News stories from Monday March 29, 1971

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

Lt. William Calley was found guilty of the premeditated murder of civilians at My Lai, South Vietnam, in 1968. The military jury found Calley guilty on three counts of premeditated murder and one count of assault with intent to murder. Defense attorney George Latimer stated that he thinks the decision is "horrendous" for America, the Army and Calley; he will appeal the veridct as high as he can. Latimer noted that the same organization which taught Calley to kill now finds him guilty of killing. A hung jury may still occur because all six jurors must agree on applying the death penalty. Five of the six must agree on a penalty of life imprisonment. [CBS] President Nixon issued an executive order to curb the wage and price spiral in the construction industry. Nixon reinstated the Davis-Bacon Act which had been suspended last month, and signed an order to establish wage guidelines and review boards. Labor Secretary Hodgson said that if the construction industry views controls as an obstacle, then the program fails; if the controls are viewed as an opportunity to bring wage and price stability to the construction industry, it succeeds. If controls do fail, the Davis-Bacon Act could be suspended again or the government may refuse to sign construction industry contracts.The House passed legislation to extend the President's authority to impose wage and price controls against inflation. [CBS] Rep. Henry Reuss reported that 56 American millionaires legally paid no income tax last year. [CBS] Ford Motor Company is recalling all Pintos due to the threat of engine fires. [CBS] At the Strategic Arms Limitation Talks, the Soviet Union proposed that the U.S. and the Soviets agree to end the development and deployment of ABM systems. The State Department indicated that the proposal was rejected; the U.S. wants an agreement on offensive weapons as well. [CBS] The London Institute for Strategic Studies reported that Soviet aid has given Egypt a better air defense system than Israel has. United Nations mediator Gunnar Jarring met with Egyptian Foreign Minister Mahmoud Riad in Paris, then returned to Moscow as Sweden's ambassador and will remain there until Israel replies to Egypt's proposal which requires Israeli withdrawal from occupied land in return for a peace agreement. [CBS] Communists shelled a U.S. base in South Vietnam; 33 soldiers were killed in yesterday's attack. An officer said that the soldiers let down their guard because they were scheduled to go home soon. Bad weather canceled a South Vietnamese commando raid against Communist headquarters in Laos.Saigon has banned the March 29 issues of Time and Newsweek magazines because they contain articles about heavy South Vietnamese losses during the Laos operation. [CBS] West Pakistan declared that its army has restored order in East Pakistan, but rebels claim that fighting is continuing in Dacca. An India news report said that some U.S. civilians who were working on an irrigation project were killed in the fighting. [CBS] The Supreme Court upheld the power of states to limit the inheritance rights of illegitimate children, set free a Wyoming man who was convicted based on an illegal search and seizure, and heard a case involving the right of private clubs with liquor licenses to exclude blacks from membership. [CBS] The Justice Department revealed a scheme by three men who were seeking the support of a U.S. Senator for Teamster president Jimmy Hoffa's parole in exchange for $1 million from Hoffa. Hoffa refused the offer and the Senator was never approached. [CBS] Former West Virginia Governor William Barron pleaded guilty to a charge of bribery and was sentenced to 25 years in prison. [CBS] Penalties are expected to be announced soon in Charles Manson's murder trial. Members of Manson's "family" have been staging a vigil outside the courthouse for the past six months; now they have cut their hair to demonstrate solidarity with Manson. The prosecution is speculating that the jury may not impose the death penalty because the girls who were convicted are in their early 20s; no woman under the age of 30 has ever been executed in California.The body of defense attorney Ronald Hughes is believed to have been discovered in northern California. Hughes disappeared during a camping trip last November. [CBS] A three-judge panel overturned the conviction of Abbie Hoffman for wearing a U.S. flag shirt. [CBS] Thirty-one persons are missing after a Texaco oil tanker broke in half during a storm in the Atlantic Ocean. An oil slick 100 miles wide is off the coast of Virginia. [CBS] A British official announced that the British-French "Concorde" supersonic transport will begin service in late 1974. [CBS] President Tito of Yugoslavia became the first Communist leader to pay an official visit to the Vatican, where he met with Pope Paul. [CBS] Prince Siahiro of India cut a rock & roll record in London last week. Today Siahiro was robbed of the expensive jewelry he wears. [CBS]

Stock Market Report

Dow Jones Industrial Average: 903.48 (0.00, 0.00%)
S&P Composite: 100.03 (+0.08, +0.08%)
Arms Index: 0.83

	Issues	Volume*
Advances	715	6.78
Declines	683	5.38
Unchanged	300	1.49
Total Volume		13.65

* 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 26, 1971	903.48	99.95	15.56
March 25, 1971	900.81	99.61	15.87
March 24, 1971	899.37	99.62	15.72
March 23, 1971	908.89	100.28	16.47
March 22, 1971	910.60	100.62	14.29
March 19, 1971	912.92	101.01	15.15
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