The Charlotte Observer from Charlotte, North Carolina • 44

Nixon Message Stresses Greater Output Economy: As The Only Hope Of Curbing Inflation ne Chartottt Obstrrtr Dustiness 6D Sun Feb 3 1974 food and energy where the only hope of curbing inflation was seen as greater output As for 'freedom from government" a careful librarian would take a few weeks to make a good index A few examples: on price controls: "too many business decisions for too long a period ahead are being influenced by puzzlement over the kinds of controls business will be subjected to: we badly need business investment and economic growth in the years ahead and continuation of general controls tends to interfere with that aim" (On Friday the Cost of Living Council removed price and wage controls from 25 per cent of the nation's retail sales leaving retail-level controls only on food motor vehicles gasoline and other petroleum products) On oil allocation: "such a system necessarily involves elaborate paperwork and a large degree of arbitrariness Confidence that the economy will not be seriously hampered rests upon the expectation that increased supply and higher prices will narrowly limit comes of the American peoplewe think of ourselves as a nation with high and strongly rising output We are But we can do better and it is important that we do better" From the council's report: "Most of (our) problems arise from the need to increase our ability to produce in total as well as in particular directions This emphasis on ability to produce is essentially an emphasis on efficiency on managing our resources so that we get as much out of them as we canwe think emphasis on ability to produce is important at this time because in the years ahead the desire of the American people for more output is likely to be especially strong" The report found deplorable the fact that some new limits to the rapid growth of the past are now operating the "need to devote more resources to obtaining energy" the end of "large transfers of the labor force out of agriculture into other pursuits" the shifting population mix so that that the nation will soon come to the end of the time when the working age population has been rising relative to the total By EDWIN DALE lit 044 vitt Times Mows SWAM WASHINGTON The 1974 economic message of President Nixon and his Council of Economic Advisers may well be remembered for two themes that run through nearly every section of the 220-page document The first Is that economic growth the expanlion of production is good The second is that government regulation of prices freight rates farm acreage currency exchange is bad At a time when a very large and respectable segment of the intellectual community is seriously questioning growth some lines in the economic message as a reflection of government assessment should be recorded: FROM THE presidential portion of the message: Despite other vicissitudes what determines the economic well-being of the American people more than anything else is the rate of production The rapid increase of production has provided the rising real in and the fact that "environmental considerations may tend to slow down the growth of output at least as output is usually measured" so MIMI for "zero its advocates Not a single line in the report suggests that less total output would be desirable though the report says it is "neutral about what should be produced and even about how much should be produced only stressing the ability to produce more of what is wanted if it is wanted" The emphasis for the time being was on See NIXON STRESSES Page SD Col 4 EAR IGHES ONI CMS CO-FOUNDER REGAINS BOARD CONTROL INSURED Sy Act" After 9 Years The Boos Changed To Votes r1 011ILI 1 Smith contends that all of his stock acquisitions have been handled through a law firm (Grier Parker Poe Thompson Bernstein Gage Preston) and that all of his actions have been legal and above board Charlotte Motor Speedway? Was it pride? "Yessir I'd have to admit to that" he said with a slow smile during a recent interview "Yessir I would have to say that had something to do with It want the City of Charlotte to be proud of it" Although the 43-year-old Smith is still the natty dresser of old the new chairman of Charlotte Motor Speedway gives the appearance of being somewhat less flamboyant perhaps a bit more subdued 7 Rego a ro assboo Re a (31V 0 Gtr-en1MrA eve of the annual meeting asking to have the forthcoming election of directors "set aside" because of what they contend were irregularities in proxy information sent out by management They also contend that some of the directors who sold to Smith made "short swing" profits and are asking that these revert to the corporation as required by law ay '30 Oa tOtegua Poo QAorrr AA i '''( 1 4 0" inf: --s-rir 0 ts111C i 11) 3V4' 'Ai0s-''''' 0 211 i 1'46' A I '11'11 11 yet: tL 400 IIE DOES NOT like to talk about the old stormy days of the speedway Ile came out of those days with a scarred reputation be admits but says that he got a "bad press and was discredited where It was not due" His mother still lives here and although he has no intention of moving back to Charlotte at least in the near future he wants to build a new and different image of himself In his hometown HE ALSO POINTS to the fact that through his contacts he was instrumental in getting World Service Life to spend almost $65000 in sponsoring and promoting last year's World Service Life 300 which showed a profit of about $50000 "I just want the speedway to do well that's my interest" he says "I would like to stand back some day and be real