The Charlotte News from Charlotte, North Carolina • 23

CHARLOTTE Mor July 13 Market Edges Up WRET On Channel 36 Now Trade Winds Nixon To Ask Tax Increase Louisville Nashville Railroad off 1 at 494 Continental Oil up at 20 American Cyanamid up at 29Va Goodyear up at 26 Vs and Texaco off Vi at 26 Vi Prices on the American Stock Exchange included Alloys Unlimited up at 16 Fleet-wood Enterprises off at 21 Zimmer Homes up at 12 Wang Laboratories up at 22 and Equity Funding off Vi at 20 possibility of a confrontation between the and the Sovit Union in the Middle East they added Steels motors airlines and rails were mixed All other categories were up At noon the Associated Press 60-stock index was up 11 at 2357 with industrials up 25 rails up 06 and utilities off 02 Big Board prices included Anuerson Clayton off 1 at 28 Trade Trends DOW JONES AVERAGES lotte Her duties will include supervision of all television traffic with the sales and program traffic department under her direction Promotions Wayne KIopp has been named president of American National Stores Inc the merchandising subsidiary of American Investment Co it was announced by Donald Barnes Jr president and hoard chairman of the parent company KIopp will assume his new position Aug 3 American Investment is a St Louis based diversified finance firm with assets of nearly $600 million In the Charlotte area American National operates Johnsons Furniture William A Serenins Southeastern new-business manager of William Iselin and Co Inc has been promoted to assistant vice president of the factoring and commercial financing firm Ho will continue to make his headquarters in Charlotte William Iselin a subsidiary of CIT Financial Corp conducts factoring and commercial financing operations in furniture carpets textiles apparel and other consumer goods fields By LINDA RUBEY NEW YORK lP) The stock market rally moved into its fourth day with prices continuing to rise Trading was quite slow Analysts said the low turnover could indicate the recent rally was losing some of its support At noon the Dow Jones average of 30 industrial stocks closed up 506 at 70516 Since last Wednesday the Dow has gone up more than 35 points ANALYSTS said the sluggish activity indicated investors were holding back in the absence of any encouraging news They also said investors were waiting to see what sort of trend second-quarter earnings report would follow So far these reports have been better than anticipated they added Brokers said the rally had been based on investor confidence that the current business and market slump was over but so far there have been no definite indications that this is the case they added Investors are hopeful that interest rates may be peaking and that credit may get easier these brokers said One negative influence on the market though could be the UI1F television station WCTU which operates on channel 36 officially became station WRET today "We had to change the name of the station because the ownership said Ian Wheeler manager is in accordance with Federal Communications Commission regulations But we wanted a new name WRET purchased several months ago by Turner of Atlanta The new call letters reflect his name The station is now operated by subsidiary company Turner Broadeasting Co of North Carolina Wheeler said the station had to submit several proposed call letters to the FCC to find a combination not now in use He said the station which had offices studios and transmitter on Hood Rd east of the city will continue to operate on Channel 36 He said the station is now' completing its programming plans for the new fall season which begins next month The Local Scene Guthrie Realty Inc of 1108 South Blvd has been named the exclusive sales agent in the Metrolina area for the new expanded sales programs of the Beech Mountain and Land Harbors of America developments Up to now sales operations have been confined to Carolina offices in Banner Elk and Linville The new program will invoiVe realtors in several states Beech Mountain is a 10000-acre four-seasons residential resort development with more than 3000 property owners from 38 states The development includes the new tourist attraction Land of Oz home sites motels and inns Land Harbors of America is the prototype of a planned series of resorts for travel-trail er campers Now under construction at Linville it offers campsites and cottages for sale in a master-pfanner wilderness recreation area of winter and summer sports activity Position Changes Ted Goldthorpe Jr assumes his