News stories from Monday November 27, 1972

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

The White House announced that the President plans a major government shakeup. President Nixon will cut down on White House staff and give his cabinet more responsibility; he feels he has a mandate to continue his policies. Caspar Weinberger, the director of the Office of Management and Budget, will step down. John Connally and Nelson Rockefeller will not get cabinet posts. [CBS] Housing and Urban Development Secretary George Romney announced that he is leaving the administration. He will organize a concerned citizens coalition to press for reforms. [CBS] Henry Kissinger and President Nixon discussed the Vietnam peace talks at Camp David, Maryland. Nixon will meet with Nguyen Phu Doc, adviser to South Vietnam President Thieu. Doc is expected to insist that any settlement of the war include a pullout of North Vietnamese troops from South Vietnam. Kissinger stands by South Vietnam's position. [CBS] Lt. William Calley, who was sentenced to 20 years in prison for his role in the My Lai massacre, has asked for clemency from a board of officers at Fort Benning, Georgia. [CBS] Fighting was sporadic in South Vietnam today. [CBS] European Security Council talks in Helsinki have bogged down. Romania wants all countries to have an equal vote; the other Communist bloc nations objected. The NATO bloc supports Romania. [CBS] Five students at Pontiac Central High School in Michigan were wounded by a black student during a fight. Four of the wounded are white; one is black. [CBS] Eleven days ago two black students were shot to death in a student-police confrontation at Southern University in Baton Rouge, Louisiana. Governor Edwin Edwards told black students that militant leaders were responsible for the deaths; Edwards was booed by the group. Students at the Southern University campus in New Orleans held a rally, and classes scheduled for today were boycotted. At the rally, "field director" Joe Hammond accused whites of trying to destroy Southern University because it is a center of black culture. Student body president Earl Picard said that the predominantly-black university must resist integration. But most students are apathetic.Two separate investigations are underway. A "black peoples committee" of inquiry distrusts the official committee and is holding hearings of its own. Julian Bond, a Georgia state legislator, is a member of the unofficial committee but was not present at today's hearing. Members of Attorney General William Guste's biracial committee also met. Guste stated that he is having trouble getting students to appear before his committee. [CBS] A racial fight involving 130 white and black sailors occurred at a U.S. Naval base on Midway Island in the Pacific. An investigation is underway. [CBS] Sean MacStiofain, the Irish Republican Army leader who was jailed nine days ago, is weak from his hunger strike and has been hospitalized. There have been demonstrations of support for MacStiofain in Ireland, and Irish police are being put on alert for riot duty. [CBS] The shipping of wheat which was sold recently to the Soviet Union had been held up because of a dispute over shipping costs. Today the grain was finally loaded. The U.S. and USSR were in disagreement over shipping costs of one-third of the 17-million-ton shipment. The U.S. wanted $10 a ton; the Soviets wanted to pay $7.50 per ton. The U.S. is getting $500,000 for shipping 54,000 tons of Oklahoma wheat. The government will pay $8,000 per day in subsidies to American shippers while they load and deliver the grain. This makes up for the difference between U.S. and world shipping rates. The loading of the grain onto ships is expected to take 3-5 days. [CBS] Rumors exist that Adolf Hitler's top deputy, Martin Bormann, is alive and living in South America. Israeli Nazi-hunter Simon Wiesenthal said that the rumor was started by neo-Nazi groups who are trying to confuse the search for real Nazis. [CBS] Police in Cleveland, Ohio, have been told to cut crime or their pay will be cut. Mayor Ralph Perk said that he will withhold differential and uniform allowances unless major crimes are down 5% by December. The Police Patrolman's Association called it a political grandstand play. [CBS]

Stock Market Report

Dow Jones Industrial Average: 1017.76 (-7.45, -0.73%)
S&P Composite: 116.72 (-0.55, -0.47%)
Arms Index: 0.92

	Issues	Volume*
Advances	608	6.66
Declines	896	9.04
Unchanged	336	2.49
Total Volume		18.19

* 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 24, 1972	1025.21	117.27	15.76
November 22, 1972	1020.54	116.90	24.51
November 21, 1972	1013.25	116.21	22.11
November 20, 1972	1005.04	115.53	16.68
November 17, 1972	1005.57	115.49	20.22
November 16, 1972	1003.69	115.13	19.58
November 15, 1972	998.42	114.50	23.27
November 14, 1972	1003.16	114.95	20.20
November 13, 1972	997.07	113.90	17.21
November 10, 1972	995.26	113.73	24.36