News stories from Tuesday December 7, 1971

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

India claimed victories in East Pakistan; West Pakistan invaded Kashmir. [CBS] 300 foreigners who want to leave East Pakistan were thwarted by the inability of a United Nations-sponsored Canadian plane to land in hostile fire. A U.S. cargo plane with relief supplies was also fired upon at Dacca. India released the U.S. merchant ship Expediter, which was held on suspicion of carrying arms for Pakistan. [CBS] Pakistani President Yahya Khan established a civilian coalition government. [CBS] The Nixon administration changed its policy in efforts to end the conflict. The U.S. has suspended all bilateral diplomatic efforts to end the war and referred the issue to the United Nations, which can do nothing. Senator Edward Kennedy denounced U.S. hesitation in efforts for peace and relief in India and Pakistan. Senator John Sherman Cooper said that he approves the administration's policy of non-involvement and referring jurisdiction to the U.N., however. The administration denied anti-Indian sentiment and is stressing American neutrality. [CBS] At the United Nations, U.S. Ambassador George Bush urged the General Assembly to take action on a resolution calling for a cease-fire, troop withdrawal, and the return of refugees. The U.S. urged acceptance by the General Assembly of the resolution which was vetoed in the Security Council by the Soviet Union. Indian ambassador Samar Sen said that a cease-fire could not be effective if it does not include Mukti Bahini forces in Bangladesh. The resolution will likely pass the General Assembly, but India (backed by the Russians) will probably ignore the appeal for peace, rendering the United Nations helpless. [CBS] Communists continued their pressure on Phnom Penh with rocket attacks; there is no evacuation via air for the injured. Without U.S. air support for Cambodia, North Vietnam can reestablish its sanctuaries in that country. [CBS] European members of NATO will increase their spending in order to ease the economic burden on the United States. British Defense Secretary Lord Peter Carrington cited the action as an answer to critics of Europe's lack of self-defense. [CBS] Canadian Prime Minister Pierre Trudeau stated that he is pleased with President Nixon's respect for Canada's political and economic independence. [CBS] Brazilian President Emilio Medici was welcomed to the U.S. by President Nixon. [CBS] The House passed a bill to provide day care centers for the children of working mothers. House Republican leader Gerald Ford said that President Nixon will veto the bill. [CBS] The Price Commission granted U.S. Steel a 3.6% price hike. [CBS] In Ravenna, Ohio, the prosecution dismissed the 20 remaining cases regarding the Kent State disorders because of lack of evidence. Mary Helen Nicholas was acquitted of interfering with a fireman. [CBS] The FBI is investigating an incident where two bombs were set off at a Stanford University "atom smasher" operated for the Atomic Energy Commission. [CBS] The Chicago police raid in which two Black Panther leaders were killed in 1969 clouds the future of state's attorney Edward Hanrahan. Reverend Jesse Jackson warned Mayor Daley against backing Hanrahan for reelection; Daley replied that Hanrahan will be on the Democratic slate anyway. Hanrahan claims that his indictment is invalid and he expects to be reelected. Illinois Senator Adlai Stevenson III said that he cannot support any politician who is under indictment. [CBS] The Independent Postal System of America announced the issue a of five-cent Christmas card stamp to compete with the U.S. Postal Service. A federal judge issued a temporary restraining order against the stamp after the National Association of Letter Carriers complained that their jobs would be threatened. IPSA president Thomas Murray plans to appeal. [CBS] The Atomic Energy Commission counted 23 dead sea otters as a result of the Amchitka nuclear test. Alaska fish and game officials estimate that 900-1100 sea otters died. [CBS] McGraw-Hill announced the upcoming publication of Howard Hughes' autobiography, but a Hughes' spokesman denied that any autobiography has been written. [CBS] Two years ago the military cargo ship Badger State sank in the Pacific en route to Vietnam after an explosion which killed 26 of its 40 crewmen. Now it has been revealed that bombs broke loose from their crates and rolled around the ship's hold unnoticed for nine days until one exploded the day after Christmas. [CBS] Thirty years ago today Japan attacked Pearl Harbor. In Honolulu, the Pearl Harbor Survivors Association held a convention. [CBS]

Stock Market Report

Dow Jones Industrial Average: 857.40 (+1.68, +0.20%)
S&P Composite: 96.87 (+0.36, +0.37%)
Arms Index: 0.69

	Issues	Volume*
Advances	762	8.57
Declines	636	4.90
Unchanged	310	1.78
Total Volume		15.25

* 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*
December 6, 1971	855.72	96.51	17.48
December 3, 1971	859.59	97.06	16.76
December 2, 1971	848.79	95.84	17.78
December 1, 1971	846.01	95.54	21.04
November 30, 1971	831.34	93.99	18.32
November 29, 1971	829.73	93.41	18.91
November 26, 1971	816.59	91.94	10.87
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