News stories from Friday April 2, 1971

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

In the wake of Lt. William Calley's verdict, North Carolina Governor Robert Scott has called for U.S. withdrawal from Vietnam, and five Republican House members signed a letter calling for withdrawal.Alabama Governor George Wallace and Georgia Lt. Governor Lester Maddox attended a rally for Calley in Columbus, Georgia. Calley was released from the stockade following an order from President Nixon, and is now staying in an apartment on the base, guarded by MPs. Demonstrations were held throughout America in support of Calley. Army Chief of Staff General William Westmoreland told a news conference that he feels no guilt for the My Lai incident. The Army released a four-page white paper defending Calley's court-martial. [CBS] Pre-trial hearings got underway for Col. Oran Henderson in connection with the cover-up of the My Lai incident. Henderson said that he feels hurt by the charges, and he thinks that public reaction to Calley's case will focus more attention on his own case than it otherwise would have received. Henderson is the last of the 14 who were originally charged in connection with the My Lai cover-up; charges against the others have already been dismissed. Henderson could receive six years and three months in prison if he is convicted. The trial itself is months away. [CBS] Pvt. Michael Schwarz, who was convicted of killing 12 Vietnamese civilians and sentenced to life imprisonment, was released today after his sentence was reduced. [CBS] Over 100 members of Congress are also military reserve officers. A federal judge ruled today that it is unconstitutional for congressmen to be reserve officers, and he asked the congressmen to voluntary resolve the conflict. [CBS] North Vietnam destroyed the village of Duc Duc, South Vietnam, earlier in the week; 107 people are known to be dead and 135 were evacuated for treatment. Villagers feel that the government didn't help them enough to prevent a North Vietnamese attack.Maj. Franklin Trapnell said he heard the news of Lt. Calley's conviction at the same time the enemy was killing civilians at Duc Duc; Trapnell called the incident "another My Lai", perpetuated by the Communists this time -- with more people killed for far less reason -- and he hopes it will have some impact on the public. [CBS] Israel announced its readiness to discuss Egypt's proposal to reopen the Suez Canal. Egypt then "clarified" the proposal, saying that its offer to reopen the canal was part of an overall plan calling for the withdrawal of Israeli troops from all occupied territory. [CBS] West Pakistan admitted for the first time that the rebellion in East Pakistan has not been completely crushed. Before retreating, the West Pakistan army killed villagers in Jessore; West Pakistan is now beginning another attack. [CBS] East Germany announced that there will be no Easter passes for West Berliners to visit friends and relatives in East Berlin this year. [CBS] The unemployment rate was 6% for March. [CBS] The House Ways and Means Committee tentatively approved a cutback in Medicare coverage for the aged, reducing covered hospital care from 59 days to 14 days. [CBS] President Nixon met with California Governor Ronald Reagan to discuss their differences on the subject of welfare. Today was the deadline for Reagan to agree to federal requirements concerning cost of living increases for welfare recipients, or lose $700 million in federal welfare money; Nixon waived the deadline to give Reagan more time.Governor Reagan stated that he is gratified to discover great similarities between the California reform proposals and the plan evolving in the Health, Education and Welfare Department regarding national welfare reform. No details of the compromise were given. [CBS] Willow Run High School in Ypsilanti, Michigan, was closed last month due to racial trouble; last night principal Dr. Wiley Brownlee was tarred and feathered by a group of hooded men. [CBS] The father of Newark, N.J., Mayor Kenneth Gibson was mugged last night; police arrested four persons today. The motive was apparently robbery, not political. [CBS] Jazz musician Louis Armstrong suffered a relapse and is reportedly in critical condition in a New York hospital with a heart ailment. [CBS] Communist China is participating in the world ping-pong tournament for the first time since winning in 1965. [CBS]

Stock Market Report

Dow Jones Industrial Average: 903.04 (-0.84, -0.09%)
S&P Composite: 100.56 (+0.17, +0.17%)
Arms Index: 0.77

	Issues	Volume*
Advances	726	7.81
Declines	622	5.12
Unchanged	308	1.59
Total Volume		14.52

* 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 1, 1971	903.88	100.39	13.47
March 31, 1971	904.37	100.31	17.61
March 30, 1971	903.39	100.26	15.43
March 29, 1971	903.48	100.03	13.65
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