News stories from Friday February 26, 1971

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

North Vietnam is besieging two South Vietnamese outposts in Laos; South Vietnamese casualties today were the most severe since the 1968 Tet offensive, and two more U.S. helicopters were shot down.The Nixon administration says that small units of American soldiers may enter Laos to protect helicopter rescue operations. The U.S. will increase air logistical support for South Vietnam in Laos because officials feel it is important for South Vietnam to prove itself against North Vietnam in order to prevent undermining of the "Vietnamization" program. Those officials admit underestimating North Vietnamese firepower in Laos, which some blame on faulty military intelligence reports. The Pentagon declared that ground units entering Laos to rescue downed U.S. pilots poses no conflict with the Cooper-Church amendment which prohibits ground forces in Laos. [CBS] In an interview, foreign affairs adviser Henry Kissinger said that we have to expect South Vietnam to suffer some setbacks. Although he questioned whether South Vietnam will be able to defend themselves anytime soon, he stated that the U.S. will not increase troop involvement and will continue the withdrawal program from Vietnam. Kissinger said that North Vietnam is right to expect Red China to intervene if North Vietnam is directly threatened, but the U.S. doesn't intend any actions to cause that intervention. [CBS] Lt. William Calley's trial judge ruled that the prosecution must prove Calley was completely sane at the time of the My Lai incident in 1968. The defense may contend that Calley was insane at the time. Col. Oran Henderson will stand trial for failing to a conduct proper investigation of the My Lai incident. [CBS] The U.S. accused the Soviet Union of violating human rights by barring the emigration of Soviet Jews, and appealed to the United Nations for Jews to be permitted to leave the USSR. [CBS] Thirty people were arrested, including 12 students, during a drug raid at the University of Kansas. The raids were based on information supplied by undercover agents. Some view the raids as a political move by Kansas attorney general Vern Miller; Miller says he has an obligation to those who elected him on a "law-and-order" platform. [CBS] Nineteen-year-old draftee C.J. Paterson was questioned by Canadian officials to determine his eligibility for asylum after he hijacked a plane to Vancouver, British Columbia. [CBS] Aviation Daily reported that a Soviet supersonic transport will begin service in October between Moscow and Calcutta, India. The British-French SST "Concorde" is not expected to begin service until 1974, and a U.S.-built supersonic transport is not expected until 1978. [CBS] The state of Florida and the U.S. Coast Guard have agreed to let three of the four Cuban fishing boats which were seized yesterday to return to Cuba. The fourth boat will face charges of illegal fishing in U.S. waters. [CBS] The Apollo 14 astronauts were released from their post-flight quarantine. [CBS] Senator George McGovern began his presidential primary campaign tour in New Hampshire. McGovern is attempting to convince local politicians and national press reporters that he is a credible candidate, and he is seeking student support and votes. McGovern announced that he will make three more New Hampshire visits before the 1972 primary. [CBS] A government report soon to be released will state that the cause of the Wichita State University football team's plane crash was due to the pilot's attempt to give passengers a good view of Colorado's Rocky Mountains. [CBS] Treasury Secretary Connally told Congress that he is not optimistic about the economy. [CBS] The Agriculture Department reported that prices paid to farmers for crops and livestock was up 5% in February. [CBS] A federal grand jury indicted six persons for attempting to cover up mafia influence in Las Vegas gambling. Defendants include Anthony Zerilli, Michael Polizzi and Arthur Rooks. [CBS] Huey Newton spoke with Eldridge Cleaver by telephone on a San Francisco television show. Cleaver lamented that the purge of Black Panther members is tearing the party apart; Newton stated that the purge is necessary. [CBS] Former U.S. ambassador Averell Harriman says that President Nixon's policies don't establish conditions for a generation of peace. Nixon's "State of the World" message warned of the dangers of U.S. under-involvement in the world and took a tougher line than expected on the USSR, Strategic Arms Limitation Talks, Berlin, Europe and the Mideast. The administration fears growing neo-isolationism in Congress. [CBS]

Stock Market Report

Dow Jones Industrial Average: 878.83 (-3.15, -0.36%)
S&P Composite: 96.75 (-0.17, -0.18%)
Arms Index: 1.08

	Issues	Volume*
Advances	488	5.15
Declines	863	9.84
Unchanged	304	2.27
Total Volume		17.26

* 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 25, 1971	881.98	96.92	16.20
February 24, 1971	875.62	96.73	15.93
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