COMMERCIAL Wall Street worried by energy problem

Press, Volume CXIII, Issue 33380, 12 November 1973, Page 18

COMMERCIAL Wall Street worried by energy problem

<5’.Z. Piesi Association —Copyright) NEW YORK. Stock prices were dramatically lower on Friday after strong recoveries on Thursday. Fears of what the energy crisis might mean to the economy drove the market down

again. Half an hour before the It was the biggest single-j close the Dow Jones average day decline on the New York of 30 industrials was down stock exchange since the. more than 23 points and Cuban missile crisis when the: declining issues held a two blue-chip barometer fell : to one lead over gainers in 34.95. moderate trading. Analysts said a possible

hitch in Middle East peace negotiations also had a negative effect on the market. “Investors have begun to; worry about how an energy crisis might not only affect the oils and chemicals, which need petroluem products — but what it will mean to leisure-time industries such as motels, hotels, hamburger stands, and so forth,” one ■ analyst said. Some rails were higher. Analysts said that many in- : vestors believed railroads

would pick up business as a result of energy shortages. Steels, autos, rubber issues, chemicals, and retail stores were lower, along with manufacturing issues. General Motors, which fell u at 59, was the volume leader. Its stock was exdividend Friday. Other volume leaders were Penn Central, up I at 3J, Southern Co., off s at 16, Goodyear off I at 19j, and Chrysler off i at 20f. The closing prices on Friday of some selected stocks were:

Alcan, 381; Alcoa, 714; Amerada Hess. 361; Amax, 48J; Am. Smelt., 232; Anaconda, 232; Atlantic Richfield 1061; Cont. Oil, 451; Dome, 106; Dow. 551; Engelhard, 19J; Ford. 48; Freeport, 281; G.M., 59; Greyhound, 141; Gulf Oil, 23; Homestake, 462; Hudson Bay, 291; 1.8. M.. 278 g; Inco, 351; Kaiser, 211; Kennecott. 371; Kerr McGee. 85J; Louisiana Land, 498; Martin Marietta 16; Mobil Oil, 56J; Newmont Mining, 31g; Phelps Dodge, 463; Phillips Pet., 66; Reynolds. 181; Roval Dutch. 391; St Joseph, 343; Shell Oil, 561; Shell Trans., 25; St Oil Cal. 651; St. Oil Ind., 92j; St. Oil Ohio. 288; Exxon, 93; Texaco, 311; Texas Gulf, 298: T.W.A.. 191; Union Oil Cal. 461; Utah Con.. 528; Woolworth. 202.