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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Nov 23, 1971
Page
2
In New York, the Dow Jones industrial average dipped to 802.42 at noon, down 0.73, after earlier declines. Trading remained moderately active as analysts cited Phase 2 fears and broad sector weakness including steels and tobacco, while motors and drugs rose.
Inter-dealer quotations from NASD show representative prices as of about 11 a m. Markets shift during the day and prices exclude retail markups markdowns or commissions of five dollars.
The list presents bid and ask percentages for companies including American Furniture Carolina Caribbean Hardee's Integon Life of Carolina N C Natural Gas Public Service of N C Ruddick Prof Ruddick Cowman Son Film Fx Wellington Hall and others with scattered fractional values.
Dow Jones averages show shifts across industrials transportation and utilities with modest declines noted in sectors. Bond market activity appears steady with descriptions of higher grade rails reflected in the closing figures.
Board press secretary Gerald N Warren said a separate entity should be created to advise on stabilization efforts. Treasury Secretary Connally praised Phase 2 and a 15 percent pay increase for miners but faced sharp criticism from Democratic Leader Lawrence OBrien who urged that the economy remains in trouble. Connally condemned AFL CIO chief Meany for rudeness toward the President during a Monday broadcast.
Lowe's Companies, Inc. proclaims a 50 percent stock dividend and a cash dividend of 3.4 cents per share. New certificates for additional shares will be issued December 30 on the basis of one extra share per two held as of December 6. Cash dividend paid February 1 to stockholders of record January 14.
Chester Diggs, Gulf dealer at the Washington and Centennial intersection station, has completed a three week course in station management and merchandising conducted by the parent company in Charlotte.
Albert A. Harrelson Jr. of Asheboro says Harrelson Rubber Co. sales for the year ending Oct 2 reached 10.235 million dollars, up 24 percent from 8.243 million. Earnings rose to 702,600 dollars, up 64 percent, or 56 cents per share, from 430,600 dollars and 34 cents. Production reached 42.858 million pounds, up 23 percent from 34.787 million pounds in 1970.
W Austin Bud Frye has joined Perpetual Savings and Loan Association as a loan officer. A. Scott Parker Jr. announces the Archdale resident’s new role after earlier work at Burlington Industries plus supervisory and personnel positions. Frye, a Fairfield Methodist Church member with three children, is married to Rosa Crouse.
Republicans backed the proposal as 48 Democrats and 16 Republicans voted aye on final passage while 26 Republicans and 4 Democrats opposed it. Mills and Burke are key House conferees. If included, the bill could trigger up to 20.4 million dollars in federal funds for the 1972 campaign and face a presidential veto decision for Nixon.
Treasury Secretary Connally signaled possible accommodations to Phase 2 economic controls as Democratic and Republican leaders dispute retroactive wage raises and interest rate regulations. He cited Senate Banking Committee language as potentially acceptable while noting remaining administration objections. The Senate action looms next week as House members weigh changes.
The Senate passed the 27 billion tax cut bill on a 64 to 30 vote Monday night. For passage were Democrats Allen Hollings Jordan Long Sparkman Talmadge. Against the amendment Democrats Ervin Stennis and Republicans Baker Brock Thurmond voted no. Paired: Eastland and Scott.
The Rev. Roy L. Grant chaplain of High Point Memorial Hospital will speak at the Thanksgiving service at Welch Memorial United Methodist Church Bellemeade Street and Vista Circle Wednesday at 7 30 p m Music directed by John Sullivan minister of Music and Joe E Walker organist Public invited to attend.
Col. Oran K. Henderson testified that two days after the My Lai attack he was satisfied there had been no wrongdoing. He described interviews about 128 Viet Cong deaths and 20 to 28 civilian deaths during artillery and helicopter gunship fire. He recalled meeting Brig. Gen. George H. Young, who urged not firing on U.S. forces, and said there was no discussion of murder or excessive killing. He said he followed up by talking with Capt. Ernest L. Medina after learning of the alleged killing of a woman.
The report states India began an all out offensive into East Pakistan at four points while fighting continued near Jessore. Pakistani sources deny Indian troops are involved and accuse Pakistan of war. Pakistan seeks UN Security Council emergency session as civil war rages since last March.
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