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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 27, 1975, Lethbridge, Alberta January 27, 1975 THE HERALD 19 Herald- Business. Payments system irks bankers Miscellaneous Vancouver, Calgary, Montreal Midland Doheny Limited By JOSEPH DUPUIS CP Business Editor TORONTO (CP) The market not government, should be the arena to decide whether or not Canadians will some day live in a cashless society, a national conference was told today. 3. Allan Boyle, president of the Canadian Bankers' Associ- contribution from bankers and other private groups. He said some of the assump- tions in the policy paper about a common user network appear to have been made without adequate information. The payments system refers to the means by which individuals and corporations make payments to one another. mately merge cheque-cashing and credit card systems, thus eliminating the need for many cash transactions. Canadians, on a per capita basis, write more cheques than any country except the United States. Cheques processed through the so- called payments system have doubled in the' last 10 years to about billion a year. This sponsored conference on the payments system, suggested that the system of cheques is meeting the needs of the public and will continue to be "an important component of our payments system for many years to come." Attending the conference are users of the payments system, including represen- tatives of financial in- M Bay Co Hud Bay uie leuem in its policy proposals two is expected 10 increase to suiuuons, government, retail federal policy paper on the weeks ago, Ottawa announced about billion by the end of and credit union firms, Bay Oil A s payments system creation of a committee tne aecaae. suppliers of electronic East Russell C Pfd Husky Oil B drafted by a government write the rules for a comput- Mr. Boyle, speaking at the Oil E with only a small erized system which may opening of the two-day CBA- Aim of the conference is to BW Prov Pipe Interprov find answers for the future di- Mines Cda South Cdn Ex Gas Cdn Res Magnasonics Pacific rections for the payments sys-Auto union not critical ft Ind Gas Oilfield uujiv; oatU HIG i UjjESS Y Long was developed Insurance underwriters The Underwriting Room at Lloyd's, the Super Chieftan Dev Dome Pete 6.3714 24.25 7.12'A .13 Teledyne Traders Grp 4.85 10.50 through competition in the CUrrCnt OriCeS mentofcommonsundards. MT "The government society of insurance and the international market the need to pursue all types of insurance and reinsurance, is shown above on a regular business day. The building is always Gt Cdn Oil 6.37V4 1.20 STOCKS Alta Gas Trk A 12.12V4 Alta Gas Trk PJd 53.50 Alta Nat Gas (AP) "All you have to do is take a more than one-third of the in- this practice of adopting Leonard Woodcock, president look at their profit dustry's work force will be suitable standards for the of the United Auto Workers he said in explaining why the laid off this week. future oavments svstem zing as thousands of dollars Cdn 12 87 says United States UAW is not criticizing current Nearly of the four' hands. On the right Is the rostrum with the Lutine Nat cannot lower car prices as it has in the companies' blue- "We agree with the orin- C because their profit Citing the first nine months C0nar workers will be off the ciple. but standards C Gas B Pfd Trans-Cda have been "paper of 1974, 'Woodcock including about 180.000 on meet a need and they must be A Pfd for more than a year. "General Motors reduced its open-ended furloughs. well conceived to Sharp price Ranger Oil Scurry Rain Setbens 18.00 13.00 8.75 B Pfd Trans-Cda War WC Trans WC Trans .92 21.50 said during an ap- sales over the year before by REBATES MAY CONTINUE practical acceptance." pearance Sunday on NBC's 17 per