High Point Enterprise Newspaper Archives Feb 24 1974, Page 6

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High Point Enterprise (Newspaper) - February 24, 1974, High Point, North Carolina Ca High Point Enterprise sunday february 24,1974 Trade winds Oil company tax hike should not be painful business notes Vuk �?~i1 a by Ray Hubbard by Lou Schneider no Rte a Art rot newspaper Al Luct new York uncertainty Over what action Congress might take to curb Oil companies a excess profits accounts for the unsettled Stock Market Price action of the shares. But Sidney Brown economist for the venerable financial amp commercial chronicle calmly Points out that last years sensational leap in profits should not be taken to mean that some kind of Peak in profits has been reached. On the contrary a chances Are Good that profits will be higher in this Quarter of the year than the 1973 final Quarter though climbing at a slower reason the stranglehold limitation of Domestic refinery capacity prevents output from catching up with demand. Browne a study of the Industry a profits clearly shows an uptrend in this Quarter and probably for the april May june Quarter a in View of Long term fuel needs the Industry can be expected to remain in the enviable position of being in a Sellers based on data compiled by the Federal Trade commission profits of Oil delay sought in rules on feedlot pollution by Don Kendall a farm writer Washington apr the agriculture department is working behind the scenes to delay new Federal rules aimed at curbing pollution caused by water Runoff from livestock feedlots operated by Small Farmers. Regulations proposed thus far by the environmental Protection Agency would apply to larger units and Are a expected to be in operation by july 1977. The guidelines As designed now will apply to operations having More than 1,000 beef animals 700 Dairy cows or 2,500 hogs. They were drafted by Epa under authority of Federal water pollution control act amendments approved by Congress in 1972. Although All but the very Large operators were excluded from the 1977 timetable the us a has been urging the full compliance schedule for smaller producers be stretched out so that Farmers will have More time to make decisions on whether to undertake ant pollution investments or change Over to other types of production. Meantime however a Law suit has been filed by National resources defense Council inc. On behalf of environmentalists to Force Epa into enforcing ant pollution rules for All Farmers irrespective of size. The lawsuit aside department officials say the current plan is for Epa to begin announcing water Runoff regulations to cover smaller farm operators by next november. One us a official said privately he Hopes the regulations would be proposed in Steps according to farm livestock operation size so that producers could have several years beyond 1977 to begin complying. Congress has held assorted hearings on the feedlot Runoff situation and More can be expected As the Impact of enforcing the proposed new rules becomes apparent. Meantime us a is collecting All the statistics it can to help bolster its Case for a delay in the Over All timetable. The latest research was included in the february Issue of a farm Index a published by the economic research service. If All livestock producers had to comply with the Epa. Guidelines Farmers would have to spend at least $750 million for facilities initially the report said. Although facilities required to meet the guidelines would vary with size location and Type of livestock four Basic components would be required diversion terraces to prevent fresh water from flowing across feedlot production Sites and open lots settling basins to collect solids which Settle during Runoff retention Ponds to catch and temporarily store Runoff and waste water and up umps and irrigation equipment to empty the holding Ponds and distribute the effluent onto farm land. According to the ers report a gathered from state universities and other sources a Dairy Farmers stand to pay $300 million for installing ant pollution systems. Hog producers if All had to a comply would be faced with a Bill of $280 million with four fifths coming from those who turn out fewer than 500 head per year. The report said cattle producers would have to install about $133 million Worth of facilities if the guidelines Are applied to All meaning that two thirds of the Cost figure would be. Borne by those who sell fewer than too head per year. A some of the producers that can withstand the added financial Burden May decide to drop out of the Industry a the ers report said. A for. Some uncertainty about future environmental controls. May cause them to postpone investment companies Rose at an annual average of Only five per cent Over each of the past five years including the first nine months of 1973. Profits of manufacturing companies in the same period were up an average 9.1 per cent say the Etc figures. Chronicle economist Brown and Bank investment economists say that while chastising of the Oil Industry makes Good headlines in an election year any eventual legislation will not Benefit the Public much. To economists there is no such thing As a excess profits in a free Economy that it is the business of corporations to get the highest profit it can a subject to the Law and regulations of the land. Moreover never before has Congress imposed an excess profits tax on any Industry in time of peace. When done in the past it was to finance a War. What Congress could do is go after the Industry a depletion allowances foreign tax write offs and special benefits from intangible