News stories from Friday December 10, 1971

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

The Senate confirmed William Rehnquist's nomination as Supreme Court justice. Senator Birch Bayh's move to postpone the vote failed. All of the Democratic party's presidential hopefuls voted against Rehnquist's confirmation along with Republicans Edward Brooke, Clifford Case and Jacob Javits. Bayh stated that he is concerned about Rehnquist's stand on civil rights and his conservatism on the Supreme Court. Rehnquist thanked the Senate for confirming him and thanked President Nixon for his nomination. The President has now seated four conservative Supreme Court justices. [CBS] Senator Mike Mansfield abandoned his campaign to attach an end-the-war amendment to the foreign aid bill, which is now due to be continued for three months. The Senate also extended the President's authority on economic control and passed a cancer research bill, but a bill on campaign reform was postponed. The Senate may override President Nixon's veto of the anti-poverty bill and its child care program. [CBS] President Nixon signed the tax cut bill; car tax refunds will be issued. Tax benefits take effect immediately. The bill contains a check-off for taxpayer funding of campaign costs, but that provision is not effective until 1976. [CBS] House Appropriations Committee chairman George Mahon warned that the national debt may become a "googol" -- a 1 followed by 100 zeros. [CBS] Fighting was heavy in the Kashmir region of India. India reportedly has troops on the Meghna River, 25 miles from Dacca, East Pakistan. Indian Prime Minister Indira Gandhi is considering the United Nations' cease-fire proposal, though India is crushing Pakistani resistance in Bangladesh.A senior officer in East Pakistan appealed to the United Nations in terms suggesting defeat or surrender. General Farman Ali Khan cabled United Nations Secretary General U Thant to ask for aid in repatriating civil and military personnel from East to West Pakistan. Pakistani President Yahya Khan also cabled the United Nations, advising it to disregard the General's message. [CBS] Plans to evacuate 300 foreigners from Dacca seem doubtful as Indians are steadily progressing in their drive toward Dacca. A nearby orphanage is said to have actually been bombed by Pakistan to embarrass India. [CBS] Two U.S. helicopters were shot down over South Vietnam, and five allied aircraft were downed over Cambodia. The Pentagon has initiated an early-release program whereby soldiers who have completed a 12-month tour in Vietnam may be discharged one year early. [CBS] NATO allies are ready to start an East-West security conference if Berlin negotiations are successful. Talks on opening the Berlin Wall have resumed and some travel is being permitted. [CBS] The Dallas bank gun giveaway story continues. The Dallas International Bank is giving away shotguns for a set deposit. Bank President William Adams said that inquiries have come from all 50 states; he believes that the guns will be used for hunting, not by felons or rioters. [CBS] A follow-up on the San Francisco traffic story: two toll-free express lanes have been set up on the San Francisco-Oakland Bay Bridge to encourage car pools, and carpooling has increased 25% as a result. Cars jump lanes however, causing accidents, so more barriers will be built. Some drivers are using mannequins to make it appear that there are more passengers in their cars. [CBS] Martha Mitchell complained of smoke pollution caused by the White House and Justice Department heating plant and by George Washington University hospital. Both are now moving to comply with Washington regulations. [CBS] U.S. Steel raised prices 7.5% on some merchandise, while staying within the average price increase limit over all products. [CBS] Charles Fitzgerald, who was convicted of slaying two policemen, was released from Folsom State Prison in California. Fitzgerald spent 45 years in prison, and asserted that life behind bars hasn't changed him at all. [CBS] After the riots of the 1960's, non-lethal methods of mob control are being studied. A stun gun can knock a man down at 100 yards and marks him with an indelible dye for later arrest. Stun guns are available for private protection too, and are being test-marketed in Fresno, California. [CBS]

Stock Market Report

Dow Jones Industrial Average: 856.75 (+4.60, +0.54%)
S&P Composite: 97.69 (+0.73, +0.75%)
Arms Index: 0.71

	Issues	Volume*
Advances	985	12.04
Declines	423	3.65
Unchanged	310	1.83
Total Volume		17.52

* 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 9, 1971	852.15	96.96	14.71
December 8, 1971	854.85	96.92	16.65
December 7, 1971	857.40	96.87	15.25
December 6, 1971	855.72	96.51	17.48
December 3, 1971	859.59	97.06	16.76
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