WALLSTREET LAST WEEK
Profits boost good rally The Wall Street stockmarket made good gains last week, and the Dow Jones industrial average rose by about 24 points. However, on Friday prices declined, in slow trading. Several large banks raised their prime lending rale to 8| per cent, the highest rate in American history. But one analyst said that investors already had discounted further rises of the prime rate, at least until it had some impact on the economy.
The strength of the market earlier in the week had been propped by good corporate earnings reports. Closing prices on Friday of some selected stocks were: Alcan, 321; Alcsa, 642; Amerada Hess, 332; Amax, 351; Asarco. 21J: Anaconda, 23; Atl. Richfield. 852; Cont. Oil. 312; Dome Mines 942; Dow. 57J; Engelhard, 21J; Ford, 57; Freeport. 26J; G.M.. 691; Greyhound, 14; Gulf Oil, 24J; Homestake, 49; Hudson Bay, 312; 1.8. M., 318; Inco, 321; Kaiser Aluminium, 17J; Kennecott, 27J; Kerr McGee, 652; Louisiana Land, 38 1/3; Martin Marietta, 17; Mobil. 615; Newmont. 295; Phelps Dodge, 45|; Phillips Pet., 55; Reynolds, 142; Royal Dutch, 291; St Joseph, 30; Shell Oil, 552; Shell Transport, 31; Std Oil Cal., 74; Std Oil Ind., 84;; Std Oil Ohio, 1091; Exxon, 971; Texaco. 331; Texas Gulf, 27; T.W.A.. 232; Union Oil Cal.. 382; Utah, 44; Wwths. 221.
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Press, Volume CXIII, Issue 33290, 30 July 1973, Page 18
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219WALLSTREET LAST WEEK Press, Volume CXIII, Issue 33290, 30 July 1973, Page 18
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