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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 18, 1973, Lethbridge, Alberta Gold issues lead TSE price gain TORONTO (CP) Gold is- sues led the advance as prices on the Toronto stock market posted moderate gains in light mid-morning trading .today. The gold index rose 8.76 to 252.29, a high for the year. The inustrial index, corsidered a major indicator of market trends, was up ,39 to 223.76, base metals .43 to 103.09 and western oils .97 to 242.79. Volume by 11 a.m. was 000 shares compared with 000 at the time Tuesday. Bank, beverage, steel arad pipeline stocks were among ad- vancing sectors while general manufacturing industrial min- ing, real estate and chemical is- sues were lower. Advances were well ahead of declines, 129 to 7G. while 187 is- sues remained unchanged. Continental rose to Alberta Gas Trunk Shell to Bank of Nova Scotia Vz to and Moore to Canadian Imperial Bank was down to Walker-Goo- derham to and Falcon- bridge Nickel v4 to Among gold issues. Dome Mines rose 3s to Campbell Bed Lake to and Camflo five cents to Agnico-Eagle gained 20 cents to 3.85, Gibraltar Vs to and Little Long Lac 10 cents to United Siscoe was off 35 cents to and Denison Vi to MONTREAL (CP) All sec- tors except papers and industri- als dropped in light trading on the Montreal stock market to- day. Banks dropped 1.75 to 271.91, utilities .12 to 159.23 and the composite .03 to 230.59 while pa- pers gained .34 to 122.22 and in- dustrials .23 to 244.04. On the Montreal Stock Ex- change, Canadian Tire A gained to and Crown Zeller- bach 1 to while Texaco Can- ada dropped 2 to and Du Pont to On the Canadian Slock Ex- change, Fallinger gained five cents to on shares. sions as investors awaited some sign of government action on the inflationary front. The Dow Jones average of 30 industrials at noon was down 1.13 at 952.29. In the past four sessions, the Dow has lost some 14 points. Declines led advances on the New York Stock Ex- change by about six to five. Among Canadian issues on the NYSE, Seagrams was down to Dnma Mines rose 2 to 581-4 On the Amsx, Canadian Jave- lin lost !'i to S8V8 and to Scurry-Rainbow ad- vanced Vs to NEW YORK (AP) Stock market prices continued thsir downward drift of recent ses- Calgary livestock CALGARY (CP) Receipts to 11 a.m. Wednesday from the Calgary public stockyards show sales of 950 head, mostly slaughter steers and cows. Trade was active with a broad demand. Slaughter steers sold fully steady with sales to 43.60. Heif- ers sold fully steady with cows generally steady and a few bulls on offer selling higher. Steers Al and 2 42.75 to 43.40, A3 41.25 to 42.50. Heifers Al and 2 40.75 to 41.70. A3 39.50 to 40.50. Cows Dl and 2 S3 to 34.40, D3 31.25 to 32.75. D4 27 to 31. Good bulls 36 to 33. Replacement cattle were in short supply being mostly steers weighing more than 750 pounds and feeder cows. Prices were steady. There were in- sufficient stock calves on offer to establish a market. Good feeder sleers m o re than 750 pounds 40 to 45. Good feeder heifers more than 550 sold for 38 to 42.75. Good feeder cows 27 to 35. Grain prices Winnipeg grain WINNIPEG (CP) Rape- seed prices dropped four to six cents in a dull volume of trade at mid session on the Winni- peg