News stories from Thursday November 11, 1971

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

The Senate voted 65-24 to revise the foreign aid plan and sent the bill to the House. The $2.6 billion plan is $300 million less than the bill which was killed, and $900 million less than the White House requested; the new bill contains the Mansfield end-the-war amendment.The House Appropriations Committee refused to include a Vietnam withdrawal deadline in its $71 billion defense bill. The Senate passed a $21 billion bill for purchasing weapons for use in Vietnam. [CBS] The Chinese delegation to the United Nations flew from Paris to New York City. No delegates wore Mao buttons or referred to the Chairman's little red book. [CBS] The last of the guidelines for Phase II was reported, including a 2.5% average for price increases. Price Commission chairman Jack Grayson said that some prices will go up and others will go down; the success of the plan depends heavily on voluntary compliance. Businesses must show increased costs in order to raise prices, retailers must post prices, and service industries and professionals may not raise their fees unless costs have increased. Pressure against the guidelines is already mounting. [CBS] There has been no legislation to back Phase II for over a month due to the House Banking Committee being in recess. Republicans are using the recess to try to gather votes to defeat Democrat amendments. [CBS] Mariner 9 has begun sending back photos of Mars; 5,000 photos will be sent back to earth. Dr. Carl Sagan said that even if there is life on Mars, Mariner 9 won't pick it up but we will be able to better understand Mars' environment. [CBS] Agriculture Secretary Clifford Hardin resigned. President Nixon appointed ex-Agriculture assistant Secretary Earl Butz of Purdue University to replace Hardin, after the President changed his mind about doing away with the Agriculture Department entirely. Butz said that President Nixon will back efforts to give farmers the income they're entitled to, and he stated that the price of corn is too low. The White House claimed that complaints by about Hardin by Republican congressmen had nothing to do with Hardin's resignation. [CBS] Opposition in the Senate Judiciary Committee exists regarding Assistant Attorney General William Rehnquist's nomination to the Supreme Court. [CBS] The unknown soldier of World War I was buried 53 years ago. Today at Arlington National Cemetery, President Nixon laid a wreath at the tomb. [CBS] Communists attacked around Phnom Penh, Cambodia, for the second day in a row. [CBS] The five Jewish families who were arrested trying to emigrate from the Soviet Union have reportedly been released from prison and allowed to continue their journey to Austria, en route to Israel. [CBS] A California tuna firm sent $150,000 to Ecuador to obtain the release of three tuna boats which were seized 65 miles off the Ecuador coast. [CBS] A Japanese tuna boat was fined $115,000 for fishing in U.S. waters within the 12-mile limit. [CBS] 21-year-old Larry Harmon went berserk in a church near a Jesuit college in Spokane, Washington. He killed a janitor and wounded four others before being killed by police. [CBS] A test was held in Kawasaki, Japan, to see how water affects landslides. The test caused a landslide, killing 15. [CBS] Two policemen were killed in Belfast, Northern Ireland. For the third time this week, a girl was attacked by Catholic women for dating a British soldier. One girl in Londonderry was tarred and feathered and her hair was shorn. [CBS]

Stock Market Report

Dow Jones Industrial Average: 814.91 (-11.24, -1.36%)
S&P Composite: 92.12 (-1.29, -1.38%)
Arms Index: 1.53

	Issues	Volume*
Advances	287	1.77
Declines	1,083	10.25
Unchanged	295	1.30
Total Volume		13.32

* 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 10, 1971	826.15	93.41	13.41
November 9, 1971	837.91	94.46	12.08
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