News stories from Monday February 11, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Patricia Hearst has now been kidnapped for one week. Her father, Randolph Hearst, says he has recieved no word about Patricia's whereabouts, but he expects a letter from the kidnappers. A radio station in Berkeley received a letter earlier this week.
Southern Californians are fearful because of the unexplainable violent acts occurring near San Francisco. Handgun sales have increased as fear has increased. Miss Hearst's neighbors are even more wary, and industrialists are fearful also because many of them are on the Symbionese Liberation Army's "enemies list".
[CBS] - Thirteen oil-consuming nations are meeting in Washington to discuss the growing energy crisis. The conference has been marked by internal strife, as European countries and Japan are afraid to take any action likely to upset the oil-producing countries. Federal energy administrator William Simon criticized any bilateral agreements between an oil-consuming nation and the Arab producers. The European Common Market defended the bilateral agreements, and France's representative Michel Jobert sharply attacked the conference.
The OPEC nations reacted negatively to the conference. The organization's Secretary General warned of a confrontation if consuming nations set up a united front. The Shah of Iran also warned consuming countries against taking any concerted action.
[CBS] - Libya announced the nationalization of three American oil companies, Texaco, Asian of California, and Libyan-American. [CBS]
- Many more independent truckers returned to the highways today; truck traffic was nearly back to normal. Truck traffic was heavy in Florida despite some independents' decision to reject the settlement and remain on strike. Meat packing houses and stockyards are back in business now with most truckers back at work, but meat prices are likely to skyrocket. [CBS]
- Britain's striking coal miners began their second day on the picket line; the strike seems to be successful so far. Prime Minister Edward Heath believes that the strikers must realize problems the strike is causing and accept responsibility for them. Labor party leader Harold Wilson stated that Heath is using the strike to cover up the fact that his policies have failed.
The miners say that money is the most important issue to them, not which party wins the upcoming election. However, British locomotive engineers are calling off their work slowdown in order to help the Labor party win the election.
[CBS] - Alice Roosevelt Longworth, the irrepressible combination of grande dame and enfant terrible, will celebrate what she calls her "goddamn birthday" -- her 90th -- tomorrow in the house on Massachusetts Avenue in Washington where she has lived for nearly 50 years. Her home is perhaps the only one in the city where President Nixon and his most caustic critics could -- and at the birthday party may again -- meet under the same roof. [New York Times]
- The energy shortage is affecting Florida tourism, which has dropped sharply because it depends on gasoline. Unemployment has risen because of the drop in tourism, and an overly optimistic building spree combined with the energy crisis has caused two out of every three hotel rooms in Orlando to currently be vacant. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 803.90 (-16.50, -2.01%)
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 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 |
| January 28, 1974 | 853.01 | 96.09 | 13.41 |