Winnipeg Free Press

Winnipeg Free Press (Newspaper) - December 5, 1978, Winnipeg, Manitoba Winnipeg free press tuesday december 5, 1978 11 no it s now Market 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 Leas 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 sleep 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 Prev Ous 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. 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. Some economists feel like the Carter administration thai a recession will not occur next year bin that tiie 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 i hat 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 Oil of work in the 1930s, conditions were so bad line Quarter of tile . Workforce was unemployed. _ from w York the volatile gambling issues were the big losers monday As the Stock mar Ket turned in a mixed showing ending the rally that began late last week. Gainers nosed out losers by a 5-4 margin in the Over All tally on the new York Stock Exchange. But the Dow Jones aver age of 30 industrials which had climbed More than 21 Points list thursday and Friday pulled Back 4.67 to 806.81 the Day s biggest percentage declines were posted by resorts International class a shares which fell Stock exit Ange trading in the two issues was halted at mid Day for the news that the new Jer sey attorney general s of fice had filed a report opposing the granting of a permanent License to re sorts gambling Casino in Atlantic City. The Casino has been operating under a temporary License since last May. Among Canadian issues on the new York Stock Exchange Campbell red Lake mines closed up at dome mines at and Hiriam Walker at Canadian Pacific closed Down at Inco 14 at and Massey Ferguson 14 at closing Stock quotations and Toronto closing stocks distributed by up Toronto stuck dec. 4 Complete tabulation or Stock sales High Low close Cage c nor West 1qj j Miqu c pakrs c 250 21jb sales High Low close Cage Dom tar or z25 s 21 12 i pal 2 woo 35 3j 35 Stock sales High clo Sech up a s201 20jh, ?f.1 run actions. Quotations in cents can Perm 1700 s17t 17 id 134 135 of i i 5, Ess marked Odd cd pm 11 to s12 b p j a 2c-0 517 17 1v73 Cion Rex rights Wex a ants. Net Cli Floriee is from can Trust a 751 523 2 23 is c Trust 7u 00 Szo u of e or in 0 1wj s13 13 13 rde a Fin w 5027 so 75 75 Shore 2to in cd chs High Low j of 1.07 i w6.ep Oard lot Clos inn Tung -23 233e we 6211 195 196 m 275 5 Uli 10vj.o 769.09 Arrow 1000 24 24 24 us a zoo 195 195 pm 4025 56 5j 53 util Corno. a 10-Jcio slf5i 16 Proi 1000 s5 i 5 Stock sales High Low close c Cable w 145p 50 50 50 inv 150 s17 a j7 Al 2jii Tel 2b.26 a 52 i 1 Oelo Fly 5 6 2 a and Cess 8li a res 343go 5-d cd 6 j ?03 j i 2500 to 300 300 c Curtis 5000 71 71 a 210 410 ijc1 35 Ujj is j c a 220.js s3s 77 Balcus 37j3 450 4iq c fort most 6110 6500 12 debt 5j.fl 7jj l 3no 0 2 37 a 91 a 7j i 95 j-4.20 11j5.19 8160s it j 197b4 518 177-6 cd invest 256 s20v i 6ik s6 6 a or 2m j t 1" 2ji.2f 14.26 834.62 b Toi 10 209 5j r 54 3 i c hid Ronas 3500 425 420 425 4-10 action try 7000 9fl 95 c Home std 3475 9 s 10 Tanac m 12200 45 to c Hydro 2700 slip in c 2320 Al Bronika 1672 s32u 32 Feci diver 200 220 220 12po 7 a 7 j lob co a 1225 450 450 lob co b 710 4jo 431 72.6, Jii i67.k11j67 7 Low 1s7.js ul71 209.20 165. 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Sixx 13 13 Rich Irr Tsyn s s7 i 7 j 35 r december 4. Fret. December j. 1973 prel 2 Ducc Mccur t. i r to suit of Job -jr., Tes c co o is 3 by Hess a 35 con Nal if it 3? a to frs s 4 minerals 35 a from nil it f or i so is in c 50 50 2 c 1 Ici it ii 2f joins 23 23 a Johnson. 77 Mew. 91 in 9-1. No s-c3 3-.-4 115 a s Tel int 3v, Kim i la j2 42r cg6 a r i i t units ji.