duties as marketing director of July 20 He will direct marketing and public relations for the activities in the Carolina? which include restaurants in Charlotte Gastonia Concord Rock Hill Columbia Greenville Spartanburg and Anderson He also will handle placing of advertising for all those establishments as well as tile Hungry Fisherman on the Catawba River near Charlotte i Cm Clark Michael has been named manager of industrial relations for the Collins and Aikman Corp He is a native of Fairmont Va and was formerly personnel manager for Harris Intertype Corp at Winchester Va He is married has three children and is based at the company's science and service center in Charlotte Perry Gawcn Jr has been appointed personnel manager for automotive division He will be based at the automotive division's headquarters plant in Albemarle Robert Wetter former advertising manager of the Owsley and Son firm in Charlotte has joined the Shot-well Craven Varner Inc advertising agency as account executive He is a native of Danbury Conn Mrs Gertrude Hodges formerly assistant to the director of sales has been named commercial manager of WSOC-TV in Char by saying it is more closely balance output to or worn AS PREDICTED in this column several months ago Luis Echtverria was elected president of Mexico by a landslide American business has been preparing for his victory on the inside knowledge that his programs calls for Mexicanization of fordgn-owned enterprises His plan calls for Mexicans to own voting control of all business activities TO STAVE off another devaluation of the British pound sterling look for England to push to expand exports Expect tax changes to benefit exporters As for Britain's entry into the European Common Market that likely until 1972 and no meaningful impact on the economy is expected for at least three years THE GREAT Atlantic Pacific Tea Company will widen its product mix Board Chairman Melvin Alldredge says over the next few years 8000 items in stock in our stores will be increased up to 15000 Most new additions will be non-grocery NEW YORK lush restaurants and Broadway shows are feeling the slash in spending A bank is now collecting on customer unpaid bills for two such eateries and a few shows are now two-fers meaning two seats for the price of one Did you know German-made top-quality birth control pills are retail priced in Fiji at US 25 cents for 20? By LOU SCHNEIDER Remarks from Treasury Secretary David Kennedy leave no doubt that President Nixon will ask for tax increases when the budget is sent to Congress next January A inistration estimates show a federal deficit of $13 billion for 1970-71 On the other hand the Congressional Joint Economic Committee estimates the deficit at $103 billion Congress has legislated new spending to correct social ills defense spending will continue near record levels as long as a shooting war goes on and America acts as a world policeman the business recession will reduce corporate income tax exemptions for individuals Treasury executives as yet decided what form of tax increases will be asked for 1971 but top-level sources believe it will be in the form of a new five peT sent surtax plus a sales tax on manufactured goods TWO REASONS are mentioned why consumers are restricting the use of credit cards: they are tightening spending belts and 2 high interest charges on the debt when unable to immediately pay in full when billed THE efforts to cool the inflationary economy is having an impact on the upward price spiral in industrial raw materials Major reasons are a backlash against price hikes and reduced demand because of the business dip But raw materials suppliers are on the defensive pricewise They are offsetting reduced demand by production cutbacks They justify their action AMERICAN STOCK EXCHANGE INDEX: II a m-1998 up five cents 1999 up six cents Not available Cotton New York Stocks Net Sales NEW YORK (AP) New York Stock Exchange selected noon prices: Sales Nei (hds) High Low Last Chg Net Last Chg Sales High Low CHARLOTTE COTTON (Noon Quotation) Furnished by A Baker Co Middling inch staple 2180 NEW YORK (AP) No 2 cotton futures were 70 cents a bale higher than the previous close Prev Close Open 11 ara Noon Oct Z2643 Z2646 Z2646 Z2646 Dec Z2657 2668 2669 2671 Mar Z2697 Z2700 2703 2711 bid PacPwL 128 120 PanASul 40e PanAm WAir Panh EP 160 ParkeDav 60 Penn Cent PennDix 15p Penney JC 1 PaPwLt 1 60 PennzUn 80 PepsiCo 1 Perfect Film Pfizer 60 Phelps 210 Phila El 164 PhilipMorr 1 Phil! Pet 130 PltneyBw 68 Polaroid 32 PPG Ind 140 