WALL STREET LAST WEEK

Press, Volume CXIV, Issue 33700, 25 November 1974, Page 20

WALL STREET LAST WEEK

Recession worries The Wall Street stock market sank lower, as fears of a recession depressed market confidence last week. On Monday, the Dow Jones index closed 22.69 lower at 624.92, its biggest day-loss since January 9, and during the five trading days it fell 32.3 points, closing on Friday at 615.30. Early in the week, a selling burst proceeded the Chrysler Corporation’s start of wide-spread shutdowns because of the persistent slump in sales of new cars, and anxiety over the coal strike. After the close of trade on Wednesday, the Justice Department announced the filing of a civil anti-trust suit to force American Telephone and Telegram to divest itself of Western Electric, its communications - equipment manufacturing subsidiary.

The stock market reaction was mixed, avoiding any extreme reaction to the antitrust action. A.T. and T. shares slid lower in very active trading, closing at 42 5/8, down 3—an unusually sharp move for what is normally one of the most stable issues on the New York Stock Exchange.

Alcan Aluminium 201; Al. Co., 304; Amerada Hess, 16; American Smelting, 164; Anaconda. 164; Atlantic Richfield, 883; Burroughs, 78; Cont. Oil. 434; Dome Mines, 50J; D.0.W., 61; Engelhard, 173; Firestone, 14; Ford, 31; Freeport Min., 23; G.M.. 304; Greyhound, 104; Gulf Oil 17; Homestake, 478; Hudson Bay, 15; 1.8. M., 1704; I H„ 204: Int. Nickel, 214; Kaiser Aluminium, 14g; Ken. necott, 37J; Kerr McGee, 674; Louisiana Land, 243; Martin Marietta, 14g; Mobil, 313; N.C.R., 163; Newmont Mining, 19; Phelps Dodge. 303; Phillips Pet., 434; Reynolds, 16J; Royal Dutch, 24; St Joseph. 333; Shell Oil, 43J; Shell Transport. 124: S.O. Cal.. 214; S.O. Ind., 844; Exxon, 594; Texaco Corp., 203; Texas Gulf, 264; Union Oil Cal.. 32g; W/wth. 104; Int Mining, 63: J. and J., 83g; S. Oil Ohio. 581; Utah, 394; T.W.A., 6J.