News stories from Thursday December 2, 1971

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

A House-Senate conference committee postponed public financing of presidential election campaigns until after the '72 campaign. Democrat contenders Hubert Humphrey, Henry Jackson, George McGovern and Edmund Muskie agreed to limit their expenditures in the primaries in order to conserve funds for the general election. Senator Humphrey called President Nixon's opposition to taxpayer financing of campaigns "hogwash". [CBS] The White House Conference on Aging ended with President Nixon's pledge to relieve the financial squeeze on the elderly. The President vowed to remedy the unfair property tax burden on the elderly and stated that the financing of public education needs to find a new system. The President also promised to reconsider his decision regarding Medicare expansion. [CBS] Agriculture Secretary nominee Earl Butz was confirmed by the Senate, 51-44. [CBS] Republican Senator Edward Brooke announced that he opposes Supreme Court nominee William Rehnquist. [CBS] Israeli Prime Minister Golda Meir is in Washington, where she was assured by President Nixon that the U.S. will aid Israel in modernizing its armed forces. [CBS] The U.S. will trim its contribution to the United Nations from 31.5% to 25% of the U.N. budget, but claimed that the cut is not in retaliation for the ouster of Taiwan from the United Nations. [CBS] Cambodia lost the towns of Baray and Kompong Thmar to North Vietnam. [CBS] Two U.S. helicopters collided in South Vietnam, killing four. Searchers spotted the wreckage of a missing helicopter near Phu Bai. [CBS] The government of Pakistan charged India with invading their country. India claimed that Pakistani jets strafed the airport at Agartala. [CBS] Demonstrations in Santiago, Chile, followed a women's march protesting food shortages and Cuban Premier Fidel Castro's visit; President Allende's supporters attacked the marchers. Students defied the government's state of emergency and protested. [CBS] The Newark, N.J. school board voted to fly the "Black Liberation" flag in classes which have a black majority. Protests are being voiced over the flag because of its black nationalist overtones and the influence of radical playwright LeRoi Jones. Newark Mayor Kenneth Gibson, who is black, said that he opposes the flag for dividing the community. [CBS] 22-year-old self-proclaimed genius Herman Baersdorf was charged with two murders in Houston, Texas. He shot twin brothers who refused to continue working with him on a thermonuclear project. The twins, Leslie and Larry Owens, had been Rice University honor students. [CBS] A fire in Hammond, Ontario, killed all but two of a 13-member family. [CBS] Navy pilot Lt. Thomas Conlon blacked out during a test flight, streaking from Mobile, Alabama, across Virginia to the Atlantic Ocean. The plane ran out of fuel and crashed in the ocean. [CBS] Democrat presidential candidate Henry Jackson said that he won't enter the New Hampshire primary, calling the state "Muskie country". The Florida and Wisconsin primaries are probabilities for Jackson. [CBS] Eugene McCarthy is trying to renew his 1968 race for President, and will enter a few selected primaries in 1972. [CBS] The dollar dropped to its lowest value in 20 years in Japan and Europe in reaction to reports of U.S. devaluation. [CBS] Commerce Secretary Maurice Stans is in Poland for trade talks. [CBS] A special committee of the British Parliament recommended that the salary for Queen Elizabeth be doubled to $2.5 million a year. [CBS]

Stock Market Report

Dow Jones Industrial Average: 848.79 (+2.78, +0.33%)
S&P Composite: 95.84 (+0.30, +0.31%)
Arms Index: 0.91

	Issues	Volume*
Advances	824	9.37
Declines	620	6.43
Unchanged	286	1.99
Total Volume		17.79

* 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*
December 1, 1971	846.01	95.54	21.04
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