News stories from Wednesday October 13, 1971

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

The Democratic party named Mrs. Patricia Roberts Harris as temporary chairman of the credentials committee for the 1972 national convention by a vote of 72-21, a victory for "regular Democrats". Senators Fred Harris and George McGovern supported Senator Harold Hughes for the post, Senators Henry Jackson and Hubert Humphrey were for Mrs. Harris; Senator Edmund Muskie was in between. Humphrey hopes that something was learned from what happened in 1968. Humphrey said that Nixon didn't win -- Democrats lost.Muskie may have offended both sides by not lending total support to either side. Democratic party chairman Lawrence O'Brien, who supported Harris, may have set the stage for a walkout by liberals at the convention. [CBS] Defense Secretary Melvin Laird held a news conference and expressed concern over the Soviet Union's strategic weapons capability. Laird noted that the Soviets are continuing to build weapons at an increasing rate; he believes that Americans are willing to accept parity with the USSR with regard to strategic nuclear weapons, but not an inferior position.Laird reported that his fourth trip to Vietnam is set for late October, before the President schedules another batch of troop withdrawals. [CBS] President Nixon said that he hopes for a total pullout from Vietnam within seven months, and he will clarify the issue in November. Senator Hugh Scott predicted that all U.S. forces will be out by mid-summer, except for air support which would leave only if American POWs are released. [CBS] Defense Secretary Melvin Laird conceded that the Pentagon erred by not delivering Sgt. John Sexton's letter to his parents and said that a review of Pentagon files is now in progress. [CBS] The five U.S. soldiers who resisted going on patrol on the Cambodian border said that they objected to the offensive nature of mission contradicting the defensive policy they were under; they called the mission "senseless suicide". [CBS] Slot machines will be removed from all Army bases by July because of their connection with military service club fraud. [CBS] Communists blew up five U.S. helicopters in a sneak attack eight miles northeast of Saigon. [CBS] The Soviet Union has stepped up its military aid to Egypt following Anwar Sadat's visit to Moscow. [CBS] A British soldier in Northern Ireland was wounded while Army engineers were blowing up border roads leading from Ireland. Irish Premier John Lynch said that soldiers are trying to create a physical barrier between the Irish. [CBS] Emperor Hirohito ended his European tour with a stop in West Germany. Premier Willy Brandt praised Japan with a toast. [CBS] World leaders including Soviet President Nikolai Podgorny and U.S. Vice President Spiro Agnew are at Persepolis for the celebration of the 2,500th anniversary of Iran. [CBS] The funeral for former Secretary of State Dean Acheson will be held Friday in Washington, DC. Acheson, who died of a heart attack yesterday, was an adviser to five presidents. Ex-President Harry Truman expressed his grief at Acheson's passing. [CBS] President Nixon asked Congress for $100 million over two years for aid to minority businesses. [CBS] The parents of 8 million needy children will be given an advisory role on how education funds are spent; they will sit on councils in various poor districts. Teachers will get hazard pay for teaching in slum schools. [CBS] The California Water Project had its first accident today when an aqueduct ruptured and 100 million gallons of water spilled out and created a new lake. The cause of the break is unknown. [CBS] President Nixon allegedly made windfall profits on Florida real estate that was acquired by Bebe Rebozo and ex-Senator George Smathers. Newsday reported on how Nixon received the profits. [CBS] Harold Andersen, president of the Omaha World Herald, scoffed at the report of the Nixon administration trying to intimidate the media. Andersen says that he agrees with some of Vice President Agnew's criticism and he noted that Agnew's remarks didn't cause any part of the media to close. [CBS] A church in Chicago is under attack because of "noise pollution". The bells of St. Peter's United Church of Christ have been silenced since the church received a ticket for noise pollution. Reverend Warren Mueller says that the bells should be allowed to ring. One resident cited the reason for the protest is that the bells ring every 15 minutes seven days a week. Most people in the neighborhood support the ringing of the bells, however, and Rev. Mueller feels he'll win the case. [CBS]

Stock Market Report

Dow Jones Industrial Average: 888.80 (-4.75, -0.53%)
S&P Composite: 99.03 (-0.54, -0.54%)
Arms Index: 1.45

	Issues	Volume*
Advances	601	4.02
Declines	783	7.62
Unchanged	322	1.91
Total Volume		13.55

* 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 12, 1971	893.55	99.57	14.34
October 11, 1971	891.94	99.16	7.80
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