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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Jul 08, 1975
Page
6
NYSE quotes show the Dow Jones averages slipping at 2 p.m. with Chrysler, Citicorp, IBM, and General Electric among notable movers. Trading remained uneven as investors weighed corporate results and market breadth, with several blue chips posting gains while others retreated.
Commodity closings report from Madda Trading shows London gold at 164.50, IMM Sept gold at 168.00, July soybeans to 5.36, July wheat at 3.22 and July corn at 2.87. Markets also list live cattle 45.45, pork bellies 83.72, eggs 42.75, cotton 46.85 and sugar 15.23 with varying changes.
John J. Riccardo was named to succeed Lynn A. Townsend as Chrysler Corp. chairman at a special New York board meeting. Eugene A. Cafiero was chosen to succeed Riccardo as president as Townsend retires after nine years in the role and Chrysler posts a $52 million loss last year.
Valley National Bank elevates Robert R. McCormick to assistant vice president in Scottsdale dealer finance and Robert F. Gaffney Jr. to sales manager central division. Both are Scottsdale residents with long bank tenures and community ties. McCormick joined in 1967. Gaffney began in 1974 after time with Bank of Hawaii. The Doubletree Inn at Fashion Square earns Mobile Travel Guide listing. Scottsdale chapter of the National Association of Accountants meets today to discuss plans for the upcoming year.
AP Business Analyst notes that while some observers declare recession over others warn of slow recovery. May consumer confidence remains very low, orders show mixed strength, and energy prices plus drought and floods threaten outlook. Jobless rate around 7.5 percent foresees seven million idle workers.
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