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Friday May 2, 1975
. . . where the 1970s live forever!

News stories from Friday May 2, 1975


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

  • President Ford intends to authorize the admission of 30,000 more South Vietnamese refugees into the United States, bringing to 123,000 the number that will be allowed to settle in this country, the State Department said. The 30,000 were discovered aboard 26 South Vietnamese naval ships and are being escorted to safety by United States ships in the South China Sea, State and Defense Department officials said. [New York Times]
  • The first Vietnamese refugees to be flown to a processing point in the United States beyond the West Coast arrived at Fort Chaffee, an Army post in northwest Arkansas, and were welcomed by civilian and military officials. Many of them were English-speaking professionals. Six other planes arrived throughout the day, bringing a total of 490 refugees. About 21,000 are expected to be processed at the post. [New York Times]
  • The White House announced that President Ford, on his coming European trip, would meet not only with President Anwar Sadat of Egypt in Salzburg, but would also make visits to Spain and Italy to bolster ties with those key Mediterranean countries. [New York Times]
  • The nation's unemployment rate rose in March even though the total number of employed persons increased for the first time since last September, the Labor Department said. At 8.9 percent of the total labor force, after allowing for normal seasonal factors, the unemployment rate was the highest since 1941, when it averaged 9.9 percent for the year. The number of jobless persons totaled 8.2 million in March, a rise of 3.3 million since the steep decline in the economy began last August. [New York Times]
  • The Right Rev. John Allin, the Presiding Bishop of the Episcopal Church in the United States, was cited for contempt of an ecclesiastical court for failing to appear, despite a subpoena, at the trial of the Rev. William Wendt. Father Wendt is accused of disobeying his bishop by allowing the Rev. Alison Cheek, one of 11 women ordained to the Episcopal priesthood last July, to celebrate communion at his church in Washington. [New York Times]
  • Senator James Buckley, surrounded by anxious ship workers and executives at the old Brooklyn Navy Yard, said he had received "strong, strong assurance" in Washington of a federal loan guarantee that could restore 3,000 jobs at the depressed Seatrain shipworks in the yard. Senator Buckley said a $40 million loan guarantee, awaiting final approval by the Ford administration, would enable Seatrain to resume work on two supertankers that was halted when the tanker market plummeted. [New York Times]
  • About 500 foreigners who had been stranded in the French Embassy in Phnom Penh arrived at the Thai border after a four-day journey in open trucks. The seven journalists, including Sydney Schanberg of The New York Times, were the first to cross. The French Military attache in Thailand said that about 100 of the foreigners had been left behind temporarily apparently because of lack of transportation. [New York Times]
  • The Saigon headquarters of the South Vietnamese labor movement was reportedly seized by 3,000 workers as the revolutionary authorities continued the reorganization of all aspects of national life. The Saigon radio, monitored in Bangkok, said that a revolutionary trade union organization was being formed. The old labor chief, Tran Quoc Buu, was branded a traitor. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 848.48 (+17.52, +2.11%)
S&P Composite: 89.22 (+1.12, +1.27%)
Arms Index: 0.66

IssuesVolume*
Advances95916.87
Declines4955.76
Unchanged3692.58
Total Volume25.21
* 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
DateDJIAS&PVolume*
May 1, 1975830.9688.1020.66
April 30, 1975821.3487.3018.06
April 29, 1975803.0485.6417.74
April 28, 1975810.0086.2317.85
April 25, 1975811.8086.6220.25
April 24, 1975803.6686.0419.05
April 23, 1975802.4986.1220.04
April 22, 1975814.1487.0926.12
April 21, 1975815.8687.2323.96
April 18, 1975808.4386.3022.61


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