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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Feb 22, 1973
Page
26
A chaotic OCR led drive of stock quotes and prices across the New York Exchange. The text mixes numbers, company names, and stray letters, outlining trades and price levels in a dense snapshot of market activity.
San Francisco President John J. Balies of the Federal Reserve Bank uses a computer to deposit his salary. He urges widespread electronic payments through the California Automated Clearing House to cut paper and handling costs. Balies notes 26 billion checks cleared in 1972 and predicts check volumes will explode without computer systems. Swan's successor declines to disclose his own salary, which is $67,500 annually.
The Justice Department charged the National Association of Securities Dealers and nine brokerage firms with conspiring to bar a secondary market in mutual funds. The suit named three mutual funds and their principal underwriters, alleging customers must trade through underwriters, limiting broker-dealer competition.
OCR fragment shows scattered references to businesses, locations, and products across a dense, unreadable catalog. It mentions retailers, brands, streets, and districts, with numerous proper nouns and numbers intermingled, lacking coherent narrative or clear event.
Safeway Stores Inc announces an increased quarterly dividend from 34 to 35 cents per share payable March 8 to stockholders of record March 2. The board also proposes raising authorized common stock from 7 million to 7 million shares to preserve future financing flexibility, with no current plan to issue new shares. The note cites other market data and advertising revenue context from the period.
Edward A. McDermott a former Port Lee New York tax collector pleaded guilty to failing to file income tax returns covering 1966 and 1971. He served as tax collector from 1961 until resigning before a federal grand jury indictment last October. He reported income totaling $295 000 in those years and faced federal charges in Newark New Jersey.
Adib Darkazelli, a Syrian who married an American, seeks more time to contest deportation. A hearing is set for March 16 before District Court Judge William Enright. Darkazelli had been on a plane to London Feb 2 when a temporary reprieve and work permit were issued after a brief Las Vegas marriage to Linda Long ended in divorce.
Golden West Airways withdraws from its plan to acquire Los Angeles Airways. James Harmon announces the decision in Newport Beach as the CAB merger opposition lingers. The board cites best interest in focusing on Southern California commuter operations and cites ongoing influence disputes involving CAA and political backers.
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