Winnipeg Free Press

Winnipeg Free Press (Newspaper) - June 7, 1976, Winnipeg, Manitoba Winn Pic free press monday june 7, 1976 13 new Cuba chief fears growth of non Banks by Josel u Dupuis up business editor Ottawa up Rowland c. F r a z e c newly elected president of the Canadian Bankers association views the rising strength of non Banks in Canada s Finan Cial system As a serious threat to the Federal banking authority. Or. Frazee executive vice president and chief general manager of the Royal Bank of Canada in Toronto said banking must be fully defined in revisions to the Bank act due to be completed next year. He was interviewed prior to the election to succeed j. Allan Boyle executive vice president and chief Gen eral manager of Toronto do minion Bank. The election took place at the final Day of the Cuba s annual conference which was closed to the pub lit. Or. Frazee said the Federal banking Batik of responsible for Canada s monetary policy. If they they can implement policy through the banking but increasingly he said the financial system was being taken Over by other in s t i t u t i o that Are not a reference to Trust companies credit so called near Banks. We can see a time when the Central Bank would not be Able to effectively implement monetary he said ii is not close to happening but could in the next 10 Canada s 10 chartered Banks want All financial institutions to come under the same rules and regulations they Are under. For example non Banks do not have to maintain reserves with the Bank of Canada a Rule the Central Bank uses to help control monetary policy. This current revision is More of a philosophical mat Ter affecting we fell not just Banks but the total financial or. Frazee said because banking has never been defined in the Bank by defining it Ottawa could sidestep the constitutional Issue because most non Banks get their Charters from the provinces. The chartered Banks de fined a Bank in a Brief to Ottawa As a financial institution that has the key characteristic of accepting Deposit liabilities on which cheques or t h i r d p a r t y payment orders can be in other words Deposit and Cheque issuing institutions. As the new president of two year Frazee a maritime and graduate of Dalhousie University is the Man on the spot for the major statute revisions. It will be of tremendous importance to our he said. But i think we have a reasonable Chance of get Ting what we on other matters or. Fra Zee said it is conceivable within two decades that the International business done by the Banks will match Domestic volume but we still see Canada As our primary Market for sonic time to his own Bank finds a third of its business outside Canada. T h e Banks serve every province and territory through branches and maintain 271 offices in 35 countries abroad. Or. Frazee said Canada s world growth in banking is threatened b y restrictions some countries Are proposing on the activity of foreign Banks. He favors a policy that would permit foreign Banks to operate in Canada on a reciprocal basis. If we close the doors completely to foreign Banks we May find the doors closed to he is also Adamant in his views on the controversial Issue of the traditional reluctance of the Banks to get seriously into the business of investing venture capital. Or. Frazee said Banks Are not in the business of subsidizing Loans. He said there Are a number o f venture capital firms some in which the Banks have help untried Busi Ness projects. One problem was that Many Small