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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Nov 16, 1973
Page
6
Interior Secretary Rogers C B Morton led the formal opening of the first American Indian bank in a ceremony in Washington. Barney Old Coyote of the Crow nation was named president as the privately funded institution aims to underwrite Indian business ventures and attract more than 200 million dollars in treasury deposits at about four percent.
Stocks rise sharply in New York after a Nixon hint that Arab nations may end the oil embargo. The Dow Jones average rebounds from a morning loss of 1.66 points to gain more than 20 points after the president’s statement.
IRS Arizona district director Robert M. McKeever says the Cost of Living Council Phase IV rules require posting new ceiling price stickers by Wednesday. Stickers list the ceiling price and minimum octane, with separate labels for each gasoline grade on a pump.
The Commerce Department shows after tax corporate profits fell $100 million from Q2 to Q3 totaling $71.5 billion as durable good production dipped. GNP rose by $32.5 billion to $1,304.5 billion while wages increased $9.2 billion in October. Factory output up 0.6 percent. Foreign balance of payments improved with official reserve balance firming to a $2.1 billion surplus.
Readers ask about commercial paper as a secure short term investment for about $20,000. It explains that commercial paper suits large buyers with high denominations, offers lower interest costs for issuers and higher yields for investors, but is not ideal for small portfolios.
NYSE lists selected stocks with mixed moves at 2 p.m. quotes. Amoco, Exxon and General Electric show notable price changes while several others post gains or losses, reflecting varied investor sentiment on performance and earnings outlook.
Scottsdale business brief notes market trends and local commerce developments. Includes mention of firms active in the area and notable price movements affecting local investors and merchants.
The savings and loan industry urged President Nixon to authorize federal savings and loan associations to accept tax and loan accounts and deposit U S government funds. They cited about 11.3 billion dollars held in noninterest deposits at commercial banks and argued thrift institutions could provide housing funds during mortgage shortages.
Castle Investments of Arizona bought the five acre Continental Center at 68th Street and East Camelback Road in Scottsdale. The two year old garden office park will be leased by the David H. Murdock Development Co under Dennis F. Kemp. Continental Bank Paine Webber Russ Lyon Lawyers Title and McCulloch are tenants.
The Salt River Project issued new directives to cut energy use across SRP facilities. Vehicles must not exceed 50 mph except emergencies, non-essential trips are banned, rides shared, and auto AC usage halted until next summer. Building cooling stays at 78F or higher and heating at 68F or lower. Water heaters temperatures reduced and fountain night lighting banned except as needed. Interior lighting reduced during working hours with prior night reductions. exterior lighting remains limited to security needs.
First National Bank of Arizona has opened its first overseas banking office in Nassau Bahamas The branch aims to give direct access to international money markets and serve customers with overseas interests The move follows a period of strong Arizona export growth and rising foreign investor interest in manufacturing property and distribution facilities.
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