News stories from Friday December 3, 1971

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

India-Pakistan fighting spread to the western border. Indian Prime Minister Indira Gandhi accused Pakistan of instigating a war by way of eight air attacks including one at Agra, site of the Taj Mahal. Indian soldiers invaded East Pakistan. Balurghat, India, was hit hard; villagers fled. [CBS] The U.S. had cut arms and ammunition supplies to India previously; now all military aid to India has been cut. Arms to Pakistan was halted earlier. [CBS] A hijacker in Paris sought medical aid for East Pakistani refugees; Jean Quai attempted a hijacking for Bangladesh. West German Chancellor Willy Brandt arrived at Orly airport for talks with French President Pompidou during the hijack incident, in which police dressed as Red Cross and airport workers and took the hijacker. Medical supplies will still be sent to Bangladesh. [CBS] Canada and the U.S. signed an extradition treaty covering skyjacking and murder, but exempting draft-dodging. [CBS] Israeli Prime Minister Golda Meir ended talks with President Nixon in Washington. Meir said that Israel wants aircraft, not publicity. [CBS] United Nations debate on the Mideast is underway. Egyptian Foreign Minister Mahmoud Riad condemned American military support of "expansionist" Israel. Riad said he would settle for U.S. support of a U.N. resolution reactivating mediator Gunnar Jarring. [CBS] Viet Cong radio reported that the V.C. will observe three-day cease-fire periods for Christmas and New Year's, and four days for Tet in Vietnam. [CBS] A new Defense Department film of electronic tracking devices on the Ho Chi Minh Trail in Laos has been revealed to actually be a composition of old, new and captured film. The Pentagon apologized for the error. [CBS] A curfew was imposed in Santiago, Chile, after two days of violence. Women protesting President Salvador Allende's policies were attacked by government supporters; three were wounded. [CBS] The unemployment rate was up 0.2% in November, to 6.0%. The wholesale price index was up 0.1% due to a rise in the price of agricultural products not covered by the freeze. The number of persons employed rose to 80 million in November. [CBS] The federal government announced that tenants may refuse to pay rent increases unless landlords open their books to prove that the raises are justified. The IRS will investigate rent violations by landlords. [CBS] The price of the U.S. dollar continued to drop in Europe in anticipation of a possible official devaluation. [CBS] Congress asked for a $1.5 million emergency appropriation for the John F. Kennedy Center for the Performing Arts in Washington. The money is needed for more guards and maintenance. [CBS] Senator Edmund Muskie announced that he opposes Supreme Court nominee William Rehnquist. [CBS] Secretary of Agriculture Earl Butz reported that the federal government will buy corn in order to stabilize prices and to build reserves. [CBS] The Reuters news service reported a break in the deadlock between East and West Germany on the Berlin agreement. [CBS] The U.S. embassy in Moscow predicted that there will be an announcement in two months regarding joint U.S.-Soviet space flights. NASA said that the announcement will only cover the feasibility of such a project. Apollo 10 commander Thomas Stafford is taking Russian language lessons in Houston. [CBS] The U.S. solar observatory in orbit around the earth yielded information that the sun has north and south polar caps; their temperature is 1 million degrees. [CBS] William Ruckelshaus completed his first year as director of the Environmental Protection Agency. Ruckelshaus stated that progress in the fight against pollution has been "slight", but if the 1975 EPA standards are met, the air in most cities will be very good. [CBS] New Orleans district attorney Jim Garrison was indicted by a federal grand jury for taking bribes and for income tax evasion. [CBS] Edward Egan, the narcotics detective whose exploits were the subject of the movie "The French Connection", was fired from the New York City police force. Egan was the technical adviser for the movie and he was the detective who solved the case on which the film was based. Egan was dismissed from the force for misconduct in handling confiscated heroin. Egan says that he did not intentionally break any rules, and was just trying to do his job; he thinks that someone in the department may have resented his part in the movie. [CBS]

Stock Market Report

Dow Jones Industrial Average: 859.59 (+10.80, +1.27%)
S&P Composite: 97.06 (+1.22, +1.27%)
Arms Index: 0.92

	Issues	Volume*
Advances	1,039	10.89
Declines	419	4.06
Unchanged	246	1.81
Total Volume		16.76

* 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 2, 1971	848.79	95.84	17.78
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