News stories from Tuesday November 9, 1971

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

The Meatcutters union of the AFL-CIO responded to the Pay Board's decision by calling for a national strike. Others are talking about organized labor walking out on the Pay Board. AFL-CIO president George Meany plans to take labor's case to the AFL-CIO convention in Florida. The Pay Board decided that future wage increases will average 5.5%, and deferred increases are subject to the board's veto. Retroactive payments will be banned, though exceptions can be made on a case-by-case basis.Phase II starts Saturday at midnight. Guidelines for price increases are 2-3%. [CBS] The House Banking Committee was criticized by the White House for amending the President's economic plan to allow the payment of wage increases which had been frozen. Committee chairman Wright Patman called it dangerous to tell Congress that it shouldn't have any say in the economic plan. Senator Mike Mansfield supported Patman's stand, but Senate Banking Committee chairman John Sparkman said that the wage-price boards should make the decision. [CBS] Opponents of the two Supreme Court nominees testified before the Senate Judiciary Committee today. Members of the Leadership Conference on Civil Rights urged the rejection of William Rehnquist. Committee chairman James Eastland delivered Rehnquist's affidavit denying that he ever belonged to the John Birch Society. There was testimony that the Arizona state Senate heard Rehnquist say he was opposed to all civil rights laws, and he reportedly worked for a group that challenged black voters at the polls. Those who knew Rehnquist in Arizona may be called to testify, and Rehnquist himself may be recalled.Members of the Congressional Black Caucus rejected both nominees, mostly opposing Lewis Powell. [CBS] The Supreme Court upheld a ruling making North Carolina native Thomas Jolley a man without a country; he renounced his U.S. citizenship in Canada in order to escape the draft, then was arrested as an alien and ordered to be deported from Canada. [CBS] In a recent article, Supreme Court nominee Lewis Powell wrote that there are no differences between external threats to America and internal left-wing threats. Powell told the Senate that he wished he had taken more time with the article. [CBS] President Nixon will address two Republican fund-raising dinners for $500 a plate in New York City and Chicago. The first dinner will be televised via closed-circuit to 11 locations in the East; the second dinner will be televised to seven locations in the Midwest and West. Vice President Spiro Agnew, six cabinet members, 10 senators, three governors, Martha Mitchell and the two Nixon daughters will be at various locations. [CBS] Presidential candidate George McGovern said that Col. Anthony Herbert will join his campaign staff. Herbert denied it and said that he won't discuss politics until he is out of the Army on March 1. [CBS] As the result of a mix-up, 100 mobile home owners in Columbus, Ohio, received gasoline instead of kerosene for their homes. [CBS] Scientists blasted Nobel Prize winner Dr. Norman Borlaug, who observed that banning DDT could cause disease and higher food prices. They complained that he has set the anti-pollution campaign back, and questioned his credentials with regard to the issue. [CBS] The main Chinese delegation to the United Nations left China and is due to arrive in New York on Thursday. [CBS] The Soviet Union reportedly arrested five Jewish families who were about to leave the country by train, even though the families had exit visas. [CBS] A French cargo ship sank in the Atlantic Ocean, and a British oil tanker is on fire off the coast of South Africa. Only one of the 39 people on board the French ship was rescued; all have been rescued from the British tanker. Everyone aboard a British Air Force transport died when the plane crashed into the Mediterranean off the coast of Italy during a joint British-Italian air exercise. [CBS] American B-52s bombed enemy positions near the DMZ in Vietnam. [CBS]

Stock Market Report

Dow Jones Industrial Average: 837.91 (+0.37, +0.04%)
S&P Composite: 94.46 (+0.07, +0.07%)
Arms Index: 1.02

	Issues	Volume*
Advances	717	5.41
Declines	642	4.92
Unchanged	321	1.73
Total Volume		12.06

* 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 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
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