News stories from Wednesday December 1, 1971

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

The Senate extended the President's economic control plan to May 1, 1973, granted federal employees a raise in January, allowed retroactive wage raises, and exempted the media from wage-price controls. Senator Alan Cranston said that the latter action was taken to prevent "economic censorship" of the media. [CBS] The Price Commission warned businesses not to expect higher prices. A coal company's request for higher prices to cover raises which the Pay Board granted was cut by half. Price Commission chairman Jack Grayson declared that inflation must be stopped somewhere. The Pay Board is challenging the wage settlement between the Carey Grain Corporation of Chicago and the International Longshoremen's Association, which calls for 50% raises over three years. [CBS] Progress was reported in Rome, where 10 nations are attending an economic summit meeting. The U.S. discussed devaluating the dollar in return for an upward revaluation of other currencies. A second round of talks will be held in Washington on December 17. [CBS] North Vietnam attacked the Cambodian towns of Baray and Kompong Thmar. [CBS] The Pentagon reported that North Vietnam is developing the capacity to threaten U.S. planes when they are bombing the Ho Chi Minh trial in Laos. Assistant Secretary of Defense Daniel Henkin said that the U.S. may retaliate by bombing air strips in North Vietnam. [CBS] In China, there are reports of a conspiracy against chairman Mao Tse-tung. No mention has been made of deputy chairman Lin Piao, but his fall from power is evident. Lin Piao's absence was noticed when Chairman Mao and Premier Chou En-lai greeted North Vietnam Prime Minister Pham Van Dong recently. [CBS] India is making inroads along the East Pakistan border, trying to end East Pakistan's shelling and permit refugees of East Pakistan to return home. The West Pakistan army burned villages near Dacca in East Pakistan to rid them of Mukti Bahini rebels. The U.S. State Department has halted the sale of ammunition to India, which may be the first step to ending all military and economic aid to India. [CBS] The Department of Health, Education and Welfare charged Boston's schools with violating the 1964 Civil Rights Act. HEW civil rights director Stanley Pottinger stated that Boston has created two racially identifiable school sub-systems. The chairman of the Boston school committee denied the charges and offered to cooperate with the federal government. [CBS] The FCC received a report from the Equal Economic Opportunity Commission which accuses AT&T of discriminating against women, Negroes and Hispanics. [CBS] The U.S. Court of Appeals in New York ruled that guards at Attica Prison were guilty of barbarous abuse and mistreatment of prisoners after the September riot. [CBS] President Nixon courted the farm and youth vote at the 4-H club convention in Chicago. [CBS] The Senate began debate on the nomination of Earl Butz as Secretary of Agriculture. [CBS] The third of 25 defendants in the Kent State disorders pleaded guilty to charges of rioting. His attorney asked that Larry Shub be put on probation instead of being jailed. [CBS] Federal judge Julius Hoffman announced that he will retire; Hoffman presided at the trial of the "Chicago 7". [CBS] Mrs. Pat Nixon and daughter Julie Eisenhower did some Christmas shopping at Sears in Washington, DC, in order to provide publicity for the store's cooperation with the President's economic policy. [CBS]

Stock Market Report

Dow Jones Industrial Average: 846.01 (+14.67, +1.76%)
S&P Composite: 95.54 (+1.55, +1.65%)
Arms Index: 0.70

	Issues	Volume*
Advances	1,238	16.89
Declines	292	2.77
Unchanged	208	1.38
Total Volume		21.04

* 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 30, 1971	831.34	93.99	18.32
November 29, 1971	829.73	93.41	18.91
November 26, 1971	816.59	91.94	10.87
November 24, 1971	798.63	90.33	11.87
November 23, 1971	797.97	90.16	16.84
November 22, 1971	803.15	90.79	11.39
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