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The speed of light and the speed of cannonballs vary with the
gravitational potential in exactly the same way. This principle
established by Newton's emission theory of light was adopted by
Einstein in 1911:

http://www.physlink.com/Education/AskExperts/ae13.cfm
"So, it is absolutely true that the speed of light is not constant in
a gravitational field [which, by the equivalence principle, applies as
well to accelerating (non-inertial) frames of reference]. If this were
not so, there would be no bending of light by the gravitational field
of stars....Indeed, this is exactly how Einstein did the calculation
in: 'On the Influence of Gravitation on the Propagation of Light,'
Annalen der Physik, 35, 1911. which predated the full formal
development of general relativity by about four years. This paper is
widely available in English. You can find a copy beginning on page 99
of the Dover book 'The Principle of Relativity.' You will find in
section 3 of that paper, Einstein's derivation of the (variable) speed
of light in a gravitational potential, eqn (3). The result is,
c' = c0 ( 1 + V / c^2 )
where V is the gravitational potential relative to the point where the
speed of light c0 is measured."

http://www.blazelabs.com/f-g-gcont.asp
"So, faced with this evidence most readers must be wondering why we
learn about the importance of the constancy of speed of light. Did
Einstein miss this? Sometimes I find out that what's written in our
textbooks is just a biased version taken from the original work, so
after searching within the original text of the theory of GR by
Einstein, I found this quote: "In the second place our result shows
that, according to the general theory of relativity, the law of the
constancy of the velocity of light in vacuo, which constitutes one of
the two fundamental assumptions in the special theory of relativity
and to which we have already frequently referred, cannot claim any
unlimited validity. A curvature of rays of light can only take place
when the velocity of propagation of light varies with position. Now we
might think that as a consequence of this, the special theory of
relativity and with it the whole theory of relativity would be laid in
the dust. But in reality this is not the case. We can only conclude
that the special theory of relativity cannot claim an unlimited domain
of validity ; its results hold only so long as we are able to
disregard the influences of gravitational fields on the phenomena
(e.g. of light)." - Albert Einstein (1879-1955) - The General Theory
of Relativity: Chapter 22 - A Few Inferences from the General
Principle of Relativity-. Today we find that since the Special Theory
of Relativity unfortunately became part of the so called mainstream
science, it is considered a sacrilege to even suggest that the speed
of light be anything other than a constant. This is somewhat
surprising since even Einstein himself suggested in a paper "On the
Influence of Gravitation on the Propagation of Light," Annalen der
Physik, 35, 1911, that the speed of light might vary with the
gravitational potential. Indeed, the variation of the speed of light
in a vacuum or space is explicitly shown in Einstein's calculation for
the angle at which light should bend upon the influence of gravity.
One can find his calculation in his paper. The result is c'=c(1+V/c^2)
where V is the gravitational potential relative to the point where the
measurement is taken. 1+V/c^2 is also known as the GRAVITATIONAL
REDSHIFT FACTOR."

In 1960 Pound and Rebka proved experimentally that the gravitational
redshift factor is 1+V/c^2: a result that unequivocally confirms the
equation c'=c(1+V/c^2) given by Newton's emission theory of light.
However in Einsteiniana's schizophrenic world "confirming Newton's
emission theory of light" unavoidably becomes "gloriously confirming
Divine Albert's Divine Theory". Similarly, in 1887, the Michelson-
Morley experiment confirmed the variability of the speed of light as
postulated by Newton's emission theory of light but later the same
experiment gloriously confirmed the constancy of the speed of light as
postulated by Divine Albert's Divine Theory:

http://philsci-archive.pitt.edu/archive/00001743/02/Norton.pdf
John Norton: "Einstein regarded the Michelson-Morley experiment as
evidence for the principle of relativity, whereas later writers almost
universally use it as support for the light postulate of special
relativity......THE MICHELSON-MORLEY EXPERIMENT IS FULLY COMPATIBLE
WITH AN EMISSION THEORY OF LIGHT THAT CONTRADICTS THE LIGHT
POSTULATE."

Pentcho Valev
pvalev@yahoo.com