News stories from Wednesday August 18, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Taiwan is reportedly ready to accept a "two China" United Nations policy. [CBS]
- British soldiers killed gunmen in Londonderry and Strabane, Northern Ireland; two members of the Northern Ireland parliament were arrested for allegedly leading mobs against British troops. [CBS]
- In Jackson, Mississippi, three policemen were wounded in a shootout with black militants. A gun battle ensued after police arrived at a house to serve warrants for the arrest of four occupants; seven people were captured and charged with assault with intent to kill. An FBI agent told of finding bombs and a tunnel under the house. [CBS]
- A famous son of Jackson, Mississippi, is returning home. James Meredith, the first black admitted to the University of Mississippi, has returned to Jackson from New York City to become a soap products distributor. Meredith said that the filth, crime and insecurity normally associated with black neighborhoods doesn't exist in Jackson. [CBS]
- A salvage company raised a wooden chest from a Spanish ship that sank off the coast of Marathon, Florida, 200 years ago; an archeologist found the chest full of sailmaker's needles. [CBS]
- Labor's dissatisfaction with the new economic policy is increasing. UAW president Leonard Woodcock said that if the Nixon administration thinks it can tear up wage contracts, then war has begun. The west coast longshoremen's strike is in its 48th day, and union president Harry Bridges vows to continue the strike. Bridges said that it appears that President Nixon has placed the main burden of fighting inflation on the backs of workers.
The Nixon administration is attempting to clarify the wage-price freeze. The Cost of Living Council issued guidelines for the freeze, but the situation involving military pay raises remains confused. Teachers will not receive pay raises unless their contract periods began before last Sunday, but school tuition increases will be permitted. The Justice Department won't prosecute freeze violations until the situation is clarified. Auto manufacturers have agreed to sell 1972 cars at 1971 prices.
[CBS] - European money markets remain closed. Japan's stock market has stabilized, and Japanese officials insist that the yen won't be revalued.
Speaking in Springfield, Illinois, President Nixon said that those who interpret the new policy as economic isolationism are mistaken; it would be a mistake for America to quit trying to be number one.
[CBS] - President Nixon discussed federal aid to parochial schools with New York Governor Nelson Rockefeller. The President pledged support to stop the trend of closing parochial schools, but administration education officials say that nothing is planned to circumvent the Supreme Court's ruling against government aid to parochial schools. Parochial school officials say that the Nixon administration has done nothing to aid their situation and that Nixon's parochial school and anti-busing statements may be no more than gestures.
The administration asked the Supreme Court to delay a school desegregation busing plan for Corpus Christi, Texas.
[CBS] - Alabama Governor George Wallace ordered the retention of current school systems in Hobson City and Oxford, Alabama, in spite of a court-ordered busing plan. [CBS]
- The Pentagon is investigating new reports of soldiers committing atrocities in South Vietnam, and the Army is investigating reports that soldiers set fire to the bodies of enemy soldiers following a battle last spring; mutilation is in violation of the Geneva Convention. The incident reportedly took place following an enemy attack on Fire Base Mary Ann. [CBS]
- Heavy fighting and bombing were reported in South Vietnam near the DMZ; a large battle was fought near Fire Base Sarge. Australia and New Zealand announced that they will withdraw their forces from South Vietnam by the end of the year. [CBS]
- A U.S. Army helicopter exploded over Pegnitz, West Germany; all 37 on board were killed. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 886.17 (-13.73, -1.53%)
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* |
| August 17, 1971 | 899.90 | 99.99 | 26.79 |
| August 16, 1971 | 888.95 | 98.76 | 31.72 |
| August 13, 1971 | 856.02 | 95.69 | 9.96 |
| August 12, 1971 | 859.01 | 96.00 | 15.91 |
| August 11, 1971 | 846.38 | 94.66 | 11.37 |
| August 10, 1971 | 839.59 | 93.54 | 9.46 |
| August 9, 1971 | 842.65 | 93.53 | 8.11 |
| August 6, 1971 | 850.61 | 94.25 | 9.49 |
| August 5, 1971 | 849.45 | 94.09 | 12.10 |
| August 4, 1971 | 844.92 | 93.89 | 15.41 |