High Point Enterprise Newspaper Archives Sep 15 1974, Page 7

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High Point Enterprise (Newspaper) - September 15, 1974, High Point, North Carolina Sales Are off High Point Enterprise sunday september 15, 1974 7a Auto makers review Small car Outlook first Union offers 7 free services by Hobert Vav. Irvin Nana a Detroit news Detroit with signs that the Market for Small cars May not be As Strong As thought in last Winters Energy crisis the . Auto Industry is undertaking a review of All its Small car plans. It is delaying or dropping some of the projects modifying others. This is what informed sources report is happening because of the current shape of car sales a the Market for big cars is staging a comeback and Small cars Are no longer Selling like hotcakes. The inventory of unsold cars is the Best indicator of what is the Case a with Only a months Supply of luxury cars and a three month backlog of subcompact. Nevertheless there has been a net gain in Small car sales this year from 41 per cent in �?~73 to 47 per cent now and a we expect that the Small car share will continue to Rise at about the same rate during the �?~75 Model year to 53 per cent a said Ford president Lee a. Iacocca. But generally the Auto executives like Iacocca and others done to seem As optimistic As they once were about the Prospect for Small cars even though they have eight new lines of Small cars in �?~75. What is changing Are the plans for the 1975-77 and beyond Small cars. Chrysler chairman Lynn a. Townsend recently said a we will not be putting out a subcompact in 1977�?� As had been scheduled. A we Are again going Back and reviewing this program because of the Way the Market has developed a he said. A when and if we come out with a subcompact it will be some time after 1977.�?� Chrysler president John j. Riccardo said the company is going ahead with plans for new compact models in 1976. But what he Hasni to said is that the firms made some major changes. The original plan was to have the new compacts replace the present valiant and Dart in 1976. Now however work is at least the two door Coupe models will be continued in production and the new compacts will be additions to the line. Chrysler a following the same approach Ford used this year with its new Granada and Monarch cars. The new cars were originally destined As redesigned versions of the compact Maverick and Comet. But because of the Strong Small car Market the decision was to keep the present compacts and introduce the new designs As separate cars. General motors is in the midst of a major revamping of its new product timetable for the next few years. Following the redesign of its compact this year the firm is still planning another line of Small cars for midyear introduction in 1976. This is the so called sub compact car. Actually its Gmys world car and is already being built in Europe and South America and will be built in Japan in a year or so and Australia at some future Date. The american version of the car now built in Brazil under the Chevetta name is expected to Bow As a med-1976 Model with a new four Cylinder engine of about 1.6 liners 97.6 inches. The cards Overall length and wheelbase however will be very close to that of the subcompact Vega. But it will be narrower and several Hundred pounds lighter than the Vega. The american version will be about 300 pounds heavier than the one sold overseas because of the . Trade winds safety and rules. Pollution control the program which has been postponed one to two years called for new lines of Small pm u. S. Cars in 1977. This was Gmys so called subcompact car. Policy of fed proves painful by Lou Schneider North american newspaper Alliance new York a economic situation Calls for Only moderate growth in monetary Aggregates Over the months that a the credit restraint plan of the Federal Reserve Board. Reason Given by those to the fed policy making management is that Overall Short term borrowings in August and thus far in 1974., Are running ahead of the record 1973 upsurge. Money Market sources say the fed has no alternative but to maintain the credit pressures. It is waiting for Congress and the president to slash spending to help Cope with the inflationary problems. That would arrest the inflation psychology. It is said that even if the president and Congress do make efforts to hold expenditures in line it s doubtful that total outlays in this fiscal year can be brought Down below the official projection of a near balanced budget. It is mentioned that Treasury department receipts continue to be bolstered by inflation. But barring a tax increase a which Isnit Likely a the deficit in fiscal 1975 seems Likely to reach the $11.5 billion figure originally projected. It could be higher. Contrary to earlier Hopes say Bank economists the curtailment of growth this year has so far had Little effect on reining in the galloping Advance of prices. And rising wages clearly will