High Point Enterprise Newspaper Archives Oct 4 1974, Page 2

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High Point Enterprise (Newspaper) - October 4, 1974, High Point, North Carolina 2a High Point Enterprise Friday october 4,1974 business and financial news Stock Market report Nixon Hospital stint ended after 12 Days new York a the Stock Market All but ignored a prime rate Cut by two major Banks and several smaller ones today and continued sinking in moderate trading. The noon Dow Jones average of 30 Industrial stocks was Down 9.62 at 577.99, and losers held a 2-to-1 Edge on gainers at the new York Stock Exchange. Brokers said the dominant Force in the Market was anxiety Over the possible effects on the world s economies of continuing inflation and the Oil squeeze. Such concerns apparently were Strong enough to neutralize any enthusiasm engendered by the spreading Quarter Point reduction to ll8/ per cent in the prime. Simplicity pattern was the most Active nose Stock Down a at 6 z. A 134.000-share Block traded at 611. On the american Stock Exchange the Market value Index was off .33 at 60.85. The Oil Issue was pointed up when saudi arabian Oil minister Ahmed Zaki Yamani in calling for talks Between Oil producing and consuming nations asserted today that conservation measures by consuming countries in themselves Quot will never put real pressure on the exporting nations. Meanwhile there was bearish news from another direction As the government reported a marked Rise in unemployment last month. Missouri Portland Cement fell 2 x to 17 2. The privately held Cargill inc., which owns about 18 per cent of the company s Stock said it planned no immediate offer to buy More of the shares although it said it had not abandoned its intention eventually to acquire control of the company. The big Board s broadly based composite Index was Down .36 at 32.53. Amex warrants the volume Leader on the american Stock Exchange slipped a to 37s. 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16 a i 42v a a 9 5 9 a 24 a 12 45�?3 a 31 26 15 13 318b�? a so a 9 a 15�? a to 33 a 25 32 23 12 22 40 a a 20 1 71 44 a a 39�?T 1 16�? la 37 3 1 to 22 9 v j 2 3 a 16 a 13 20 21 a 22 a 59 a in a 13 a 12 4 9�? 25 a 5 a 15 to 5 Long Beach Calif. Of a Richard m Nixon a doctor says the former president can return to his san Clemente estate today ending 12 Days of tests and treatment at Long Beach memorial Hospital for phlebitis and a blood clot in one lung or John c. Lungren told newsmen thursday that he would Issue a final report on Nixon s illness later today after his patients expected departure and outline his diagnosis of the illness future treatment and the course of his recovery. Results of tests for cancer have been negative the physician said in his daily written bulletin. Phlebitis a painful vein inflammation affecting Nixon a left leg. Can be a sympton of cancer in the stomach lungs or pancreas but it can also be caused by inactivity. After Nixon entered the Hospital tests revealed that a Small piece from the clot in his left leg had broken off and travelled to his right lung. After treating Nixon with anticoagulant drugs. Lungren said the lung clot had begun to be absorbed. Nixon 61, underwent further tests thursday. Lungren has advised Nixon to take a one to three month a restricted convalescence a a avoiding travel during that period. On thursday Nixon s lawyers asked . District judge John j. Sirica to excuse the former president from testifying in the watergate coverup trial in Washington d c. The request was made in motions to quash subpoenas issued for Nixon a appearance by John d. Ehrlichman one of the five former Nixon political associates on trial and by Federal prosecutor Leon Jaworski. Jaworski has said Sirica should appoint a medical panel to examine Nixon if his lawyers pleaded that the former president was too ill to testify additional Gas tax ruled out us 2 123 24 3 5 5 30 2 292 4 161 7 57 4 32 17 117 2 6 14 9 33 9 27 51 6 it 25 3 5 13 14 4 35 to to 44 15 Xerox up i Zal corp 76 Zenith 1.52 14 4 9 33 to 28 s3 6 25 3 5 14 a 14 4 a 36 to to 44 4 15 a a 5 24 6 6 96 4 3 16 39 22 22 5 1 29 8 8 we Lull 18 18 16�?T a the 14 9�?T i 9 24 7 la to i 55 30 4 to by a 15 630 62 60 4 to to to 6 or m 13 16 7 13 9 8- 23 7 la 9 i 54 30 3 to 14 9 33 10 27 52 6�? a 2s 3 5 a 14 14 4 35 to to 44 4 15 6 a 4 22 i 11 la 16 vib 7 13�? vib 9 i 24 7 11 vib 9 vib i a 54 vib 30 3 to a1 in to 13 vib american a Exchange new York a Stock Index new York map Stock e to Beng Ina Mark a Industrial transportation. Utility. Finance noon new York �?23 cents 32 53-0 3635 22-0 44 24 03-0 04. 