WALL STREET LAST WEEK

Press, Volume CXVI, Issue 34084, 23 February 1976, Page 16

WALL STREET LAST WEEK

Market highest since 1973

The Wall Street stock market set a new trading volume record on Friday, and closed at its highest level since 1973, while the Dow Jones industrial average rose 29.44 points to 987.80 on the week. Trading volume reached 44.5 m shares on Friday, beating the mark set on Thursday by 5m shares. Analysts said the market was moving on a combination of rising corporate profits and dividends, and apparently stabilising interest rates and inflation.

The sharemarket began the week on an easy note, after the failure of the Hamilton National Bank at Chattanooga. The bank was declared insolvent by regulators, and some of its assets and liabilities were acquired by other banking interests. ‘ However, the market firmed on Wednesday after American Telephone and Telegraph Company raised its quarterly dividend from 85c to 95c a share, and expressed optimism about the business outlook. The dividend increase! sparked off the record I volume of trading on Thurs-I day and Friday.Closing prices on Friday of a selection of stocks were:

Alcan, 26J; All. Stores, 47; i Alcoa, 49g; Amax, 50g; Amerada [Hess, 20; American Mot., 6; Asarco, 17J; Anaconda, 19;; Armco. 33; A.R.C.0., 84J; Bethlehem, 44; Boeing, 25g; Burroughs, l06i; Colt. 51; C. 8.5., 56; Cont. Oil, 65i; Crane, 72J; Dome Mines, 373; Dow Chemicals, 12; Englehard Minerals, 30; Firestone Tires, 25g; Ford Motor, 52; Freeport, 262; G.M.C., 64J; Gen. Dyn., 423; Gen. Tyre, 224; Getty Oil, 169; Goodyear, 24; Greyhound, 16J; Grumman, 16g; Gulf Oil, 24t; Homestake. 402; .Hudson Bay, 181; I. 262; 1.H., 27g; Int. Mng, 8g; Inco, 33; Johns Manv., 28g; J. and J„ 891; Kaiser, 33J; Kennecott, 32.1; Kerr McGee, 672; Kresge, 343; Lockheed, 7g; Louisiana Land, 24g; Lukens, 274; Lykes Y. 19g; Martin Marietta, 21; Mobil. 55g; N.C.R., 312; Newmont, 252; Occ. OU, 15g; Phelps Dodge, 41J; Phillips Pet., 54;; Pittson, 35J; Pullman. 36; Rep. Steel, 391; Reynolds. 39g; Royal Dutch, 44g: St Joe, 44g; Seaboard, 27; Shell OH, 50J; Shell Transport, 304; Soeal, 30J; Soind., 43J; Sohlo. 652; Exxon, 88g; Texaco, 25 J; Texas Gulf, 342: T.W.A., 12; Union OU Cal., 432; Union Carbide, 76g; U.S. Steel, 81g; Utah, 501; Westinghouse, 15J; W’wths, 244.