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News stories from Friday November 12, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon is speeding up troop withdrawals from Vietnam; 45,000 troops will leave over the next two months. Regarding future withdrawals, the President said that the level of enemy activity and infiltration are important factors, as is the success of Vietnamization. By February, no more than 139,000 troops will remain. Nixon said that the U.S. combat role in Vietnam is now over, but air strikes will continue on infiltration routes; if the enemy increases infiltration, we'll step up air strikes.
On other topics, the President said that he will give no amnesty for youths fleeing the U.S. to avoid the draft. He stated that price guidelines have been set up to cut inflation in half but noted that America cannot have a totalitarian economy. [CBS]
- Senator Mike Mansfield is pleased with the stepped-up pace of troop withdrawal in Vietnam, but he and Senator Jacob Javits called the residual force in Vietnam a "trip wire" to keep Americans involved there indefinitely. [CBS]
- The last U.S. artillery base able to shell inside Cambodia has closed, but American planes will continue to attack Communist bases in Cambodia.
President Nguyen Van Thieu of South Vietnam reported austerity measures designed to take up the slack caused by the American pullout; he will devalue the South Vietnamese currency by 40% and will tax income and imports. The move could increase opposition to Thieu. [CBS]
- The Senate added to the income tax break of $2 billion by increasing the personal exemption to $800. The Senate also added extra benefits for jobless workers in states with high unemployment. [CBS]
- Ford Motor Company, Chrysler and American Motors Corporation will ask the government if they can raise prices soon; General Motors will follow. [CBS]
- The U.S. has imposed travel restrictions on the Chinese delegation to the United Nations; they must stay within a 25-mile radius of New York City or notify the State Department 48 hours in advance. [CBS]
- An American expert on China challenged reports that the head of the advance party, Kao Liang, is a spy. Donald Klein said he doubts that Kao Liang is a spy, and he questioned the authenticity of documents which reportedly say that he is. However, Klein stated that he would be not astounded if some members of the Chinese group were involved in counter-intelligence. [CBS]
- Two days ago, Catholic women in Londonderry, Northern Ireland, tied 19-year-old Martha Doherty to a lamppost, tarred and feathered her and cut off her hair for being too friendly with British soldiers. Doherty was supposed to marry a British private but has called off the wedding, fearing reprisals against her family. Today the IRA rescued another girl who was about to be punished. [CBS]
- Ecuador seized five more American tuna boats 65 miles off her coast. The American tuna industry is calling it extortion. [CBS]
- A Soviet fleet destroyed American lobster fishing equipment last year off the New England coast. The matter has been resolved, as the captain of the Soviet fleet agreed to pay $89,000 in damages. [CBS]
- Ex-convict Aubran Wayne Martin, 23, has been convicted of first-degree murder for the killing of UMW official Joseph Yablonski, his wife and daughter in December, 1969. There is still no indication of who hired Martin and four others to do the killings. [CBS]
- General John Barnes charged that Col. Anthony Herbert beat and kicked Vietnamese on two occasions; Barnes says that Herbert was relieved of command for overreacting to an assault on a Vietnamese village. Barnes' story appeared in the Arizona Republic and the Chicago Sun-Times. Herbert's attorneys denied the charges. [CBS]
- Ex-Interior Secretary Stewart Udall admitted that his son Scott deserted the Army after hearing reports about My Lai, and is now living in Canada. [CBS]
- A car in Youngstown, Ohio, swerved off a street an onto a sidewalk, killing five people and injuring 10. The driver reportedly passed out at the wheel. [CBS]
- A tentative wage settlement has been reached between soft coal mine workers and management. West Virginia Governor Arch Moore mediated the settlement. [CBS]
- Greyhound Corporation employees called a strike for Sunday unless a union contract is reached. There will be no bus service east of the Rockies if a strike occurs. [CBS]
- Fourteen members of the Hell's Angels motorcycle gang were sentenced in Cleveland under reduced charges of first-degree manslaughter. [CBS]
- Senator Sam Ervin will reopen his committee's study of freedom of the press in order to examine an FBI report on CBS reporter Daniel Schorr. The White House claims that Schorr was once considered for a government job, but Schorr said that he doesn't know of any job. The FBI study of Schorr came shortly after White House aides criticized his reporting. President Nixon said that potential appointees will be informed before a job check in the future. [CBS]
- Though not a candidate for president, Senator Edward Kennedy has been campaigning; he traveled through five western states in three days, with the aura of a presidential candidate. Kennedy urged students at the University of Utah to become politically involved, and in South Dakota he raised money for Lt. Governor William Dougherty. The Senator also visited North Dakota and Minnesota and unloaded on President Nixon at every stop. Kennedy insists that he will not be a candidate next year, for personal reasons. His reasons for not running were apparent even before Chappaquiddick. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 812.94 (-1.97, -0.24%)
S&P Composite: 92.12 (0.00, 0.00%)
Arms Index: 0.94
| Issues | Volume* |
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| Advances | 571 | 5.50 |
| Declines | 768 | 6.95 |
| Unchanged | 334 | 2.10 |
| Total Volume | 14.55 |
* in millions of sharesArms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.
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| Market Index Trends |
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| Date | DJIA | S&P | Volume* |
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| November 11, 1971 | 814.91 | 92.12 | 13.31 |
| 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 |
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