News stories from Tuesday May 13, 1975

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

Eight hundred U.S. Marines arrived in Thailand, the Foreign Ministry reported. It announced the arrival of the Marines a few minutes after Premier Kukrit Pramoj said that he and his government opposed their being sent by Washington to back up American attempts to secure the release of a merchant ship seized by Cambodia's new Communist government. Officials of the State and Defense Departments and United States diplomatic and military officials in Bangkok refused to comment on the reported troop arrival. The basic strategy under consideration was said to be the use of air or sea power to prevent the ship's being taken into a Cambodian harbor. [New York Times] The 94th Congress failed in its first attempt to override a White House veto when a 245-to-182 vote fell 40 votes short of the two-thirds majority needed after President Ford vetoed the emergency farm bill. Among those who voted to sustain his objections were 71 Democrats. [New York Times] The Senate voted 71 to 27 to limit debate on legislation to create an independent federal agency to represent the interests of consumers. The vote clears the way for almost certain passage of a measure this year. Last year's overwhelming House vote on a similar bill was blocked by a filibuster in the Senate. [New York Times] House and Senate conferees said they had agreed on a housing bill to produce 400,000 new homes and 800,000 new construction jobs, with financial aid to families faced with mortgage foreclosures because of unemployment. The cost would be $1.3 billion to $1.5 billion over a two-year period starting in June, 1976. [New York Times] President Ford said he would tell Mayor Beame and Governor Carey within 24 hours whether the federal government would help the city find $1.5 billion to pay its bills through June 30. Mr. Carey said the President's response was contrary to the previous administration position that it would not help. [New York Times] The American Telephone and Telegraph Company and most of its operating companies agreed in an order filed in federal court in Philadelphia that they had failed to comply fully with the 1973 agreement to end discrimination in employment. Their agreement to pay some $2.5 million in compensation and penalties has not been put into effect as a court order because of a legal challenge by the Communications Workers of America that some promotions or transfers would violate union contracts. [New York Times] Secretary of State Kissinger said the United States was now ready to attend a new preparatory meeting for an international energy conference. The first meeting last month broke down over the question of including the wider problems of all raw materials. He said the United States would consider international readjustments in raw material prices of individual commodities on a case-by-case basis. [New York Times] Israel's Defense Minister, Shimon Peres, said the Jordanian Army had advanced tanks to the plain on the eastern bank of the Jordan River in the last few days. He said this was uncharacteristic of the Jordanians and speculated that it might be related to talks between Jordanian and Syrian leaders on military cooperation. He said the Jordanians were moving toward the harder-line Syrian attitude on Israel. [New York Times] The chairman of Pan American World Airways, William Seawell, said it was close to agreement with Iran on a $300 million deal designed to solve its immediate financial woes and provide time for a long-term solution including a possible merger. Obstacles include failure so far to win the approval of the Metropolitan Life Insurance Company, a major creditor. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 850.13 (+2.66, +0.31%)
S&P Composite: 91.58 (+0.97, +1.07%)
Arms Index: 0.60

	Issues	Volume*
Advances	788	15.76
Declines	608	7.28
Unchanged	427	1.91
Total Volume		24.95

* 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 12, 1975	847.47	90.61	22.41
May 9, 1975	850.13	90.53	28.44
May 8, 1975	840.50	89.56	22.98
May 7, 1975	836.44	89.08	22.25
May 6, 1975	834.72	88.64	25.41
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