2444-0 08 34 54 0 47 Brewer 40 Buttes Cern cd 25e Terr once cinerama Creole 2 60 Dii Erdst 40 Outt Yancof Dyn ctn 05e Dow Jones a averages stocks 30 industrials. Transportation t5uliiit.es 6sstocks Bonos 40 Bonds to higher Grade rails Al second Grade rails and or a rates by Mah Foy Oble a Advance i Tyr 6 to 3 to i to daily and sunday s3a 40 s18 20 19 to s3 of sunday Only s1300 $6 50 $3 25 Sims by Corner wkly $ 70 monthly $3 05 or. $36 40 Motl subscription in sub Lect to 4% sales to. The associated press is entitled to a he Usa or reproduction of All local Newt printed in this newspaper of Well of Oil a news dispatches entered at second last matter at the past office High Point under act of March 3, 1879 second dots postage paid at High Post All Corners dealers and distributors Ore Independent contractors and the High Point Enterprise inc is not responsible for Advance subscription payments made to them or their representatives for Home delivery Rote con toe i your local Corner word on Faith company National advertising representatives 577 99-9 62 125 77 0 16 60 64-0 2 182 30-1 64 ts-0 03 45 76 0 04 61 45 unch 78 50-0 13 70 90 -0 u3 . Stock a averages complied by the alienated press note hang noon Fri prey Day week ago month ago year ago iv74 High 1974 Low 1973 High 1973 Low 28 Ralls net Changa noon Fri 47 4 pre Day 47 j we ago 47 3 month ago 47 a year Jug 51 i 1974 High 53 2 1974 Low 4/1 >973htgh s3 9 173 Low 516 new York map american Stock e Chang a sates i ads High Lew last chg. A a a Petri to 4 12 24 24 a Samara 25 6 is 7 6 a a 14 la 4 4 Brasen a to 2 <8 12 12 6 3 is 14 6 45 12 12 cd -3 23 4 1 11 16 j 15-16 3 7 16 i-16 7161 16 4 8 1 t 3 106 7 7 do 4 7 to 9 3 4 4 4 j 5 2 2 a a Essex oem 2 4 7 2 up a Fedr Esnes 19 in 1 to Frontier air 3 to 4 4 0-0 giant v Jill 2a 9. B a gab aspet 4 2 2 2 m a a husky0.50 4 4 13 12 Impo a 80a to 29 23 23 India Ai to 4 16 14 14 a a Efroni Clad 3 i i i a a a 3 106 4 4 5 i la 6 3 2 2 7 2 la to 41 2 2 23 i i my 3 6 3 3 4 9 3 3 5 9 7 6 j 17 6 4 in a 21 i a 4 9 i i 6 12 4 4 24 to i 41# 12 14 a 12 1 7 9 4 a j 2 1 by 4 a 9 2 12 23. 14. Kaiser Liq to Kin arc up i amour 36 Lee intr j6 Loewe heat a tvs or pm mers Haind Medinco in Michus Loe Milgo elect in i 10-2. I a 3-6 -4 newtons m Newport is n proc 35# Norton Otis 7 3 3 1-14 3 1-163 1-16 114 i 4�? m is is 64 i of i o i Ina. Rat Umi. Ski orc Cpl 2 to it 14 14 -42 a i 9 of run Ltd Ina 14 4 i i a249 4 nos 72 i 190 7 Olar a 05# 8 5 3 3 3 293 8 Iii i. 72 i -0 309 5 116 i 73 4 201 4 Potot Nistl 5 20 3 3 3 is 3334 121 i 720 20 4 air 495 4 147 i 121 5 307 5 Rath to s to 3 a 3 458 i 1777 Moo 300 8 in a 293 8 111 i 67 7 in a synth 40 iji9j 30 29 30. 532 j 184 7 146 3 346 9 i a a a a i 405 9 125 5 97 9 i 0 to i int co 4 24 3 3 3 4 d averages Tutti Ocop 19 la 2 i i Tim Ait Kiili Patti us in 1# .10 18 Unbro Newt 4 i to Ina Omi. Fen l a us f Tiff a 4 7 4 3 3 i a a 646 79 i 99 7 660 v6l�p#f 24 4 3 i i j 646 79 t 99 7 66 0 vow a 4 13-14 1316 13 4 64 4 78 9 99 7 67 3 Vino inc 50 i i i #4 6 80 3 97 2 67 3 we 41 i 879 98 3 77 7 we to pal a 26 7 a i 2 41 i 842 99 j 78 0 i Nihro to 6 to 4 4 4 67 4 74 3 97 2 65 9 a a a �?�5 4 �?�9 99 82 2 a a re and 3 4 7 7 7v% 78 0 452 i 74 2 copy tent a Fth ainu it to pret 1974 press 1974 sales figures Are unofficial unless otherwise noted rates of dive deals m the foregoing table Are annual disbursements based on the last quarterly or Semi annual declaration special or extra dividends or payments not designated As regular Are identified in the following footnotes a Avo extra or extras a annual rate Pius Stock dividend cd liquidating Divi 0and a declared or paid in preceding 12 months he declared or paid Atter Stock dividend or split Upky declared or paid this year an accumulative Issue with dividends in arrears no new Issue p a paid this year. Dividend omitted deterred or no action taken at last dividend