High Point Enterprise Newspaper Archives Dec 23 1973, Page 6

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High Point Enterprise (Newspaper) - December 23, 1973, High Point, North Carolina 1973 Quot v we term amp savings notes Are registered . Allstate leasing i acceptance corporation Fred g. Culler Corner North Elm a Westwood tot Usui i Litt t Good Neq hot. Snit form a mom 1112 3 Stele term insurance companies Home quiets Bloomington. Illinois Iati Tjit we Cee it term notes a minimum investment $5,000 a payable at maturity Only 9 to a interest compounded daily a earnings Start on receipt of your Check a available to no. Carolina residents Only savings notes a earn 9% per annul return 9.42�o a compounded daily 9 to. Maturity a $50.00 minimum investment a payable on demand no. Penalties a available to no. Carolina residents Only sometimes business can be too Good. In business too much of a Good thing Isnit always a Good thing. That a when you need manpower temporary services. Well get the Job done quickly reliably and professionally. No matter what you re up against. Manpower temporary services Well give you All the help you need. Office Industrial Light Industrial technical data processing medical dental sales my Kenny phone Bonnie Homey at 115 Welt High Street 883-6171 Dow Jones 30 industrials j f Mam j j a Sono represents Zafferson Standard 74 farm prospects Uncertain by Don Kendall a farm writer Washington a there was Friendly talk economic tinsel and glittering Holiday wishes at last weeks National agricultural Outlook conference but none of the experts who looked ahead to 1974 really had the Hearty laughs of Jolly old St. Nick. Economists commodity experts and top drawer Nixon administration officials dutifully appraised the farm situation. They All agreed the times Are very Uncertain. Prices of crops May go up if they done to come Down they said. Farmers might produce More if they get enough fuel and fertilizer. If the weather is Good that is and the world does no to slip into a recession. But that is the Way it is with Crystal balls particularly those tossed about by farm economists. Rarely is a Prophet sure of anything except that he might be wrong. C Kyle Randall chairman of the Outlook and situation Board perhaps illustrated the dilemmas facing economists and Farmers As they move into a new year fraught with uncertainties. Net farm income in 1974, he said might be $20 billion. Or it could be $23 billion. The spread Randall said represents More than a excessive bureaucratic if crops Are a Little Short prices High world markets Are Good and consumer demand at Home Strong. 1974 farm income might slip Only $2 billion from the record of $25 billion this year. But if record crops Are produced a As the administration wants a then prices of wheat com. Soybeans and other commodities will slide and Farmers wind up with $5 billion less next year. Agriculture Secretary Earl l. Butz says Farmers Are in a a new Ball games and that maybe this time it s for real. Experts have thought new eras were happening before he said. And woke up to find that old problems of surplus crop production still existed. Butz told the conference the situation is different and that prospects for world peace and rising affluence in Many countries Are emerging As big reasons Why american Farmers can expect to sell what they grow and not contend with government red tape and controls on production 6a High Point enter prise sunday december 23, 1973 in Holiday crunch and average of 60 stocks business notes a by Ray Hubbard two promoted Winston Salem Jesse e. Smith was promoted to assistant director of Revenue accounting and Ronnie w. Kennedy was promoted to manager interline collections replacing Smith it was announced by m. M. Cooke assistant Secretary and director of Revenue accounting for Mclean trucking co. The promotions Are effective Jan. I according to the announcement. Smith and Kennedy will continue to be headquartered at the Mclean general offices at 617 Waughtown Street Winston Salem. Smith joined the Mclean organization in 1952. And has devoted his entire career with the company to the accounting department. He is a member of the credit executive committee of the i North Carolina accounting Council of the North Carolina motor carriers association. He is chairman of trustees Tor Winston Lodge #449 b p o. Elks. A native of Hattiesburg miss., Smith graduated from r. J. Reynolds High school in Winston Salem. He attended the University of North Carolina at Chapel Hill. With his wife Brenda and their Young son. Smith resides at 5110 Queen Sway Road this City. Kennedy has been in accounting since joining the company in 1960. He was assistant manager interline collections prior to his current promotion. He is Secretary and treasurer of the credit executive