News stories from Thursday October 14, 1971

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

Secretary of State William Rogers met with Israeli Foreign Minister Abba Eban in New York City; the Soviet Union's promise of new arms for Egypt was discussed. Eban said that Israel is concerned about the balance of power in the Mideast, and Israel needs more aircraft to restore the balance. Rogers deplored Russia's helping the military power of Egypt and stated that the U.S. will make sure that the military balance is not changed. [CBS] Henry Kissinger left for Peking on Saturday to make preparations for President Nixon's upcoming visit to China. [CBS] Communist representatives at the Paris Peace Talks said that President Nixon must go through them to get peace, not the Soviet Union or China. [CBS] U.S. troops in Vietnam are circulating petitions to end all Indochina hostilities; the petitions will be mailed to Congress. The military has cracked down on the petitioners. [CBS] President Nixon asked the American Bar Association to check six of his potential Supreme Court choices, especially California judge Mildred Lillie and Arkansas attorney Herschel Friday. [CBS] The House created a new Consumer Protection Agency, but with weaker power than advocate Ralph Nader wanted. [CBS] The Senate Foreign Relations Committee voted to cut international military aid by 20% and it killed all aid to Pakistan; the bill trims the administration's request from $705 million to $565 million. [CBS] The Army will release 65,000 men to bring troop strength down to authorized levels. [CBS] The Democratic National Committee ended its stormy two-day meeting regarding credentials committee chairman Patricia Roberts Harris. Rep. John Conyers accused party chairman Lawrence O'Brien of overpowering opposition to Senator Harold Hughes for the credentials position, and warned that Hughes' defeat could lead to political chaos. [CBS] Senator George McGovern is still having a hard time getting his presidential campaign off the ground. McGovern said that the only way he could get on the front page of the New York Times was to be in the same photograph with Senator Edmund Muskie. McGovern has risen 4% in the polls in the past nine months, but has little support from organized labor. [CBS] Senator Abraham Ribicoff charged that in 1955 the federal government approved contaminated polio vaccines which caused the paralysis of 150 people. He also alleged that the Department of Health, Education & Welfare released a cold vaccine that caused cancer in animals. [CBS] The Canadian government disciplined several officers with punishments and fines for supporting a protest against the Amchitka, Alaska, nuclear bomb test. If President Nixon OK's the test, it will be the largest underground blast ever. In Hawaii, there are fears of tidal waves from the blast. A 1956 earthquake in Alaska caused a tidal wave that killed 200 in Hawaii. [CBS] Vanderbilt University professor Dr. Earl Sutherland has won the Nobel Prize for medicine. He discovered a chemical substance that acts as a messenger between cells and hormones; the discovery is related to cancer and birth control studies. [CBS] The Catholic Bishops' Synod report states that North Atlantic nations exploit poor and backward nations; it says that the church could lose credibility if it doesn't help the needy. [CBS] A Texas Ranger shot and killed notorious 1930's criminal Ted Walters, now 58 years old, as he held a gun on three hostages. [CBS]

Stock Market Report

Dow Jones Industrial Average: 878.36 (-10.44, -1.17%)
S&P Composite: 98.13 (-0.90, -0.91%)
Arms Index: 1.54

	Issues	Volume*
Advances	357	2.10
Declines	1,038	9.40
Unchanged	296	1.37
Total Volume		12.87

* 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 13, 1971	888.80	99.03	13.54
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