News stories from Monday April 19, 1971

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

Vietnam Veterans Against the War demonstrated in Washington. Nearly 1,500 veterans marched to Arlington Cemetery, then to the Capitol to hear speeches by congressmen. Veteran John F. Kerry stated that Congress is starting to listen -- veterans don't want talk about peace, they want action. A three-judge panel rejected the government's request to bar veterans from camping on the Mall. Senator Hugh Scott noted that the demonstrators comprise just 0.1% of all Vietnam veterans. [CBS] South Vietnamese forces are continuing operations in the Ashau Valley; North Vietnamese forces reportedly entered Khe Sanh, South Vietnam.American headquarters in Saigon announced that U.S. troop strength in South Vietnam is now down to 284,000. Representatives Robert Steele and Morgan Murphy claim that heroin addiction among soldiers in Vietnam has reached epidemic proportions; they maintain that corruption by South Vietnamese officials is one factor in smuggling heroin to U.S. soldiers. Vice President Ky stated that South Vietnam should seek a political solution to the war, and he charged that President Thieu's government is corrupt. [CBS] President Nixon told Republican governors that the current welfare system is a disgrace to the American spirit. Speaking in Williamsburg, Virginia, the President adopted a new harder stance on welfare reform. He said that if a job puts bread on the table and gives the satisfaction of providing for a family, then it is not menial. There is as much dignity in scrubbing floors or emptying bedpans as in any other job, and the dignity of work must be re-established in the course of reforming welfare. [CBS] The White House Conference on Youth began in Estes Park, Colorado; 1,500 delegates were invited by the White House, but many delegates feel that their recommendations will be ignored. Health, Education and Welfare Secretary Elliot Richardson assured delegates that the executive branch listens and cares, and wants to know what youth thinks. Delegate Phillip Vaughn called for the conference to demand the resignation of President Nixon. [CBS] Senator George McGovern charged that FBI director J. Edgar Hoover tried to destroy the career of an airline pilot who criticized FBI efforts to stop hijack attempts. [CBS] Senator William Proxmire called the C-5A transport airplane a "lemon" which was bought by the Air Force despite its deficiencies. The Air Force responded that Proxmire's charges only rehash problems that have already been gone over in detail. The Treasury Department will offer government loans to the Lockheed Aircraft Corporation for it to continue development of the Tri-Star jetliner. [CBS] The USSR launched a new unmanned satellite. It is believed that the satellite will be joined by manned spacecraft to form the first space laboratory. [CBS] United Airlines applied for permission to extend routes to Peking, Shanghai and Canton in the People's Republic of China. The Associated Press reported that Vice President Agnew implied in a private session with Republican governors that the United States shouldn't improve relations with China. [CBS] United Nations Secretary General U Thant is concerned that the possibility of negotiating peace in the Mideast may soon be lost. Egypt, Syria and Libya plan to form a political union; Israel announced that a town will be built at the Sharm el-Sheikh outpost. France warned Libya that it will halt shipments of Mirage jet fighters if those planes are transferred to Libya's partners in the new union. A Swiss engineer admitted selling plans for the Mirage engine to Israel for $200,000. [CBS] Great Britain announced the largest unemployment rate for April in 31 years; 34% in the U.K. are unemployed. [CBS] Judge Charles Older formally pronounced the verdict of death for the Manson family defendants. [CBS] An article in the American Medical Association Journal contains the first real evidence of the harmful effects of smoking marijuana. The article cites 38 case studies of smokers developing severe mental disturbances. [CBS] The teachers' strike in Newark, New Jersey, has been settled after 11 weeks. [CBS] The Interstate Commerce Commission charged that the Penn Central Railroad attempted to hide its financial troubles from the public before declaring bankruptcy. [CBS] The IRS urged taxpayers to check with their employers about possibly increasing income withholding to offset the new tax tables which take effect next year. [CBS] Eleven-year-old Greg Gude persuaded his father, Rep. Gilbert Gude, to introduce a bill in the House to protect donkeys and wild horses in the West. Greg testified at a House hearing today. [CBS]

Stock Market Report

Dow Jones Industrial Average: 948.85 (+8.64, +0.92%)
S&P Composite: 104.01 (+0.52, +0.50%)
Arms Index: 0.79

	Issues	Volume*
Advances	790	9.48
Declines	637	6.02
Unchanged	278	2.22
Total Volume		17.72

* 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*
April 16, 1971	940.21	103.49	18.28
April 15, 1971	938.17	103.52	22.54
April 14, 1971	932.55	103.37	19.44
April 13, 1971	927.28	102.98	23.20
April 12, 1971	926.64	102.88	19.41
April 8, 1971	920.39	102.10	17.59
April 7, 1971	918.49	101.98	22.27
April 6, 1971	912.73	101.51	19.99
April 5, 1971	905.07	100.79	16.04
April 2, 1971	903.04	100.56	14.52