News stories from Thursday March 4, 1971

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

South Vietnamese forces began to advance on Tchepone, Laos. No enemy resistance has been encountered so far, but a big battle is expected soon. South Vietnam Vice President Nguyen Cao Ky called for more U.S. support of the Laos operation, and said that it may be necessary to bomb North Vietnam. [CBS] North Vietnam attacked a Cambodian oil refinery at Kompong Som; A portion of Highway 4 in Cambodia was cut by North Vietnam. [CBS] Communist negotiators at the Paris Peace Talks boycotted today's session in protest of the bombing of North Vietnam and the threat of a South Vietnamese invasion of North Vietnam. [CBS] Maj. Charles Calhoun testified that he received an order from his company commander not to kill civilians at My Lai. The jury requested that other witnesses be called, however the judge instructed the jury that its job is not an investigation of My Lai, but the guilt or innocence of Lt. William Calley. [CBS] A Senate committee heard testimony concerning Vietnam's "dragon lady". Col. Edmund Castle described the building of Madame Fong's steambath and massage parlor at the U.S. base at Long Binh, and told of being warned to relax attempts to control the situation. [CBS] Four U.S. Air Force men were kidnapped in Ankara, Turkey; their abductors are demanding $400,000 ransom. [CBS] The British postal strike continued; strikers will vote on a settlement this weekend. [CBS] Senator William Fulbright joined in Senator Stuart Symington's contention that foreign affairs adviser Henry Kissinger is Secretary of State in all but title. Senator Symington stated that Secretary of State Rogers is no more than a figurehead, and foreign leaders are more interested in discussions with Kissinger than Rogers. Congress may have to withhold funds to rectify the situation. [CBS] President Nixon sent his second revenue sharing proposal to Congress, calling for $2 billion for job training. [CBS] Negotiators agreed to resume talks to prevent a railroad strike, but no one is optimistic about avoiding a strike. [CBS] Transportation Secretary John Volpe called for closing dangerous loopholes in charter aircraft operations. [CBS] The Pennsylvania legislature passed a bill creating a state income tax to ease the state's financial crisis, but at a lower rate than Governor Milton Shapp requested. [CBS] A Black Panther newspaper charged Eldridge Cleaver with holding his wife prisoner in Algeria and with killing fellow Panther Clinton Smith after catching him with his wife. [CBS] The FTC accused Procter & Gamble and the Longines-Wittnauer watch company of running phony sweepstakes contests. [CBS]

Stock Market Report

Dow Jones Industrial Average: 891.36 (+8.97, +1.02%)
S&P Composite: 97.92 (+0.97, +1.00%)
Arms Index: 0.46

	Issues	Volume*
Advances	971	13.27
Declines	442	2.78
Unchanged	263	1.31
Total Volume		17.36

* 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*
March 3, 1971	882.39	96.95	14.68
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