businessmen have no Money of their own to invest Only their time and Talent. Well that s Fine but we re in the lending business not the investing he does t believe Banks should get into that kind of Field. If we did that we d own most of the Small businesses in the hotel slump Nim or denied Montreal up one of North America s leading hoteliers has dismissed rumours that Montreal s hotel Industry will experience a slump following the 1976 sum Mer olympic games. Preston Robert Tisch. Pres ident of Loews corp. Of new York City said that the hotel Industry in All major cities goes through a transition phase following construction of Many new rooms for a major event. San Francisco added 8.000 to rooms before the democratic National Conven Tion in 1972 and it has taken a few years for the assimilation of old and new to take or. Tisch said in an inter View. W h a t happens he explained is that the older hotels become expendable As they fight Competition from the newer hotels and find operating costs too High so they go out of business to be replaced by office or residential the number of hotel rooms in Quebec increased by 680 in 3975 from 1974, say Quebec government statistics. How Ever the actual number of hotels decreased by 55 during 1975. Since the beginning of 1976, several major hotel projects in Montreal have come on Stream. Recent reports on the que Bec City hotel Industry have also indicated Over expansion. Produce Crescent fruit co. Us. Monday june 7, 1976 vegetables cabbage Texas no. I 50 ibs 4.30 Green onions Calif. 1 Doi radishes Doz 2.00 tomatoes Flor. 6x6 30 ibs 10.00 potatoes Man. New red 75 ibs 5.25 commission House prices butter non tend Erable a o eggs minimum prices to producers Tor ungraded eggs . Winnipeg As re ported by the Manitoba egg marketing Board effective May 31, 196. Grade a extra Large .67 Grade a Large .45 Grade a Grade a Small .41 Grade All poultry prices live no. 1 to producers delivering Winnipeg except Chicken chickens Chicken rovers Chicken 4 5vj .33vj Chicken .37 Chicken Over of t .37 fowl fowl under i .09 fowl fowl Over 53. J.22 turkeys Turkey hens .47 Turkey Toms Turkey trailers .45va new York Richardson securities Ltd. Mon Dikiy june 7, 1976 Allied chem. 363i Amer Hess Amer motors 5 a Amer airlines 13vi 54va Aramco All Richold Avon 43 x 9ausch 5. Lomb. 321s Beatrice ads 25% beneficial c Boise Case Bristol Myers 72 Burlington n Burroughs 95vj Campbell soup. 301.1 Caterpillar Kkt Champion into 24 Chase Manhattan 27 i Chrysler coca cola 8j-4 cons Edison or Zeller. 44 Dart Indus 323 Deere co. 69% Disney .52 do chem. Eastman Kodak 98 Elpaso Nat g Exxon corp Ohn Ford motor Gap corp .1 Tva Gamble Skogmo 25 Gen exec 52 Gen ads. 26v? Gen motors go Pac. Sola Gillette 29v4 Goodrich 26% Goody tire. 2tpo Gulf Oil corp. 26 Honeywell household Fin 16% ism int l Harv. 27 ii in l min .36 int l t8, t Johns mans Johns s. Johnson 84v8 Klumb Clark 4sv Kresge 34h Lloyds elec 7v8 Mcdonnell Doug 21 is Minnesota Man 54 Mobil Oil. Nat Cash Reg Newmont 26% Northrop 35 Northwest air outboard mar 29-n pan am air. Penney Penn life co 211b Philip Morris 53 Phillips p 593-i Polaroid 33% Proclor a Gamb 87 Ria corp 26 Royal dutch -17 Safeway 4u sch Oniey ind 31% Scott papers 2.1% Sears Roebuck 62 Shell Oil 45 stand Oil Texaco inc Texas Gulf 343.4 36 i 20 a 5 20 i 43 to 95 88j. 23j 78 16% 43v 3250 2 97 13v 1015 565 25 51 26v 67 Winnipeg stocks Friday june 4, 1976 dustr1als Cal disco 13.25 Cio asked colds 2nd pad Ank of Man Ank of is ird const. An Dev 