News stories from Tuesday June 29, 1971

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

President Nixon vetoed the public works bill but said that he will sign a bill to create public service jobs if such a bill is passed by Congress. He appointed Treasury Secretary John Connally as the administration's chief economic spokesman. Connally said that the President has decided not to institute a wage-price review board and will not impose mandatory wage-price controls. The President has decided not to ask Congress for tax relief but also will not increase spending. [CBS] The Selective Service System will halt the draft at midnight tomorrow when the draft law expires. [CBS] The Senate defeated a move to limit military spending to $68 billion and defeated an attempt to cut $100 million from the space program. Senator Allen Ellender withdrew his amendment to cut off funds for airlifting Cuban refugees to the United States. [CBS] The House Commerce Committee recommended that CBS president Frank Stanton be held in contempt of Congress for refusing to turn over unbroadcast materials used in preparation of "The Selling of the Pentagon". Stanton vows to resist the government's attempt at "surveillance"; the committee will vote on the contempt recommendation later in the week. [CBS] It was announced that the 1972 Democratic National Convention will be held in Miami Beach, Florida. [CBS] A federal judge refused to halt the Teamsters convention next week, but ordered Teamsters' leadership to give union members a greater voice in union affairs; Tennessee local president Donald Vestal called the decision a victory for union membership. [CBS] The U.S. endorsed the Soviet Union's proposal for a "Big 5" nuclear disarmament conference. [CBS] South Vietnam commanders are predicting a North Vietnamese summer offensive in northern South Vietnam; 16,000 North Vietnamese troops reportedly have massed at the DMZ.Officials in South Vietnam said that 900,000 refugees have returned to the areas where they once lived; 72,000 Vietnamese were forced from their homes in the first three months of this year. [CBS] The Air Force announced that Capt. Thomas Culver will be court-martialed for his participation in an antiwar protest in London, England. [CBS] Joseph Colombo remains in critical condition after being shot at a New York City rally yesterday; police have questioned many people who may have knowledge of the shooter's motive. [CBS] Health, Education and Welfare Secretary Elliot Richardson addressed the National Education Association in Detroit. NEA president Helen Bain stated that she believes the present administration is opposed to adequately financing public education. Richardson replied that the Nixon administration has proposed more innovative education legislation than any previous administration, and has sought the greatest financial increase for education ever. [CBS] A House committee heard charges of favoritism in awarding the Westinghouse Electric Corporation a government contract to study post office pay systems. [CBS] The Environmental Protection Agency announced new auto pollution standards. [CBS] Interior Secretary Rogers Morton announced that 30,000 acres of oil shale fields in Utah, Wyoming and Colorado will be opened to private development. [CBS]

Stock Market Report

Dow Jones Industrial Average: 882.30 (+9.20, +1.05%)
S&P Composite: 98.82 (+1.08, +1.10%)
Arms Index: 0.61

	Issues	Volume*
Advances	1,013	10.69
Declines	362	2.32
Unchanged	276	1.45
Total Volume		14.46

* 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 28, 1971	873.10	97.74	9.81
June 25, 1971	876.68	97.99	10.58
June 24, 1971	877.26	98.17	11.36
June 23, 1971	879.45	98.41	12.64
June 22, 1971	874.42	97.59	15.20
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