High Point Enterprise Newspaper Archives Jul 21 1974, Page 6

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High Point Enterprise (Newspaper) - July 21, 1974, High Point, North Carolina A High Point Enterprise sunday july 21, 1974 weapon against inflation voluntary curbs lauded business notes by John Cunniff a business analyst new York a despite some bad experiences with controls the idea of voluntary wage and Price restraints continues to be entertained in business and government circles As a Way of combating inflation. Apparently Little support however exists for credit controls even though it is in the borrowing area that the greatest strains currently Are being made on the economic system. In testimony this week before the House ways and Means committee the Man most influential in determining the nations credit policy Arthur f. Burns suggested the re imposition of voluntary wage Price controls. Credit controls weren to discussed. The irony of this is twofold. First Many critics of economic policy feel that credit restraint by Price alone that is by permitting interest time differences food news confusing by Don Kendall a farm writer Washington a two agriculture department economists say news reports about food prices often confuse the Public and that much of the misunderstanding involves different time spans used to show How prices change from one period to another. Larry v. Summers and Anthony e. Gallo analysts in the departments economic research service made their observations in the current Issue of farm Index published by the Agency. They use these illustrations a a Early this year us a said that food prices during 1973 averaged 14 a per cent higher than in 1972. A a the next Day the morning paper reported that Trade winds by Lou Schneider North american newspaper Alliance new York on economic matters the Nixon administration starts to move Only when under pressure. That s no secret in business and banking circles. And it s no secret that the fight against inflation has reached the crucial stage that a state of urgency exists. It is know also that fed officials now find the High inflation prospects for the rest of 1974 much worse than had been expected Only a few months ago. But with the administration still a talking Quot about what has to be done the problem of handling the inflationary situation rests on the shoulders of the Federal Reserve authorities. Congress too is ducking the problem. With the fed in the Drivers seat say investment managers expect continued tight reins on credit for at least into mid-1975. Plus sluggish economic growth because of less government and consumer spending a an austerity program a big Bank commercial loan manager submits that the major question at midyear is whether the Economy is ready to move into a cyclical upturn. I meet a Good neighbor of yours rates to Rise has failed. As rates Rose demand failed to diminish. Second a Law already is on the books that would permit the Federal Reserve of which Burns is chairman to enforce credit controls or allocate Loans by a system other than Price. Activation of the Law would be automatic if the president were to determine it was a necessary or appropriate for the purpose of preventing or controlling inflation generated by Extension of credit in excessive volume 99 the authority is contained in Public Law 91-515, signed dec. 23, 1969, permitting the president to regulate and control any or All extensions of credit. In commenting on the situation the brokerage House of Paine Webber Jackson amp Curtis claims that credit allocation via Cost has t worked. The reason it adds is Clear a interest rates have not reached a level whereby the Borrower has incurred any real store opening Bob Warner inc., a new appliance store will open Here shortly in Fairfield Plaze shopping Center on South main Street. The new store will carry general electric and Sony television and stereo equipment and Amana appliances. Warner prices in december 1973 were 20 per cent above those in december 1972. And it stated that from november to december 1973, food prices advanced at an annual rate of la per cent. A a that evening the paper reported that prices from november to december 1973 had climbed at a seasonally adjusted rate of 0.5 per which one is Correct they All Are Summers and Gallo said and they Are All based on the same set of figures collected by the Bureau of labor statistics. But people still get confused. Quot for example a the report said a a news report May indicate that food prices in december 1973 Rose 0.9 per cent Over november 1973. The report May also note