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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Nov 11, 1962
Page
7
Chain Store Age notes a swing back from full self service as stores reintroduce clerks in cosmetics, yard goods and clothing. National supervisors report higher payrolls and larger stores persist, yet personal service boosts sales where it matters, while ad spending for the holidays remains high.
The National Association of Accountants Piedmont chapter opens its 1962-63 educational program with a Thursday 6 p.m. session at Starmount Country Club in Greensboro. Topics include inventory valuation choosing costing methods and sales forecasting.
Martinsville issued a $100000 permit for American Furniture Co. to add more than 46000 square feet of storage and warehouse space. The four story masonry addition will extend the plant at the Martinsville site.
More than 70 percent of 196 retailers in the United States and Canada forecast higher Christmas volume than 1961. Seventy two percent expect sales to rise, 21.9 percent see no change, while 46 percent anticipate a decline. About 5 percent did not answer.
Allan T. Preyer Jr. of Greensboro, vice president of North Carolina National Bank, will become city executive in charge of the bank's Durham operations effective Nov. 19, announced C. M. Vanstory Jr., chairman of the board. Preyer, a Greensboro native, is a UNC graduate and has long served in banking since 1952.
Minnesota Mining and Manufacturing Co. posts quarterly sales of 171.25 million for the three months ended Sept 30 up from 158.72 million a year earlier. Quarterly net income reaches 20.07 million or 39 cents a share, up from 19.03 million or 37 cents. Nine month net income rises to 58.82 million or 1.13 a share versus 55.50 million or 1.03.
Thomas L Cooper, son of P W Cooper of 206 Moore Ave, joins Eastern Air Lines as a pilot. He attends familiarization courses at the operations and maintenance base in Florida after graduation from Allen Jay High School and studies at the University of North Carolina. He served in the US Air Force and previously trained with Western Airways in Miami. He will be assigned to an Eastern flight crew base in Miami, New York, Boston, Charlotte, Atlanta, Chicago, or New Orleans.
A two day safety course for Piedmont North Carolina construction supervisors is set for Friday and Saturday at the Greensboro Holiday Inn. The first session starts 7 30 p m Friday with a 9 00 a m Saturday session. The program aims to teach field superintendents the best methods for continuing on the job safety and is expected to draw AGC member firms from across Piedmont NC.
A government survey shows 1962 wage settlements to Oct 1 averaged 3.2 percent, with larger groups in steel and aluminum securing gains in benefits rather than wages. Excluding wage raises, average increases were 34 percent of straight time pay, aligning with productivity growth around 2 to 3 percent. Unions mixed on wage restraint views, yet administration aims to keep wage gains near 3 percent to boost U.S. competitiveness.
Prices labeled BID and ASKED reflect unofficial quotations as of November 9 1962. They originate from the National Association of Securities Dealers and other sources and do not represent actual transactions. Origin details available on request.
Wachovia Bank and Trust Co reports the Southeast economy reached a regional high in fall activity with the Southeastern Business Index at 116.3 in September, up from July August and last year. Debits rose across states with nine months of 1962 showing solid gains against 1961.
J Roscoe Adams of Wachovia Bank cites an annual regional water supply higher than most areas, noting rainfall ranges from 68 inches to 37 inches and national average of 30 inches. He says water costs for industry and home are low, aiding industrial growth and irrigation expands acreage in North Carolina by over 3000 percent.
Many corporations report higher dividends for Q3 signaling solid profits despite a sluggish economy. Standard & Poor's notes 98 companies issued extra dividends in October, up from September and October 1961, with December payouts expected to boost investor sentiment and liquidity. General Motors announced a $1.50 per share year end dividend totaling about $425 million. Other firms raising payments include Standard Oil of New Jersey, International Nickel, Bristol-Myers, Bigelow-Sanford, and Singer Manufacturing.
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