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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Nov 02, 1973
Page
5
UPI reports a fifth-day decline on the New York Stock Exchange with the Dow down 9.41 to 939.42 as 657 issues fell and 511 rose among 1,575 traded. Oil majors led gains with Phillips up, while Canadian oils fell on a government tax hike. Ryder Systems led volume.
A financial columnist explains stock options as contracts to buy or sell shares, notes writing calls against existing holdings as a potential high return with limited risk, and offers to share worked examples. It also covers reconfirmation notices to double check pending orders and recalls historic stock exchange seat prices.
RB Furniture plans a grand opening celebration at its new Scottsdale showroom, store number 47 nationwide and second in Arizona. The event runs a month with an end prize drawing for RB original design furniture. The store features 40 room settings, RB factory designs, free delivery, decorating services, and fabric styling options.
Scottsdale police warn auto leasing agencies about rising theft risk as winter tourists arrive. Detective Dale Samuels urges two forms of ID and hotel verification, plus photographing renters where allowed, to deter thieves and aid recovery of stolen vehicles. He says police will share suspect information with dealers to boost safety.
Selected stocks on the American Stock Exchange and New York Stock Exchange list wide swings with many issues trading near unchanged or modestly higher. Several large names such as Boeing, Coca Cola, Exxon, General Electric, IBM, and Ford appear among quotes with varying last prices and percentage changes as traders digest market conditions.
Dow Jones averages show mixed moves at 2 p.m. with industrials down 11.44 to 937.39, transports up 0.04, utilities down 0.29, and the overall index at 287.27 while volume reaches 11.92 million shares.
Paul V. Shank reveals expansion plans and a major management reorganization of his firm now handling all food, beverage and banquet services at the Safari and Scottsdale Hilton Inn hotels in Scottsdale. Phil Kenerson becomes partner and vice president. Fritz Christinat also joins as partner and vice president after leaving Holland America Cruises. Shank says the reorganization is needed to support growth and notes strong operating methods with the Scottsdale hotels.
Rex J. Morthland of the American Bankers Association urged a package approach to reform the financial system while criticizing piecemeal legislation. He criticized ending rate differentials between banks and other lenders, saying conditions do not support the move for the foreseeable future.
The Arizona Consumer Loan & Finance Association elected officers and board members for 1974 at its 35th annual convention at Mountain Shadows. Scottsdale residents Thomas A. Harvey and Floyd F. Nietert II were among those chosen for key posts, with Harvey reappointed president. Other officers include John W. Hills as second vice president, C. Leslie Hogg as treasurer, and Don Herzer as secretary.
Great Western Bank features a Silver Center Coin display in its Financial Center lobby downtown and in Maryvale and Thunderbird offices. Franklin Mint selected the bank as the first Phoenix metro area institution to host the Silver Center, showcasing unique silver coins and commemorative medals.
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