Winston-Salem Journal from Winston-Salem, North Carolina • 8

Official Trade Talk Business Winston Sa lem Journa inance Page Wednesday January 31 1979 Lower Prime Rate ails To Turn Market Around 3 Professors rom UNC South Earned on uture Growth Businesses and Their People STONE DOWLER MILLER OPPORTUNITY KNOCKS Total Design Service CLIP SAVE THIS AD SUPERVISORYMANAGEMENT SEMINAR SERIES CLASSES illing Rapidly Register NOW! GAIN SEL CONIDENCE EVALUATE AND INTERVIEW MANAGE TIME EICIENTLY CREATIVELY REMEMBER NAMES ACES ACTS Steelcase 454 Comfort Chair it But the South had a net pop ulation gain of 347 million peo ple mostly whites between 1970 and 1978 prosperity associated with in migration in the South is not Clay said the foreseeable future growth will be confined to three kinds of They include urban areas areas with mild winter climates and counties and cities that are associated with exportation of energy such as oil or natural gas seems very clear to me there will be large areas of the South that will not share in this Clay said "Growth is not all a bed of roses There are a lot of problems as sociated with He said the region must prepare intelligently for growth CHARLOTTE (AP) Duke Power Co reported Tuesday unaudited earnings of $261 per share of common stock for 1978 an 83 percent increase over the $241 per share earned in 1977 Return on average common equity in 1978 was 128 percent which the company described as improvement over the 122 percent earned in 1977 but still below the 1350 to 1359 percent deemed fair and reasonable by retail regulatory Earnings for common stock were $184 million in 1978 com pared with $1535 million in 1977 the Charlotte based utility said Carl Horn Jr Duke chairman and chief executive officer said the increase in earnings for both periods in 1978 was due primarily to rate increases put in effect during the third quarter of 1978 and to modest increases in sales Equal Opportunity Employer big name stocks included International Paper off 1 at as of the 4 pm close in New York Boeing down 1 at 76 Eastman Kodak off 1 at 6214 and Du Pont 14 lower at 13514 Washington Steel subject of a proposed $3750 a share tender offer from Talley In dustries climbed 3 to 3514 Washington Steel directors re jected the offer as inadequate Talley which also reported lower quarterly earnings dropped to 11 Stone Container climbed 214 to 2614 The company suspended merger negotiations with Boise Cascade saying it had received expressions of in terest from other parties whom it didn't identify Volume on the Big Board came to 2691 million shares 1 NEW YORK (AP) The stock market declined for the second straight session Tues day failing to respond to new signs of a slight easing in in terest rates The Dow Jones average of 30 industrials posted a 399 loss at 85178 to go with 398 point drop The daily tally on the New York Stock Exchange showed about tour declines for every three stocks that gained ground A brief flurry of buying lifted the Dow to a plus 3 reading early in the afternoon when St Southwest Bank reduced its prime lending rate from 11 to 11 percent Shortly afterward however prices were in retreat again Newton Zinder at Hutton Co called the SAN RANCISCO (UPI) The head of Chevron USA Inc said Tuesday that tremen dous petroleum reserves are to be in the United States Speaking at a meeting of the National Association of Wheat Growers Donald I Bower president of the Standard Oil Co of California subsidiary said events in Iran underscore a growing need for the United States to increase its domestic energy supplies should be burning coal building nuclear plants and employing our arsenal of technological advantage to push every reasonable poten tial source of Bower said He contended that over regulation was hampering this development Bower praised the efforts of American farmers industry and homeowners to save energy But he said na tion ought also to recognize the great capability of our oil in dustry to increase petroleum supply if we are permitted to use that capability are still tremendous petroleum reserves waiting to be unearthed throughout this vast nation new technologies new drilling and exploratory He said steps that could free the oil industry would include elimination of price controls realistic environmental regulations and reconsidera tion of the locking up of much of the land in He cited the Overthrust Belt in the Rocky Mountains which may soon be designated as out of bounds for exploration This area may contain as much as 15 percent of recoverable oil reserves Bower said live in the But he said the im age has improved by the fact that people are with their and moving into the region or every Southerner moving to the Northeast there are 30 people from the Northeast moving South he said William Staton one of the organizers of the two day seminar said the purpose of the meeting was to give security analysts an oppor tunity to learn more about the benefits of investing in com panies in the Southeast this seminar we are providing a forum for com panies to meet with hundreds of analysts and portfolio Nev financial public relations firm is in terested in securing at tractive self motivated individual with skills in light secretarial duties analytical and research writing Individual hired