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Tuesday November 23, 1971
. . . where the 1970s live forever!

News stories from Tuesday November 23, 1971


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

  • The Reading Railroad Company filed for reorganization under federal bankruptcy laws; the railroad is unable to pay $11 million in debts and taxes. The Penn Central Railroad went bankrupt last year. [CBS]
  • Pakistan reported that 197 invading Indians were killed and the air force shot down two jets after losing two of their own. India claims that three American-built Pakistani jets were shot down and reported ground fighting between Pakistan and East Pakistan guerrillas. [CBS]
  • The Gulf Oil Company announced that it would give $1 million in emergency relief to Indian and Pakistani refugees. [CBS]
  • South Vietnamese men and equipment are pouring into Cambodia. Communist pressure on Phnom Penh has eased. [CBS]
  • Col. Oran Henderson testified about My Lai at his court-martial today. Henderson is the 103rd and final witness who will testify in the last of the My Lai trials. Henderson denied ever being asked to investigate the massacre, saying that he was told to report only that a helicopter pilot threatened to shoot American ground troops; Henderson believes that there was no wrongdoing at My Lai and said that when this trial is over, Americans will know all they want to know about My Lai. Cross-examination of Henderson will be arduous and lengthy. [CBS]
  • Thirty-three soldiers were killed and 76 wounded when Fire Base Mary Ann was overrun in March. The AP reports that the Pentagon is blaming General James Baldwin and four lower-ranking officers for lax defense precautions; they will be punished. [CBS]
  • A jury has been picked for the first of 23 trials to be held regarding the Kent State University riots in 1970. A Portage County grand jury report placed most of blame for the riots on the university faculty and administration; a federal judge ordered that report to be burned.

    Judge Edwin Jones is presiding over the trial of Jerry Rupe, 23, a non-student who took part in the social and political life of the campus. Rupe is charged with helping burn down the Kent State ROTC building and hampering firemen. [CBS]

  • The Senate heeded President Nixon's appeal not to impose a 250,000-man ceiling on American troops in Europe, voting 54-39 to reject an amendment to the defense bill that would have required the pullout of nearly 60,000 troops. The Senate also voted 82-14 to put a rider on the defense bill to give Israel an extra $500 million credit for military aid, half of which will be used for the purchase of Phantom jets. [CBS]
  • Commerce Secretary Maurice Stans is meeting in Moscow with the Soviet Foreign Trade Minister. The two are reportedly discussing increasing trade by up to $2 billion a year by the mid-1970's. [CBS]
  • The Senate Judiciary Committee approved both of President Nixon's Supreme Court nominees. William Rehnquist was approved 12-4, with Senators Birch Bayh, John Tunney, Edward Kennedy and Philip Hart voting "no". Lewis Powell was approved 16-0.

    Senator James Eastland predicted that both nominees will be approved by the full Senate. Senator Bayh said that Powell exhibits great sensitivity to human rights, but Rehnquist opposes efforts for equal opportunity and civil rights legislation; Bayh wants the two nominees to be considered separately. The argument against Rehnquist is based on his judicial philosophy, not his legal qualifications. [CBS]

  • Republican Rep. H. R. Gross of Iowa objected to Agriculture Secretary nominee Earl Butz's ties to agricultural business corporations, and he urged the President to withdraw Butz's name. [CBS]
  • A U.S. district court judge in Detroit ruled that Hamtramck, Michigan, has used federal urban renewal and highway funds to force Negroes out of town. Judge Damon Keith ruled that a 1957 expansion project, located in the black part of town, pushed blacks out. In 1968, another highway was run through black areas. Judge Keith is asking town representatives to work with HUD to come up with a plan for increasing housing for moderate and low income families. [CBS]
  • President Nixon visited the Washington Redskins at the team's practice site and predicted that they will make the NFL playoffs. [CBS]
  • Wall Street analyst Bradbury Thurlough blames the stock market's drop on an unjustified lack of confidence in Nixon administration policies. Economist Leon Keyserling says that investors' fears are real and they are right to be scared. [CBS]
  • Today's Price Commission rulings: the commission delayed a decision regarding price increases for the soft coal industry which would help offset wage increases; Western Electric Company won price increases around 4%; tin mill products got increases of over 7%. General Motors asked for a 3% increase on its 1972 cars. A decision on Ford and Chrysler was postponed; American Motors got a 2.5% increase. [CBS]


Stock Market Report

Dow Jones Industrial Average: 797.97 (-5.18, -0.64%)
S&P Composite: 90.16 (-0.63, -0.69%)
Arms Index: 0.80

IssuesVolume*
Advances3394.22
Declines1,09810.90
Unchanged2571.72
Total Volume16.84
* 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
DateDJIAS&PVolume*
November 22, 1971803.1590.7911.39
November 19, 1971810.6791.6112.42
November 18, 1971815.3592.1313.01
November 17, 1971822.1492.8512.84
November 16, 1971818.7192.7113.30
November 15, 1971810.5391.819.37
November 12, 1971812.9492.1214.54
November 11, 1971814.9192.1213.31
November 10, 1971826.1593.4113.41
November 9, 1971837.9194.4612.08


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