The Baytown Sun (Baytown, Tex.), Vol. 52, No. 52, Ed. 1 Wednesday, December 12, 1973 Page: 13 of 34
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Energy Problems Produce Expected Market Symptoms
Itive
NEW YORK (AP) - Amer-
ica’s complex energy
problems produced some
straightforward symptoms
this past week: Higher fuel
prices and a volatile stock
market.
The Department of Labor
said wholesale prices for fuel
and other energy products
soared 19.3 per cent in Novem-
ber, dwarfing the previous
monthly record rise of 4.1 per
cent in January 1948.
The government’s over-all
wholesale price index was up
1.8 per eent on a seasonally ad-
justed basis for the month, re-
versing a two-month trend of
declines.
Herbert Stein, chairman of
the President’s Council of Eco-
nomic Advisers, said much of
tfje fuel price increase was
unavoidable and maybe even
necessary.
“It is clear that a rise in fuel
prices is inevitable and neces-
sary to bring forth additional
supplies and allocate the sup-
plies that are available,” Stein
said.
The November increase was
imports, the nation’s oil short-
age and higher prices for some
domestic crude oil exempt
from- price controls,
ground for the first week since
October,
The Dow Jones industrial
average fell for the first three
And December continued to days of the week, finishing
bring more hikes,
Exxon USA, Standard Oil of
Ohio and Sohio’s BP Oil Corp.
said this past week they were
raising the prices of gasoline
and other petroleum products,
including some types of diesel
and heating oil,
The Cost .of Living Council
said that to encourage oil com-
panies to shift production facil-
ities into heating oil, it would
allow the price of that fuel to be
hiked two cents a gallon. A cut
of a penny a gallon was or-
dered on gasoline.
Council Director John T,
Dunlop said consumers would
probably start paying the high-
er price for heating oil in
January. But he said drivers
would probably never see the
gasoline cut, which he ex-
pected to be eaten up by higher
production costs.
The stock market, continued
to react with extreme sensi-
tivity to the energy situation —
Wednesday at 788.31 — its low-
est close in three years, and
nearly 200 points off its close of
Oct. 26
Then, in a sudden and spec-
some cases matched, the his-
toric high it reached in Sep-
tember.
On Fridajy, several big
banks, including the nation’s
second largest, New York’s
First National City, pushed the
key rate back up to 10 per cent,
equalling the record. Others,
however, held their rates at
taeular rally, the widely 9%.
produced by higher prices for except that this time it gained
[
fit:
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BE SURE WITH.
GAS RATIONING
OLKSWAGEN
422-8113
BAYTOWN
watched average of 30 blue
Chips gained back almost 50 of
those points in just two days. It
climbed 25.81 points Thursday
and another 23.93 Friday to
838.05.
Analysts had diagnosed the
market’s problem as a severe
case of worries about the out-
come of the energy situation,
with touches of anxiety about
Watergate.
The rally drew some of its
momentum from bargain
hunting by investors attracted
by the severely depressed
prices of many issues, analysts
said. And, they added, the
swearing in of Vice President
Gerald R. Ford encouraged
some investors by restoring
the usual constitutional chain
of succession to the
presidency.
Many analysts said perhaps
The prime is set independ-
ently of rates on loans to small
businesses and consumers, but
it is generally regarded as a
barometer of interest
trends generally.
Analysts say one major rea-
son why the rate had risen so
much this year has been
Federal Reserve Board economy,
measures designed to keep
economic growth at
manageable rate by tightening
up on the money supply.
Late Friday, the Fed loosen-
ed those reins somewhat by
lowering from 11 to 8 per cent
the amount of reserves banks
musjt hold against $100,000-
Skylab Photos Add
To Ocean Science Data
SPACE CENTER, Houston
(AP) — Ocean scientists are
excited by the discovery in
Skylab photos of ocean
whirlpools which could alter
weather forecasting methods
and help locate new fishing
grounds.
