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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Oct 17, 1971
Page
6
The Dow Jones average of 30 industrials closed at 874.85, down 19.06 for the week, while the Associated Press 60-stock average fell to 322.0 on Friday. Analysts attributed the losses to investor uncertainty over Phase 2 of President Nixon’s economic plans.
Quotations from NASD interdealer prices around 3 p.m. Thursday show representative prices without markups or commissions. The list includes numerous companies across sectors such as Carolina entities, banks, insurers, retailers, and manufacturers with various price figures and percent changes, reflecting mid afternoon trading activity.
Chicago reports a strong August for the household furniture industry with shipments up 45 percent and new orders up 25 percent from July 1971, and year-to-date gains versus 1970. Executives forecast faster recovery as productivity improves and prices slow.
AFL CIO and other unions pledge cooperation with Nixon Phase 2 after promises on pay board autonomy. Treasury Secretary Connally warns of gloom and a lack of confidence amid wage price control fears. Stock prices slide as labor action and strikes ripple through the economy. Unemployment eases to 6 percent as earnings reports roll in from Westinghouse Kodak and RCA.
Pamlico Power and Light Co. wins final authorization from the North Carolina Utilities Commission for a 9.26 percent rate increase effective in May. The higher charges cover a $10 762 rise in wholesale power costs paid to Virginia Electric and Power Co.
Horace Ilderton Inc. promotes Carey Ilderton Jr to vice president and assistant general manager. R H Bradley becomes service manager. Jerry Newton moves to assistant service manager and Everette Perry named assistant service manager. E Bradford Heer named director of interior design and staging. Ken Litton promoted to assistant laboratory manager.
Jefferson Standard Life Insurance reports new life insurance sales during the first nine months exceeded 288 million dollars, up 16.5 million from the same period in 1970. Ordinary life in force rose to a record over 3.7 billion dollars on September 30, with a 141.1 million dollar gain over the prior year.
The Wachovia Corporation posted consolidated income before securities gains of 21.2 million or 2.97 per share for the first nine months, up from 19.5 million or 2.73. Net income reached 20.4 million or 2.85 per share versus 20.1 million or 2.82 previously. Net securities swung to a 939 thousand loss from a 268 thousand gain in 1970, and total assets stood at 2.384 billion on September 30, 1971, up from 2.218 billion a year earlier.
Vance L. Hallman of Mount Airy, long time Monroe Hardware representative, has joined Fortis Enterprises of King. A Spartanburg native and Carlisle Military School graduate, he earned a real estate broker license and will handle Canterbury subdivision sales on Highway 566 between High Point and Kernersville.
John G. Medlin executive vice president of Wachovia Bank and Trust Co. N A will address the Piedmont Chapter of the National Association of Accountants at the Oct 21 Winston Salem Elks Club meeting. He chairs funds management at Wachovia and serves on several boards.
The Triad chapter hosts a two day seminar on motivation at Bur Mil Country Club Greens boro October 1920. Everett Thurman of Webco Mills leads a program examining Herzberg McGregor Maslow and other management theories using the film series. Public reservations via Guion Phillips Donald Begosh and Robert Baker.
Cumby Mortuary is accepted as a member of the Order of the Golden Rule for the 14th consecutive year. The order, the world’s largest controlled-membership funeral firm association, is a nonprofit aiming to uphold high standards through investigations.
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