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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Mar 08, 1977
Page
5
The final quarter of 1976 saw 33 percent higher capital appropriations at the 1,000 largest manufacturers, signaling a stronger outlook for production facility improvements despite weather and fuel headwinds. The Conference Board reported the jump and momentum into 1977 appears to continue.
The Conference Board reports second highest quarterly total in 24 years, surpassed only by 16.4 billion in 1974. Appropriations by manufacturers, 40 to 45 percent of plant and equipment spending, signal future confidence and support tax-credit rise expectations. McGraw-Hill analysis says plans boosted since last fall, weather issues aside. Douglas Greenwald notes momentum could grow if business improves.
Late 2 p.m. quotations show widespread shifts across major equities and sectors. Large cap movers include CocaCola and IBM with varied gains, while energy and industrials display mixed results reflecting fluctuating demand signals.
AAP list ranks top gainers and decliners on the New York Stock Exchange and American Stock Exchange with percent moves. Winners include Pet CharterCo and GIfMig Rity while declines feature NorCent Air and Vendo Co-Ww Of with notable percent drops.
Scottsdale resident George Iannacone is named assistant food and beverage manager for the Doubletree Inn at Scottsdale Mall. He previously managed the Doubletree Inn in Tucson and holds a University of Nevada hotel administration degree. The move follows Doubletree Inns Inc. operations in Phoenix and Scottsdale.
The Wigwam at Scottsdale Road and Main Street is converting to a 20 shop mall. Owner Lee Jenkins will prize 30 with a winning name. Entries may be dropped at the Wigwam or mailed to Jenkins care of the Wigwam. Judges include Vice Mayor Billie Gentry Malcolm White and Lester Mowry.
Stocks in New York showed mixed results after a moderate morning rise. The Dow Jones average fell 0.08 to 955.04 as trading continued, while NYSE advancers led decliners by 65. Kresge slipped 1 percent to 33 percent after reporting a small profit rise for the quarter ending January 26.
London gold at 147.00 dollars with a 1.75 drop. Coffee 3.00 down 0.09. Cocoa 2.10 down 0.09. Sugar 10.7 cents down 0.30. IMM gold 147.40 down 0.40. Silver 4.874 up 0.02. Copper 68.7 cents up 0.04. Wheat 2.77 up 0.03. Corn 2.56 up 0.24. Soybeans 8.2812 down 0.06. Soybean meal 237.00 down 4.70. Soybean oil 24.95 unchanged. Live cattle 38.42 down 0.33. Live hogs 34.05 down 0.10. Pork bellies 49.97 down 1.08. Cotton 79.7 cents down 1.1. Market not closed. classified ads offered extra money.
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