committee of the North Carolina accounting Council. Kennedy is a native of High Point and a graduate of Ledford High school. He and his wife Linda reside on it. 2, High Point. Five cited Piedmont natural Gas company has presented pins to five High Point District employees to Honor them for their service to the company. Reo p. Smith a distribution regulator Serviceman of 205 Royal Oaks drive Thomasville received a 25-year pin jewelled with one Diamond. Jack w. Snider a Serviceman of 222 Stratford Road was Given a 15-year pin jewelled with two rubies. In jewelled 5-year pins were presented to James e. Landrum a Utility technician of 622 Liberty Road John h. Ozment. A customer accounts representative of 320 Friddle Street and Walter d. Steelman. A Serviceman of 102 West Springfield. Debits climb Richmond a. Bank debits in All of North Carolina s major reporting business centers showed an increase for the month of november As compared to the same month last year according to figures released today by the Federal Reserve Bank of Richmond. Bank debits in the Gastonia Standard metropolitan statistical area climbed 31 per cent from $210,968,000 to $276,466,000. Debits in the Raleigh Sims a Rose 27 per cent from $2,217,753,000 to $2,812,814,000 and Charlotte Sosa debits gained 26 per cent from $3,138,453,000 to $3,946,535,000. Greensboro Winston Salem High Point debits increased 21 per cent from s3.363.616.000 to $4,073,742,000 debits in the Wilmington Sosa gained 20 per cent from $224,644,000 to $268,973,000 and Asheville Sosa debits went up 19 per cent from $355,955,000 to $424,250,000. Among the other reporting centers debits in Kinston soared 57 per cent from $90,509,000 to $142,137,000 Wilson debits increased 31 per cent from $99,516,000 to $130,293,000 and debits in Hickory gained to per cent from $176,082,000 to $193,790,000. Allstate leasing amp acceptance corporation the new 11 airlines expecting some empty seats averages Rise Chart shows the Rise in last weeks a average of 60 stocks which closed Friday at 273.2 As against 270.4 the week before. The Dow Jones 30 industrials closed 818.75 Friday As against 815.62 a week ago. Analysts said investors were awaiting further developments to indicate the potential Impact of Energy problems on the Economy. Stock quotations does your business need a credit manager secured lending it Quot to businesses i Lii Etna business credit inc. My n Hamilton St. Bon 1188. He Jyh to c ?7?b1 Feu Phon 919 883 til 16 i h Jujj by a working Quot no. Carolina corporation. Mail Coupon today j i Allstate leasing 6 acceptance corp. I 412 East Boulevard i Charlotte n. C. 28209 i i 704 376-9879 i j name. I i address. I i i i a to. I i i a out of town Call collect Ink j by Stephen h. Miller a business news editor new York a fuel shortages and Holiday travel put the nations airlines in the news this past week As they moved closer to a Fraz Ling Christmas season. After weeks of cutback announcements and warnings that travellers should keep their plans flexible the airlines said they could have empty seats on almost All of their Christmas season flights. Many flights they said had. Been booked up by travellers making multiple reservations just to be sure of having one seat to and from their Holiday destination. Many of these seats were expected to show up Only when the travellers themselves Don t show at the ticket counter the end of a 44-Day strike at trans world airlines was expected to add 414 flights Over the holidays further easing the crunch. But it was widely expected that airlines will make a move to curb its problems with a a no shows a people who make reservations but done to Back them up with a ticket. The Normal no show rate has been about to per cent but ifs been growing worse at a time when airlines face major fuel and Economy problems. United airlines the nations biggest Domestic Carrier said its rate for the thanksgiving holidays was 19 per cent. American airlines said its thanksgiving rate was 16 per cent and the carriers said they expected the problem to be about As bad for Christmas. Continental airlines went to the civil aeronautics Board with a plan that would require air travellers to Back up their reservations with a ticket Purchase at least two Days before their scheduled departure. Anyone failing to cancel his reservation before the flight s departure would forfeit the Price of the ticket and the Only Way to get a sure seat within two Days of a departure would be to buy a ticket. A although this might appear to be a harsh penalty a nominal penalty preclude no shows because segments of the travelling Public will be prepared to expose themselves to a nominal penalty in order to have desired said Continental. Warning that airlines should make a every Effort to improve unit revenues during the fuel