News stories from Wednesday March 3, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Thieu warned North Vietnam not to force a situation where South Vietnam has to attack North Vietnamese territory. Senator Mike Mansfield said that if Thieu is planning an attack, he better be ready to act on his own. North Vietnamese forces were reportedly alerted to South Vietnam's infiltration of a North Vietnamese province. [CBS]
- North Vietnam fired missiles at American planes over Laos today for the first time, and eight more U.S. helicopters were shot down over Laos. [CBS]
- The Pentagon admitted that a pipeline which was displayed at a news conference last week was not actually seized during the current Laos operation. The pipe was captured during a South Vietnamese raid into Laos last year, and was used in the briefing to explain the cutting of enemy pipelines during present operations.
President Nixon will hold a foreign affairs news conference tomorrow.
[CBS] - A Senate committee heard more military corruption testimony. Maj. Clement St. Martin testified concerning attempts to obtain permission to build a steambath on a U.S. base in Vietnam. He told of going to General Earl Cole and getting approval. When asked how much he might have made if he had gone along with corrupt practices, St. Martin estimated that he could have made $10,000 a week. St. Martin also stated he heard that William Crum had put a price on his head, meaning that anyone crossing General Cole could get physically hurt. Cole called St. Martin's testimony "absurd." [CBS]
- San Francisco Mayor Joseph Alioto testified at a Senate hearing that eight investigative agencies disclosed unverified, confidential information about him to writers for Look magazine. Alioto is suing the magazine for an article linking him to the Mafia. [CBS]
- United Mine Workers president Tony Boyle was arraigned on charges of using union funds for political contributions. Boyle and two others pleaded not guilty and were released without bail. Conviction could result in a 32-year prison sentence and a $130,000 fine. [CBS]
- A federal grand jury indicted six policemen and one civilian on civil rights violations related to incidents in Los Angeles last summer. Los Angeles police chief Edward Davis charged that the indictments are an attempt to use the police for the political gain of the Republican party. [CBS]
- The Army will close 27 Nike-Hercules antiaircraft missile sites in the U.S. to save money and shift emphasis to more sophisticated missiles. [CBS]
- Lever Brothers, Procter & Gamble and Colgate-Palmolive agreed to soften their advertising claims for the cleansing powers of enzymes in detergents. [CBS]
- U.S. agricultural expert Claude Fly was released by guerrillas in Uruguay after suffering a heart attack. Fly had been held hostage for the past seven months. [CBS]
- Two gunmen used the family of the bank president as hostages in a robbery in Palm Beach, Florida, in which $600,000 was taken. [CBS]
- California Governor Ronald Reagan announced a new welfare plan designed to save money; 2.5 million people receive welfare in California. The welfare program is partially responsible for the state's $150 million budget deficit. Reagan's plan cuts back on medical aid to the needy.
California financial director Verne Orr said that halting rising welfare costs is not a political issue, but a necessity. Reagan declared that the citizens of California are fed up with supporting a federal program that is a failure.
[CBS]
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Stock Market Report
Dow Jones Industrial Average: 882.39 (-0.62, -0.07%)
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* |
| March 2, 1971 | 883.01 | 96.98 | 14.87 |
| March 1, 1971 | 882.53 | 97.00 | 13.02 |
| February 26, 1971 | 878.83 | 96.75 | 17.25 |
| 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 |