News stories from Monday November 22, 1971

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

At a press conference, Treasury Secretary John Connally talked about the AFL-CIO's treatment of President Nixon. Connally described George Meany's actions in Miami as boorish, arrogant and discourteous. Connally stated that the President tried to structure the Pay Board as Meany wanted, but the administration could not let Meany put himself above the interests of the working people in America.Connally noted that delegates to the conference were not responsible for Meany's actions, and pointed out that not all delegates share Meany's views. Connally sees Meany's acceptance of a large pay raise for himself as reflecting flagrant contempt for Phase II. [CBS] AFL-CIO president George Meany declared that he is proud of the AFL-CIO's treatment of President Nixon. Meany claims that he respects the office of the President, but doesn't have to be subservient to him. Meany stated that he heard no boos or jeers for the President, only laughter when Nixon called the price freeze a success. Meany believes that the President came to the convention just so he could claim he was treated unfairly. Meany was unanimously re-elected as president of the AFL-CIO. [CBS] Secretary Connally was critical of the Pay Board's first major ruling regarding the soft coal contract. Connally said that the decision contravened board rules and he hopes it won't be a precedent. A member of the board said that Connally isn't considering the economic damage that would have been caused by a renewal of the coal strike.Connally expects more settlements over the 5.5% wage guideline, including railway contracts, and he hinted at a possible concession to the demand for retroactive wage increases as long as the raises are consistent with board rules. The Price Commission announced that it will not allow all wage increases to be offset by higher prices. [CBS] The Senate approved a plan to finance presidential campaigns with taxpayer money, voting 52-47 in favor of Charles Mathias' amendment that $1 be given to whichever party the taxpayer indicates. Major parties will get a maximum of $20 million each. Republicans who opposed the measure picked up the votes of Independent senator Harry Byrd and four southern Democrats: James Eastland, John Stennis, Sam Ervin and John McClellan. Democrats picked up Republican senators Charles Mathias and Clifford Case and won by five.House Ways and Means Committee chairman Wilbur Mills feels that the tax bill, with the campaign funding amendment, will pass Congress. Senator Hugh Scott called the bill a raid on the treasury and he will ask President Nixon to veto it. [CBS] The Senate Agriculture Committee voted 8-6 to approve Earl Butz for the post of Agriculture Secretary. The committee ordered Butz to get rid of his stock in three farm-related businesses. The Ralston Purina Company announced that outgoing agriculture secretary Clifford Hardin will take the Board of Directors seat being vacated by Butz. [CBS] The Supreme Court unanimously held that arbitrary discrimination against women is unconstitutional. The decision, which involved an Idaho law favoring men in administering estates, was based on the equal protection provision of the 14th amendment. [CBS] Pakistan is accusing India of full-scale invasions into East Pakistan. India denied that there is any invasion and said that the Pakistan army got whipped by East Pakistani guerrillas. Pakistani President Yahya Khan has promised to crush the aggressors. [CBS] The State Department is suspending its role as intermediary in Mideast peace efforts. The department believes that Egypt and Israel are preoccupied with the upcoming United Nations debate and both are making hard-line statements. The State Department will review its decision after the debate. [CBS] South Vietnamese soldiers drove into Cambodia in order to reopen highways and smash the North Vietnamese. They caused one North Vietnamese division to pull back from Phnom Penh.The goal of lowering the U.S. troop count in South Vietnam to 184,000 by December 1 has already been met. [CBS] Jury selection got underway for the trial of 25 people who were involved in uprisings at Kent State University. Judge Edwin Jones is banning discussion by anyone involved with the case or the demonstrations. The first defendant is a 23-year-old non-student who is charged with rioting and throwing rocks at firemen two days before the National Guard shooting of four students in May of 1970. [CBS] The family of ex-President John F. Kennedy and others visited his grave at Arlington National Cemetery today on the eighth anniversary of his death. [CBS] The Atomic Energy Commission partially suspended operations at two North Carolina power plants pending a review of their environmental impact, but will continue to permit the operation of a controversial nuclear plant in Monticello, Minnesota. The plant, which is on the Mississippi River, is controversial due to the fear of radioactive emissions; radioactive water is being dumped into the river. The state collected water samples and found radioactivity to be within accepted guidelines, however Minneapolis and St. Paul were requested to shut off their water intakes temporarily. Contaminated water possibly entered the system before intakes were closed, but the water is thought to present no danger.Environmentalists claim that there is not enough evidence to say that even low levels of radioactivity in water are acceptable. [CBS] Mariner 9 had trouble with a dust storm on Mars, but the storm is now clearing. The Martian ice cap may be water vapor rather than carbon dioxide. [CBS] In Baltimore, an ex-employee of the Pittsburgh Plate Glass Company was wounded by police after he killed five people there. [CBS] Xerox Corporation chairman Joseph Wilson, 61, died of a heart attack at the New York City apartment of Governor Nelson Rockefeller. [CBS] Twenty people are dead from the collapse of a viaduct in Rio de Janeiro, Brazil. [CBS]

Stock Market Report

Dow Jones Industrial Average: 803.15 (-7.52, -0.93%)
S&P Composite: 90.79 (-0.82, -0.90%)
Arms Index: 1.62

	Issues	Volume*
Advances	314	1.61
Declines	1,046	8.71
Unchanged	306	1.04
Total Volume		11.36

* 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 19, 1971	810.67	91.61	12.42
November 18, 1971	815.35	92.13	13.01
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