News stories from Thursday May 1, 1975

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

The House overwhelmingly rejected a bill that would have authorized $327 million in aid for Vietnamese refugees as the administration reported that the number of refugees had grown by 10,000 to 54,000. The vote was 246 to 162. President Ford later issued a statement saying he was "saddened and disappointed." [New York Times] Defense Secretary James Schlesinger said that United States Navy ships, which had been picking up refugees fleeing in small boats, had left the coast of South Vietnam. He did not exclude the possibility that one or two ships might still pick up refugees at sea, nevertheless it was clear that the evacuation effort that began Tuesday morning had ended. [New York Times] The arrival in the United States in the last few days of the first of thousands of South Vietnamese refugees has set off a groundswell of controversy. Opposition to their resettlement appeared to be strong across the nation and may have been reflected in part by the rejection in the House of a bill that would have provided $327 million in aid for the refugees. [New York Times] President Ford will meet with President Anwar Sadat of Egypt in Salzburg in early June and is considering a later meeting with Premier Yitzhak Rabin of Israel. Formal announcement of the meeting in Salzburg, set for June 1 and 2, is expected to be made in Washington and Cairo today. [New York Times] President Ford vetoed the farm bill, saying he was acting to hold the line on the budget deficit, which he has vowed to limit to $60 billion. "A line must he drawn against excesses," the President said in a veto message to Congress. [New York Times] Arthur Burns, chairman of the Federal Reserve Board, disclosed to Congress for the first time the Reserve's target for growth of the nation's money supply (checking account deposits and currency) in the year ahead and defended the figure as "sufficient to finance a vigorous economic recovery." The target is a range of 5 to 7½ percent from last March to next March. [New York Times] Surgical care at most hospitals in northern California was severely curtailed in a controversy over the soaring cost of malpractice insurance. Hundreds of physicians refused to work in protest against the cost of new individual insurance policies. Group coverage for the 4,000 physicians in the area was ended. [New York Times] The new Communist rulers of South Vietnam announced that their forces had completed the takeover of all areas of resistance that had remained after the surrender of Saigon. Describing their victory as now complete, they broadcast a series of decrees forbidding the publication of all newspapers, books and other printed matter by private citizens, and banning prostitution, dance halls and "acting like Americans." [New York Times] Authoritative sources in Hanoi said that two different political, economic and social systems would probably prevail in Vietnam for some time, leading in steps to the reunification of the North and South. They said that two governments -- North and South -- were likely to go on representing Vietnam at the international level. [New York Times] Discussions among Cambodian Communist, French and Thai government officials failed to produce any firm word on the whereabouts of foreigners who have been isolated in the French Embassy compound in Phnom Penh. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 830.96 (+9.62, +1.17%)
S&P Composite: 88.10 (+0.80, +0.92%)
Arms Index: 0.84

	Issues	Volume*
Advances	880	12.00
Declines	502	5.75
Unchanged	409	2.91
Total Volume		20.66

* 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*
April 30, 1975	821.34	87.30	18.06
April 29, 1975	803.04	85.64	17.74
April 28, 1975	810.00	86.23	17.85
April 25, 1975	811.80	86.62	20.25
April 24, 1975	803.66	86.04	19.05
April 23, 1975	802.49	86.12	20.04
April 22, 1975	814.14	87.09	26.12
April 21, 1975	815.86	87.23	23.96
April 18, 1975	808.43	86.30	22.61
April 17, 1975	819.46	87.25	32.65