Winnipeg Free Press

Winnipeg Free Press (Newspaper) - December 5, 1978, Winnipeg, Manitoba Winnipeg free press tuesday december 5, 1978 no it s now a banana by Kristin Goff new York a president Carter says that he does not expect a recession or a depression next year. His chief inflation fighter also says that if inflation can be brought under control there is unlikely to be a serious banana in 1979. If you wonder what All that is about it is about bad times. But among economists the words to describe bad and How bad Are far from precise. There is a commonly agreed upon definition for a recession but none for a depression except that it is worse than a recession and has fallen out of use be cause of the indelible impression left by the great depression of the 1930s. The term panic even less precise was used to describe bad times in the 1800s and before. But it also fell out of Vogue. The Best answer we know is that depression is a word the utterance of which any time in the last 40 years has netted its user the admonition to leave the room and Wash his Mouth with says Ernst an Spach at Loeb Rhoades Hornblower and co. President Carter s chief inflation fighter Alfred Kahn illustrated the Point when he began substituting the word banana for either recession or depression in remarks before the Washington press club. Kahn several weeks ago created a stir when he said the . Is headed for a deep deep depression if the president s anti inflation program fails. The danger of a serious banana is increased if we do not bring Down the inflation Kahn told re porters adding you la never hear the word depression come from since Kahn raised the spectre of a depression president Carter has begun using the term. He did it again at a news conference. Carter said he expects Nei ther a recession nor a depression next year. But he did concede that economic growth might slip to below the three per cent level forecast by the administration. Growth this year is estimated at about 3.75 per cent. The commonly accepted definition of a recession is two consecutive quarters months total of negative growth in the Gross National product that is after adjustment for inflation. For example if Gnu measurement of the country s output of goods and services is growing at an annual rate of three per cent in one Quarter then Falls 2.9 Points in the next Quarter Gnu would still be showing positive growth of 0.1 per cent. But if the growth rate Falls 3.1 per cent to minus 0.1 per cent and stays at a negative level at least one More Quarter we Are considered to be in a recess Ion. Any substantial decline in Gnu growth whether it produces a growth rate lower than previous rates or not will have some effect. But much depends on How Steep and How Long such a decline lasts. In the first three months of this year for instance the Gnu in the . Showed no growth when compared to the previous Quarter. But economists said that was largely due to cold weather which caused temporary production and transportation problems and to a National Coal strike. Growth was made up in the follow ing Spring Quarter. Some economists feel like the Carter administration that a recession will not occur next year but that the rate of Gnu growth will slow because of higher in Terest rates and other factors which might discourage business activity. do expect a recession generally cite quarterly Gnu figures which indicate a comparatively mild and Brief economic downturn. While opinions vary it appears that even the most pessimistic do not anticipate problems As severe As those in 1974-75, when unemployment Rose to nine per cent and millions were out of work. In the 1930s, conditions were so bad one Quarter of the . Workforce was unemployed. Some