News stories from Wednesday February 24, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Shell Oil Company was fined $340,000 after pleading no contest for failure to provide safety devices on its Gulf of Mexico wells. [CBS]
- The Air Force dumped 35,000 bales of hay on fields in Kansas to feed cattle who have been endangered by recent heavy snows. [CBS]
- The Interior Department is holding hearings on the proposed Alaska oil pipeline. Testimony was heard today from those who feel that safeguards are sufficient to protect the Alaskan environment. Senator Ted Stevens noted that the pipeline regulations are the strictest ever, and precautions are required as a basis for granting construction permits. Governor William Egan stated that environmental considerations shouldn't completely overrule economic considerations because the pipeline is important to Alaska's economic future.
The pipeline would run from northern Alaska to Valdez. Alaskan Indians and Eskimos are said to be opposed to the pipeline. The city of Fairbanks has 20% unemployment; Mayor Julian Rice predicted that Alaska's economy will suffer if the pipeline isn't built soon.
[CBS] - South Vietnamese forces are at the same point in Laos as they were a week ago, and officials say that they have no intention of advancing further. North Vietnam shelled South Vietnamese bases in Laos and in Quang Tri, South Vietnam; six U.S. helicopters were shot down today.
Defense Secretary Laird calls the Laos operation a success. The initiative no longer belongs to the enemy and there is hope for a breakthrough at the peace talks. South Vietnam President Thieu said at the outset of the operation that Tchepone, Laos, was the major objective; Tchepone still has not been reached.
[CBS] - A bipartisan campaign will begin in Congress tomorrow to prevent U.S. military support of a possible South Vietnamese attack across the DMZ into North Vietnam. [CBS]
- An American soldier is recovering from wounds he received during heroics at a South Vietnamese base in Laos. Helicopter pilot Dennis Fujii was given the Purple Heart medal after he made a crash landing and directed U.S. pilots against the enemy from the base for five days. [CBS]
- Lt. William Calley testified further at his trial. Calley's testimony today concerning the killing of Vietnamese civilians was detailed, and he denied taking part in some of the My Lai killings. The defense rested its case; the prosecution will call rebuttal witnesses tomorrow. [CBS]
- After being convicted of disorderly conduct yesterday, Jewish Defense League leader Rabbi Meir Kahane flew to Brussels, Belgium, to the attend World Jewish Conference. He was barred from the conference because of his violent tactics, then expelled from the country. [CBS]
- President Nixon asked Congress to expand consumer protection to ban dangerous products, stop deceptive practices, and monitor and enforce product warranties. [CBS]
- The Nixon administration endorsed a plan for public service employment which would create 225,000 jobs and ease welfare rolls. [CBS]
- Attorney General John Mitchell announced that 54 people were arrested and $13 million worth of narcotics seized in raids by federal agents in four cities last night. Mitchell stated that the raids will make a significant dent in drug traffic: 50% in New York City, 70% in Chicago. The raids were not really that significant in relation to yearly drug traffic; they were just well-publicized. [CBS]
- A federal grand jury indicted four Ohio banks on charges of making illegal loans to political campaigns. [CBS]
- A Senate committee heard more testimony regarding Army surveillance of civilians. A former Army investigator told of a surveillance file on Adlai Stevenson III at the time of his Senate campaign; the file contained newspaper clippings and intelligence reports. One report discussed Stevenson's relationship with Chicago civil rights leader Jesse Jackson. The Army felt that certain organizations represented a direct threat to U.S. internal security because they intend to achieve social change through violence. Congressman Abner Mikva charged the military establishment with believing that it is beyond scrutiny. [CBS]
- General Foods Corp. chairman C.W. Cook says that the FDA is keeping nutritious macaroni from being marketed in the United States in order to avoid competition detrimental to the meat industry. Cook agreed with charges that most breakfast cereals are nutritionally deficient, however. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 875.62 (+5.62, +0.65%)
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 23, 1971 | 870.00 | 96.09 | 15.08 |
| 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 |