News stories from Friday May 16, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Secretary of State Kissinger said today that the rescue of the merchant ship Mayaguez and its crew should demonstrate to the world that "there are limits beyond which the United States cannot be pushed." He stressed at a news conference at the State Department that the United States had not sought the military confrontation in the Gulf of Siam and that whatever international benefits accrued to this country was only a "by-product, a bonus" of the main rescue operation. [New York Times]
- The United States air attacks against the Cambodian mainland in the rescue of the Mayaguez were more extensive than had been previously reported, according to a spokesman for the Defense Department. It was disclosed that less than an hour after their first attack, on an airfield at Ream, naval planes destroyed an oil depot closer to the nearby port of Sihanoukville. [New York Times]
- Premier Kukrit Pramoj said that Thailand was recalling its Ambassador to the United States for consultations after what he described as an American violation of his country's sovereignty. He said that all agreements and treaties with the United States were being reviewed and that the American presence in Thailand might be ended. Despite his anger at Washington, he ruled out a break in diplomatic relations with the United States. [New York Times]
- Mayor Beame, attacking what he called "the Republican pincer movement in Washington and in Albany," asserted that he would have to cut 38,000 city jobs if his $640 million proposal for aid and taxes was rejected by the state. At a news conference at City Hall he presented a "horror list" of what the cutbacks would mean in municipal services.
Moody's Investor's Service, a leading securities-rating agency, gave its highest grade to New York City's $280 million note issue scheduled for sale Monday morning. "New York City's credit, according to our analysis, is still good," Moody's senior vice president said, but bankers preparing to bid for the notes said they were not sure the high rating would make any difference in whether the sale would be successful.
[New York Times] - Bob Dorsey, chairman and chief executive officer of the Gulf Oil Corporation, told a Senate subcommittee that, over the last decade, his company had made about $5 million in illegal political contributions abroad, including $4 million in South Korea. Payments were also made in Bolivia and perhaps Italy, he said. He also said under oath that Gulf had contributed to a group in Beirut, Lebanon, that was promoting a pro-Arab public relations campaign in the United States. He said payments were "disguised" by being sent through a Gulf subsidiary in the Bahamas that also channeled about $5 million to American political groups such as President Nixon's 1972 re-election committee. [New York Times]
- The Senate, voting 79 to 2, gave final congressional approval to a $405 million appropriations bill that is expected to hasten the resettlement of South Vietnamese and Cambodian refugees. The bill now goes to President Ford, who is expected to sign it promptly even though it provides less than he had originally sought. [New York Times]
- The head of a Soviet business organization that purchases Western equipment for furniture manufacturing has been sentenced to death for having contracted for the equivalent of $500,000 in bribes from a Western concern seeking Soviet orders. The official was identified as Yuri Sosnovsky. The Western businessman, identified as Walter Haefelin, whose nationality was not disclosed, was arrested and sentenced to 10 years in prison. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 837.61 (-11.19, -1.32%)
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 15, 1975 | 848.80 | 91.41 | 27.69 |
| May 14, 1975 | 858.73 | 92.27 | 29.05 |
| May 13, 1975 | 850.13 | 91.58 | 24.95 |
| May 12, 1975 | 847.47 | 90.61 | 22.41 |
| May 9, 1975 | 850.13 | 90.53 | 28.44 |
| May 8, 1975 | 840.50 | 89.56 | 22.98 |
| May 7, 1975 | 836.44 | 89.08 | 22.25 |
| 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 |