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Tuesday February 16, 1971
. . . where the 1970s live forever!

News stories from Tuesday February 16, 1971

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

  • The Nixon administration is optimistic about the Laos operation. South Vietnamese forces, 20 miles inside Laos, have captured half of the Ho Chi Minh Trail. The administration is disappointed that South Vietnam hasn't penetrated farther, but South Vietnam is proceeding cautiously and troops are limiting their attack to a 50-mile area. The plan is to remain in Laos until May.

    U.S. helicopter losses are reportedly greater than revealed, but the Laos operation is considered to be a military success with political rewards for the administration and the Saigon government. North Vietnam is now considered to be weak in South Vietnam and Cambodia. [CBS]

  • U.S. Air Force Col. Gerald Kehrli was sentenced to three years in prison and fined $15,000 for using marijuana and giving it to other soldiers. [CBS]
  • Lt. William Calley's trial resumed after a month-long recess while Calley was being examined by an Army sanity board. The judge stated that the report indicates Calley is sane. Defense attorneys argued that Calley has diminished mental responsibility, not insanity. Calley reportedly will admit his role in the killings at My Lai in 1968; defense psychiatrists have testified that Calley is incapable of disobeying orders. [CBS]
  • Ronald Balch deserted the U.S. Army and fled to East Germany five years ago. He recently tried to escape from East Germany over the Berlin Wall, was caught and sentenced to 32 months in jail. [CBS]
  • The Interior Department opened a hearing on a plan to build an oil pipeline across Alaska. Alaska Governor William Egan said that conservation issues cannot be separated from the need to alleviate poverty and disease. Minto Tribe spokesman Richard Frank compared the proposed pipeline to the gold rush, which left the land in worse shape and didn't provide lasting jobs. [CBS]
  • The Federal Reserve Board reported that industrial production was up 7% in January. [CBS]
  • Major banks reduced their prime interest rate from 6% to 5.75%. [CBS]
  • President Nixon may impose a wage and price freeze in the construction industry. The administration established a deadline for the industry to present its plan to curb the wage and price spiral this week. The administration's threat to impose a freeze is viewed as unlikely to be carried out. Alternatives include keeping moral pressure on the industry, and cutbacks in federal projects. [CBS]
  • A House committee reported that Commerce Secretary Maurice Stans owned stock in a Penn Central Railroad subsidiary at the time the Commerce Department was involved in an attempt to save the railroad from bankruptcy. The White House says that Stans advised the administration of the situation, and he did not participate in the negotiations. [CBS]
  • A U.S. District Court withdrew indictments against Dr. William Stringfellow and Anthony Towne, who allegedly gave refuge to Daniel Berrigan before his capture. [CBS]
  • A federal grand jury indicted International Barbers Union president Joseph dePaola and two others for conspiring to obtain kickbacks on loans from the union pension fund. [CBS]
  • The U.S. announced its opposition to any Israeli construction in Jerusalem during the peace talks. [CBS]
  • There is a new pest problem for farmers in Idaho. Rabbits are eating hay and fodder intended for livestock. "Rabbit Bops" are being held, where local residents chase and club thousands of rabbits with sticks and bats. Conservationist Peter Henault believes that most of the people involved in the clubbing didn't really care about the farmers' problems, they just enjoyed killing. Rancher Ray Cope said that killing the rabbits is no different than killing flies, rats or mice. [CBS]
  • Apollo 14 astronauts Shepard and Mitchell were disappointed during their moon walk at not reaching the top of the landing crater. Now they've determined they could have reached the top easily, but took a wrong turn. [CBS]
  • A North Carolina city has found a new way to support a much-needed hospital. Residents of Siler City are paying for their local hospital with funds from auctions, bazaars and cake sales rather than taxes. The people didn't want more taxes so they held beauty contests to raise funds. Every local merchant sponsored a girl; votes cost 10 cents, one girl drew $8,000. The hospital was dedicated in 1950, but is keeping its equipment up-to-date with bazaars. [CBS]
  • The Indiana legislature introduced a resolution barring Vice President Agnew from playing golf during his upcoming visit; the Maryland legislature introduced a resolution recommending that he use marshmallow golf balls. [CBS]

Stock Market Report

Dow Jones Industrial Average: 890.06 (+1.23, +0.14%)
S&P Composite: 98.66 (+0.23, +0.23%)
Arms Index: 0.92

Total Volume21.35
* 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
February 12, 1971888.8398.4318.47
February 11, 1971885.3497.9119.26
February 10, 1971881.0997.3919.04
February 9, 1971879.7997.5128.25
February 8, 1971882.1297.4525.59
February 5, 1971876.5796.9320.48
February 4, 1971874.7996.6220.86
February 3, 1971876.2396.6321.68
February 2, 1971874.5996.4322.03
February 1, 1971877.8196.4220.65

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