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Monday November 8, 1971
. . . where the 1970s live forever!

News stories from Monday November 8, 1971


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

  • By a vote of 240-162, the House turned down a constitutional amendment to permit prayer in public schools. There was a three-hour debate prior to the vote. Opponents claimed that prayer can not be enacted on a voluntary basis since peer group pressure would remain. House Judiciary Committee chairman Emanuel Celler called the rejection of voluntary prayer in schools a "victory for civil rights". [CBS]
  • The school prayer vote came up due to the lobbying of a housewife from Cuyahoga Falls, Ohio. Mrs. Ben Ruhlin said that this country was founded on prayer, and she feels that those who are against school prayer should not run the country; she stated that the difference between Communism and Americanism is God. [CBS]
  • The advance party of six United Nations delegates from China arrived today in New York City. [CBS]
  • Fidel Castro will visit Chile on the first anniversary of the election of Marxist President Salvador Allende and the resumption of Chile-Cuba relations. [CBS]
  • The State Department is ending military shipments to Pakistan; the department stated that the decision was reached before Indian Premier Indira Gandhi's visit, and is not connected to the border dispute between India and Pakistan. [CBS]
  • 200 people have been killed during political campaigning in the Philippines; 40 were killed today. The Liberal party says that the nation is enveloped in violence. President Ferdinand Marcos' Nationalist party candidates are reportedly losing. [CBS]
  • Col. Anthony Herbert, the most decorated soldier of the Korean war, is resigning; he charged the Army with harassment after he accused two of his superiors of atrocities in Vietnam. Herbert says he can take anything, but his wife is nervous therefore he must get out of the Army. The Deputy Commander at Fort McPherson, Col. Thomas Reid, denied that there has been any harassment of Herbert. [CBS]
  • The Pay Board voted to override organized labor and approved Phase II wage regulations with no retroactive payment of wage increases that were lost as a result of the freeze; future increases of up to 5.5% are allowed. AFL-CIO president George Meany vowed that action to oppose President Nixon's stabilization plans will be taken at the AFL-CIO convention, and the AFL-CIO will go to Congress to try to roll back this decision. House Ways and Means Committee chairman Wilbur Mills supports the validity of union contracts. [CBS]
  • The Senate Finance Committee approved the President's Phase II tax bill which gives a $16 billion tax cut to individuals and business over the next three years; the cut will come from increases in the personal exemption. [CBS]
  • The Senate Judiciary Committee will now turn its attention to Supreme Court nominee Lewis Powell. [CBS]
  • President Nixon wants the House to hold public hearings to give states a greater role in shaping the water pollution bill. Senator Edmund Muskie accused the administration of trying to undermine the legislation. [CBS]
  • Norwegian explorer Thor Heyerdahl testified on ocean pollution before the Senate Commerce Committee. Heyerdahl said that governments must be convinced to do something because human survival is at stake. Conservationist Barry Commoner accused the Nixon administration of delaying action on the problem of pollution. Commoner claims that the U.S. economy favors products that damage ecological systems, and he said that an economic system that can't live in harmony with the ecological system can not survive. [CBS]
  • A Chicago doctor told Congress that a massive switch to non-phosphate detergents could cause a medical and social catastrophe. [CBS]
  • Dr. Norman Borlaug, who won the 1970 Nobel prize for helping to increase world food production, denounced those who criticize DDT and other pesticides. Borlaug said that disease and hunger would increase in underdeveloped countries if DDT is banned, and he told the United Nations Agricultural Conference that food prices would increase if DDT is banned. [CBS]
  • American reconnaissance planes were fired on over North Vietnam; U.S. jets retaliated. [CBS]


Stock Market Report

Dow Jones Industrial Average: 837.54 (-2.85, -0.34%)
S&P Composite: 94.39 (-0.07, -0.07%)
Arms Index: 1.03

IssuesVolume*
Advances6033.22
Declines7283.99
Unchanged3531.31
Total Volume8.52
* 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 5, 1971840.3994.4610.78
November 4, 1971843.1794.7915.75
November 3, 1971842.5894.9114.59
November 2, 1971827.9893.1813.33
November 1, 1971825.8692.8010.96
October 29, 1971839.0094.2311.71
October 28, 1971837.6293.9615.53
October 27, 1971836.3893.7913.48
October 26, 1971845.3694.7413.39
October 25, 1971848.5095.107.34


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