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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Nov 12, 1974
Page
6
NYSE quotes show broad activity with hundreds of stocks listed. Notable names include Amex AMAX Pfizer IBM CocaCola General Electric and Kodak with varied price changes and performance signals across sectors.
A.W. Zelemek Associates reports no broad public return to markets yet while noting upturns remain at reasonable levels. Inverness Counsel Inc. says the economy is settling, with rising prices expected to taper and borrowers to accumulate.
Closing price quotations from Madda Trading Co list London gold at 181.50 up 50, Dec silver 482.50 down 10.50, Dec wheat 4.925 down 0.20, Dec corn 3.73 down 0.55, Nov soybeans 8.055 down 0.20, Dec live cattle 36.90 down 0.72, Dec live hogs 38.77 down 1.05, fresh eggs 58.55c down 0.06, cotton 41.75 down 1.60, plywood 102.30 down 1.90 per unit edges.
Dow Jones industrials fall to 668.65 at 2 p.m. with 30 stocks down, Transport average down 1.13, Utilities at 71.22, and overall index down 1.16 points. The snapshot shows broad declines across major sectors as investors reassess gains.
Scottsdale brokers predict a short term rise in stocks but warn the long term may stall or fall after January. Arthur Highland expects gains to year end, then a downturn as Democratic policy takes hold. Some see a bear market lingering while oil, inflation, and political shifts shape the economy.
Market movement stayed modest with the Dow down to 669.90 as 53 issues fell and 506 rose on the NYSE. Turnover reached about 6.1 million shares while oil and coal news added some negative backdrop, including a nationwide coal strike and higher oil royalties. Savannah Electric steady, Coastal States Gas up, Occidental down, oil stocks mixed.
International air transport chief Knut Hagrup warns airlines must curb fuel costs or take collective buying and possible in house refining. He cites fuel rising from 8 10 percent to 20 30 percent of costs and predicts 1974 and 1975 will bring record profit declines for carriers.
John Grey president of the Standard Oil Company of California will headline the ABIE council 13th annual salute to education banquet. The event opens at 7 30 p m at the Safari Convention Center 4601 N Scottsdale Rd and invites business industry and education leaders.
Kennecott Copper Corp criticizes proposed EPA copper smelter emission rules as an unnecessary economic burden. A spokesman will oppose the regs at a Dec. 3 public hearing in Ely, noting Nevada rejected parts of its implementation plan affecting the state’s only copper smelter. Nevada approved Kennecott’s plan in 1972, which aims to meet federal SO2 standards. Nevada Mines Manager W. H. Winn backs the plan as adequate to meet air standards.
First National Bank of Arizona cuts its prime from 11 percent to 11 percent effective today. The prime rate is the rate charged to the bank’s best borrowers. The move affects big loans and top-tier credit customers.
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