News stories from Tuesday June 22, 1971

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

The Senate voted on a resolution declaring that the national policy for the U.S is to withdraw from southeast Asia within nine months, subject to the release of American POWs; a bill to cut off funds for the Vietnam war in nine months was defeated by one vote. [CBS] Temporary injunctions against publication of the classified Pentagon report by the New York Times and the Washington Post have been extended by the courts. The government offered to study the possibility of declassifying portions of the report and argued that publication of the report could chill our dealings with foreign countries; the Post warned that curtailing freedom of speech would allow the government to dole out only that news it wants to be released. Post publisher Katharine Graham said that she feels sad about the extension of the temporary injunction because it affects the public's right to know. Defense Secretary Melvin Laird announced an order to review the classification of the report, saying that it will take about 90 days to accomplish.The Boston Globe published portions of the report; now the government is seeking an injunction against the Globe. FBI agents questioned Rep. Pete McCloskey about how he obtained a copy of the report from Daniel Ellsberg. [CBS] In Atlantic City, New Jersey, President Nixon addressed the convention of the American Medical Association, and asked the AMA to begin a drug abuse education program. The President stated that an estimated 50% of amphetamines and barbiturates which were produced in the U.S. in 1970 were diverted to illegal sales; he said that the drug culture in America was created due to the easy availability of drugs and a lack of education about drug abuse. [CBS] The Veterans Administration will open 27 new drug treatment centers in the U.S. by October 1. Senators questioned military witnesses about the Army's amnesty program for drug users. Assistant Defense Secretary Roger Kelley said he can't guarantee that other information discovered about a soldier during treatment won't affect the evaluation of his record, but he promised that information identifying a soldier as a heroin user will not be used against him.Defense Secretary Laird announced that Turkey rejected $5 million from the U.S. to destroy their $3 million opium poppy crop. [CBS] A witness at the pre-trial hearing of Capt. Ernest Medina conceded that the government probably cannot prove that Medina ordered the My Lai massacre. [CBS] The New York Times reported that an East Pakistani ship left New York, carrying arms in violation of the U.S. ban of arms sales to Pakistan; the State Department said that if the cargo is arms, they were purchased prior to the ban. [CBS] The House is expected to approve the administration's welfare reform bill soon; Rep. Wilbur Mills leads supporters of the bill. [CBS] The purchasing power of the average worker was up 0.8% for May. [CBS] The Nixon administration announced new tax rules allowing businessmen to deduct more for equipment depreciation; Ralph Nader will sue to block the new rules on the grounds that only Congress has the right to change tax rules. [CBS] Ralph Nader told a congressional commission that some big banks are cheating on federal consumer protection laws by not specifying interest rates on their credit cards. [CBS] The Senate Banking Committee ended hearings into the $250 million government loan for Lockheed Aircraft. Committee chairman John Sparkman predicted that some aid for Lockheed will be approved. [CBS] A national commission on population growth heard testimony opposed to government population control. Reverend Jesse Jackson said that blacks are skeptical of any program to control population; black security is largely based on the number of children produced. [CBS] 50 state troopers helped restore order in Columbus, Georgia, following three nights of racial trouble. [CBS] The FCC ruled that CBS' documentary "The Selling of the Pentagon" complied with the "fairness doctrine". [CBS]

Stock Market Report

Dow Jones Industrial Average: 874.42 (-2.11, -0.24%)
S&P Composite: 97.59 (-0.28, -0.29%)
Arms Index: 0.76

	Issues	Volume*
Advances	542	5.96
Declines	845	7.06
Unchanged	280	2.17
Total Volume		15.19

* 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 21, 1971	876.53	97.87	16.49
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