Proct Gamb PubSCol 112 PSvcEG 164 Publklnd 45f Pueblolnt 28 PtgS PL 176 Pullman 280 FoodFatr 90 FordMot 2 40 ForMcKs 80 FreeptSul 80 FruehCp 170 GAC Cp 150 GAF Corp 40 Gam Sko 130 GenDvnam 1 Gen Elec 260 Gen Fds 260 Gen Mills 88 GenMot 170e GPubUt 160 Tel El 152 Gen Tire lb Ga Pac 80b Gerber 120 GettyO 106e Gillette 140 Glen Alden Global Marin Goodrich 172 Goodyear 85 GraceCo 1 50 GraniteC Stl GrantW 150 Gt 130 Gt West Finl GtWnUnit 90 GreenGnt 96 Greyhound 1 Gulf Oil 1 50 GulfStaUt 96 GulfWInd 50 H-l-J Savings rates have become a cloudy issue To help clear the air Mutual presents this detailed explanation of its savings plans plus this important reminder: Halliburt 1 05 Harris Inf 1 HeclaMn 17r Here Inc 50e Hew Pack 20 HoernWal 90 Hoff Electrn Holidylnn 22 HolIvSug 1 20 Homestke 40 Honeyw! 1 30 HoustLP 1 20 Hfiwmet 70 IdahoPw 160 Ideal Bas 60 III Cent 114 Imp Cp Am INA CP 140 InqerRand 2 Inland St! 2 Intrlklnc 180 IBM 4 80 Int Harv 180 Inf Miner Int Nick 1 20 Int Pap 1 50 Int T4T 1 0 lowaPSv 136 Itek Corp Jewel Co 150 JohnMan 1 20 John John 32 JonLooan 80 JoneLau 34p Jostens 70 Joy Mfg 140 Questor 50 RalstonP 70 Ranco Inc 92 Raytheon 60 RCA 1 Reading Co ReichCh 50 RepubStt 250 Revlon 1 Reyn Ind 2 40 ReynMet 110 RoanSel 123e Rohr Cp 80 RoyCCola 54 RoyDut 103e RyderSys 50 Safeway 110 StJoeMin 2 StLSanF 2 40 StRegisP 1 60 Sanders 07p SaFelnd 160 SanFelnt 30 Schenley 1 40 Scherlng 80 SCM Cp 60b Scott Paper 1 SbCLInd 2 20 SearIGO 130 SearsR 120a Shell OH 2 40 Shell Tr 82e SherwnWm 2 SignalCo 1 20 SingerCo 240 Smith KF 2 SCar EG 1 26 SouCalE 1 50 South Co 1 20 SouNGas 140 Sou Pac 180 Southrn Ry 3 Spartans 45e SperryR 37e Squ-areD 80a Squibb 150 StBrands 160 Std Kollsman StOilCat 2 80 StOillnd 2 30 StOilNJ 180e StdOilOh 270 Stauf'Ch 180 SterlDrug 75 StevensJ 240 StudeWorth 1 Sun Oil lb SurvyFd 55e 5ie On selected savings plans Mutual can pay you of 1 more than some financial institutions that claim 587 annually Withdrawals are permitted at the end of the 1-year term renewal is automatic You may however make withdrawals prior to maturity with a 90-day interest penalty imum opening deposit of $1000 you may make withdrawals without notice If you leave the certificate on deposit it is automatically renewed every 3 months You earn daily interest and full dividends are compounded or mailed quarterly The 525 rate when compounded yields 535 annually 6 I Swift Co 575 2-year savings certificate This plan offering the maximum rate on a 2-year certificate requires a minimum opening deposit of $10000 and minimum additional deposits of $1000 Your money earns daily interest Full dividends are compounded or mailed quarterly The rate of 6 when compounded yields 613 annually Withdrawals are permitted at the end of the term without penalty Withdrawals prior to maturity require a 90-day interest penalty Renewal is Kaiser Al 1 Kan GE 140 KanPwL 126 Katy Ind KayserRo 60 Kenncott 260 Kerr Me 150 KimbClk 120 KNI Koppers 1 60 Kraftco 170 KresaeSS 44 Kroger 1 30 Lear Sieg 50 LehPCem 40 leh Val Ind Lehmn 62e libOFrd 240 Libb McN Liag My 2 50 Ung TV 33p Litton 112f Lockheed Air LoewsThe 13 LoneSCem 1 LoneSGa 112 LonglsLt 1 34 Lucky St 90b Lukens Stl 1 LVO Corp LykeYng 30e Macke Co 30 Macy RH 1 Mad Fd 169e Magnvox 1 20 Marathn 160 Marcor 160 Marcor wi Mar Mid 160 MartinM 110 MayDStr 160 MayDStr 160 Maytag la McDonnD 40 Mead Corp 1 Mead Corp 1 Melv Shoe MercanS 140 Merck 2a MGM MidSoUtil 96 MinnMM 175 nnPLt 1 20 MobilOil 2 40 Mohasco 1 10 Monsan 1 80 MontDUt 1 78 Mont Pw 168 Mor-Nor Motorola MtStaTT 80 60 136 Tampa El Tektronix Teledyn 109t Tenneco 1 32 Texaco 160 TexETrn 1 40 TexGSul 60 Texaslnst 80 Thiokol 40 TimesMIr 50 Timken 180 Trans Air Transmra 55 Transitron TriCont 224e TRW fnc 1 Twen Cent UAL Inc 1 UMC Ind 72 Un Elec 1 28 UnOilCal 1 60 Un Pac Cp 2 UnionPacIf 2 Uniroyal 70 UnitAirc 1 80 Un Brands Unit Cp 92e Unit MM 130 US Indust 50 US PlyCh 84 US Smelt 1b US Steel 240 UnivOPd 80 Uplohn 160 Vartan Asso Vendo Co 60 VaEIPw 112 1-year savings certificate This high-interest plan offers the maximum permissible rate on a 1-year certificate You can open your account with a minimum deposit of $5000 Additional deposits of as little as $1000 are permitted Each certificate earns daily interest full dividends are compounded or mailed quarterly The rateof 5 75 when compounded yields 33 18 17 18 In 1970 there have been major changes in the savings market Rates have been increased new plans have been introduced and there has been heavy promotion of savings by almost all financial institutions Many people