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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Aug 08, 1974
Page
6
Profit-taking ended a three day rally on the New York Stock Exchange as traders awaited President Nixon's expected resignation address. The Dow fell 13.14 to 784.42, volume exceeded 16 million shares, while the S&P 500 slipped 1.13 to 81.82 as advances barely led declines.
Arizona unemployment reached 6.7 percent in June the highest this year according to the Department of Economic Security. The work force totaled 803300 with 57300 unemployed after a 5400 drop from May. Seasonal factors and education declines explain part of the rise. new jobs in the year total 22100.
Readable excerpts show Ed Con Ed and various major names with price changes, highs and lows from early session to close. The compiled list highlights utilities, industrials, and technology stocks including Exxon, Disney, Coca Cola, IBM, and General Electric among others, reflecting uneven momentum across sectors.
Scottsdale readers receive news brief dated August 8 1974 with local happenings and notices from the Arizona city, including community events and public notices.
A Financial Digest headline notes profits rising while stock prices fall, suggesting earnings performance does not dictate prices. John Winthrop Wright proposes a $50 federal tax credit for savings to combat inflation. A drought threat could raise commodity prices and hinder inflation efforts. The Nixon era tied optimism to falling food costs.
New York reports mixed close on the American Stock Exchange with diverse results across listed firms. Traders note fluctuating highs and lows as several issues show notable percentage changes and varied volumes.
Dow Jones closing averages show declines across sectors with the Industrials at 784.89 down 12.67, Transports 162.33 off 0.70, Utilities 69.66 down 0.13, and Stocks 238.57 lower by 2.68 amid activity of 16.06 million shares traded.
Commodity closings show London gold at 151 down 2.50, silver 4.34 down 0.258, platinum 185 down 9.50, copper 82.9 cents down 1.9, Sept wheat 4.45 down 1.12, Sept corn 3.63.5 down 0.06, soybeans 8.12 down 0.30, live cattle 48.55 down 1, live hogs 38.25 down 1.20, fresh eggs 46 cents up 0.70, Maine potatoes 4.55 down 0.15, cotton 52.90 cents down 0.62, plywood 113.40 up 0.10.
Unemployment benefits in Arizona increase from 60 to 78 dollars per week starting Sunday, the largest rise under the state law. Eligibility is tightened: layoffs only for willful misconduct disqualify for 10 weeks. voluntary quitting now bars benefits unless reemployment and earnings meet new thresholds. The DES notes taxes on employers fund the program and the rate formula was amended to keep the trust solvent.
Free gifts and refreshments mark a week long open house at Valley National Bank 8200 E Via Paseo del Norte McCormick Ranch. Ribbon cutting at 9 45 a m Monday with gifts such as leather key chains coin banks balloons and aerial photos.
Naval Air Systems Command awards two production contracts totaling 5.68 million dollars to Motorola Government Electronics Division for ANDKW-1 airborne control systems and drone interface units. Units will support MQM and BQM target drones and other drones, with production at the Scottsdale plant.
Scottsdale resident Dale C. Castleman assistant manager at The Arizona Bank’s 69th Street Camelback office is named assistant manager at the Scottsdale Main Brown branch. The Arizona Bank chairman G Clarke Bean announced Castleman joined in 1970 and rose to assistant manager in 1971.
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