proud of that speedway and I 000 Ni er 6 SOME SAY IT is because of his family status A bachelor until two years ago he married Bonnie Harris a well-to-do divorcee with one child The Smiths now have a second child a seven-months-old boy named Marcus Graham Smith "The Graham comes from Billy Graham who I think is one of the superhuman beings" explained the new father Trim $25000 Mi 0 OM 634' WILSON WHO OWNS 1 4 0 0 0 0 shares of speedway stock is a former president of the corporation who was voted out of office last year After leaving office he refused to return a company car that had been placed at his disposal by the speedway until claim and delivery papers were served on him by management Wilson and Brown who were both on the board last year also are unhappy because no dividend was paid although the speedway earned $170792 or nine cents per share last year Richard Howard I he's president Bruton Smith beck on top By ROY COVINGTON Observer Business Editor Nifle years ago when the name of Bruton Smith was pled in nomination for a seat on 'the board of directors of Ch3rlotte Motor Speedway a chirus of boos and chants swept through the convention hali of the Heart of Charlotte Motel The boos and chants were followed by a resounding defeat for the co-founder of the speedway The seven nominees batted by management each rec'elved 1102087 vote and won election Smith trailed bay with 699510 votes last Thursday in that same cortvention hall at what is now caged Holiday Inn No 4 there were no boos or chants when the' name of Bruton Smith Was listed among nominees for the seven-man board of directors AND WHEN the votes were finally tallied Smith bad 1- 0 1 8 5 0 6 the second higliest number among the seven but more importantly he had control of the board When he walked out of the convention haft shortly before 2 pm it was as the speedway's new chairman of the board The results were not totally un4peeted For more than a year the stocky personable one time race promoter had been quietly buying up speedway stock As of Dec 1 1973 be owned or controlled 461500 shares approximately 25 per cent of the 18 million outstanding When Smith left Charlotte in the mid-1960s he left under a cloud The 1 i le super-speedway in Cabarrus County that he and the late Curtis Turner had organized was GLItigteld nit SUNDAYS ARE FREE! i oA 0 A100 ma Quayle A struggling to come out from under a court-ordered reorgari ization lie and Turner had been removed from office and there had been charges of mismanagement and PER L974 2 4 8 Jo 11 ir )8 '21314 is 42 19 20 21 2 222ft 22 28 lq y2 00 $20000si 4 you rm 23 I---i- Spend Friday night and Satur- 1 1 day night with us and we'll I 9 si6 throw in Sunday free! The gas station Sunday closing has cut Sunday driving so Sunday night is on us It will give you a longer weekend to relax enjoy great golf and tennis and the beautiful Atlantic peacefully beckoning right outside our door Phone for reservations now (803) 237-4211 9 12 23 WILSON AND BROWN waged their own proxy campaign before the annual meeting and Wilson who was on the management slate was able to gain re-election to the board Brown however did not SMITH LEFT Charlotte to become vice president and general manager of a Ford agency in Denver Col Then he says he had an opportunity to buy Frontier Ford a dealership in Rockford "I've pr oba bly been the luckiest white man there is" he says lightly Smith says he owns three dealerships in Illinois two (Ford and Dodge) in Houston Tex and late last year bought Dodge Country in Charlotte He owns 54 per cent of a life insurance company I'd rather not name11 he says) is a director of the Northline Bank in Houston and commutes between his holdings in his own Jet Commander "The automobile business is very lucrative if you ork hard and we work hard We sell a lot of automobiles about 25000 units per year ALTHOUGH HE HAS been away from Charlotte for years Smith said he had never sold the approximately 80000 shares of Charlotte Motor Speedw ay stock he owned when he was an officer of the corporation "I talked to people from time to time and people would sell me their stock" he explained "It was not something I was seeking at the time" he said "it was more of a happenstance than anything else" Among those who sold stock to Smith was long-time speedway director Ed Mattick who along with members of his family owned approximately 310000 shares Smith reportedly paid $2 per share Quatte I ea with rawo on ertificat accounts as Quatte a letEntd stontso tanra alrurita (quire ea with rawa on ertificat accounts IT WAS A different Bruton Smith that walked into the annual meeting of shareholders last week Now a wealthy automobile dealer living in Rockford Ill he came as the speedway's lar gest single shareholder and with management's blessing And although two dissident shareholders have filed suit to have the election aside" Smith leaves no doubt that he plans to be around for a while What after such a long absence brought him back to If Thursday's meeting was any indication the feuding between Smith and Wilson is far from over WINTER RATES THRU FEB 28th Daily Weekly )om $1300 lite (kitchenette) 2500 $15000 Suite (kitchenette) 3500 18500 Room Suite (kitchenette) Ocean Suite (kitchenette) NORTHCAROLINA AVINGSMLOAN ASSOCIATION Several times during the annual meeting Smith raised questions about stock which he said Wilson had obtained "illegally" and also asked whether Wilson owed any money to the speedway The questions were not answered Coldr Cable TV each room MGM movies daily no charge Early morning coffee in room no charge