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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
May 14, 1974
Page
5
The Dow rose to 847.54 up 1.95 as steady trading showed investors cautious amid inflation and higher rates. S&P 500 gained to 90.69 +0.03 while declines led advances among 1744 issues. total volume around 11 million shares.
Mayor Bud Tims proclaims the week of May 19 as Small Business Week. Elmer Cech and Art Dixon of General Business Services coordinate the event. The proclamation notes small businesses employ 35 million people and contribute over 400 billion dollars to the GNP. Posters from the U S Small Business Administration will be distributed to local owners.
The Scottsdale Association of Life Underwriters holds its last meeting before fall this Friday at the Safari Hotel. Chapter President Joe Gietzen will preside at his final formal meeting as new officers are chosen. Guest speaker is Bob Loftus CLU of New York Life Insurance Co and former president of the Arizona Association of Life Underwriters.
Essential Protection Inter insurance Co of Scottsdale filed a Superior Court suit alleging the State Insurance Commission tried to deprive it of conducting business and to subject EPIC to supervision. The suit cites a commission notice declaring EPIC hazardous to the public and policyholders. EPIC says operating expenses are 93 percent of income and the commission claim of a 278 percent loss ratio is denied.
Rep Neal Smith warned that without faster public reporting of new export sales foreign buyers could trigger price gyrations in U S farm commodities. He urged a 48 hour notification rule and backed a strong independent futures regulator to prevent market manipulation and protect supply and demand signals.
Jay Piccinati of Scotts dale Datsun joins the Arizona Automobile Dealers Association board. At the annual convention Sal Lutey Prescott Ford becomes president, Jack Ross Mesa Lincoln Mercury is president elect, Don Sanderson Glendale Ford is re elected vice president, and R B O Rielly Tucson Chevrolet is secretary treasurer. Other directors include Montie Allred Springerville Larry Olson Williams Irven Carter Clifton and Gene Hall Show Low. Re elected directors are William Schminke Globe and John H Matthews Tucson.
Readout of near end of day prices shows varied performance among major issues listed on the New York Stock Exchange with several high and low figures and notable activity noted for several named securities and firms. The listing includes multiple industries from aerospace to utilities and consumer goods with price shifts reflecting the market’s closing snapshot.
UPI reports a chaotic listing of American Exchange stocks with varied prices, highs and lows, and percentage changes across dozens of firms including Ald Control, Petro, Austral Oil, Banister, Brascan, Circle K, Ford, Frontier Air, Husky Oil, Kaiser, Loews, Pfizer, and Yates Industries among others. The data shows mixed gains and losses, reflecting a fluctuating market snapshot.
Standard & Poor's warns that barring surprises the stock market may range sideways until monetary conditions soften. The Dow struggles as breadth indicators lag, with calls to shift from common stocks to precious metals or short-term notes while urging stock purchases.
The Dow Jones Industrial Average rose to 847.86, up 2.27 points, with the Transports at 169.57 up 0.70 and Utilities slipping 1.82 to 78.22. The 65-stock index stood at 255.52, down 0.15, as total sales reached 10.88 million shares.
Reader asks about a blank authorization on repair bills that could allow a garage to place a security interest. The answer says it is not unfair if the customer signs only with consent to be contacted before costly work. It notes a $50 threshold and potential $10 estimate fees applied to the bill if the estimator does the work.
The piece notes that in many industrial nations people are prosperous and demand for U.S. lumber seafood and meat could keep prices at all time highs.
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