meeting re declared or paid in preceding t2 months plus Stock dividend to paid in Stock in preceding 12 months estimated Cesti value on sex dividend or exist nub tion Date i sales in full Cid called x a a dividend a a exd Ivi Pend and sales in full a Dis sex distribution or sex rights a a a without warrants we a with warrants a do when distributed win when issued Ndu next Day delivery it a in bankruptcy or receivership or being George nixed under the bankruptcy act or securities assumed by such companies in foreign Issue subject to interest Queli Jetton tax inflation strikes medicare Washington if beginning Jan i the 23.5 million persons covered by medicare will have to pay 9 5 per cent More in out of pocket hospitalization expenses because of inflation the department of health education and welfare announcing the new schedule thursday said each medicare patient checking into a Hospital will have to pay the first $92 of expenses compared with the current $84 should the Hospital stay exceed two months the patient will pay $23 a Day for the 61st through the 90th Days $2 More than at present. Of the person enters a skilled nursing Home following hospitalization he or she will pay $11.50 a Day for the 21st through the 100th Days a $1 increase the daily out of pocket expense rises from the present $40 to $46 it the patient draws upon his once Only Reserve of 60 Hospital Days. Hew Secretary Caspar w Weinberger said the increases based on current Hospital costs Are required from Page i a Ford apparently has not made final decisions on the anti inflation proposals he will present to Congress next week. But he would give no details of the Cabinet room meeting Between Ford and the gof leaders. A there was a general discussion a Aronds said adding that Ford a did not go into minute details Quot on the proposals he will outline tor Congress and the american Public in his Capitol Hill appearance. Asked if the Republican leadership would support any Ford requests for a tax increase Arends responded Quot i done to know. It depends on what they have in he said when asked if Ford had settled on the shape of his anti inflation program. A i done to think Ford s meeting with the congressional republicans came shortly before the labor department announced a september jobless rate of 5 8 per cent up four tenths of a per cent from August. Motorists had at least some temporary Good news. There were Price cuts by two major Oil companies and renewed indications that Ford is against increasing Federal gasoline taxes. But Melvin r. Laird a Friend and informal adviser of Ford called thursday for the adoption of standby authority for gasoline rationing saying it will be needed sooner or later. The gasoline Price cuts were announced by Mobil Oil corp. And Amoco Oil corp., a division of Standard Oil co. Of Indiana. Mobil reduced gasoline prices by 2 cents a gallon and Amoco made a 3 cent a gallon Cut. Amoco also lowered its Price on no. I and no. 2 distillate Oil by 3 cents a gallon. The cuts were effective immediately and Are in line with Federal regulations linking wholesale Gas prices to firms crude Oil costs. Both Oil companies confirmed that Cost cuts for motorists Are certain Only at company owned stations. Independent dealers will pay lower wholesale prices but they determine their own pump prices. The indications that Ford opposes raising the Federal gasoline tax came both from rep. Bill Archer and White House press Secretary Ron Nessen. Archer r-Tex., said Ford disclosed that he has a no intention of sending a proposal for a 20-cent gasoline tax increase to and Nessen said that while the tax was among options suggested to Ford the president opposed it. Laird issued his Call for standby rationing authority while moderating a conference on world Oil problems. Quot sooner or later a rationing system is going to be needed Quot he said. He said some $100 billion per year is flowing to Oil exporters and in six years the Transfer May amount to $600 billion an amount More than the value of All storks listed on the new York Stock Exchange. So Laird predicted that eventually rationing will be necessary coupled with taxes to discourage Energy use. Administration sources meanwhile said Ford will announce