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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Jan 24, 1971
Page
4
Trading volume surged to a record 21.6 million shares on Friday as the New York Stock Exchange led gains. The Dow Jones average closed up almost 16 points at 861.31, while the Associated Press 60-stock average advanced 6.4 to 302.0. Analysts credited rising corporate earnings prospects and ongoing lower interest rates for the strength.
Quotations from the NASD reflect representative interdealer prices around approximately 1 p.m. Thursday. Interdealer markets vary during the day and prices exclude retail markups, markdowns, or commissions.
President Nixon pushes faster monetary growth to curb unemployment as Bethlehem Steel hikes prices and U S Steel and others follow. White House signals intent to ease money supply while pressuring steel imports and addressing inflation concerns across major U S manufacturers and lenders.
Mickey Printing Co of High Point named regional Winner of the 3M Printing Job of the Year Contest. Alderman Studios also won for color separations on two Mickey catalogues for American of Martinsville. Irving Black and Harold Spencer pose with plaques. Thomanville Printers were runners-up.
AP Wirephoto chart tracks how major banks set loan rates for top rated corporate borrowers since January 1 1969. It shows movements in cost of money as lenders adjust pricing for strong credits amid market shifts.
The S. H. Kress and Co. store in Westchester Mall topped eastern region competition and exceeded its quota by 40.2 percent. Store manager J. L. Ellis and his wife will receive an air fare trip to Acapulco at their convenience.
TI named Mike Tanksley vice president and director of studio design at Format Inc an Indianapolis based sales promotion photography firm He comes from Alderman Studios High Point where he led design for major accounts His work has appeared in major national magazines Format operates a large Midwest studio with expansive shooting space and national accounts Jefferson Standard Life Insurance funding 1970 details follow Hickory Furniture completes acquisition of Kay Lyn Inc High Point supplier of traditional upholstered furniture Acquired Kay Lyn stock and 40 percent of Sedgefield Furniture Corp for cash and stock totals. 1970 sales and earnings reported for Hickory and Kay Lyn year end figures cited
Eddie Ables named restaurant manager at Holiday Inn Downtown High Point succeeding Norman Cooper who moves to Memphis after Holiday Inn Inc. acquired New South Motor Inn. Ables began in 1957 at Eagle Sandwich Shop and rose through roles at Sheraton Hotel before joining Holiday Inn in 1969. He is married to Wyvonnia Mason and attends Emmanuel Baptist Church.
Greensboro hosts the North Carolina Insurance Education Foundation tasking to back higher education insurance curricula, fund research, seminars, and scholarships. Incorporators Dr. Joseph E. Johnson Guy B. Phillips Jr John P. Young NE lead board with W Roger Soles Richard Brantley Thomas Carpenter and Louie Woodbury. Board to expand to include broader insurance industry representation in the state.
Massachusetts Mutual Life Insurance Co. reports a new calendar year record with estimated $2 billion and $77 million in individual life insurance, marking a $64 million increase over 1969 and a 3 percent gain. Dist. manager W Roland Albertson notes the milestone for the company in its 11th year.
U S Plywood Champion Papers reports 1970 sales 1.456 billion, down 9.2 percent from 1969. Earnings before extraordinary items fall 44.6 percent to 37.809 million and 0.97 per share, after extraordinary items 32.525 million and 0.78 per share. Convertible securities could adjust per share results to 0.96.
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