that december prices were up 20.1 per cent Over december 1972. A average of 60 stocks 325 ties ten tin met no i i Uli j f Mam j a Sono Dow Jones 30 industrials Taft fad Tim Livai in the 751 in k i i Al j f Mam j j a Sono Market recovers the Dow Jones Industrial average closed at 787.94 Friday up .71 from the week prior. The associated press average closed at 241.2, marking an increase of 2.6 Over the same period. After backing Down from the pevious fridays gains in the Early part of the week the Market rallied to finish at nearly the same level Friday. Stock quotes by the associated Pratt quotations from the National Anocia tion of securities dealers a representative inter dealer prices As of approximately 3 30 . Daily. Prices do not include retail Mark up Mark Down or commission. Old asked i1/ in pay n save 13 people a v nod to sky or 36 inflation is seen in crucial stage View a we think that it is the contraction of the first Quarter was caused by shortages of Oil and other materials and by limitation of Plant facilities. Indications now Are that some shortages Are less severe than Early this year. Moreover although inflation will produce increases in business activity when measured in current dollars a a real output of goods and services cup in a constant dollars most Likely will show no growth in the third Quarter and Only a Small gain in the fourth Quarter. In the coming months submits this credit manager economist there will be weakness in demand which will retard the growth of economic activity. He goes a step further because Many Loans Are on a 9-to-12-month maturity a the first half of next year 1975 should see the National Economy growing at a yearly rate of Only about 4 per cent. That cannot be considered a Strong cyclical expansion after almost two Long years of subpar Aero Roo american furniture Atlanta Gas Light Atlantic Pepsi cola ban shares of n c. Bankers Trust of so Bassett furniture Beaman corp. Best prods. Bilo Black kinds. Branch corp. Brenner kinds Burnup amp Sims Burns kinds a Csc finance Cameron finance Cannon Mills Carmine foods Carolina cos ins. Caro. Pal 9 10pfd Carolina steel a Carolina Wise Flo. Cato corp. Central Caro. Bank Central Vermont Champion parts res charter ban shares com. Chatham mfg Cas corp of so citizens no Gastonia coca cola co const. Colonial life cd b comm. Bank Greensboro Conner Homes context Daniel internet Diamondhead corp. Durham Lite ins. Elpaso electric Evgraph inc. Mic corp Farmers new old life Fidelity corp of a feb of Catawba food town stores Forsyth Bane a Trust Trenum life ins. Gent. Financial guardian corp. Harrison rubber Heilig Meyers Henredon furniture Hickory furniture Hoover co. Investment la a to. J b. Ivey jacks food Kenan transport Lance inc. Lane co Leggett a Platt la Assurance of Caro. Little giant Little mint Lowe s companies Mack s stores multimedia mid South ins. Mom a pops a cab corp no natural Gas Northwest Fin clip no West Fin inv com newts to Fin inv uts no West Fin inv was Occidental la ins Oakwood Homes Ollie 4vj 12 5% 7 21 is 17 2v shall i. None 4 ii a 6 of to a i so 10� 22 7 7 2 to j a 12vj 14 2 22 a 8 4 a 3 it la 124 13 ii 3 Phillips Foscoe piece goods shops Piedmont aviation Piedmont real estate Public Sec of no Quality Mills Mic corp Rahall comm Reid provident labs re plastics Royal scotsman safeguard Auto Sattum carpet Sam Solomon see Pines Shortt sys big boy Monoco products s c. National corp Southern Nat corp. Southern Nat Debs spartan food systems super Dotter stores Synerson corp tolerant leasing textiles. Inc. Thalhimer Bros. Trans co companies transport data common. Triangle Brick unify inc. United Caro ban shares Vermont american Virginia International Virginia Natl Bank b b Walker shoe Washington group wast knitting White shield co. I corp Wright machinery 1 a in s 3 7�?T 6� 6 3 3�?Tj of in 7h 4 is 3 5 94 214 2li ire 75 to 2 5 21 to Iha 9 in 24 31 15 a 9 a 12 2044 2 18 6 2 7w 4 14 a a a a 2�?T4 to so 3�?Ta in 74 7 44 41 4 10 a 14 34 Soj 4� 54 to 4 224 22 a 20 a 15 104 24 5a 3 12 la 9a 2 3 a 44 17 to 13 4 214 3 a Coltrane Wilbur m. Currie Ciu would like to help 9 your family s future. Call him at 885-0623. Fredo. Culler 102 e. Main St Jamestown n c. 454-4318 or 454-1098 Al in Good a a of a Sof so in Bab Stet firm insurance companies Home office Bloomington my Ai income Protection insurance talk to the int Egon listener. Safeguard your salary and savings when disability strikes. Robert Mccuiston . 