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This newspaper page contains 4 articles. Subscribers can read the full text of each article.
Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jul 12, 1971
Page
7
A chaotic market day on the New York Stock Exchange ends with mixed closes as traders digest late bids and industry rumors. Major banks and energy firms move in varied directions while investors await further guidance from weekend merger talks and regulatory updates.
Pan Am and TWA study a possible merger, warning that approval could trigger waves of airline consolidations reducing competition. Weete criticizes a claim of failure, while Trans-Caribbean Airlines history is cited. Continental warns it would need a bigger partner if American absorbs Western.
The world's first open mart gold exchange will open in Los Angeles next week to trade gold futures payable in pre 1934 British gold coins. David Callahan of the West Coast Commodity Exchange predicts a global gold rush and stronger dollar as the exchange begins operations on February 2. The action hinges on repeal or amendment of the Gold Reserve Act of 1984. Four British sovereigns will be accepted, with other national coins planned.
Norton Simon Inc announces Simon Group has purchased Saturday Review and McCall trade book division for about 38 million dollars. The deal retains McCall’s and Redbook magazines in Norton Simon’s publishing unit while CHM Inc founders Charney and Verdon, aided by Dan W. Lufkin, lead the buyer team. Norman Cousins states he will decide soon whether to stay on as editorial director.
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