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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Jul 28, 1970
Page
3
A new Grand opening is under way this week offering an auto service area and appliance center. The store will showcase tv sets radios ranges laundry equipment refrigerators and freezers.
Boeing records second quarter sales of 984.8 million with net earnings of 6.8 million. First half 1970 sales reach 1.8 billion while earnings total nearly 13 million, down sharply from 1969. Jet program delays, write-offs, and higher borrowing costs weighed on results. nationwide jobs fell by 33 000.
The FCC approves the sale of KOCO-TV Channel 5 Oklahoma City to Combined Communications Corporation of Phoenix for 6.5 million dollars. Ben K West remains president and GM of KOCO. CCC’s other interests include KTAR TV AM FM Phoenix KBLU TV AM Yuma KYCA Prescott and various advertising and publishing holdings in Arizona Michigan Kansas City and Phoenix.
The Arizona Bank moves up to 156th among U S commercial banks for the six months ending June 30, per American Banker. The upgrade equals a 12 place gain from mid year 1969 standings amid a nationwide field of more than 44,100 banks.
Bennewitz Associates, 532 N Brown Ave, is named regional engineering representative for Gohn Electronics Inc. to handle sales and service for the Cohu product line across Arizona, Nevada, and Utah. Bennewitz will cover broadcast, educational, and closed circuit television equipment and precision instrumentation.
Junius E. Driggs, president of Western Financial Corporation, cites net earnings of 798,632 dollars or 78 cents per share for six months ending June 30, down from a year earlier, blaming higher cost of money and interest on advances. Western Savings shows a record savings gain of 18.6 million dollars, raising total to 233.52 million. New real estate loans totaled 25.791 million, while the loan portfolio rate rose to 6.78 percent from 6.64 percent.
UPI reports analysts caution that peaceProgress delays risk unsettling markets while the Stoele market remains resilient against profit taking. S&P stresses a bull market is not near, inflation remains high, and investors should shift to quality low priced issues. Mack Bushnell Edelman urges caution and profit taking on high risk stocks.
The Scottsdale Area Chapter of the National Association of Accountants was named the best chapter at the national convention in Annapolis. The chapter received a Membership Achievement plaque for a 28 percent gain in membership, accepted by Don Scherrer, past membership chairman and current vice president of the local chapter. Scherrer is supervisor of financial accounting for the Salt River Project.
Philip E. Coates former team leader of the Foreign Tax Assistance Staff of the IRS has been assigned as assistant district director in Phoenix. A 1952 IRS recruit from Welch West Virginia he was chosen from 100 applicants for the nationwide executive selection and development program.
Mr and Mrs Eugene Van Derheydt managers of Motel 6 at 6848 E Camelback Rd were honored at the chain's annual awards banquet in Santa Barbara California with the Most Complimented Manager award for receiving the largest number of complimentary reports from guests during the past year.
Survey by the National Federation of Independent Business shows a drop in both acceptance of bank credit cards by independent retailers and the share of sales run through cards. June results report 33 percent of retailers accept cards and 18 percent of volume via cards, down from April. Possible causes include consumer credit limits, anti unsolicited card mailings, and broader shifts in card usage over decades of data.
The piece notes tentative signs the Dow may rebound after a period of stagnation. It discusses reading suggestions by Bert Edmund Kaplan and Chris Witt, plus works like Stock Market Primer by Rosenberg and The Battle for Investment Survival by Loeb. It also highlights the Boy Scouts Sustaining Membership Drive as a prudent investment. The author invites readers to send questions to the Financial Institute of the West in Los Angeles.
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