News stories from Wednesday June 30, 1971

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

The Supreme Court ruled in favor of the New York Times' and Washington Post's publication of the Pentagon Papers. The Supreme Court decision holds that it is the government's job to enforce its own security, and the government failed to prove damage to national security from publication of the report. The dissenting judges maintain that the decision was reached too quickly and that newspapers have a duty to report stolen documents to authorities.New York Times publisher Arthur Sulzberger said that the decision re-affirms a free press in America; New York Times managing editor A. M. Rosenthal thinks that publication of the report will show the American public how much information is classified by the government, but shouldn't be; Washington Post publisher Katharine Graham is pleased with the decision in terms of good government and the public's right to know; Washington Post executive editor Ben Bradlee said he believes that embarrassing the government doesn't endanger the security of the government. Republican senators objected to Senator Mike Gravel giving out portions of the Pentagon Papers last night. Gravel read parts of the papers at a hearing and said that the greatest democracy ever has had its nose rubbed in a swamp by petty warlords, jealous Vietnamese generals, black marketeers and dope pushers. The papers which were released by Gravel show the depth of American involvement in South Vietnam during the Eisenhower administration and tell of increasing involvement during the Kennedy administration. [CBS] The three Soviet cosmonauts aboard the Soyuz II were killed during re-entry this morning. U.S. astronauts expressed their condolences to the USSR, and stated their concern because of comparable technology in U.S. and Soviet space programs. Former astronaut Wally Schirra said that the deaths could have been due to the failure of the oxygen system, and he hopes that the problem was mechanical, not physiological. [CBS] Enemy rocket attacks against U.S. and South Vietnamese bases near the DMZ continued. South Vietnam President Thieu predicts that a final showdown between North and South Vietnam will occur in 1973 after the U.S. has pulled out. [CBS] Presidential adviser Henry Kissinger begins a trip to five countries tomorrow. [CBS] South Korean soldiers killed three North Korean infiltrators 20 miles from Seoul, where Vice President Agnew was attending a reception. [CBS] The Israeli foreign minister confirmed that CIA director Richard Helms is in Israel for talks with the government. [CBS] The Soviet Union sentenced nine Jews to prison terms for distributing subversive materials. [CBS] Turkey will outlaw opium poppies after next year's harvest; the U.S. and Turkey will give money to peasants who are put out of work because of the law. [CBS] At the graduation of new agents from the FBI academy, FBI director J. Edgar Hoover called President Nixon the man most responsible for the fate of the United States and the free world. Nixon stated that the era of permissiveness toward law and order is at an end in America; his government backs law enforcement officials in re-establishing respect for the law and enforcing the law. [CBS] The FTC says that H&R Block and the Beneficial Corporation misused confidential information on customers' tax returns, and has ordered those companies to stop examining returns and selling names to mailing lists. [CBS] President Nixon asked steel industry negotiators to meet with him next Tuesday to discuss contract talks. [CBS] New Orleans District Attorney Jim Garrison has been arrested on charges of accepting bribes to protect illegal pinball machines. Garrison said that he expected to be charged by the federal government because of his stand on the Kennedy assassination, and he intends to continue as D.A. while under indictment. [CBS] Twelve Black Panthers were acquitted of conspiracy and murder in their trial in Detroit; three of the 12 were convicted of felonious assault. [CBS] A federal judge ruled that a law preventing national banks from making loans to political candidates is unconstitutional. [CBS] Joseph Colombo remains in critical condition after being shot two days ago at the Italian- American Civil Rights League rally in New York City. [CBS] The Selective Service System will halt the military draft at midnight, when the draft law expires. A House-Senate conference committee has been unable to agree on a new draft law, military manpower is said to be sufficient for the next two months. The Senate version of the draft bill attached the Mansfield amendment to end the war, causing the deadlock. [CBS]

Stock Market Report

Dow Jones Industrial Average: 891.14 (+8.84, +1.00%)
S&P Composite: 99.70 (+0.88, +0.89%)
Arms Index: 0.80

	Issues	Volume*
Advances	992	10.58
Declines	398	3.41
Unchanged	284	1.42
Total Volume		15.41

* 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 29, 1971	882.30	98.82	14.46
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