would also act as liaison between company and clients Limited travel in volved Send resume and salary requirements All information received held in strictest confidence Office Systems by The Thompson Co 724 5272 141 Green St Winston Salem Blue Cross Blue Shield of North Carolina Joseph Hartley has been promoted to vice president of Men's Manufacturing for Kayser Roth Hosiery Inc of Greensboro Hartley a native of Jacksonville la and a graduate of lorida State University joined Kayser Roth in 1977 as a director of quality con trol performance disap pointing and said it was gestive of a tired The Dow Jones industrial average posted a net gain of almost 55 points in the first four weeks of 1979 before Mon setback After the NYSE close Tues day New Chase Manhattan Bank became the first of the leading money center banks to cut its basic charge on blue chip loans from 11 to 11 percent But Chase also issued a statement asserting our judgment recent conditions in dicate a lowering of the prime rate at this time However it would be a mistake to interpret this action necessarily as a signal that interest rates have Point plus losers among the INC The National Institute of Occupational Safety and Health has' given State University a grant to develop more economical ways for the textile industry to control cotton dust Cotton textile mills were recently required to install cotton dust control measures to meet the standards of the Occupational Safety and Health Administration by 1982 Researchers in the un school of textiles are working on reducing cotton dust by putting additives in cotton and by blending cotton with syn thetic fibers before weaving they file a claim all the paperwork gets handled at and by our local Blue Cross and Blue Shield office for dollar benefit for benefit we think you can get better health care coverage our business to recognize effi ciency and to be efficient why we protect our employees with Blue Cross and Blue Shield of North Catalytic Inc we have to be effi cient the largest engineering com pany in North Carolina On top of that we also have construction jobs located in many different states could have created big time consuming problems for us in terms of health care insurance But we found an easy solution on our doorstep: Blue Cross and Blue Shield of North Carolina Blue Cross and Blue Shield of North Carolina protecting our employees they get health care coverage anywhere and everywhere they go And no matter where Clay Douglas Orr Jr and Alfred Stuart of the UNC Department of Geography and Earth Sciences spoke to about I 130 corporate executives and 200 security analysts Stuart said it is amazing how the economic base has changed so drastically in 20 years from agriculture to in dustrial South is still Stuart said is a recep tivity to growth The question is How will we grow and where will we Orr said the region cannot ig nore the fact that there is a Sunbelt Snowbelt debate He I said there are 16 regional coalitions in the North con cerned with the controversy South still has problems with he managers from throughout the said three percent of United States Canada and those below the poverty level said William Staton PO Box 356 Greensboro NC 27402 up from 2417 million Monday The composite index of all its listed common stocks slipped 25 to 5660 Standard index of 400 industrials was off 59 at 11270 and 500 stock composite index gave up 50 to 10105 Echlin Manufacturing which filed for an offering of 15 million shares dropped 1 to 16 Outdoor Sports rose 1 to 10 on the American Stock Exchange The company said departments and the Equal it received a proposal from a group of investors to liquidate it and distribute the proceeds to shareholders The Amex market value in dex was off 67 at 16126 In the over the counter market the NASDAQ com posite index closed at 12651 down 26 CHARLOTTE (UPI) A warmer climate and increased industrialization have helped the South improve its standing in relation to other regions of the country three professors say but they add that future growth must be planned to avoid new problems The three professors at the University of North Carolina at Charlotte told an invest ment seminar Tuesday that the so called was ushered in by a demise of a biracial society quality of the living environment economic growth and a population tilt that reversed out migration Although growth is expected to continue in the South it will not benefit all areas of the region said James Clay Only in the last four or five years have more blacks moved into the region than have left Presented By Supervisory Development Training Associates DAY AND EVENINC COURSES OR EASY JOB COVERACE CLASSES BEGIN EB IS CONTACT WINSTON SALEM CHAMBER COMMERCE 725 2361 CLIP SA Vi THIS AD Employment Opportunity Commission marshalled argu ments in support of the affirmative action program in a 63 page brief filed with the court The crucial issue in the Weber case is whether a com pany can adopt voluntary programs for helping minorities even if there has been no specific proof that the company practiced dis crimination in the past In its brief the government argues that requiring busines ses to admit past discrimina tion could destroy affirmative action programs in the workplace Shift in Strategy a practical matter