drilling costs. But despite the outcry by congressional politicians concerning the Oil Industry so excess profits a important investment managers do not look for it to be hit by any tax penalties of consequence. Transferred John h. Bynum assistant vice president has transferred from a cab Greensboro and joined the main office Here. He is John Bynum succeeding James l. Pearce jr., who became a cab Thomasville City executive in january. Bynum a native of Greenville attended East Carolina University for both undergraduate and mba school graduating from the latter in 1970 at which time he joined a cab in Winston Salem. He moved to a cab Greensboro in 1972 As a commercial loan officer and was promoted to assistant vice president in july 1973. Bynum is single and will be moving shortly into the new Westchester key apartments. Refunds an estimated $250 million May be flowing Back into the North Carolina Economy this Spring As a result of tax refunds to nearly two million of the states Consumers. The refunds which May average $60 from the state and $150 from the Federal government would be returned to taxpayers who had too much Money withheld from their. Paychecks during the year. A a traditionally people have used these refunds for building a savings nest egg or for catching up on their Christmas Bills a said e. Lee Cain senior vice president and head of Wachovia a banking offices in High Point. A judging from recent trends in the National savings rate this year we expect a larger percentage of the refunds to go into savings than in past he said the National a savings rate a the percentage of disposable income channelled into personal savings a has jumped dramatically in the last few months. The rate Rose from 5.7 per cent at the end of september last year to 6.9 per cent at yearned a the largest one Quarter increase since 1969. Manager r. L. Samuel of highpoint has been named regional joins staff Harold Lea has joined Crescent Ford Here As sales representative Gin tan m. Bertsch president an Harold Lee . Samuel Stock quotations by Thi associated priss quotations from the National Anocia Tion of securities dealers Ara representative inter after prices As of approximately 3 30 . Dally. Prices do not in crude retail Mark Mark Down or commission. A id a Shad pm i a i to Lave lava a 7 Tow 79 31 17 Llu i none 71 7 ii 11x 2�?T non 43 Al a 7�?T 3 4 12�?T non Llu. I9 a 3�?T. 4 Loeb on Wall Street Mutual funds performance by Gerald m. Loeb North american news paper Alliance new York Nana a there seem to be As Many factors to consider in determining which particular Mutual fund to buy As is the Case with the general run of stocks. At the inception of the fund concept investors locked up their purchases. The extensive declines in the Market prices of funds in Bear Market years have prompted an increasing number to attempt to buy their funds when they Felt the Market was Low and sell them out when they judged the Market was High. A Large proportion of fund investors look almost exclusively at purported historical performance comparisons. It is not easy to judge performance. The past is not always a reliable indication of the future. The Standard methods of calculating performance mostly make no deduction for taxes the investor necessarily pays. The figures reflect reinvestment of both Gross capital gains distributions and dividends. This inflates performance records. They Are Best understood when presented graphically and in tabular form. The comparison of results on a percentage basis with various other indexes for different time periods Are on the whole not truly comparable. You compare apples with oranges if you fail to make the necessary corrections with your own Pencil. This is especially True if risk is disregarded. Computer direct tons advisers Robert Levy a imaginative group in Silver Springs md., is inaugurating their newest publication a a risk adjusted Mutual fund performance this is compiled for the use of institutions Banks brokers Money and portfolio managers. Individuals can subscribe but they usually ask their brokers or Mutual fund salesmen to allow them to examine the compilations. The figures most Likely to be misunderstood Are the percentage gains and losses Given for very Brief periods. Aero Ron american furniture Atlanta Gas Light Atlantic Pepsi co ban shares of no. Banners Trust of so Bassett furniture Beeman corp Best prods. Bilo Blee ends Branch Bank amp Trutt Branner kinds buckram Burlington Katr. Burnup amp Sims Burns kinds. Csc finance Cameron Brown it Cameron financial Cannon Mills Carmine foods Carolina Cas. Ins. Carolina pal 9.10pfd i Caro. State Bank Carolina steel Carolina Wise Flo. Cato corp. Central Caro. Bank Central Vermont Champion parts res. Charter ban Sharet con charter ban shall Deb charter co. Pad Chatham mfg. Class a Cas corp. Of . Citizens is Gastonia coca cola co. Consol. Colonial lit cd b comm. Bank Greensboro a Conner Homes context Daniel internet. Diamondhead corp. Durham lit ins. Elpaso electric Evgraph inc Farmers a wild life Fidelity corp of a. Filc corp first if Bank Trust feb of Catawba food town stores Forsyth by Ltd. Franklin Luins. Guardian corp. Harrison rubber Heilig Meyers Henredon furniture Hickory furniture Hoover co. Investment lit a to. . Ivey jacks food Kenan transport Lane inc. Lane companies Leggett a Platt Liberty Bank a Trust lit Assurance of Cero Little giant Little mint Lowe s companies Mack s stores multimedia a cab corp. No natural Gas Northwest Fin corp no West Fin inv no West Fin inv Corn no West Fin inv was Occidental Lite ins Oakwood Homes out pay n save Peoples Bank of Rocky of