News stories from Thursday March 18, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A new socialist minority government took power in Norway yesterday. Premier Trygve Bratteli said that Norway will establish formal diplomatic relations with North Vietnam, thus becoming the first NATO member to recognize North Vietnam. [CBS]
- The Argentinean army is maintaining order in Cordoba during a general strike for more money; there had been rioting earlier in the week. [CBS]
- Three thousand Protestants marched in protest of Premier James Chichester-Clark in Belfast, Northern Ireland. Clark announced that 1,500 additional British troops will patrol Belfast. [CBS]
- Transportation Secretary Volpe endorsed no-fault auto insurance, but doesn't recommend a federal program. Volpe instead recommends that states be allowed to reform their own auto insurance laws. Former Volpe aide Richard Barber said that the administration plan is a White House-dictated victory for the insurance industry. [CBS]
- President Nixon asked Congress for $2.5 billion for transportation as part of his revenue sharing plan. [CBS]
- The Census Bureau reported that families with annual incomes under $2,000 pay 50% of their income in taxes. Families with incomes between $2,000 and 50,000 pay 29% to 35%. [CBS]
- Environmental Protection Agency head William Ruckelshaus stated that the risks from DDT and 2,4,5-T are not great enough to warrant an immediate ban, however an investigation into their effects continues. [CBS]
- New York City is being plagued by aggressive streetwalkers. Five hundred prostitutes are arrested per month, but getting a conviction is difficult and fines are low. New York City Hotel Association spokesman Albert Formicola says that prostitutes are attacking and robbing men on the streets.
New York City is now considering legalized, controlled prostitution. Criminal Justice Council director Henry Ruth believes that the city should consider having specific buildings for prostitution as a possible means of curbing the problem.
[CBS] - Trumpeter Louis Armstrong is reported to be in critical condition after suffering a heart seizure on Monday night. [CBS]
- The Chesapeake & Ohio and the Norfolk & Western railroads have decided not to merge; their decision was apparently due to Penn Central Railroad's bankruptcy. The FBI seized the records of the LaSalle & Bureau County Railroad in Illinois. Records indicate that its tracks were used to repaint and change numbers on 277 Penn Central freight cars. [CBS]
- A train engine was driven by an unauthorized engineer from Crystal Lake, Illinois, to Lake Geneva, Wisconsin, after crashing into another train. No one was injured, but the engineer has not yet been located and arrested. [CBS]
- The House voted 215-204 against funding the SST. Rep. Gerald Ford said he is dismayed by the vote because it means that the U.S. will be second-best in technological development, behind the USSR, Britain and France in the development of commercial aircraft. Senator William Proxmire said that the vote could be very close in the Senate; members who are new since the last vote favor the SST. [CBS]
- U.S. helicopters ferried South Vietnamese reinforcements into Laos and returned other units to South Vietnam. South Vietnamese forces have withdrawn 12 miles in the last four days. Fire Base Brown has been abandoned and the enemy shelled Fire Base Aloui. [CBS]
- The jury is in its second day of deliberations in Lt. William Calley's trial. Army Chief of Staff Gen. William Westmoreland recommended the demotions of Generals Samuel Koster and George Young; Koster and Young were the commander and assistant commander of the division involved in the My Lai incident. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 916.83 (+2.81, +0.31%)
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 17, 1971 | 914.02 | 101.12 | 17.07 |
| March 16, 1971 | 914.64 | 101.21 | 22.27 |
| March 15, 1971 | 908.20 | 100.71 | 18.92 |
| March 12, 1971 | 898.34 | 99.57 | 14.68 |
| March 11, 1971 | 899.44 | 99.90 | 19.83 |
| March 10, 1971 | 895.88 | 99.30 | 17.22 |
| March 9, 1971 | 899.10 | 99.46 | 20.49 |
| March 8, 1971 | 898.62 | 99.38 | 19.34 |
| March 5, 1971 | 898.00 | 98.96 | 22.43 |
| March 4, 1971 | 891.36 | 97.92 | 17.35 |