cent, but had a drop of Chrysler Corp. Chairman Meet the Press that cutting profits of 86 per cent." Lynn Townsend said prices prooaoiy would Auto executives say weekend he was pleased on Pete United Canso West 7.87V4 Barons Oil N. .05 .01 sell some cars and are satisfied with car sales with the reaction to Chrysler's fflTlfll increase employment, "but it since rebate programs began, rebate program. He said the Oecalta 4.40 Warner be done on a loss basis. but 16 assembly plants and rebates may be continued TORONTO (CP) The To- Advances outnumbered de-ronto stock market continued clines by more than three Acres Ltd Bat hurst Norsemines Cima spring. ff' In mid-January, the first trttJJlC to roll up sharp gains in mid- one, 200 to 55, with 127 Sugar C period in which rebates morning trading Monday, tak- unchanged, ing its cue from a strong rally Pacjfic Pete rose 1 to on the New York market. Roval Bank 1 to m Bros Canbra Foods Cdn Pac lnv A Pfd Cdn Pacific 2.70 26.75 Lornex Northair Mines 4.35 1.86 buying given, Chrysler car deliveries were up 88 per cent j Tt C I n n from the e'arlv January tJ o ti i Falling rates have A in O'Keefe A but still off nine per been major influences on the to Cap Corp Grestbrook Copper 6.00 1 stock from the year before TEL AVIV (Reuter) The when the gasoline shortage Suez canal, closed since the hurt sales. 1967 Israeli-Arab war, is open added encouragement Mon- __ _. .J, _, "uu LONDON {Reuter} The market ahead for the fourth All four auto companies and carrying an cents to and Yellowknife oay was a jump in tne uow D -t_ A. Home Oil 22 stock market boom day in a row. Institutional rebate programs heavy amount of Jones average at New York of Bear slx cents to Oil Int'l began last week turned buyers such as insurance to expire Feb. 28. Israeli and foreign seamen more than 16 points in early Coseka Resources was up a wild buying spree today, panies and pension funds were Tne discounts save car buyers told Israel radio trading. cents to and Numac to Toronto's industrial index, The Financial Times again active. from 3100 to on selected v Interviewed in the.southern index putting on 22.1 points in The market reached a 20- models. port city of Eilat, widely-based indicator of B.C. Telephone fell 1 to first hour of trading. year low of 146 points Jan. 6 Some of Chrysler's merchant seamen who market trend, was up 1.55. to Quebec Mattagami four by Richardson Securities of rise to 239.1 was the big- and values are still less than production workers re- regularly in the area said 175.35, to to 41 cents, Chieftain to ever recorded in such a half the peak reached in on layoffs this week, have seen increasing base to 64.45 and and Western Decalta time. Bv noon, the index 1972. Confidence has been Three car assembly plants are numbers of ships of up to western oils 2.44 to 155.06. cents to Sugar Bow Valley had slipped to 229.8. increased latelv bv lower closed. tons in size which have 1 CAE 7 Friday, .a record 10 per world interest rates and hints mGeneraJ. Chairman through the canal in was added to the share of tougher British iviurpny continued to directions. which put on 19.9 points action against a note of optimism but They said many of the 3 the to say whether GM vessels carried Moslem MONTREAL (CP) All sectors Renniks was up .02 at .57 on NW Land O'Keefe increases added extend the rebate offer, pilgrims to Mecca, while a were higher in moderate trading on the 000 shares. Montreal Stock Exchange Monday. Volume at a.m. was NEW YORK (AP) -Stocks Tung. Cassiar Central 4.40 Credit CWN Gas Pfd Cdn 8.50 billion to total share 17 C rinllnr values, on top of about J4.6bil- too early to tell what number of others were of impact the-rebates are having Soviet origin with unidentified shares compared with at the ahead Monday in a powerful rally in-same