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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Dec 12, 1974
Page
6
Scottsdale reports on local commerce with brief notes on firms, prices, and market activity. Items include company moves, openings, and notable financial updates affecting the price or availability of goods and services in the Phoenix area.
Chemical Bank sees 1975 environment improving from recent deterioration with inflation easing to 7 8 percent, profits down 5 10 percent, and short rates falling to 7 8 percent by mid year while consumer confidence nudges up. Ehrenkrantz Logan & Ross warns the bear market not over yet amid oil-price chaos. Reynolds Securities calls Dow at a critical juncture with support near 580 600 and potential rally to 660 675 then 730 750. a renewed breakdown could trigger more liquidation.
London gold 175.00 up 2.00 per oz Fed silver 4.222 up 0.102 per oz tan platinum 168.20 down 0.30 per oz Mar copper 56.5c down 0.1c Ib Mar wheat 4.8134 up 0.5c bushel Mar corn 3.654 up 2c bushel Jan soybeans 7.41 up 0.10 bushel Feb live cattle 42.35 down 0.25 cwt Feb live hogs 45.85 down 0.50 cwt Feb pork bellies 68.35 down 1.10 cwt Jan fresh eggs 58.1c down 0.7c doz May Maine potatoes 4.55 down 0.15 cwt Mar cotton 39.86c down 0.14 c Ib Jan plywood 10.20 down 0.60 thous aq tt Mar sugar 4.33c down 0.06 c Then a note that some markets were not closed at time of report.
The Dow Jones averages show gains in industrials and transportation in midday trading. The industrial average rises to 595.98, up 0.63, while the transport index sits at 141.09, up 0.55. The utilities average is 68.25, up 0.09, with the overall volume around 11,170,000 shares.
Valley National Bank official Rick Ireland told Scottsdale Bar Association that Arizona will outpace the nation in a slow recovery through mid 1975. He forecast inflation easing to eight percent next year and six percent by year end, with unemployment rising before a rebound.
The piece argues consumer spending is falling faster than expected and retailers will slash prices further. Sears Roebuck leads the trend with ongoing large cuts, pressuring others to follow as inflation erodes real sales. Federal data show weak October credit growth and November sales lag after inflation.
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