News stories from Tuesday October 26, 1971

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

The United Nations voted 76-35, with 17 abstentions, to admit Communist China and expel Taiwan. China called the U.N. decision a victory for the whole world. An unconfirmed report stated that Chou En-lai may be among those coming to the U.N. The Taiwanese delegation left even before the vote was taken.There is a feeling that the vote may provoke a backlash against the U.N. in American public opinion. Secretary General U Thant appealed to members to avoid bitterness and abide by the General Assembly's decision. Thant said that he believes China's membership attests to an improvement in the international situation and will lead to the betterment of the United Nations. [CBS] Senator Hubert Humphrey called the U.N. vote one of America's greatest diplomatic defeats. California Governor Ronald Reagan said that he is disgusted and called the United Nations "morally bankrupt". Secretary of State William Rogers held a news conference and stated that he thought the U.S. position would win by two votes until Monday. Rogers said that America recognizes the will of the majority and hopes that the United Nations won't be weakened by this action. Rogers also announced that there will be no cut in U.N. funding as retaliation.Congressional reaction was mixed. Senator Barry Goldwater pointed out that countries which the U.S. has helped since World War II voted against us because the world recognizes that America is no longer number one and they're dummying up to the Soviet Union or to China. Senator Frank Church shrugged off the defeat, saying that the U.S. can't win all the time. [CBS] Police in Washington, DC arrested 300 protesters who staged a sit-in after police halted their attempt to serve an eviction notice on President Nixon. [CBS] Thousands cheered Soviet Communist party leader Leonid Brezhnev as he traveled around Paris and met old comrades. France will sign a "declaration of principles" with the Soviet Union. [CBS] Soviet Premier Aleksei Kosygin flew from Canada to Cuba, where he was greeted warmly. A hijacked American Airlines 747 with 236 passengers is at the Havana airport. Cuban newspapers reported that the hijacker is armed only with a pencil; three sky marshals and an off-duty FBI agent are aboard. [CBS] A Soviet-built plane with 22 Cubans on board arrived unannounced in New Orleans; they said that they came to attend the International Sugarcane Conference. The State Department revealed that the group was refused a visa a month ago, and the visitors will be sent back to Cuba. [CBS] Two gunmen with hostages led police on a chase in southern California; it began with a grocery store holdup in Long Beach. [CBS] The Supreme Court refused to review a lower court's order which mandates busing in Pontiac, Michigan; buses continue to roll. Leaders of the National Action Group were not surprised by the Court's action. Mrs. Irene McCabe said that the decision reaffirms the group's conviction that it must go the political route and have the Constitution amended.NAACP counsel Elbert Hatchett vowed that blacks will continue to redress their grievances through legal means, and he hopes the white community will accept the court's decision. A spokesman for the NAACP said that he hopes the N.A.G. will fail to get a constitutional amendment to prevent busing. [CBS] The Supreme Court agreed to hear a case regarding a drive-in theatre where passersby could see an obscene movie playing. [CBS] The FDA plans to limit the amount of lead in paints which come in contact with children. Consumer Reports magazine claimed that 4,000 kids suffer from lead poisoning each year, and 200 die. [CBS] Soviet space expert Mikhail Yangel, 60, was found dead today. He is the fourth top Soviet space scientist to die in the last five months. [CBS] Ex-Senator Eugene McCarthy acknowledged that his backers will work in non-primary states to pick up Democratic presidential convention delegates for McCarthy. [CBS]

Stock Market Report

Dow Jones Industrial Average: 845.36 (-3.14, -0.37%)
S&P Composite: 94.74 (-0.36, -0.38%)
Arms Index: 1.18

	Issues	Volume*
Advances	437	3.35
Declines	920	8.35
Unchanged	311	1.68
Total Volume		13.38

* 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 25, 1971	848.50	95.10	7.34
October 22, 1971	852.37	95.51	14.56
October 21, 1971	854.05	95.60	14.99
October 20, 1971	855.65	95.65	16.34
October 19, 1971	868.43	97.00	13.04
October 18, 1971	872.44	97.35	10.42
October 15, 1971	874.85	97.79	13.12
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