8 b pid an Imp b of c de ind a id Trust in ent no ent pad i Mage units test of Assn by it qty Gas cont qty Gas 2nd pad it qty Gas b pad it qty Gas was b even no Gap b 47.00 98.00 5.50 3.40 3.25 .50 10.00 53.00 20.25 4.65 13.00 other Market quotations 2.60 1.85 n v Gap a 7.00 no Gap 5 pad 13-50 lab conv a 16.50 lab a pad Monif 26.00 i at Trust co 5-50 y b of cd 2b.50 mpg Ltd 50 or Dom by 18.50 13.50 13.78 15.25 40.75 98.50 27.50 5.75 3.50 .90 54.00 20.38 4.75 13.25 16.00 2.65 1.95 6.? a 7.v8 13.u 16.75 16.75 16.25, 28.75 .80 18.75 Toronto Market Grain futures Bonds 58.00 6.25 1.50 1.60 12.00 31.50 68.00 40.75 53.25 12.00 18.00 13. 50 .17 asked .20 1.09 Union car Union Pac corp uniroyal Winnebago Xerox corp 21v 4 26 471.3 16iij 25.i3vj 27 lbs i 25v4 27h 53v4 59vo 29 26v2 34ft 50v2 209b 527-0 59v4 87vs 3ve 21 a 62va 64% 36% 26% 345 Al 68v4 88 9 6% 2c s 52% drs bldg Assn train Ltd 70c pad train Ltd co Tryda p l Ltd Tryda p l 2.80 pad 30.75 Tryda p l 2.75 pad 65.00 Tryda p l 2.65 pad .38.00 Tryda p l 4.50 pad 53.00 in can so 10.75 in gun or was a .11-50 in gun a 15.50 Wester Ltd pad 22.50 West Rosco Ltd 13.25 b of Mon rights mines and oils bid Dickson cpr.15 Gold la res. 90. Port ave old mrs.35 Royal Agassiz. .26 .29 space str res .02v 3 .04 stall la .50 Tec corp a 4.15 4.25 trans tide ind.07 .10 Trudale explore .07 .10 x indicates Odd lots Mutual investment shares j octo quotations Aero fund 1.21 1.33 Amer growth and.54 4.98 can inv fund 4.47 4.83 corp inv 5.43 Eaton 14.22 Gap income 2.73 inv growth and 11.58 12.65 inv info Mut 5.71 6.24 inv Mut. 5.37 5.87 prov Mut and 7.11 7.77 prov silk and 5.29 j.78 notices Canadian Imperial Bank of com Merce has declared a dividend of 32c per snare payable on july 28th, of re Cord june 28th, sex dividend june 24th, 1976. Sales Bird construction 50 at 47.00, 50 at 48.00 trans air 7cc pad 100 at 6.25 Invin tropics 500 at 1.85, 500 at 1.85, 500 at 1.85, 500 at 1.85, 100 at 1.85, 300 at 1.85, 3008 i.85. Toronto up the Toronto Stock Market was sharply lower in moderate mid morning trading Mon Day. The Industrial Index was Down .76 to 189.76, Gold 1.34 to 299.51 and Western Oil 2.33 to 236.43. The base Metal Index Rose .75 to 89.52. Volume by 11 . Totalled shares compared with at the same time Fri Day. Declines outnumbered advances 108 to 73 with 148 issues unchanged. Twelve of the 16 Industrial sub groups dropped while diem Cal. Trust company and communications issues showed gains. Food process ing stocks were unchanged. Merchandising steel com Pany and banking issues re corded the largest losses. Among industrials dome Pete fell to Moore corp. To bad boy appliances 50 cents to s3.00, Atco a is to and Cana Dian Occidental Pete .4 to Bank of Montreal gained a to Chrysler corp. I to s 1 9 versatile mum fac hiring a to electro Home a i to and Celan est Canada v h to s5 a. Among mines. Shirritt Gor Don a fell to Safe. United Siscoe Vuk to and United Asbestos five cents to s4.20. Bethlehem Copper a was up to Ami Granduc mines 21 cents to Alberta Eastern Gas dropped is to Sll to. Western Ocalla Pete to and Al mince m to Ranger Oil Canada Rose to s17n-4 and United Canso Oil to monday june 7, 1976 Opin Winnipeg flax by 679, of 697. Oats by 158. Barley by 22634, of Rye by 275. Vancouver rapeseed in 544, be 547v2, no 550. Chicago wheat _ by 366, be 373, de 387, my 396. Corn by 301, be 28bv2, de 278, my 286. Oats by 1b3v2, be 176, de 177, my soybeans by 592, a 593, be 605v7, no 602, a 608, my 621. Winnipeg High Low flax by 688 of 698 