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Stock Market Slump #226304

CBS Evening News for Tuesday, Nov 20, 1973
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(Studio) Report on stock market slump follows.
REPORTER: Walter Cronkite

(NYC) Stk. market slump caused by fear of recession. [Bache and Company Lawrence WACHTEL - states economy of United States looks bad.] [Gowen and Company Frederick LOWEY - forecast for `74 points to much lower economy because of energy crisis.] Brokers admit clients extremely worried. Brokers react to clients' fear of holding stock [Broker Sol ELLMAN - says stock market can't see end to present crisis.]
REPORTER: Mitchell Krauss

(Studio) Stk. market drop pinches little guy.
REPORTER: Walter Cronkite

(Charles City, I.) Trader can make and lose fortune in investments in 1 day. In Forest City, Iowa, most citizens work for Winnebago Motor Homes industry 1/3 of stkholders. in Winnebago live in Forest City. With gasoline shortages, stock hits rock bottom. Price of stock at mercy of big traders in NYC. [Gas station owner Chuck DAVIS - believes people with money have most control over stock] [Farmer Karl KLAGES - thinks little man washed out of stock market] With small investor driven away, stock market doesn't work very well.
REPORTER: Gary Shepard

Cronkite, Walter;
Krauss, Mitchell;
Shepard, Gary

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