News stories from Tuesday February 23, 1971

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

President Nixon's foreign affairs advisor Henry Kissinger briefed Republican congressional leaders on the Laos operation and said that South Vietnam has cut three of four enemy supply routes and two enemy pipelines. Defense Secretary Laird expects difficult fighting for South Vietnamese forces in Laos. [CBS] The only major battle of the Laos operation today involved South Vietnam's 450-man Ranger Battalion; 100 were killed, 145 wounded and 78 are missing in heavy fighting. Survivors of the Ranger Battalion arrived at another South Vietnamese base and warned that ammo and supplies are running short. North Vietnamese losses were reported to be 639 killed. [CBS] It was reported that 50 U.S. planes struck antiaircraft positions in North Vietnam over the weekend. [CBS] Defense Secretary Laird assessed the Laos operation and air strikes in North Vietnam and said that South Vietnamese forces are disrupting enemy supply routes in Laos and Cambodia. He added that the Laos operation will enable the withdrawal of additional American troops from Vietnam. Laird cautioned that more air strikes in North Vietnam can be expected if antiaircraft positions there continue to be used. [CBS] Democrat Senators voted 31-8 to adopt the goal of getting all U.S. forces out of Vietnam by the end of 1972. [CBS] The U.S. commander of Southern European forces stated that reopening the Suez Canal is of no direct benefit to NATO, but a strategic advantage for the Soviet Union. [CBS] Lt. William Calley testified at his trial concerning the My Lai killings. Details of Calley's testimony differed from other witnesses; he testified to taking part in the killings but said he was just obeying Capt. Medina's orders. Calley stated that he considered women and children to be the enemy. [CBS] Rep. Edward Hebert is proposing to change the test for conscientious objector status to sincerity rather than religious belief. He would require conscientious objectors to serve a three-year non-military role. [CBS] President Nixon has taken action to slow the wage and price spiral in the construction industry by repealing the Davis-Bacon Act. As a result, government project contractors are no longer required to meet local union wage scales. Labor Secretary Hodgson stated that he hopes the action will moderate the pattern of increasing wages in the construction industry and encourage the industry itself to do something about the problem. Treasury Secretary Connally expressed the administration's opposition to the use of presidential power to freeze wages and prices. Sheet Metal Workers union leader Edward Carlough called the President's action "anti-labor." [CBS] The Senate failed again to get the two-thirds majority to end the filibuster which is preventing a vote on filibuster reform. [CBS] The Supreme Court ordered federal judges to stop intervening in state cases involving defendants' civil rights. [CBS] A Senate committee opened hearings on government spying on private citizens. Senator Sam Ervin stated that when people fear surveillance they don't speak out, and we cease to be a free society. Senator Roman Hruska asked if we shouldn't determine how to make the information accurate and dependable rather than not gathering it at all. [CBS] Jewish Defense League leader Rabbi Meir Kahane was convicted of disorderly conduct and obstructing government administration. [CBS] George C. Scott received the Academy Award nomination for best actor, but announced that he won't accept the award if he wins. [CBS] A British court received written testimony from three of the Beatles about Paul McCartney, as the court is considering McCartney's petition to dissolve the group. [CBS]

Stock Market Report

Dow Jones Industrial Average: 870.00 (+1.02, +0.12%)
S&P Composite: 96.09 (+0.37, +0.39%)
Arms Index: 0.80

	Issues	Volume*
Advances	854	8.98
Declines	553	4.68
Unchanged	262	1.43
Total Volume		15.09

* 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*
February 22, 1971	868.98	95.72	15.84
February 19, 1971	878.56	96.74	17.86
February 18, 1971	885.06	97.56	16.65
February 17, 1971	887.87	98.20	18.72
February 16, 1971	890.06	98.66	21.35
February 12, 1971	888.83	98.43	18.47
February 11, 1971	885.34	97.91	19.26
February 10, 1971	881.09	97.39	19.04
February 9, 1971	879.79	97.51	28.25
February 8, 1971	882.12	97.45	25.59