News stories from Friday November 26, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Leading economic indicators rose 1.2% in October; the stock market reacted favorably. [CBS]
- The Justice Department is seeking to end the East coast and Gulf coast dock strikes with a Taft-Hartley injunction. A Philadelphia judge ordered longshoremen there back to work on Sunday. [CBS]
- October figures showed a trade deficit of $821.4 million; the Commerce Department claims that the dock strike is part of the reason. Trade negotiations with the Soviet Union are hopeful. [CBS]
- The postal service asked the Price Commission for a 23.9% increase in third class mail rates. Cost of Living Council director Donald Rumsfeld said that he sees nothing that will jeopardize the Phase II economic plan. [CBS]
- The search continued for parachutist-hijacker D.B. Cooper. The airline crew held a news conference in Minneapolis. Stewardess Tina Mucklow said that the hijacker was not nervous, his notes seemed nice and he was not impolite. She was the one who delivered the money and parachutes to Cooper. Security arrangements have been made for Mucklow and another crew member who can identify the hijacker. [CBS]
- New Jersey Governor William Cahill hopes that negotiations for prisoners' demands at Rahway State Prison can begin this weekend; the rebellion ended quietly. No force was used to end the incident last night and there have been no reprisals against the inmates. A reporter who was involved in the negotiations said that Cahill didn't bring in outsiders, a step which he feels helped resolve the situation, unlike at Attica where 30 different people interpreted demands and requests. [CBS]
- Giuseppe Antonio Doto, 69, known in the U.S. as "Joe Adonis",' died in Italy. He was an ex-Mafia boss on the East coast who left America voluntarily rather than be deported. [CBS]
- The United Nations will debate the Mideast situation next Friday. Egyptian President Anwar Sadat urged President Nixon not to give Israel any new missiles, but the administration reported that chances are good that Israeli Premier Golda Meir will get some of the weapons she wants. [CBS]
- Hundreds of Jews who emigrated to Israel have reportedly asked Soviet President Nikolai Podgorny to let them come back. [CBS]
- Cuban Premier Fidel Castro wound up his visit to Chile, his first trip outside of Cuba in seven years. Castro said that the American government doesn't represent the American people. He thinks that President Nixon doesn't present a philosophy of peace and called Nixon's thinking reactionary, not progressive. Castro said that he will wait until the U.S. government truly represents Americans and reflects the realities of the world; when the United States respects Latin America, then Cuba will speak to America. [CBS]
- India claimed knocking out a Pakistani tank and killing 80 men as a defensive action. Pakistan said that India was driven back after 100 Indians were killed. [CBS]
- American Ambassador Christopher Phillips urged the United Nations not to take action on the Soviet Union's plan for a world disarmament conference until further opinions are heard. The Soviet ambassador criticized China's views regarding the conference and caused a debate. The Chinese Foreign Minister said that Soviet leaders practice socialism with their words but imperialism in their deeds. Soviet representative Yakov Malik stated that a majority of the United Nations supports the conference. [CBS]
- Republican Senator James Pearson of Kansas asked President Nixon to withdraw Earl Butz's nomination as Agriculture Secretary. [CBS]
- A report on the British way of dealing with the heroin problem: Kevin Healy, 21, of London, is one of Britain's 2,600 registered drug addicts; he picks up his daily dose of heroin at a drug store. Fourteen of these drug dependency clinics are the only places to get free heroin. Doctors at the clinics try to gradually cut down the doses, but addicts say they have to supplement their dosage with black market heroin.
The black market operates on Gerrard St., where Chinese merchants receive heroin that has been smuggled in from Hong Kong. Addicts are not a major part of the crime problem; petty thievery occurs but rarely violent crimes. The government claims that the number of addicts has decreased and 25% of them now lead normal lives.
[CBS] - The EPA will notify the Labor Department of anti-pollution moves in economically depressed areas so that the department can counteract the resulting job losses. [CBS]
- It was announced that President Nixon will meet with British Prime Minister Edward Heath in Bermuda on December 20-21. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 816.59 (+17.96, +2.25%)
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, 1971 | 798.63 | 90.33 | 11.87 |
| November 23, 1971 | 797.97 | 90.16 | 16.84 |
| November 22, 1971 | 803.15 | 90.79 | 11.39 |
| November 19, 1971 | 810.67 | 91.61 | 12.42 |
| 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 |