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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Dec 12, 1973
Page
1
New York trading today saw heavy losses as energy crisis uncertainties hammered the market. The noon Dow Jones industrial average fell 16.76 to 817.42, with declines outpacing advancers by more than 7 to 1. Analysts blamed energy concerns for earnings uncertainty and heightened volatility.
Exchange shows varied prices and movements across many issues including AMBACSO AIRCO Alcan and AmpexCorp. The data includes bid ask changes and special notations on dividends and corporate actions. Investors scan the board for gains and losses amid volatile listings and shifting market signals.
AP report from New York outlines movement in stock indices amid trading in transportation, utilities, and finance sectors. Market activity shows modest shifts as investors weigh industrial and utility shares against broader economic signals.
Washington AP reports Navy astronomer Myron Miranian of the U S Naval Observatory says comet Kohoutek will be 40 times fainter than early predictions and likely not spectacular to naked eye. The tail may reach about 15 degrees, visible briefly around Jan. 5 to 15, but Kohoutek won’t rival Halley or the bright Ikeya Seki and Bennett comets in history.
An energy crisis forecast in The Iran situation may raise US living costs by about 27 billion dollars next year, a near three percent rise. Oil shortages and reduced crude from Iran and Venezuela's nationalism threaten fuel prices, with a 30 cents per gallon increase predicted to balance supply and demand amid possible rationing or tax changes.
Truck drivers rallying over fuel costs and speed limits drew limited backing as independent haulers blocked diesel pumps at two Georgia stops on Interstate 75 near Cordele. Several hundred truckers remained parked through Saturday. other planned protests from Toledo to Cleveland were scrapped after hints of a Transportation Department briefing.
Foreign Minister Abba Eban reaffirmed Israel will attend the Geneva Arab-Israeli peace talks next week despite Defense Minister Dayan threatening a boycott over Syria's participation and a POW list. Dayan insisted Red Cross access to prisoners and warned of nonattendance if conditions not met. Later Eban said the government has no objection to negotiating with Egypt Jordan and Lebanon in Geneva.
The plan apportions refinery capacity by a 25 percent gas rule and allocates residual oil to essential uses such as fuel production and heating. It also sets priorities for petrochemical feed stocks, propane and aviation fuels, with airlines and general aviation facing stepped cuts. Public comments are invited by 5 p.m. EST December 20.
John R. Owens 37 president of Owens Textiles Inc Burlington was arrested by IRS officers in Greensboro after allegedly threatening agents during an equipment seizure for nonpayment of employee withholding taxes. He was jailed after a preliminary hearing waiver and released on his own recognizance pending trial.
The dairy cooperative head-quartered in San Antonio with 40,000 members across 12 states ended gifts of 202000 dollars on Sept. 10 1971. DOJ suit filed five months later seeks out-of-court settlement while producers claim the action aims to resume donations. The group dominates over 90 percent of local milk markets, with some regions at 100 percent. Kuwait holds more than 10 billion tons of proved crude oil reserves, about 15 percent of world supply.
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