economists feel like the Carter administration that a recession will not occur next year but that the rate of Gnu growth will slow because of higher in Terest rates and other factors which might discourage business activity. Those who do expect a recession generally cite quarterly Gnu figures which indicate a comparatively mild and Brief economic downturn. While opinions vary it appears that even the most pessimistic do not anticipate problems As severe As those in 1974-75, when unemployment Rose to nine per cent and millions were out of work. In the 1930s, conditions were so bad one Quarter of the . Workforce was unemployed. Market update from Montreal the Stock Market turned slightly lower in Light to moderate noontime trading today with the 85-Stock composite Index dropping 0.30 to 222.08. Volume at . Est was shares traded up from the shares traded up to the same time monday. Industrials dipped 0.42 to 214.84, Banks 0.38 to 305.67 and papers 0.12 to 152.12. Utilities climbed 0.11 to 197.35. Declines outnumbered advances by a margin of 18 to 15. Among most Active losers Alberta Gas trunk line a slipped is to Noreen Energy resources Guson to and sea Gram 14 to among most Active winners multiple Access gained at and Bra scan a at among speculative issues dynamic mining exploration advanced one cent to 63 cents on a volume of shares traded. Rate hiked Toronto up to Ronto Dominion Bank announced monday that its . Dollar base rate currently at 12 per cent will be changed to 1214 per cent effective immediately. The 1 to Hudson s Bay Oil to Massey Fer from reflects recent trends in interest rates. 3nto Toronto . Stocks Nel distributed by up Slock sales High Low chg Toronto Stock dec. 5 can tired 25-quor.ftons m cents unless marked c unties 7315 sl7 17 17 s s. Add lot sex dividend c Rufil p 100 53 sex rights sex warrants. Net can g j or z25 change s from previous Board lot Canara 200 450 j50 450 closing Sale. Canray 00 175 175 15 net Stock ships High Low chg he s Ltd 100 300 300 300 inc 1350 171- s it irid 125 340 to 340 in Mil 900 Sii a n3. U Imas Coa 10650 s37 i 37 -. Imp Gen 2400 523 22 a 23 to 15 Nel Stock High Low . Chg Pembina 10000 s7ts 3s Pennant 4500 112 108 108 6 p dept s 1650 s63i 65e 65e 4 p Jewl a 1100 12u i2 s pow in 226550 i i. Petrosina 100 w t i9j4 Montreal Montreal Stock pm tse Index 1978 1s73 close Cage High Low tse 300 1281.41 -h.07 1332.71 996.68 minerals 1074.01 12m.99 769.09 finance l 117978 -t-0 59 121756 moved fractionally lower in Active Mici morning trading tuesday on the Toronto Stock Market despite a two Point Advance at new subsidiary of Allak products Ltd. Livingston had last traded at a share. Trading remained halted in shares of Central and net Cara 200 s7j.i 73i Slock sales High Low . Cage Carl of 8225 450 445 4.15 a and b Carl b p 610 s32 33 32 z Abacus 251 430 430 430 Carma a 10720 s8w 81 Abi Tibi 22100 17 a 18vs Carrier cd 300 265 265 265 Alt by 10 Ico s54vj car 500 100 100 100 Ackland 100 Sis 15 15 Cassiar 700 s9 a e Acklund 3d 100 Sis a 15v6 Cassidy l 100 a Alnico e 206 Sefc s celanese 1250 375 375 375 Albany 1000 5j 54 Chub Kay 1000 9 9 9 4 Alt Energy 5285 sl7vi of k chieftain d 1925 27 Alta Gas a 2548 14s Chrysler 687 Sll 103i 11 a Alta g 9.76 1130 27 Coch will 1000 51 51 Alta g 7.60 400 5 25 comb met 27doo 29 29 Alta g 875 s24 233i 24 Comisco 555 531fs 31v 2 Oil a 9937 23 i 233e inca 16570 Inco b 500 sl7- s 171 a 173s lnco7.b5 200 indal 1300 513 13 13 Inland Gas 1400 11 inter City 6600 77 b b a ism 53s322 322 322 2 int Mogul 135 485 485 485 int pipe a 9950 516sb a Ripsco 336 Sib 18 18 a int pipe r z4668 47 40 45 Irwin t a 200 400 400 400 150 1000 166 166 166 1 Iva co a 3300 s12 12 12 5000 400 395 Joo 5 pesto oils 3400 e s h Pine print 