News stories from Wednesday April 30, 1975

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

Communist troops of North Vietnam and the Provisional Revolutionary Government of South Vietnam poured into Saigon as a century of Western influence came to an end. Scores of North Vietnamese tanks, armored vehicles and Chinese-built trucks rolled to the presidential palace. Gen. Duong Van Minh, who as president of the former non-Communist government of South Vietnam had broadcast his administration's surrender, was taken later to a microphone by North Vietnamese soldiers for another appeal to all Saigon troops to lay down their arms. The station then gave victory broadcasts and went silent. [New York Times] Tien Hung, Saigon's former Minister of Planning, made public in Washington the texts of letters to his government in 1972-73 from President Nixon promising "swift and severe retaliatory action" in which the United States would "respond with full force" if North Vietnam violated the Paris cease-fire accords. President Ford formally refused to give Congress the texts, on the grounds of diplomatic confidentiality. [New York Times] South Vietnam's Provisional Revolutionary Government issued a statement in Paris hailing its "victory of historic significance" and the failure of American "aggression." A spokesman said the Communists controlled Saigon, where the situation was "stabilized and becoming normal." The Communists said their victory had been "supported and stanchly helped by their brothers in the North" and that the new government's goals included "progress toward peaceful reunification of Vietnam." [New York Times] United States Navy ships were picking up thousands of refugees fleeing South Vietnam in small boats. Secretary of State Kissinger raised the total number the United States may have to resettle to 70,000, and said that Congress would soon be asked for funds. Assistant Secretary Philip Habib said $500 million might be required over the next year. [New York Times] Officials on the Thai side of the Cambodian border said the first of over 600 foreigners that the Cambodian Communists are releasing from Phnom Penh could cross the border early today. French Embassy officials in Bangkok said that they had no firm word about the number or identity of the first group. There were reports of repeated delays of the truck convoy. [New York Times] The White House again prodded Congress to enact comprehensive energy legislation by announcing that President Ford, while again deferring an increase in the fee on imported crude oil, was moving to phase out all crude oil price controls in two years. The White House left open the possibility that Mr. Ford might stretch this period to three and a half or four years if Congress wrote such a provision into an otherwise acceptable energy bill. [New York Times] The five-month slide in the prices of farm commodities ended with a 4 percent rise in the month ended April 15. An Agriculture Department economist noted that the increase was focused largely in areas where it would be most quickly reflected at the retail counter. He said that the department had expected a second-quarter increase in livestock prices and that it still expected retail prices to rise less sharply this quarter than in the first quarter. [New York Times] Amtrak, the country's semi-nationalized rail passenger system, is marking its fourth birthday somewhat unhappily as embarrassing mishaps and breakdowns have embroiled it with the Interstate Commerce Commission over the quality of its service. Disgruntled riders have been appearing at I.C.C. hearings, and Amtrak officials charge the commission with seeking to divert attention from its own critics. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 821.34 (+18.30, +2.28%)
S&P Composite: 87.30 (+1.66, +1.94%)
Arms Index: 0.44

	Issues	Volume*
Advances	818	12.02
Declines	539	3.45
Unchanged	442	2.59
Total Volume		18.06

* 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*
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
April 18, 1975	808.43	86.30	22.61
April 17, 1975	819.46	87.25	32.65
April 16, 1975	815.71	86.60	22.97