WALL STREET LAST WEEK

Press, Volume CXIV, Issue 33520, 29 April 1974, Page 17

WALL STREET LAST WEEK

Prices decline across board

Share prices on Wall Street suffered a sharp decline last week, under the weight of rising interest rates and the prospect of tight money.

A record high prime lending rate of 10| per cent (spread to many banks across {the United States. The decline was accelerated by the loss of investor ‘confidence after Consolidated Edison, the large electric utility serving New [York city and adjacent [Westchester County, said it ’would omit its second quarter dividend because of [problems stemming from the (energy situation and growling accounts receivable. TWA fell to 10 1/8, hit- ■ ting its lowest prices in several years after it announced [high jet fuel prices ruled out ‘a profit for the company this year. j In the Australian sector, [trading ground virtually to a [halt, but those issues which [changed hands did so mainly at easier prices. Brokers said there was [virtually no turnover. British (investors taking very little interest in Australian stocks. Investors are sitting on the sidelines at present, according to one broker, partly because of uncertainty about the outcome of the Australian General Election next month.

But the underlying tone of the market was “quite steady.” with little buying or selling interest at. current prices, he said.

“Everyone wants to watch at the moment,” he said. “They are not deserting the ship, but they don’t want to become passengers either.” Closing prices on Friday ;of some selected issues were:-

Alcan. 34}; Alcoa. 49j; Amerada Hess, 27g; Amax. 45: Asarco, 23};j Anaconda, 25; A.R.C.O, 864; Burroughs, 195}; Cont. Oil, 37}; Dome Mines, 156;; Dow. 60}; Engelhard. 18}; Firestone, 161; Ford, 491; Freeport, 24; G.M.C., 48}; Greyhound, 143; Gulf Oil, 222; Homestake, 78}; Hudson Bay, 231; 1.8. M.. 2251; LIL, 25}: Mt. Mining, 7}; Inco, 32; Kaiser Aluminium, 23; Kennecott, 38}; Kerr McGee, 651; Louisiana Land, 33}; Martin Marietta. 16}; Mobil, 43}; N.C.R., 36}; Newmont Mining, 301; Phelps Dodge, 39J; Phillips Pet.. 49}; Reynolds, 24; Royal Dutch, 32.1: St Joseph, 37}; Shell Oil, 48; Shell Transport, 22}; Socal, 28}; Soind, 871; Sohio, 54; Exxon. 78J: Texaco. 27}; Texas Gulf, 263; T.W.A., 10J; Union Oil Cal., 383; Utah, 34}; W/wths, 17}.