push costs even higher in the period ahead. Because of the pervasiveness of the present inflation the Federal Reserve must continue credit restraints. It must be recognized say these economists that the unwinding will be slow a and is bound to prove it Isnit the kind of news Stock Market bulls care to hear. The Federal Reserve system is ready to assist Banks in liquidity need Over longer periods than so called Short term 90-Day borrowings. For such Loans the fed is planning a special discount rate. Present discount rate for All commercial Banks is 8 per cent. The special discount rate for Banks in a Hole May be As High Asio per cent. The decision will be made late this month. First Union tomorrow will introduce a new package of banking services at no charge to North Carolina Consumers. I. R. Meadows City executive said the new service is called Quot the advantage. A this package is revolutionary for North Carolina Consumers and for the states banking Industry a Meadows said. A it is aimed at benefiting our customers who Are faced with increased costs for goods and services for just about everything in this period of unprecedented Meadows said that the Bank will provide the following services without charge As part of package a free checking with no minimum balance required a free personalized Wallet style checks a Lxi a a by Wom Hoo Tew a free travellers checks Protection from Over drawing checking accounts a savings plans and programs a travel and entertainment discounts for a the advantage customers and their families at major North Carolina entertainment and tourist centers attractions motels hotels and resorts a and a Brand new concept for Consumers a a a consumer prime rate a which is the lowest interest rate on consumer Loans Given to the Bank a Best Fuli service customers. A a advantage customers will receive an identification card for use in first Union branches and for use at locations throughout the state for travel and entertainment discounts at such places As car winds Grandfather Mountain and the great smokes Hilton. Meadows said that people can qualify As a a advantage customers by having a savings and regular checking account with first Union and by being approved for an a instant Cash reserved account which provides Protection from overdrafts of a checking account. All 181 branches of first Union in 85 North Carolina cities including the Bank a branches Here in High Point will begin taking applications for a the advantage when doors open for business at 9 , tomorrow. A this is the first time in the states banking history that a Bank has offered a package of banking services free a Meadows said. A we have taken a Good hard look at our Market area. We have talked with people in the Street through surveys. Our conclusion is that these Are the services most North Carolina Consumers want from Banks and our response is to provide these services at no charge at a time when every Penny counts to every North Carolina family a Meadows concluded. First Union North Carolinas third largest Bank is the major subsidiary of Cameron financial corporation. Beltane hearing Aid Center comes to High Point to service our Mony clients in the High Point and Thomasville area we Are pleased to announce the opening of our new service facility at Cockerham amp Howan opticians or. Leith s old office Beltane hearing Aid Center 527 n. Main St. 883-1171 i9 1je Granville moving amp storage phone 882-0151 specializing in local state amp Long distance moving a Good neighbor of yours Ste Hen for it your termly surence needs Hawk a Fred g. Culler 102 i. Main St. Jamestown. No. 454-4318 or 454-1098 esk Tea a food Natheer Steta farm a least stat to off Maffia 0�ica b , in 1004 office moves packing amp crating household storage your Mayflower agent Granville moving and storage 801 s. Hamilton St. Phone 882-0151 Fred p Newby Steve Foster. Gin. Mai. President Craig Newby Salis my serves everybody the hat you Wear does t matter. Let your Money work for you a passbook savings savings certificates All earn compounded daily interest the Sheraton hotel High Point s finest Quot in the heart of downtown High Point Quot make your business known through a High Point landmark. Openings Are now available for permanent office space through a monthly or longtime lease. Private parking facilities air conditioned a fireproof a restaurant facilities a Security guard facilities for meetings and conventions Call 882-2511 for further information is earn maturity yield of Choice of plans 7vi % 4 years $20,000 minimum 7.79% 63/4 % 2 i years $15,000 minimum 6.98% 6 i % 2 years $ 10,000 minimum 6.72% 614 % i year $5,000 minimum 6.45% 5 a anytime 5.39% passbook certificates subject to penalty if withdrawn before maturity. Savings and loan fascia Al rim not High Point-620 n. Main St. Thomasville National Hwy. At Unity Jamestown-108 e. Main St. Open Mon. Thru thurs. 845 to 4 45 . Fridays to 6 . #11 4

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