Cribs $3 00 night 4 8 LWePeiideiiell Freedem'llitle ShappintGete Shopping Cense :428 Fointitlps Roo 9 400 6Li(tsilgield a a You're just a tankful away BANKER Attractive eastern NC town seeks area with managerial landing and business development experience Unusual obbortunity with medium Sue bank To MM All fees paid Enquiries confidential 704-372-9151 1211 Johnston Bldg C11110ItO 28281 1 1111M Jon McRae Associates Inc 0 BANxii6 ele hon LSI Drawer 97 Pawleys Island 29585 :) 5372782 4 '1 et' i i 4: i At 's '4 tA -it ii 4 1 i 4 4-i -4c Alk4 ri tte "SO ft i -'-i 4 '-oiiiiz tA tit- t4: 444s fs iiL 1:1: MATTICK WAS one of those who had opposed Smith's attempts to regain a foothold on the speedway board back in 1965 but says now that he feels the raceway's earlier troubles were not all Smith's fault Now that he is involved with the track again "A lot of people are expecting me to jump back into the racing business" says Smith who owned and promoted stock car races at the Concord Speedway in the late 1950s and early 1960s "but that is not my Intention I can't afford to I have too many other interests to look after" Smith says he will leave the running of the speedway to Richard Howard the cuffed president and general manager running the speedway" says Smith of Howard 11 the president of the speedway and that's it" You're looking at four of the top twelve life insurance men in -North and South Carolina Thailand's Prasert Siddhichai with him is his wife Somehit AT ONE TIME Smith offered to give Howard a contract if he wanted it Howard a plain-spoken countryman who has built a reputation for candor and fairness snorts at the idea of a Workers' Wages Are Low But They Can't Be Fired Wo 7mirm 1 0 -44: 4 e1 1 ::1:" 2- i ''4: to 'o :4 5 l': 4 0 cl'it: e- 4::31::4:: Iit 4t: 1: :1 110 i 0 lame' 1 ir: :1 :::) A i i 't 1: tt 0: :407 4 ft 4 fk 5V 7 ('04 5 44H 1 -k-t 'Ak''''' 6 di 1 There are over 5000 men and women in the insurance and employee benefit business in North and South Carolina 1 But only 266 of those men and women are Qualifying Members of the Million Dollar Round Table And only 92 of those 266 are Life and Qualifying Nlembers of the Million Dollar Round Table And out of those 92 only 45 are Chartered 1 Life Underwriters And out of those 45 only 12 are members of the Association for Advanced Life 1 Underwriting 7 And out of those 1'2 four are in the same firm The name of the firm is Smith Culbertson Gilley Hubbard Inc The names of the men are Smith Culbertson Gilley and Hubbard 1 So if you need help with life insurance estate planning or retirement and employment benefit plans for you or your -1 company get it from Smith Culbertson IGilley and Hubbard Four of the best names in the business Write or call for their free brochure Note: Above based on 1973 statistics 5 1 5 i "I've always said I'd run this place as long as everybody was satisfied with the way I did it If I can't do that then I've got a good place where I can go and that's back to Denver" It was in Denver (the "Denver of the East" in Lincoln County) that Howard started a highly successful discount furniture business that became the springboard for a number of other financial ventures By BILL ARTHUR Observer Staff Wriler Cotton costs too much polyester is bard to get workers wages are too low Sounds like a list of problems for the United States textile industry Could be but it's not Actually these are some of the problems facing the textile industry in Thailand as outlined by Prasert Siddhichai a manager for Thai Textile Mills Thailand like many other developing nations is working hard to develop new industry says Siddhichai and high on: the list of burgeoning industries for the southeast Asian nation is textiles Cotton hard to get Sounds United SW( Could Actuall lems facing land as out' manager foi Thai Ian ing nations new industi on the list the southew in an American company Thailand produces only about 10 per cent of the cotton its mills need and must import the rest mostly from the United States he says That means Thai textile men have been paying more for cotton just as Americans have been because worldwide demand has forced cotton prices sky-high in the last several months The high price especially al et Siddhichai who runs a 500-loom cotton mill employing 1500 in the town of Phitsanuloke near Bangkok Most of the cloth produced goes for the military explains Siddhichai In fact Thai Textile Mills is governmentowned SOURCES AROUND the speedway say that Howard and Smith "have been getting along well together" If Smith "doesn't try to step in and run the speedway he and Richard'll do all right together' one suggested There are some other shareholders who have not taken kindly to Smith's return how ever Two of them Dr Fred Wilson a Monroe dentist and Jason Brown a Charlotte used car salesman filed suit on the Smith Culbertson Gilley Hubbard inc SIDDIIICIIAI EXPECTS the price of cotton will stabilize this year and adds "I think 1975 might bring the price down" He says Thai mills are already buying for 1975 "FIVE YEARS AGO we had 400000 spindles" he says "now we have about 800000 most producing cotton and polyester blends" The majority of the cloth produced goes to Europe and other Asian nations says Siddhichal whose title as manager is Poughly equivalent to a vice presidency "FIVE spindles" I 800000 mo ester blenc The nu goes to Eut says Siddhic Poughly Mon Smith II Robert Culbertson Robert Gilley Grady Hubbard Jr 2415 Park Road Box 11403 Charlotte 28209 (704) 32-7708 See THAI WORKERS Page SD Col 3 1 t) I lonnommen imemmoomninommolmommoblmklimm.