Phillips Foscue piece goods shops Piedmont aviation Piedmont real estate planters by Rocky it Public of no qualify Mills Cattail comm. Raid provident labs Rex plastics Roberts co. Royal scotsmen safeguard Auto Salem carpet Sam Solomon sea Pinas Security finance corp stoners big boy Monoco products . National corp. Southern net corp. Southern Nat Debs spartan food systems super Dollar stores Synerson corp. Tier end leasing textiles inc. Thai Homer Bros. Trans co companies transport data com mull. Tri South Mort. Was. Triangle Brick unit inc. United Caro. Ban shares Vermont american vol Genie International Virginia Natl. Bank Virginia Sav thares b b Walker shoe Washington croup wast knitting White shield co. Wix corp. Wright machinery to operational manager of. Seven districts for roses stores inc. Samuel has managed several roses stores throughout this state Virginia and Tennessee. Flounced. Lea comes to Crescent after la years in paint sales and contracting in High Point he is married to the former Joanne Wischum of High Point they have four children and live at Hio Clyde pm. Lea is a native of Fayetteville. Lea was president of the High Point Jaycees in 1967-68 year and vice president of the state organization the following year. Debits up Bank debits in All of North Carolinas major reporting business centers showed an increase for the month of january As compared to the same month last year according to figures released today by the Federal Reserve Bank of Richmond. Bank debits in the Asheville Standard metropolitan statistical area climbed 68 per cent from $404,000,000 to $679,580,000. Debits in the Raleigh Sosa Rose 44 per cent from $1,954,-699,000 to $2,823,946,000 Durham Sosa debits gained 42 per cent from $560,056,000 to $794,490,000 and debits in the Charlotte Sosa in Jam Louier Dean a average of 60 stocks 290 Holiday men 1973 4j4 390 325 300 275 250 200 Fri 1974 j a s Ono j i Mam j Dow Jones 30 industrials 130 1973 Iii 1974 goods in this Van Are protected by the Best trained moving men in town my in in in who Wear this Emblem it Loi Jason j foam j Market up the Stock Market climbed last week with the Dow Jones average closing at 855.99 Friday up from 35.67 from the week prior. The associated press average Rose by 9.0 Over the same period to close at 286.4. Analysts attributed the gain to investors anticipating an end to the Arab Oil embargo and to falling interest rates. Insure yours. A moving a local a nationwide a worldwide a storage a locally owned and operated your Mayflower agent Granville moving and storage 801 s. Hamilton St. Phone 882-0151 Fred p. Newby president Steve Foster. Oen mor. Craig Newby. Sales mor. Creased 27 per cent from $3,714,049,000 to $4,718,016,-000. A Wilmington 3m3a Mas Rose 15 per cent from $&3,� 160.000 to $302,703,000 and debits in the Fayetteville Sosa gained 13 per cont from $260,478,000 to $294,0,-000. Greensboro Winston Salem High Point Sosa debits increased to per cent from $3,638,796,000 to $4,004, 956.000 and debits in the Gastonia Sosa went up 9 per cent from $265,298,000 to $289,734,000. Bank debits representing primarily the value of checks drawn on demand Deposit accounts excluding . Government and Interbank accounts Are reported monthly to the Richmond Reserve Bank by 36 fifth District centers. Jul and Day w a know when to turn off and ,y Darken with intrigue when its Bunny and Bright. Then Clear automatically indoors and at night. Come in. Ask about photo Gray glasses made to your prescription. Westchester mall phone 883-4315 e2-24-4 Rhoto Nav it a re lettered treatment Al Cornin Cie it works. Distributorship will not interfere with present employment no Selling required we Ore selecting distributor for fat moving product in High Point and tur Burbon areas. These products Ore advertised on television and radio and in newspaper and not onal Magazine ate. Company will place product in retail Choin store and shopping Center Oread and distributor will service these retail outlets requiring approximately 30 hours spare time per month. Spa reports $50 and up profit per location per month. Figure the income you desire per month. You Moy have from to to so locations. The minimum investment is $1,993 secured by written buy Back guarantee. Company secures locations and installs product for you. This ii a Bona fide ofter and if you Ore not sincere about owning your own business or do not meet the above financial requirement let not waste each other time. For o personal confidential interview our National marketing director ii in town this Whf a Only. Calli or. Richard Neiswonger 919 273-5594 in Greensboro l2 24. Collect Calls accepted Call sun., mon., tues Only 9 a.m.-9p.m. Rand corporation talk to the int Egon listener. He a More interested in hearing what son your mind than in telling you what son his. V fit. Robert Mcclellan. C la Timothy r. Yates a in Tegoni 115 s. Hamilton St. Telephone 8830424 attention or. Businessman the trucking strike the crucial Energy shortage the unstable Economy with these and other factors flexibility has become a a must in the office and factory. Personnel flexibility is the speciality of manpower temporary services. With manpower you Cai have either office help or factory help on a daily weekly or indefinite basis. By using manpower your unemployment insurance rate nor other government obligations Are effected plus our employees Are bonded insured and guaranteed. For More information Call manpower temporary services at 883-6171 and Well have a representative come by at your convenience to discuss your needs. 12-24-4 Biu

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