News stories from Friday October 15, 1971

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

More U.S. troops are preparing to pull out of Vietnam. The President's plan calls for a reduction to 184,000 by December 1. [CBS] In Charlotte, N.C., President Nixon attended a tribute to his old friend, evangelist Billy Graham. Crowds watched a rally and a parade that was set up by the Chamber of Commerce. President Nixon unveiled a plaque that was presented to Graham. [CBS] The administration has formally created the wage and price boards, though members of the boards have not yet been named. A rise in prices is expected when the freeze ends on November 13. Economic adviser Herbert Stein doesn't expect this to jeopardize Phase II and predicted that controls will be lifted in a year or two. [CBS] Asian countries have agreed to limit textile exports to America; the agreement fulfills an administration pledge to the textile industry in the South. Japan, Hong Kong, South Korea and Taiwan agreed to limit exports in return for the U.S. dropping its 10% surcharge on these textiles; the elimination of the surcharge applies to all countries. President Nixon is pleased with the plan. [CBS] The Penn Central Railroad attempted to auction $1 billion worth of real estate in New York City, but was offered only one-sixth of the asking price; it is unknown if Penn Central will agree to the offer. [CBS] California Governor Ronald Reagan, on his tour of Asia, congratulated South Vietnam President Nguyen Van Thieu on his unopposed election victory; Reagan noted that George Washington ran unopposed too. Thieu had put in an urgent request for Reagan to visit, and feared the appearance of being snubbed if he didn't come. Reagan said that he doesn't know why there was such an uproar over an uncontested election, and he feels that the purpose of Americans dying in South Vietnam is still valid because the U.S. is fighting against totalitarianism. [CBS] The Defense Department has extended the amount of time for heroin-addicted U.S. soldiers in Saigon to remain on the withdrawal program from four to 14 days; four days was not enough time to break the addiction. [CBS] Capt. Ernest Medina, who was recently cleared of all My Lai-related charges, has become a civilian and will work for a helicopter company in Michigan. [CBS] General John Barnes has been cleared of covering up war crimes; Barnes was accused by Col. Anthony Herbert. Herbert said that he has done all he can do to report such incidents; since he can't present his evidence to the Army, he will present it outside of the Army and will lay it all out for the American people to judge. [CBS] Two plainclothes policemen were killed in Belfast, Northern Ireland, by bullets which were fired from a car. [CBS] Retired Harvard professor Simon Kuznets, 70, received a Nobel prize in Economic Science; he developed a plan for using the gross national product as a measurement of national economic growth. [CBS] Dr. John Freeman of Rice University reported that instruments left on the moon by Apollo 12 and Apollo 14 crews have detected a water cloud. Others believe that the water could have come from the equipment which was left there. [CBS] A report says that Vice President Agnew received an important message for President Nixon from Ethiopian Emperor Haile Selassie while at Iran's anniversary celebration. Agnew also met with exiled Greek King Constantine; it is not known if Agnew carried a message to the Greek junta from the King. [CBS] The Iranian consulate in San Francisco was bombed today. The Consul General was not there and his family and staff were unharmed. He blamed Iranian emigrants who dislike the Shah's policies. An investigation is underway. [CBS] 59 Senators urged President Nixon for more support of the school lunch program. [CBS] The U.S. Office of Education will offer cash bonuses to parents and teachers who help children do well in reading and mathematics. A pilot program has been organized in Oakland, California; Jacksonville, Florida; San Antonio, Texas; and Cincinnati, Ohio. [CBS] In Fremont, Indiana, bank teller Esther Ferguson was forced to take robbers to her bank. After the robbery, she and her husband were killed. [CBS] The government is urging owners of 1965-69 model Chevrolet Novas, Chevelles and Camaros to check for possible faulty engine mounts; it is unknown if General Motors will pay to fix the problems. [CBS]

Stock Market Report

Dow Jones Industrial Average: 874.85 (-3.51, -0.40%)
S&P Composite: 97.79 (-0.34, -0.35%)
Arms Index: 0.98

	Issues	Volume*
Advances	488	4.14
Declines	875	7.28
Unchanged	300	1.70
Total Volume		13.12

* 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 14, 1971	878.36	98.13	12.87
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