News stories from Tuesday October 19, 1971

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

President Nixon sent Congress the legislation that is needed for Phase II of his economic plan. The President wants the power to control wages, prices and rents through the spring of 1973. He also wants standby power to control interest rates and needs a three-judge federal panel to handle appeals from the wage and price boards.Treasury Undersecretary Charles Walker explained that major industries and businesses will have to get advance permission from the boards to raise prices or wages, but other groups of businesses would only report to the boards after the fact. Presidential adviser Donald Rumsfeld said that the proposed legislation is designed to facilitate an orderly decision-making process. [CBS] A Labor Department report shows that urban poverty is up, especially among blacks; the department has suspended further reports until 1973. The AFL-CIO and Senator Hubert Humphrey charged that suspending the report is a move by President Nixon to suppress ugly economic news until after the 1972 election, but the Bureau of Labor Statistics claims that the move was planned all along. [CBS] South Vietnam Fire Base Pace has been under siege for three weeks. A reconnaissance plane spotted troops near the camp today and an air strike ensued. The forces turned out to be South Vietnamese; 18 were killed. [CBS] By a vote of 37-18, the South Vietnam Senate refused to investigate President Nguyen Van Thieu's unopposed election; students protested in the streets. [CBS] Supporters of President Nixon blocked a House vote on Senator Mike Mansfield's end-the-war amendment. White House briefings were held for House leadership members and undecided congressmen; parliamentary tactics to avoid a direct vote were used. The tactic worked, 215-192. Rep. Charles Whalen said that the American public expects more of the House, but Rep. Gerald Ford replied that it's a serious matter to tie the President's hands by a political vote when he is about to go to Moscow and Peking.The doves lost by 23 votes; future announcements regarding Vietnam troop pullouts and trips abroad may hold off the doves from the President. [CBS] The House Post Office Committee is urging the U.S. Postal Service to nullify its contract with Westinghouse, saying that another company could do the job for one-third the cost. Rep. Thaddeus Dulski called the contract "board room cronyism" and said that it is a sad commentary on the post office leadership. The post office will cooperate with the committee's request. [CBS] American journalists and members of the U.S. embassy staff in Czechoslovakia are accused of accepting espionage material from Czechoslovakian reporters. The last of the American diplomats there, Sam Wise, has been told to leave the country. [CBS] Vice President Agnew took a trip to his ancestors' homeland. At Gargalianoi, Greece, dances were performed as the Vice President and his family visited his father's birthplace. The town was repainted and cleaned up for the visit. Agnew visited a convent that his great aunt founded, and he placed a wreath on her tomb. [CBS] In Cork, Ireland, six trunks taken from the Queen Elizabeth II turned out to contain weapons; the owner has not been found. A military intelligence officer said this discovery proves that the United States ships guns to the Irish Republican Army. [CBS] In Canada, security has been beefed up for Soviet Premier Aleksei Kosygin, as protests against the treatment of Soviet Jews continue. Militant Jewish Defense League leader Rabbi Meir Kahane and others were sent home after being denied entry into Canada. [CBS] The Catholic Bishops' Synod rejected the idea of priests being married; they also oppose women priests, and priests moonlighting with secular jobs. [CBS] The Supreme Court will decide if professional baseball is exempt from antitrust laws. Outfielder Curt Flood filed suit charging that baseball's reserve clause is virtually slavery. [CBS] The Senate committee on freedom of the press heard both sides of the argument regarding the CBS documentary "The Selling of the Pentagon". Rep. William Springer said that he would have liked to see the case against the documentary go to the Supreme Court, and he stated that Congress ought to prevent more falsification of news films. Springer noted that even CBS admitted that there were errors in its documentary. CBS president Richard Salant replied that CBS made no such admission and that it is not guilty of the charges. Salant said that the FCC ruled that editing decisions were matters of journalistic judgment and that CBS has fulfilled its responsibility under the "Fairness Doctrine".Anchorman David Brinkley says that he sees no conspiracy regarding the CBS documentary, and claimed that rampant political bias in the media doesn't exist, although he admitted that "mistakes" have sometimes been made. [CBS] Health, Education and Welfare Secretary Elliot Richardson urged Congress to approve the administration's health insurance plan, and he called Senator Edward Kennedy's plan unfeasible. [CBS] The Attorney General of Tennessee said that the death of a 17-year-old in Memphis was homicide, not a car accident as reported by police. 23 policemen have been relieved of duty until the investigation ends. [CBS] The Russians are close to completing a $1 million purchase of 28 acres adjoining Mt. Vernon, Virginia. [CBS] Ex-secret service agent Rufus Youngblood said that the Nixon administration runs the service like an advertising agency or Disneyland. Press Secretary Ron Ziegler accused Youngblood of trying to stir up publicity for his upcoming book. [CBS]

Stock Market Report

Dow Jones Industrial Average: 868.43 (-4.01, -0.46%)
S&P Composite: 97.00 (-0.35, -0.36%)
Arms Index: 0.90

	Issues	Volume*
Advances	431	3.80
Declines	959	7.63
Unchanged	303	1.62
Total Volume		13.05

* 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 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
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