no de by 158v 2 of de by 2273.4 of 224 de by of 275v2 no de feed by 354 of de cattle 679 696 158 22634 696 696 684 158 156 22334 v2 274v4 274 271 i 3544.1 or. Cd. 672 681 681 660v4 158 156 223 272 2703 220 354 338 338 Toronto up selected Bond quotes Friday provided by the Bank if Nova Scotia with bid and ask prices bid ask Canada and guaranteed fcb 1 1978 101.50 101.60 oct 1 1970 ext 97.50 97.75 ocl 1 1980 ext 102.50 102.75 8% june 1 1981 100.63 100.75 sept 1 1983 78.25 78.37 a june 15 1994 96.12 98.37 10 oct i 1995 101.63 101.75 provincial and guaranteed Alberta w. Oct 15 1991 97.50 97.63 Man Hydro 10 june 1994 99.75 99.88 . Power 10 mar 2001 97.25 97.88 ont 9% mar ret 1987 101.63 101.88 ont had 10 May 2001 99.36 99.50 prov due May 4 2001 99.36 99.63 had 10 ret oct 15 103.50 104.00 sask 10 a apr 2 2001 100.50 100.88 Ned i june 29 199? 100.12 100.36 corporations Interr feb 1-96 102.75 103.25 Steno apr 30 1006 99.12 99.36 dolts co 10% mar 15 1996 99.75 100.00 Gold futures Vancouver Vancouver in 5h so 561 no 562 550 a 5573561 562 560 543 545 547 550 Thunder Bay rapeseed by 513 of 510 no 510 of 492 491 Richardson securities i monday june 7, 1976 industrials or i Sank of 8.c. Canberra Dev Cornat ind Daon Dev Field St. It Nat and 3rousc Man Lon arc into Hydro Dyn n w sports monex Pace ind. Sparling g Gold futures . Funds As traded on the Winnipeg commodity Exchange Friday 400-ounce contracts High Low cd thur by 76 127.90 127.60 127.60a 128.708 of 76 129.90b 129.40 129.505 .130.809 a 77 132.50 131.70a 131.70a 133.20b a 77 134.60 13j.40 134.40a 135.60b by 77 137.30 136.50a 136-Soa 137.90b thursdays volume 28 contracts. 100-ounce contracts a 128.60a 129.40a no 76 130.50 130.40 130.40a 131.90b fe77 132.703 134.80b my 77 136.00 135.70 135.70a 136.50 a 138.cob 139.00b thursdays volume 10 contracts. London a Mon Day s closing Gold prices in . Dollars per ounce. London 127.75 Paris closed Frankfurt closed Zurich closed Hong Kong 125.79 Stock averages Cash Grain Richardson securities monday june 7, 1976 Dow Jones new York 30 Indus 20 rids 15 util 65 com or cd 963.90 214.38 85.63 298.94 i am 958.58 213.16 85.56 297.60 Toronto n ind 6 gods 16 b w 9 w o or cd 190.52 299.85 88.77 238.76 ii am 190.53 300.85 89.39 237.17 noon .189.54 299.20 89.51 235.71 Montreal o5 lid 13 util 1 inks 85 com Prici 199.16 143.23 245.74 193.83 noon 199.25 142.83 243.94 192.94 Mutual funds Lakehead wheat Board prices . And class i wheat no. I . Red Spring 12.5 pet 13.5 pet 1 am. Durum 2 am. Durum 3 am. Durum j durum 2 cd. 171 sex. 3 cd 168v 3 cd. 163 sex 1 cd 165 1 cd 164 2 cd 161 3 cd 158 mid gun .153 1 cw6 r 2 cd 6 r 1 cd 2 r 2 cw2 r 1 cd 2 cd 3fd Chicago 44 420b 8 9 92b 119 24 my 325b 200a 190 85b 1030 40b 420b 8 so 90b 120b 24 sob 325b 205a 1903 28b Mutual funds Grain Market by 375 be 381 de 392 my 403v2 by 304 be de 283 my 290v3 Jose 17934 de 1m my 180 366 373 387 396 301 278 286 183v2 17a 177 178v2 soy Montreal Richardson securities monday june 7, 1976 industrials or cd Asbestos corp a Banquo Connal Bank prov i Bombardier 235b Caln Arena by celanese cd 5 Central dynamics 80b 550a 8b 5b 800 sob 17b 35b web 201b 2hib 20b 300 12b charter ind 80b Consumers Glass u la or Zellerbach a 18vja Dom Bilge 3m Dom Glass 13ttb Donohue Bros Dupont of cd Fin Coll 215b Gaz metro Star 22 Kibio s Bay co Melchers dist 260b much Ell a 12b Molson b Molson pad 17j.ib Orange roof 145b u5b . Ltd 8-vib 8 in readers pigs so h w b Steinberg a 5up Electron velcro 6b Zellers Canadian Stock Exchange am Eagle Pete 