WALL ST LAST WEEK

Press, Volume CXV, Issue 33740, 13 January 1975, Page 10

WALL ST LAST WEEK

Tax-cut talk lifts market

Falling interest rates, and reports of an impending taxcut touched off a strong rally in active trading on Wall Street on Friday. The rally maintained the upward trend of the industrial and transport sections of the market, after the sharp fall on Wednesday. Two major New York banks cut their prime lending rates to 10 per cent on Friday.

The Federal Reserve also reported a sharp drop in business loans in major New York banks—a possible sign that the heavy loan demand, which has contributed to high borrowing costs, was easing. Reports on Friday said that President Ford has tentatively decided to propose a reduction in income taxes of about $l5 billion to stimulate the recession-ridden economy.

The closing prices on Friday of some selected stocks were;—

Alcan, 21$; Alco, 28J; Amereda Hess, 163; Am. Smelt., 16i; Anaconda, 15J; Atlantic Rich., 891; Burroughs, 66J; Cont. Oil, 44j; Dome Mines, 48i: Dow Chem., 56i; Engelhard Mln., 17; Ford, 365; Freeport Min., 251; G.M.. 36{; Greyhound. 12i: Gulf Oil, 19g; Homestake, 39J; Hudson Bay. 15; X.8.M., 17H; 1.H., 20J; Int. Mln., 52; Inco, 223; Johnson, Johnson, 79|; Kaiser Al., 143; Kennecott, 36J: Kerr McGee, 665; Louisiana Land. 26; Martin Marietta, 143; Mobil, 361; Nat. Cash Reg.. 171; Newmont Min., 202; Occidental Oil, 14; Phelps Dodge. 295; Phillips Pet.) 411; Reynolds Met., 151; Royal Dutch, 253; St Joseph, 35; Shell OU. 47; Std Oil Cal.. 243; Std Oil Ind., 44; Std Oil Ohio, 60; Exxon, 69; Texaco, 24j: Texas Gulf, 25; T.W.A.. «2; Union OU Cal., 363; Utah Con., 4U; Woolworth, 12J.