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Wednesday October 27, 1971
. . . where the 1970s live forever!

News stories from Wednesday October 27, 1971

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

  • President Nixon will visit China early next year; Henry Kissinger announced that an agreement has been reached on technical matters. He called it a "painful coincidence" that he was in China when the United Nations' decision to expel Taiwan was reached.

    Press Secretary Ron Ziegler related a bitter message from the President, indicating that the countries which acted with glee at the U.N.'s decision won't be getting as much help from the U.S. in the future. Some noted that the criticism is the same as the type Nixon leveled at the Senate for refusing his Haynsworth and Carswell nominations to the Supreme Court. [CBS]

  • Vice President Spiro Agnew called the United Nations powerless and a propaganda sounding board for the Left; he said that the U.S. should retain its membership in the U.N. but reassess our diplomatic weight and amount of foreign aid. [CBS]
  • The foreign aid bill currently before the Senate pertains to funds for 44 of the 76 countries that voted against the U.S. on China. Congressional sentiment is to trim the bill and cut U.S. support of the United Nations.

    Secretary of State William Rogers is urging rapid Senate ratification of the treaty which gives the island of Okinawa back to Japan. Rogers stated that the United Nations must get its financial house in order, and noted that Secretary General U Thant has said that the U.N. is on the verge of bankruptcy. Senator Hugh Scott said that the U.N. has no friends in the Senate, and he feels that the motion to cut its funding will pass, though Secretary Rogers said that we mustn't act as if we're retaliating. [CBS]

  • United Nations Secretary General U Thant urged Peking to quickly name its representative to the U.N. Security Council. If Peking does so before Sunday, China will assume the presidency of the Security Council because of being first in alphabetical order. [CBS]
  • Atomic Energy Commission chairman James Schlesinger reported that President Nixon has given his OK for the Amchitka, Alaska, underground nuclear test; everything for the test will be ready in a week. The nuclear warhead for the Spartan anti-ballistic missile is in a cavern below the surface and can not be recovered now. Alaska Senator Mike Gravel claims that an earthquake could be triggered despite the odds against it, and he feels it is ridiculous to take that gamble. The Canadian government has stated that it will hold the U.S. responsible for any damage to the environment. [CBS]
  • The Defense Department reported that 19-year-old draft eligibles will be given the lowest priority with regard to filling National Guard and Reserve quotas. [CBS]
  • Treasury Secretary John Connally asked Congress to extend the President's power to control wages and prices for one year and said that failure to do so could wreck efforts to stabilize the economy. Connally resisted Rep. Wright Patman's demands for specific controls on interest rates. [CBS]
  • A Cuban group refuses to fly back home from the U.S. despite the State Department's insistence. Cuba denounced the U.S. government's refusal to give entry visas and won't respond to requests ordering them home. The Cubans, who are staying at the Hilton Hotel in New Orleans, said that they felt they had the right to come to the International Sugar Cane Conference without visas. The pilot is refusing to move the Cuban plane until he gets orders from Havana. [CBS]
  • Cuba has agreed to release the hijacked American Airlines 747, but is worried about the airport's ability to withstand a 747's takeoff. [CBS]
  • American Dental Association spokesman Dr. Leroy Larson criticized the major health insurance proposals before Congress because coverage for dental care is not included; he termed Senator Edward Kennedy's plan "too broad". [CBS]
  • A jury of 9 blacks and 3 whites was picked in Indianola, Mississippi, to hear the murder trial of three white men who are accused of having killed a black girl, Joetha Collier, in May. [CBS]
  • A court of appeals upheld the 60-day sentence for Thomas Joyce, 19, who was found guilty of desecrating a flag on inauguration day. Judge George Mackinnon said that little flags are entitled to protection too. [CBS]
  • Soviet Communist party chairman Leonid Brezhnev signed a 10-year economic agreement with France. The Renault Company signed a $220 million contract to equip a Soviet truck factory. [CBS]
  • Preparatory meetings for a European security conference may come next year, but mutual reduction of military forces in Europe won't come for a few more years according to West German Chancellor Willy Brandt. [CBS]
  • Two British soldiers were killed in Londonderry, Northern Ireland; soldiers will now return fire if small children fire at them. Dr. Gerard Newe was appointed Minister of State, the first Catholic to be appointed to a cabinet post. One Catholic member of Parliament called it "window-dressing". [CBS]
  • Wealthy left-wing political contributors met in New York in order to use their money to force political reforms. A luncheon meeting was held today at New York City's "21 Club"; 60 multi-millionaires attended. They asked political candidates to commit to liberal reforms. [CBS]

Stock Market Report

Dow Jones Industrial Average: 836.38 (-8.98, -1.06%)
S&P Composite: 93.79 (-0.95, -1.00%)
Arms Index: 1.13

Total Volume13.50
* 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
October 26, 1971845.3694.7413.39
October 25, 1971848.5095.107.34
October 22, 1971852.3795.5114.56
October 21, 1971854.0595.6014.99
October 20, 1971855.6595.6516.34
October 19, 1971868.4397.0013.04
October 18, 1971872.4497.3510.42
October 15, 1971874.8597.7913.12
October 14, 1971878.3698.1312.87
October 13, 1971888.8099.0313.54

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