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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Jul 11, 1974
Page
6
A shopper recounts 30 60 90 day time payment for a color TV where computer generated notices charged interest despite an agreement to treat the sale as cash. The credit dept. altered the account, yet the machine kept adding interest and later claimed a payment for tax records.
The Powell River Alberni Sales Corp announced an 15 percent price hike for newsprint, effective August 1, boosting tonnage costs from 213.50 to 245 dollars. Since March 1973 the price has jumped from 177.50 to 213.50 and now to 245, a total rise of about 38 percent, according to Acting Publisher Willis Brown.
The New York Stock Exchange closes with selective gains and losses across many stocks. notable names include Air Products, Alcoa, Am Airlines, CocaCola, Exxon, IBM, Citicorp, Boeing, General Electric, PepsiCo, and DuPont among others, with varied percent changes and closing levels. Investor activity shows uneven performance across sectors and large capitalization firms.
Selected American Exchange stocks finish the day with varied gains and losses. Notable movers include Brascan showing a small rise, Dome Petro advancing, and Circle K posting a modest uptick while several names report declines or minimal changes amid overall flat trading.
Dr Harold Fearon of Arizona State University reports June activity in Arizona repeats May trends with only small gains in new orders and production while prices paid for major inputs keep rising. Inventories rise but controlled. new business stalls near December 1970 levels. Employment up as 29 percent hire, 11 percent cut jobs.
Ford Motor Co, ranked as America’s No. 2 automaker, is the 11th largest U.S. steel producer. A $150 million expansion at the Rouge complex near Dearborn will lift annual raw steel capacity by about 750000 tons. The new hot strip mill, first built in the U.S. since 1970, processes 10 inch slabs to coils for Ford’s body parts, with major customers including Ford itself and other industries when auto demand drops.
About 150 cosmetologists from across the country will gather July 14 19 at Marriott's Camelback Inn for the National Interstate Council of State Boards of Cosmetology Convention Delegates are state board members with Arizona cosmetologists invited to join Monday sessions Topics include communication chemical hair relaxing and salon management Officers will be elected Thursday and an installation banquet will be held Thursday evening.
Dow Jones closing averages show declines with BOIndus down 759.62, off 2.50. Transp down 148.72, off 1.27. Utilities rise 0.10 to 66.08, Stocks off 0.90 to 227.13. Daily trading volume reaches 14.64 million shares.
Investors fear higher rates and possible more scandals at Franklin National Bank. Argus Research says relief comes only if rates fall and the Fed nudges monetary growth toward its target. E.F. Hutton notes market weakness as monetary policy tightens, with the Dow off about 120 points since mid March.
Stock prices closed mixed with the Dow down 2.73 to 759.39 and the S P 500 slightly higher at 80.14. Declines led advances about seven to five as volume hovered around 14.87 million shares amid investor caution over inflation and rising rates. The Federal Reserve was to release weekly demand figures after the session.
The July crop report lowers 1974 wheat production to 1.925 billion bushels, with corn acreage also below optimism from March. Despite the drop, the wheat harvest remains near a record, though demand and stock figures imply a thin reserve and a tight supply balance for 1974-75.
Arizona Bank announced a 17.2 percent rise in net operating earnings for the first half of 1974. Chairman and CEO G. Clarke Bean projected stronger earnings for the full year and said the Arizona economy is tracking the anticipated pattern for 1974.
The FTC charges Sears Roebuck and Co. used bait and switch to push higher priced appliances. Sears denies the claim and vows to fight, noting $58 sewing machines were in stock and a consent decree may be required within 10 days.
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