0ne we is Loppert Irrer Pem berm or a Pacific div no acetic inc a Pacific res no acetic ret Spac Lilc us pin group Bond Canadian fund pooled no resp Man agent pension my 6.4 Xanadu cd principal or collective growth venture Putnam Seo Tiam up Scotia fund Scotia to to Sterling qty a tech Temple Goth trans Canada a pc Asp Iclal Vanguard Western Goth 3.73 5.9 4.5 2.9 10.3 .9 1.0 -6.0 7.1 9.60 g 5.5 11.4 4.4 5.5 4.8 s36v2 38 rg69w390 425 c Glas 53i Rcd 53vi s7v2 8 375 400 14 28 232 10 16 29 240 48 48 48 29 32% 12 15v2 300 16 140 135 Ravl recon Rinc Rizw Wall Audra Japa Una in unable to Nail ugs6 Ucen cupa Cupp in fam 285 Reed 11 urea 127 tire 120 Unwin s8v3 9v2 38 uwbnw257 275 315 340 Essra 6 Venlo 43 45 Hestgr 16v4 Vic Ftp s27 38 a rent 350 Wai red 230 warn s7 Rocoo 200 wind 51 w ind a 102 wbb s9 wac p fair a fair s15v3 18 West 250 260 wsn4v2 46 .1 wsn6 62 whoa 7 17v 19 108 1h 4 r5 270 9 5 new York Market 6500 266v3 266v2 276 -2 276v2 228 .268 268 262 239n 668 661 i 572 rapeseed in store Vancouver o. 1 can. O. 2 can. Til. Wheat eed wheat .508 i 359 337 159% 158% 1483.4 6500 267 i 267vi 277 i 228 j i 225? 202v. 267 v7 267vj 261 Vij 2342 666 660 571 508 493v1 360 338 commodity prices Friday hic ago eggs y june 4, 1976 High Low 5030 5015 .5620 5570 de.5950 5930 to York copter .6930 6850 6830 6750 7080 7000 to York potatoes 819 801 new York Cocoa of .8900 8700 y 9525 9125 7930 7775 Uzar no. It y 1250 1230 a 1305 1283 we .1350 1330 beef cattle u .4401 4305 Kun 4675 4610 of .4687 4600 new York Silver y 47500 46650 in .48000 47200 e.48800 48020 last 5015 5600 5930 6890 6790 7040 805 8700 9125 7780 1240 1285 1331 4315 4615 4600 46750 47250 48050 Grain inspection cars Insp old. June this or. Last or. Wheat .1455 746 Oats. 41 19 Barley 441 209 Rye. 0 3 flax 20 9 rapeseed 26 2 others 1 3 grand total .1984 989 contract wheat 849 cars Gooderham s import company appointment Wilco a prov wine inc of Wifall Rhar Zell Zenic 365 240 i 8 230 115 125 10v4 30 22v8 6 8 i 9 285 97 29 5 new York a the Slock Market declined steadily again monday in an Atmo sphere still dominated by uneasiness Over rising interest rates. The noon Dow Jones average of 30 Industrial stocks was Down 6.96 at 956.94, Afler a 9.90-Point drop Friday and losers outdistanced gainers by More than a 2-to-l margin among new York Stock Exchange listed issues. Many Large Banks joined in a Quarter Point increase in the prime lending rate to per cent initiated Friday by new York s Citicorp. There was at least one dissenter first National Bank of Chicago announced it was holding its Basic charge on Large Loans at seven per cent. Motors was Amons the most Active issues losing .u-4 to the n y s e s composite Index dropped .34 to 52.44 and i h e american Stock Exchange Market value Index was Oil .62 at j01.58. William m. Richards Trie appointment of William m. Richards As National sales Man Ager of Gooderham s import com Pany is announced by Barnard Hals Lead. Vice president. Or. Richards has had Exten Sive experience within the Hiram Walker group of companies both in Canada and abroad and will be responsible or coordinating the National sales efforts for All Over seas principals reprise Nice by Hiram Walker sons limited and Gooderham Worts limited. Included Are such. Famous inter National brands As Ballantine s scotch Bols liqueurs Cointreau. Drambuie Kahlua my Itskovskaya user Vodka and a carefully selected Range of Well known imported wines. Or. Richards in bar i m to Canadian marketing Mim offices in Toronto ;