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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Oct 19, 1971
Page
2
The noon Dow Jones industrial average dropped 7.88 points to 864.56 amid weak third quarter earnings and investor anxiety over Phase 2 of the Nixon program. Major declines hit steels motors rubber and related sectors with other groups mixed.
A fragmented NASD style list outlines inter-dealer quotes and market terms. It defines categories from ex dividend to warrants and bankruptcy status with notes on dividends, stock distributions, and special delivery terms in an 1970s market context.
RALEIGH AP Bell requests a 16.8 percent phone rate increase from the North Carolina Utilities Commission to raise annual revenues by 29.6 million dollars. Vice president John J. Ryan says the move is needed to reflect lagging costs and maintain service and that the hike should not wait for the wage price freeze review. He notes prior boosts brought 13.3 million dollars and accuses rising costs since the last request of hurting Bell’s ability to provide reliable telephone service.
Senate leader Mike Mansfield admits he may have cast the wrong vote against Clement Haynsworth as Nixon’s first Supreme Court nominee failed 55 to 45 in November 1969. Carswell’s nomination was later rejected by 51 to 45 in April.
Mansfield defended his vote against Haynsworth the 4th U.S. Circuit chief judge but did not clarify the reason. The ABA is to investigate six possible nominees including Herschel H. Friday of Little Rock as Nixon considers Southern candidates for the vacated seats.
President Nixon unveils a plan to fund health insurance largely through employers with the government covering poverty and unemployment costs. The plan, and other proposals, begin congressional hearings led by Rep Wilbur Mills as lawmakers map a bill likely not ready for next year.
Vice President Spiro Agnew arrived in Gargalianoi to honor his ancestry with a wreath at a family gravesite and a visit to a convent founded by his great aunt. He spoke through a translator about his father’s ties to the town and shared a heartfelt, if restrained, sense of coming home.
Police report a 10 hour downtown rally drawing about 100000 people. 128 treated in hospitals for minor injuries, 98 arrests, damage to shops and vehicles, a hospital fire engine theft, and one hotel closure. Officials dispute sensational crime claims while tracing the crowd's exuberant behavior.
The NLRB affirmed a trial examiner finding that Drexel Enterprises engaged in unfair labor practices during union organizing efforts. Drexel, with 20 plants near Drexel, North Carolina, saw a union defeat in 1970 and the following January. The board upheld the examiner except that Joseph Brittain was found fired for subordination and threatening a supervisor, not union activity. It ordered posting notices against retaliation or discrimination to deter organizing.
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