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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Sep 03, 1971
Page
2
The New York market rose moderately on a slow trading day before a three day weekend. The Dow Jones average gained 4.89 to 905.52 with many sectors advancing while others mixed. Analysts attributed the small moves to consolidation after prior gains and investor caution ahead of holidays.
A foreign issue subject to interest equalization tax amid an exchangewrite receivership undergoing reorganization under the Bankruptcy Act. The handling includes securities potentially assumed by involved companies as part of the restructuring process.
Market data appears garbled with a series of numbers and symbols, showing Dow Jones averages and changes. The readable fragment indicates a fluctuating index around 905 to 910 with small gains and losses, but lacks coherent context or date.
AP reports noon figures for the New York Stock Exchange index with limited readable values including 98.17 and 40.27 in the industrial sector and other mixed decimals amid a partially garbled data string.
American manufacturers urge federal quotas to curb imported textiles amid plant closures, shrinking profits, and rising imports. The American Textile Manufacturers Institute notes 94 mills closed since 1969, with profits dropping to 1.7 percent in early 1971. Industry spokesmen cite price gaps versus Japan and other Asian producers as ongoing trouble.
Washington reports Army cuts unlikely as officials weigh reducing divisions from 13 to 11. Laird backs Guard and Reserve expansion, planning to mobilize them before major conscription if needed. Officials project active duty strength around 820 840 thousand with reliance on reserves in emergencies.
Bankers and economists see steps to defend the dollar easing exchange volatility. A move to float currencies and British rate cuts signal progress, with IMF staff work on new values and potential removal of a 10 percent import tariff. No retaliation against the surcharge also eases fears of tariff rebounds.
Washington AP reports the Cost of Living Council will refine its wage rise ruling for teachers amid protests for exemptions from the wage-price freeze. A council source says the ruling will clarify guidelines without major changes, determining eligibility based on when pay was accrued and when teaching began.
Congressman Don Edwards reports that the United States lags in fighting heroin addiction after a worldwide tour. He cites Japan and Hong Kong programs, questions their effectiveness, and praises Britain for 16 London clinics run by psychiatrists offering treatment and support to addicts.
South Vietnam saw limited fighting with three light shelling attacks on allied bases along the DMZ. U S B 52 bombers conducted strikes inside and south of the DMZ dropping over 350 tons. Navy destroyers Edson and Brisbane fired on rocket sites triggering secondary explosions. Floods north of the DMZ strained Hanoi as China pledged support to North Vietnam.
Floods from the Ganges have driven about 4 million more Indians from homes, raising those homeless in West and East Bengal to an estimated 26 million. Cholera appears in several areas. deaths are reported in Katwa and Murshidabad as waters rise.
In Northern Ireland another British soldier died amid sectarian violence. Gunfire and bomb blasts wounded and killed as mobs clashed with troops near Belfast and Londonderry. IRA blamed for the attacks, with multiple incidents including a major target at Belfast headquarters and various bombings across the province.
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