Fed slows growth target as inflation fight continues
AP analysis notes the Federal Reserve Board’s latest cut to its growth target for consumer savings described as a prudent step. Critics, including John Wright of Wright Bankers’ Service, argue the policy conflicts with objectives to boost personal savings and capital formation while high interest rates impede borrowing and housing activity. The piece cites weak industrial output, slow GNP growth, and a stubborn 7.0 to 7.25 percent prime rate as signs of a sluggish recovery.
MENTIONED IN THIS ARTICLE
John Cunniff
NEW York
Federal Reserve Board
Fed
Arthur Burns
House Banking Committee
John Wright
Wright Bankers’ Service
Wright
U.S
Stock Quotes Show Mixed Gains Across Major Stocks
US market quotations list broad gains and losses with notable moves by Pfizer, PepsiCo, Shell, Texaco, and IBM among others. Prices vary, NASDAQ and NYSE listings reflect trading activity as traders monitor market shifts and corporate results.
Market declines on unemployment rise in New York
The Dow fell 3.40 to 983.28 as unemployment rose to 7.8 percent from 7.5 percent. Losers outnumbered gainers 3 to 2 on the New York Stock Exchange while trading was light with 9.45 million shares by mid afternoon.
MENTIONED IN THIS ARTICLE
New York
Stock Exchange
Lee Entr
Alamera
BansirCil Lt
Brascana
Medfield Cp
Idria
Phoenix St
EarthRes
BradRa
Essex Ch
Resrtsindla
FlyDia
Frontier Air
Syntex
GiantYel
Xonics Inc
Kaisrind
Zimmer
KinArk Crp
Associated Press
U.S
Commodity closings wrap up trading day
Lindsay Trading Company reports mixed futures prices for London gold at 112 50 up 0 50, IMM Sept gold 112 70 up 0 50, Aug silver 422 up 0 37, Oct platinum 157 00 down 0 90, Sept copper 7 3 down 0 4, Sept wheat 3 30s down 0 4, Sept corn 2 78 down 0 1, Aug soybeans 4 33 2 up 0 2, Aug live cattle 37 47 up 0 20, Aug live hogs 42 50 down 0 72, Aug pork bellies 64 57 down 1 3, Sept treason eggs 9 1c up 0 55, May Maine potatoes 764 down 0 7, Sept plywood 15470 up 0 90, Oct cotton 76 27 down 0 3, ID Sept sugar 11 1c down 0 42.
MENTIONED IN THIS ARTICLE
Wy Clarke
NEW York
Dow
ConsuPow
Va Jones
ContAir Lin
Indus
CntiGrp
Br— Ve
Conttelemm
Cooper
NEW York (Ap
Craig
Va Stock Exchange
Crown Cork
CriZel
Curtis Wr
Dartind
Rai Amf Inc
Dayco
DeltaAir
Dennys
Arizona
DillonCo
AlcanAlu
Disney
Dresser
duPont
AMBAC
EastAir Lin
Ahess
Eaton
AmCan
Am Motors
Exxon Anatr
Amt&t
Va FairCam
Fairind
Mat Va Ampex Corp
Filtrot Cp
Apeco Corp
ArchDan
Armco
Asarco
Fiintkot
AsniOil
AtlRich
Va FdFair
AtlReh Wi
Va Fordm
Vg Formck
Atlas Corp
Finkinm
Ba Ae Ma
Avco Corp
Freepm
GamSk
Gafcp
Wat Balige
GenHost
GenMills
Bendix
Va BenfiCp
Gtelel
Es Benguet
Borden
Gerber
Brunswk
Goodrh
Goodyr
BucyEr
Grace
Bulova
GtAyiPac
Bunk Ramo
GtWnFin
GrGiant
CBS
Hercules
CartWall
Heublin
CastiCk
Houshp
Chris Craft
John
Chrysler
Dirtcorp
Impicpa
Inco
Ingerr
Itek Corp
London
Maine
Sac
Scottsdale executives take posts in Phoenix bureau and business
Bill Palten of Scottsdale named secretary treasurer of the Phoenix and Valley of the Sun Convention and Visitors Bureau. Al Overend of Scottsdale Chamber of Commerce elected to the bureau’s Business Briefs board. Donald H. Ulrich Jr. chosen president. Officers installed at Mountain Shadows Resort.
MENTIONED IN THIS ARTICLE
Bill Palten
Scottsdale
Arizona Resorts
Ramada Inns
Phoenix and
Valley of the Sun Convention and Visitors Bureau
al Overend
Scottsdale Chamber of Commerce
Bureau
Business Briefs Board of Directors
Donald H. Ulrich Jr
Mountain Shadows Resort
Johnson
Valley Bank
James L. Hildebrand
Honeywell
Phoenix
Hildebrand
Also Mentioned on This Page
FRB
Business Mirror
Scottsdale (Az
Daily Progress
Dow Jones
New York Stock Exchange
Ama
Northp
NwstAirl
Nwt One
Norton
NorSim
Owenllt
PacGas
Pacitg
PacPetri
PacPw
Pactt
PanAm Air
Panep
Patrxp
PenDix
Penney
PaPwit
Pennzol
PepsiCo
Pfizer
Pheipd
TriCon
Phila
Searieg
PhilMorr
Sears
TwenCen
Dte
ShellOwn
Ualiinc
Pneumo
Signa Ib
SingerCo
Fae
Smithkdine
SonyCp
Pubickr Ind
SouthCo
Uniroyal
Sonres
SguPac
Quaksso
Usind
Questor
Wus Steel
StBrand
UnTech
RCA
Stdoha
UniTel
Upjohn
Rancom
Socnon
Raytheon
SterDrug
Varian
Wachova
Revion
Warnerl
E Reynin
Ye WasWatl
Royccol
Ye WestgEl
Royid
Ryder Sys
ZenithRad
Ttel Corp
1Ijewel
Aun
LehVal Ind
Lenmn
Levitz Furn
Ava— Va Lockhol Airc
LukenSt
LykesCp
Mohaseo
Monson
Mondu
MonPw
Ve Mor Nor
Motorola
MtStTel
NCRC
NatAir
Madda Trading Company, Inc
Chicago Mercantile Exchange
Salt River Project
Carl Bowers
Thornwood Acres
Bowers
Phil Carr
World Shrinkers
Judy Zaber
The
Progress
Paula A. Sebel
Carr Agency
1611
E. Camelback
Suite 9
James H. Johnson
Valley National Bank
Mesa Drive University
Yvonne Burford
la Belle Plaza
35Th Avenue
Dunlap
Burford
N. Miller Rd
John Riou
Fabric Shop
Lutheran Brotherhood District
Niagara Falls
Ontario
Canada
Roger Carrington
FIC
Windsor
Wilbur Jack
Jenan
American Exchange
McDowell Mountains
Paradise Valley
Dick Turner
Pinnacle Peak Developers
East Pinnacle Peak Road
Datsun
Batsur
Scotts
Scottsdale Road
Ecllong
Tom
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