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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Aug 12, 1974
Page
5
Independent business surveys by the National Federation of Independent Business tie current inflation to excessive government spending and bureaucracy. The findings show cost hikes from Truth in Lending and Truth in Labeling laws, especially among financial firms, retailers, and agriculture oriented groups, with small businesses bearing the largest burden and prices rising despite higher sales.
Patty Stewart works as an IRS accounting aide in Scottsdale after a Phoenix program move. The on the job training aims for three years to promote to tax auditor, with Stewart completing sooner thanks to an earned degree. She notes no employee discounts but a warmer view of the agency and a raise from about 7200 to 12000 dollars annually.
Downtick and uptick moves across many stocks as the NYSE close shows varied readings. Large cap names such as Alcoa IBM and Boeing display mixed gains and losses amid trading in the late session with notable price changes across sectors.
Readable fragment lists numerous listed equities from the American Exchange with current prices, changes, and percentages for many firms including notable names such as Nat Steel, Pfizer, Philips, Texaco, Penn Central, General Electric, Coca Cola, and RCA. The text resembles a snapshot of trading quotes across sectors.
Sa ul Smerling of Standard & Poor's says markets will be cautious in coming days as programs unfold. Analysts note a 45 point Dow rally may be more than a technical bounce but require higher volume to challenge late July peaks. Some call the rally temporary and not altering long term trends.
Today's closing quotes show gold at 150.50 down 3.00, zinc at 4.18 5 down 0.127, platinum 185.80 up 30, copper 0.83 up 0.012, wheat 4.32 up 0.342, soybeans 7.72 down 0.20, live cattle 47.75 up 0.20, live hogs 38.50 up 0.55, eggs 45.45 cents down 0.05, potatoes 4.67 up 0.17, cotton 52.40 up 0.02, plywood 112 down 0.30.
Dow Jones closes with declines across indices including 30 industrials at 767.29, down 10.01, 20 transports at 160.05 off 1.47, 5 utilities at 69.34 down 0.38, and the 65 stocks at 234.30 off 2.59. Volume reaches 7.8 million shares.
The Scottsdale area chapter of the National Association of Accountants will meet at the Cattle Thieves Steak House on Tuesday. Dinner is at 6 30 p.m. with the meeting at 7 30 p.m. Plans for September include a technical session with gubernatorial candidate Jack Ross.
The Dow falls over 10 points to 766.82 in a dull session with 826 declines and 431 advances. Ford prepares to address inflation and economy, GM faces price increase backlash, Aztec Oil and Gas rises on Barron's commentary, while chemicals and oils show mixed moves.
Robert H. Johnson 58 is named chairman of the board of the Del E. Webb Corp succeeding founder Del E. Webb who died July 4. Johnson, a native of Arizona, had risen to Webb vice president in 1974 and served as president since 1967 and CEO since 1973.
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