few employers can be expected to admit or seek to prove that they have discriminated against minorities and women since to do so would open the way for successful suits by the victims for back pay and in junctive the document said While the legal brief con tained no startling new argu ments the document represented a necessary shift in government Government lawyers initial ly urged the Supreme Court not to review the case itself but to send it back to a lower court for reconsideration in light of the high ruling in the Bakke case last June Duke Power Profits Rise 83 Percent Jefferson Pilot Corp has declared a quarterly dividend of 26 cents a share payable March 2 to shareholders of record eb 9 This is the same "dividend rate the company has paid for the last three quarters Dr Gerald Beil a professor of organizational behavior at the University of North Carolina School of Business at Chapel Hill will lead a two day seminar on Achievement Leadership Training on eb 15 and 16 at the Carolina Inn in Chapel Hill By David Bailey Staff Reporter North industries grew at a record rate during 1978 creating 29000 new jobs the state Department of Commerce reports 'Capital investments in the state totaled $21 billion says the first issue of a newsletter published by the department's Economic Development Division New investments outpaced ex pansions by a ratio of 3 1 the report says Among the industries that announced new investments or ex pansions in the state during 1978 were Philip Morris Inc at Con cord with an investment of $450 million creating 2100 jobs Campbell Soup Co at Maxton with an investment of $250 million creating 1500 jobs IBM Corp at Charlotte with an investment of $100 million creating 1600 jobs RJ Reynolds Industries Inc in Winston Salem with an investment of $52 million creating 115 jobs Miller Brewing Co at Reidsville with an investment of $37 million creating 330 jobs and American Tobacco Co in Reidsvil le with an investment of $12 million The advertising agency of Long Haymes Carr Inc won three gold medals in the Piedmont Triad Advertising ederation's yearly awards presentation The company was cited for the Winston Salem Arts catalog for the Holly fried not city radio ad and for a magazine ad prepared for Pilot reight Car riers Inc Morphis riends Advertising Inc won a gold medal for an Integon Corp newspaper ad on the Community Watch program Commercial Talents won a gold medal for its Godfather inspired radio ad for Piece of Italy restaurant WXII (Channel 12) won silver medals for its CE Gaines ad for the Winston Salem Journal and its Thalhimers ads Make Sure Ybu Get A Good Seat Houston to Saudi Arabia light Planned by Pan Am NEW YORK (UPI) Pan American World Airways said Tues day it will begin service between Houston and Dhahran Saudi Arabia on eb 2 Pan flight using Boeing 747 will originate at Houston International Airport and make connections at New Kennedy International Airport for a non stop hour 55 minute flight to Dhahran a commercial and oil center The airline said the flights would operate every Tuesday Wednesday riday and Sunday from Houston and that return flights from Dhahran would operate on Monday Wednesday Thursday and Saturday Returning passengers will make connec tions on Eastern Airlines at JK for the flight to Houston Wachovia Bank and Trust Co of Winston Salem has announced seven promotions Richard Stone has been named vice presi dent and Sandra Dowler and Eleanor Mil ler have been named assistant vice presidents Stone a native of Minneapolis Minn has been with Wachovia since 1967 and is an executive per sonal banker at the main office Ms Dowler who has been manager of the Sherwood Plaza office since September joined Wachovia in 1968 Ms Miller who joined the bank in 1962 has been manager of office at Wake orest University since 1968 Libby Hendrix June McKnight Ward Miller and Caroline Vaughn have been promoted to banking officer Ms Hendrix a native of Winston Salem who joined Wachovia in 1967 has been a personal banker at the West End office since 1975 Ms McKnight also a Winston Salem native has been with the bank since 1968 Ward Miller has been with Wachovia since he graduated from the College of Charleston Charleston SC in 1976 Ms Vaughn a native of Mocksville joined the bank in 1970 LEARN HOW TO: MOTIVATE PEOPLE COMMUNICATE EECTIVELY BE A PERSUASIVE LEADER UNDERSTAND HUMAN BEHAVIOR SOLVE PROBLEMS: MAKE DECISIONS Richard Harwell Instructor 'CHARLESDO1NSON SR VP AND GENERAtf Training Program Defended WASHINGTON (AP) The government urged the Supreme Court Tuesday to up hold an affirmative action program that guaranteed to blacks half the positions in a factory retraining program The program was challenged by Brian Weber a white worker at the Kaiser Aluminum Chemical plant in Gramercy La Weber said he was the victim of reverse'dis crimination5 because he was denied a place in the retraining program even though he had more seniority than some blacks who were accepted' Last Dec 11 the court agreed to review a federal ap peals court decision that struck down the Kaiser program 63 Page Brief The Labor and Justice oc alservice Efficient Proposes Oil Push Ww jnyAxyn wW a IlHn lol xw HUH tHH A XS 14 kX jn IM in M3MS Waif jV 7 1 ff 1 a I CLASSES illing Rapidly Register NOW!.