News stories from Thursday September 2, 1971

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

The FBI is investigating State Department officials for allegedly leaking classified information to newsmen; four officials were given lie detector tests. A New York Times story on July 23 detailed the U.S. Strategic Arms Limitation Talks negotiating position before it had been presented to the Soviet Union. [CBS] The economy has been running away since the new economic policy was announced. Wholesale prices are up 0.7% seasonally adjusted for the first two weeks of August; food prices are up 1.4%, industrial commodities up 0.5%, and consumer finished goods up 1.1%. The freeze was meant to keep increases from taking effect before November.A federal judge refused to grant an injunction against the wage freeze to four university professors. [CBS] An anti-busing rally was held in Pontiac, Michigan. Attorney Brooks Patterson said that the majority is uniting for the first time to keep the minority from taking their rights away. Concerned Citizens for Better Education spokesman Aubrey Short said that parents are tired of paying taxes just to see their children used as pawns.The Alabama state House of Representatives passed Governor George Wallace's anti-busing bill by a vote of 92-7. The Alabama state Senate is expected to pass the bill within two weeks. [CBS] President Thieu vowed to quit if he doesn't receive a vote of confidence in the South Vietnam presidential election. [CBS] U.S. headquarters in Vietnam said that 142 soldiers have disappeared in South Vietnam in the past 10 years. Bad flooding is currently occurring in North Vietnam. [CBS] There is no shortage of work in Cuba. Volunteer labor brigades are working on improving Latin American Stadium after their regular jobs; the Cubans hope to beat the U.S. for the world amateur baseball championship in November. On one recent Sunday 8,000 volunteers worked all day. Poet Miguel Barnet says that he receives no money for his labor; he comes to help because volunteer work is connected to revolution. Committee for the Defense of Revolution spokesman Guillermo Munoz insisted that no pressure is put on Cubans to volunteer. [CBS] The signing of the Berlin agreement is being delayed as West and East Germany are unable to agree on the translation of words such as "through traffic" or "transit". [CBS] The American Legion passed resolutions endorsing President Nixon's China trip and supporting Taiwan's resistance of China's admission to the United Nations. [CBS] At Britain's request, the U.S. canceled IRA leader Joe Cahill's visa and is holding him in New York City. Four bombs injured 37 people today in Belfast, Northern Ireland. [CBS] The Soviet Union launched the unmanned "Luna 18" to the moon. [CBS] The Boeing corporation is entering a new business. Boeing will take garbage from Portland, Oregon, to eastern Oregon to turn a desert wasteland into farm land. Boeing will provide barge service up the Columbia River and spread the waste on the land; the waste will decompose 50% in the first year. One project worker says that the combination of garbage and river water will cause tremendous growth, and the desert will be transformed into an oasis in 10 years. [CBS] A grand jury member in Chicago reported that special prosecutor Barnabas Sears is pressuring the jury to indict Illinois state's attorney Edward Hanrahan and 13 others. [CBS] A Senate committee study recommends that blacks be made eligible for Social Security at an earlier age than whites. [CBS] The three Atlanta policemen who were accused of beating up baseball player Rico Carty have been fired after a hearing. Carty described being attacked by the policemen and said that damage to his eyes could end his career. [CBS]

Stock Market Report

Dow Jones Industrial Average: 900.63 (+1.61, +0.18%)
S&P Composite: 99.29 (+0.22, +0.22%)
Arms Index: 0.81

	Issues	Volume*
Advances	767	6.02
Declines	557	3.52
Unchanged	331	1.15
Total Volume		10.69

* 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 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
August 23, 1971	892.38	99.34	13.04
August 20, 1971	880.91	98.33	11.89
August 19, 1971	880.77	98.16	14.19