a) 1 intes rn FOMAKKS Liuxi Saturday, Jiiae 11, 1983 15-C ShreveportBossier Group elects officers Government reduces wheat crop estimate Credit card fraud subject of assault i il' John E. Settle a Shreveport attorney, has been elected secretary of Downtown Shreveport Unlimited, and will also serve on the executive com Local business news briefs Subsidiary made Shreveport Magazine Publishing Inc. has been formed as a wholly owned subsidiary of the Shreveport Chamber of Commerce. The subsidiary's sole purpose will be the publishing of Shreveport magazine, whose operational procedures will be unchanged. George Mirabal, the chamber manager, is publisher and Mary Baldwin is editor of the monthly chamber publication.
mittee. Settle DSU also announced the election of six members of the board of directors. They are Tommy Durham, C. Cody White George Nelson Pat Yates, Patrick L. McConathy and Henry Voorhies III.
Stocks post slight gains in quiet trade session banks invite themselves on radio and TV talk shows. The organization also commissioned a brief videotaped dramatization of a woman seemingly about to be suckered into telling a stranger on the telephone "calling from the bank," her credit card number. The tape leaves the audience hanging and launches into a discussion of the problem, and then returns to the woman, who indignantly tells the stranger on the other end of the line that she certainly would not give out her credit card number. Card fraud can occur through the use of stolen credit cards, stolen card blanks, and "stolen information" such as the credit card number. Alexander said that less problematical are bank cards used in automatic teller machines.
Those cards have special codes on magnetic tape imbedded in the cards and must be used in conjunction with a secret code known only to the owner. Alexander said the ABA is working with Visa, Mastercard and American Express Co. to seek stronger legislation against the crime. A study commissioned by the ABA showed bank card fraud losses rose from $1.7 million in 1979 to $29 million in 1982. At that rate of increase, he said, it could hit $200 million this year and $2 billion by 1985.
Credit card fraud is particularly concentrated in New York, California and Florida three of the most affluent parts of the country Alexander said. By CHRISTOPHER LINDSAY AP Business Writer NEW YORK The American Bankers Association, saying that the nation's banks will lose $200 million to credit card fraud this year, launched a nationwide counterassault Friday against "America's fastest growing crime." "It may look like plastic, but it's really money," is the theme of the campaign, introduced at simultaneous news conferences here and in Chicago, Atlanta, Dallas and San Francisco. John Alexander, a vice president of Bank One in Columbus, Ohio, and chairman of the ABA's credit card fraud task force, said the campaign is "intended to enlist all the Americans who possess and use credit cards and that's most of us these days to help in policing this growing national crime." Alexander said part of the campaign will be to heighten consumers' awareness that they should be careful with their credit cards because, in a way, "there are just like the keys to your house." The trade organization prepared a kit for its members not dissimilar to the one it used to whip up grass-roots opposition to the pending proposal to require banks to withhold 10 percent of the interest on its depositors' savings. The ABA's promotional material includes sample newspaper ads in which the local bank can merely plug in its name; suggested letters-to-the-editor; in-bank displays; and a suggestion that WASHINGTON (AP) Agriculture Department analysts Friday retreated slightly from their already reduced estimates for the 1983 winter wheat crop, projecting a harvest of 1.88 billion bushels. If the harvest reaches that figure it would be the fourth best on record even though it is fractionally below last month's estimate of 1.89 billion bushels and 11 percent under 1982's record 2.11 billion bushels.
Based on June 1 field surveys, the department said the crop remained in fair to good condition across most of the nation. But harvest estimates for a dozen states, including the top three producers, were reduced from the May report, more than offsetting increased estimates for seven others. Over the last decade, the June estimate has been below the actual winter wheat harvest six times and above it four. Worldwide, the department analysts put 1983-1984 grain production at 1.64 billion metric tons, which is about 60.2 billion bushels, down 2 percent from the past year's record 1.68 billion metric tons or 61.7 billion bushels. They left unchanged the projection of 200 million metric tons, 7.34 billion bushels, for the total Soviet Union grain harvest, although they cut the winter grain estimate by 5 million tons and increased the summer grain estimate the same amount.
