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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
May 13, 1963
Page
3
A reader asks about buying 1000 shares in a bankrupt engineering firm in reorganization. The advisor urges caution, noting bankruptcy stocks are speculative and often fail, and recommends evaluating trustee financials, plus readiness to lose money. The column also confirms proper reporting of mutual fund dividends and capital gains for tax purposes.
In Kansas City APD reports William Craig Whitney , 56, arrested for allegedly trying to steal a typewriter from the Muehlbach Hotel. He was released 16 hours earlier from Leavenworth where he served a three year sentence for the same offense while in possession of a government owned camera. In Shrewsbury UP I Mandy Hill, age five, who has won 32 beauty contests, retires from competition to focus on education.
Wall Street sentiment hints at a pretext for a market shakeout as gains stall and resistance remains high. Moody's notes 49 of 53 groups rose in April, led by metals, coal, airlines, and textiles, while paints, films, biscuits, and cans lagged. Bleiberg says breadth widened with speculative issues rising yet quality leadership persists, advocating selective buys in steels, aluminum, and savings and loans.
Construction has begun on a $1 million, 100 unit apartment project by Amscon Construction Company of Scottsdale. The 24 fourplex units for J. Curry Co. rise on Palm Lane near Scottsdale Road, west of Papago Lanes. Mortgage arranged by Home Savings. Ed Post and Tom Jackson Realty co brokers. unit features include air conditioning stoves and garbage disposal.
New York dispatch notes diversifying industrial targets as states use financing aid tax breaks and training to attract factories. South Carolina emerges as a leader, expanding beyond textiles to adding machines automotive products and electronic gear while maintaining its strong textile base. Also Gibraltar Savings names Claud Williams loan service manager in Phoenix Scottsdale.
Flori Investment Company of Phoenix announces Polynesian Plaza a 250000 development at McDowell Road and 68th Street. The 1.9 acre project will include a 90 by 45 foot restaurant leased to a California pizza firm and a shopping center with a laundromat barber shop and other services. Construction starts in June with completion set for September. Architect is Aarph Haver and Associates.
Wonderbowl-Downey Corp seeks settlement with sub contractors after H and J Construction Co. bankruptcy pauses Palm Terrace project on 70th Street and Palm Lane in Los Angeles. Local agent Robert Shackleford says plans will be announced soon as talks continue.
Charles Preston, Scottsdale insurance agent and owner of C. A. Preston Insurance Agency, was elected president of the Mutual Insurance Agents of Arizona. The one day convention was held at the Executive House Arizonian on Saturday morning.
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