News stories from Tuesday November 2, 1971

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

Federal Reserve chairman Arthur Burns spoke before the House Banking Committee and said that uncertainty about the price commission and the pay board by Congress and the business community is slowing down the economic recovery and causing anguish in the stock market. [CBS] The Chinese delegation to the United Nations will be led by deputy foreign minister Chiao Kuan-hua. China's Security Council representative will be its ambassador to Canada, Huang Hua. Some expect the delegation to arrive this week. One of the group's members is Tang Ming-Chao, who was the editor of a Chinese newspaper in New York before the Communists took over in 1949. [CBS] China and Peru have established diplomatic relations. Peking agreed to recognize Peru's right of sovereignty 200 miles offshore. [CBS] United Nations Secretary General U Thant suffered a dizzy spell and was hospitalized. [CBS] The Atomic Energy Commission stated that the Amchitka Island, Alaska, nuclear test won't take place until Saturday at the earliest; environmentalists are trying to delay the test. The bomb being tested is 250 times as powerful as the one that hit Hiroshima. When the bomb explodes, land will jump 20 feet and temperatures below the ocean surface will be as hot as the sun; the area may remain radioactive for centuries. Canada, Japan and other nations are concerned that the blast will trigger a natural disaster.An environmental consultant to the AEC said that the worst that could happen is an earthquake that might affect people on the island, but there is not much chance of that. [CBS] Secretary of State William Rogers asserted that Senate defeat of the foreign aid program would weaken the president's negotiating position and would hamper U.S. withdrawal from Vietnam. Senator Mike Mansfield called talk of withdrawal "rhetoric" and said that there is enough money to keep things going until a new program is drafted. Senate Finance Committee chairman Allen Ellender joined Senate Foreign Relations chairman William Fulbright in opposing a temporary resolution to continue funding foreign aid. [CBS] The pilot of a Navy jet flying over Laos said that he was fired on from North Vietnam. [CBS] Eight years after his death in a coup d'etat, South Vietnam President Ngo Dinh Diem is still hailed as a martyr. Thousands of people, including President Nguyen Van Thieu's wife, marched to Diem's tomb today. [CBS] A pub and clothing store were bombed in Belfast, Northern Ireland; two persons were killed, 35 were hurt. The main railroad line from Belfast to Dublin was severed by a blast. A youth employment center in Belfast was bombed, wounding six. [CBS] Queen Elizabeth attended the opening of Parliament today without incident. The Queen vowed that the British government is determined to stop the bloodshed in Northern Ireland. [CBS] Selective Service's new rules permit 18-year-olds to be on draft boards. [CBS] A General Accounting Office report estimates that there are 130,000 alcoholics in the armed forces. [CBS] The Nobel Prize for chemistry goes to German-born Canadian Dr. Gerhard Herzberg for his research in the electronic structure of molecules. The physics prize goes to Hungarian-born professor Dennis Gabor for his work with laser beams; Gabor works at the CBS laboratory in Connecticut. He developed a photographic process called holography which is the subject of the CBS broadcast "The 21st Century." [CBS] A judge in California ordered the murder trial of Angela Davis to be moved from San Rafael to Santa Clara County. Davis' attorneys asked that the trial be held in San Francisco. [CBS] The FBI arrested Teamsters union rep Harry Davidoff on extortion charges. He is accused of using his office to intimidate Trans-Caribbean airlines into giving him $10,000 worth of free tickets over three years. [CBS] Immigration representatives ordered the deportation of 22 Cubans who entered the U.S. to attend the International Sugarcane Conference. [CBS] First Lady Pat Nixon will represent the U.S. at the inauguration of Liberian President William Tolbert. [CBS] Mississippi and Kentucky will choose governors and state legislators in today's elections. New Jersey and Virginia are electing legislators; the only congressional race is in the 18th district of Pennsylvania. Mayoral races are taking place in San Francisco, Cleveland, Philadelphia and Boston.A grim battle is being held in Goose Rock, Kentucky, over voters' qualifications. A Republican election judge was killed there and a Democrat judge was wounded. [CBS]

Stock Market Report

Dow Jones Industrial Average: 827.98 (+2.12, +0.26%)
S&P Composite: 93.18 (+0.38, +0.41%)
Arms Index: 0.70

	Issues	Volume*
Advances	645	6.45
Declines	716	5.03
Unchanged	329	1.85
Total Volume		13.33

* 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 1, 1971	825.86	92.80	10.96
October 29, 1971	839.00	94.23	11.71
October 28, 1971	837.62	93.96	15.53
October 27, 1971	836.38	93.79	13.48
October 26, 1971	845.36	94.74	13.39
October 25, 1971	848.50	95.10	7.34
October 22, 1971	852.37	95.51	14.56
October 21, 1971	854.05	95.60	14.99
October 20, 1971	855.65	95.65	16.34
October 19, 1971	868.43	97.00	13.04