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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Mar 10, 1976
Page
6
AP reports that many corporations expect annual meetings to rival political conventions in intensity with shareholders pressing for accountability. Advisers from Touche Ross expect questions on economic performance corporate behavior and directors’ stewardship as signs of recovery raise scrutiny of earnings borrowings and bank stability.
Washington reports show January new home sales at a half year low while consumer installment debt hits a 14 year high as auto loans drive borrowing. Health and welfare data indicate welfare rolls are dropping ahead of new Bicentennial year forecasts.
Pima County copper production dropped by 100 million to 350 million last year yet remains the nation’s top district. Walter Heinrichs Jr of Heinrichs Geoexploration cites six major local mines for the county total and notes weaker demand from construction and autos. Major mines cut production and laid off workers.
J Michael Curto a vice president of United States Steel Corp spoke in Phoenix arguing the American economy requires constant capital investment to grow He warned against antibusiness policy high taxes and excessive regulation and urged continued savings profits and capital formation to fund a $50 billion 1983 replacement and expansion plan for the steel industry and to meet national capital needs.
New York stock quotations show varied performance with major averages fluctuating as investors react to corporate results. Notable movers include heavyweight tech and industrials stocks while several consumer brands post gains and losses amid ongoing market volatility.
The Dow Jones industrial average rose to 1,000 for the first time after midday trading in New York. The 30 blue chips posted about a 6 percent gain as gainers led decliners 76 to 0 among NYSE issues. Early trading was subdued but gained momentum as prices advanced.
London gold 134.00 up 1.25. IMAM gold 134.16 up .70. Apr silver 4.4297 up .?. Apr platinum 138.00 up .10. Mar copper 7c. Mar wheat 83.6844 down .054. Mar corn 2..... May cotton 40.05 down .58. May sugar 14.81 down .01. Market not closed on above items.
The sixth annual Western Dairy Conference March 16 to 19 at the Doubletree Inn will focus on milk pricing amid a two-price system. Dairymen from 11 western states, led by Ernie Cornwall, will discuss consequences of a one-price plan and related marketing concepts. A tour of local dairies in Maricopa County is planned.
The Arizona Department of Revenue reported February luxury tax collections on liquor and tobacco dropped 16.6 percent from January to 4.13 million dollars. The February total was 1.9 percent below February 1975, with fiscal year to date at 34.4 million dollars.
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