time Friday. spired by falling interest rates and an .Banks rose 3.09 to 241.72, the corn- appeals court's ruling infavorof Inter-posite 1.81 to 178.05. industrials 1.81 to national Business Machines Corp. 180.50, utilities 1.18 to 135.36 and Tne noon Dow average of 30 papers 1.11 to 103.99. industrials was up 19.64 at Cons. Rambler Coin Lake Cochenour Craigmont Dickenson 2.90 1.60 .16 1.01 3.50 Marconi Cdn Vickers Chrysler CPR Cominco Cons Bat hurst Cons 12.50 10.50 15.75 25.50 24.00 Friday. a wild scramble gOlU said one broker. "Fri-day was quiet compared to prfcc r sales, and I'm not sure we cargoes, will ever he said. "But One veteran Israeli there's no question that there merchant captain said: "I has been a resurgence of haven't seen such traffic in interest in cars." years, and in the East African Consumers Gas rose 1 3-8 to 1-2, Gainers overwhelmed losers by buying surge pushed it is common talk that Chrysler 5-8 to BP Canada 5-8 a 9-1 margin in heavy trading on ZURICH. Switzerland canal is unofficially lo 1-4, MacMillan Bloedel 5-8 to New Stock Exchange. 3-4 and Algoma Steel 1-4 to 1-8 At the American Stock Exchange, Among speculative issues, Dynamic the market-value index was up 1.20 Mines East Malartjc East 3.40 Textile Dom Stores Dome 17.25 'The United States dollar Car rebate continues continued to decline on PLAN open." NEW YORK (AP) Volks- The waterway has un- Mining Exploration Ltd. dropped six _ Zurich money market of America, the U.S. dergone extensive rehabilita- cents to 73 cents on shares. Volume on the NYSE reached 9.29 million shares in the first hour, break-VANCOUVER (CP) Prices were ing the opening-hour record of 9.24 generally up in high trading on the million set Feb. 13, 1973. Vancouver Stock Exchange today. The NYSE's composite First Maritimes Holllnger A Hudson Bay .36 Mobile Grt Cdn Oil Gen Motors Grt Lakes Paper Gulf Oil 6.1254 28.25 Ont, (CP) while gold rose in both Zurich' Chrysler Canada Ltd. Sunday and London, announced that a cash The dollar opened at 2.4725 rebate program will continue Swiss francs, up arm of the West tion since the Israelis and German car maker, said Mon- Egyptians negotiated a day a. change of management separation of forces 3 jree-and falling sales put a tem- ment less than a year Early volume was shares. stock index jumped .97. to today through Feb. 1 and Friday's 2.4675, but end to the company's Although there have been In the industrials, Pace Industries Among Canadian issues on the was unchanged at .54 on shares. NYSE, Mclntyre Mines was down Ito In the mines, Coleman Preferred was Bay ISO Joliet .82 Walker A Huron Erie Imperial Oil 25.50 all 1975 Plymouth, back to 2.4585, a record low. Valiant and Dodge Dart Gold opened at of building a U.S. plant, reports of the passage of a few The talks took place before ships through the canal, its up .03 to 11 on shares. Leading International nickel was up 14 ounce oh the Zurich problems official reopening has been de- the oils was Coseka, up .30 at on Alcan to 21 'A, Campbell Chrysler spokesman said market, up from sharply curbed. car layed. Some political shares. Lake to 3014, Hiram Walker tt to The curb exchange had a volume of and Dome Mines Ife to 48 Shore Langis Silver Madsen .14 Grp A !U Int'l 10.6214 program's success is the Friday. London's five major reason for the extension. The dealers fixed the price in the United States observers believe the delay and Europe. U.S. sales of may be Egyptian pressure on were introduced to for morning cars in 1974 were Israel to achieve further McNeely Kel Douglas new car sales during the above the closing about 30 per cent from withdrawals from the Sinai slump in the market. peninsula. Calgary Hog CALGARY Receipts to 11 EDMONTON (CP) Prices to a.m. Monday falfrarv nnhlir. 