News stories from Wednesday May 19, 1971

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

The Senate will vote tonight on the Mansfield amendment to cut U.S. troop strength in Europe by 50%. The Senate earlier defeated two compromise proposals concerning troop cuts, and defeat seems certain for the Mansfield amendment tonight.The Mansfield amendment has shaken up NATO. U.S. ambassador Robert Ellsworth said that an American pullout from Europe would subject our allies to relentless Soviet pressure and result in them adjusting their policies toward Soviet goals. 300,000 U.S. troops are in Europe, two-thirds of them in West Germany. [CBS] The Senate will also vote on the revival of the supersonic transport tonight; the White House has already conceded defeat. [CBS] Commanders of the division which took part in the 1968 My Lai massacre were censured by the Pentagon today. Major General Samuel Koster has been demoted to Brigadier General and Koster and Brigadier General George Young were stripped of medals. Koster called the action unfair and unjust and said that he had no knowledge of the My Lai massacre until it became public. [CBS] The first heavy fighting in South Vietnam's drive in the Ashau Valley was reported. North Vietnam is charging that the U.S. bombing in North Vietnam caused a loss of civilian lives. U.S. Marines have ended their combat role in South Vietnam. [CBS] Israeli Prime Minister Golda Meir told her cabinet that she refuses to provide the U.S. with a map showing boundaries acceptable to Israel as the basis for a Mideast peace agreement; President Sadat of Egypt told his cabinet that he won't give up one inch of Arab land for peace. [CBS] The wife of the kidnapped Israeli consul general to Turkey, Efraim Elrom, received his letter saying that he is well. The kidnappers are threatening to execute Elrom tomorrow; police continue their search. [CBS] American and Russian officials met to discuss the dispute between American fishermen and Russian trawlers. A spokesman for the State Department said that it's the Soviet fleet's responsibility to respect the rights of others when operating in international waters. U.S. lobster boats have lost equipment as the result of Soviet trawlers' nets cutting through their lobster lines. The Soviets have promised to use more caution in the future. [CBS] Federal Reserve Board chairman Arthur Burns stated that he opposes increasing interest rates to improve the international value of the U.S. dollar. [CBS] Queen Elizabeth of Britain is paid over $1 million per year; she has asked Parliament for a raise to help finance Buckingham Palace. [CBS] A jury in Alabama found black sheriff Lucius Amerson and his black chief deputy not guilty of charges of beating a prisoner. [CBS] Two Auburn University co-eds were hostages in an escape attempt at Draper prison in Alabama. Two prisoners abducted the co-eds during their sociology class prison tour, but other prisoners jumped the abductors before demands were negotiated. [CBS] A jury in Connecticut has begun deliberations in the murder, conspiracy and kidnap trial of Black Panthers Bobby Seale and Ericka Huggins. [CBS] A federal judge ordered Leslie Bacon to answer questions about her radical activities in exchange for limited immunity; attorneys say that Bacon will refuse. [CBS] 20 eagles have been found dead in Wyoming; the fish and wildlife service blames a poison which was intended to kill coyotes. [CBS] Lava from Mount Etna volcano is threatening the Sicilian village of St. Alfio. The eruption began 40 days ago; the volcano is attracting tourists. [CBS] Canadian Prime Minister Trudeau signed a pact with Soviet Premier Kosygin, agreeing to regular consultations on a wide range of topics. [CBS] The railroad signalmen's strike ended last night; the Senate may still act on permanent legislation to deal with future transportation strikes. [CBS] Poet and humorist Ogden Nash died at age 68. [CBS] A hospital in Houston reported the death of Delores Johnson, who was the tallest woman in the world at 8' 2". [CBS] A federal grand jury indicted four persons who were responsible for a closed circuit television version of the musical "Oh! Calcutta". [CBS]

Stock Market Report

Dow Jones Industrial Average: 920.04 (+1.48, +0.16%)
S&P Composite: 101.07 (+0.24, +0.24%)
Arms Index: 0.83

	Issues	Volume*
Advances	693	5.79
Declines	643	4.47
Unchanged	335	1.47
Total Volume		11.73

* 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 18, 1971	918.56	100.83	17.64
May 17, 1971	921.30	100.69	15.98
May 14, 1971	936.06	102.21	16.43
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