High Point Enterprise Newspaper Archives Oct 22 1972, Page 6

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High Point Enterprise (Newspaper) - October 22, 1972, High Point, North Carolina 6a High Point Enterprise sunday october 22, 1972 new pact May triple Trade level by David Burke a business writer new York a the historic Trade agreement Between the United states and the soviet Union signed this past week could Lead to a new Era of commercial relations Between the two superpowers. The three year pact which Grants Russia a most favored nation status and allows Export import Bank credits to the soviets for use in buying american goods could triple Trade Levels to $1.5 billion . Sources indicated. An important hurdle still to overcome though is the need for congressional approval of the most favored nation status. More than two thirds of the Senate is on record opposing this so Long As High exit taxes Are levied against jews trying to leave Russia. Another agreement this past week provides for final settlement of russians world War ii lending debts to this country the soviets agreed to pay $722 million including interest to Settle an original debt of $11.1 billion. Domestically the major news development was the Justice departments announcement that it will try to break up International business machines into a number of separate companies As part of its antitrust suit dating Back to 1969. It said it wanted to a dissipate the enormous Power of ism. Ism. The worlds largest computer manufacturer and americans fifth largest corporation reported $8 27 billion in revenues last year and $1.08 billion in profits. In other news billionaire Howard Hughes decided to sell the Oil tool business upon which he built his personal Fortune. In a registration statement filed with the securities and Exchange commission Hughes tool co., the Houston based Cornerstone of the Hughes Empire said it would offer Stock in the Oil tool business to the Public for a maximum of $28 a share. Analysts said they expected the Issue to be snapped up by investors. Dow Jones 30 industrials business notes 1050 1972 a la to Obj bad 800 i Iii x j f a m j i a s 0 n 0 by Ray he. Market gains the Stock Market moved up last week with the Dow Jones average closing at 942.81 Friday up 12.35 from the week before the associated press 60 Stock average also Rose to 320.3 Friday up 1.2 from the week before. The Market jumped to its biggest gains Friday on another Vietnam peace report. A wire photo Stock quotations joins firm Thomasville John o. Carswell will join Rex plastics inc., Thomasville nov. I As vice president in charge of the company a expanded folded plastics division. Carswell became associated with the b. F. Huntley company in 1956 in the Cost and purchasing department and following that company a merger with Thomasville furniture industries has been most recently serving As vice president and director of materials. A past president of the Thomasville Lions club and past chairman of the budget committee of the United fund he is currently a member of the Board of trustees of the Community general Hospital in Thomasville. He and his wife Emily have two daughters a Gleta. 15 and Donna. 12. The family live on Sarvis tree Lane Thomasville. Or the counter Stock Ayti associated pro quotation from the National Astol peace would t Stop interest rate climb by Lou Schneider North american naw Gap a Alliance new York peace its wonderful especially As an election Day gift. For business after several weeks of rumours Hope is eternal. But peace or a ceasefire will not Stop the climb in loan interest rates. Most important is the continued underlying factors of growing demands for Money As the business expansion progresses. And financing the Treasury deficit without the help of foreign Central buying will be a problem. October corporate financing May run at about $1,865 million. It will be the second largest corporate monthly volume thus far this year except for the $1,917 million offered in february it comes to Light that the volume of corporate Bond offerings this month will be made mostly by Industrial financial and commercial businesses a exceeding by a wide margin the volume of Public Utility offerings which ran ahead of the pack in recent months. . Treasury new Money financing for the remainder of this fiscal year ending next june 30 will run to the tune of near $11 billion. It has already been announced How part of it will be done. There will be a $2 billion two Vear six per cent notes issued each Quarter a the first sold last week. A huge Cash financing is expected in mid december. Federal reserves Monet a re operations will try to simplify the Treasury financing. But Money lending people caution that the ultimate consequences will be further inflationary pressures on Over All pricing thus loan interest rates will continue to climb a Hon of securities dealers Ara representative int Rdea it a prices As of App Oil Mitey 3 30 pm. Daily. Prices do not in Luda retail Mark up Mark Down or Mission com bid asked Aid. Inc. 63� the a Ron a the american furniture toll Atlanta a Light he h Atlantic pop a cola 29 v 3 30 Auto train of 194 Bankers Trust . 404 Sou Bassett furniture 4c 4 41 Bill Allan com. In in Bill Allan Bab the to Bilo 77 22 h Black kinds a1 7 a Branch Bank a Trust 37�?Tj 39 Brenner kinds. 