  • General Francisco Franco, 78, seized control of Spain 35 years ago today. [CBS]
  • U.N. Undersecretary General Ralph Bunche has retired. [CBS]
  • The Nixon administration reported that Medicare patients will pay more for treatment. Patients will pay the first $68 of a hospital bill in 1972, rather than $60. Health, Education and Welfare Secretary Elliot Richardson says that the situation shows an urgent need to halt the rise in hospital costs. [CBS]
  • The Senate voted 75-5 to force more money for school lunches. [CBS]
  • Federal judge Richard Austin has stopped payment of "model cities" funds to Chicago until the city puts low income housing in white neighborhoods. Austin accused Chicago authorities and the U.S. Dept. of Housing and Urban Development of collaborating to keep housing segregated. The judge ordered the federal government not to release $26 million until Chicago approves 552 more public housing units.

    4,000 city jobs are threatened by the judge's ruling, along with the social services they perform. Four health clinics serve 300,000 people, and 9,000 students attend seven special schools; it is unclear how long the city can keep up the programs without federal funding. Mayor Daley can appeal the judge's decision. [CBS]

  • A jury has indicted seven people for murder in the San Quentin prison break; one of the seven is missing attorney Stephen Bingham, who smuggled a gun to "Soledad Brother" George Jackson. Fleeta Drumgo, another Soledad Brother, was also indicted. Some jurors protested the "racism" of other jurors. [CBS]
  • Ralph Nader charged that the Teamsters union has failed to pressure the government for tighter safety rules for truckers. Union president Frank Fitzsimmons called Nader a publicity seeker. Nader made his accusation at a hearing regarding drug usage by truckers. Truckers claim that 50-90% take pep pills to stay awake; they blame the practice on trucking companies. [CBS]
  • The International Monetary Fund conference ended with a resolution for action on a new system of exchange. Treasury Secretary John Connally briefed the Senate Finance Committee. In response to Senator Vance Hartke, Connally said that he can't talk about everything having to do with Phase II of the economic plan, but the administration hopes for success. [CBS]


Stock Market Report

Dow Jones Industrial Average: 893.98 (+6.79, +0.77%)
S&P Composite: 98.93 (+0.59, +0.60%)
Arms Index: 0.90

IssuesVolume*
Advances8897.91
Declines5024.03
Unchanged2971.47
Total Volume13.41
* 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*
September 30, 1971887.1998.3413.49
September 29, 1971883.8397.908.58
September 28, 1971884.4297.8811.25
September 27, 1971883.4797.6210.22
September 24, 1971889.3198.1513.46
September 23, 1971891.2898.2813.25
September 22, 1971893.5598.4714.25
September 21, 1971903.4099.3410.64
September 20, 1971905.1599.689.54
September 17, 1971908.2299.9611.02


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