600 522sa 22 a place g 17000 212 205 209 of Placer 100 26 -4 26 i Ponder 4boo 260 242 260 pop shops 1625 415 410 415 5 pow corp a 2103 s22 a 22 22 Prado exp 2300 45 45 45 Prairie Oil 300 s16le 16 4 pre camb 16900 255 250 250 Preston z85 s18 18 18 prov b can 200 15u i5 a my bldg 43000 58 Qsar pet Uoo sl03i i0sk util. Banks comp. Paper change 0.01 -t-1.71 Man. 215.26 197.24 306.05 222.36 152.64 or close 215.3 193. H 306.06 222.62 150.93 we Ana 213.65 195.60 300.8b 220.3b 146.02 Mth ago 202.37 186.25 292.49 209.74 1978 High 233.20 199.01 312.28 228.01 163.16 1978 Low 162.70135.94228.01170.78 90.88 1977 High 185.72 172.67 249.41 187.99 in 67 1977 Low 157.48 131.74 209.20 165.02 88.30 tuesday 11 . Indus. 2u.79 util. 19700 Banks 305.44 Conio. 221.94 paper ass 1772.05 1772.05 1305.89 Industry 1023.45 1090.05 822.68 utilities 1442.14 1444.13 1211.13 consume 1186.69 1218.77 888.77 merch 1092.95 1125.19 816.08 Forest 1361.17 1412.95 834.62 transp t 1634.54 1660.76 1100.57 pipeline 1463.15 1507.12 12b2.82 manage 1423.90 a.31 1520.12 1151.86 comm. 1320.92 1351.99 1006.38 golds 1286.43 h4.i5 i767.b3 1205.62 building 2120.62 2319.85 1373.19 tuesday 11 . Indus. 1022.9 Gold 1264 tse 300 Index was Down a2 to with declines in three of its four most heavily weighted groups. Metals and minerals fell 1.97 to financial services 1.23 to and Industrial products .48 Trust co. Pending an announcement. Class a shares were last at among other industrials Asbestos corp. Was Down to Noreen Energy resources to Gulf Canada to Bra Lorne resources 14 to Alcan 21703 Hovi 39su alg cent 2900 19 Lomm Coa Woli 27 i com Cap 450 s7 7 a 1100 520-a 20 20 Jan Nock b z20 520 20 20 Sturg 1500 115 115 115 radio i we 200 73i 1772.3 paper 1357.7. Indus 1021 5 Good 1296 8 while Oil and Banque Ca Nadienne Algoma St 1133 526 2534 253 c Holiday 1 1450 7so b 444 sl45s 14ja 3500 si5h 1770.0 paper Rose .32 to y4 to Aspel p 200 263i 363n b Tunuto Lio eau sj4 All can b 4000 s53. A 53a a con Bath a 12185 s14 13 s s Alum 3rd p 200 con Bash b 120 st33i 133-j am Bonza 20950 s37u 36ss 37. Of con bldg 100 400 400 400 am Larder zoo 26 26 26 con 1000 275 275 275 am Eagle 400 225 215 220 c Durham 23400 130 126 128 am Leduc 10000 29 28li c Marben 2200 43 43 43 fun Drewa 610 12u a con i slab 100 15 15 Andres w b z70 512 12 12 cons Gas s711 19 3 Ltd 7500 313 Soutel 1w125 16 10 Kaiser re 1150 s16 16 16 Kam Kotiza 1000 470 465 465 Kaps Iran 2000 119 116 119 Kelsey h 300 s213a 2pa 3a Kerr a a 2650 id s k Anacon 10000 in is in Lobatz a 23720 s20j. 20jb 1000 192 190 190 2 Ednath a 722 15 i 15-s Reed Pep a 400 58-. Russ civic 10500 220 215 5 Renu pro 5130 132 129 131 1 Rio Algol 1335 533 33 33 -4 r Little 100 2io 260 260 5 roman 100 527 27 poor s 500 Stock Index monday Mon Low close Cheo. 400 Indus 107.7210593106.80 20 trans. i o 13.29 Jones final Dow Jonesam rages open High Low close Cage. 30 irid b09.66 81j.80 b02.23 b06.b3 dropped almost eight Points to Lead the five losers among the other 10 groups within the 14-unit composite Index. International gained 114 to Bra scan a to Hudson s Bay Oil and Gas to automotive hardware a to Ang it 4z50 527. 27 i 27 i it nil it 265 190 v5 31 f 5000 s5j contest z25 10go 55 s 5 5 a Laic Ilavu a 410 Cor 3300 275 240 265 util 50.23 -19.54 49.9j 07 40fincl 1148 11.30 1139 trn 216.25 217.72 215.33 Istl 100.07100.78 99.53100.27 companies up and Union Gas a to anqct290 50 s323i it z55 2j s 100 511 11 2p 2350 s16 18 96.v6 95.37 96.15 277.32279.11274.92276.53 Points were the it 315 z25 536. 