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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Oct 11, 1976
Page
5
The New York market shows mixed readings with major indexes fluctuating as Dow Jones components like Exxon Mobil and General Electric move within narrow ranges. Investors sift through earnings results and commodity prices while seeking direction from the broader market action and notable corporate performances.
The Dow Jones average fell 13.38 to 939.00 by 2 p.m. as banks and investors paused for Columbus Day. Volume on the Big Board was light at 10.85 million shares with many institutions closed. Brokers cited sluggish economy and policy uncertainty ahead of the presidential election. Ford Motor dropped 1.58 to 56 amid strike settlement resistance from some union members.
London gold quoted at 114.25 up 0.55 while December copper at 56.5 cents fell 0.03. December soybeans at 46.34 a bushel down 0.16, and December live cattle at 41.65 up 0.93. Also shown: December cotton 2.12 cents, sugar markets, eggs and pork bellies with modest moves.
An Associated Press compiled snapshot shows varied prices and percentage changes across multiple issued stocks on the American Stock Exchange. The list highlights figures for Hartz Mountain, Aegis Corp, Atlas Copper, Kaigrind, Austral Oil, and several others with bid and offer movements and daily performance indicators.
AP reports a week of mixed signals with a drop in the index of leading economic indicators wholesale prices rising and unemployment staying high The data underscore a fragile economy and carry political implications as the indicators foretell a clouded economic outlook.
In this 1976 column economists like Yale's Richard Ruggles challenge the wholesale price index and unemployment data as meaningful, noting revisions and sampling limits. The piece discusses how such figures influence policy and campaigning, with Ford and Carter using them strategically.
Governor Raul Castro opened the 29th Town Hall by urging analysis of past trends and new ideas to build a strong economy. He cited four essentials: balanced growth full employment stable prices and a balanced budget with no deficits. He urged attracting new industry and highlighted water and energy as key growth factors. He voiced optimism on cash flow improving due to faster tax collections and lower spending.
Motorola Government Electronics Division promotes Martin J. O Sullivan to manager of contracts overseeing compliance and systems across logistics and field engineering. Gary C. Strohm becomes Scottsdale office manager at Great Western Bank and Trust, succeeding Robert Tanner who moved to Florida. Frederick R. Hunter takes Phoenix downtown manager role. Swartwout Productions promotes Philip Gessert to motion picture and film editor and Dee Dee Dehning to office manager production coordinator, expanding logistics and production teams.
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