News stories from Thursday April 17, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Cambodian Communists swiftly set up headquarters in Phnom Penh following its surrender. According to a broadcast monitored in Bangkok, Thailand, they invited ministers and generals in the military government "who have not run away" to join in formulating measures to restore order. The streets were reported quiet some hours after thousands were said to have stood on the sidewalk waving to the entering Communist troops. [New York Times]
- At a news conference in Paris, Chau Seng, special representative of Prince Norodom Sihanouk and a member of the Politburo of the Cambodian National United Front, said the new government would follow a policy of neutrality and nonalignment. He called this a fundamental and strategic position, not a tactical or temporary policy. He said an amnesty had been proclaimed but at another point said those who had committed crimes would be tried. [New York Times]
- John Connally was acquitted of bribery charges in federal court in Washington. The jury deliberated five and a half hours before finding him not guilty of accepting a total of $10,000 as an illegal gratuity from a dairy group while Secretary of the Treasury in 1971. He hinted that the verdict might prompt him to resume his political career. He had been considered a prospective Republican candidate for the presidency before his indictment. [New York Times]
- The nation's total output dropped at an annual rate of 10.4 percent in the first quarter of 1975. This was the sharpest decline on record but was about what had been expected, chiefly reflecting the very large liquidation of inventories. The Department of Commerce also reported that the inflation rate had dropped in the quarter to 7.2 percent, compared with 11.7 percent in the final quarter of 1974. [New York Times]
- The White House issued a public reminder that President Ford still plans to increase the fee on imported crude oil unless Congress appears to be making substantial progress by next week toward enacting an acceptable energy program. Mr. Ford prefers to curtail consumption by higher prices, while some Democrats prefer government restrictions on imports and output. [New York Times]
- The Senate Armed Services Committee dealt a serious blow to President Ford's Vietnam policy by rejecting additional military assistance to Saigon. The House International Relations Committee approved legislation giving him limited authority to use United States forces to evacuate Americans. But the Senate Foreign Relations Committee withheld action because of dissatisfaction with the current evacuation rate. It appeared that Congress was not disposed to give further help to the Saigon government or to evacuate many Vietnamese. [New York Times]
- South Vietnamese forces were reported holding on in Xuan Loc and making gains nearby, but fears grew that Saigon itself was about to come under heavy attack. Reports circulated that 10 to 12 North Vietnamese divisions were waiting for a signal, and a North Vietnamese demolition group reportedly long inside the city was rumored to be prepared for action. Questions of morale appeared to be outweighing the strictly military factors. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 819.46 (+3.75, +0.46%)
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* |
| April 16, 1975 | 815.71 | 86.60 | 22.97 |
| April 15, 1975 | 815.08 | 86.30 | 29.62 |
| April 14, 1975 | 806.95 | 85.60 | 26.80 |
| April 11, 1975 | 789.50 | 84.18 | 20.16 |
| April 10, 1975 | 781.29 | 83.77 | 24.99 |
| April 9, 1975 | 767.99 | 82.84 | 18.12 |
| April 8, 1975 | 749.22 | 80.99 | 14.32 |
| April 7, 1975 | 742.88 | 80.35 | 13.86 |
| April 4, 1975 | 747.26 | 80.88 | 14.17 |
| April 3, 1975 | 752.19 | 81.51 | 13.92 |