WALL ST LAST WEEK Prices fall on profit taking

Press, Volume CXIV, Issue 33492, 25 March 1974, Page 14

WALL ST LAST WEEK Prices fall on profit taking

The Wall Street stock market declined last week, in spite of the end of the Arab oil embargo. Many traders were taking the news as a cue to cash in on their profits. Investors were also turning their attention to such other enduring problems as inflation and high short-term interest rates, analysts said.

“The market had discounted the oil news, and there just isn’t much other good news around to stimulate it right now,” one said. However, on Wednesday the market began to firm, and showed some spotty gains. But volume remained low, and most of the action was in a few glamour stocks.

One of these was Eastman Kodak, which reported progress in developing an instant film to compete .in a market now dominated by Polaroid.

This trading carried the Dow Jones average above the over-all market trends on Thursday and Friday. The broadly-based index of all listed common stocks fell every day of the week, and dropped from 52.50 to 52.03.

Closing prices on Friday of some selected stocks were:

Alcan, 32}; Alcoa, 471; Amerada Hess, Ainax, 4jJ; Asarco, 24j; Anaconda. 26 j, Arco, 98|; Burroughs. 211 t; Cont. OU, 43}; Dome Mines, 183; Dow, 63; Engelhard, 202; Ford, 51; Freeport, 24J; G.M.C., 52J; Greyhound, 162; Gulf Oil, 22J; Homestake. 90l; Hudson Bay, 27; 1.8. M., 2431; Mt. Mining, 72; Nico. 36}; Kaiser Aluminium. 22;; Kennecott, 392; Kerr McGee, 782; Louisiana Land. 40; Martin Marietta, I7J; MobU, 47;; N.C.R., 384; Newmont. 30 j; Phelps Dodge, 39 j: Phillips Pet., 52}; Reynolds, 22}; Royal Dutch, 34; St Joseph. 39; Shell Oil, 602; Shell Transport, 22; Socal. 30;; Soind. 94}; Soldo. 604; Exxon. 821; Texaco. 284; Texas Gulf. 34}; T.W.A., 16J; Union Oil Cal, 454; Utah, 444; Wwthi. 17|.