News stories from Wednesday March 12, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Democratic caucus of the House of Representatives voted 189 to 49 against any more military aid to Cambodia in the fiscal year ending June 30. Although a House Foreign Affairs subcommittee later voted 4 to 3 for a compromise plan to give some aid on a month-to-month basis contingent upon steps to end the Cambodian conflict by that date, Speaker Carl Albert said he believed the House would defeat any additional aid. [New York Times]
- The Cambodian insurgents, who in 1970 were a collection of disparate dissidents, now have a fairly unified, centrally directed government organization, with the Cambodian Communist party apparently the dominant force. Outsiders in Phnom Penh do not know the order of leadership or the influence of the various factions that include nationalists, supporters of the exiled Prince Norodom Sihanouk and Hanoi-oriented Communists. The view of most non-Cambodian observers in the capital is that an insurgent takeover is certain. [New York Times]
- The House of Representatives passed by a 313 to 113 vote a $5.9 billion appropriations bill to create 900,000 public service jobs and stimulate the economy. Republicans called it a "boondoggle" that would only worsen the nation's economic ills. There were strong hints that President Ford would veto the measure if it is passed in the Senate. [New York Times]
- Former Secretary of Commerce Maurice Stans, who in 1973 called himself an innocent victim of Watergate, pleaded guilty in federal court in Washington to five misdemeanor charges of violating campaign laws while finance director of the 1972 Nixon re-election campaign. He said later that the violations were not willful. [New York Times]
- Patricia Elizabeth Swinton, sought since 1969 for conspiracy in eight bombings in New York City ascribed to radical terrorists, was arrested in Brattleboro, Vt., where she had been working in a health-food store and living on a communal farm in Guilford. She was taken to Federal Court in Rutland, Vt., where she agreed to her removal for trial here. Bail was set at $500,000. [New York Times]
- The bureau of enforcement of the Civil Aeronautics Board accused Braniff International Airways and American Airlines of diverting up to $1.2 million into secret political slush funds. It urged the C.A.B. to consider revoking Braniff's operating license. The new charges were much more extensive than the illegal contributions to President Nixon's 1972 campaign fund for which they were fined earlier. Braniff's issuing more than 3,000 unreported flight tickets and diverting the proceeds was considered more serious than American's falsification of records, according to the charges. [New York Times]
- Following Tuesday's confused events characterized by Portuguese government officials as a reactionary military coup attempt, left-wing military rule tightened. A high military Council of the Revolution was formed of mainly leftist officers. Conservative officers allegedly implicated in the plotting were purged. With the military dominant, centrist and conservative forces disappearing, and anarchic revolutionary fervor sweeping the country, there were doubts that Portugal could carry out meaningful elections for a constituent assembly that are still scheduled for April 12. [New York Times]
- The United Nations Security Council adopted a resolution calling on Greek and Turkish Cypriotes to resume negotiations for a political settlement, this time under the personal auspices of Secretary General Waldheim. Both sides indicated privately that talks could probably begin here in a week or two, moving elsewhere later. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 763.69 (-7.20, -0.93%)
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 11, 1975 | 770.89 | 84.36 | 31.28 |
| March 10, 1975 | 776.13 | 84.95 | 25.89 |
| 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 |