114 in Bur yarns 94 10va Burnup a Sims 241 25 i Csc finance 7 74 Camaron Brown com 29. Soh Camaron Brown was. Iva in Camaron financial Sih a1 Cannon Mills to 104 Carolanda com 4e 54 Cantando was. A i 24 Carmine food s so Carolina Caribbean 3h it Carolina Ca in 1h 44 Carolina Pil 9 10pfd no none Caro stat Bank u none Carolina steal 41 43 Carolina Wise Flo. 4 none Cartridge to 19 i 20 a Cato corp ii i2v, Central care Bank 34 none Central Vermont 17 114 Champion parts res 20 21 charter Bank shares com Ion la charter Bank spares dab 103 it charter co. Pad 794 30q Chatham mfg class a 154 to a installed or. Joseph Suggs of Asheboro was installed recently As president of the third District dental society at a meeting in Greensboro. He succeeds or. Leonard Cashion of High Point. Trade winds income tax hike predicted by Lou Schneider a ref american newspaper Alliance new York Richard m. Nixon speaking As president says any income tax increase next year will be the work of Congress not his. Richard a Nixon a s presidential candidate for reelection politically promises no income tax increase during the next four years. But leading economists including Nobel prize Winner Paul Samuelson. See a tax increase next year a s unavoidable regardless of tax Reform measures. Despite the Promise by president Nixon to run a tight fiscal ship next year the economists insist the tax boost is necessary because of budget deficits. This fiscal year coupled with those of the previous two fiscal years produces a deficit record of near $85 billion a with the exception of the world War ii years. Paymasters say it is Worth noting that the nations More than 80 million Jobholder and their employers will b e paying higher taxes next in year despite Nixon no tax hike Promise. Because of the social Security payment increases payroll taxes Are to increase automatically As of january i 1973. That added tax bite will total about $6 billion. Tax economists say that even if higher taxes Are proposed it in t like it can be enforced in time to affect the Economy in fiscal 1973 ending june 30. Fiscal income tax policy As an economic weapon is slow to be effective because of Long delays Between proposals and implementation. History shows that time and again tax cuts intended to stimulate the Economy almost never became effective until stimulation was no longer needed. The reverse developed when tax increases were imposed. Financial managers watching the tax hike political responsibility shifting note that general tax rates Are lower now than to years ago. A tax Cut was enacted in 1964 plus another in 1969 it is noted that with the exception of a temporary income tax surtax which has since been repealed Federal taxes have not been increased for More than to years. But Federal spending has skyrocketed. Cas corp of so. Coca col mid Cra. Cochran furniture colonial lift clan a colonial stores ape pro Cor bin and properties comm Bank of Greensboro computer network Conner Home Conte Daniel internat. Com. Daniel internet debt Diamondhead corp Durham life in. Elpa of electric environmental control electronic data cont. Equitable leasing Farmer new world life Fidelity corp of a first mortgage of n c. Food town stores Franklin life ins. Gar Finckel Brooks Georgia internat. Guardian corp Harbison rubber Heilig Meyers men red on furniture Hickory furniture Home Security life Hoover co. Hughes Supply Huntley of York inf Egon corp. Interstate corp investors tit in. J. B Ivey jacks food systems none i Kenan transport Kewaunee scientific Knape a Vogl mfg. Koger properties Lance inc Lane companies Liberty Bank a Trust life Assurance of Caro. Little mint Lowe s companies Mack store method electronics mid South int. Multimedia a cab corp no natural Gas Northwest. Fin. Corp no Western Fin inv units no Western Fin inv com no Western Fin inv was Occidental lit int. Oakwood Home package product pay n save Peoples Bank Rocky of Phillips Foscue piece goods shops Piedmont aviation Piedmont real estate planters Bank Rocky it provident financial Public service of no Quality Mills Rahall comm Ped Fem food Reid provident labs be plastics Rose stores safeguard Auto. Sam Solomon Savannah foods acuity finance corp shone i big boy Monoco products sooth Carolina the . National corp Southern National corp South in National oohs spartan food systems Suja Date foods Sudor Dollar store Synerson corp Gelerent letting Tellies inc. Tre scent get pipeline transport data common tri South mortgage it Triangle Brick Turner communications unit inc United Caro. Ben Sharet Vermont american Virginia International b b Welke shoe Wellington Hall West knitting White shield co i corp. Wright machinery new Plant american of Martinsville has announced plans to build a major furniture manufacturing Plant at Chilhowie va., in Smyth county. Construction is slated to Start by the first of the year and will be completed by the end of 1973. Investment in the 300,000 Square foot facility will be approximately $5,000,000. The Martinsville. Va., based firm is one of the nation s leading producers of furniture manufacturing bedroom and dining room furniture occasional tables and upholstered furniture and is the nations largest manufacturer of hotel Motel furniture. The company employs approximately 3.000 people. Early this year american acquired t h e appalachian manufacturing corp., just outside Marion. A. During the year $1.1 million has been spent on this facility and employment has risen from Iro to 300 Century of service with the company. Hoover began in the old Globe parlor company making Cane Bottom chairs and has been in the sanding department of Globe for the past 30 years. High profits Winston Salem Piedmont aviation inc., recorded new highs in profits and traffic during the third Quarter according to t. H. Davis president. Net income for the third Quarter was $1,798,563 