Commodity Exchange to- day. The lower price pattern fol- lowed a similar trend in Chi- cago soybeans. Flax prices, however, made good gains, advancing the daily maximum of 10 cents in the deferred November future, while other commodities were fractionally lower. Volume of trade Tuesday was bushels of flax, of rapeseed and 000 of rye. MID-SESSION PRICES: Flax: May 7% higher July IVz higher Oct. 9 higher Nov. 10 higher 4.82B. Rapeseed Vancouver: June 6 lower Sep. 5 lower 3.85A; Nov. lower 3.81A; Jan. lower Rapeseed Thunder Bay: May 5 lower 3.68B: July lower Oct. 4 lower Nov. not open. Oats: May lower July y4 lower 1.14y4B; Oct. lower Dec. not open. Barley: May Vt lower 1.54UB; July y4 lower Oct. lower Dec. not open. Rye: May lower 1.53B; July iy2 lower l.SotyB; Oct. 1% lower Dec. not open. WINNIPEG (CP) Tuesday (basis Lake- High Low Close Flax May Jly ___ Oct Xov Rrjiesced Vancouver Jun 394 386 Sep 3355s Nov 390'2 Jsn 480 477% 472 391U 390 386'i 38213 Rapeseed Thunder Bay -Jlay Jly 375 Oct 364 Nov----- Oats MSy Jly 114 Oct Dec Barley May 1543i ISS'i 152-i Jly Oct D3C Rje Jlay Jly Oct Dec 156' i 158'2 370 35912 114 108'i 153 152'i 1537s 155 156 373 372't 3633t 353'2 115'i 114ti 103--4 108 154'i 153 152'i 150 Vi 156Ts 154U York stocks (Supplied By RicnarGson Securities of Canada) Future outlook It is estimated that between 1970 and 1985 it will ccst non-communist countries about a trillion dollars in exploration costs tD keep pace with demands for oil and gas. In the 15-year period world demand for ga? and oil will double compared with the 1955-70 period. Photo shows the SEDCO drilling vessel operating on the West Coast of Canada. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty. McCiraig limited) LAST BID OK SALE a.m Quotes' Crowsnest Ind 27.25 Cygnus A 7 75 Cygnus B 7.75 Felccn Cooper M 00 F and M Trust 7.00 Gensfar 17 oo 15 62V4 Home A 41 00 6.05 Home B 33 50 4.25 Hud Bay Co 22.00 375 Hud Bay Oil 47 50 7.20 Hud A Pfd SJ 55 8 Hugh Russell fi 09 .22 Husky Oil 21.37'; 5325 Husky B Pfd 4J.OO JOO Husky D War 7.25 11 37'i Husky E Wa' 8.90 37.50 Infer Prov Ploe 10 50 y 80 lnfer Prov Steel 35'i Kaiser Res 310 Lofclaw C Pfd 950 6.20 11 75 "75 3300 P70 235 a.m. Quotes) WESTERN OILS AND MINES Alta East Gas Alminex Asamera Ashland BP Canada Brenda Mines Can South Cdn Ex Gas Cdn Homestd Cdn Ind Gas Oil Cdn Long Is Cdn Super Charter Chieftan Dome Pete Dynssty Fort Reliance Giant Mascot Granisie Gt Plains Gt Cdn Oil S Lochiel Lytton Min NoLie Mires North Cdn Oils Numac PancdT Pete Pan Ocean Petrel Pinnacle Place Gas Ponder Ranger Scurry Rain Seibens Siaaner Total Pete Ulster West Pete W. Decsita MISCELLANEOUS INDUSTRIES Acres Ltd Aouitaine BC Suoar Pfd Block 'Bros Briico Cdn Brew A Cdn Brew B Cdn Pacific Ir.v Cresfbrcok Ind a.m. Quotes) Amr Gr F 5 74 6 30 AGF Special 2.81 Cdn invest F 523 579 Ccl Mutual 6.10 6.70 1534 1688 4.03 4.43 7.94 873 7.03 Pacific Pete PW AT Ps Bsn Oilfield Pem Inc Royal irosr St 'Mai rice Cap Ssrdwell TOO 30 en 3.92 4.32 817 893 5.72 6.29 5 39 5 92 J 84 5.34 7 03 7.32 924 1021 1.36 715 16 75 West Cdn Seed 1 X Westfieid M n .30 Wes'on A P'd Whi'e Yukon 25 cn 1.05 475 557'; 1 ''7 64'0 .37 17'5 13 C0 51 PIPE LIME STOCKS Alts C-2S A Gss Pfd AII3 Net Gas 21 CO Inland Nat Gas n N ard C Ges 10.75 N er-j C B Pfd 23 "i Trans 12 25 G3Z Metro FI G3Z A 67 50 Tr Cda Poe rs 75 1637-7 Tr Cda A Pfd 25 50 Tr Ctia B Pfa 15.no Tr c-Ja War 3 in v.'C Trans 5.62'i WC TrsT; V.'ts 1 no 8CT 545 Cmnw Inter Cmnw Lev Vent Corp Invest Corp In, St F S 35 5.88 Dreyfus F U.S. 11 94 1308 Gr In Shares 4.13 4.54 C-r Equity 8 60 o 45 invest Gr F 12 85 14.06 Invest Mutual 604 661 Mutual Ac 6.31 694 Virtual Gr F Nst Res N W CdT N V.' Gr Princioel Gr Psyjund Te-rp Gr Uni'ed Ac 5 45 Universe Sav 8 24 Vanguard 6.98 CALGARY Acrcll .56 Barons Oil .02 Ncrih Continental .01 West Warner .35 VANCOUVER MINES Aftcn 815 A'las Explor .55 .83 CroydE-. 07 DanKce 1.15 Davenport .53 Doliv Varden .C3 Eauitorial Res .20 Prirrer .17 Pvramid .15 Silver Standard 63 Copper 9.60 Hog prices EDMONTON (CP) Aver- age prices to 11 a.m. provided by ths Alberta Hog Producers Marketing Board: Edmonton: 42.25, average Tuesday 42.00. Calgary: 42.25, a v e r a ge Tuesday 41.96. Lelhbrigde: Nil, average Tuesday 41.78. Total hogs sold to 11 a.m. 142, total sold Tuesday average 41.94. Sows average 35.05. Beef futures WINNIPEG (CIO Live beef futures close Tuesday. May 43.00A; Jly 42.35A; 7.64 Sep 41.50A; Nov 40.50N. Monday's tracts. volume: No con- Wednetdoy, Aptil 18, 1973 THE IETHBRIDCE HERAID 3 Search under way for oil in Peru wilderness area LIMA, Peru (AP) Armed; California; Amoco International, high accident rate. av- wilh machetes, dynamite and delicate electronic instruments, an army strong has set out to conquer one of the world's last remaining wilder- ness areas in a search for oil. .The men are members of seismic crews combing Peru's vast Amazon Basin for more of the black gold already found by Pctroperu, the state oil com- pany, and Occidental Petroleum Corp. of the United States. Depending on their findings, six companies are expected to begin jungle drilling operations within the next 12 months. Pet- roperu arxi Occidental already have two drilling rig" each at uork on jungh sites. Another dozen companies, in- cluding U.S., Japanese, West German, Polish, Spanish and Italian interests, are negotiating with Petroperu for expioration- develcpment contracts in the vast jungle which covers tht eastern half of Peru. Confident that the search will be successful, Petroperu offi- cials already are laying plans for construction of a mil- lion trans-Andean pipeline to transport oil from the Amazon area to the Pacific coast. Plans announcsd by Gen. Jorge Fernandez Maldonado, the military government's min- ister of mines and energy, call for construction of the 563-mile pipeline to begin in May, 1974. OIL LOW IN SULPHUR The oil boom got under way late in 1971 when Parker Drill- ing Co. of the United States, working for Petroperu. struck oil at Trompeteros, deep in the Amazon jungle. Petroperu re- ports success in more than half of 15 wells already drilled. The crude is reported low in sul- phur. Service contracts for jungle exploration and development were quickly signed with Occi- has found oil in its first two Richfield, Phillips Petroleum Corp. and British Petroleum Co., all of which are working on tracts of 2.4 million acres. Contracts for work on similar- sized tracts also were signed with four consortiums made up of Tennaco and Union Oil of and Shell; Getty Oil, Pan Ocean Oil and Transworld ?etroleum; and Sun Oil. Continental Oil and Champlin Inc. Negotiations are under way with other international com- panies for contract blocks in the Amazon Basin, a central jungle area further south, and the Madre de Dios area in south- eastern Peru. The firms include Cities Sen-- ice, Signal, Cayman, Amerada Hess and Oceanic-El Paso, all of the United States; the Andes Petroleum Exploration Corp., a Japanese consortium; Deminex of West Germany: Lopex of Po- land; Hispanoil of Spain and AGIP of Italy. The contracts provide for state ownership of all oil found. Contracted companies would be paid for their services in crude petroleum, which would be split crages more than 100 inches a year and the humidity and heat "are in the words of a Peruvian geologist Increased drilling activity is expected to place a heavy strain on air and river trans- port in the Amazon Basin as well as on manpower in DIG area. Consumer credit on increase OTTAWA (CP firms that report Selected monthly on at the wellhead by Petroperu j consumer credit had sil.67 bil- and the company. The first contracts, starting with Occidental, called for a 50- 50 split. However, successive contracts have come down to 46-54, with the state company getting the Isreer shaic. Cur- rent negotiations are reported to revolve around a 45-55 split. The contracted companies, committed to work requiring an investment of between S8 mil- lion and million over the first four years, would pay minor taxes and social security. Petroperu geologists believe that oil-bearing structures un- derlie most of the huge jungle area, bordered on the west by the Andes Mountains, the north by Ecuador and Colombia, and on the east and south by Brazil and Bolivia. Says one top ranking question do you get it TOUGH CHALLENGE Spokesmen for foreign explor- ation companies describe the jungle as one of the most diffi- cult areas they've encountered. Transportation in and out of the jungle is by plane, helicop- ter, barge, canoe and on foot, along paths hacked by machete. Their work is hard and the conditions are complicated by insect and snake bites, malaria, dysentery and infection and a of the company's geologists: "The j lion owed to them at the end of February, an increase of 18.8 per cent from a year earlier, Statistics Canada reported Mon- day. That is equivalent to about for every man, woman and child in the country. Leading the increases in cos- sumer credit were personal cash loans by chartered 24.8 per cent to billion. Sales finance and consumer loan companies had billion outstanding in retail instalment sales paper, up 19 7 per cent, plus billion in personal cash loans, up 19.8 per cent. Policy loans by life insurance companies totalled million, up 2.4 per cent. Personal cash loans made un- c-er the Small Loans Act fell 12.1 per cent to million. Other monthly reporters, such as stores and Quebec savings banks reported outstanding bal- ances of million, up 7.1 per cent. Quarterly reporters, such as credit unions, credit card firms and utilities, reported balances of billion for the fourth quarter, up 14.1 per cent. Total outstanding credit from both quarterly and monthly re- porters at the end of 1972 was billion, up 17.2 per cent from a year earlier. MUTUAL FUNDS 3275 All Cd-i Com i All Cdn Divid 