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Monday June 28, 1971
. . . where the 1970s live forever!

News stories from Monday June 28, 1971


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

  • The Supreme Court overturned the conviction of Muhammad Ali for draft evasion, ruled on the death penalty and federal aid to parochial schools and extended its session to continue consideration of the case involving the New York Times' and Washington Post's publication of a classified Pentagon report.

    The court upheld a law allowing the federal government to help church-related colleges pay for buildings to be used for non-religious purposes, but ruled against state programs to pay the salaries of parochial school teachers' salaries; it disallowed the death penalty for 39 convicts and agreed to rule on capital punishment itself during the next session. The court ruled that Muhammad Ali qualifies as a conscientious objector. Ali said that he is thankful that the Supreme Court recognized his sincerity and beliefs.

    Richard Speck is one of the 39 for whom the death penalty was disallowed by the Supreme Court. [CBS]

  • Supreme Court Justice William O. Douglas reportedly voted to sustain the newspapers' right to publish the classified Pentagon report.

    Daniel Ellsberg turned himself in to federal authorities in Boston. Ellsberg stated that he regrets not making the Pentagon Papers public in 1969, and he is prepared to accept the consequences of his actions. The court released Ellsberg based on his promise to appear when ordered; a federal grand jury indicted Ellsberg for unauthorized possession of government documents and theft of government property. [CBS]

  • The classified Pentagon report was turned over to Congress. [CBS]
  • The House rejected the Senate's draft extension bill with the Mansfield amendment to end the war; it is unlikely that a new bill can be passed before Wednesday, the date on which the old draft law expires. [CBS]
  • Italian-American Civil Rights League founder Joseph Colombo was shot at a unity day rally in New York City. Assassin Jerome Johnson was tackled by the crowd; someone shot him dead. Colombo founded the Italian-American Civil Rights League in an attempt to change the gangster image of Italian-Americans. Colombo has maintained that there is no such thing as a "mafia" and he says that police have used Italian-Americans as scapegoats for crimes. 55,000 members are in the League. [CBS]
  • The Nixon administration's drug control program director, Dr. Jerome Jaffe, appealed to Congress for quick approval of a centralized program office. [CBS]
  • The FDA ordered 16 manufacturers of low-phosphate or phosphate-free detergents to label their products with warnings about possible skin and eye irritations. [CBS]
  • The government reported that the U.S. has just suffered its worst two months of foreign trade deficits in the past 21 years. [CBS]
  • The Fillmore East rock music concert hall has closed in New York City. Owner Bill Graham says that he closed the hall because of increasing costs and the souring music scene. [CBS]


Stock Market Report

Dow Jones Industrial Average: 873.10 (-3.58, -0.41%)
S&P Composite: 97.74 (-0.25, -0.26%)
Arms Index: 0.81

IssuesVolume*
Advances5243.77
Declines7674.48
Unchanged3281.55
Total Volume9.80
* 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
DateDJIAS&PVolume*
June 25, 1971876.6897.9910.58
June 24, 1971877.2698.1711.36
June 23, 1971879.4598.4112.64
June 22, 1971874.4297.5915.20
June 21, 1971876.5397.8716.49
June 18, 1971889.1698.9715.04
June 17, 1971906.25100.5013.98
June 16, 1971908.59100.5214.30
June 15, 1971907.20100.3213.55
June 14, 1971907.71100.2211.53


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