The general stock market seems to be...

The general stock market seems to be held hostage to oil price movements and the question of war and peace in the Middle East, said Irving Katz, director of research at Thomas Green/San Diego Securities.

“The consensus is that we have entered a recession, which has added to the fears and inhibited stock buyers,” Katz said.

A comparison of year-end prices of San Diego stocks to their current prices shows some significant declines over the eight-month period, Katz said. Most of the stock price drops are related to earnings shortfalls and reduced earnings forecasts.

San Diego’s greatest casualties this year have been savings and loan stocks. Imperial Corp. of America’s stock price has virtually disappeared, and Great American and HomeFed Corp. stocks are down 80% and 76%, respectively.

Disappointing earnings caused drops of 80% in Advanced Marketing Services, 56% in Intermark, 42% in Beeba’s Creations, 36% in International Totalizator Systems, 31% in Price Co. and 25% in Burnham Pacific Properties.

Disappointing earnings forecasts by companies or analysts caused drops of 44% in DH Technology and 32% in Chart House Enterprises.

Some low-priced stocks were especially hard-hit, with Watson General down 65% so far this year, Precision Aerotech down 56%, Xscribe down 50% and Humphrey down 47%.

Only seven of 62 stocks of San Diego-based companies are up from 1989 year-end figures. These include Natural Alternatives, up 100%; Xytronyx, up 81%; Mission West Properties, up 27%; Magma Power, up 22%; Mail Boxes Etc., up 14%; Medical Imaging Centers of America, up 12%, and Cubic, up 9%.