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News stories from Friday November 19, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon spoke to a cool and partly discourteous audience at the AFL-CIO convention in Miami; applause was light, "Hail to the Chief" was not played. Reporters noted derisive laughter when the President said that we have completed a successful freeze and the administration will provide more action on the inflation front. Nixon spoke of union support for his Vietnam policy, defense spending, and the hard-hat march in New York City. But the President stated that the economic program will succeed with or without labor's help, and he will continue his economic policies whether labor walks off the Pay Board or not.
The AFL-CIO convention voted to raise George Meany's salary from $70,000 to $90,000 a year; the Secretary-Treasurer's salary was raised from $40,000 to $60,000. [CBS]
- Meany called Nixon's speech "cute" and "political". He refused to let the President speak on Thursday and denied him access to live broadcast facilities. Meany was pleased with the cool reception for Nixon, while a warm reception was given to Senator George McGovern. McGovern said that he didn't come to talk about the flag we all love, but the economy. He said that it was a pleasure to join hands with those who will make President Nixon eligible for unemployment compensation. McGovern supports retroactive pay and a $10 billion job creation plan.
Senators Hubert Humphrey, Henry Jackson and Edmund Muskie will speak at the AFL-CIO convention later. Some union members gave President Nixon credit for having the "guts" to appear at the convention. [CBS]
- The Pay Board voted 10-3 to approve the first year of the new soft coal miner's contract. The contract gives an 11% pay raise and a 4% increase in benefits; public members of the board were critical of the move. [CBS]
- The consumer price index rose 0.2% in October, the lowest monthly increase in the last four years. [CBS]
- Many Japanese are unhappy with the Okinawa treaty. In Tokyo, schools were closed and 144 labor unions held protest strikes. Thousands attended rallies which were organized by the Communist and Socialist parties. Violent leftist groups threw gasoline bombs and battled 16,000 riot police; 50 people were injured and 1,200 were arrested.
Protesters say the treaty doesn't assure that nuclear weapons will be moved from the island, and the island will continue as a major American military center. Some legislators promised to continue to oppose the treaty. [CBS]
- Cambodians asked for American air support to defend Phnom Penh, but only got one Cambodian plane. North Vietnam has the capability to attack the capital, but it is believed that they want to surround the city, choke off supplies, create chaos and show the incompetence of the Cambodian government. [CBS]
- A national conference of Catholic bishops that is meeting in Washington is split over the issue of U.S. withdrawal from Vietnam, but called on all involved to end the war. [CBS]
- The Supreme Court refused to halt the trial of 25 people on charges resulting from the Kent State University incident in 1970. [CBS]
- The Atomic Energy Commission announced that the Amchitka, Alaska, nuclear test caused no major harm to plant or animal life, but 14 sea otters, 14 seals, 16 birds and hundreds of fish were killed. Three or four bald eagle nesting sites were destroyed. [CBS]
- The stagnant air mass in the southeast has moved out to sea; the pollution alert over Tennessee has been called off and a federal judge in Birmingham lifted his restraining order against 23 industrial companies. [CBS]
- Senator Henry Jackson announced his candidacy for President, saying that people are dissatisfied with the Nixon administration. Jackson will enter primaries in New Hampshire, Florida, Illinois and Wisconsin, and said that he will "tell it like it is" a la Harry Truman. Jackson is not noted as being a crowd-inspiring campaigner. [CBS]
- Agriculture Secretary nominee Earl Butz was praised at the close of the Republican Governors Conference. But Senator William Proxmire claimed that Butz called the food stamp program "ridiculous" in some parts of the country, and also called President Nixon's welfare program "far-out". [CBS]
- Attorney General John Mitchell said that prison conditions are close to being a national shame. Speaking at a police appreciation luncheon in Charlotte, North Carolina, Mitchell stated that 80% of felonies are committed by ex-convicts; he said that the U.S. prison system should be updated. [CBS]
- Dr. John Allen of the American Academy of Pediatrics reported that the child abuse problem is getting worse. Proposed treatment plans include a national network of diagnostic and treatment centers and hotlines for parents seeking help. [CBS]
- Defense Secretary Melvin Laird named Don Miller as the new Assistant Defense Secretary for Equal Opportunity in the Pentagon's civil rights office; Miller succeeds Frank Render who quit under fire. [CBS]
- Rep. Shirley Chisholm rebuked the men of the Congressional Black Caucus for not putting her on either of two panels concerning 1972 election strategy. [CBS]
- Housing and Urban Development Secretary George Romney will review Senator James Buckley's protest against a low-income housing project in Forest Hills, New York, and the federal government's role in financing that project. New York City Mayor John Lindsay vowed to push ahead with the plan.
Forest Hills is mostly middle class and Jewish. Residents held a meeting last night to talk about the project, then went to a vacant lot with torches, shouted "down with the project", threw objects and stopped traffic. Construction workers didn't show up today. One resident observed that Mayor Lindsay goes to the slums when they riot, and wondered whether Lindsay will come to Forest Hills when voters riot. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 810.67 (-4.68, -0.57%)
S&P Composite: 91.61 (-0.52, -0.56%)
Arms Index: 1.06
| Issues | Volume* |
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| Advances | 354 | 2.76 |
| Declines | 1,016 | 8.40 |
| Unchanged | 302 | 1.26 |
| Total Volume | 12.42 |
* in millions of sharesArms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.
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| Market Index Trends |
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| Date | DJIA | S&P | Volume* |
|---|
| November 18, 1971 | 815.35 | 92.13 | 13.01 |
| November 17, 1971 | 822.14 | 92.85 | 12.84 |
| November 16, 1971 | 818.71 | 92.71 | 13.30 |
| November 15, 1971 | 810.53 | 91.81 | 9.37 |
| November 12, 1971 | 812.94 | 92.12 | 14.54 |
| November 11, 1971 | 814.91 | 92.12 | 13.31 |
| November 10, 1971 | 826.15 | 93.41 | 13.41 |
| November 9, 1971 | 837.91 | 94.46 | 12.08 |
| November 8, 1971 | 837.54 | 94.39 | 8.52 |
| November 5, 1971 | 840.39 | 94.46 | 10.78 |
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