The whirlpools, which also
could alter hurricane tracking
methods, appear in the photos
as swirling eddies of cold
water in the warm current
flowing off Mexico’s Yucatan
the key factor in the upswing peninsula.
was rising investor optimism
that Middle East negotiations
later this month would smooth
the way toward an early end to
the Arab oil embargo — a main
element in the energy squeeze.
The prime lending rate — the
interest fee banks charge on
loans to their biggest and best
corporate customers— moved
closer this past week, and in
Dr. Robert E. Stevenson of
the office of Naval Reseagefi at
California’s Scripps Institute
of Oceanography called the
discovery “a major scientific
breakthrough.” He said it
“may change the entire think-
ing and understanding of ther-
mal energy in the ocean.”
The eddies were located just
two weeks ago by Stevenson in
’
.......
I
w, —
■
SHOE WAREHOUSE
CHILDREN’S
INDIAN HEAD
SLIPPERS
CHILDREN'S
CORDUROY
SLIPPERS
his analysis of ocean photos,
snapped last summer by the
Skylab 2 crew.
Skylab 3 astronauts Gerald
P. Carr, William R. Pogue and
Edward G- Gibson, f ho are in
the 22nd day of their 84-day
mission, were asked Thursday
to observe and again photo-
graph the area from their
orbiting space station.
This is something we could
normally never have con-
ceived,” Stevenson said. “It
means that oceanographers
iave to go back to the
drawing boards.”
He said the whirlpools are
spread over 700 miles of the
Yucatan current. This current
normally has a temperature of
about 80 degrees and is virtual-
ly devoid of nutrients that
would attract fish.
He said the eddies are pro-
duced by chill waters deep be-
neath the surface and ap-
parently are permanent
features that had never been
recognized until recorded by
Skylab’s sophisticated
cameras.
Large fields of cold water in
a warm current could cause a
massive change in at-
mospheric absorptions of heat
from the ocean, he said.
Calculations of ocean tem-
peratures are critical to
weather forecasting,”
Stevenson said. He added that
enough of the cold whirlpools
in warm currents would cause
deviation on weather
forecasts.
Stevenson said an under-
standing of these whirlpools
would permit fishermen to lo-
cate schools of fish more
quickly than they can now,
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DISCOUNT PRICES
--- ' 1
friFTlil 1801 N. PRUETT IN BAYTOWN
RUSTY’S
COUNTRY MEAT MARKET AND RAR-R-Q
421 E. TEXAS AVE.
SPECIALS GOOD DEC 13th THRU DEC 15th
-------................._ __
"ALL MEATS USDA GOOD”
BACON
WE DO
CUSTOM BBQ
H0RMEL
MARKET SLICED
RINDLESS
^ICHCs
ROUND STEAK............u. 1.49 ARMOUR SMOKED SAUSAGE. “. 1.39
U.S.D.A. GOOD SIRLOIN "““T......u. 1.69 COCA COLA 8 PACK........... S.85.69c
FRESH GROUND CHUCK............u.. 98c BORDEN'S HOMO MILK 2%........SS 1.19
BOLOGNA
H0RMEL
ALL MEAT
BAKE FRESH
1% LB.
LOAVES
WE HAVE A COMPLETE LINE OF
BAR-B-QUE BEEF
SLICED BEEF............. “3.29
CHOPPED BEEF... .....1.19 j
PORK RIBS............. “1.79
SMOKED SAUSAGE........ 1.69
CHICKEN.......... ““1-69
OVEN BAKED BEANS............“ 59c
POTATO SALAD................“ 59c
COLESLAW.................."59c
ARIZ BROS
GRADE W LARGE
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Hartman, Fred. The Baytown Sun (Baytown, Tex.), Vol. 52, No. 52, Ed. 1 Wednesday, December 12, 1973, newspaper, December 12, 1973; Baytown, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1105077/m1/13/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Sterling Municipal Library.