soon that Interior Secretary Rogers . Morton will replace Treasury Secretary William e. Simon As chairman of the Cabinet level committee on1 Energy. The panel is to develop options and recommendations on major Energy problems and has been headed by Simon since it was formed june 14. The shift apparently indicates a larger role for Morton in the development of Energy policies. Nessen reported thursday that Ford will unveil his new economic plans in a Peech Early next week but he said the time and forum have not yet been decided upon. Conferees agree on election Bill Edmisten attorneys conferring Raleigh apr attorneys and accountants representing democratic candidate for attorney general Rufus Edmisten will Confer with a state department of Revenue auditor today in an Effort to work out Edmisten a tangled state income tax situation. In announcing the meeting thursday Revenue Secretary j. Howard Coble said the department was considering ways of settling the Case without criminal prosecution of the democratic candidate. Edmisten s state income taxes got into the news last week when he admitted during a question and answer session at Chapel Hill that he did not file a North Carolina income tax return during the to years he worked As an aide to sen. Sam j. Ervin jr., d-., in Washington. He said that he paid income taxes to the state of Virginia because he lived in Arlington. Va., even though he claimed North Carolina As his Legal residence. Atty. Gen James Carson Edmisten a Republican opponent immediately charged that Edmisten was liable to criminal and civil prosecution because he should have filed North Carolina income tax returns and should have deducted what he paid in Virginia from his North Carolina taxes. Coble said in a statement Quot in the event that Edmisten appears guilty of having committed fraud in failing to file returns with the North Carolina department of Revenue he could be assessed for delinquent taxes for the past to years. If Edmisten is guilty of having failed to tile tax returns without committing fraud the North Carolina department of Revenue will assess him for delinquent taxes for the past five years. Edmisten will also be assessed late filing penalties As required by it s not All tulips Amsterdam a Flowers brought by air from such far away places As Thailand the Ivory coast Israel and South Africa Are being sold at the Mammoth dutch daily Flower auctions in Aal Smeer and a Insburg. The auctions Are expected to handle about $10-million-Worth of Trade in imported Flowers this year. Carsons by John Chadwick associated press writer Washington a a Compromise Bill of far reaching changes in the financing of Federal election campaigns has been agreed peruvians evaluating quake toll Lima Peru a peruvian air Force planes and helicopters crisscrossed the Countryside today to evaluate the effects of a severe earthquake thursday. Forty four persons were known dead and at least 1,000 were reported injured 92 of them seriously several cities or towns in Central Peru reported extensive damage. Workers in Lima the capital began Clearing shattered Walls fallen cornices and broken Glass from the streets at least two houses collapsed in Canete and Chincha coastal cities South of Lima 60 per cent of the houses were reported destroyed emergency medical centers treated a steady flow of slightly injured or hysterical people authorities said 92 were hospitalized 970 More were Given first Aid and 460 were treated for Shook the quake struck at 9.21 am and shocks continued for nearly an hour after the initial tremor widespread panic was due to the memory of the devastating earthquake on May 31, 1970, in which 20,000 persons were killed and another 50,000 were reported missing the geological Survey reported that the quake thursday hit 7,7 on the Richter scale a measure of ground motion As recorded on seismographs the 1970 quake measured 7 8 on by Senate House conferees. The measure approved in final form thursday sets limits on Campaign contributions and expenditures and provides for use of tax funds in paying for presidential races. Presidential candidates from the democratic and Republican parties would be limited to spending $20 million each in general election campaigns