News stories from Thursday June 17, 1971

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

The government went to court to try to force the New York Times to allow government inspection of a classified Pentagon report published by the newspaper. The Times argued that publication of the report is protected by the first amendment; the government requested to inspect the report in order to seek a permanent injunction tomorrow. The Times offered to provide a list of documents to the government, but not the report itself. Senator Edward Kennedy said that he believes the public has been misled, and that national interests are best served by publication of report; he doesn't know what classified information the Pentagon has on his brother's presidential administration but believes it should be made public. Senator George McGovern said that he is a "strict constructionist" of the constitution when it comes to the Bill of Rights. Former New York Times reporter Sidney Zion named former State and Defense Department analyst Daniel Ellsberg as the person who leaked the Pentagon report. [CBS] President Nixon asked Congress to step up the fight against drug addiction. He want $155 million to be appropriated for experimental methadone treatment centers, research to find non-addictive drug cures, laws against drug profiteers, and setting up a drug agency headed by Dr. Jerome Jaffe. The President is also trying to achieve more cooperation from Turkey and Mexico in halting drug traffic. [CBS] Jackie Robinson, Jr., 24, the son of the famous baseball player, was killed in an auto accident today. [CBS] Presidential economic adviser Paul McCracken said that the economy is not expanding fast enough to cut down unemployment. [CBS] President Nixon reportedly will not veto the bill to create public service jobs for the unemployed, but will ask for an amendment to give first preference to Vietnam veterans. [CBS] Aerojet-General Corporation president Jack Volbrecht urged Congress not to approve the $250 million loan for Lockheed Aircraft; AFL-CIO leader George Meany wants the loan to be approved. United Auto Workers president Leonard Woodcock says that the loan probably wouldn't save Lockheed anyway. [CBS] The U.S. and Japan signed a treaty returning Okinawa Island to Japan. Secretary of State William Rogers read President Nixon's statement urging Congress to give advice and consent to the treaty. Japanese Prime Minister Eisaku Sato expressed gratitude for the reversion of Okinawa to Japan. [CBS] The House will vote on a bill which sets a date for U.S. withdrawal from South Vietnam. The House rejected the Nedzi-Whalen amendment to halt funds for the Vietnam war as of December 31; antiwar congressmen now comprise approximately 40% of both the House and Senate. [CBS] An enemy attack on a South Vietnamese outpost near the DMZ was driven off; General Duong Van Minh launched his unofficial campaign for president with a speech critical of South Vietnam President Nguyen Van Thieu. [CBS] Transportation Secretary John Volpe announced the promotion of retired Air Force General Benjamin Davis to Assistant Secretary of Transportation for Safety and Consumer Affairs. [CBS] The ACLU reported that former FBI agent John Shaw has won his case against the government; Shaw received $13,000 in back pay and bad marks on his record have been eliminated. [CBS] Government figures indicate that Southern schools are the most integrated in the United States, while segregation has increased in Northern cities. [CBS] Capitol building bombing suspect Leslie Bacon has been released on bail. Bacon said that she knows nothing about the Capitol bombing plan but had no choice, as a material witness, but to appear before the grand jury which is investigating the incident. Bacon accused the Justice Department of dealing in "selective fascism" and doesn't know why she was chosen to testify. [CBS] Police and soldiers evicted about 70 Indians from an abandoned Army Nike missile base near Richmond, California. [CBS] United Mine Workers president Tony Boyle urged miners who are striking on his behalf to return to work; a judge ordered Boyle to be replaced as trustee of the miners' welfare and retirement fund, which caused the walkout. [CBS] American and Soviet space officials will begin negotiating a compatible docking system in Houston on Monday. Apollo 16 astronauts will set up the first astronomical observatory on the moon. [CBS]

Stock Market Report

Dow Jones Industrial Average: 906.25 (-2.34, -0.26%)
S&P Composite: 100.50 (-0.02, -0.02%)
Arms Index: 1.07

	Issues	Volume*
Advances	644	5.80
Declines	664	6.39
Unchanged	337	1.80
Total Volume		13.99

* 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*
June 16, 1971	908.59	100.52	14.30
June 15, 1971	907.20	100.32	13.55
June 14, 1971	907.71	100.22	11.53
June 11, 1971	916.47	101.07	12.27
June 10, 1971	915.96	100.64	12.45
June 9, 1971	912.46	100.29	14.25
June 8, 1971	915.01	100.32	13.61
June 7, 1971	923.06	101.09	13.80
June 4, 1971	922.15	101.30	14.40
June 3, 1971	921.30	101.01	18.79