News stories from Wednesday October 6, 1971

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

President Nixon is resorting to court action to break the dock strikes. The President will invoke the Taft-Hartley law against striking west coast longshoremen and grain-weighing facilities in Chicago. East coast and Gulf coast ports are not affected. Nixon had urged the west coast longshoremen to settle without court action. [CBS] Lifting the west coast strike would help Hawaii. Most Hawaiian ships are tied up on the west coast. Small businesses have closed, and goods like salt, toilet paper and dry dog food are scarce though the tourism business has not been hurt. Honolulu Mayor Frank Fasi said that President Nixon took too long to act and Fasi claimed that Hawaiians are being treated like second-class citizens. [CBS] The President will reveal Phase II of his economic plan on Thursday at 7:30 p.m. EST. [CBS] The House approved a bill with tax cuts of $15 billion over three years. The bill helps both individuals and businesses, and repeals the 7% excise tax on cars. [CBS] Senator John Stennis spoke to the Senate Foreign Relations Committee regarding Congress reasserting its right to make war, and the Vietnam war's unpopularity. [CBS] The $21 billion military procurement bill, which has been sent back to the House, carries Senator Mike Mansfield's amendment for troop withdrawal if American POWs are released. Another rider permits federal pay raises in January if other pay raises are permitted in Phase II. [CBS] South Vietnam Vice President Nguyen Cao Ky refused to go into exile and said that he is ready to die in the struggle for South Vietnam. Cambodian border fighting slowed down today. [CBS] Delta Company is about to return home from Vietnam. The company protected the city of Danang from Communist infiltration before and after the recent election. The men are constantly on patrol, and they say that Commander Vardell Nesmith pushes them too hard. Nesmith says he's protecting the men against laxity, so he drives them hard but they don't appreciate it. North Vietnamese forces haven't infiltrated into the area. [CBS] Premier Chou En-lai talked to Americans in China about foreign policy. Visiting ex-State Department representative John Stewart Service and Black Panther leader Huey Newton were in the audience. [CBS] Pope Paul said that no radical changes will result from the Bishops' Synod meeting; the Synod supports the Pope's ruling against priests marrying. [CBS] Belgium police have recovered the stolen Jan Vermeer painting "The Love Letter", and arrested the thief who wanted $4 million ransom for Pakistan relief. [CBS] Egypt Foreign Minister Mahmoud Riad told the United Nations General Assembly that Arabs are against interim peace settlements as proposed by U.S. Secretary of State William Rogers. Israel Premier Golda Meir told reporters that Egyptian troops won't be allowed to cross the Suez Canal as part of any settlement. [CBS] Palestinian guerrilla leader Yasser Arafat escaped an ambush when a bomb in his luggage exploded at the Beirut airport; no one was hurt. [CBS] A raid by federal agents proved embarrassing to the Nixon administration. In Gardena, California, immigration agents raided the Romana Food Company, which is owned by Mrs. Romana Banuelos, President Nixon's nominee for U.S. Treasury Secretary; 36 people were arrested.Mrs. Banuelos said she didn't know that illegal aliens were working there and claimed that the raid was a move by Democrats to thwart her nomination. The Immigration Bureau denied that the raid was politically oriented. [CBS] Nine people have been arrested in a heroin ring which was operating at the Walter Reed Medical Center; 13 were arrested there a year ago. [CBS] Judge John Curtin refused to order prison guards at Attica not to abuse prisoners, saying that there is no proof for an injunction. Governor Nelson Rockefeller asked U.S. Attorney General John Mitchell for assistance in studying the prisoners' complaints. [CBS] The Nixon administration eased its attempt to cut the school lunch program; the Agriculture Department said that increased aid will go to eight million poor people. [CBS] Eskimos have filed suit to invalidate the sale of $900 million worth of oil leases on Alaska's North slope; the proposed trans-Alaska oil pipeline would be affected. [CBS] The EPA asked the Justice Department to sue the Ford Motor Company for selling 200,000 new cars before they were certified to meet auto pollution standards. Ford stated that only one out of 40 need to pass in order to meet the standards. [CBS] The Air Force grounded seven C-5A transports due to engines falling off. A congressman accused the Air Force of holding the story back until the military procurement bill was passed. [CBS] President Nixon's director of telecommunications policy, Clay Whitehead, says that reform is needed in federal broadcasting rules; he has called for the elimination of the Fairness Doctrine in favor of a law that guarantees the right to media access. Whitehead also supports changing license renewal procedures and taking steps to remove radio stations from all regulations. [CBS] Swiss bank chairman Dr. Alfred Schaeffer warned of a possible European recession unless certainties in world trade and currency exchange rates are set up. [CBS]

Stock Market Report

Dow Jones Industrial Average: 900.55 (+9.41, +1.06%)
S&P Composite: 99.82 (+0.71, +0.72%)
Arms Index: 0.69

	Issues	Volume*
Advances	967	10.55
Declines	432	3.26
Unchanged	301	1.82
Total Volume		15.63

* 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*
October 5, 1971	891.14	99.11	12.36
October 4, 1971	895.66	99.21	14.57
October 1, 1971	893.98	98.93	13.40
September 30, 1971	887.19	98.34	13.49
September 29, 1971	883.83	97.90	8.58
September 28, 1971	884.42	97.88	11.25
September 27, 1971	883.47	97.62	10.22
September 24, 1971	889.31	98.15	13.46
September 23, 1971	891.28	98.28	13.25
September 22, 1971	893.55	98.47	14.25