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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Apr 29, 1974
Page
4
San Francisco based Federal Reserve Bank region expands with a 24 hour computerized check processing center serving the San Francisco and Phoenix areas. The move aims to curb late checks by ensuring quicker clearance for deposited items beginning Monday.
Scottsdale Community College students in Vernon Guyman’s Mathematics for Social Life and Management class play the Executive Game a simulation of the U S economy. Nine firms compete producing goods with computer balanced sheets and weekly printouts showing each firm’s performance under evolving government rules and market conditions.
Stocks drifted higher on light trading in New York with the Dow slipping 0.94 to 833.70 near the close before a mild rally. The S&P 500 fell 0.22 to 89.96 as declines slightly outweighed advances among 1,735 issues, with turnover around 10 million shares.
McDonnell Douglas Astronautics awarded three subcontractors for a two year Air Force satellite terminal program. GTE Sylvania to supply laser and opto mechanical structure for 1.1 million, Varian Associates to provide photo multiplier tubes for 225 thousand, Motorola to develop high speed data processing electronics for 140 thousand.
New York Stock Exchange closing quotations show widespread moves with notable declines for several names. Heinz and Hershey listed among food stocks while Kraftco and Lockheed display mixed performances amid a broad market backdrop.
UPI reports mixed results on the American Stock Exchange with gains and losses across sectors. Notable movers include Brascan and Campany stocks showing solid moves while others like Frontier Air and Gen Cine slip or wobble.
The Dow Jones Industrial Average gains 0.78 points to 835.42 as 10.17 million shares traded. Notable spots include 20 Transport, 15 Utilities, and 65 Stocks listings with mixed moves and a broad array of company quotes.
Wall Street firms say 1974 shows stock market strength amid political and economic shifts. They note a modest one percent decline since January, attribute resilience to heavy liquidation over years, and report strong first quarter corporate earnings. Dividends may rise as profits remain solid despite inflation.
Prices listed courtesy of Fred Schaffer of Bache & Co Inc cover London Gold at 168.50 unchanged, July platinum 241 down 6, copper 1.38 up 0.032, corn 2.74 down 0.10, wheat 3.92 down 0.18, soybeans 5.43 down 0.17, live cattle 43.35 down 1.00, hogs 32.57 down 1.50, fresh eggs 37.55 down 0.02, Maine potatoes 15 unchanged, cocoa 1.00 up 0.455, coffee 69.40 unchanged, plywood 118 down 3.00.
Arizona Central Credit Union opens its fourth office at 1011 S. McClintock in Tempe Central to serve about 4,000 members in Tempe Mesa and South Scottsdale. The credit union, with offices in Phoenix Tucson and Flagstaff, has more than 20 million dollars in assets and 14 000 members statewide. L G Weaver is president and general manager.
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