News stories from Thursday November 4, 1971

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

The sponsors of antiwar protests to be held Saturday in 17 major cities said that their rallies will take on a "Stop Amchitka" theme. Senator Mike Mansfield called the upcoming nuclear test an outrage. A 3,000 foot telegram with the names of 177,000 Canadians opposing the test arrived at the White House.Environmentalist groups appealed to the Supreme Court as a last resort to stop the blast. The White House says that approval for the test was given due to overriding reasons of national security. AEC chairman James Schlesinger flew to Amchitka with his family to show confidence in the test. Alaska Governor William Egan once said that Amchitka would be a fine place to hold a nuclear test. [CBS] Two U.S. soldiers were reported to have been killed in Indochina in this week's casualty report; four others were killed but, due to bureaucratic processing, will be in future totals. At the Paris Peace Talks, U.S. Ambassador William Porter asked why American POWs are not being allowed to write as many letters as they previously were. [CBS] The Senate Foreign Relations Committee divided U.S. foreign aid into two bills, economic and military, totaling $2.3 billion. The House Rules Committee cleared a resolution continuing foreign aid temporarily. A conference committee deleted the Mansfield stop-the-war amendment from the military spending bill, and also deleted the $300 million military pay raise. [CBS] President Nixon met with India Premier Indira Gandhi. Gandhi partially blames America for the situation between India and East Pakistan because the U.S. continues to support the regime of Yahya Khan. Gandhi wants the U.S. to help stop the Pakistan civil war and stem the flood of Pakistani refugees into India. President Nixon promised an even-handed but helpful policy towards both countries. [CBS] An estimated 10,000 are dead in India from a cyclone and tidal wave. Cholera has broken out and hunger is rampant. [CBS] British soldiers arrested 51 people in Belfast and Londonderry, Northern Ireland, and found a cache of arms; the arrests were made in Catholic areas. One sniper was killed in Belfast, and a bomb exploded in a Belfast hotel. [CBS] AFL-CIO president George Meany told a reporter that the Pay Board is making progress on wage-price guidelines. The House Banking Committee is beginning an effort to give union members pay raises which were frozen during the wage-price freeze. President Nixon opposes Congress' claim that the increases must be granted; he believes that the Pay Board should decide. Cost of Living Council director Donald Rumsfeld accused the House Banking Committee of undermining the concept of labor, management and the public dealing with problems together.The AFL-CIO stated that Congress thinks more of the validity of contracts than the White House does. [CBS] The wholesale price index increased 0.1% in October. [CBS] Chase-Manhattan Bank and other major banks cut their prime lending rate from 5.75% to 5.5%. [CBS] The Senate Judiciary Committee greeted Supreme Court nominee Lewis Powell but focused its attention on William Rehnquist. Assistant Attorney General Rehnquist refused to answer certain questions for various reasons. Senator Birch Bayh said that he will write the President and the Attorney General and ask them to waive the attorney-client relationship, but Senator Roman Hruska noted that nominees have always refused to discuss issues they may rule on later. Rehnquist said that his views on civil rights have changed. [CBS] A four-year, $2 million study on funds provided for public schools concluded that states should provide most of the financing, then the federal government, and localities only 15% or less. Mass consolidation of school districts was also proposed. [CBS] Senator Henry Jackson is expected to announce his presidential candidacy soon. Jackson is described as a 1960's liberal, impeccable on civil rights, generous with federal programs, hawkish on war and tough on the Kremlin. President Nixon supposedly fears Jackson's candidacy the most; the President reportedly offered Jackson the post of Secretary of Defense to keep him out of the race. [CBS] Robert MacGregor, a car thief currently incarcerated in the Wisconsin State Prison, asked to be transferred to the Wisconsin Home for Women because he said he has a biblical mission to multiply and be fruitful. [CBS]

Stock Market Report

Dow Jones Industrial Average: 843.17 (+0.59, +0.07%)
S&P Composite: 94.79 (-0.12, -0.13%)
Arms Index: 1.50

	Issues	Volume*
Advances	813	6.44
Declines	583	6.92
Unchanged	323	2.39
Total Volume		15.75

* 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 3, 1971	842.58	94.91	14.59
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