News stories from Friday May 14, 1971

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

President Sadat of Egypt ousted one-third of his cabinet and the national assembly ousted 18 members; the shakeup in the Egyptian government comes as a shock to everyone. Israel believes that the situation in Egypt will slow momentum toward reopening the Suez Canal; Israel will be more cautious in dealing with Sadat until he establishes firm leadership. [CBS] The administration opposes Senator Mansfield's amendment to cut U.S. troop strength in Europe by half; Soviet Communist party chief Leonid Brezhnev has invited NATO to begin talks on the mutual withdrawal of forces. Senator Mansfield said that U.S. military policy toward Europe is outdated and he welcomes Brezhnev's invitation; having so many U.S. troops in Europe is the cause of the weakening of the dollar. Mansfield isn't willing to compromise on his amendment.Secretary of State Rogers testified before the Senate Foreign Relations Committee and said that he thinks passage of Mansfield's amendment would be a serious mistake. Committee members believe the amendment will be defeated. The White House thinks that Brezhnev's invitation will help defeat the Mansfield amendment. [CBS] 5,000 South Vietnamese troops, with U.S. air support, began a drive into Cambodia on Tuesday; fighting was reported between South Vietnam and the enemy in the Mekong Delta and Ashau Valley.No American helicopters were shot down in South Vietnam last week, for the first time in four years. [CBS] Marine Sgt. Jon Sweeney is the first U.S. soldier in the Vietnam war to be tried on a charge of aiding the enemy; Sweeney broadcast statements disloyal to America. [CBS] The Army rejected Lt. William Calley's request to be released pending his appeal. [CBS] A federal warrant was issued in New York, charging Leslie Bacon with conspiring to bomb a bank. [CBS] The Senate will vote Wednesday on reviving the supersonic transport program. [CBS] Attorney General Mitchell asked Congress for legislation to authorize federal judges to refuse bail for defendants considered to be dangerous, for crimes including loan sharking, racketeering, sale of narcotics, bombing, kidnapping, robbery, and assault during a hijacking. [CBS] The Department of Health, Education and Welfare has proposed a school busing plan for Austin, Texas, a variation of the Austin school board's plan for integration. The school board president is displeased and said that the government proposed its plan without listening to the school board's ideas. [CBS] President Nixon's alma mater, Whittier College, held a referendum in which the students voted not to revoke an honorary degree that was awarded to the President. [CBS] The U.S. Naval Academy has discharged five midshipmen for using marijuana and is investigating three others. [CBS] A judge ordered "Brief Against Death" author Edgar Smith to be freed after 14 years on death row; the New Jersey prosecutor will appeal. [CBS] A bill to suspend capital punishment for two years will be introduced in Congress next week. [CBS] 37 members of the presidential color guard of Honduras have died from eating food that was sprayed with insecticide. [CBS] Industrial production was up 0.3% for April. [CBS]

Stock Market Report

Dow Jones Industrial Average: 936.06 (-0.28, -0.03%)
S&P Composite: 102.21 (-0.48, -0.47%)
Arms Index: 1.09

	Issues	Volume*
Advances	543	5.56
Declines	829	9.29
Unchanged	292	1.62
Total Volume		16.47

* 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 13, 1971	936.34	102.69	17.64
May 12, 1971	937.46	102.90	15.14
May 11, 1971	937.25	102.62	17.73
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