WALL STREET LAST WEEK

Press, Volume CXV, Issue 33912, 4 August 1975, Page 16

WALL STREET LAST WEEK

Inflation fears continuing Uneasiness over inflation and rising interest rates weakened share prices on Wall Street last week. The Dow Jones industrial average closed on Friday at 826.50, for a fall of 7.5 points on the week. A quarter-point increase, to 7.5 per cent, in the prime lending rate spread further through the banking industry. Brokers also observed that investors were looking ahead with a bit of trepidation to the Government’s posting early this month of the July wholesale price index. A few days ago, a White House economist, Mr Alan Greenspan, said the figures were likely to show a sharp rise because of increased grain prices. The Government’s report that its index of leading economic indicators rose in | June for its fourth consecutive monthly gain was: I followed by a small rally,! but prices pulled back after Mr Arthur Burns, chairman of the Federal Reserve 1 Board, said that he was concerned that Russian purchases of United States grain might push up food prices substantially. Trading was light, and on Friday volume fell to its lowest level of the year: only 13.3 million shares changed hands. Closing prices on Friday of a selection of stocks were: Alcan, 222; Alcoa. 44: Amerada (Hess, 191; Asarco. 151; Anaconda, 1161; Arco. 103; Burroughs, 94;; Cont. Oil. 64 j: Dome Mines, 461; Dow, 85g: Engelhard, 213; FireI stone, 192: Ford, 38.;; Freeport, 24j: G.M.C., 51J; Greyhound, 14; Gulf Oil. 214; Homestake, 47J; Hudson Bav. 19J; 1.8. M.. 189 1 : I. 241; Mt Mng, 101; Inco, 261; J. and J.. 883; Kaiser, 301; Kermecott, 33J; Kerr McGee, 86: NCR, 291; Newmont, 23; Occ. Oil, 184; Phelps Dodge, 34J; Phillips Pet., 53: Reynolds. 221; Royal Dutch, 341; St Joe Min., 321; Shell Oil, 53J; Shell Transport. 24: Socal. 303: Soind. 46§: Sohio. 81J: Exxon. 87S: Texaco. 251: Texas Gulf. 33: TWA, 7J; Union Oil Cal., 461; Utah, 87J; W/wth«, 154.