8 09 Ail Can Vjit 71.00 4i ;5 F-5 22.00 450 INDUSTRIALS Cast Inter 1 70 Colurrb'a Brew 3 20 Hys Cdn 5 25 Key Indiref- .25 OILS Albany Oiis 1 07 7.M 8.39 Pia.ps Pete .24 9.05 Stampede 'nt Res .65 4 04 4 42 Western Expor .07 Toronto industrials (Supplied By Richardson Securities of Canada) Amr T and T Anaconda Bclh Steel Chrysler Comsa! Duosnt GM Gulf 7: 37' i !5 37'7 Cower 2925 Manloomery Ward 72 42' 57 S3'; X-Son Teras C-i.ii Texas Cu Crrp 71 37' M75 a m. Quo'es) MINES Acme Advocate Asb. Akailcho Bralorr.e Bethlehem Brunsw.ck Can. N'.W. Land Canada Tung. Csssiar Central Pat. Chimo Ocnwest Cons. Rambler Coin Lake Cechenovr Creigrnont Dickenson Mines Denison Wines Hrrn D'Eldcna Dcmc Mines Aldoia Discove-y WTnes East East Silliven Falconbridqe Frobex First MaritimcS Giant Y.K. Eovis Grar.duc Hollino-r Hudscn Hydra Ex. Iron Bay ISO LAST B1I> OR SALE c m. a.m. 31 52 Gcri Motors Grt Lak5S Pp Oil Cda Grc. hound 70 Golds 233.09 TO S5 tr i 10 Sssc Mtt 193.25 up 23 12'i 15 W 5U.31 up 3'.75 VcJurrw I 15 75 -JEW YORK AVERAGES 2703 30 Indus? Off .47 Else 31 37-1 70 Rails 39S.H cM .37 TORONTO "AVERAGES stocv.s 300 as off .22 M Indusl J237J TO .41 Volu-ne 5.730.0M ATTENTION FURNITUfK SALES PERSONNEL Arc you inleruOcd in a sound fjlure wilfi llie added incen- liveoT being port of 'no leom? ?fic mon -we crs 3ooWng mysl be of ccjlilsrj, oWc 1o s-cll tjuolily using nigh pressure latlici. P "e Pent Flsccr DDV. P.C. Hur walker Irro C'l Al-jom "O'-iBn CO'O Sierr.it Gordon Rock Co'a. Tcxrr.cit Ucpcr V -ss Wnoht Hararcaves 1.25 W.i i rcy 1.11 .10 YsllcwHni'c Bear 3 .07 INDUSTRIALS 11 '7 a s'C :n 'nd Sugar Ac-a 'id Tel EraiM TraC P C Tel Ncrth Pp-.cr Cc-p j Pr.ce Cc Rs't-ma-s St. Corp S--OI1 CDA 8 C. Forest B C. Bov Vai Ind CAE Trader? Grp A Mln n; Cda Pp U-cn C-ss cn Oil Siscsc Mfg Union Wes'on's A West Wn Seed C w c-as P'd Krrr ftrfrfism Ana con Lafc? S Lsncis Silver Msflvn Anaiyze your present position and if you ore in- terested, send your resume 'o Box lethbridge Herald. Your reply will bo Ireoled cOnfidenlioHy. All will if? ottotr CORRECTION NOTICE! Re our advertisement on pegs 15 of Tuesday's iclhbridgc Hcro'd 36 ox. Solid Chocolate Standing Bunny 21i Ib. of fine milt chocc'dc. Matft, a id fine Easter gift. Eruh ond not 99c as previously advertised DEALLY SITUATED T WEEN THE ABSURD THE RIDICULOUS. By not going to extremes, Volvo accomplishes more than cars that do. Up front aVblvo has" as much legroom as a Cadillac DeViile.In back, as m uch as a Buick Electra. Which gives Volvo the space and comfort of big cars li the one on the right. Instead of squeezing you into the ridiculously small space of little cars like the one on the left. Yet a Volvo s turning radius is actually smaller than a VW Beetle. Which means Volvo can maneuver in and out of parking spaces and traffic like little cars. To call maneuverability a big-car specialty would be absurd. And while a Volvo may not leave big cars behind in the dust, its 2 liter engine lets you move right out in the fast lane. Something that can't lie said as quickly about little cars. So instead of compromising by going to extremes, go halfway and get everything. Get a Volvo. To get anything else would either absurd or ridiculous. VOIX70 SHORT STOP AUTO LTD. 538 6th STREET SOUTH, IETHBRIDGE 328-6586 ;