or 81 cents per share. Combined with earnings for the first six months these figures result in a net profit of $2,961,363 or $1.33 per share for the year to Date. This compares to a loss of $202,153 in the first nine months of 1971. The 1971 third Quarter profit was $985,005 or 45 cents per share. This improved earnings picture is due largely to substantial increases in traffic. Passenger totals for the third Quarter of this year were 845,325, an increase of 10.3 per cent Over the same period in 1971. During the first nine months of this year 2.364.323 passengers were carried As compared to 2,130,805 during the same period last year an la per cent increase Davis said. More passengers United air lines reported an 87.4 per cent increase in passenger boardings in the Greensboro High Point Winston Salem area for september As compared to the same month a year ago. Ray Evans u n i t e d a s customer services manager Here said the airline boarded 5.470 passengers Here last month As compared to 2,924 for the same month in 1971. System wide United r a ported a 19 7 per cent increase in Revenue passenger Miles for september As compared to the same month in 1971, up from 1.9 billion to 2 3 billion. Recognized Walter h Hoover has received special commendation from the Globe furniture Tion from the Globe furniture division of Burlington industries for completing a half Loans up Richmond. A. A according to the weekly Survey conducted by the Federal Reserve Bank of Richmond Gross Loans at 28 of the largest Banks in the fifth Federal Reserve District increased $80,725,000 during the week ending october la raising the total outstanding to $12,279,024,000. Loans to Domestic commercial Banks Rose buy sell Trade with to 3�?T j la an Enterprise want adn to i ill any make George p. Clark. 111 Hayden place phone 882-1816 9 31 sorry about this Messi we Ore getting a face lift please continue to Call on us for All your drafting surveying and Charpak supplies thank you Southern photo print amp Supply go. 340 n. Wrenn St. High Point n. C. Phone 882-3127 of Howard Stutts lease mgr. Long term leasing lease cars or trucks Cadillac. Or any general motors vehicle. Mark in Mustang or any Ford product. Dodge Dodge truck or any Chrysler corp. Vehicle. Mercedez porsche Jaguar or any imported product. No capital investment full insurance maintenance a businesses e individuals a physicians e professionals Call our lease manager r Ilderton Auto a truck leasing co. A division of. Ilderton Dodge Horace g. Ilderton inc. 701 s. Main dealer 1745 phone 885-4091 $53,231,000. Loans not of these Interbank transactions o r Loans adjusted gained $27,494,-000. Demand deposits increased $43,905,000, and time deposits went up $36,518,000. Investments fell $37,687,000. Figures for the 28-Bank report showed that financial Loans dropped $11,725,000. Of this total Loans to financial institutions other than Domestic commercial Banks fell $13,118, too while Loans for purchasing and carrying securities Rose $1,369,000. And securities purchased under resell agreements with brokers and dealers gained $24,000. Included in the fifth Federal Reserve District Are the District of Columbia Maryland Virginia North Carolina. South Carolina and most of West Virginia. Debits increase Richmond a. Bank debits in All but two of North Carolinas major reporting business centers showed an increase for the month of september As compared to the same month last year according to figures released today by the Federal Reserve Bank of Richmond. Bank debits in the Charlotte Standard metropolitan statistical area Rose 32 per cent from $2 266,743,000 to $2,-988,202,000. Bank debits in the Raleigh Sosa gained 23 per cent from $1,407,897,000 to $1. 727.612.000, and Greensboro Winston Salem High Point Sosa debits increased 17 per cent from $2,632,863,000 to $3. 072.809.000. Durham Sosa debits went up 14 per cent from $452,495,000 to $518,097,-000, and debits in the Wilmington Sosa Rose 13 per cent from $200,371,000 to $226,493,-000. Asheville Sosa debits gained 12 per cent from $313,-116.000 to $351,690,000, and debits in the Fayetteville Sosa increased 3 per cent from $220,819,000 to $228,507-000. Among the other reporting centers which Are not part of a Standard metropolitan statistical area debits in Hickory Rose 15 per cent from $139,782,000 to $160,742,000, while debits in both Wilson and Kinston fell i per cent from $109,364,000 to $108,587,-000 in Wilson and from $108,945,000 to $108,041,000 in Kinston. Ruth Mallison employment specialist Ideal personnel 207 English re. Pm 885-5176 w3�?z scholarships Are great. Hut int t an you Tell ten years ahead whether your Man will get one better talk to the listener a bout How Intro on a Many form of insurance anti related financial Servideo ran help you prepare for those College costs. Talk to the listener. Robert Mccuiston cd. 164 South main Street Tel 883-0424 int Egon financial services i i i Granville bonded warehouse Oyent for Mayflower moves completely pre planned. Same operator same locked at ride Start to finish. Storage St Ort o a it my or a Houseful sofa from Dut Sci More to. Trained personnel the men who handle your i move Wear this accredited Emblem. They be proved a Ltd a in they know what they re i doing by classroom education. By on the Job training by written examination. Specializing in employee transfers estimates without obligation i phone 882-01511 Granville r0nded warehouse 801 s. Hamilton St. Fred p. Newby president Steve Foster Gen mgr it Chato Newby sales mgt w i i i i

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