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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Nov 18, 1974
Page
5
Selected stocks on the New York Stock Exchange move through trades with Aetna Life and Penn Central among notable names. Reports show gains for Grumman, General Electric, and IBM while several firms post mixed results in late afternoon trading.
Wright Investors' Service reports a steady flow of favorable third quarter earnings as evidence of broad corporate strength. They note year over year gains for NYSE-listed firms near 23 percent and advocate a fully invested stance in high quality American stocks as prudent.
Readable traces show selected listings on the American Stock Exchange with multiple stocks including AmPetrofi Austral Oil Banister Brascan Dome Petro Creole P and others. Data includes high low and last prices along with percentage changes across numerous tickers and sectors.
The Dow Jones averages traded lower at 2 p.m. with declines across all major sectors. Industrials fell 18.78 to 628.83, transports down 4.11, utilities down 1.05, and stocks sliding 5.51 to 203.35 as volume reached 11,190,000 shares.
London gold 189.00 up 2.50 silver 443.50 down .20 oz platinum 171.00 down 8.5 Dec. wheat 4.66 down .20 bushel corn 3.54 down .10 bushel soybeans 7.58 down .20 bushel live cattle 37.30 down .07 ewt eggs 56.6 down 2 cents doz potatoes 5.20 down .20 cwt diesel 39.15 down 1.12 plywood 101.00 down 2.50 thou. sq ft
Broad NYSE declines follow evidence of a deepening recession and rising inflation. The Dow falls about 13 points near noon. GM and Ford face layoffs. Chrysler eyes December shutdown. U S Steel contemplates more furloughs amid a prolonged coal strike.
Senator Paul Fannin told Industrial Heating Equipment Association delegates that Congress bears blame for inflation and the energy crisis. He urged spending cuts and a balanced budget, and touted a bill to curb federal spending while supporting an export stimulating trade bill as crucial before adjournment.
Democratic governors meeting after the elections urged Congress to tackle inflation immediately. Gov. Hugh Carey of New York and Gov. Wendell Anderson of Minnesota pressed for swift passage of bills addressing inflation and unemployment, saying the ball is in the Democratic court.
The IRS Phoenix District warns the public about tax avoidance schemes using foundations and trusts. Promoters misrepresent profits as exempt activities, but tax, penalties, and interest apply. Employers may face withholding failures. contact IRS Taxpayer Service at 1 800 352 6911 or 257 1233.
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