WALL STREET LAST WEEK

Press, Volume CXIV, Issue 33694, 18 November 1974, Page 20

WALL STREET LAST WEEK

Prices fall on many fears The Wall Street stockmarket sank steadily last week under the weight of inflation and recession worries: the Dow Jones industrial average closed on Friday at 647.61 for the loss of more than 24 points on the week. Early in the week the market reacted unfavourably to news that some large firms were laying off staff because of the walk-out by the coal miners.

Uneasiness over the selling pressures on the U.S. dollar also influenced sentiment.

During the week the Govment reported that wholesale prices in October jumped at an annual rate of! 27.6 per cent. A cut of t per cent in the! prime lending rate by the I First National City Bank of! New York did nothing toi stem the tide. Closing prices on Friday of some selected stocks were: Alcan, 20}; Alcoa, 321; Amerada Hess, 16g; Asarco, 17}; Anaconda, 17}; Arco, 892; Burroughs, 80g; Cont. OU, 421; Do ne Mines, 54}; Dow, 63; Engelhard, 17; Firestone, 14J; Ford, 32J; Freeport. 23}; G.M., 33g; Greyhound, 11; Gulf OU, 17}; Homestake, 51; Hudson Bay, 15}; 1.8. M., 1824; I. 19J; Int. Mining, 61, Inco, 22; J. and J., 862; Kaiser Aluminium, 15; Kennecott, 382; Kerr McGee, 70J; Louisiana Land, 24}; Martin Marietta, 143; Mobil 332; N.C.R., 172; Newmont Mining, 21; Phelps Dodge, 312; Phillips Pet, 46}; Reynolds, 16J; Royal Dutch, 25}; St Joseph, 361; Shell Oil, 44a; Shell Transport, 13J; Socal, 222; Soind, 88J: Sohio, 62g; Exxon, 662; Taxaco, 22; Texas Gulf, 272; T.W.A. 72; Union OU Cal., 331; Utah, 41J; Wwths, 11}.