News stories from Monday April 14, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Senate Foreign Relations Committee balked at the Ford administration's request for broad presidential authority to use American troops to protect the evacuation of both American and South Vietnamese citizens from South Vietnam. After an executive session, the committee, at its request, met with President Ford at the White House to present its objections to the use of American troops in the evacuation of anyone other than American citizens. [New York Times]
- John Connally, Secretary of the Treasury in the Nixon administration and a former Governor of Texas, testified in his trial on bribery charges in Washington that he had not sought or accepted $10,000 in payoffs for helping dairy farmers to obtain increased federal price supports in 1971. He took the witness stand after Lady Bird Johnson, the Rev. Billy Graham and Representative Barbara Jordan of Texas gave testimony as character witnesses in his defense. [New York Times]
- Under a bill passed by the House of Representatives, federal loans would be made to the unemployed to help them meet mortgage payments on their homes if foreclosure was imminent. The bill passed by a vote of 321 to 21. Unemployed homeowners would be eligible for loans of up to $250 a month for up to two years. It is estimated that 300,000 families could be helped. [New York Times]
- The United States Commission on Civil Rights stated in a formal report its opposition to a constitutional amendment or legislation restricting the freedom of women to obtain abortions. The commission's unanimous report said that a constitutional amendment restricting access to abortion would "undermine the First, Ninth and 14th Amendments." Cardinal Cooke of New York said the report was "shocking." [New York Times]
- The Cambodian Communist insurgents were within three miles of the western edge of Phnom Penh, and to the north of the capital, one report said. The insurgents raised their flags over factories less than five miles from the city's edge. The insurgents' objective seemed to be to cut off the city from Pochentong airport, which is its last supply link with the outside world, and then move into the city. [New York Times]
- South Vietnamese forces were reported holding off the Communists at Xuan Loc, a key provincial capital 36 miles northeast of Saigon, under continuing bombardment and attacks. Military sources in Saigon said that fresh Communist units were moving into the battle and that all or most of three North Vietnamese divisions were in action. [New York Times]
- The nation's businesses succeeded in reducing top-heavy inventories by a record $1.5 billion in February, mainly because car dealers reduced their bulging stocks, principally through a temporary rebate offer. Inventory changes for most other lines of business were small, both up and down. In January, unsold automobiles represented a substantial inventory problem. The decline in automobile inventories suggests that the inventory liquidation is well underway, a Commerce Department official said. A reduction of inventories is generally regarded by economists as a condition for economic recovery. [New York Times]
- A new Israeli-designed and manufactured jet fighter, comparable to the French Mirage and the Soviet MiG-21, was displayed at a ceremony in Israel attended by Premier Yitzhak Rabin and most other members of the government. The Kfir is the latest version of the supersonic Mirage family of aircraft produced in Israel. An earlier, less sophisticated model was used successfully against the Arab air forces in the October, 1973 war. This was the first time that Israel had displayed any of the planes in public. [New York Times]
- Fredric March, an actor on the stage and in motion pictures for 50 years, died of cancer at Mount Sinai Hospital in Los Angeles, He was 77 years old. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 806.95 (+17.45, +2.21%)
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 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 |
| April 2, 1975 | 760.56 | 82.43 | 15.60 |
| April 1, 1975 | 761.58 | 82.64 | 14.48 |
| March 31, 1975 | 768.15 | 83.36 | 16.27 |