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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Jan 31, 1971
Page
6
Last week the market rose amid investor optimism with a record 100.8 million shares traded. Tuesday volume was the second highest in history as the Dow Jones average closed at 861.50, up 7.19 for the week, and the AP 60 stock average advanced 0.4.
President Nixon presents a 229.2 billion dollar 1972 budget calling a full employment plan built on deficits of about 30.2 billion over 1971 and 1972. Analysts doubt success, citing inflation, revenue sharing push, and larger than expected 1971 shortfalls. Wholesale prices rise, while leading indicators show mixed signals as unemployment climbs in urban areas and steel earnings fall.
About 130 business and professional people from Piedmont North Carolina are expected at UNCG for the fourth annual executive institute February 15 and 16. The theme is Motivation and Industrial Democracy with speakers including Allan J. MacEachen Judson Gooding and Robert N. Ford.
Quotations from the NASD show representative interdealer prices near 3 p.m. Thursday. Interdealer markets move through the day and do not include retail markups, markdowns, or commissions.
Graniteville S C The Graniteville Co textile chain reports last year net earnings up 61 percent from 1969 as sales rise 8 percent President Robert P Timmerman credits wider product variety and greater flexibility from new equipment spending.
Schwarzenbach Huber Co. and Indian Head Inc. announce a merger agreement. Schwarzenbach Huber stockholders will receive 3,848,000 dollars in cash and 226,903 Indian Head common shares, valuing the deal near 10 million dollars at the current market price.
McDonald’s Corporation announced 1970 licensed and company sales of 587.041 million, a 30 percent rise from 1969’s 450.825 million. Warren's Radio & Television Service Co. was named a franchised distributor for Electro-Vox intercom systems serving Forsyth Guilford Randolph Davidson Rowan and Davie counties. Electro-Vox makes intercom paging music and hospital church school systems and Warren's will install and service the equipment.
Federal Reserve survey shows gross loans among 28 large Fifth District banks fell 68.5 million to 9.171 billion as demand deposits dropped 71.4 million while time deposits rose 52.4 million. Investments up 29.2 million. Nonfinancial loans declined 51.7 million with declines in commercial industrial and consumer installment lending. Real estate and agricultural loans rose modestly.
United Telephone Co of the Carolinas requests a rate increase to raise about 550000 dollars yearly across nine Sandhills counties in North Carolina. The proposal affects local telephone service rates and company revenue.
Robert L. Carlson and David W. Adams announce new offices at 652 North Main Street focusing on employee benefit programs using insurance and investments. Carlson chairs High Point Life Underwriters Association, with engineering and business administration degrees from the University of Minnesota. Adams is a former president of High Point Life Underwriters Association and holds a law degree from Northeastern University. Both are Chartered Life Underwriters.
Thomas H. Elder Jr. ends 24 years with Guilford Memorial Park Inc and shifts to developing Guilford Monument Co established in 1950. He served 17 years as general manager and vice president and will set up a Jamestown sales office for the monument firm, moving operations from the cemetery headquarters.
Cochrane Furniture Co of Lincolnton reports unaudited six month consolidated sales of 3,461,691 for the period ended November 28 1970 up from 2,925,402 a year earlier. Net income for the period was 132,301 vs 158,555 in 1969 with earnings of 20 cents per share on 652,300 shares versus 32 cents on 502,300 shares.
Elevations Rufus White elected chairman of the board and chief executive officer and Louis C. Stephens Jr. elected president and chief administrative officer at Pilot Life Insurance Co. annual directors meeting at Greensboro home office. White has led as president and CEO since 1968 while Stephens has been executive vice president since February 1970.
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