News stories from Tuesday May 11, 1971

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

President Nixon announced funding for a program to cure cancer. Senator Edward Kennedy wanted $400 million approved for cancer research; President Nixon got Congress to approve $100 million and proposed that the cancer program be run from within the National Institute of Health. [CBS] The Senate is considering a bill to extend the draft; the Senate Foreign Relations committee is considering proposals for U.S. withdrawal from South Vietnam. Senator Thomas Eagleton challenged the Nixon administration's intention to pull out of South Vietnam totally, saying that generals in South Vietnam are operating based on plans for a residual U.S. force to be in South Vietnam indefinitely. Common Cause chairman John Gardner said that he believes Republicans can take the lead in ending the Vietnam war, but he doesn't think that President Nixon will move to end the war without pressure from Congress. [CBS] U.S. command in Saigon will conduct an inquiry into the enemy raid on Fire Base Mary Ann last January in which 33 soldiers were killed. American planes bombed the Ho Chi Minh Trail in Laos today. [CBS] The Associated Press reports that Cambodian artillery damaged some of the Angkor Wat temples. [CBS] Two Israeli newspapers reported that U.S. Secretary of State William Rogers offered American financial aid in clearing the Suez Canal for reopening. [CBS] The value of the U.S. dollar increased slightly on European currency exchanges. Volkswagen and Mercedes Benz announced that there will be no price increases in the United States until the currency situation stabilizes. [CBS] Lockheed Aircraft Corporation signed a contract to buy engines from Rolls Royce for the Tri-Star airbus. But General Electric wants Congress to make the use of American engines a condition for approving Lockheed's $250 million loan. [CBS] The Apollo 15 rocket has been moved to the launch pad at Cape Kennedy, Florida; the flight begins on July 26. [CBS] Inventors told the Senate Commerce Committee of creating a car bumper which is able to exceed the 1973 auto safety standards. Paul and Doug Taylor challenged auto industry claims of difficulty developing a bumper to protect cars in 5 m.p.h. collisions. Paul Taylor displayed shock absorbers capable of withstanding 5 m.p.h. crashes, which cost $1.60 per unit. The auto industry estimated that crash-resistant bumpers would cost $100 per unit. [CBS] Buenos Aires and three other cities in Argentina are under tight security after rumors of an attempted coup; there are unconfirmed reports of the arrests of 10 high-ranking military officers. [CBS] A Senate resolution instructs Amtrak to reconsider the suspensions of many railroad passenger routes; Amtrak has restored service to Cleveland, Ohio. [CBS] Salmon are being rescued from the Columbia and Snake Rivers due to excessive nitrogen in the water. The two rivers have been turned into a series of lakes by dams, but dams cause the water to pick up nitrogen which kills fish. The Army Corps of Engineers intends to take steps to reduce nitrogen in the water. Engineers are currently rescuing fish at one dam and trucking them past the dangerous areas, but a permanent solution is needed. [CBS] Rep. Pete McCloskey has opened a presidential campaign office in Washington, DC. [CBS] Dr. Christiaan Barnard today performed his first heart transplant in two years. [CBS]

Stock Market Report

Dow Jones Industrial Average: 937.25 (+4.70, +0.50%)
S&P Composite: 102.62 (+0.26, +0.25%)
Arms Index: 1.17

	Issues	Volume*
Advances	797	8.58
Declines	575	7.25
Unchanged	312	1.90
Total Volume		17.73

* 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*
May 10, 1971	932.55	102.36	12.81
May 7, 1971	936.97	102.87	16.49
May 6, 1971	937.39	103.23	19.30
May 5, 1971	939.92	103.78	17.27
May 4, 1971	938.45	103.79	17.31
May 3, 1971	932.41	103.29	16.12
April 30, 1971	941.75	103.95	17.49
April 29, 1971	948.15	104.63	20.34
April 28, 1971	950.82	104.77	24.82
April 27, 1971	947.09	104.39	21.25