News stories from Friday February 22, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- There were new developments in the Reg Murphy kidnapping: William Fields, executive editor of the Atlanta Constitution, reported that the $700,000 ransom for Murphy will be paid by the newspaper. FBI agent Leo Conroy revealed that Murphy may be released tonight. Murphy's kidnappers claim to belong to the "American Revolutionary Army". Murphy, speaking on a tape, explained that his kidnappers believe the news media is too leftist and liberal. Murphy's family remains secluded. [CBS]
- More money will be added to Randolph Hearst's free food program in an effort to bargain for the release of his daughter Patty, though Hearst announced he can not meet the kidnappers demands to add $4 million more to the free food program. Hearst executive Charles Gould stated that the Hearst Corporation would contribute $4 million to the food program if Patricia is released unharmed.
The "People In Need" program ran into trouble in Oakland. Food trucks were mobbed, and many people returned home angry and without free food.
[CBS] - Baltimore-Washington International Airport was site of the first hijack attempt in the United States in over a year. The hijacker was identified as Samuel Joseph Byck. Byck opened fire on security guard George Ramsburg and made it onto a plane. Copilot Fred Jones was killed; pilot Reese Lofton is in grave condition. Byck was killed by a county sheriff while inside the plane. Byck intended to crash the plane into the White House in hopes of killing President Nixon. [CBS]
- The government made new plans to help solve long gasoline lines and shutdowns of some stations in the Northeast. The Federal Energy Office plans to allocate more gasoline to some states to deal with problems. Other FEO sources say that price hikes are upcoming. [CBS]
- The government reported that the cost of living climbed almost 1% last month. Consumer prices are 9.5% higher than they were one year ago. [CBS]
- Pakistan recognized Bangladesh, her former eastern wing, in a sudden move preceded by the opening in Lahore of a major conference of Moslem nations. Prime Minister Zulfikar Ali Bhutto, speaking in an emotional tone to legislators and chief ministers, said, in Urdu: "In the name of Allah and on behalf of the peoples of this country, I declare that we are recognizing Bangladesh." [New York Times]
- The commercial center of Jolo in the Philippines, which had been a town of 40,000 people, is now charred rubble and blasted concrete from which bodies are still being recovered more than a week after the Philippine armed forces took it back from Moslem insurgents. The government admits to more than 300 dead, giving a "body count" of 225 rebels, about 50 civilians and 29 of its own troops. From what could be learned from survivors, it seemed reasonable to estimate the toll at nearly double the government's figure. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 855.99 (+9.15, +1.08%)
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 21, 1974 | 846.84 | 94.71 | 13.93 |
| February 20, 1974 | 831.04 | 93.44 | 11.67 |
| February 19, 1974 | 819.54 | 92.12 | 15.94 |
| February 15, 1974 | 820.32 | 92.27 | 12.64 |
| February 14, 1974 | 809.92 | 90.95 | 12.23 |
| February 13, 1974 | 806.87 | 90.98 | 10.99 |
| February 12, 1974 | 806.63 | 90.94 | 12.92 |
| 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 |