with the government paying the entire amount. Candidates seeking their party a presidential nomination could get up to $5 million in government subsidies but they would be limited to spending Sio million. The Bill would permit minor party presidential candidates to receive Federal Campaign subsidies depending on their percentage of the popular vote. Another main feature of the Bill is to permit up to $2 million in tax funds to finance the National nominating conventions of the political parties. Dropped from the measure was a provision for Public financing of Senate and House races the conferees plan one More meeting monday to Check it Over and then to bring it up for House and Senate votes later in the week before Congress recesses for the nov. 5 elections youth killed in elevator Laurinburg . Apr a 16-year-old Laurinburg youth was killed thursday when his head struck a Large Metal beam As he Rode in a freight elevator police said police chief n. W. Quick said Victor Grubbs was Riding in a downtown department store elevator when he leaned out striking the beam. From Page i a to criminal and civil action because Edmisten Hadnot filed North Carolina income tax returns for to years. Edmisten was an aide to retiring sen. Sam Ervin in Washington and paid Virginia income taxes because he lived in that state though he still claimed tar Heel residency. Carson a Charlotte native said he attended the univer sity of Florida after graduating from High school. He was there until joining the Navy As a fighter Pilot in 1955. While in the Navy. Carson said he claimed new Jersey As his Home of record because that was his wife s Home. He was a fighter Pilot stationed aboard the .s. Ticonderoga with the 7th Fleet. New Jersey has no state income tax so he did t pay any. Had he listed North Carolina As his Home of record he would have been subject to the states income tax. Carson said he moved to Chapel Hill in january 1959 alter his release from Active duty and attended unc beginning the next month. He said he paid the resident fees because of his parents residency. A spokesman at unc said the 1959 regulations were that a student is considered a resident of the state where his parents Are residents. The 1959 unc Catalon said the same was True of an adult student unless the student a set up one of his own in another state to claim residency in 1959, a student must have lived in the state for six months worked registered to vote paid taxes and otherwise Given proof of residency the unc spokesman said under the rules a student attend school and establish residency at the same time the spokesman said the spokesman and Vanort said the Only Way an out of state student could establish residency would be to drop out of school and work and pay taxes then return to a Nooi. He would also have to show the school Quot Good reason for claiming residency the spokesman said. In 1959 it would have taken six months now the requirement is 12 months. Carson graduated from unc in 1960 and graduated from the unc Law school in 1963. Vanore said a North Carolina native who claimed to be a resident of another state while in the military qualify for the lower tuition the unc spokesman said the school probably Check on a former Serviceman a residency qualification if he used his parents North Carolina Home As a permanent address and claimed residency. Quot they just did no to Check those things then like they do now. It was very Slack very lenient Quot the spokesman said. Largest Banks Cut interest new York a i nation s two largest co Mercial Banks and o smaller Bank announced a per cent reduction in the prime loan rates today i Kab per cent effective met Day. The i percentage Point it in the key rate a initial last week by Cha Manhattan Bank and Morg guaranty Trust co of n York a was followed Tod by san Francisco s Bank America the nation biggest Bank first nation City Bank of new York a mercantile Trust co. Of Louii. A movement in the Prii rate a Bank s lowest she term loan rate for its Bigg and Best Corpora customers is not tied dire by to personal or so business loan rates. But sustained move in the pm often signals the Tutu direction of other inter rates

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