News stories from Tuesday November 14, 1972

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

For the first time ever, the Dow Jones Industrial average closed above 1,000. A Wall Street Journal reporter downplayed the significance of the high average, but stock analyst Larry Wachtel said that the average confirms the bullishness of the market and denotes economic strength. [CBS] Pvt. Billy Dean Smith was found innocent of charges that he killed two American officers in Vietnam with a fragmentation grenade. The military jury at Fort Ord, California, took just five hours to arrive at the verdict. Smith was previously sentenced to a reduction in rank and a dishonorable discharge for spitting on an officer in Vietnam. [CBS] Captain J.D. Ward of the racially-troubled carrier Constellation hinted of sabotage at sea by black sailors. Many of the Constellation's sailors have signed petitions praising Ward, but some complain of unequal justice. Ward refused to meet with protesting sailors because they were not orderly, but he denied having different punishments for black and white sailors.Vice Admiral David Bagley, the chief of naval personnel, noted the seriousness of the racial problem and said that corrective programs are underway, but he predicted more such incidents. Admiral Elmo Zumwalt said that officers must become more aware of the need for equal racial opportunities, but also stressed the need for discipline and order. A congressional investigation is underway into the Constellation incidents. [CBS] North Vietnam agreed to more private talks with Henry Kissinger, and has sent Le Duc Tho to Paris (via China and Russia) for a meeting. White House press secretary Ron Ziegler said that the administration is satisfied with the pace of peace discussions with South Vietnam and North Vietnam. Henry Kissinger and Gen. Alexander Haig are still in Washington. [CBS] George McGovern intends to fight for new political reform elements in the struggle for control of the Democratic party; he complained that AFL-CIO president George Meany and former Texas Governor John Connally never accepted reform. South Carolina Senator Ernest Hollings called the for removal of Jean Westwood as Democratic national chairwoman; McGovern replied that Democrats who want Westwood out should not to be too hasty.McGovern identified the Eagleton affair as the severest single blow to his campaign. The Associated Press is now reporting that McGovern's aides knew of Eagleton's medical history prior to his selection as vice-presidential nominee. Aide John Holun said that McGovern's staff checked alcoholism rumors and learned about Eagleton's nervous exhaustion. [CBS] Alabama Governor George Wallace is considering taking acupuncture treatment. [CBS] Rain, snow, high winds and flooding characterize the winter weather across the United States. A student drowned when a Lake Michigan wave swept him from a Chicago pier. Lakes Huron and Erie have caused flood damage in Michigan and Ohio. Blizzard snows cover an area from Colorado to New York. A mother was electrocuted by a snow-felled power line in Nebraska. A tornado was reported in Florida. New York City is soaked with rain. [CBS] Juan Peron, a robust 77 years old, has gone back to Argentina after 17 years in exile. The former dictator left Spain to return home on a mission of peace. [CBS] The Federal Aviation Administration reported that Cuban Premier Fidel Castro talked with the captain of the hijacked Southern Airways jetliner. Pilot Bill Haas said that Castro praised him for his skill in landing the plane, which was crippled when FBI agents shot out the tires in Orlando. Acting FBI director L. Patrick Gray acknowledged that he is the one who ordered the plane's tires to be shot. Gray maintains that the plane had to be stopped, and he stated that Southern Airways concurred with his decision to abort the flight. [CBS] Two years ago a New York teacher lost her job for refusing to salute the American flag and say the pledge of allegiance. A federal appeals court has ruled that she was fired illegally; the first amendment protects her right to silence. [CBS] George McGovern says that he is not real loser of the 1972 presidential election -- the country is. McGovern feels that his philosophy would be better for the nation than Nixon's in the long run. He challenged Democrats who voted Republican to formally switch parties. [CBS]

Stock Market Report

Dow Jones Industrial Average: 1003.16 (+6.09, +0.61%)
S&P Composite: 114.95 (+1.05, +0.92%)
Arms Index: 0.67

	Issues	Volume*
Advances	922	12.77
Declines	559	5.22
Unchanged	341	2.21
Total Volume		20.20

* 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*
November 13, 1972	997.07	113.90	17.21
November 10, 1972	995.26	113.73	24.36
November 9, 1972	988.26	113.50	17.04
November 8, 1972	983.74	113.35	24.62
November 6, 1972	984.80	113.98	21.33
November 3, 1972	984.12	114.22	22.51
November 2, 1972	973.06	113.23	20.69
November 1, 1972	968.54	112.67	21.36
October 31, 1972	955.52	111.58	15.45
October 30, 1972	946.42	110.59	11.82