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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Jan 17, 1971
Page
3
The Dow Jones Industrial Average closed at 845.70 on Friday up 8.69 for the week and the AP 60-Stock Average reached 295.6. Analysts credit the advance to two prime rate cuts in the past nine days, fueling investor optimism.
In New York AP dispatch reports President Nixon faced defiant Bethlehem Steel stance amid steel price hikes of about 12 percent on major products. Cort, Bethlehem chair, discussed increases with Cracken, while Volcker urged new range policies not wage guidelines to curb inflation. Nixon also announced a $2.6 billion depreciation tax cut to spur jobs and growth.
President Nixon rejects new taxes while proposing favorable write offs for pollution facilities and faster business deductions to spur investment. A value added tax is floated but shelved for now. Expect credits for state local income taxes and higher estate gift taxes. Social Security and Medicare taxes rise, with inflation concerns and wage price control debates lingering. Meany signals openness to broad wage controls if all income types are covered.
Firemen reported damage to the kitchen cabinets and floor of the P. D. Staton home at 504 Denny Street from a Friday fire started by newspapers left on an electric stove. Three malicious alarms were called in Friday night and a false alarm came from Jifty Manufacturing on S. Brayard Street. no fire was found.
A snapshot of late day stock quotations from NASD listings shows prices around 3 p.m. Thursday across many firms. The list includes lenders, retailers, manufacturers, and service firms such as American Mortgage Wy, Carolina P&L, Lowe's Companies, Wachovia Realty, and Northwestern Financial, with varied bid and ask figures, and notes on market movement.
The Dartnell Office study finds the average cost of a business letter in 1971 at 3.19 dollars, up 4.6 percent from 1970. Key drivers include dictation, typing, mailing, and filing, with secretary time the largest expense at 1.00 per letter for a 20 minute segment. Direct and indirect labor costs total 1.98, slightly rising from 1.94 in 1970.
Collins joins Huffman Paint Co. as salesman providing outside and inside services, with prior posts at Mobil Chemical Co. and a Canton, Ohio firm. Jerry L. Cole becomes NCNB Hickory city executive, succeeding Rock Soisson in Charlotte as senior area account officer, after earlier roles in High Point. Connect Corporation of St Paul names D E Dahle of High Point NC president and general manager of its Fabrication Division, uniting High Point and Blue Ridge products with Fiber Conversion Co. into a new Industrial Products Group. The division serves furniture and allied industries with fabrication, thermo forming and heat sealing. Conwed roots and recent product expansions are noted.
C Jon Honeycutt, a local insurance executive, will lecture on Guaranteed Issue at Tulane University New Orleans January 18 19 during the sixth annual Health Insurance v Research Seminar sponsored by the Disability Insurance Training Council. He will moderate a four member panel on future disability insurance underwriting guaranteed issue medical evaluations and agent roles. He is immediate past president and current chairman of the board of the International Association of Health Underwriters and a trustee of the Disability Insurance Training Council.
The National Assn of Home Builders begins its convention in Houston Texas with attendance expected to exceed 50,000. Nearly a dozen from High Point are listed including Tom Tyson Glenn Corpening Richard Pierce Richard Owens and Clyde Hedrick of Alderman Studios Garnett Pollock Joe Cole Perry McDowell of Craven Johnson Pollock realtors Henry Shavitz Welborn Malpass and George Clements. The event runs through Thursday featuring business meetings educational sessions and exhibits.
Fogell W. Young is appointed regional sales manager for Kester Machinery Co with office in High Point. He has 24 years with the firm and has served at the High Point operation as salesman and branch manager. Kester is a distributor of industrial equipment with home office in Winston-Salem.
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