Wall Street scene (1)
Buyers lost some of their zest last week as international tensions remained high and differences of opinion persisted as to the future direction of interest rates. Although Citibank lowered its prime interest rate to 16 percent, not all banks followed, which bothered some investors.
For the week the Dow Jones Industrial Average closed with a loss of 16.36 points, closing at 819.54. One burden on the market last week was the report that International Harvester had sold over 300 stocks worth about $300 million from its pension portfolio to invest in the credit markets.
Cities Service was active last week as the company announced that a group led by Mesa Petroleum was ''conspiring'' to buy Cities Service and possibly force its dismemberment.