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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Oct 26, 1977
Page
20
Merle R. Rawson of Hoover Co. argues floating exchange rates create accounting problems despite global inflation. He notes Hoover Co. conducts two thirds of its business overseas, highlighting the complexity of international currencies.
Hoover's global profits ride on foreign sales while currency swings hit earnings. The firm notes the floating exchange regime brings volatility and government intervention. In 1975 currency moves cut earnings by 67 cents a share. last year write offs left 52 cents. Britain’s pound rose from 1.70 to about 1.74 dollars, complicating hedging and UK subsidiary ownership at 45 percent.
Reader asks about Swiss franc and banking links to investing. The columnist explains inflation, devaluation, and currency effects on American goods and how to shield savings. He stresses that governments can devalue currencies, lowering prices of U S goods abroad while profits stay in dollars. Next week's column promised.
The passage argues that the United States runs a trade deficit by buying $100,000 in goods while selling only $50,000. It cites energy shortages and inflation as factors making American goods noncompetitive abroad, increasing the need to import.
Local merchants on Mercer Lane Sundown Plaza near Scottsdale Road host the second annual Mercer Lane Madness jubilee from 10 a.m. to 5 p.m. Saturday to collect dry and canned food for the Arizona Food Bank. Activities include rock bands clowns a high school cheerleaders car wash Darth Vader lookalike arts crafts show and Star Wars costume sellers with reduced merchandise and services for one day. Food donations will be accepted via several collection containers along Mercer Lane.
New York AP reports the Dow edged up to 804.14 by 2 p.m. after dipping into the 790s earlier. Gainers led losers on the NYSE as volume hit 15.23 million shares amid light bargain buying and short-covering, with traders wary of a sustained rally. The NYSE composite rose to 49.95 and the ASE index to 111.40.
Scottsdale Community College announces two seven week Thursday night noncredit investment courses starting Nov 3. Each costs 20 dollars and meets at Arcadia and Saguaro high schools. Richard Anderson teaches Changing Investments in a Changing World seven thirty to nine thirty p m in Arcadia room 220. Richard Rogers teaches How to Make Money Make Money seven to nine thirty p m in Saguaro room 219.
The Phoenix Tax Workshop will hold an all day seminar from 9 a.m. to 5 p.m. Saturday at the Towne House in Phoenix. Topics cover planning for moderately wealthy families, 1977 tax changes, the Tax Reform Act of 1976, estate and gift planning, and divorce related tax planning. The $50 fee includes materials coffee break and luncheon. Contact Julius Rubenstein CPA at 3550 N Central Ave Phoenix 85012 for registration.
The New York Stock Exchange doldrum list shows 2 PM Dow Jones averages with gains in Industrials and Transports. Selected late prices include many major issues with notable changes, including Ampex and Coca Cola among others, reflecting mixed moves and notable percentage shifts.
London gold trades at 163.00 up .25 per ounce December coffee slips to 160.50 down 1.00 per pound Cocoa for December falls to 172.10 down 5.10 per pound Sugar for March at 8.59 up .03 per pound Silver for December at 4.873 down 0.055, copper at 55.70 down 1.10 per pound Wheat for December at 2.6542 up .05 per bushel Corn 2.11 rising .03 per bushel Soybeans December 5.375 rising .10 per bushel Soybean oil December 18.27 up .46 per pound Soybean meal December 147.10 up 2.40 per ton Live cattle 41.80 up .10 per cwt Hog futures 39.65 up .42 per cwt Pork bellies 49.20 down .12 per cwt Cotton December 51.25 down .40 per pound Market not closed.
Merrill Lynch lists prices for firms with Arizona ties. Entries include AZL Res 2% 2a and APS W944 19% 14% Newberry 4% 14% Patagonia 7 Te with values shown and small variances.
Stocks show TG&E at 1544 rising 14 percent with 1 percent in others while WestFin climbs 10 percent hitting 10 as markets reel from mixed trading. Investors monitor shifts in energy and finance sectors amid cautious outlook.
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