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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jul 15, 1977
Page
16
A chaotic session at the New York Stock Exchange shows wide price swings and unusual activity across many issues. Traders awaiting guidance from market leaders faced mixed results as volumes spiked and confidence wavered amid shifting investor sentiment.
Eastern Airlines proposed a 294 dollar two person fare for unlimited travel within 21 days across 106 cities in the United States Canada Mexico and the Caribbean. The plan aims to fill empty seats and mirrors a Eurorail style pass though still pending Civil Aeronautics Board approval through Sept 10 1978.
Flora Comptroller filed a suit accusing four companies and six individuals of defrauding 24 Floridians of 225000 in a Tennessee coal mining scheme. The action seeks recovery of funds and alleges a coordinated fraud involving involved entities and persons.
Pacific Resources Inc of Honolulu confirms it is surveying Otay Mesa near the Mexican border for a potential natural gas production plant. executive VP Joseph Pelletier says the plan is conceptual and that Otay Mesa is one of several West Coast sites under review, with oil to Ensenada then piped to the U.S. for gas conversion.
New York stocks edged higher after a power blackout halted trading on Wednesday. The Dow rose 1.0 point to 4,?0, while the NYSE composite gained to 84.82 and volume reached 13.65 million by noon. Consolidated Edison traded higher midday on order balance. Teledyne fell 10% after a weak quarterly report. United Merchants & Manufacturers dropped 2% to 24 as it trades under Chapter 11.
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