115 s. Hamilton St. Til. 883-0424 4 in Tegoni Granville moving it storage phone 882-0151 specializing in local state amp Long distance moving my Louier office moves packing amp crating household storage your Mayflower agent Granville moving and storage 801 s. Hamilton St. Phone 882-0151 Fred p. Newsy Steve Foster Gin. Mor. President Craig Newby. Sales mor. A by Ray Hubbard the owner of the store Bob Warner is a native of High Point who has lived in Greensboro for the past 24 years. He has been in appliance and television sales for the past 25 years. Warner and his wife Vickie Are the parents of three children. Cameron gains Charlotte a Cameron financial corporation has reported unaudited income before Security transactions of $3,771,000 or 62 cents a share for the second Quarter of 1974, compared with $3,755,000 or 61 cents a share for the same period in 1973. Unaudited consolidated income before securities gains was $6,857,000 for the six months ended june 30, 1974, compared with $6,844,000 for the first six months of 1973. First Union National Bank the corporations major subsidiary. Continued its Strong performance which was enhanced by increased interest income and continued control of non interest expenses. The Bank s performance in the second Quarter was at record Levels and substantially ahead of last years performance of the same period. Loan officer Michael r. Coltrane has joined North Carolina National Bank a office Here As a commend loan officer. Coltrane joined the Bank a Greensboro office in 1971 As an assistant Branch manager and has also served As a credit analyst and senior analyst in the Greensboro regional credit department. He was promoted to credit officer last year. A native of Concord he is a graduate of Davidson College and earned a masters degree in business at the University of Pennsylvania. A cab dividend Charlotte the a cab corp. Board of directors last week declared a quarterly dividend of 13 cents a share payable on sept. 27 to shareholders of record on sept. 6. Realtor office b. L. Dixon of High Point has opened a new real estate office at 1421 s. Main St. Known As brokers real estate the new office deals in commercial residential sales and property management. Course completed miss Patricia Mellonas graduated last week from the North Carolina school of banking at the University of North Carolina at Chapel Hill. Miss Mellonas completed requirements of a four year sequential summer program in Bank management offered by the University of North Carolina and sponsored by the North Carolina Bankers association. Mellonas a graduate of the University of North Carolina at Greensboro miss Mellonas has done Post graduate work at the Burnsville school of Fine arts at Guilford College and at unc a. She has been associated with the High Point Bank and Trust company since 1951 and presently serves in the capacity of customer representative. She is an Active member of local banking organizations having served on the Board of governors of the american Institute of banking since 1958 and As president in 1964. She received the outstanding Bank woman award from area Bankers in 1965. She presently serves on the teaching staff of Davidson county Community College where she teaches area Bankers of Lexington Denton and Welcome As Well As serving As an american Institute of banking instructor for the High Point Thomasville Bankers. Branch manager Betty Williams has been promoted to Branch manager of Sarah Coventry inc. For High Point and surrounding areas. The promotion was announced by Elizabeth hoots regional manager last week. How much does a Fine Quality Diamond ring Cost Here at Nash s 25 o $2750 whatever Price your pocket Book can afford and Well absolutely guarantee our prices Are the lowest in town. Drop in and see us. We Honor All Bank credit cards a please remember Nash saves you Cash Quot Nash jewelry co. 127 n. Main is. J Beraton hotel High Point s finest a in the heart of downtown High Point openings now for office space monthly rate or Long time lease permanent residents rooms by month available private parking facilities air conditioned. Fireproof restaurant facilities Security guard. Facilities for meetings and conventions. Call 882-2511 i /. T when you need help in establishing and attaining your financial goals. / i it / George p. Clark . De Lyon jr., . High p0iht address 406 Lindsay Street telephones 882-1816883-0427 a fend life income 8. Capital associates. Inc. Capital creation accumulation a management consulting companies corporate benefits planning company physicians planning service cot rotation provident Lite in Accident insurance company Nel f Gutty set vices cot rotation Loomis Sayles Ond company

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