News stories from Tuesday May 6, 1975

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

President Ford expressed anger at widespread opposition among Americans to resettlement of 130,000 Vietnamese in this country, according to Republican congressional leaders and administration officials who met with him on the issue. Senator Robert Byrd, assistant Democratic leader, told reporters Mr. Ford's $507 million request for them would be cut because it had no political support. The administration is also contending with coldness in the international community toward its appeal to help resettle Vietnamese refugees. [New York Times] President Ford told a nationally televised news conference that the United States has learned the lessons of Vietnam and that he would pursue a vigorous leadership on a worldwide basis. Acknowledging that America's allies had doubts about its commitments following the loss of Cambodia and Vietnam to the Communists, he said such doubts were unreal because of continued American military and economic strength. He said the U.S. would stand by its friends and that potential adversaries should know the United States would stand up to them. He plans foreign policy moves to help keep peace. [New York Times] New York City Mayor Beame, Governor Carey and three of the city's leading bankers met in Washington with Treasury Secretary William Simon, and the chairman of the Federal Reserve Board, Arthur Burns, to seek federal help in borrowing $1.5 billion to pay May and June expenses. The bankers were there to express the financial community's reluctance to lend the city more. [New York Times] Studies by the Civil Service Commission found cronyism, political favoritism and other irregular employment practices used by a number of federal agencies, but the reports were kept secret by the commission until Representative John Moss, Democrat of California, gave them out. The 1973 and 1974 studies found that agencies, including the Equal Employment Opportunity Commission, National Science Foundation and the Smithsonian Institution, often hired and promoted with little regard to Civil Service and Equal Employment rules protecting minorities and women. [New York Times] The House Armed Services Committee cut 7 percent from the Pentagon's weapons procurement and research programs in approving a $26.5 billion military authorization bill. The cut was far deeper than in recent years. Six junior members of the committee will propose a 14 percent cut. [New York Times] For the first time since 1956, a congressional committee sent to the floor a bill to scale back federal regulation of natural gas. It would virtually end price ceilings for new on-shore supplies. The maximum price for new off-shore supplies would be allowed to rise 50 percent or more. The debate is expected to be long. [New York Times] The Right Rev. John Maury Allin, presiding Bishop of the Episcopal Church, who was cited by an ecclesiastical court for contempt for failing to appear as a witness at the trial of a priest, defended his absence. He cited other clerical engagements, and his legal adviser said that the diocesan court could not compel witnesses outside the diocese to attend. [New York Times] At the Nice meeting of the International Air Transport Association, the major international airlines decided to stop using the American dollar and British pound for calculating fares and cargo rates. Their plan is to start using so-called paper gold -- the Special Drawing Rights of the International Monetary Fund as their basis by April, 1977. Americans buying overseas tickets would still pay in dollars but might have to pay more or less if the dollar's value fell or rose against other major currencies. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 834.72 (-20.88, -2.44%)
S&P Composite: 88.64 (-1.44, -1.60%)
Arms Index: 1.36

	Issues	Volume*
Advances	550	6.97
Declines	924	15.89
Unchanged	381	2.55
Total Volume		25.41

* 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 5, 1975	855.60	90.08	22.37
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