News stories from Friday October 29, 1971

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

China sent a telegram to the United Nations announcing that its delegation will arrive soon. [CBS] The Senate approved a non-binding amendment to the foreign aid bill, urging a cut in funding for the United Nations. The bill is under fire due to attacks on the aid program, antiwar amendments, and Senate pique over the U.N. vote.Frank Church's and John Sherman Cooper's antiwar amendment failed. Senator Mike Mansfield's amendment calling for full U.S. pullout from Vietnam in six months survived, but the House is expected to kill it. Restrictions on aid to the Greek military junta failed, repeal of the President's authority to use force to defend Taiwan failed, and two attempts to cut United Nations funding failed. Senators McClellan and Church called for an end to all foreign aid. [CBS] China and Italy signed a three-year trade pact. [CBS] The Associated Press reported that Cuba has received new Soviet jet fighters, bringing the Cuban MiG fleet to 67 planes. The Russian naval task force off the U.S. coast was reported to be within 75 miles of Cape Kennedy, Florida, today. The Soviet news agency says that the fleet is headed for Cuba. [CBS] President Tito of Yugoslavia said that Egypt will open the Suez Canal if Israel pulls back 36 miles from the banks of the canal; Tito also stated that Soviet troops will be pulled out of Egypt when there is a solution to the Mideast issue. [CBS] Leonid Brezhnev said farewell to France in a radio and TV broadcast; his remarks were recorded before he left Moscow to visit France. [CBS] Environmentalists hope that Judge George Hart will delay the Amchitka Island, Alaska, nuclear test; Canadian protesters are going to the site itself. A Canadian ex-naval vessel is en route to the Aleutian Islands to protest the planned American blast there. The trip is being sponsored by a citizens' group which hopes to stop the test by being within three miles of the test site. Their ship has been renamed the "Green Peace II". [CBS] A conference on the FBI opened at Princeton University; the FBI sent a letter defending itself to the conference. Sponsors are calling the conference a scholarly effort to understand the FBI, and it will discuss the FBI's failure in dealing with organized crime, how it handles civil rights laws, and its budget and public relations activities. FBI director J. Edgar Hoover said that no useful purpose would be served by his coming to the conference. [CBS] The Interstate Commerce Commission is not happy with Amtrak, especially its financial situation, and claims that Amtrak hindered its study. [CBS] Dr. Bernard Finch has been paroled in California. He and his nurse, Carole Tregoff, were convicted of murdering Finch's wife; a condition of the parole is that Finch and Tregoff are not permitted to see each other. [CBS] Soldiers who were playing football at Chu Lai, South Vietnam, lost their ball in the South China Sea. Five of the nine who went into the water to retrieve the ball are missing and are presumed to have drowned. [CBS] An all-black jury in Indianola, Mississippi convicted a white man, Wesley Parks, for the murder of a black girl; he was sentenced to 20 years in prison. Parks' brother and nephew are awaiting trial in the same case. [CBS] Postmaster General Winton Blount has resigned and reportedly will run for the U.S. Senate from Alabama. [CBS] Supreme Court nominee William Rehnquist visited Senator Birch Bayh today. Rehnquist estimates that he's talked to between 50 and 60 Senators. Confirmation hearings will start Wednesday; Arizona Senators Paul Fannin and Barry Goldwater will present him. Bayh is concerned about Rehnquist's positions on the Bill of Rights and human rights, but noted that the nominee is at least open about his views. [CBS] Mrs. Mary Downey of Connecticut is en route to Peking to visit her son who has been held prisoner since 1952. John Downey was in a military plane which was shot down over China; he was sentenced to life in prison for spying. [CBS] A housewife in Dundee, Michigan, found three bags of Halloween candy bars which had sewing needles in them. [CBS]

Stock Market Report

Dow Jones Industrial Average: 839.00 (+1.38, +0.16%)
S&P Composite: 94.23 (+0.27, +0.29%)
Arms Index: 0.78

	Issues	Volume*
Advances	791	6.74
Declines	540	3.60
Unchanged	311	1.37
Total Volume		11.71

* 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 28, 1971	837.62	93.96	15.53
October 27, 1971	836.38	93.79	13.48
October 26, 1971	845.36	94.74	13.39
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