News stories from Wednesday September 8, 1971

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

Treasury Secretary John Connally spoke before the House Ways and Means Committee, stating that he believes proposals related to the new economic policy are right, and he hopes the program will remain basically intact. Committee chairman Wilbur Mills thinks it is essential that the new program be enacted as soon as possible, but he expects some small changes in proposals; Mills wants more tax relief for low income families. Connally predicts a $28 billion budget deficit for the fiscal year. [CBS] Secretary of State William Rogers testified concerning foreign aid. President Nixon has refused to provide Congress with five-year foreign aid projections, and Senator William Proxmire noted that it is difficult for Congress to pass a foreign aid bill without knowledge of how the funds will be used. Senator William Fulbright said that he doesn't think the Nixon administration trusts Congress. [CBS] The Senate Armed Services Committee says that inflation is threatening national security by increasing the cost of weapons. [CBS] In Mobile, Alabama, a busing plan began without incident today. But In Boston, only two of 390 white children rode buses to a black school, as most parents took children back to their old schools. Students were allowed into school, but were not registered. Fifteen people were arrested in anti-busing protests in Pontiac, Michigan. [CBS] U.S. helicopters airlifted more South Vietnamese troops to northwestern South Vietnam; American artillery units are supporting the operation. U.S. command in Saigon stated that they are conducting an "active defense". [CBS] Capt. Ernest Medina's defense attorney F. Lee Bailey is trying to arrange for Lt. William Calley to testify. [CBS] An immigration officer has ordered Irish Republican Army leader Joe Cahill to be deported from the United States. [CBS] U.S. and Soviet naval officers will meet next month to discuss the problem of ship collisions. [CBS] The Commerce Department announced fireproof standards for mattresses. [CBS] Chain stores announced an experiment to reduce nutritional illiteracy. Jewel Companies and Giant Foods will post the nutritional values of popular foods. The FDA will conduct shopper surveys and may require nutritional labeling. [CBS] U.S.-Japan talks on trade begin tomorrow; Secretary of State Rogers will urge an upward revaluation of the yen. [CBS] France told its major airlines to stop accepting U.S. dollars in payment for tickets. [CBS] The Railway Express Agency reported that a truck loaded with $425,000 in liquid gold and silver was hijacked in Clifton, New Jersey. [CBS] A federal grand jury indicted the Anaconda Wire and Cable Company for dumping toxic industrial waste into the Hudson River. [CBS] Hurricane Edith is forming south of Jamaica; tropical storm Fern is causing hurricane watches along the Texas coast. [CBS] An Arab guerrilla hijacked a Jordanian airliner to Benghazi, Libya. [CBS] Black Panther leader Huey Newton may move his headquarters from Oakland, California to Atlanta, Georgia. [CBS] A physicist has created a furor in the world of psychology. Dr. William Shockley wants those with low IQs or heredity physical defects to accept voluntary sterilization; he believes that the white and black races have unequal intelligence. [CBS]

Stock Market Report

Dow Jones Industrial Average: 920.93 (+4.46, +0.49%)
S&P Composite: 101.34 (+0.19, +0.19%)
Arms Index: 1.11

	Issues	Volume*
Advances	752	6.38
Declines	667	6.27
Unchanged	286	1.58
Total Volume		14.23

* 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*
September 7, 1971	916.47	101.15	17.08
September 3, 1971	912.75	100.69	14.04
September 2, 1971	900.63	99.29	10.69
September 1, 1971	899.02	99.07	10.77
August 31, 1971	898.07	99.03	10.43
August 30, 1971	901.43	99.52	11.14
August 27, 1971	908.15	100.48	12.49
August 26, 1971	906.10	100.24	13.99
August 25, 1971	908.37	100.41	18.28
August 24, 1971	904.13	100.40	18.70