News stories from Monday October 11, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Officials are trying to find the reason for a two-year delay in getting a letter from POW Sgt. John Sexton to his parents in Warren, Michigan. The Sextons were told of the existence of the letter in September; they don't believe that their son's letter was kept from them, but they want to know what happened.
The Pentagon got the letter in 1969, which it brushed off as "propaganda" and filed it at the intelligence center; Sexton was then listed as missing in Vietnam. Sexton's family requested a review of John's case in July, 1971. A copy of Sexton's letter was retrieved by the Pentagon on Tuesday, and the letter proved to be authentic. Two days later, Sexton was released by the Viet Cong and walked to freedom. The letter incident is being called a bureaucratic foul-up.
The allies released a North Vietnamese lieutenant as a reciprocal gesture for the release of Sexton.
[CBS] - Troops at Fire Base Pace reportedly refused an order to move out; the commander says that no such order was given, and the five protesting soldiers redeemed themselves by going out on patrol. [CBS]
- Consumer advocate Ralph Nader charged that President Nixon's giving power to wage and price boards violates the constitution; Nader claims that the boards will operate without congressional guidelines, due process, safeguards or means for appeal. The administration will try to seek Congress' approval for the boards. The Cost of Living council asked Congress for some extra tools: subpoena power for the pay board and price commission, the power to use administrative procedures like regulatory agencies, and the power to act against single industries and companies.
The UAW and the Teamsters are working with the AFL-CIO. UAW president Leonard Woodcock feels that the pay board will be practically autonomous. It is believed that labor leaders won't boycott Phase II, but they will ask for more assurances of the board's independence.
[CBS] - Senator Robert Byrd is being reported as a likely nominee for the Supreme Court; Senator George McGovern spoke highly of Byrd and then reversed his endorsement the next day. [CBS]
- Two bombs rocked the American consulate in Istanbul, Turkey, as Vice President Spiro Agnew arrived in the city; there is apparently no connection between the two events. Agnew's next stop is Iran, where he and others will head for the ancient remains at Persepolis to celebrate the 2,500th anniversary of the Persian Empire.
In Teheran, lights have been strung up for the celebration and Shah Mohammad Reza Pahlavi built a $5 million monument to himself. The Shah says that Iran will have an important military establishment in five years, and a good economy. In Persepolis, a tent city has been built for world leaders to stay in. The three-day party will cost $10 million, and the entire celebration will cost $100 million. Iranians have not been invited to the celebration.
[CBS] - President Anwar Sadat of Egypt is visiting the Soviet Union to discuss the Mideast; Sadat was met by Premier Aleksei Kosygin, President Nikolai Podgorny and Foreign Minister Leonid Brezhnev. [CBS]
- Representatives from the U.S. Navy and the State Department are meeting with the Soviets in Russia to talk about spying at sea. Officially, the talks are to help prevent ship and plane collisions. [CBS]
- Britain has charged foreign service representative Leonard Hinchliffe with espionage; it is unknown if he is connected to Soviet spying. [CBS]
- The U.S. and Panama are renegotiating American rights to the Canal Zone. At a rally today, Panamanian ruler Omar Torrijos said that Panamanians will die if necessary to get sovereignty of the Canal Zone. [CBS]
- The Baltimore Orioles beat the Pittsburgh Pirates 11-3 to take a 2-0 lead in the World Series. Pat Nixon threw out the first pitch at the game in Baltimore; Julie and David Eisenhower were also present. Mrs. Nixon said that she enjoyed the game and is sure that the President watched part of it on TV. She wouldn't say which team she was rooting for. [CBS]
- Senator James Eastland wants Congress to review laws regarding the environment; he is upset with ecologists' court challenges to public works projects, including the Tennessee-Tombigbee Waterway. The Senator said that yelling "ecology" at every new project has to stop. [CBS]
|
Stock Market Report
Dow Jones Industrial Average: 891.94 (-1.97, -0.22%)
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 8, 1971 | 893.91 | 99.36 | 13.87 |
| October 7, 1971 | 901.80 | 100.02 | 17.78 |
| October 6, 1971 | 900.55 | 99.82 | 15.63 |
| 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 |