News stories from Tuesday November 30, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- America's major trading partners met in Rome and demanded that the U.S. devalue the dollar. The U.S. offered to remove the 10% surcharge on imports in exchange for an upward revaluation of key foreign currencies; the offer was rejected as "ridiculous". Although Treasury Secretary Connally claimed that progress was made during today's session, Europeans are still insisting on the devaluation of the dollar plus the removal of the 10% import surcharge. [CBS]
- Commerce Secretary Maurice Stans said that the time is right for America and the Soviet Union to bolster trade relations. The Soviets have signed a $125 million contract with U.S. companies and will buy $65 million of American machinery. The U.S. will buy $60 million worth of metals from the Soviet Union. [CBS]
- The Nixon administration no longer opposes retroactive pay raises which were negotiated during the wage freeze. Senator John Sparkman said that there will be no floor fight in the Senate regarding pay increases unless those raises are inconsistent with the 5.5% guideline. [CBS]
- Senator Mike Mansfield said that although he takes the President's veto threat seriously, the tax bill will contain the $1 checkoff plan for public funding of presidential campaigns. [CBS]
- The Price Commission granted General Motors a 2.5% price increase and will consider another 0.5% later. [CBS]
- On his trip to China President Nixon will visit Peking, Hangchow and Shanghai, and will stay mostly in Peking. Pat Nixon will go also. Henry Kissinger said that the number of reporters who are allowed to go will be kept down. Kissinger also stated that the administration is not sentimental about this trip; it is aware of the problems and differences between the U.S. and China, but approaches the trip with hope. [CBS]
- President Nixon will meet with Canadian Premier Pierre Trudeau in Washington on Monday. [CBS]
- The Egyptian government said that the four men who were arrested for the murder of Premier Wasfi Tal of Jordan will be indicted in two days. One man admitted that his organization planned to kill Tal, King Hussein and his family, and the armed forces commander-in-chief.
In Jordan, Tal was buried in the royal cemetery with full military honors; 2,000 were present at the ceremony. In Cairo, three of the four assassins were put on public display by Egypt; they belong to the "Black September" Palestinian terrorist organization which has stated that it will take revenge on all traitors. One of the assassins claimed that he drank Tal's blood; the claim was substantiated.
[CBS] - Fighting was reported in the East Pakistani regions of Jessore and Sylhet. Pakistan says that Indians have been driven from the Chittagong area, and claim to have killed 2,000 Indians, wounding 4,000 and only losing 30 Pakistanis. Indian Premier Indira Gandhi ordered Pakistan to remove its troops from East Pakistan; India supports the Pakistani guerrillas. [CBS]
- Jerry Rupe was found guilty of interfering with firemen at Kent State University last year; Rupe could get a $500 fine or six months in jail. The jury was unable to agree on three other counts against Rupe, who remains in jail for possession and intent to sell narcotics. Another defendant, Peter Bilek, had his indictment dropped when a key witness wouldn't identify Bliek as being at the scene of the crime. The rest of the Kent State cases deal with incidents which happened before the ROTC building was burned. [CBS]
- Michael Simmons, 18, was sworn in as a member of the Marysville, Pennsylvania, draft board. Governor Milton Shapp nominated Simmons and President Nixon appointed him. [CBS]
- President Nixon appointed deputy CIA director General Robert Cushman to be the U.S. Marine Corps Commandant, succeeding General Leonard Chapman. [CBS]
- The Soviet Union's Mars 2 space probe is now orbiting Mars; it ejected a capsule containing a Russian pennant onto the planet. Mars 3 is still en route. The U.S.' Mariner 9 began orbiting Mars on November 13. [CBS]
- House Ways and Means Committee chairman Wilbur Mills introduced his substitute to President Nixon's revenue sharing plan. Mills' bill provides $5 billion in grants to states and local governments, but with restrictions and subject to Congress' review. [CBS]
- The Department of Health, Education and Welfare accused Boston (Mass.) of violating the 1964 Civil Rights act by having a segregated school system; it could lead to a cutoff of $10 million in federal funds. Boston will be given considerable time to prepare a desegregation plan. [CBS]
- The Senate passed a $250 million meal program for the elderly. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 831.34 (+1.61, +0.19%)
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 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 |
| 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 |