News stories from Wednesday July 21, 1971

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

A Senate committee heard testimony on drug hazards which most people consider harmless. FDA commissioner Charles Edwards said that the advertising industry took advantage of a complex society and the discovery of new drugs to create a climate of need; they encouraged people to take drugs without considering whether the cause of their symptoms would lead to drug abuse. Edwards said that seizure action has begun against "Excedrin PM" and "Asper Sleep". [CBS] The Veterans Administration said that less than 50,000 out of millions of veterans are drug addicts, and only 57% of the addicts it has treated are veterans of the Vietnam war; the V.A. also reported that unemployment among veterans was down from 11% to 8% for the second quarter of the year. [CBS] Officials in Laos announced that the United States threat to halt military and economic aid has spurred legislation to end opium farming by 1976. [CBS] A man using the alias "George White" testified that a Securities and Exchange Commission investigation of him ended after a $25,000 bribe was paid to New York Supreme Court Judge Mitchell Schweitzer. Schweitzer denied the charge. [CBS] Senator John McClellan reported that his secretary, Mrs. Jeannine Ragland, was robbed of $10 in the new Senate office building by two armed men. [CBS] A Rumanian newspaper hinted that President Nicolae Ceausescu may have been a go-between in arranging President Nixon's trip to China. Japanese Premier Eisaku Sato expressed disappointment at not being informed of the trip in advance. Taiwan has begun a campaign of opposition to the trip at the World Anti-Communist League meeting in Manila. [CBS] China lobby members are working for the "Friends of the FBI" organization. Lee Edwards is heading the drive for contributions to a fund for a study of the FBI. Edwards says that his organization's study is being organized to counter the Princeton University study.The Princeton study is being undertaken by people who believe that the FBI is guilty of political intimidation. [CBS] The last American soldiers have been withdrawn from northern South Vietnam, though U.S. artillery and tank units remain in the area. South Vietnamese forces began a drive in eastern Cambodia to block enemy infiltration. [CBS] National Review editor William F. Buckley admitted that the government documents printed in his magazine yesterday were a hoax; he said that phony documents were published to show that they could be accepted as genuine, provided that the content is plausible. [CBS] The Senate rejected Senator William Proxmire's proposal to return a bill for $2 billion worth of loans for ailing companies to committee. The House Banking Committee approved a similar bill. [CBS] The Penn Central Railroad reported a $2 million loss last month. [CBS] Atomic Energy Commission chairman Glenn Seaborg resigned; Dr. James Schlesinger was appointed as the new chairman. [CBS] The Apollo 15 astronauts were pronounced physically fit for their Monday moon flight launch. The town of Mitchell, Indiana has created a memorial to astronaut Virgil "Gus" Grissom, who was killed in an Apollo program training accident in 1967. Grissom was the second U.S. astronaut in space, 10 years ago today. [CBS] The FTC reported that one-third of U.S. retail sales take place in shopping centers. The FTC has filed an antitrust suit against grocery stores at a Washington, DC shopping center where leases prohibit other grocery stores. [CBS] The Wheeling-Pittsburgh Steel Corporation will begin to shut down in anticipation of a strike on August 1. [CBS] The sleeping sickness epidemic affecting horses in Texas continues; now a new epidemic is feared. A vaccine is being used to immunize horses in Texas, but the federal government refuses to license the vaccine for commercial use. Critics of the Agriculture Department claim that the vaccine is labeled "experimental" to cover up the department's failure to anticipate the epidemic.A doctor who predicted the sleeping sickness epidemic is now predicting a swine fever epidemic. No vaccine against swine fever is available, so only quarantine and slaughter can stop the spread of the disease; 500,000 swine in Cuba had to be killed to halt the disease. Swine fever is not harmful to humans. [CBS] At least 20 people were killed in a train derailment near Rheinweiler, West Germany. [CBS] The American Bankers Association has founded an investment company to lend money to banks owned by minority groups. [CBS]

Stock Market Report

Dow Jones Industrial Average: 890.84 (-1.46, -0.16%)
S&P Composite: 99.28 (-0.04, -0.04%)
Arms Index: 1.03

	Issues	Volume*
Advances	610	4.72
Declines	714	5.68
Unchanged	328	1.52
Total Volume		11.92

* 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*
July 20, 1971	892.30	99.32	12.54
July 19, 1971	886.39	98.93	11.43
July 16, 1971	888.51	99.11	13.87
July 15, 1971	888.87	99.28	13.08
July 14, 1971	891.21	99.22	14.36
July 13, 1971	892.38	99.50	13.54
July 12, 1971	903.40	100.82	12.02
July 9, 1971	901.80	100.69	12.64
July 8, 1971	900.99	100.34	13.92
July 7, 1971	895.88	100.04	14.52