News stories from Monday March 10, 1975

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

Senator Hugh Scott, the Senate Republican leader, broke with administration policy and said the United States should use pressure to bring about a transition government in Cambodia that could negotiate a truce and safe treatment of refugees. He told newsmen that he did not see how Marshal Lon Nol, the Cambodian President, could stay in power. [New York Times] The State Department was reported to have turned down a proposal by the United States Embassy in Phnom Penh to try to make diplomatic contacts with local Communists last spring because they might have interfered with a secret attempt to start negotiations with Prince Sihanouk, the former Cambodian leader, who is living in Peking. Prince Sihanouk said that Mr. Kissinger had made no attempt to get in touch with him during Mr. Kissinger's seven visits to Peking. [New York Times] While angry Republican leaders predicted that the projected $52 billion budget deficit would swell to $80 billion, the House rejected President Ford's request for a cut of an additional $1.2 billion from federal programs. A vote of 371 to 17 approved a cutback of only $16.5 million in health, education, conservation and job programs. [New York Times] Cities around the country are making steady but uneven progress in implementing the $1 billion public service employment program that became law last Dec. 31. Estimates by the Department of Labor indicate that nearly 200,000 people have been hired under the program. [New York Times] House-to-house battles were fought between South and North Vietnamese troops in the province capital of Ban Me Thuot in the Central Highlands of South Vietnam, and fighter-bombers struck attacking tanks in the city. But the Saigon command said the situation had stabilized somewhat and that the city's fall did not appear imminent. [New York Times] The Cambodian government sought to keep the morale of its army and people from deteriorating further as insurgent forces again shelled Phnom Penh, the capital, and its airport, and continued their ground attacks elsewhere. Phnom Penh, meanwhile, was flooded with rumors that a government shake-up might be under way in preparation for negotiating a takeover by Communist-led insurgents. [New York Times] Secretary of State Kissinger said he had covered all aspects of a possible new Egyptian-Israeli agreement on Sinai with Israeli leaders in Jerusalem. He then went to Ankara to urge Turkey to take steps to reopen the Cyprus negotiations. President Anwar Sadat said that it was possible that Mr. Kissinger might fail in his current mission. [New York Times] Iraqi armor and infantry units have reportedly pushed Kurdish rebels out of several militarily important mountain areas in the north since the government offensive began there last Friday. The Iraqis were said to have taken part or all of two key areas, Mount Serti and Mount Handran, in Kurdistan. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 776.13 (+6.03, +0.78%)
S&P Composite: 84.95 (+0.65, +0.77%)
Arms Index: 0.77

	Issues	Volume*
Advances	952	17.08
Declines	499	6.89
Unchanged	379	1.92
Total Volume		25.89

* 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*
March 7, 1975	770.10	84.30	25.93
March 6, 1975	761.81	83.69	21.78
March 5, 1975	752.82	82.90	24.12
March 4, 1975	757.74	83.58	34.10
March 3, 1975	753.13	83.03	24.10
February 28, 1975	739.05	81.59	17.56
February 27, 1975	731.15	80.77	16.43
February 26, 1975	728.10	80.37	18.79
February 25, 1975	719.18	79.53	20.91
February 24, 1975	736.94	81.44	19.15