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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Aug 13, 1974
Page
6
A nationwide Buying Power survey ranks Scottsdale as a high performing market with a 142 sales activity index, 42 percent above the national average. Local spending helped merchants surpass 1972 sales records, totaling over 333 million dollars, while net earnings after taxes reached 489 million.
The New York Stock Exchange close shows prices, highs and lows for numerous stocks including Allied, Air Products, American Can, Amex, Boeing and Coca Cola. Readout lists figures for each issue with change data and multiple company tickers across sectors.
A broad list of stocks shows mixed moves with high volatility across sectors. Major names include Petro, CirK, PacPetr, Textron, and Pfizer posting varied gains and losses while overall market sentiment remains cautious.
Standard & Poor's says new economic initiatives from President Ford could boost market confidence but inflation remains a deep rooted problem. Stocks likely stay in a trading range as investors reassess fundamentals and await a clearer upturn. Merkin & Co notes a continued down trend with a neutral outlook for the coming weeks.
Prices courtesy of Fred Schaffer of Bache & Co. Inc show gold at 151.00 up 0.50, silver 4.54 up 0.36, platinum 195.50 up 10. Copper 0.848 up 0.018 per pound. Wheat 4.515 up 0.20, corn 3.54 up 0.10 per bushel. Soybeans 8.02 up 0.30, live cattle 48.75 up 1. hogs 40.05 up 1.50 per cwt. Eggs 47.45¢ up 0.02 per dozen. Maine potatoes 5.15 up 0.50 per cwt. Cotton 54.30 up 0.02 per lb. Plywood 111.80 up 0.10 per thousand sq ft.
Dow Jones closing averages show declines across sectors with the Industrials at 756.00 down 10.88, Transports 157.96 off 2.09, Utilities 68.31 down 1.03, and Stocks 231.03 lower by 3.27. Volume traded totaled 10.14 million shares.
Blue chips trend lower on the NYSE with 1,089 declines and 974 advances among 1,712 issues. The Dow drops 11.27 to 756.02 and the S&P 500 falls 1.36 to 78.39 while volume nears 9.4 million shares. President Ford’s speech fails to specify inflation restraint actions. AMEX shares trade lighter with glamor issues weak. Dome Mines and Homestake Mining lead gold stocks higher as Xerox, Burroughs, and IBM lag.
Major improvements on the Fountain Hills entrance are finished with Shea Boulevard widening to four lanes within a quarter mile of Saguaro Boulevard. The $75 000 project adds left turn lanes medians and lighting funded 75 percent by McCulloch Properties Inc the Fountain Hills developer and the rest by Maricopa County Highway Department.
Valley resident Donald E. Cline chairman of United Way commerce and industry division expresses confidence in meeting the campaign goal of 3.5 million dollars. He oversees solicitors drawn from about 1,500 local companies in greater Phoenix Scottsdale. The six week drive uses loaned executives, roughly 25 to 30 people, to run full time campaigns.
First National Bank of Arizona names Thomas C. Weir and C. Lew Montgomery to lead new retail banking and operations divisions. The changes encompass branch administration, trust, marketing, property management, telecommunications, and document handling. Hospital edge not mentioned.
James E. McDonald senior vice president for administration at Southwest Forest Industries has been elected to the board of directors of the Arizona chapter of the Financial Executives Institute.
The U S Department of Labor cites Paradise Valley Investigation and Patrol Services Inc for failing to pay overtime since May 1 1972. The federal suit filed July 30 in Phoenix seeks a injunction and payment of wages due under the Fair Labor Standards Act.
Larry Dugan Jr. of Scottsdale was unopposed in a secret ballot race to continue as business manager of Operating Engineers Local 428. Incumbents C.K. Featherston Logan J. Wilkins William Carnell and Charles A. Slack won three year terms. The election was conducted by Walmsley Eikner and Pelly CPAs.
Weir announced appointments of managers and representatives to service Combined’s policyholders. Roger Darrington of 8109 E Windsor joined 165 Lutheran Brotherhood district reps at a regional sales conference last month in Boston. Darrington qualified for the event through the Minneapolis fraternal society’s top sales clubs for 1973. Darrington belongs to the Glen Nurkka Agency based in Scottsdale. Fred Jones of Paradise Valley was elected president of Cyprus Specialty Steel Company, formerly Garland Steel, and has over 25 years in steel fabrication including prior leadership roles with Arizona fabricators. Gary E. Tesch of Scottsdale was promoted to executive vice president from general sales manager.
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