Consumer Outlook Brightens in 1971 Says Top Bank
AP analysis notes that major banks see 1971 bringing gradual improvement for consumers. Unemployment may stay above 5 percent but trends downward. inflation stays high with annual average near 5 percent. rates likely ease from 1970 levels and credit expand. Wages rise, housing expands with 1.7 million conventional units and 400000 mobile homes. savings around 6 percent of take home pay. The consumer, battered by recession, is central to recovery as buying power climbs.
MENTIONED IN THIS ARTICLE
New York
Pennsylvania
Wharton
Wall Street bullish on Nixon expansion plan prompt
North American markets show strong optimism as President Nixon eyes aggressive spending and easing money policy. Analysts warn 8 percent growth with 4 percent inflation risks overheating the economy before 1972 elections. Ford calls policy inflationary while funds chase year end gains and a potential payroll tax to fund health programs.
MENTIONED IN THIS ARTICLE
Alliance
New York
Wall Street
Nixon
Federal Reserve
Washington
Ford Motors Board
Henry Ford
Last-Minute Gift-Giving Brightens New York Week
New York reports a Christmas week uptick in business as Chase Manhattan Bank cut the prime rate from 7 to 6.5 percent. The move, echoed by major banks, boosts bond prices and raises expectations of Fed discount-rate cuts. Senate sends investor protection bill to the White House amid stalled debates on SST, quotas and welfare reform.
MENTIONED IN THIS ARTICLE
NEW York
Chase Manhattan Bank
Chase Manhattan
Federal Reserve
Fed
Washington
Senate
White House
Congress
Market Gains as Inflation Slowdown Lifts Dow to 828.38
Little market movement during a holiday week gave way to gains after inflation showed signs of slowing. The Dow Jones Industrial Average closed at 828.38, up 5.61, while the Associated Press 60-stock average rose 2.8 to finish at 282.3.
MENTIONED IN THIS ARTICLE
Dow Jones
Associated Press
Indian Head Dip Sales and Earnings Slip for 1970
Indian Head Inc. reports unaudited 1970 sales of 414 million, down from 435 million in 1969, a five percent drop. Net income fell nine percent to 12.2 million, with earnings per share at 2.55 versus 2.86 last year, and fourth quarter earnings at 3.1 million or 0.65 per share. The year ends Nov 28. textile group profits lagged last year despite a strong fourth quarter, with GM strike impacting metal and automotive products earnings.
MENTIONED IN THIS ARTICLE
Indian Head, Inc
James E. Robison
Robert W. Lear
Indian Head
General Motors
Metal and Automotive Products
Queen Elizabeth Delinquent on Cleveland Heights Tax
Cuyahoga County lists Her Majesty the Queen in right of Canada as owner of the Canadian consul residence in Cleveland Heights for a 1968 street lighting assessment of 27.74 dollars. Canadian Consul Bruce Marshall says the listing is a formality and Canada owns the dwelling, and no bill was sent.
MENTIONED IN THIS ARTICLE
Cleveland, Ohio
Elizabeth II of Britain
Cuyahoga County
Canada
Cleveland Heights
Bruce Marshall
Chicago Politician Replaces Air Photo With Smog Image
Representative Ronan Pucinski of Illinois removed a hanging old aerial picture of Chicago showing clear air and replaced it with a newer image depicting the city veiled in smog. The swap underscores concerns about air quality in the city.
MENTIONED IN THIS ARTICLE
Washington
Ronan
Pucinski
D-Ill
Chicago
Three New Officers Promoted at Integon Subsidiaries
Integon President J Edwin Ollette announced the promotion of three officers from Winston Salem subsidiaries. Darryl D Andrews becomes assistant vice president of Integon Life Insurance Corp with long time service as manager of research and development for computer applications. R M Covington is named assistant vice president of Integon Life in systems support, joining Integon in 1965. Arthur L Fagg becomes assistant vice president of Integon Computer Corporation and heads systems operations, directing services of the Information Services Division.
MENTIONED IN THIS ARTICLE
Integon
Winston- Salem
J. Edwin Ollette
Darryl D. Andrews
R. M. Covington
Arthur L. Fagg
Andrews
Integon Life Insurance Corp
Covington
Kinney promoted to vice president at Georgia Railroad Bank
Ray M Harold Kinney son of L. H. Kinney of 4300 S Main Street Augusta has been promoted to vice president of Georgia Railroad Bank and Trust Co. in Augusta Ga. He led data processing automation since 1963 and has risen from assistant cashier in 1965 to assistant vice president in 1968. He resides at 2713 Rosewood Drive with wife Margie McAlhany and their three children. ABAR net income notes a 1 million dollar 1971 cash position boost from plant discontinuations in several cities.
MENTIONED IN THIS ARTICLE
Harold Kh. Kinney
L. H. Kinney
S. Main Street
Georgia Railroad Bank & Trust Co
Augusta
Kinney
Alderman Stukes
High Point
The
Georgia Bank
Trinity High School
Lees McRae College
Augusta College
University of North Carolina
Rosewood Drive
Margie McAlhany
That City
Arwood Corp Sees 1970 Sales Near 29 Million And Potential Loss
Arwood Corp projects 1970 sales around 29 million with a small operating loss likely due to aerospace slump GM strike and Rolle Division losses. Jet shapes joint venture with Chromalloy shifts airfoil sales. Management optimism for 1971 cites cost controls and growth in vacuum melting and die casting lifting earnings by 12 to 15 cents per share per every million in sales.
MENTIONED IN THIS ARTICLE
Arwood Corporation
Rawson L. Wood
Arwood
Jetshapes, Inc
Chromalloy American Corporation
Wood
General Motors
Rolle
William O. Sweeny
Federal Reserve survey shows Fifth District bank loans rise
The Richmond Fed weekly survey reports the 28 largest Fifth District banks increased gross loans by 40.2 million to 9.176 billion for the week ending December 16. Demand deposits jumped 424.1 million while time deposits fell 9.5 million. Investments decreased 7.0 million and securities lending and other loan categories shifted with mixed gains and losses across financial and nonfinancial loans.
MENTIONED IN THIS ARTICLE
Federal Reserve Bank of Richmond
Fifth Federal Reserve District
Alleged Mobster Outlasts Deportation Effort
New Orleans reports that Carlos Marcello, described as Louisiana Mafia boss, defeats a federal bid to deport him as an illegal immigrant. Judge Lansing L. Mitchell voided the 1961 case due to a seven year statute of limitations. U.S. Attorney Gerald J. Gallinghouse said the government will drop its appeal.
MENTIONED IN THIS ARTICLE
New Orleans
Carlos Marcello
Louisiana
U.S. Dist
Lansing L. Mitchell
U.S. Atty
Gerald J. Gallinghouse
Also Mentioned on This Page
Adams-Millis
Adams-Millis Corp
Elm Street
Church
English Streets
John Cunniff
By Lou Schneider
Wall
SEC
Thur
Jfmamjjasond
Elizabeth
Gilbert H. Clinard
Goofproof
Cooper
Cass Co
Main St
George P. Clark
C.S.A
Hayden Place
Ray M
Atwood
Los Angeles
Cleveland
Groton
Ed Lyon, Jr
C.la
Gatewood Ave
Mary Humphreys
Baleg-Msachandiging
West High Street
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