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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Oct 17, 1974
Page
6
Reading of the 2 p.m. quotations from the New York Stock Exchange shows a mix of fractional gains and losses among listed firms. Several large names such as US Steel, Uniroyal, and Zenith appear with varied percentages, while smaller issues and miscellaneous industrials display modest shifts.
At 3 p.m. Dow Jones averages show gains in most sectors with the Industrials up 60.58 and Transports up 1.43. Utilities rise 0.19 while the overall index sits at 207.52 as volume trades near 11.94 million shares.
Wall Street chatter notes the rally may be running out of gas as profit taking looms. Analysts advise restraint in releasing reserves and suggest better buying opportunities after a pullback. Sentiment hints at a turn with new economic policy effects and a 28 point week spurt resembling prior bottoms.
Today's closing commodity price quotations courtesy of Madda Trading Company Inc. Scottsdale member of the Chicago Mercantile Exchange.
London gold quotes at 155.50 with silver at 4.652 per ounce and platinum at 176.10 down 1.9 cents. Copper trades 60.20 cents per pound and wheat 5.17 a bushel up 5 percent. Corn and potatoes show declines while cattle hogs eggs pork and cotton move variedly. Plywood at 100.20 per thousand square feet rises 1.80.
Nu-Sash windows by Georgia-Pacific replace all types and sizes of old windows in homes. Aluminum framed units fit existing openings and can be tilted inward for easy cleaning from inside.
The recreation vehicle industry recovers from the gasoline crunch as producers resume production and consumer demand eases. Firms like Explorer and Winnebago report rising output, layoffs trimmed, and plans for expansion while forecasting 1975 sales figures and the impact of inflation on materials.
The Dow Jones industrial average rose 8.76 to 651.05 as trading remained moderate on the New York Stock Exchange. Advancers led decliners 693 to 585 among 1,674 issues, with turnover about 11.85 million shares. Investors noted the Commerce Department reports GNP fell 2.9 percent for Q3, marking back-to-back declines and sparking recession concerns.
The Arizona Bank leads with a 17 percent rise in nine month net operating earnings to 4 055 099 and net income of 3 072 169 as Valley National Bank posts 15 25 percent higher nine month net income to 12 870 000 and a 34 76 percent third quarter gain. United Bank reports nine month income before securities losses of 1 277 673 and net income of 1 289 474, each up about 12 percent.
The Phoenix City Council sold 48.255 million dollars in water system revenue refunding bonds with a single bid from Jill Lynch Pierce Fenner. The firm paid a premium of 1.3748 million dollars for a 6.6832 percent average rate, with a net interest cost of 29.001965 million over 12 years, and the move is expected to save the city about 20 million and delay a water rate increase.
William Hammargren vice president and trust officer for First National Bank of Arizona will address the Scottsdale Association of Life Underwriters at their Friday noon luncheon meeting at the Safari Hotel.
Arizona State University economists David Shrock and Martin Farris describe two automated systems the Black Mesa Pipeline and the Black Mesa-Lake Powell Railroad. The slurry coal pipeline and a fully automated electric railroad aim to cut transport costs for coal from remote areas to users, with potential national and global impact as resource shortages loom.
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