News stories from Monday May 5, 1975

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

Secretary of State Kissinger said that he and the National Security Council had had no involvement in the Central Intelligence Agency's domestic spying operations and that he had never "transmitted" to the agency any feeling of concern about domestic security on President Nixon's behalf. He made the statement to newsmen after testifying before the Rockefeller Commission, which is investigating the C.I.A.'s domestic activities. It appeared to contradict Richard Helms, a former chief of the C.I.A. [New York Times] President Ford asked Congress for $507 million to pay for the resettlement of 150,000 refugees from South Vietnam over the next 28 months, The administration has already committed $98 million, taken from other federal funds, for the evacuation of refugees who fled the Communist takeover in South Vietnam. [New York Times] The Defense Department disclosed that the United States had started removing from Thailand many of the 120 planes flown there by fleeing South Vietnamese pilots last week before the Communists took over Saigon. Both North Vietnam and the new Saigon Revolutionary Government demanded that Thailand return the planes to South Vietnam, but Secretary of Defense James Schlesinger said last week that the United States still had title to the aircraft, which it supplied to the former Saigon government under the military aid program. [New York Times] Although more than 100,000 Vietnamese successfully escaped from Saigon, the evacuation was marred by what diplomats and newsmen describe as bad planning, bitter feuding between sections of the United States mission and often an every-man-for-himself attitude. [New York Times] State Department officials said that they believed the Cambodian Communists had forcibly evacuated virtually the entire population of Phnom Penh soon after they took over the capital last month. At least two other cities - Kompong Chhnang and Siem Reap -- were reportedly all but emptied, the officials said. [New York Times] Congressional liberals and moderates, having held their ground against the administration over aid to Indochina, are now backing away from their intentions of a few months ago to mandate record cuts in defense spending and reduce United States forces overseas. It appears that many Democrats in Congress wish to avoid signaling American isolationism to other nations and being tagged as isolationists by the Ford administration. [New York Times] Senator Hubert Humphrey testified at the trial of his former campaign manager that as a candidate for re-election in 1970 he personally sought the support of the Associated Milk Producers, Inc. But he said he had no personal knowledge of the illegal contribution that Jack Chestnut, his former aide, is accused of taking. [New York Times] Kenneth Keating, Ambassador to Israel and former Republican Senator from New York, died in a New York City hospital at the age of 74. His political career in New York was associated with the "good" Republican years. He lost his Senate seat to Robert F. Kennedy. [New York Times] The 59th annual Pulitzer prizes were announced. Prizes were given to Robert Caro's controversial and current "The Power Broker: Robert Moses and the Fall of New York," and the first five volumes of "Jefferson and His Time," by Dumas Malone. The prize for the best play went to Edward Albee's "Seascape," his second play to win a Pulitzer. In journalism, The Boston Globe, The Xenia (Ohio) Daily News and The Indianapolis Star were cited. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 855.60 (+7.12, +0.84%)
S&P Composite: 90.08 (+0.86, +0.96%)
Arms Index: 0.66

	Issues	Volume*
Advances	887	13.77
Declines	593	6.04
Unchanged	386	2.58
Total Volume		22.39

* 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*
May 2, 1975	848.48	89.22	25.21
May 1, 1975	830.96	88.10	20.66
April 30, 1975	821.34	87.30	18.06
April 29, 1975	803.04	85.64	17.74
April 28, 1975	810.00	86.23	17.85
April 25, 1975	811.80	86.62	20.25
April 24, 1975	803.66	86.04	19.05
April 23, 1975	802.49	86.12	20.04
April 22, 1975	814.14	87.09	26.12
April 21, 1975	815.86	87.23	23.96