News stories from Monday June 21, 1971

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

A federal court rejected the government's arguments against the Washington Post's publication of a classified Pentagon report. The government argued that publication of the report would damage national security and relations with foreign governments; the Post argued that the report is not harmful to national security and it has the right to publish the report under the first amendment; the government is appealing the decision.An appeals court withheld its ruling on the New York Times' publication of the report until an eight-man panel hears arguments tomorrow. [CBS] Sgt. Peter Lemon was awarded the Congressional Medal of Honor last week. Today Lemon said that his heroics were performed while he was stoned on marijuana. [CBS] Capt. Ernest Medina's pre-trial hearing continued at Fort McPherson, Georgia. Medina's attorney, F. Lee Bailey, is trying to prevent the case from coming to trial; today he claimed that the Army sacrificed other trials in order to make sure that Medina is convicted. Bailey said that Medina was not called as a witness in earlier trials because of the possibility of impairing his prosecution later. [CBS] The Army ordered an investigation of General John Donaldson for the alleged killing of six Vietnamese civilians from his helicopter; an investigation of Col. William McCloskey was also ordered in connection with the killing of two Vietnamese civilians. [CBS] The Senate voted to freeze the size of the U.S. armed forces at 2.5 million men; 270,000 men must be cut back by June 30, 1973. [CBS] Commerce Secretary Maurice Stans says that the Nixon administration has brought inflation within controllable boundaries. [CBS] The cost of living in May was up 0.5%. [CBS] The Department of Health, Education and Welfare reported that 14.4 million Americans are on welfare. The House voted today to separate the family assistance plan from the rest of the welfare reform package. California Governor Ronald Reagan asked California congressmen to vote against welfare reform, while Welfare Secretary Elliot Richardson and President Nixon are lining up support for tomorrow's vote. [CBS] A white policeman in Columbus, Georgia, was suspended after shooting a black man this morning; it is feared that the incident will cause a third night of violence in the city. [CBS] The Supreme Court ruled that juveniles don't have the right to trial by jury, and agreed to rule on whether the government has the right to tap the phones of those considered a threat to national security without a court order. [CBS] The Teamsters union executive board accepted the resignation of James Hoffa and officially named Frank Fitzsimmons as the new president; President Nixon congratulated Fitzsimmons. Nashville, Tennessee, Teamster leader Donald Vestal announced that he will run against Fitzsimmons; Vestal wants the election to include all union members, not just delegates. [CBS] Ralph Nader told the Senate Banking Committee that America would be better off with Lockheed Aircraft's bankruptcy than with government intervention to save the company. [CBS] Transportation Secretary Volpe asked Congress to require insurance companies to give the government records on car accidents so the public can determine which cars are safest. [CBS] Apollo 14 astronaut Edgar Mitchell attempted to communicate via ESP with persons back on earth during his flight to the moon. Mitchell attempted to send back standard ESP signs at designated times to four people. Mitchell says that the signs matched far more often than would be expected by random chance, and he is delighted with the results. [CBS] The State Department warned Congress that the Waldorf-Astoria Hotel may evict U.S. United Nations delegate George Bush unless hotel the appropriation is raised from $33,000 to $55,000; the House Appropriations Committee refused to approve the raise. [CBS] President and Mrs. Nixon celebrated their 31st wedding anniversary. The President bought 31 roses as an anniversary present for Mrs. Nixon. [CBS] A federal appeals court has granted a temporary restraining order against the Washington Post's publication of the classified Pentagon report. [CBS]

Stock Market Report

Dow Jones Industrial Average: 876.53 (-12.63, -1.42%)
S&P Composite: 97.87 (-1.10, -1.11%)
Arms Index: 1.37

	Issues	Volume*
Advances	267	2.24
Declines	1,130	12.95
Unchanged	255	1.30
Total Volume		16.49

* 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 18, 1971	889.16	98.97	15.04
June 17, 1971	906.25	100.50	13.98
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