diff --git a/src/code/stream.lisp b/src/code/stream.lisp
index f59f9cb7dce8d7b18fed36ff1904bdb39e40836a..487e50a8f57f5431fbe3e0c9171053b54ecb812e 100644
--- a/src/code/stream.lisp
+++ b/src/code/stream.lisp
@@ -1928,7 +1928,10 @@ output to Output-stream"
 	 (let ((found (position #\newline string :test #'char=
 				:end end :from-end t)))
 	   (if found
-	       (- end (the fixnum found))
+	       ;; END points to where the next character goes, not the
+	       ;; last character.  FOUND is where the newline is.
+	       ;; Subtract 1 to adjust for the difference.
+	       (- end (the fixnum found) 1)
 	       current)))))
      (:element-type 'base-char)))
 
diff --git a/src/general-info/release-21e.md b/src/general-info/release-21e.md
index 6cbb280402dfdac46d4da5c59e33d9394fd82e92..d43cf91ebfaa21febcfeea4ebccbff3c97427b9e 100644
--- a/src/general-info/release-21e.md
+++ b/src/general-info/release-21e.md
@@ -48,6 +48,7 @@ public domain.
     * ~~#108~~ Update ASDF
     * ~~#112~~ CLX can't connect to X server via inet sockets
     * ~~#113~~ REQUIRE on contribs can pull in the wrong things vai ASDF.
+    * ~~#121~~ Wrong column index in FILL-POINTER-OUTPUT-STREAM
   * Other changes:
   * Improvements to the PCL implementation of CLOS:
   * Changes to building procedure:
diff --git a/tests/issues.lisp b/tests/issues.lisp
index d3c47767e18a22112501557558e987c991516dab..67b0a700d9758a1a2108af96586a896622299371 100644
--- a/tests/issues.lisp
+++ b/tests/issues.lisp
@@ -556,3 +556,17 @@
   (assert-equalp
    3.0380154777955097d205
    (expt 1.7976931348623157d308 0.6666)))
+
+(define-test issue.121
+    (:tag :issues)
+  ;; Output should only have one newline character in it.  Previously,
+  ;; we printed two.
+  (assert-equalp
+   (concatenate 'string "xxx" (string #\Newline))
+   (let ((a (make-array 0 :element-type 'character :fill-pointer 0
+                              :adjustable t)))
+           (with-output-to-string (s a)
+             (format s "xxx")
+             (terpri s)
+             (fresh-line s))
+           a)))