News stories from Tuesday February 12, 1974

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

Patty Hearst contacted her parents for the first time since her abduction, by way of a tape sent by the kidnappers to Berkeley radio station KPFA. The Symbionese Liberation Army requested that Randolph Hearst donate $70 worth of food for each needy person in California before the kidnappers will consider releasing Patricia, in a message preceding Patricia's conversation on the tape. Miss Hearst discussed her physical and mental condition and her captors' demands. Randolph Hearst said he doesn't know if he can comply with the demands for food donations, which would cost over $130 million. [CBS] Dissident Russian author Aleksandr Solzhenitsyn was arrested on unknown charges. The arrest came after the publication of his latest book which denounces Soviet prison camps. Some U.S. experts see the arrest as an attempt to crush the Soviet intellectual movement completely.Solzhenitsyn interviewed Alexander Dolgun, now in America, for his new book. Dolgun says he fears for Solzhenitsyn's life. Asked if imprisonment and exile would be the only punishment, Dolgun replied that he can't predict the exact punishment, but noted that tortures and beatings have occurred previously. Dolgun believes that the government intends to stop Solzhenitsyn's literary activities one way or another. Only one book of the many written by Solzhenitsyn has been published in the USSR. Solzhenitsyn received the Nobel Prize in 1970 but wasn't allowed to accept it. After the publication of "The Gulag Archipelago", the Soviet government denounced Solzhenitsyn. The White House declined any comment on the situation. [CBS] Thirteen oil-consuming nations continued their conference in Washington. French foreign minister Michel Jobert refused to go along with Secretary State Henry Kissinger's proposal for consuming countries to unify as a group and meet with OPEC. Ambassador David Bruce attempted to calm the differences. West German financial minister Helmut Schmidt admitted that underlying political considerations have played a part in the dispute. Jobert and Kissinger later met privately but no agreement was reached. Jobert declared that he doesn't plan to change his stance, and he stated that no compromise will be made if an agreement can't be reached. [CBS] The leaders of Egypt, Syria, Saudi Arabia and Algeria will meet in Algiers to discuss further troop disengagement with Israel and the possible easing of the oil embargo against the United States. President Sadat of Egypt is said to favor both actions. Iraq announced that it will not lift its embargo against the U.S. [CBS] More plans are brewing in the Mideast for takeovers of American oil companies in the region. The Christian Science Monitor reported that Saudi Arabia intends to expropriate a large oil company which is owned by Exxon, Texaco, Mobil and Standard of California. [CBS] The Gulf Oil Corporation, that nation's fourth-largest oil company, announced operating results for 1973 that indicated a 153% gain in its fourth quarter earnings. Net income for the full year climbed to $800 million, ending a four-year slide in profitability. [New York Times] The General Accounting Office has found no evidence of excessive profits for grain companies in the big wheat sales to Russia in 1972, but those deals did give the concerns "opportunities to make unusual profits" on other business, the agency said in a report to be issued tomorrow. The report said that the Soviet Union got a better deal than previously reported because the grain companies made their contracts at below the "target" that the United States was attempting to make with subsidies. [New York Times] On the 165th anniversary of Lincoln's birth, President Nixon placed a wreath at the Lincoln Memorial in Washington and, in a speech that seemed to draw comparison to his own ordeal, said that the Civil War leader, despite vilification, had the character to "stand tall and strong and firm no matter how harsh or unfair the criticism might be." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 806.63 (+2.73, +0.34%)
S&P Composite: 90.94 (+0.28, +0.31%)
Arms Index: 0.88

	Issues	Volume*
Advances	633	5.43
Declines	722	5.46
Unchanged	402	2.04
Total Volume		12.93

* 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*
February 11, 1974	803.90	90.66	12.93
February 8, 1974	820.40	92.33	12.99
February 7, 1974	828.46	93.30	11.75
February 6, 1974	824.62	93.26	11.61
February 5, 1974	820.64	93.00	12.82
February 4, 1974	821.50	93.29	14.38
February 1, 1974	843.94	95.32	12.48
January 31, 1974	855.55	96.57	14.02
January 30, 1974	862.32	97.06	16.79
January 29, 1974	852.32	96.01	12.85