News stories from Wednesday May 7, 1975

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

Gov. Jerry Brown of California announced that Cesar Chavez, the farm workers' leader, and most farm business executives had agreed to support a compromise farm relations bill that is expected to pass the state legislature. Key provisions include an agriculture labor relations board to supervise elections by secret ballot during the harvest peak, and a restriction of secondary boycotting. [New York Times] Treasury Secretary William Simon has begun an urgent federal review of options for emergency financial aid to New York City following his meeting with Mayor Beame, Governor Carey and leading bankers. He said that he was concerned because of the "ripple effects" of the New York problem in financial markets, but that no decisions had been reached. The Treasury has no emergency aid funds available without special legislation, a request for which would pose major problems. [New York Times] The Defense Department announced that the bodies of two of the last Marines killed in the Vietnam war were left behind in the confusion of the final evacuation from the Saigon area. Earlier it was reported they had been flown to a carrier, but it is now believed they were probably in a hospital near Tan Son Nhut airport. [New York Times] Federal Energy Administrator Frank Zarb announced that nine utilities in the Middle West had been notified that the government intended to order them to substitute coal for oil or natural gas as boiler fuel. It was the delayed start of a program to conserve oil. Similar notices to several East Coast utilities, none of them in New York City, were expected soon. [New York Times] Officials of public and private agencies assisting in the resettlement of Vietnamese refugees expressed confidence that despite obstacles, including a shortage of sponsors and a hostile public attitude, the 150,000 newcomers would be absorbed into American society. Several took encouragement from President Ford's strong appeal to the nation to welcome them. [New York Times] The House Judiciary subcommittee unanimously approved a bill authorizing "such sums as may be necessary" to pay for the transport and resettlement of 130,000 Indochina refugees in this country. The action came amid signs of a rapid shift from antagonism or indifference to a positive response to President Ford's appeal to welcome Vietnamese and Cambodian refugees. It paves the way for swift action by the full committee and Congress on Mr. Ford's $507 million request for aid. [New York Times] The second convoy of foreigners who had been stranded in the French Embassy in Phnom Penh since the Communist takeover last month started crossing the Thai border. Officials estimated that there were some 550 people in the convoy, which had been joined by many during the four-day truck trip. [New York Times] The military committee ruling Saigon made its first public appearance. Gen. Tran Van Tra, its head, standing on the balcony of the presidential palace, addressed a rally of 30,000 persons and said it marked the emergence of the new authorities who have been returning the city's life to peacetime routine. The reopening of communications with the outside world coincided with the end of the first week since the city's surrender and the 21st anniversary of the Communist victory over the French at Dien Bien Phu. [New York Times] President Ford told the Prime Ministers of New Zealand and Australia in separate interviews that the defeats in Cambodia and Vietnam had not weakened United States resolve to stand by allies and friends in Asia and elsewhere, Later he discussed ways of strengthening the Atlantic alliance with Prime Minister Harold Wilson of Britain. Similar meetings with other allied leaders will follow. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 836.44 (+1.72, +0.21%)
S&P Composite: 89.08 (+0.44, +0.50%)
Arms Index: 0.84

	Issues	Volume*
Advances	763	12.01
Declines	634	8.41
Unchanged	435	1.83
Total Volume		22.25

* 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*
May 6, 1975	834.72	88.64	25.41
May 5, 1975	855.60	90.08	22.37
May 2, 1975	848.48	89.22	25.21
May 1, 1975	830.96	88.10	20.66
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