WALL STREET LAST WEEK

Press, Issue 33846, 19 May 1975, Page 19

WALL STREET LAST WEEK

Market easier

at close

The Stockmarket on Wall Street declined last week, in active trading. The Dow Jones industrial index dropped from 850.13 to 837.61. Volume dropped sharply on Friday. Earlier the market had greeted the news of the recovery of the captured U.S. (cargo vessel Mayaguez with ;a broad rally. The down trend came despite some seemingly favouri able news on interest rates. (After Thursday’s close, the (Federal Reserve Board cut | its discount rate a quarter (point to 6 per cent. ( And on Friday two major (banks — New York’s Mor-i gan Guaranty Trust and Cail-[ fornia’s Bank of America —( lowered their prime lending! rates from 7j to 7| per cent. ( Brokers said it appeared such moves'had been largely! taken into account in ad-! vance by the market, and! some traders appeared to be( following the common Wall! Street practice of selling on ( some expected favourable! news. •

Closing prices on Friday of a selection of stocks weret-

Alcan, 20); Alcoa, 47); Amerada I Hess, 185; Asarco, 17); Ana-1 conda, 16); Arco, 91; Burroughs, 101); Cont. Oil, 57); Dome Mines, 47); Dow, 87); Engelhard. 185; Firestone, 17); Ford. 38); Freeport, 28); G.M.C., 451; Greyhound, 12); Gulf Oil, 19); Homestake, 471; Hudson Bay, 18); 1.8. M.. 216); 1.H.. 28); Mt Mng, 8); Inco.. 27); J and J., 95: ( Kaiser, 29); Kennecott, 37; Kerr' McGee, 83); Louisiana Land, 23); Martin Marietta, 16.'.; Mobil, 41);! N.C.R., 35.?; Newmont. 251; Occ. I Oil, 16; Philps Dodge. 37); Phil-1 lips Pet., 49); Reynolds, 21;. (Royal Dutch, 362; St Joe Min., i 61); Shell Oil, 46.?; Shell Trpt. (29); Socal, 28; Soind., 46.?; Sohio, 165); Exxon, 82); Texaco, 24); Texas Gulf, 32); T.W.A., 10); (Union Oil Cal., 38); Utah, 67; ’W’wths, 15).