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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
May 11, 1977
Page
6
The Associated Press reports late 2 pm quotes from the New York Stock Exchange show declines in the Dow Jones Industrial Average and broad market activity. Major listed firms such as Alcoa and General Electric appear with varied movement, reflecting a cautionary session amid broad price shifts across sectors.
New York AP reports national price quotes on American Exchange trading, showing many securities with varied last and percent change figures. The table lists tickers such as AllegArt AldArt AmSciE and many others with bid prices and daily moves.
AP reports a shift in how prices are set in a cyclical industry. Historically firms conspired to raise costs through a joint formula to preserve stability and avoid ruinous price wars. Executives argue cooperation prevents undercapacity and ensures supply when demand rebounds.
A discussion on how price hikes are justified to the public, the role of consumer perception, and historical federal scrutiny. It describes coordinated signaling among firms, the Council on Wage and Price Stability opposition, and a major firm pledging a limited rise, with praise from industry.
Closing prices from Madda Trading Co list London gold at 147.50 unchanged per ounce and May coffee at 2.49 up 0.02, with cocoa up 0.05 to 1.81. Other commodities show varied moves including May wheat 2.44 up 0.01 and May corn 2.39 up 0.03 per bushel. Market not closed.
The stock market turned downward in New York as traders reassessed a possible tightening of Federal Reserve credit policy and rising interest rate fears. The Dow Jones Industrial Average fell 5.42 points to 930.72 at 2 p.m., after a technical rally on Tuesday that followed a net loss of more than 10 points.
A panel of estate and trust professionals will present a seminar on financial planning for estates at the Phoenix Playboy Club on May 20. Sponsored by the National Association of Accountants, sessions cover estate building, insurance protection, practical planning, trust services, setting goals, choosing a trustee, and the Tax Reform Act of 1976. Registration starts 8:30 a.m. with the seminar at 9 a.m.
IRS offers a free booklet titled Tax Information on Individual Retirement Savings Programs publication 590 explaining how qualified individuals can set up their own retirement plan and receive a tax break. The note notes availability at local IRS offices and outlines IRA tax treatment and restrictions. Meanwhile stock activity shows a 7-5 loser-gainer spread on the Nets York Stock Exchange with Eastman Kodak down 1.54 at 58. Shares traded totals reach 13.20 million. NYSE composite dips to 54.14, AMEX market value index slips to 114.12.
Mountain Bell will roll out a new electronic long distance calling system in Phoenix this year and Tucson next, costing about 19.5 million dollars. The Zero Plus Calling system lets customers dial zero plus area code and number to reach person to person, third number charges, collect calls, or pay phones with automated deposit and overtime alerts.
Abie Nathan, founder of the Voice of Peace, says Israeli treasury officials billed his radio ship off Tel Aviv 725000 for taxes. Nathan, told not to leave the country, denies owing the sum calling the venture non profit. He will meet officials to resolve the issue.
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