News stories from Wednesday November 3, 1971

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

Efforts to forge Phase II economic policies are in trouble. Management members of the Pay Board and some of the public members support a proposed 5% ceiling on future raises; organized labor rejects this. Most board members say that a complete unfreezing of wage hikes is impossible.UAW president Leonard Woodcock said that there will be no agreement unless the validity of current contracts is agreed to. Labor is concerned over the tendency of public members of the board, especially ex-Cost of Living Council director Arnold Weber, to side with management. [CBS] The Federal Reserve Board reported that consumer installment credit increased by $999 million in September. [CBS] Senate hearings are being held on President Nixon's two Supreme Court nominees. A committee of the American Bar Association unanimously endorsed Lewis Powell, however only nine of the 12 members said that William Rehnquist is a good choice.Senator Sam Ervin indicated that he is for Rehnquist. Senator Philip Hart thought the Warren Court was good and he doesn't want the court to move too far to the right. Senator John McClellan said that he believes Rehnquist's philosophy would strengthen the judicial system. Rehnquist stated that he would disqualify himself when any case involving administration wiretap policy comes before the court. [CBS] The chairman of the Council on Environmental Quality warned that the Amchitka Island, Alaska, nuclear test could result in earthquakes and a tidal wave. The test is set for 5 p.m. EST on Saturday; a court of appeals refused to delay the blast. [CBS] Speaking in Saigon, Defense Secretary Melvin Laird predicted that Congress will restore aid to Vietnam. [CBS] India claimed that Pakistani jets violated airspace over Punjab, but were driven off. [CBS] United Nations Secretary General U Thant is suffering from a bleeding peptic ulcer. [CBS] Election results: law and order candidate Frank Rizzo (D) won the Philadelphia mayoral race with 53% over Thacher Longstreth's (R) 47%. Law and order candidate Louise Day Hicks (D) lost the mayoral race in Boston, getting only 27% to Kevin White's (D) 66%.Black Mayor Richard Hatcher (D) won re-election in Gary, Indiana, by a larger margin than his first victory. In Cleveland, Ralph Perk (R) won over Arnold Pinkney (D) and James Carney (D); Pinkney is black. President Nixon called Perk and congratulated him on becoming the first Republican mayor of Cleveland in 30 years. Pinkney was picked to run by outgoing Mayor Carl Stokes, but 25% of the black vote went to Carney. Perk says that he'll include blacks in his cabinet. New Indianapolis mayor Richard Lugar (R) also got a telephone call from the President. A majority-Republican city council was swept into office as a result of the Lugar landslide. [CBS] Two gubernatorial elections increased the Democratic majority to 30 of 50 posts. Wendell Ford (D) won in Kentucky with 53% over Thomas Emberton (R) and Albert Chandler. William Waller (D) won the Mississippi post with 77% over Charles Evers (I). Evers claims that he was cheated out of 150,000 votes. [CBS] In Pittsburgh, Republican John Heinz won a seat in Congress with 72% of the vote over John Connelly (D). [CBS] Residents of Bingham Canyon, Utah, $84,000 in debt, voted to terminate the town's existence. [CBS] Arnold Cream, the new sheriff of Camden County, N.J., is a former world heavyweight boxing champion who fought under the name of "Jersey Joe Walcott". [CBS] In New York, voters turned down a $2.5 billion transportation bond issue. Governor Nelson Rockefeller and New York City Mayor John Lindsay campaigned for the bond issue. Voters in Maine, by a 3-1 margin, refused to throw out the state income tax. San Francisco voters elected new school board members, rejected a move to cut back cable car runs, and defeated a plan to limit the height of new buildings to six stories. The city also re-elected Democrat Joseph Alioto as mayor. [CBS] In Newcomerstown, Ohio, 19-year-old Ron Hooker won the mayoral race with 1,061 votes over two opponents who combined for 416 votes. Hooker becomes the youngest mayor in America. He is a junior at Ashland College who is majoring in economics, and he won his campaign as a write-in. Everybody loves Hooker; even one of his opponents voted for him. [CBS] Secretary of State William Rogers now requires all who apply for passports to take an oath of allegiance to America. [CBS] Bishops meeting at the Vatican voted to continue the ban on priests' marrying. Pope Paul favored a proposal to allow elderly married men to be priests where a shortage exists; it failed to get a two-thirds majority vote. [CBS] A grand jury indicted two narcotics officers in New York City for trading drugs for liquor and a power saw. Six gamblers and eight policemen are accused of giving and taking bribes to protect gambling. [CBS] The FTC will issue a complaint against the Warner Lambert Company for its claim that Listerine is a cure and a preventive for colds and sore throats. The company says that recent tests show the claim to be true. [CBS] An ex-mental patient, Michael O'Hearn, 22, terrorized his old junior high school in Carlsbad, New Mexico. He got the keys to a tower on school grounds, then committed suicide when confronted by police. [CBS] The Soviet Union reportedly will land two unmanned craft on Mars later this month. American spacecraft "Mariner 9" will orbit Mars. [CBS] In a payoff of a World Series bet, Pennsylvania Senators Hugh Scott and Richard Schweiker rode elephants which were provided and tended by Maryland Senators Charles Mathias and Glenn Beall, Jr. [CBS]

Stock Market Report

Dow Jones Industrial Average: 842.58 (+14.60, +1.76%)
S&P Composite: 94.91 (+1.73, +1.86%)
Arms Index: 0.66

	Issues	Volume*
Advances	1,119	10.93
Declines	343	2.21
Unchanged	241	1.45
Total Volume		14.59

* 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*
November 2, 1971	827.98	93.18	13.33
November 1, 1971	825.86	92.80	10.96
October 29, 1971	839.00	94.23	11.71
October 28, 1971	837.62	93.96	15.53
October 27, 1971	836.38	93.79	13.48
October 26, 1971	845.36	94.74	13.39
October 25, 1971	848.50	95.10	7.34
October 22, 1971	852.37	95.51	14.56
October 21, 1971	854.05	95.60	14.99
October 20, 1971	855.65	95.65	16.34