are now confused about the best way to save and as a result may have passed up opportunities to earn a better rate on their savings or to change to a more flexible plan There is further confusion as to what the really is and as to what rate permissible by means To help clear the air Mutual oilers here a complete explanation of their savings plans and a reminder that as a savings and loan association Mutual is permitted to pay you on selected savings plans up to 14 of 1 more than some financial institutions which may claim rate for their particular category Here then are the five Mutual savings plans which offer you a combination of high rate flexibility and safety and which can he tailored to meet your particular savings objectives 475 passbook savings This is the most popular and flexible savings plan at Mutual designed for people who want to open their account with any amount make deposits at any time and make withdrawals without having to give any advance notice The passbook itself is a popular symbol of saving it provides a permanent easy-to-read record of savings growth and dividend accumulation With this type of savings plan the money you deposit by the 10th of any month earns from the 1st Dividends are compounded quarterly and the rate of 475 actually yields 483 annually 596 special passbook savings This plan is for people who want the convenience and simplicity of passbook savings but who can provide notice of withdrawal in order to earn the higher 5 rate Actually withdrawals are permitted without notice during the first 10 days of March June September and December after the account has been open for 90 days otherwise withdrawals arfe permitted with 90 days notice Your account can be opened with any amount and you can add any amount at any time You earn from the 1st of any month if you deposit by the 10th Dividends are compounded quarterly and the rate of 5 yields 509 annually 525 3-month savings certificate With most certificate-type savings plans you earn a higher rate than with a passbook hut you must give some additional notice for withdrawals The 3-month savings certificate available at Mutual requires a min 33 10 94 72 72 27 2 162 31 79 59 3 65 7 29 1 11 16 48 4 183 25 15 123 12 3034 643 89t4 14 21 74 17 44 174 32 26 28 30 33 21 17V 25 14' 12 30 64' 7 13 21 'a 74 1634 44 a 263 32 2034 25 Va I434 Ve 12' Vs 3034 134 89 137 2 17 7434 17 V8 44 'a 263 Vs 30 1 33 V4 21 V2 WarLam 1 20 Was Wat 1 28 wn Banc 1 30 WnUnion 140 WestqFI 1 80 Weyerhsr 80 WhteMot 50p Whittaker Woolwth 1 20 Xerox Cp 60 7aleCorp 64 ZenlthR 1 40 Copyrighted by N-O-P The Associated Press 1970 Most Active Stocks 41 a 1a i' NEW YORK STOCK EXCHANGE (Furnished by Bache A Co Inc) Volume Latest Net Price Chn Miss River Corp Am Sterilizer Anderson Clavton Martin Marietta HI Central Ind 79400 40200 1234 40100 21700 1T 16500 17 unch 34 Va Free Landmark Notes for Mutual customers saving $25 or more Nat Bisc 220 Nat Can 45 NatCashR 72 Nat Distil 90 Nat Fupl 1 68 Nat Genl 20 NatGyps 1 05 Nat Indust NatLead 85e Nat Steel 2 50 Nat Tea 80 Natomas 25 Nev Pow 11 Newberry NEngEI 148 Newmnt 104 Niag MP llo NorfolkWst 6 Norrislnd 80 NocAmPhil 1 NoAmRk 1 20 NoNGas 2 60 NoStaPw 170 Northrop 1 Nwst Airl 45 NwtBanc 120 Norton 150 NortSim 99t Occid Pet OhioEdis 154 Okla GE 1 16 OklaNGs 1 12 OlmCorp 88 Omarkln 49t Elev 2 Outbd Mar 1 OwensCg 1 40 Owens Cg wl Owenslll 1 35 PacGEI 150 PacLtg 160 Pac Pet 25g 43'4 8 22 38'4 15 4 in 12' 14 4 478 18'4 35 l'8 11 '4 V4 15' 1 14 27 14' 13'4 14 20s 1534 44' 17' 1534 1 23s 34 1 37 14 21 22 V4 148 1134 t4 44 65 1 33 1' '4 i4 23 3 Butter Eggs CHICAGO (AP) Chicago Mercantile exchange-Butter wholesale selling prices were steady and unchanged 93 score AA 69' 92 score A 69'a 90 Eqos: prices were steady and firm 80 per cent or better grade A whites medium 32 standards 36 checks 19 These attractive notes feature artwork of four prominent landmarks in this area You'll find the notes perfect for thank invitations or short letters to friends To receive your free Landmark Notes just open or add to any Mutual savings account with a minimum deposit of $25 Limit one box per customer Reqional Stocks Mutual Savings and Loan Association Member Federal Savings and Loan Insurance Corporation 330 South Tryon StreetCharlotte North Carolina 28202(704) 333-6132 4735 Sharon RoadCharlolte North Carolina 28210(704) 366-7671 (Furnished by Bache Co fnc) Sates High Low Last Net (hds) Chg Chadbourn 6 6'4 6' 6 a 58 28 28' 1 Kendall 8 30s unch Rieqel Paper 3 15' '4 Piedmont Gas 5 17s Wachovia 5 497 49 49.