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Thursday October 7, 1971
. . . where the 1970s live forever!

News stories from Thursday October 7, 1971


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

  • President Nixon will speak on Phase II of his economic plan at 7:30 p.m. EST. The plan includes no controls on profits, dividends, or interest rates; prices and wages are no longer frozen. Boards will be set up to monitor wages and prices; the Cost of Living Council will oversee the boards and will require that wage increases be tied to productivity, and price increases to production costs. [CBS]
  • Presidential economic adviser Herbert Stein devised the Phase II plan and he will be the one to control it. Stein said that the President is concerned about whether he should stick to the wage-price freeze or adopt a more durable policy. [CBS]
  • The Senate joined the House in approving a freeze on federal raises until July 1 rather than January 1. [CBS]
  • Wholesale prices in September dropped 0.3%. The index of prices for items not subject to the freeze also dropped. Economic adviser Paul McCracken said that tangible results are being shown and he called it encouraging. [CBS]
  • West coast longshoremen's union president Harry Bridges called striking dockworkers back to work on Saturday. Talks are continuing in the coal strike. [CBS]
  • Twelve foreign oil-producing nations asked for price increases and demanded a say in local operations; they threatened to take concerted action if their demands are not met. [CBS]
  • At the Paris Peace Talks, the U.S. asked the Communists for information regarding the deaths of American POWs. North Vietnam provided a list of 20, which they said was complete. [CBS]
  • Britain will send 1,500 more troops to Northern Ireland. Northern Ireland President Brian Faulkner has asked for more help in talks with British Prime Minister Edward Heath. [CBS]
  • Israel returned 18 would-be "black Israelites" to the U.S.; the blacks were taken from their plane in Israel and told they would have to return to the United States. The Israeli Interior Minister instructed airport representatives to refuse them entry unless they had return tickets and money to live on, noting that other American blacks in Israel are welfare cases. [CBS]
  • At the International Music Congress in Russia, U.S. violinist Yehudi Menuhin called for a Soviet policy to permit Jews to emigrate freely, and he praised Aleksandr Solzhenitsyn. [CBS]
  • The U.S. delegation at the Synod of Bishops said that the Catholic church is too weak in opposing racial discrimination, war and the arms race, religious oppression and the crisis of faith in the industrialized West. The Bishops were told not to get involved in militant politics; six black Catholic leaders disagreed. [CBS]
  • The two Senators from Missouri and the Governor endorsed Senator Edmund Muskie for president. [CBS]
  • A federal grand jury indicted 40 meat inspectors, three meat packaging firms and six representatives for offering bribes to inspectors in Boston, Massachusetts. [CBS]
  • A new aqueduct now brings water from northern California to southern California; the project cost $10 billion. At a ceremony opening the aqueduct, Governor Ronald Reagan spoke of unity for northern and southern California and denied that the project is a boondoggle. The system won't work at full capacity until the mid 1970's. [CBS]
  • Arson is suspected to have started a brush fire near Santa Barbara, California; residents have been evacuated. [CBS]
  • The immigration service found that one illegal alien worked at the Western White House after a Secret Service check was done. 36 aliens were picked up at Romana's Mexican Food Products, which is owned by Mrs. Romana Banuelos, President Nixon's nominee for U.S. Secretary of the Treasury. [CBS]
  • The Coast Guard reported a major oil spill on the Saginaw River in Michigan, near Lake Huron. [CBS]


Stock Market Report

Dow Jones Industrial Average: 901.80 (+1.25, +0.14%)
S&P Composite: 100.02 (+0.20, +0.20%)
Arms Index: 1.24

IssuesVolume*
Advances8618.72
Declines5576.97
Unchanged3022.08
Total Volume17.77
* 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*
October 6, 1971900.5599.8215.63
October 5, 1971891.1499.1112.36
October 4, 1971895.6699.2114.57
October 1, 1971893.9898.9313.40
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


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