36 Coska r 5200 u Ang u Dev 2boo 315 310 315 Craiget 1900 5 51 1 Aquitaine 2000 21 2pi Crain r l 474 Sll i 11 11 Argosy 13002 18 17 Cuvier m z400 36 36 36 airgs250p Zio 3-i. 34 i Cyprus 100 so i 10 101 or z40 32 i Czar res 5500 s7 i 7 1 10100 ib1 d to g Asbestos 1500 -13 43 drug Ltd a 100 s5 5 mod a 5410 s163 63-s 16 e Dale Riso 513 3 13 Slasyk 1000 26 26 26 Daon oct 1000 s13 12u 12 4 to Ranger Lara exp 2000 92 85 85 1j 3av Mills 175 sis3 a 154e 153e of mine 332 Seo so to a dome pole 6035 sb53a 84 a 6eo 46. U Agnason 300 300 300 300 m 3600 284 278 260 1 of Livingston Canada to and Ell Canad 7554 s637 s d Bridge 170 s28 i 28 i 1600 140 to 140 St 200 12u Ltd. Were Petroleum five Ell apr 136 63 Ell c or 500 s30 30 30 Al d or 380 s633 4000 19 18 Donasco a 1220 s311- 31 i 3 s d to Cutie a 650 Sll 11 11 Wil 900 270 265 270 maritime 23 a 220 s26 z 26 4 26 " spar Aero 3295 monday s close of to sumac Oil Ell 2.2b 25fl 31s a 31sg Ell 1.80 500 sz316 23 i Ell 1.96 400 s27va 27 9 27 a eth cop a 210 2667 523 227b 17 j Dom tar or 100 512 12 .3 duffle a 500 37 37 Dupont z25 s14ia 145e Fer 68324 Mas a 1200 s18u 18 m Mas f a 1300 s18u in if a a Matomi a 2078 si55e 15v 10000 52 50 St Brodist 4310 la a to. S stand 1 a z25 s141 14 14 Ste co a 2160 271. 27 " p following shareholder approval of its merger with Allak holdings Ltd., Gas climbed to and Page Petroleum a to 1 Hawk Jolo 18 17 Lack p a 500 us i i43e l a 800 s13 13 13 a Dyn Amar 146 138 m6 1 Adam 10000 26v 26 76 j me Intyre 800 r 360 360 360 5 Strain in a 5000 120 120 a Arabia and Val Gosf Omar z2 s9v 9vj 9oils Cor 1100 63 63 of Valv 2wo 523 22v Fin 2500 12al Fin d 1500 s13 13 13 8 Al Fin w 2145 to 75 w 1000 360 360 360 Melcor 908 s.2 i 12 o 12 a Mentor 4100 270 270 Oil i9i Arabia the world s by Geest Sud cant 45co 37 36 37 Sui Ivana 6oo 20i 200 200 Oil exporter and Jabir Al Sabah of Stock reversing Mon razor res 1030 Rameda 500 143 143 143 3 Rascan a 24410 sl73i 17 i 173. Renda m 2700 s12ls 12 Reg tank too Joo 400 400 right a 100 it Rill co 952 s61 6ja 61 cup 750 Sefl 18 18 cup or z20 s39. 391. C phone 900 17 9 cph4.b4 1000 s151- 15 -3 can d 100 s70 70 cph6.60 140 22 22 -. Up 10.16 p 380 runs we 625 s51. East Mai 100 193 193 193 3 East sul a 3000 210 200 200 i est prov 400 is i a ego res 8800 s Emco w 500 200 200 200 extort car 100 s12v t Falcon c 2500 i61 6jb 5v? b 405 s32 3z 32 fed Pion 300 31 31v a Fidel Trp 350 519 19 19 f cite f it 250 350 350 350 -25 f ctr to a 300 slip fooder g 300 sols b1 e s1 a 3 Ford Coda 395 570 691 69 a f sed a or 50 so s 350 s12 e 127s 127e Morland e 6530 59 s 9 -. 9. Met Trust 100 s36v4 Ivy icon 1000 163 163 163 3 Molson a 875 s237 a 233 f g Monarc w 100 115 115 115 Monendo a 100 121. I2 i Mil Trust 3co s22 22 22 Moore 11658 s33h 333e 33multi acc 700 57 7 7 my Rdv 100 sip. 11-4 nub mine 7000 125 122 122 f 2 Nat Pete z200 60 60 60 Nat sear 5600 13 13 no co 83co 275 274 c z25 7haye agreed to support an Tara 250 si2 s 12. A 121 o Oil Price increase of five to Teck Cor a 1300 59 9 9 f Frick Cor b z66 eight per cent to take effect Tox can 2120549 48 49 stages next year the Thom n newspaper Al is Wassah re Tirom n or 165 is 45 45 ported Here. To Bill 500 56 56 k no if nov Inch Tor do by 1773 22ja is Uwell Luu sly Duvo Tor Jar 2310 5i6 a i3 stated an increase of at Tofari pet 4im is i6 a r least 10 per cent on Jan Are in Complete agreement on All Points we fahd told Riyadh radio. Our Points of View Are the same in the interest of Kuwait and the kingdom of saudi Arabia and the whole up a moderate gain tuesday following the Lead of a rising Dollar in foreign Exchange. The Dow Jones average of 30 industrials Rose 2.16 to 808.99 in the first hour. Gainers opened up a 4-to-3 Lead Over losers decline. A rebound by the Dollar since the Start of november has been cited As a primary reason for the relatively steady showing of Stock prices Over that period after october s Steep Market decline. Udd Auto s9 a 9 s 9 a 400 slog 10 -4 e Fraser a 