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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Sep 09, 1971
Page
2
Mild profit taking and cautious trading weighed on the New York Stock Exchange as the noon Dow Jones average slid 0.95 to 919.98. Investors awaited President Nixon’s congressional address, with many predicting the tone could move shares.
The stock report lists figures for 30 Industrials at 919,980.95 and 65 Stocks at 314,610.43 with Transportation at 246 6640.03 and Utilities at 12,990.63. It notes higher grade rails at 16240.11 and second grade rails at 64 20 10 amid utility and industrial activity.
The House Ways and Means Committee reviews measures to end the 7 percent auto excise tax, speed tax write-offs for business investments, and shift up by a year a $50 personal exemption increase to Jan 1 1973. The plan claims $3.2 billion in consumer tax relief and $2.7 billion to spur equipment investments, while labor leaders warn of excessive aid to industry. Inter-dealer NASD quotes provided for context.
Nixon warns that tax cuts or spending increases without corresponding cuts will trigger runaway inflation. He says the 90 day wage price rent freeze is temporary and will not be extended, and a new stabilization plan will involve cooperation across government and all Americans. He plans to propose legislation in 1972 to create jobs and strengthen economic measures.
Ronald G Stamey has been named district manager for the Charlotte District of Southern Bell Telephone Co The district includes Charlotte Davidson Huntersville and Locust exchanges The High Point native attended High Point Central High School Mars Hill Junior College and earned a B S in Electrical Engineering from NC State University in 1963 He began in Greensboro in the Engineering Department and later worked in Charlotte and Atlanta before the promotion He is married to Linda Watts of High Point son of Odis F and the late Beulah G Stamey of 1001 Skeet Club Rd High Point.
NCNB Corp of Charlotte and C Douglas Wilson & Co of Greenville announce an agreement in principle for NCNB to acquire all outstanding Wilson shares. The plan calls for 13 9474 NCNB shares for each Wilson share, with Wilson and Ridgeway to remain as officers and directors and the firm operating as a subsidiary, subject to Federal Reserve approval.
The Pro Football Hall of Fame will induct Vince Lombardi Jim Brown Norm Van Brocklin Y A Tittle Andy Robustelli Bruiser Kinard and the late Bill Hewitt in an induction ceremony on July 31.
AP reports at noon the New York market indices show mixed movement led by utilities and finance. Industrial and transportation sectors show minor shifts while overall index hints at steadiness amid trading day volatility.
American helicopters transported 1,000 fresh South Vietnamese troops within two miles of the Laotian border in a major drive near the DMZ. About 25 B52s dropped 750 tons of bombs on North Vietnamese positions as the offensive expanded to 13,500 troops with few contacts reported.
The Tupamaro escape from Punta Carretas prison in Montevideo was a tightly plotted operation. A tiny traffic sign inside a nearby house directed fugitives to clothing and safety items while deputies aided the escapees.
The Nixon administration, with two exceptions, plans no new efforts to alter court ordered school desegregation in Austin and Corpus Christi Texas. Civil rights chief David Norman says no intent to join other districts seeking federal backing for busing, while Nixon presses to minimize busing by law in ongoing appeals.
U S officials reportedly weigh dropping the Security Council seat from the two Chinas plan and gifting veto power to Red China. Washington faces pressure from allies including Japan to revise the China resolution to include this option while still allowing Nationalists to remain in the UN.
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