News stories from Monday March 17, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Saigon government has decided to abandon most of the Central Highlands of South Vietnam because the region has become militarily indefensible, well-placed Western sources said. The decision, one of the most momentous of the Vietnam war, followed 14 days of sharp reverses. [New York Times]
- The United States Embassy in Phnom Penh began evacuating international relief agency personnel as battlefront news continued to be discouraging. The Embassy insisted that it was only a temporary measure "until the situation clarifies a bit," but Embassy personnel were packing and shipping household effects, and other countries were closing their embassies. [New York Times]
- President Ford said that events in Southeast Asia tended to validate "the so-called domino theory" and that the continued existence of a non-Communist government in Cambodia was vital to American security. Answering questions at a news conference at Notre Dame University in South Bend, Ind., he said the military situation in Cambodia had become "very serious" and the North Vietnamese "have apparently launched a very substantial military effort against South Vietnam, against the Paris peace accord." [New York Times]
- Thailand's Premier Kukrit Pramoj said that his seven-party civilian coalition would seek the complete withdrawal of the 25,000 American troops and 350 aircraft from the country within a year. The statement, made after his coalition was confirmed by King Phumiphol Adulet, also said the government would seek to establish diplomatic relations with China and try to open talks with North Vietnam. [New York Times]
- Upholding the federal government which had challenged the claim of 13 Atlantic states to seabed resources out as far as 100 miles offshore, the Supreme Court ruled unanimously that the government has exclusive rights to any oil and gas resources on the Atlantic Outer Continental Shelf beyond the three-mile limit. The ruling will clear the way for the Department of the Interior to proceed with its plans to exploit undiscovered oil and gas deposits in "frontier" areas off the Atlantic Coast, southern California and Alaska. [New York Times]
- A comprehensive energy bill that would gradually add 37 cents a gallon to the federal gasoline tax by 1980, and provide cash rebates on the basis of using nine gallons a week was introduced by Representative Al Ullman, chairman of the House Ways and Means Committee. The refunds would be paid to all residents of the United States 18 years of age and older, whether motorists or not. [New York Times]
- Unable to get an emergency loan from the government, the Chicago, Rock Island & Pacific Railroad Company filed for reorganization under the Federal Bankruptcy Act and said it would cease operations after March 31. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 786.53 (+13.06, +1.69%)
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 14, 1975 | 773.47 | 84.76 | 24.84 |
| March 13, 1975 | 762.98 | 83.74 | 18.62 |
| March 12, 1975 | 763.69 | 83.59 | 21.56 |
| 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 |