shortage the cab this week suspended a United plan for 20 per cent cheaper excursion fares to boost Winter travel to and from Florida. Delta and Eastern had opposed the plan asserting that seats were in Short Supply. The cab said United Hadnot proven that discount passengers take seats for which other people would pay full fares the cab approved fare increases on International routes to counter higher prices for Jet fuel. And american asked the cab for permission to talk with other airlines about a a fuel surcharge to handle increases yet to come. Domestic air fares went up 5 per cent dec. I to cover general Cost increases. American said a surcharge tied directly to fuel costs a will avoid the need for Basing fare increases upon speculative future costs while allowing Quick response to the Cost increases already asst. Secretary of agriculture Carroll g. Brunt have who oversees International and commodity programs joined most other speakers in predicting that �?o1974 looks like a very Good year and reminded the meeting that world crop production appears to be rebounding Trade winds extremely bad inflation ahead by Lou Schneider North american newspaper at Ante new York a it s no longer a hush hush matter. Highly respected economists Are openly saying Price inflation Over the next six months will be unbelievably bad. Consumers Arentt impressed by the Washington stories that the rate of inflation in other countries is worse than in the United states. A recent Harris poll shows the Public sees inflation running a out of control and it does no to like it. Prices Are zooming on All consumer items a from local hardware nuts and bolts to autos. Even wearing apparel is going sky High. So is the Cost of keeping warm at Home. Everything is Price spurting and that situation will Worsen. Government economists Are predicting a six per cent inflation rate for 1974 on top of the estimated 5�?T4 per cent rate this year. But business experience economists Are Loeb on Wall Street predicting an inflation rate of close to eight per cent for the next six months. John Hannon or. Chairman of the executive committee of the Bankers Trust of new York says even assuming a prompt Resolution of the Arab Oil embargo economic expansion stands to be slower in 1974 than seemed Likely a few months ago. With respect to the credit markets. Hannon sees no Early or dramatic relaxation on the part of the Federal Reserve. Statements by fed chairman Arthur Burns stress that inflation is the primary concern of the monetary authorities. A the less favourable Outlook for costs and prices appears to strengthen the Case for continuing firmness in Long term interest rates. And that s doubly so because of the likelihood of a substantial increase in corporate Bond financing in 1974.�?� As for bringing inflation under control next year Bankers Trust chief Hannon says the chances have obviously been dimmed. By the associated press quotation from the National allocation of securities dealers and representative infer dealer prices As of approximately 3 30 p in. Daily. Prices do not include retail Mark up Mark Down or com million. Old at Ltd Aero Ron i a a american furniture so 544 Atlanta Gal Light Ami 127a Atlantic Pupil cola 5> 6 4 Bank thar i of n c. I 9 banker Truit of so 79 31 Ballett furniture 19 20 Bedman corp he Belt prods. 7h it Bilo 9 9>4 Black ends to 2 a Branch bark a Truit 45 47 Branner Indi. Of 74 Burky arrs 3 4 34 Burnup a Simi 23 23 a Burris irk 3i� 4 4 Csc finance to io�?T4 Cameron Brown wit. 4 Cameron financial is 16 4 Cannon Mill Ion Ion Carmine food in a Carolina Cai. Int. J�?T9 Carolina pal in none Caro state Bank 19 none Carolina steel 47vii Carolina Wile fio. I none none Cato corp. 4 Smi Central Caro Bank a 76 Central Vermont Iha 114 Champion parts Reb. 7�?Ta in charter Bank Sharei com to i la charter Bank Sharei Deb 90 96 charter co. Pad 24 a a 25 a Chatham mfg last a 14 Isva Cas corp. Of s c. 244 254 Climont no Gastonia 31 none coca cola co. Como. 74 a a Cochrane furniture in 3 colonial lit cd b 26 a 21 a comm Bank Greensboro 17 i 19 a Conner Hornet a a a a context 3 3s Daniel internet. 