News stories from Thursday April 8, 1971

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

In his speech last night, President Nixon set no date for complete U.S. withdrawal from Vietnam. Senators Hugh Scott and Robert Byrd stated today that they believe all U.S. troops will be out of Vietnam by the end of the present presidential term in January, 1973, as long as North Vietnam releases American POWs. The two Senators agreed that President Nixon has a definite period of time in mind for having all U.S. troops out of Vietnam. Many believe that Scott and Byrd are saying for the President what he felt he shouldn't say himself in last night's speech. [CBS] Communist negotiators at the Paris Peace Talks charged that President Nixon's withdrawal program amounts to a lengthy military occupation. They insisted that no talks about the release of POWs will take place until a definite date for total U.S withdrawal is set. [CBS] In his speech last night, President Nixon spoke of being saluted at a posthumous medal ceremony by the 4-year-old son of a soldier who was killed in Vietnam. In Avella, Pennsylvania, Mrs. Shirley Taylor said that her husband went to Vietnam to do whatever he could for America and South Vietnam. She reported that Henry Kissinger called her to say he hoped that being mentioned in the President's speech hadn't embarrassed or offended her family. Mrs. Taylor says that she is proud to have been mentioned, but doesn't think her children understand the significance of what happened. [CBS] A terrorist bomb killed two people in a Saigon nightclub.The Army is charging Pvt. Billy Dean Smith with the premeditated murder of two of his superior officers in a "fragging" incident which took place last month in South Vietnam. The Pentagon has been unable to find a legal path for the prosecution of former soldiers who were involved in the My Lai massacre. Viking Press is giving Lt. William Calley and a co-writer a $100,000 advance for Calley's memoirs. [CBS] American military command in Saigon confirmed that a memo was issued to inform personnel to be cautious in dealing with CBS reporter Morley Safer. Col. Robert Leonard said that steps are being taken to rectify the situation and he apologized to Safer.UPI Phnom Penh bureau manager Catherine Webb and four others are missing in Cambodia. [CBS] U.S. helicopters have flown over 10,000 sorties into Cambodia in the past month. [CBS] The Associated Press reported that anti-government rebels now appear to control almost half of East Pakistan. [CBS] A delegation from Syria met with King Hussein of Jordan to try to work out a lasting settlement between Jordan and Palestinian guerrillas; more fighting was reported. [CBS] The largest group of Soviet Jews in two decades arrived in Israel; 168 landed in Tel Aviv. [CBS] House Speaker Carl Albert called the Nixon administration economic policies "do-nothing" and said that Democrats in Congress must take the initiative to prime the economy. [CBS] The Agriculture Department paid out $3.7 billion in farm subsidies last year; 137,000 farms received more than $5,000; 14 farms received between $500,000 and $1 million; nine farms received more than $1 million. A new law sets the limit this year at $55,000 though sugar producers are exempt from the limit. [CBS] New York City has started an off-track betting system. OTB chairman Howard Samuels says that off-track betting will be a financial help to the city as well as a potential tool against organized crime. However the computer system is not yet working, and many race tracks and labor unions are opposed to off-track betting. [CBS] Jack Baker, a homosexual, was elected president of the University of Michigan student association. [CBS] NFL player Lance Rentzel pleaded guilty to morals charges and was given five years' probation. [CBS] An appeals court upheld a federal judge's ruling that the Justice Department's wiretapping of domestic groups who are considered a threat to security violates the fourth amendment, unless a court order has been issued. [CBS] A Liberian tanker leaked oil into the English Channel for five days last week while the countries argued over salvage rights. Today the British Parliament passed a law authorizing the government to seize or sink foreign ships if they threaten to pollute Britain's beaches. [CBS] A congressional committee has subpoenaed all materials used in the preparation of the CBS documentary "The Selling of the Pentagon". CBS president Frank Stanton replied that the committee will be given a copy of the film and a transcript of the actual broadcast, but no material which was not broadcast. [CBS]

Stock Market Report

Dow Jones Industrial Average: 920.39 (+1.90, +0.21%)
S&P Composite: 102.10 (+0.12, +0.12%)
Arms Index: 0.87

	Issues	Volume*
Advances	775	9.14
Declines	625	6.38
Unchanged	280	2.07
Total Volume		17.59

* 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 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
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