News stories from Monday November 15, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Chinese delegation was welcomed to the United Nations today. U.S. Ambassador George Bush spoke of the fight which ended with China's admittance and said that America is sure that we can move toward peace and justice in the world. The Albanian representative lashed out at American and Soviet imperialism. [CBS]
- AFL-CIO president George Meany attacked U.S. foreign policy and accused President Nixon of courting the world's Communist leaders in order to open trade markets for American corporations. Meany called Nixon's policy a threat to American workers. [CBS]
- The Cost of Living Council issued a ruling concerning auto makers. The council ruled that auto manufacturers must notify the Price Commission about intended price hikes. The increase can take effect 72 hours after notification if the commission does not reject it within that time. President Nixon appeared before the council today to praise it, and he praised the American public for the success of the wage-price freeze. The President said that continued support will cut inflation in half by next year. [CBS]
- Ford and General Motors reported record sales for the first 10 days of November. Chrysler Corporation also had big increases; only American Motors sales were down. [CBS]
- The Commerce Department reported that the balance of payments trade deficit was the highest ever. [CBS]
- At Fort Meade, Maryland, Capt. Ernest Medina testified at the court-martial of Col. Oran Henderson. Medina said he told Henderson that only 20-28 Vietnamese civilians were killed at My Lai though he knew more than 100 had actually been killed. The prosecutor asked if Medina lied to the Inspector General and to the Army investigating committee; Medina replied that he was "not candid" with them and said that he disgraced and dishonored his uniform. Henderson stated that if Medina hadn't misled him, we wouldn't be having this trial now. Tuesday will be the 44th day of testimony for Henderson. [CBS]
- Air Force Capt. Susan Struck gave birth last year while on active duty. The 9th Circuit Court of Appeals rejected her plan to remain in the Air Force, saying that it is not in the best interest of the public to have pregnant female soldiers in the military. [CBS]
- Supreme Court Justice Potter Stewart delayed the trial of ex-Kent State students and faculty members on riot charges, pending the hearing of a defendant's contention that the grand jury report constituted finding guilt before trial. The grand jury report was ordered to be destroyed by a federal court. [CBS]
- Martha Doherty, who had been attacked by Catholic women two weeks ago for dating a British soldier, married Pvt. John Larter in a guarded ceremony in Northern Ireland. Larter will be transferred. [CBS]
- A grand jury in Newark, N.J., indicted two Frenchmen for smuggling $12 million worth of heroin into America. One of the two men is a colonel in the French counter-espionage service; the colonel is still in France. U.S. attorney Herbert Stern said that it's up to the French to turn him over. [CBS]
- In affidavits given to Senator Birch Bayh, two Arizona negroes accused Supreme Court nominee William Rehnquist of "harassing" black voters in the 1964 election. [CBS]
- The Senate approved John Tunney's move to increase the amount a working couple can earn and still get a tax deduction for day care; a couple may make up to $18,000 per year and get the deduction. The Senate defeated a move by Adlai Stevenson III to increase the personal exemption level, and approved Ernest Hollings' amendment to allow a tax credit of up to $325 to offset the cost of higher education. No votes are final; all changes to the tax bill must go to the House. [CBS]
- The House passed a bill for $1.6 billion to fight cancer; the funds would go the National Cancer Institute, a new independent agency to be created by the Senate. [CBS]
- Congress banned the use of lead-based paint in federally-funded housing 11 months ago. The Department of Health, Education & Welfare said that it will be another month before the legislation actually takes effect. [CBS]
- Ex-President Lyndon Johnson spoke to the New York University graduate school of business about isolationism and protectionism; he urged business leaders to help improve America's social structure. Johnson said that the system is in trouble, and spoke of potential threats by those wanting to change this form of government. [CBS]
- A federal appeals court upheld the right of the out-of-office party to reply to presidential broadcasts, although the court overturned the FCC's decision giving Republicans the chance to reply to a Democrat party antiwar broadcast. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 810.53 (-2.41, -0.30%)
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 12, 1971 | 812.94 | 92.12 | 14.54 |
| 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 |