News stories from Thursday August 26, 1971

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

Governor George Wallace asked the Alabama state legislature to pass a law against long-distance school busing. Wallace told parents that if they decide that busing endangers their child's health, safety, or impinges on the quality of education, they should request admission to same school their child attended last year.Wallace said that the federal courts, the Department of Health, Education and Welfare, the Justice Department and the Nixon administration have gone mad; Wallace says he has utter contempt for the U.S. court system. [CBS] There were riots at the California state fair in Sacramento for the second night in a row. Youths battled with police after the police cleared them from part of the fairgrounds; the fair will be closed at 8 p.m. tonight. [CBS] A hearing was held today for the two remaining "Soledad Brothers". [CBS] Atlanta mayor Sam Massell wants to fire the three policemen who were involved in a fight with baseball player Rico Carty. [CBS] The Cost of Living Council ruled that professional athletes are not exempt from the wage-price freeze. [CBS] Shippers are fighting rate increases by Georgia railroads. A spokesman for the Atlanta freight bureau told of asking the Nixon administration to cancel the 6% increase on intrastate freight traffic, but says he has received no response. The Cost of Living Council is considering the Georgia railroad situation. [CBS] U.S. imports were $300 million more than exports for July as the trade deficit continued for the fourth month in a row. [CBS] Pentagon civil rights director Frank Render was order to quit by the Pentagon; the Pentagon hopes that NAACP lawyer Nathaniel Jones will replace Render. [CBS] Capt. Ernest L. Medina's lawyer, F. Lee Bailey, requested that the White House allow two Vietnamese to testify at Medina's My Lai massacre trial. [CBS] Communists have stepped up their attacks in anticipation of South Vietnam's national assembly elections this weekend. [CBS] National assembly candidate Tran Tuan Nham was beaten up and arrested by Saigon police during an anti-Thieu rally. [CBS] Communist negotiators at the Paris Peace Talks called South Vietnam's elections a farce, orchestrated by the U.S. embassy. [CBS] The New York Times' James Reston returned from a seven-week visit to China, and said that he doesn't know what President Nixon can accomplish from visiting China other than getting himself re-elected; Reston thinks that China wants to tell Nixon to get U.S. troops out of Asia. [CBS] The attempt to change the character of the Chinese people disregards modern genetics, psychology and scientific anthropology. The more China industrializes, the more complex its society becomes, and the more people will differentiate themselves by personal abilities, economic status and social class. China can only remain classless by remaining backward. [CBS] Today marks the 51st anniversary of women's suffrage; women's groups are pushing for total equality. In Chicago, several hundred women marched to city hall after the public address system was removed during speeches at Civic Center plaza; Mayor Richard Daley met with the delegation of women and said that one thing which should be extended to ladies is the right to talk. In New York City, women's groups are demanding that Wall Street be "desexegrated", and they say that women should work at stock exchanges in equal numbers to men.Women were served for the first time in the bar at Tom Brown's Restaurant in Manhattan. [CBS]

Stock Market Report

Dow Jones Industrial Average: 906.10 (-2.27, -0.25%)
S&P Composite: 100.24 (-0.17, -0.17%)
Arms Index: 1.04

	Issues	Volume*
Advances	677	5.81
Declines	697	6.22
Unchanged	308	1.97
Total Volume		14.00

* 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*
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
August 18, 1971	886.17	98.60	20.68
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