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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
May 06, 1971
Page
2
The noon Dow Jones average rose 3.03 points to 942.95 as declines on the NYSE outpaced advances by under 20 of about 1,470 issues. Losses hit tobaccos and building materials while steels and drugs rose. gold shares faced pressure after recent gains.
A lengthy OCR style list shows stock dividend statuses and ex dividend codes for numerous companies. It includes percent figures next to tickers such as IBM and Texaco, with notes on ex dividend, stock distributions, and related terms. The text resembles a financial reference of dividends and related actions across many corporations.
Inter-dealer prices as of 11 a m are shown with bid and ask quotes for listed firms. Prices exclude retail markups, markdowns and commissions. Notable entries include NCNB Corp 37 38, Public Serv of N C 11 11, Piedmont Aviation 8 8 and Life of Carolina 1 2 with other firm quotes across financial and corporate names.
The Justice Department seeks grand jury indictments against Hoffman and Davis amid charges of interstate travel to incite a riot and assaulting an officer linked to May Day protests in Chicago. An FBI affidavit cites an April 29 Oklahoma speech threatening to halt the government to stop the war. Davis reacts with irony, saying he and 50,000 others may face trial together again.
Stock averages compiled by The Associated Press show mixed results with notable declines in some major indices. The report lists noon Thursday figures for Dow, S and P composites, and various sectors, highlighting changes from the previous session and week.
Volume heavy trading session shows Dow Jones averages with mixed movement while industrials lead losses. Utilities and treasuries fluctuation noted amid broad market activity and sector shifts.
New York noon stock averages show mixed results across major sectors with industrials transportation and utilities moving. The record highlights a decline in one index and modest gains in others as traders react to early market indicators.
Washington AP reports antiwar demonstrators facing heavy police, with 12,000 arrests this week, vow to resume protest efforts in summer. A late morning rally near the South Vietnamese embassy drew about 50 youths, outnumbered by police, as leaders planned a symbolic march on the city jail and hinted at demonstrations again in six to eight weeks.
Local Finance Corp reports gross income of 8 919 050 dollars for last year, up 6 percent from the prior year, with net income rising 5 percent to 1 520 567 dollars and earnings of 2.20 dollars per share versus 2.07 the year before. The company runs a High Point Office at 602 North Main Street.
The F W Woolworth Co says consolidated sales for the 13 weeks ended March 27 reached 509.872 million, up 1.7 percent from 501.146 million a year earlier. Four week sales ended March 27 were 172.250 million versus 188.074 million for the March 4 period last year, down 8.4 percent. Spokesmen note Easter sales shifted to March 1970, making year to date comparisons non comparable, and anticipate favorable effects on April 1971 sales due to Easter this year occurring later.
Lawmakers consider replacing revenue lost from repealing the soft drink tax. Rep McNeill Smith proposes raising income tax while industry spokesmen vow immediate price cuts offsetting the tax. Sam Whitethurst says consumers benefit if repealed and Royal Spence warns small bottlers faced bankruptcy without the tax relief.
The piece explains why Belgian and American banks suspend dollar trading amid a flood of dollars moving into West German marks and other currencies. It covers expectations of a German mark revaluation, possible effects on dollar value, and parallels with the Swiss franc, yen, guilder, and franc, noting inflation fears and policy debates.
Secretary of State William P. Rogers flown from Cairo to Israel to conclude a two day visit as part of his Middle East mission. Talks with Egyptian leaders and Israel figures continued amid cautious signals about progress toward peace and possible concessions.
Allied ground and air units in eastern Cambodia claim 127 enemy troops killed at three locations. South Vietnamese forces report one soldier dead and six wounded. A 24 hour ceasefire in South Vietnam is set for Buddha’s birthday weekend. U.S. casualty totals rise with 68 killed or missing and 592 wounded last week. In Da Nang shelling, rockets killed 11 civilians and wounded 17 as Saigon accuses Hanoi of barbarous tactics.
Officials of the West German Central Bank weigh three paths for the mark including freeing to its own level, a possible revaluation, or introducing foreign exchange restrictions. The dollar strengthened in Italian markets while London dealers blamed speculative buying to cover mark sales.
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