European currencies float as dollar crisis widens
West Germany lets the mark float and hints it could last months while Belgium and Switzerland move to free market or revalue. Japan weighs revaluing the yen amid rising inflation tied to the United States. Five European markets withdraw dollar support after Germany absorbs over $2 billion in two days, as nations push to restore fixed rates.
MENTIONED IN THIS ARTICLE
New York
West Germany
United States
Belgium
Switzerland
Japan
Germany
U.S
Netherlands
Dollar and SSTs in News Analysts Note World Tension
Analysts say Europeans resent U S inaction on the dollar and gold standard risking a split into dollar and gold blocs. In Congress the SST revival gains $85.3 million with Nixon urging Senate support amid concerns over environment and costs. Lockheed loan guarantees loom as Rolls-Royce engines raise Airbus price projections. Jobless rate hits 6.1 percent in April with slower personal income growth.
MENTIONED IN THIS ARTICLE
United States
U.S
House of Representatives
Congress
House
Senate
Nixon
Boeing Co
General Electric Co
Lockheed Aircraft Corp
Lockheed
Airbus
Rolls-Royce
Wachovia Names Willis High Point Office Manager
A. Drewry Willis III of Wachovia Mortgage in Charlotte is named High Point office manager succeeding Robert C. Bizzell who becomes Decatur Georgia office manager. Willis, a Norfolk Virginia native, joined Wachovia in 1970 after attending Louisburg Junior College and Campbell College. Bizzell, a Winston-Salem native, previously supervised mortgage loans in Charleston South Carolina and has UC and Northwestern University fees. Wachovia Mortgage Co is a member firm of Wachovia Corp with offices across the Carolinas Virginia Georgia and Florida.
MENTIONED IN THIS ARTICLE
A. Drewry Willis, III
Wachovia Mortgage Company
Charlotte
High Point
Robert C. Bizzell
Wachovia Mortgage
Decatur
Willis
Norfolk, Va
Wachovia
Louisburg Junior College
Campell College
Bizzell
Winston-Salem
Charleston, S.C
Wilson
East Carolina University
School of Mortgage Banking
Northwestern University
Jaycees
Winston- Salem
High Point Home Builders Assn
Wachovia Mortgage Co
Wachovia Corp
Carolinas
Virginia
Georgia
Florida
Crum & Forster rolls out two week claims service training
Doug Yeargen, a Durham based Crum & Forster claims representative, joins a two week course for a new program aimed at delivering faster, telephone based claims service. The initiative seeks quicker settlements for claims not needing outside adjustment and hopes to lower premium costs through reduced admin expenses.
MENTIONED IN THIS ARTICLE
Doug Yeargen
Durham
Yeargen
Crum & Forster Insurance Companies
Crum & Forster
Stock Averages Slip as Market Stays Cautious
The Dow Jones closed at 936.06 Friday down 0.91 from the prior week. The AP 60-stock average fell 0.7 to 327.7 as analysts cited cautious investors amid uncertain market conditions.
Who Benefits Most from Farm Subsidies Debate
The Brookings Institution argues large, productive farmers gain most from subsidies totaling 9 to 10 billion dollars annually, with small farmers receiving relatively little. Kenneth L. Robinson of Cornell counters benefits support innovation and growth, though the top third of farmers still receive most but not due to rigging.
MENTIONED IN THIS ARTICLE
Washington
Brookings Institution
The
Economics Research Organization
Charles L. Schultze
University of Maryland
Budget Bureau
Schultze
Agriculture Department
Kenneth L. Robinson
Cornell University
Robinson
Cornell
Subsidies and Farm Prices Questioned by Robinson
Robinson argues small farmers, notably cotton and tobacco producers, received only slightly more than proportional subsidies in the 1960s. He notes that extra funds for low income farmers were limited because they have so little to sell, while interdealer NASO quotes reflect approximate late afternoon prices without marks or commissions.
MENTIONED IN THIS ARTICLE
Robinson
Recession Indicators Show a Leveling Off
A Dan's May issue survey of top corporate executives finds the recession bottomed but recovery slow with little enthusiasm to spend. Costs and inflationary labor demands hinder full recovery while easier money policy and depreciation schedules have limited impact. Chairman C W Cook of General Foods and President Joseph B Lanteman of AMSTED note consumer confidence steady but still low and no clear upturn in inflation decline.
MENTIONED IN THIS ARTICLE
C. W. Cook
General Foods
Evi
Joseph B. Lanterman
Amsted Ees A
Family Dollar Stores declares 2 for 1 stock split
Family Dollar Stores announces a 2 for 1 stock split payable June 9 to holders of record May 27. Stockholders keep existing certificates which will represent the same share count. new certificates for the corresponding number of shares will be mailed. The chain operates 84 stores in NC SC GA VA and TN offering soft and hard goods.
MENTIONED IN THIS ARTICLE
Family Dollar Stores, Inc
Family Dollar Stores
North
South Carolina
Georgia
Virginia
Tennessee
Fifth District Banks See Loan, Deposit Shifts in Week
Federal Reserve Richmond weekly survey shows 28-bank Fifth District loans up 157.9 million to 9.326 billion for week ending May 5. Domestic commercial loans rose 91.0 million, demand deposits up 263.7 million, time deposits 17.4 million, investments down 7.88 million. Nonfinancial loans gain 53.82 million led by commercial and industrial loans 32.13 million and consumer installment loans 6.56 million. agricultural loans fall 168 thousand.
MENTIONED IN THIS ARTICLE
Federal Reserve Bank of Richmond
Fifth Federal Reserve District
Zayre Reports First Quarter Sales Rise 15.5 Percent
Zayre Corp announces 13 weeks ending May sales up 15.5 percent from a year ago. Total sales across 180 stores reach 158.526 million versus 137.25 million in 155 stores the prior year.
MENTIONED IN THIS ARTICLE
Zayre Corp
Also Mentioned on This Page
Champion Papers Inc
Karl R.bendetsen
Drexel
Bendetsen
Drexel Enterprises
Heritage
Southern Desk
Birmingham Ornamental Iron
Trend Industries
Bendetson
Jemams
DOW Jones
Igoo
Jfmams
Associated Press
NASO
Aerotron
Amic Corp Atlanta G L
Bassett Furn
Vato Ae
Bank NC Brush
Buckabee Mears
Carmine Foods
CMC Finance
Oon
Carolina Cares Pal
Carolina
Bank Corp
Garinicki Brooks Ry
Hardees
Harreisn
Hickory Furn
Integon Corp
Josign Mig
Kaiser Steel
Knape & Vogt Miggs
Little Mint A Lowes Co
Ncnb Corp
NC Natural Gas
Occidental Life
Quality Mills
Rudd
Russick
Sonoco Stern Nail Corp
Walker
Piedmont
FSLIC
Diba
E. Westwood
Zayre Sales Up
Hiro
West High St
Chicago Heights
Ill
Greenlee
Challoner
Salem
Onsrud
Heeseman
Union-Schuler
DeBurgh
Worthington
Allis Chalmers
York-Redco
Fred Muehmel
Rudy Forster
Chicago
Steger
Steger Furniture Mfg. CO
Chicago Road
Illinois
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