News stories from Wednesday November 29, 1972

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

Peter Brennan was appointed as Secretary of Labor. As president of the New York Building Trades Union, he led hard-hat support for President Nixon's Vietnam policy. Brennan's organization of a demonstration supporting the President earned him a White House visit in 1970. He also actively supported Nixon's campaign for re-election. Brennan insisted that his nomination is not a payoff.AFL-CIO leader George Meany, who had disagreements with outgoing Labor Secretary Hodgson, approves of Brennan's nomination. Brennan said that he hopes to phase out wage-price controls. Brennan was known as an opponent of hiring blacks in the construction trades. The Coalition of Job Equality objects to him, but Teamsters president Frank Fitzsimmons approves of Brennan's nomination. The Labor Department is not big, and much of its work is statistical. But the "Philadelphia Plan" to hire minorities in construction trades is administered here. Issues in the department include pension reform and minimum wage changes. Outgoing Labor Secretary Hodgson may become the ambassador to an international agency in Geneva, Switzerland. [CBS] President Nixon talked with South Vietnamese special envoy Nguyen Phu Duc in Washington. The President is trying to convince South Vietnam to go along with the U.S. peace proposals. Issues include North Vietnamese troops in South Vietnam and Viet Cong POW's. [CBS] In Dublin, Ireland, a large group of demonstrators demanded the resignation of Justice Desmond O'Malley. O'Malley is fighting for a bill which would cripple the IRA. The vote is expected to be close. [CBS] Israel and Egypt exchanged charges in the United Nations. The Egyptian Foreign Minister called on the U.N. to enact sanctions against Israel. The Israeli ambassador called for direct talks on the Mideast situation and reopening of the Suez Canal. [CBS] In Helsinki, Finland, the Soviets proposed a three-phase plan for European security. They suggested a foreign ministers' conference, committee meetings, and high level conferences to complete programs. [CBS] At least five people were killed and 30 injured in a New Orleans building fire. Some were rescued by helicopter but others were trapped on the 15th floor. Six of them jumped, three were killed instantly. [CBS] The Watergate wiretap case has surfaced again with the appearance in Los Angeles of key figure Donald Segretti. Segretti is believed to have been hired by a White House aide to organize an undercover campaign of sabotage against Democrats. Segretti disappeared after those charges were initially made, but was found in a plush yacht harbor apartment in Los Angeles. Segretti is trying to avoid reporters and has been driving through California and Nevada to keep out of the news; he returned to his apartment last week.Many questions remain unanswered. A Senate committee headed by Edward Kennedy is investigating the case and information on Segretti and others is being gathered. Kennedy aide Jim Flug interviewed Segretti in California but won't say whether he also saw Herbert Kalmbach, the President's personal lawyer who supposedly handled payments to Segretti. Democrat Senator James Eastland, head of the Judiciary Committee and a friend of President Nixon, is maneuvering to get the investigation switched to another committee. [CBS] In the wake of the Eagleton affair, Democrats are looking for new methods for selecting a vice-presidential candidate. Hubert Humphrey will head an advisory commission on that subject. [CBS] Father Philip Berrigan, who was imprisoned in 1968 for a six-year term for damaging draft records in Maryland, obtained his parole from a Danbury, Connecticut, prison. Philip's brother Daniel was paroled earlier this year from his sentence for a draft board raid in Catonsville, Maryland. [CBS] The California Supreme Court refused the release of reporter William Farr, who is imprisoned for refusing to reveal sources for a story he wrote during the trial of Charles Manson. Farr asked for his release on the grounds that Judge Charles Older is too personally involved in the case to be fair. [CBS] The unofficial black committee investigating the deaths of two black students at Southern University in Baton Rouge during a police-student confrontation released its findings today. The committee absolved the students of any blame for the incident and was highly critical of the administration of Southern University, the police, and Louisiana Governor Edwin Edwards. Committee member D'Army Bailey stated that the sheriff was emotionally ill-equipped to deal with the situation and he wantonly disregarded human life. Bailey also accused the Governor of being negligent in his failure to assume control of the situation. Edwards charged the committee with predictable partiality. The official investigating committee is still in session. [CBS] Airline pilots who are meeting in Las Vegas voted to strike to protest hijackings if their union president so directs. [CBS] Developers of the area on which a former house of ill repute is located put up "no trespassing" signs today. Yesterday crowds gathered at the house in Charlottesville, Virginia, to dig for buried money. Thousands of dollars have been found there recently. [CBS] Hard-hat Peter Brennan's appointment as Labor Secretary is indicative of the shift of organized labor from the Democrat to the Republican party. Despite being a lifelong labor leader, Brennan's impartiality in possible business-labor disputes is questionable. [CBS]

Stock Market Report

Dow Jones Industrial Average: 1018.81 (-0.53, -0.05%)
S&P Composite: 116.52 (+0.05, +0.04%)
Arms Index: 0.88

	Issues	Volume*
Advances	762	8.36
Declines	726	7.04
Unchanged	333	1.98
Total Volume		17.38

* 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 28, 1972	1019.34	116.47	19.21
November 27, 1972	1017.76	116.72	18.91
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