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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Apr 24, 1975
Page
32
Trading on the American Stock Exchange showed mixed closes with notable moves in utilities and industrials. Entries list high and low readings for 1975 and 1974 alongside Wednesday Tuesday and week-ago comparisons, highlighting gains for several sectors and declines for others.
Dow Jones averages closed mixed as stocks in New York fluctuated amid trading. Standard and Poor's index finished with slight gains while the Dow saw declines, reflecting uneven momentum in early 1940s market activity.
Consumers are urged to consider retreads for passenger car tires as a cost saver and energy saver. Retreads are widely accepted by airlines and government fleets with safety supported. guidance covers when to replace tread and how to choose a reputable recapper for durable, affordable tires.
Wheat, oats and corn gained modestly as weather and demand influenced trading. soybean futures mixed with some declines. near term prices supported by new crop delays and expected United Arab Republic orders for uS grain amid steady to higher bullion and energy signals.
About 600 Local 1710 members of the International Brotherhood of Electrical Workers began the fourth day of a strike against Imperial Corp of Downey to press for a better wage package in a three year deal. They rejected a 6.5 12 and 4 percent raise schedule and seek improved benefits.
A sudden dollar drop sent the currency to seven week lows in Paris and two week lows in major markets, lifting gold prices. Reports circulating in markets blamed Arab fund trims and inflation forecasts for eroding confidence in the dollar, while London saw a pound rally.
California crops suffer major damage from a cold wet spring. Tomato and asparagus plantings are retarded. citrus in Fresno County cut 43 percent after freezes. Asparagus yields fall up to 40 percent in Monterey. other losses noted include almonds prunes pears sugar beets cotton peaches spinach and apples. Estimated losses to be refined in May and June. further damage possible if weather does not improve.
In market notes from New York and Los Angeles brokers prices largely held steady with few movers. Trading focus fell on farm and manufacturing equities as analysts noted limited volume and cautious investor sentiment amid mixed economic signals.
Knight-Ridder Newspapers Inc reports first quarter 1975 earnings of 27 cents per share, down 13 cents from the prior year. Lee Hills, chairman and CEO, told shareholders advertising volume across the 33 daily papers fell 9 percent as revenues rose to 137.3 million while net income dropped to 4.425 million.
Sunkist reports representative orange auction prices by size are steady or higher with first grades listed. Hills of Ler Service notes classified advertising down 20 percent with help wanted real estate and automotive hardest hit. Rising newsprint costs and a three day strike in Philadelphia affected earnings. Company remains cautiously optimistic for the year if the economy rebounds.
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