News stories from Tuesday December 14, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon returned from his meeting with French President Georges Pompidou in the Azores, and is considering cancellation of his trip to Moscow trip if the Soviet Union fails to restrain India in its war with Pakistan.
The President agreed to devalue the U.S. dollar. Treasury Secretary Connally said that the Azores meeting resulted in significant gains in settling the international monetary problem, and further discussions will take place at the Big 10 meeting in Washington. The dollar dropped on international money markets after the announcement.
[CBS] - President Nixon inspected the Concorde SST which flew French President Georges Pompidou to the Azores meetings. Nixon said he regrets that the U.S. didn't build it. [CBS]
- If the Soviet Union continues to encourage India's drive into East Pakistan, President Nixon may cancel his trip to Moscow. To emphasize the point, a U.S. Naval task force with the carrier Enterprise is heading for the Bay of Bengal to evacuate Americans, making a military and political point to Moscow. [CBS]
- Indian troops are closing in on Dacca, East Pakistan. East Pakistan leader Abdul Malik has resigned along with his with cabinet, and is seeking refuge; the 83rd Pakistani infantry brigade surrendered. The port at Chittagong was attacked by Indian planes and ships.
West Pakistan has lost contact with East Pakistan and is seeking aid from the U.S. and China. Leaders of the Bangladesh government returned to Jessore, East Pakistan, which had been taken by India, and celebrated the birth of their new nation.
[CBS] - Pakistan bombed the Indian towns of Srinagar, Pathankot and Amritsar. There was heated fighting in Chhamb, India, which was captured by West Pakistan; villagers fled. [CBS]
- At the United Nations, new efforts for peace in India and Pakistan were suggested. Britain and France proposed a cease-fire on the western front, letting military commanders negotiate a settlement. The existence of the Bangladesh government was neither supported nor denied. [CBS]
- Terrorists in Northern Ireland bombed the homes of Protestant officials. [CBS]
- Congress passed a bill requiring welfare recipients to sign up for jobs or face suspension of their benefits. [CBS]
- A Senate committee heard arguments against the government's policy on killing wolves and coyotes, traditional enemies of ranchers and farmers. Suggestions were made that predator control be severely restricted. Senator Birch Bayh blamed the Interior Department for killing endangered species; Interior Secretary Rogers Morton noted that the poisoning operation is funded and authorized by Congress, but said that the department is willing to discontinue the predator control program. [CBS]
- Senator Robert Taft proposed a bill to permit U.S. draft dodgers to return to America if they sign up for three years of public service. [CBS]
- Richard Fecteau and Mary Ann Harbert, who were freed by China yesterday, are now in the Valley Forge Army Hospital in Pennsylvania; Fecteau had been captured by the Chinese during the Korean War. U.S. government sources reportedly have admitted that Fecteau was a spy. [CBS]
- Last week the National Center for Disease Control in Atlanta reported a third major outbreak of red measles this year in Pinellas County, Florida, following those in Burlington, Iowa, and Lansing, Michigan. In St. Petersburg, the measles epidemic is still spreading although a mass immunization program is underway. [CBS]
- Massachusetts was the first state to adopt no-fault auto insurance and is now granting sizeable rate cuts due to the success of the program. [CBS]
- When multi-millionaire David Packard became Deputy Defense Secretary, he put his stock in a trust fund and promised to give the earnings to charity. After resigning his post, Packard gave away approximately $23 million which the trust fund had earned in three years. [CBS]
- Congress passed a bill settling the land claims of Eskimos, Aleuts and Indians in Alaska. The bill gives them $1 billion and 40 million acres of land. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 855.14 (-3.65, -0.43%)
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 13, 1971 | 858.79 | 97.97 | 17.02 |
| December 10, 1971 | 856.75 | 97.69 | 17.51 |
| 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 |