A metric ton is 2,205 pounds and equals about 36.7 bushels of wheat. The cutback in the U.S. winter wheat crop is a response to the administration's acreage-reduction program aimed at curbing huge supplies of grain, which have weighed heavily on market prices and farm income for the past several years. Department economists say the smaller harvest year will have only minimal effects on consumer food prices. But they indicate that if livestock feed costs rise there could be some impact in 1984.
Last year's record winter wheat crop pushed total wheat production in 1982 to 2.8 billion bushels, the third straight record harvest. But this year's curtailed winter wheat crop will still be bigger than any prior to 1980. The Kansas crop, traditionally the largest, was estimated at 4 1 3.4 million bushels. That's 10.6 million less than the May estimate, meaning the crop will be down 10.5 percent from 1982's 462 million bushels. The June estimate for Oklahoma, the No.
2 winter wheat producer, was reduced 4.4 million bushels from May to 1 62.8 million, while No. 3 Texas saw its harvest forecast cut 3 million bushels to 138 million. The analysts also adjusted their yield estimates, -setting the revised figure at 40.1 bushels an acre. While still a record, that's down from the 40.2 estimated in May. Winter wheat is planted in the fall and harvested the following summer.
It accounts for about three-fourths of total U.S. wheat production. price index of finished goods rose 0.3 percent last month. Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 92.35 million shares. Standard Poor's index of 400 industrials rose .95 to 182.72, and 500-stock composite index was up .85 at 162.68.
The National Association of Securities Dealers Automated Quotations system composite index for the over-the-counter market added 2.50 to 315.24. At the American Stock Exchange, the market value index closed at 465.18, up 4.15. NEW YORK (AP) Better-than-expected news on inflation and retail sales helped the stock market post its second straight gain in a relatively quiet session Friday. Retailing, technology and airline issues ranked among the market leaders. The Dow Jones average of 30 industrials, up 3.50 Thursday, climbed another 7.11 to 1,196.11, cutting its loss for the week to 16.93 points.
Volume on the New York Stock Exchange totaled 78.47 million shares, down from 87.44 million Thursday. Before the market opened, the government reported that the wholesale Nation's money supply expands slightly Survey says one-third of employees steal Plant closings set BUSINESS BRIEFCASE of the grounds on which it would base its civil suit or the exact timing of the filing. Shareholders sue troubled French subsidiary likely will default under its loan agreements. In a filing with the Securities and Exchange Commission, the heavy equipment manufacturer said such a move by IH France could cause cross defaults in the parent's loan agreements as well as those of its German and British subsidiaries. A company spokesman said the subsidiary's operating losses have mounted because of depressed markets, overcapacity in France's agricultural equipment industry, the weakening French franc and aggressive discounting by Italian competitors.
Conservation cited NEW YORK Consumers reacted to the oil price shocks of the 1970s by resorting to conservation measures that account for at least 60 percent of the precipitous drop in free world oil demand, Texaco Inc. says in a study. The explosion in oil prices the past decade slashed oil consumption in the non-Communist world by 7 million barrels a day between 1972 and 1982, according to the paper on "The Impact of Conservation on Future Oil Demand." Tor Meloe, Texaco's chief economist, estimated that conservation was responsible for at least 4.5 million barrels a day of the decline in demand and recession for about 2.5 million barrels daily or less. Compiled by Gannett News Service NEW YORK The nation's basic money supply expanded by a modest $100 million in late May, the Federal Reserve Board said Friday, an increase well below Wall Street's expectations and that triggered declines in market interest rates in late trading. The measure, called Ml, surged by $15 billion in the month before the latest $100 million increase well above the Fed's growth targets.