-, l Eva Eie ind h0tj net Lwis Niass 8 oils it , or. In _ c be i do Quias 23a 3a Dom by toe no so is 2c5 s2s i 2i- j Acca pc dec to b j6 Minc ft1, div Ithra 33 t Cash Refl f2 a voids j . 300b co _ Nev Pilro and 1 Sta Joac a r of irs Dong monday Jijine w Ici i to Wiur f. Cot 37 m t Vns x 4 cd nov 5 co Scaer in dec. 50 merits to Eicr parc is Tsi i co in Fps a fact Etc volume of trades tonnes of Barley 2so of feed wheat 75 50 july to a War 75 Ca. Oats oct. 13 cents Tower e5.2c Varch 70 cd nos . Was 5c or. 2 rapeseed. 5 iia jul 1 i6 01 35 of i i i 55 c Pete 106 con ventures 7 7 toss is Anc 220 2-v. 5sv to 020 of flax of Rve and wheat dec. 70 cents 11050 Varun to cents lower ?7so so cents Iwer 93 a july 5c r 3 a tic it _ a Job the Stock Market moved fractionally higher in slug Gish i railing monday with advances outnumbering de Clines by a margin of five to four. The 35-Stock composite Index dipped 0.24 to 222.38. Closing volume was 946 shares Down from the shares traded on Friday. Industrials lost 0.05 at 215.26, utilities 0.90 at 197.24 and Banks 0.01 at 306.05. Papers climbed 1.71 to Noreen Energy re sources was the most Active Issue among industrials declining is to on a volume of shares traded. Mount Jamie mines led mines gaining one cent at 51 Cenis on a volume of shares traded. Oils were mixed to slightly lower. Imperial Oil a lost at Hudson s Bay Oil at and Shell Canada at Texaco Canada was up 14 at Pacific Petroleum 14 at and Gulf Oil Canada at i in u. The Toronto Stock Market reached a seven week High at the close of Active Trad ing monday. The Index was up 1.07 to with advances in three of its four most heavily weighted the Rise was recorded despite a 4.67 decline to x06.83 in the Dow Jones Industrial Index at new York. Among the heavyweights within the 1-4-unit tse composite Index metals and minerals were up 3.64 to Oil and Gas issues 3.02 to a record High of and financial ser vices .59 to Indus trial products slipped to paper and Forest products were the biggest of the five gainers among the Grain futures Winnipeg rapeseed other 10 groups while transportation shares led the five losers. Volume of trading to talled 4.09 million shares valued at million Down from Friday s 5.14 million at million. A total of contracts were traded on the options Market compared with 611 Friday. Simpsons Ltd., the ses Sion s most Active Industrial topped the 94 Block trades with shares at a share. Canadian Cable systems Ltd. Was second with class a shares at a share and a Block at the same Price. Union Gas Ltd. Took third place with class a shares at a share. Canadian Occidental Petroleum Ltd. Advanced 1 to a share on the Sale of 800 shares following a Brief halt for news that the com Pany has declared a special tax deferred dividend of a share. Asbestos corp. Dropped to . Sugar refinery a 1 to Crown life insurance 1 to Power corp. A to and Chrysler corp. To a 197s Low of produce Crescent in Jet co Ltd. Tips Tia. December 5, 1978. Vegetables cd bloc new Texas 50 25 a in. 36 of. ?5 cat. To 9 50 Grot ii onions Cal. L ?.io heir 7s the fi5 eggs pee acc Canada b Cando c. A the p Tor Vii ird. Nor Ridd r go. Station in to 300 dozen the minimum or Sec shall be k per Duzon less and in lots of less hair Iso dozen the once be 2s per dozen less than thai in oven in the above prices. Chicago december 4, 1978, Grain inspection from Union stockyards prices wore generally steady although steers and heifers were in Short Supply and there were too few re placement cattle to establish quotations at the Winnipeg stockyards monday. Cows made up he bulk of sales and the cow Market was si-5.2 higher. The Bull Market was Strong. There were no veal calves. The . Estimated hop Price was steady. D3 -4m7.50. D5 hops to e no per Greco ;