Marriott Most Active Issue
Wall Street traders, including insti tutional investors in large numbers, concentrated their attention yesterday on defense, oil and precious metals is suesÛÓas well as on Marriott Corp. of Washington.</br></br>As overall volume soared to the sev enth highest level in New York Stock Exchange history, broad market indicators posted continued gains and the Dow Jones average of 30 industrial blue chips on the XYSE closed up 2.39 to 879.94 ÛÓthe highest close since 884.04 last Oct. 8.</br></br>Marriott was the most active Big Board issue with 841.900 shares changing hands in nationwide stock market trading. The companyÛªs stock closed up 25 cents for the day at S22 a shareÛÓ precisely the price being offered by the company in a surprise decision to buy back up to 11 million shares of its common stock.</br></br>soon will send a circular to stockholders, offering to buy at least 5 million shares at $22 aoiece. In additionÛÓdepending on the outcome of current negotiations to sell some hotel propertiesÛÓMarriott said it could decide to buy up to 11 million shares, about a third of the 32.1 million shares now in the publicÛªs hands.</br></br>Marriott executives said their lawyers had told them not to discuss reasons for the stock-purchase decision or the names of hotel properties involved. until tl\e circular is ready within 10 days. The heavy trading in Marriott stock yesterday included huge blocks of 143.000. 135,300 and 100.000ÛÓall al $22 a share.