News stories from Tuesday July 20, 1971

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

President Nixon wrote to Nationalist Chinese leader Chiang Kai-shek and pledged continued U.S. support to Taiwan. [CBS] U.S. planes bombed the enemy near the DMZ in South Vietnam; Communists shelled three South Vietnamese bases nearby. U.S. command in Saigon announced that 1,136 soldiers were arrested on heroin charges in June. [CBS] U.S. mayors are meeting in Milwaukee. New York City Mayor John Lindsay said that he has no plans to switch to the Democratic party. [CBS] Housing and Urban Development assistant Robert Lee Grant objected to Vice President Spiro Agnew's criticism of U.S. black leaders. Administration communications director Herbert Klein said that any question of Grant's possible dismissal is a departmental matter. [CBS] A White House aide claimed that Rep. Wilbur Mills played no significant role in getting Italian shoemakers to restrict exports to America; Mills says that he created the agreement, and now thinks the White House is evidently not interested in his cooperation. [CBS] Alabama Governor George Wallace asked the Supreme Court to strip private foundations of their tax-exempt status. [CBS] Francis Gary Powers, the U-2 pilot who was shot down over the Soviet Union during the Eisenhower administration, is now a sky-watch traffic reporter for a radio station in Los Angeles. Powers was released by the Soviets in 1962 and flew U-2 planes for Lockheed Aircraft research in California after his release. Powers says that it's more fun to be a traffic reporter than a reconnaissance pilot, and admitted that he knew about spying when he flew over Russia. [CBS] The West Coast Commodity Exchange began trading in gold coins although the Treasury Department considers the trading to be illegal. Six billion dollars worth of British gold coins are being traded, the first gold to be traded in the U.S. since the 1934 Gold Reserve Act prohibited it. Gold being traded in the United States will force the London market to respond to prices established in Los Angeles. [CBS] Secret service agents seized $4 million in high quality counterfeit dollar bills in Philadelphia. [CBS] Rep. Silvio Conte conceded defeat on his attempt to limit farm support payments for wheat, cotton and feed grain to $20,000 per year. [CBS] The U.S. Postal Service signed a two-year pact with seven unions. [CBS] Astronaut Neil Armstrong took the first step on the moon two years ago today. Apollo 15 began the countdown for its launch on Monday. [CBS] A draft lottery will be held on August 5 even if a new draft law is not passed by Congress. [CBS] A Marine drill instructor was fined $100 and transferred for causing the hospitalization of 39 recruits at Parris Island, S.C., by over-exercising them. [CBS] A federal judge made retroactive a 1969 Supreme Court ruling that soldiers cannot be tried in military courts for civilian offenses. The decision could affect thousands of old cases. [CBS] The Army is destroying its mustard gas arsenal; nerve gas bombs will be destroyed next year. [CBS] The Environmental Protection Agency announced its inability to establish national standards for controlling water pollution; EPA director William Ruckelshaus says that regional directors will have to set guidelines. [CBS] Coup leaders in the Sudan declared that the country will be an independent democratic republic. The new government council instituted the death penalty for acts against it and banned all newspapers except Communist publications. [CBS] National Review magazine published government documents which contradict the Pentagon Papers view of the Vietnam war. The documents indicate that the Johnson administration tried not to deepen U.S. involvement in Vietnam. The Justice Department is considering an investigation. [CBS]

Stock Market Report

Dow Jones Industrial Average: 892.30 (+5.91, +0.67%)
S&P Composite: 99.32 (+0.39, +0.39%)
Arms Index: 0.68

	Issues	Volume*
Advances	745	7.19
Declines	573	3.78
Unchanged	346	1.57
Total Volume		12.54

* 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 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
July 6, 1971	892.30	99.76	10.44