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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Oct 21, 1974
Page
6
Selected NYSE stocks show mixed trading as Aetna and Air products gain while Amoco and Coca Cola fall. The list includes numerous named companies such as Am Airlines AmCan Ford General Motors Pfizer and Xerox with varied percentage moves and price levels reflecting a mid afternoon snapshot of market activity.
Today's closing commodity price quotations show London gold at 157 dollars up 1.75. Oct silver 4.96 up 0.131. Platinum 182.8 up 4.80. Copper 0.57 down 0.01. Wheat 5.20 4.5 cents. Corn 3.82 75. Dec soybeans 8.58 up 0.10. Live cattle 43.62 up 0.27. Live hogs 45.15 up 1.50. Eggs 0.6510 up 0.019. Pork bellies 70.55 up 1.50. May potatoes 5.95 up 0.25. Cotton 0.4585 down 0.12. Plywood 100 down 2.20.
The 30 industrials rose to 658.32, up 3.44 points, while the 20 transportation averages advanced to 150.80, up 1.77. Utilities slipped to 69.24, down 0.96, and the 65-wide market index stood at 210.54, up 0.88.
New York American Exchange stocks show varied moves with AmPetrofl2 trading around 344, Circle K and Creole P among upward and moderate gains. Notable tickers include Austral O10 with a small gain, and Frontier Air showing modest activity amid mixed intraday results.
The piece argues that corporate bankruptcies serve a corrective role during recessions, noting a spike in failures in late September, rising debt totals, and surveys showing confidence among executives that bankruptcies will increase. It cites Omega-Alpha filing for bankruptcy and banks pressuring secured debt as a sign of the needed repair to overextended credit systems.
Prices rose slightly on the New York and American stock exchanges in a slow session. The Dow edged up to 657.48 as 1,692 issues traded with advances outnumbering declines 665 to 591. Five hour turnover was about 10.5 million shares, below Friday. Investors had earlier benefited from rate cuts but largely ignored that factor today.
Commerce Clearing House reports a 9.4 percent rise in total bankruptcy filings for 1974 to 189,513, with nonbusiness filings dominating at 168,767. Wage earner plans grew to 29,019 and voluntary filings reached 156,962, while California led with 38,412 pending cases by June 30.
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