434 44 a Diamont knead corp. E 4 7h Durham lift int. 23 4 24�?T� Elpaso electric Iota 114 engr aph inc 5 5 a Farmers new Witt life 57 59 Fidelity corp of a. 34 4 Mic corp 64 7 first Cit Bank a to. 465 525 feb of Catawba is 17 a food town stores $ 4 16j4 Forsyth by at is 1534 Franklin Lite ins 25 25 a guardian corp 3 4 s1 War Raison rubber 2 3 Heilig Meyers 344 4v Henredon furniture 14 a 16 a Hickory furniture 4 4 4 a Home Security Lite 40 a 42 a Hoover co. 21 21 a a investment life a to. In 2�?T� j b. Ivey 7 74 jacks food in 24 Lane inc. 22 23 Lane companies is 16�?T a Leggett a plat to la Liberty 20 a none life Assurance of Caro. 7% 2% Little giant 4 4 a Little mint t 4 a Lowe s companies 39 40 a Mack s stores 4l so multimedia la 4 12 4 a cab corp 34�?T 354 no natural Gas 6�?T to 4 Northwest Fin corp is is a a Owesn Fin inv uis 14 14 a no West Fin inv com 13 4 1334 note san Fin inv was in Occidental Lite ins 14 2 4 Oakwood Homes 4 so a Orite 4 4 44 pay n save 12h 121 Peoples Bank of Rocky it 31 40 Phillips Foscoe is 2 piece goods shops 2 2 a Piedmont aviation 34 39 Piedmont real Enate 244 344 planters by Rocky of 25 none Public Sec of no a Iii to a Quality Mills s a 64 Rahail comm 34 4 a Reid provident labs s a 6 Rex plastics 34 4 a Roberts co. In 3 Royal scotsman i in safeguard Auto i 4 34 Salem carpet a 6 4 Sam Soloman 5 so sea Pines 74 a a Security finance corp in 12 4 honeys big boy �T�4 to a Monoco products 214 22 a s c National corp. 27 4 28 Southern feat corp. 23 24 Southern Nat Debs 92 9� spartan food systems Ion a 11 a super Dollar stores 1& 2 Synerson corp 74 i a Gelerent leasing 24 3�?T a textiles. Inc. 9 la thalhimer Bros. A a 9> trans co companies 12 12v transport data common 2v 3 a Tri South Mort. Was. 2a 3 Triangle Brick 3 5 unit inc. 4 a s 4 United Caro ban shares 19 20 a Vermont american la �4 Virginia International 23 a 25 a Virginia Natl Bank 24 244 Virginia Sav shares 5 a 6�?T a b b Walker shoe a 44 Washington group 77 a 24 West knitting a 6 a White shield co i a Wix corp. To 4 la Wright machinery 24 la Pixie so by woh the Energy shortage virtually assures a continuing High rate of inflation next year and probably for some time beyond. A not Only will available fuel supplies sell at significantly higher prices resulting in higher transportation costs and Utility rates but constraints and shortages growing out of the Energy shortfall will push prices of most manufactured goods upward economists and marketing executives agree that any Relief in food prices next year will be offset by rising prices of consumer goods and Industrial products. The annual inflation rate for at least the first half of 1974 is placed at eight per cent or More. What worries marketing executives and Wall Streeter is that Consumers will tighten purse strings As prices skyrocket. That s not Good for business profit prospects. The Stock markets recent Price behaviour is telling that Story. Two tier interest rates predicted by Gerald m. Loeb non anime newspaper Alliance new York when he unsuccessfully ran for the presidency Wendell Wilkie constantly spoke of a one world a no one knows better How much nearer we Are today to a one world than Clausen president of the Bank of America with its offices in 88 countries around the Globe. When i interviewed him in december 1970, he put his Finger precisely on our problems a economic social and financial. He also pointed out the ways to mend them. His remedies were not taken and our troubles have worsened As a consequence. He did not really expect them to be followed. He remarked at the time that they a taste too much like Castor he also correctly forecast that focusing on political Aims would be a major deterrent. A politicians rarely act until we get to the Edge of the Cliffy is his Way of sizing up the present situation. As we Are on the Brink now necessary actions Are finally Likely to begin to happen. We will nevertheless still keep doing Many things incorrectly. A if you wet your Finger and hold it up to the Public Breeze the winds All blow towards rationing the record shows rationing is never the Best Way to accomplish its purpose any More than Are Price controls. The Best that could Ever be said of the historical record of controls is that they might buy a Little time. We have controls and no doubt will have rationing regardless. Here Are some Clausen comments on questions of the Day. On the trend of interest rates in 1974, Short term rates will ease. Long term rates will stay firm this should be True even if the Economy slows. The Stock Market is too Low for equity financing. This forces corporation borrowing which holds up interest rates. Wholesale borrowers will continue to pay More and wholesale loaners receive More than the smaller individual. The latter will both pay less and receive less. Inflation will continue As government still feels restraining Steps politically unpopular. Inflation fuels interest rates. The Basic Cost of Money is perhaps 3 to 3 per cent with inflation accounting for the higher actual rates. Devaluation also was a Factor which increased Domestic inflation a devaluation also was a Factor which increased Domestic inflation a something not widely understood in this country. Or. Clausen finds that foreigners know much More about our Economy than the rank and file Here do about what goes on abroad. He has Long favored a tax to Check inflation. Meet a Good neighbor of yours your family Tansu Ronco mods

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