620 14fs 212 149 149 u9 9 a Btl 1.85 116 p72 while saudi York Stock noted that the and Fri 800 955 9ib i Al pow a 1145 5397a 39 a g m res 100 Joo 400 400 b Gumc 5j5 564ai Goldvug 5000 13 13 13 n senator 1400 Glass 3co 6i i wanted either a Oil ministers of was still held Back Al p 9.75 m 10e 10b a costar l 2913 York Oil 300 235 235 can res 6460 174 170 172 r i this a a 2375 e freeze or a minimal states also attended Dollar advanced worries about inflation divert 4000 46 45 46 t l am mine 1000 24 24 24 Yak 1200 510 10 b Gibraltar 1200 55a 53 a 300 518 18 no nor 6ccq 5. S a 5 pm 1797 siak i8 a 18 i rep pop in on info off pro Treco inc 900 470 j70 470 a dec lug thu against leading interest rates and a a Flo 1550 si31 j 133k 13 i nip re 225 s32 1000 70 70 3 Godlund m 7500 75 72 m 1000 90 90 90 Noranda a 3620 536 a 36ss 1000 s25 i 25 increase is currencies in economic slump. An Cem a 3300 sl2 i 12 a Cec p 106 Sis -4 of or b 330si04 104 104 an malt a 350 s30 c 30 8 nor West 4500 los j pakrs c 3000 an Perm 550 17 a Perm 8 212 125 25 25 1 spec 24400 5. 5 an Trust a 210 s24 24 2-j Tung 100 524 24 24 to j in Arrow 1000 23 23 200 s33 33 33 2100 64 64 64 go Oil ads 108 9 9 go paper 845 3p. Go Pap w 1250 s81. 8 b in Fin 5co 160 160 160 Gongas a p 200 s19v3 i9 19 it West s 62s 285 281 281 9 g Goose a 200 58 8 a 81 Gudr to p 150 Szo i 20 20 Guk can 9549 a Gul Strem 64929 60 57 35447 e 17 Noreen a Iso 52-1 24 24 Norlex 1000 8 6 no oils 1000 Sio 10 10 nor Tel Ilij s351 3h a team b w 840 514 14 j a nor Haat 3235 573a 7u is save is 100 513 13 13 a Nosco w 200 s20. 201. No West a 263 17 s e no West d 300 519 19 res 23oo to 340 340 Tio the kuwaiti newspaper s tur fascia 1210 is editor in chief Ahmad Turbo is 3650 s7 b 7 e 7 s e Jarallah in a dispatch Ulster pet 22500 170 162 168 6 v Unico Rof 300 204 204 204 9 from Riyadh the saudi us a 102soo sio1. 10 s s ran Ifaf Nih a Gassy. So s23 2323 capital Saio me Compro a cans 1500 s " t Mise uncork 600 sis1 12 three Days of talks just be voted at the Price setting meeting of the organization of Petroleum exporting countries opening in Abu Dahabi on dec. 16. The current open base Price is . For futures tuesday. Dec. 5, David Rockefeller chairman of new York s Chase Manhattan Bank maintained at a press conference in London that the prime lending rate was close to the Cable w 1000 49 j9 j9 1 in cel r40 8 b b s Curtis 2500 70 70 to l h group a 6000 400 400 Joo hard cup c 575 270 270 65630 30 30. 3. Opi a 500 s16 j 16 161 Oakwood p 5077 .150 4jq 440 eluded there Between i Crown Prince fahd barrel of crude on the Active list included Boeing up 1v8 to Formost 1100 f e t a 371 u 4300 170 Sev a 550 s7 7 7 Low 10 . Loda or. And Xerox higher Home std 1400 Hydro prior 13. By com 9996 s29j4 l z40 s22 22 a 14160 6 s 6 s hot Leigh b 1l4to s6 i 61 g a Hawker a 300 81 8 s haves d a 2100 59 9 9 b 0 2300 orphan a 33370 0 jct changed 307.50 mar. 50a june 70 cents lower 298.70b sect. 50 cents higher k4.50b nov. 1521. N0664 jul 676 my by 659, 35 airlines. Star la 10 june0 lower 299.30 Hulcher 3.5 33 25 Taso Manhattan Marine 31 b w res x2 nov. Not dec. So cents higher 6.5 41.75 hrs sir 9. Am Airles t Mitchell a Jib 5 dec. Not open May 70 cents higher 273.208 july Oca cola to t 42 . 31 b ant of 125 Itco july higher 27k60b oct. Not 5 on Edison 23 life co Sis ptts b mrs 5j oct. Not Art ind. J Pete 30--., orc est or. Fer. .50 lower 97. Co m3v and july dec. Higher 111. 508 Warch 10 cents 375 ,v7 3c5-. 359 359 361 my 347 349 y Cere i co 31 Ujj t r w f w i i w Mav 10 cents higher 330 327r 32e 39 f n i dec. Richer 75.30 oct monday s volume of Westaw it 9es is5 Trade was tonnes unc Nanod july in chanced 1c2.10b unchanged 649 m 687 i 671 Jav 69 653 to 667 659 661 m grand total 354 ;