News stories from Friday December 17, 1971

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

The India-Pakistan war ended, with East Pakistan (Bangladesh) now a separate nation from the West. Indians still occupy territory in West Pakistan and scattered resistance was reported near Dacca and Camilla in East Pakistan. Bangladeshis are killing West Pakistanis in revenge; Indians will move the remaining West Pakistani forces out of Bangladesh. [CBS] A Bangladesh mission has been set up in Washington, but it is not yet officially recognized. Recognition and U.S. aid have been requested by Bangladesh officials, even though they criticized America's position on the war. The Nixon administration is said to be in no rush to recognize Bangladesh, but there is relief that the war is over.The U.S. and Soviet Union negotiated to keep the war from spreading. The crisis broke on Wednesday due to the threatened cancellation of President Nixon's visit to Moscow; the Soviet Union and India yielded. [CBS] India reports 11,000 total casualties as a result of the war. Pakistani figures are said to be higher. [CBS] The split between China and Russia was emphasized by the India-Pakistan war. Chinese Premier Chou En-lai branded India as the aggressor and denounced the Soviet Union at the United Nations. Ambassadors from the Soviet Union, India and six Communist countries in Europe walked out. [CBS] Congress resolved the dispute on foreign aid and adjourned until January 18. Senator Hugh Scott noted the success of President Nixon's measures in this session of Congress. [CBS] The 10 richest non-Communist nations are meeting in Washington to discuss monetary problems. The U.S. dollar surplus in European banks is an issue, as is a tax investment credit program. The lifting of foreign trade barriers is desired by Treasury Secretary Connally. [CBS] The Pay Board set an absolute maximum of 7% on pay increases in organized labor contracts. [CBS] The west coast dock strike is expected to resume after Christmas. [CBS] Cambodian defenses are deteriorating on Highway 6. President Lon Nol's regime is said to be in danger; military law prevails in Phnom Penh. [CBS] Col. Oran Henderson was acquitted of charges that he covered up the My Lai massacre. The jury deliberated for 1½ hours. It has been nearly four years since the incident at My Lai. Among those who were tried are Sgt. David Mitchell, Capt. Eugene Kotouc, Sgt. Charles Hutto, Lt. William Calley, Capt. Ernest Medina and Col. Oran Henderson. Only Calley was found guilty, possibly to be a scapegoat. [CBS] Cuba rejected President Nixon's plea to release Jose Villa, captain of the captured U.S. ship "Johnny Express". The Pentagon agreed to back a program to defend U.S. citizens in the Caribbean, and surveillance will be increased. [CBS] In Boston, Eugene McCarthy announced his candidacy for the Democratic presidential nomination and declared that he will enter the Massachusetts primary. [CBS] Environmentalists won a round in their fight against offshore oil and gas leases; their suit will delay further offshore developments. [CBS] President Nixon signed a bill making the killing of wild horses in the west a federal offense. [CBS] Rep. Charles Diggs resigned as a delegate to the United Nations in protest of the U.S. position on Africa, especially with regard to Rhodesia. [CBS] Rep. William Cotter accused the Rocketdyne Division of North American Rockwell of misusing funds from the Apollo program. [CBS]

Stock Market Report

Dow Jones Industrial Average: 873.80 (+2.41, +0.28%)
S&P Composite: 100.26 (+0.52, +0.52%)
Arms Index: 0.73

	Issues	Volume*
Advances	879	11.03
Declines	547	5.03
Unchanged	309	2.21
Total Volume		18.27

* 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 16, 1971	871.39	99.74	21.07
December 15, 1971	863.76	98.54	16.89
December 14, 1971	855.14	97.67	16.07
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