That has raised fears that the central bank, in an effort to slow money growth and avoid a resurgence of inflation, would restrict credit and lift interest rates higher. Merger opposed WASHINGTON The Justice Department announced that it would file a civil antitrust suit to block the proposed merger of The Movie Channel and Showtime, the second and third-ranked pay cable television services in the United States. The department said that it had relayed word of its intentions to attorneys for American Express Paramount Pictures Universal City Studios Viacom International Warner Bros. Inc. and Warner Communications Inc.
These companies have proposed a joint venture that would own and operate Showtime and The Movie Channel. The Justice Department gave no immediate explanation WASHINGTON (AP) One third of the employees in a survey of 47 corporations reported stealing company property and nearly two-thirds reported taking long lunch breaks, misusing sick leave or using alcohol or drugs while at work. James K. Stewart, director of the Justice Department's National Institute of Justice, which funded the three-year study, said it shows that "employee pilferage" is costing American business from $5 billion to $10 billion a year. "This loss is hurting us all because it is passed along to all of us as consumers in the form of higher prices," he said.
The researchers, from the University of Minnesota's Department of Sociology, found that behavior such as extra-long lunch hours and workbreaks was much more prevalent than actual theft but that to a large extent those engaged in this behavior also were doing most of the stealing. The study said that both problems were "more likely among those employees expressing dissatisfaction with their immediate supervisors and the company's attitude toward the work force." The researchers said, "We found that those employees who felt that their employers were genuinely concerned with the workers' best interests reported the least theft." The study found that the highest levels of property theft were reported by unmarried male employees between age 16 and their mid-20s. The survey was conducted under a $249,987 grant in Dallas-Fort Worth, Minneapolis-St. Paul, and Cleveland. The 47 corporations included 16 retail department store chains, 21 general hospitals, and 10 electronics manufacturing firms which were asked to respond to a mailed, self-administered questionnaire.
A total of 9,175 randomly selected employees anonymously filled out the questionnaires. In addition, the researchers conducted in-depth interviews with 256 employees in six firms and with 247 executives. The report said theft and other misconduct could be minimized through a consistent corporate policy that made clear that they would be punished and that high-level company officials and low-level employees would be punished evenhandedly. PHOENIX, Ariz. Plans to close all Armour Food Co.
plants operating under contracts with the United Food and Commercial Workers union were announced by Armour's parent firm, Greyhound Corp. Armour said it employs about 2,000 members of the United Food workers and nearly 2,000 other non-hourly workers. John W. tee*ts, board chairman and chief executive officer of Greyhound, said that Armour no longer can compete successfully against non-union and low-wage packers who pay less than half the wages stipulated in the union contract. Firm's revival eyed DETROIT John Z.
De Lorean has taken an unspecified role in trying to reorganize his failed De Lorean Motor company attorney Lawrence K. Snider said. De Lorean Motors filed for court protections from its creditors last year after De Lorean had been arrested on drug trafficking charges. Snider said he was not sure what role De Lorean had assumed in the reorganization. Malcolm Schade, an attorney representing De Lorean Motors' unsecured creditors, had asserted earlier that De Lorean was among a group of unidentified investors who had announced in April an interest in reviving the company.
SEATTLE A group of Seafirst Corp. shareholders has filed a class-action suit against 16 past and present Seattle-First National Bank officials over heavy losses in the past 15 months. Meanwhile, a bank official revealed that holding company officials might review the activities of former top executives, including ex-chairman William M. Jenkins and ex-president Richard G. Jaehning, who directed the lending strategy that resulted in the losses.
Richard Greenfield of Philadelphia, lawyer who filed the suit, said the class action might be used in a bid to block a shareholders vote set for June 28 on a proposed merger of Sea-first, with BankAmerica Corp. Default considered CHICAGO International Harvester Co. says that without aid from the French government, its long- Salei Net Sola Nat I IhdBl Cloaa) Chg. SaVee Majt I IhdBl Cloaa Cho Sales Net Elhd.l Cloaa Cha I (hdal CI Sales Net fhda) Cloaa Cha. .30 66 74 AMERICAN STOCKS kaWt Mt PI (hdal Ooa Chg.
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