9 m Mnnriav nrnviHafi hv tho aval Hawaii- lam im stockyards totalled 350 head, mostly Hog Producers Marketing Board. Point Placer B YUUK lu ct" t c anH halfoFc "nCeS r3C E S" Pflx Exp. m w m ww mmfmm %Jiim 55.85 Choice steers sold barely steady Corp Price 13 while heifers SI lower. Cows "ea ueer: were steady. Bulls sold steady. to a-m-- 2.835, "M Steers, A1.A2: 40 to 41.50. A3: 38.50 frlda-v >'7m- Average 53.38. Sows to 40. average Corp. Sherrltt Gordon Steep 5.25 CDA Simpsons Simp 8.1214 Heifers, Al, to 36.50. A3: 34 Can A Selkirk A O pinion of Tiiti flr.rl.ll works like lilv wSk Cows, DI, D2: 17 to 19. D3: 15.50 to Trad Grp 13 IM.K. SArsAeftT 17. D4: 13 to Mtn machined metal MODEL b.-. Bulls, good: 18 to 21. There was a fairly good run on MONTREAL (CP) Monday's Copper Mines Wright Ha rg Can Pipe Union that look, feel, weigh, .MODEL Mr. MODEL CummimKr. feeder steers weighing more than 750 dav foreign exchange selling disassemble like. the. ________ pounds, trading to 39.90. supplied by the Bank of ntn t.ngcr BERHAN MM Hogs f.o.b. to m 55 75 France franc Tliey are perfectly mark they CANNOT be .lircd. Dwnnrt by Swrn M< ictlon 1-UJ... Moil wldJV Japan yen Woodwards them in your office, with T J rtcofnlnd prtld In tm 31 SMC. TogJ. Ktton worto peso rcc room etc. These SMkTiia "ofiWWi W ESWffig.jK'zS BIT MONTREAL (CP) U.S. dollar in iiemenanos gunner .1175 terms of Canadian funds at noon Mon- Spain peseta Ind Agra San arc worthy.of the most JJJ gg day was up 1-25 at 31-50. Pound Switzerland franc collector. MOOEL bar.) sterling was up 1 at 12.39 9-100. umieu aiaies uouar In New York, the Canadian dollar Unitad Kingdom pound ror our new 2-i-pagc WAFFEN-SS ?n was down 1-25 19-50. Pound U.S.S.R. ruble r.atalnrnip MUK j HI., n <_ sterling Was up 1 9-20 at S2.40. Quotations in Canadian funds. -r order. sn 7 y ____ Winnipeg grain (Supplied by Richardson Securities of Caoada) Wl. 1% Lbi. UOlDFLtfTnV ON IV AC MODEL ONLY WINNIPEG (CP) Activity con- tinued light with futures prices generally lower through mid-session Monday on the Winnipeg Commodity Exchange. One lone month of feed wheat show- ed a slight gain, but other commodities were either unchanged or lower. not open. Barley: May 1% lower 2.9Z; July lower 2.88A; Oct. not open. Oats: May' unchanged 1.94A; July un- changed Oct. not open. Rye: May Itt lower 2.781iB; July 114 lower 2.70'AB; Oct. not open. Street prices Amr. T T Anaconda Beth steel Chrysler Comsat Dupont General Motors Gulf Int Harvester Kenn Copper 476214 1800 30.00 10.75 30.8714 Woolworth 12.00 Westinghouse Eleo 11.50 QJ' 3, ue TORONTO AVERAGES 20 Industrials 17792 up 2 12 20 Golds 387.38 up 4.23 '0 Base Metals 64.65 up 1.01 UP 1J2 MILITARY Adgptell by tbt Ckmil m ww n n woriu Him eriiln Mid-session prices: Thunder Bay rapeseed: May eight lower 7.20A; July unchanged 6.9014A; Oct. ID tower 6.90A; Nov. not open. Texas Gulf wTccSdra.lon NEW YORK AVFRAf-F'S 20 Ep "M "1' S'M PLAX 1CW 7.62, aCW.7.57, 3CW 6.12; WHEAT 3CWRS 3.15Vi, 3 utili- ty 2.95V4. RYE 2CW 2.21H, 3CW Ergoty 7.03B. Flax: May two lower 8.44B; July four lower 8.26; Oct. and Nov. not open. Feed wheat: May one higher 3.70; July and Oct. not open. Corn: May five lower 3.52A; Mar. .and July Canada 6.42V4, 3 Canada BARLEY 1 feed 2 feed 2.3914. Canadian wheat board selling prices basis Thunder Bay WHEAT 3 utility 4.5H4; OATS- 1 2 feed 1.96; BARLEY 1 feed 3, 2 feed 296'i. quarterly unless otherwise noted. BBC Really hveston, 34.719 cents per trust unit, Jan. 21, record Dec. 31. GBC Capital Ltd., pfd., 69.625 cents, April 1, record March 14. Tie TelepkMe en. Ltd.. Relcaaald Chemical! (Canada) Ltd., 20 cents, Feb. IS, record Feb. 1. Simpsons Ltd., live cents, March 14, record Feb. 14. Texaco Inc., 50 cenls, U.S. funds, March 10, record Feb. 7. CODE..................................... YOUR O PLEASE SEND HEW FKEC U.PAOE CIHO" OF OVER M MODELI ;