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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Jan 03, 1974
Page
1
President Nixon signs an 11 percent Social Security increase amid misgivings, lifting the average retiree payment from 161 to 181 dollars and couples from 276 to 310. He also signs defense, SBA loan, disaster relief, 55 mph speed limit, and rail restructuring bills, with wage base rising to 13,200 in 1974.
Readers ask about addiction differences between alcohol and drugs and find the Drug Action Council views addiction as physical dependence with life revolving around obtaining the substance. A tax preparation course is offered by High Point Library and Guilford Tech, starting Jan 7, led by Hugh Bennett Jr. Also, hospital laundry workers press for transit help during storms, noting their role in patient care and linen supply.
Chase Manhattan Bank, ranked third among U S commercial banks, cuts its prime rate by percentage point to 9 percent. The move follows similar actions by First National Bank of Boston and mirrors a broader shift in loan-cost indicators amid strong corporate demand.
Energy chief William E. Simon announced that major oil distributors and retailers agreed to limit gasoline sales to 10 gallons per customer at service stations. He warned prices would rise 8 to 11 cents over December levels, with new increases via a variable formula to partially offset reduced sales. He noted voluntary compliance and potential waiting lines as supplies dwindle.
Portland fire officials report rising car fires in recent weeks, many in late model cars with high gasoline usage. Investigations focus on deliberate arson cases, with two vehicles from 1974 already burned and insurance fraud potential noted.
Tex Ritter, famed cowboy actor and country music icon, died of a heart attack in Nashville after visiting a band member in jail. Funeral plans are incomplete. His death follows recent country music fatalities including David Akeman and Jimmy Widener.
Associate Justice Susie Sharp filed today as a Democratic candidate for chief justice of the North Carolina Supreme Court. The 66 year old Rocky Mount native would face retirement rules and a possible eight year term if elected as the first woman to seek the post.
Gov. Jim Holshouser expected to decide by Friday whether to exempt North Carolina from daylight saving time as part of regional efforts. School boards president Mary Scroggs urged exemption due to winter safety and fuel concerns.
Kuwaiti official Saad el Abdullah says Kuwait reached a 60 percent government takeover deal with Gulf Oil Corp of Pittsburgh and British Petroleum, affecting Kuwait Oil Co which yields most of Kuwait’s crude. Parliament will consider a nationalization bill to raise government participation to as high as 100 percent by 1979, with compensation terms to be set.
The U S dollar rose to a record high versus the British pound and gained against other European currencies for a second day. Gold advanced $3.50 to $121 an ounce, the highest in five months, amid belief Arab oil nations may demand oil payments in gold. Dealers link dollar strength to U S oil production shielding it from rising oil prices.
An AP analysis notes a White House shift away from releasing transcripts or summaries of Watergate tapes. GOP leaders, urged disclosure, may react angrily as Congress returns from recess January 21 to reassess the president’s transparency.
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