Wall Street last week

Press, 23 May 1977, Page 14

Wall Street last week

I The Wall Street stockI market was slightly firmer (last week, although adverse inflation news cut prices back on Friday.

i The United States Labour Department reported that the consumer price index climbed a seasonally adjusted 0.8 per cent in April — equivalent to a 9.6 per cent annual rate. Analysts noted too that the market also had to contend with evidence that the United States Federal Reserve had decided to tighten credit further. I The rises earlier in the [week were a response to : President Carter’s comment I that he hoped to end the socalled double taxation of I dividends. Wall Streeters have long argued that the present law, under which company earnings passed on as dividends are taxed to I both the corporation and the shareholder, is unfair. Closing prices on Friday of a selection of shares were:—

Alcan, 29; Alcoa, 58£; AIL Stores, 55§; Amax, 46; Amerada Hess, 352; Am. Motors, 4k Armco 28i; ASARCO, 21; ARCO, 58t; Bethlehem. 331; Boeing, 52g; Boise Case 322; Burroughs, 591; Clev. Cliffs, 65; C. 8.5., 58k Colt, 56; Con. Oil, 35; Crane, 351; Cyprus, 24£; Dome Mines. 46a; Dow, 36k Engelhard, 193; Ford. 55k Freeport, 261;

Gen. Dyn.. 544; G.M.C., 67j; Gen. Tire. 28.1; Getty Oil. 1831; Goodyear, 201; Greyhound, 14; Grumman, 21 J; Gulf Oil. 27J; Gulf Res., 191 Heinz. 292; Homeslake, 39a; Hudson Bay, 17.1; 1.8. M., 2495; 1.H., 371; Int. Mug, 20J; Inco. 28X; Johns Manx., 35j; J, and J., 66£; Kaiser, 38J; Kennecott, 28g; Kerr McGee, 651: Lockheed, 11.3; Louisiana Land, 26§; Lukens. 292; Lykes T., 10£; Martin Marietta, 29J; Merrill Lynch, 17A; Mobil, N.C.R., 35t; Newmont, 24£; Occ. Oil, 273; Phelps Dodge, 3H; Phillips Pet., 56£; Pittson, 28.1; Proler, 27£; Pullman, 32g; Reynolds, 42£; Royal Dutch, 58: St Joe. 37; Seaboard, 38g; Shell Oil, 34A; Shell Transport, 36; Socal, 42i; Soind, 52£; Sohio. 902; Exxon. 522; Texaco, 262; Texas Gulf. 26i; T.W.A., 102; Union Oil Cal.. 422; Union Carb., 51J; Westinghouse, 20j; W’wths. 212.