News stories from Wednesday November 17, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- When asked if U.S. troops would be returned to Vietnam in event of a major Communist threat, Defense Secretary Melvin Laird stated that the return of American soldiers to Vietnam is not part of the Vietnamization program. However, Laird said that he would use U.S. air power against the enemy in North Vietnam, Laos, Cambodia and South Vietnam. [CBS]
- Communists troops are on the outskirts of Phnom Penh, Cambodia; fighting was reported nearby. Captured documents cite the enemy's plan to capture the Cambodian capital. [CBS]
- Premier Thanom Kittikachorn of Thailand ended the experiment with democracy there. He dissolved Parliament, suspended the Constitution and imposed martial law. [CBS]
- The Pay Board voted 9-5 against reaching a decision on retroactive wage increases, which will now be considered on a case-by-case basis. Soft coal workers and the UMW appeared before the board on Thursday regarding their new contract. AFL-CIO leaders decided against walking off the board.
The Price Commission delayed approving price increases by Ford Motor Company and Chrysler Corporation, but approved a 2.5% increase by American Motors. American Motors reported a $10 million profit for the 12-month period ending in September; the company lost $56 million in 1970.
[CBS] - TWA reported $8 million in profits for the first 10 months of 1971. TWA lost $32 million last year. [CBS]
- The Senate voted 81-11 not to add Social Security increases to the tax bill. [CBS]
- There was some opposition to the appointment of Earl Butz as Agriculture Secretary as Senators pointed out his recent dealings with agricultural corporations. Senator Fred Harris stated that America needs an Agriculture Secretary who will stop large businesses from squeezing out the small farmer. Harris quoted Butz as saying in 1957 that some people are not cut out to be farmers, and more recently Butz said that the trend to fewer -- but larger -- farms is not bad. Although Harris is opposed to Butz, other Democrat critics admit that the nominee will likely be approved. [CBS]
- Clifford Hardin was replaced in order to quiet farm belt unrest, but farmers don't feel that Butz will help them. Corn farmers in Iowa blame the federal government for the corn surplus. Last year, due to the blight, corn sold at $1.50 per bushel; this year the price is just 95 cents. Some farmers get $1.02 per bushel from the government in price supports, but they want $1.15.
President Nixon and the new Agriculture Secretary will probably raise guaranteed corn prices. It will surprise no one if they do, since there is an election next year.
[CBS] - Senator Abraham Ribicoff listed 68 poultry firms which were named in a government report for having unsanitary conditions; 20 percent of all poultry sold in the U.S. comes from these firms. Inadequate inspection is blamed for the conditions. [CBS]
- France is skeptical about charges that Col. Paul Fournier is the French intelligence officer involved with smuggling $12 million worth of heroin into the United States; the U.S. has indicted Fournier. [CBS]
- Police in Santiago, Chile, used tear gas to stop a protest by 100 anti-Marxists against a takeover of the University of Chile by leftist students. Right-wingers stated that the board of governors is trying to bring the university under the control of the leftist government. [CBS]
- Attica State Prison warden Vincent Mancusi says that inmates' complaints are exaggerated. He stated that guards have acted temperately even though they have been harassed much more than the inmates; no beatings or punishment were given. Before the riot in September, 900 inmates had showers every day; the rest had one per week. All inmates had running water in their cells and could get hot water each night. Mancusi noted that the inmates at Attica are all convicted felons who must be watched constantly. [CBS]
- Two convicts at Raiford State Prison in Florida built a tank and burst out of prison on Saturday. [CBS]
- Julie Eisenhower visited New York and New Jersey and touted the administration's record at each stop; she announced that two tracts of federal land are being turned over for local use. Eisenhower said that she is glad to help get the government out of the real estate business so people here can get into sporting. President Nixon will rely on both of his daughters during the upcoming campaign, but mostly Julie. [CBS]
- It's hard for Democrats to know whose bandwagon to get on. Miami Mayor David Kennedy was for Hubert Humphrey in 1968, favored Birch Bayh early this year, then he was for Henry Jackson and John Lindsay. Today he lunched with Edmund Muskie. Kennedy says he is looking for a man who shares his faith in the future. If you're a Democratic candidate, it's good to have a Kennedy on your side even if his name is David and he has a Baltimore accent. [CBS]
- President Nixon signed the $21 billion weapons bill, but made it clear how he feels about the bill's antiwar provision. The President accused Congress of hindering his efforts for a negotiated peace; he will ignore the Mansfield amendment asking for a final date to get American troops out of Vietnam. Senator Frank Church asserted that the Mansfield amendment is part of the law and not subject to dismissal. [CBS]
- The House debated a rider against the $71 billion defense bill to cut off all war funding on June 1. The rider was defeated by a vote of 238-164. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 822.14 (+3.43, +0.42%)
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* |
| November 16, 1971 | 818.71 | 92.71 | 13.30 |
| November 15, 1971 | 810.53 | 91.81 | 9.37 |
| November 12, 1971 | 812.94 | 92.12 | 14.54 |
| November 11, 1971 | 814.91 | 92.12 | 13.31 |
| November 10, 1971 | 826.15 | 93.41 | 13.41 |
| November 9, 1971 | 837.91 | 94.46 | 12.08 |
| November 8, 1971 | 837.54 | 94.39 | 8.52 |
| November 5, 1971 | 840.39 | 94.46 | 10.78 |
| November 4, 1971 | 843.17 | 94.79 | 15.75 |
| November 3, 1971 | 842.58 | 94.91 | 14.59 |