News stories from Friday March 19, 1971

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

One thousand South Vietnamese soldiers were airlifted out of Laos to Khe Sanh, South Vietnam; enemy shelling at Khe Sanh forced U.S. helicopters to evacuate several times. South Vietnamese forces are now just 10 miles inside Laos.Pentagon officials say that the Laos operation cost the enemy heavily in terms of men and supplies, but conceded that South Vietnam is now being driven out of Laos by overwhelming force. Officials claim that the weather caused problems during the operation, but the Communists were forced to mass their troops and therefore were easy targets for U.S. bombers. Enemy supply movement was also slowed during the operation. [CBS] On Highway 5 in Cambodia, North Vietnamese forces seized a bridge from Phnom Penh to the main rice area of the country. [CBS] President Nixon has declared next week as a special period of observance for MIAs and POWs. John Fairfax, representing a group of U.S. citizens including Bing Crosby, returned from Vientiane, Laos. The group offered North Vietnam money for postwar reconstruction in exchange for the immediate release of American POWs. [CBS] The Senate Appropriations Committee approved funding for the SST despite a House vote against funds yesterday; the full Senate votes on Wednesday. In Seattle, Boeing workers are worried about their future. Congress' decision on the supersonic transport could affect Boeing's future. If the government refuses further funding, it must pay Boeing $100 million in penalties. [CBS] A federal audit shows $33 billion worth of cost overruns in 61 defense contracts. Reasons for the overruns range from developmental problems to deliberate underestimates. [CBS] Israeli Foreign Minister Abba Eban met with Secretary of State Rogers. Eban doesn't think that Mideast negotiations are irrevocably deadlocked, and he discussed possibilities for progress with United Nations mediator Gunnar Jarring yesterday. Eban gave credit to everyone involved -- except the Soviet Union -- for progress in the negotiations. Eban also met with foreign affairs adviser Henry Kissinger. [CBS] A private group charged that the $100 million which was allocated by Congress for educating the children of migrant workers has been ill-spent or not spent at all. [CBS] The loss of freight cars from the Penn Central Railroad is being investigated. In LaSalle, Illinois, the FBI found 28 of the 277 missing cars, which had been repainted with the markings of the LaSalle and Bureau County Railroad. LaSalle railroad officials said that they rented that space to the Magna Earth Company, which repairs old freight cars. [CBS] Egypt reported firing at two Israeli jets over the Suez Canal. [CBS] Lebanon's Premier complained about the USSR allowing Soviet Jews to emigrate to Israel. [CBS] Mexico has recalled her ambassador to the Soviet Union and ordered five Russian diplomats to leave the country. Mexico uncovered a Soviet plot to finance guerrillas who are intent on overthrowing the Mexican government. [CBS] Nihat Erim will be named Premier of Turkey. Erim has the support of his country's nine political parties and the military. [CBS] The cost of living was up 0.2% in February. Labor Secretary Hodgson called the statistic "encouraging." Two weeks ago Labor Secretary Hodgson called unemployment figures "heartening"; at the same time, a Labor Department statistician called them "mixed". Now the Labor Department has announced that there will be no more briefings for cost of living or unemployment figures. [CBS] President Nixon attended the funeral of Thomas Dewey in New York City. [CBS] An earthquake caused an avalanche which killed 400-600 people in a mining town near Lima, Peru. [CBS] The FDA is urging anyone owning "Country Tavern" or "Spice of Life" meat tenderizers to throw them away; some contain poison. [CBS] Trumpeter Louis Armstrong was reported in satisfactory condition with a heart ailment. [CBS] Vice President Agnew attacked the news media and the CBS news documentary "The Selling of the Pentagon" in particular. In Boston at a briefing for local reporters only, Agnew singled out CBS and its president, Frank Stanton. Agnew stated that he is not trying to intimidate the media nor asking for stronger laws; he just wants the American people to know they can't rely on CBS documentaries for facts. Senator Robert Dole also criticized the media, saying that CBS and NBC have provided biased coverage of the Laos operation. [CBS]

Stock Market Report

Dow Jones Industrial Average: 912.92 (-3.91, -0.43%)
S&P Composite: 101.01 (-0.18, -0.18%)
Arms Index: 1.12

	Issues	Volume*
Advances	632	5.75
Declines	766	7.78
Unchanged	284	1.63
Total Volume		15.16

* 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 18, 1971	916.83	101.19	17.91
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