News stories from Thursday November 18, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Senate Banking Committee approved some retroactive pay increases for those whose raises were blocked in Phase II. [CBS]
- The Pay Board heard from labor and management today, both defending the soft coal miners' contract with raises above the board's guidelines. [CBS]
- The Commerce Department announced that the economy grew at a faster rate than expected from July to September; GNP increased by 3.9%. Inflation was 3%, which was lower than predicted. [CBS]
- American jets and helicopter gunships stepped up their attack on the Communists on the outskirts of Phnom Penh, Cambodia; heavy fighting is occurring. South Vietnam pledged a division of troops to Cambodia to aid in defending its capital city. [CBS]
- At the shortest session ever of the Paris Peace Talks, Ambassador William Porter stated that America's position is clear and the U.S. is only awaiting North Vietnam's reply. Next week's meeting is canceled for Thanksgiving. [CBS]
- The State Department noted that the Soviet Union has sent 10 more fighters to Egypt. Undersecretary Joseph Sisco informed the Israeli ambassador of that fact, but did not promise more American planes to Israel. Israeli Defense Minister Moshe Dayan is scheduled to make a visit to Washington. [CBS]
- King Hussein of Jordan implied that Arab unity is a thing of the past; he said that he would not feel compelled to fight if Egypt resumed hostilities with Israel. [CBS]
- The Senate Appropriations Committee voted to bring 50,000 American soldiers back from Europe. The defense bill is set at over $70 billion; funds for Vietnam won't be cut off. [CBS]
- The Commerce Department paved the way for American companies to help in the construction of the world's biggest truck company in the Soviet Union. The department granted $528 million in export licenses. [CBS]
- Cuban Premier Fidel Castro continued his visit to Chile; he defended Salvador Allende's government to radical student critics. [CBS]
- The Atomic Energy Commission reported that China held its first nuclear test of the year near Lop Nor. Radioactive fallout will drift over Japan, the Pacific Ocean and North America. [CBS]
- The top American narcotics agent has been transferred out of France following the indictment in the U.S. of a French intelligence agent for heroin smuggling. Col. Paul Fournier challenged U.S. attorney Herbert Stern to prove the charges against him. Stern said that if Fournier is innocent, he should come to America and prove it. [CBS]
- Reporters' desks at the Pentagon were searched by security agents today. [CBS]
- The Senate Judiciary Committee announced that it will vote no later than Tuesday on Supreme Court nominees William Rehnquist and Lewis Powell. [CBS]
- Agriculture Secretary nominee Earl Butz said that he is willing to sell his stocks in agricultural corporations rather than put them in a blind trust. [CBS]
- Major fundraiser William King switched from the Republican to the Democratic party and charged President Nixon with a "lack of character"; King will support Edmund Muskie for President. King said that Nixon hasn't provided moral leadership, and Muskie can. [CBS]
- At the Republican Governors Conference, California Governor Ronald Reagan and Kentucky Governor Louie Nunn urged President Nixon to keep Vice President Spiro Agnew on the ticket in 1972. [CBS]
- Fires were set on the campus of the University of Oklahoma; 27 people were hurt. The fires may have been racially instigated. [CBS]
- In November, the FTC accused DuPont of false advertising regarding Zerex anti-freeze. Now the FTC has reversed itself and said that the commercial was not deceptive because DuPont put Zerex on the market without knowing it could hurt automotive cooling systems. The product has now been reformulated. [CBS]
- The federal government closed almost 24 industrial businesses in Birmingham, Alabama, due to pollution; it is the first time that the 1970 Clean Air Act has been used. A stagnant air warning has been issued in New York City. Motorists are urged not to drive unless it is necessary. [CBS]
- President Nixon accepted an invitation from the AFL-CIO to address its convention on Friday. Union president George Meany attacked the President and the tactics of his administration today. Meany said that the Pay Board's action in nullifying contracts threatens the future of collective bargaining and the entire economic system, and he pointed out that no contract is sacred if the President can nullify it. The AFL-CIO will remain on the Pay Board as long as there is hope of getting contracts paid off, though Meany vowed that organized labor won't cooperate with the board. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 815.35 (-6.79, -0.83%)
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 17, 1971 | 822.14 | 92.85 | 12.84 |
| November 16, 1971 | 818.71 | 92.71 | 13.30 |
| November 15, 1971 | 810.53 | 91.81 | 9.37 |
| 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 |