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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 22, 1973, Lethbridge, Alberta 16-THE LETHBRIDGE September Banking, securities industry feuding Wholesale trade up By JOHN CUNNIFF NEW YORK (AP) A long- subdued battle between the States banking and securities industries is bursting into the open and soon may lead to a confronta- tion between regulatory agen- cies, and maybe Congress. On one side is a securities industry determined to fight against what it feels is en- croachment by bankers. Challenging it is a banking industry that, in its efforts to expand the service it offers customers, may be straining the meaning of regulations separating the two. The latest episode involves the automatic investment pro- grams being promoted by banks as a technique for the individual investor to ac- cumulate small amounts of blue-chip stocks, paying for them through monthly deduc- tions from his account. The banks publicize this as still another service to customers. In many instances they are picking up the small accounts that brokers once had but then dropped as un- economic. fiPPfi PHONE anywhere you'd like to reach, not run. Add a phone. Add a smile. Add colorful convenience in your choice of styles and colors from warm white to razmataz red. Your choice of exciting extensions includes those shown plus Chestphones, Cradlephones, Ericofon, Spacemaker, Starlite, desk and wall phones. Call your nearest AGT business office or come in and see the full selection. Candlestick The brokers view the move by banks as a thrust into their midst that could, if un- checked, devour them. "We suggest that 'intrusion' is an inordinately gentle word to describe these James Needham, chairman of the New York Stock Ex- change, told the House of Representatives committee on banking and currency this week. TWO KEPT APART The brokerage fraternity ar- gues that it has been the in- tention of Americans ever since the depression of the 1930s to separate the banking and securities trading func- tion. Legislation in 1933 sought to prohibit national banks from engaging in the sale and dis- tribution of securities. On Feb. 27 of this year, however, the comptroller of currency issued a statement that seems to permit automatic invest- ment programs. The New York Stock Ex- change views this ruling as the latest incident in a gradual erosion of its prerogatives and a further blurring of the dis- tinction between broker and banker. Needham suggested that "a strong argument can be made that the the maker of public clearly state what is permissible and what is not." Bond prices Supplied by Doherty McCuaig Limited Government of Canada Bonds Oct 8 Jul Sept Sept 3 Sept 15 Perp Apr Jul Prov. and Provincial guaranteed bonds: Alberta Ontario Ontario Hydro New Brunswick Newfounaland Nova Scotia Quebec Alberta Manitoba Hydro Saskatchewan Newfoundland AGT Manitoba Govt Tele INDUSTRIALS: Alta Gas Trunk Alcan B C Forest BC Tel Bell Tel Bell Tel CP Limited CP Securities Cdn Utilities CWNG Gulf Oil Inter Prov Pipe Massey Noranda Intl Nickel North-Cant Gas Steel ot Cda Trans Cda Pipe Trans-Cda Pipe Westcoast Trans CONVERTIBLES: Alta Gas Trunk Consumers Gas Dynasty Acklands Scurry Rainbow Wstcst Trans C Westcoist Trans 834% 7 9 9 "2% 8 8 8 8 Nov Feb Feb Mar Jun Jan Dec Apr Apr i Aug Mar Sept Sept Dec Jan Nov Apr Dec Dec. Nov Oct Dec Dec Sept 9 '4% 934% 10% 7 '2% 5'p% 7 7 2% 8 '4% 5 5% 7'z% Dec Jun Oct Oct Jul Nov Nov Jun Apr Feb Feb Apr June May Apr Jan 96.25 101 25 7850 7800 3800 38000 9875 10000 8700 10300 10400 9900 8000 99 Cr' 101 0 9400 10000 10300 9900 9900 10000 10200 10300 101 00 101 00 10300 9900 101 00 10400 10400 9900 10200 10200 101 00 101 00 10300 101.00 10200 10500 9300 11300 8000 10200 11700 8800 7000 9000 9675 10225 7950 8000 4000 4000 10025 10200 8900 10500 10600 101.00 8200 101 00 10300 9600 10200 10500 101 00 101 00 10200 10400 10500 10300 103.00 105.00 101 00 10300 10600 10600 101 00 10400 10500 10300 10300 10500 10300 10400 10700 9300 12300 8200 10700 12200 91 00 7300 9300 KDMONTON (CP) Wholesale trade in Alberta during the first half ot 1973 increased by 18.8 per cent over last year, the Alberta statistical review reports. The value of wholesale trade from January to June was more than billion, com- pared with million in the first half of 1972. Retail trade showed a 12.2 per cent increase, with a total SHALLOW WATERS The seas surrounding the H i 11 isli Isles are shallow usually less than 300 I cot because the islands lie mi ,i continental shelf. SAND GRAVEL >ASPHALT< TOLLESTRUP ..SAND and GRAVEL Construction Co. Ltd. PHONE lit billion in the first halt. Total cash receipts by larmers increased 29.4 per cent to million. The value of goods and ser- vices produced in the province has more than tripled since 1947. according to the provin- cial gross domestic product expressed in terms of 1961 dollars to allow for inllation. It has increased to 7 million from million on 1947 NO GLARE! Polarized Lenses POLARIZED LENSES completely eliminate annoying glare from water highways and beaches And now you can have them in your own prescription' Drive more safely See more clearly Framed in our zingy new platters, squares ovals or Order them today1 OPTICAL PRESCRIPTION CO. ST. S. LETHBRIDGE Phone 327-3609 BUYING or SELLING... call FRENCH MONDAY p.m. IFEEDERHOG and BABY ICALF SALES WEDNESDAY a.m. FAT and FEEDER FRIDAY FAT and FEEDER CATTLE SALES FRIDAY -1p.m. SPECIAL STOCK CALF AND FEEDERS SLAUGHTER HOGS ASSEMBLED AND SOLD MONDAY THRU FRIDAY. WE BUY AND SELL FAT AND FEEDER LAMBS DAILY. WE CARRY HARTFORD INSURANCE ON ALL LIVESTOCK. I Exporters of slaughter hogs Excellent facilities for feeding and loading hogs. ED FRENCH 328-2986 DAN KLASSEN 345-4358 KEN MILLER, Magralh 758-6607 LOU DEJAGER 345-4489 WHIT HENINGER 328-7354 CONSIGN ALL YOUR LIVESTOCK TO: C. E. FRENCH LIVESTOCK In the Heart of Canada's Ranching Country" Ph: Office 327-01GI 327-3986 Alberta Stockyards P.O. BOX S.S. 1-7-7, LETHBRIDGE, ALBERTA EATON'S It Starts Tuesday! Study your big Trans-Canada Sale Flier now being delivered to your home Great buys for all the family It's the Eaton Sale of the Season. If you have not received an Eaton Trans-Canada Sale Flier by Monday evening dial Lethbridge Messenger Service, 328-2377, and one will be delivered to you. Remember... The Sale starts Tuesday, September 25th! Open Monday a.m. to p.m. Use Year Eaton Account Credit Terras Available. Buy Line 328-8811 ;