WALL STREET LAST WEEK

Press, Volume CXIII, Issue 33154, 19 February 1973, Page 16

WALL STREET LAST WEEK

Uncertainties remain Share prices on Wall Street advanced over a broad front early last week, but on Wednesday the market’s worries about inflation and the international monetary situation reappeared and it went into a deep plunge. However, there was a steadier tone on Friday, and prices made a modest recovery.

The market received a boost on Monday from steadily rising optimism that the changing position of the dollar against other currencies ultimately would result in a better competitive position for United States goods in world markets. “However it comes out, we’re not the losers, and it could help us,” agreed another analyst. On Wednesday the “first glow of euphoria” gave way to the perception that “the basic problem of the posture of the United States in foreign trade has not been resolved,” said one analyst of research at Dreyfus Corporation.

“The market is still nervous about the foreign situation, but now it is more dominantly concerned about inflation,” he said.

Closing prices on Friday of some selected stocks were:— Alcan, 251; Alcoa. 51;; Amerada Hess, 42; Amax, 35J; Ajarco. 211; Anoconda, 221; Atl. Richfield. 71; Cont. Oil, 39*; Dome Mines, 78s; Dow, 103;; Engelhard, 223; Ford, 69J; Freeport, 27; G.M., 743; Greyhound, 162; Gulf Oil, 251; Homestake, 29;; Hudson Bay, 231; Inco, 33g; Kaiser, 14J; Kenhecott, 27; Kerr McGee, 73J; Louisiana Land, 37f; Martin Marietta, 18J; Mobil, 67J; Newmont, 281; Phelps Dodge, 42j; Phillips, 43); Reynolds, 13J; Royal Dutch, 3SJ; St Joseph, 29J; Shell Oil, Oil Cal., 80J; Oil Ind., 87; Std Oil Ohio. 90; Exxon, 88J; Texaco, 373; Texas- Gulf. 24J; T.W.A., 35*; Union Oil Cal. 39J; Utah, (868; W/wths, 25J.