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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 24, 1974, Lethbridge, Alberta Wednesday, April 24, 1074 LETHBRIDGE HERALD The Business Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Dougherty Limited WESTERN 4.20 AND 6.75 Alton Cdn Seed 3.75 Albany Min 1.25 Alta East Geo A Pfd 52.00 Yukon STOCKS Ashland Gas Trk A 11.75 BP Gas Trk Pfd 63.00 Brenda Nat Gas 18.50 Cda Metro 5.50 Cdn Ex Nat Gas Cdn and C Gas 11.12V4 Cdn Ind Gas and C Gas B Pfd Cdn Long Gas Trans 10.00 Cdn Pipe 31.00 Chieftan A Pfd Dome B Pfd 34.00 Pipe War 4.30 Fort Trans 21.75 Giant Trans War 2.90 Gibraltar .43 Gt Oils .09 Gt Cdn Oil Continental .02 Lochiel Warner .27 Lytton Noble North Cdn Explorations .35 Numac Oil Norsemines 1.35 Pancdn 2.80 Pan .70 Varden .36 Res. .15 Place 8.25 Mines 2.95 Ranger .05 .10 Standard 2.33 Total Copper 7.05 Ulster United Brewing 2.75 West Industries .10 West 1.80 Petroleum .38 Acres Pete. .18 Explorations .90 BC Sugar C Int'l Res. .72 Block FUNDS Cdn Pac Inv A Cdn. Compound 5.97 6.49 Carling O'Keefe A Cdn. Dividend 6.16 6.80 Carling O'Keefe B Cdn. Ventures 3.21 3.49 Comm Cap Growth Fund 4.41 4.85 Crestbrook Special 2.28 Crowsnest Invest Fund 4.66 5.11 Falcon Mutual 4.82 5.29 F and M Trust Inter 13.29 Leverage 3.11 Home Venture 5.71 Home Investors 5.89 6.47 Hud Bay Invest Slock Fd 4.51 4.96 Hud Bay Fund U.S. 10.18 11.16 Hud Bay A Income Shares 2.87 3.15 Hugh Russell C Equity 6.67 7.33 Husky Growth Fund 11.57 12.65 Husky Oil B Mutual 5.55 6.08 Husky Oil D Accum 5.77 6.34 Husky Oil E Growth Fund 2.95 3.25 Interprov Pipe Resources 4.50 4.95 Interprov Steel Cdn. 5.17 5.68 Kaiser Growth 4.41 4.85 Kaiser Res Growth 4.05 4.45 Loblaw Co C Mutual 7.15 7.82 6.41 6.67 Pac West Growth 7.60 8.33 Pe-Ben Oilfield Accum 4.25 4.67 Rainier Savings 7.66 8.43 Royal 6.48 6.75 5.67 6.21 Toronto industrials (Supplied by Richardson Securities of Canada) Tel Advocate Forest Sugar Valley Ind Ind O'Keefe Can. NW Cellulose Canada Power Credit Central Gas Pfd Ind Marconi Cons. Vickers Coin Dickenson Bathurst Denison Gas Seagrams Dome Bridge Discovery East Textile East Stores Pete First Mobile Giant Cdn Oil Motors Lakes Paper Hudson Bay Oil Hydra Iron Sid Walker Joliel Erie Kerr Oil Key Nickel Lake Pipe Langis Grp A Madsen Int'l Malartic Accept Martin Douglas A Intern A Nu West New Ferg New Bloed 12 Corp A B Pine Placer Cent Pax Corp Quebec Co Rio CDA Roman Sherritt Sears Steep Can A Tek Corp. Grp A United Min Pipa Western Can Pipe WH Copper Carbide Wright Gas Oil Siscoe Yellowknife Mtg A Cdn Seed Elec Algoma Atco Ind 7.37 Imperial Montreal Agra Scotia Bell Brascan Dom 57.0U 13.00 18.62 'A 20.50 25.37 V, 13.50 3.05 5.75 6.00 22.50 2.30 9.25 18.62V; 3.25 18.00 16.50 14.62V, 36.25 24.25 15.25 39.00 39.75 24.37V? 10.75 13.75 31.50 29.50 5.50 8.62 Vz 46.00 23.87 '4 32.00 16.25 5.87 Vj 44.75 20.50 36.50 29.25 18.00 7.50 15.00 15.75 3.00 5.25 9.25 3.85 6.00 13.00 17.25 29.00 46.50 21.50 21.00 11.00 10.25 5.75 13.00 17.25 7.75 11.25 29.75 13.00 45.00 12.50 13.75 30.75 18.00 8.87V, 12.62VJ 7.12V; 6.75 23.00 21.75 3.75 3.00 18.37'; 34.75 35.12'-, 37.87', New York Supplied by Richardson Securities of Canada Amr. T4T 47.62V; Woolworth Anaconda 26.00 Westinghouse Elec. 19. Beth. Steel 32.87 U-S. Steel 42.75 Chrysler 17.25 Gen. Tel. Elec. 23.25 Comsat 31.00 TORONTO AVERAGES Dupont 173.50 20 Industrials 201.35 down 1.72 General Motors 48.37V? 20 Golds 501.33 down 15.50 Gulf 2225 '0 Base Metals 91.54 down 1.06 Int. Harvester 15 Western Oils 226.64 down 3.14 Kenn. Copper 3925 Volume Montgomery Ward 24 12Vi NEW YORK AVERAGES Sears 8100 20 Industrials 841.83 down 4.14 Exxon 78.37V, 20 Rails 178.23 down 1.77 Texas Gull 26.87V; 15 Utilities 80.49 down 1.34 Texas Co. 65 Stocks 260.06 down 2.04 MX Corporalion Volume Market prices decline sharply at mid-session New subway extension The Toronto Transit Commission will unveil its two latest subway stations when a new 2.7-mile extension of the Yonge Street route is opened. Work is being completed on the Finch Avenue terminal (lower left) where a "kiss 'n' ride" en- trance (top left) is located. The Sheppard Avenue station (top right) is equip- ped with 11 escalators. At lower right, workmen put finishing touches to the tunnel connecting the stations. Gov't retainer price fee for energy advice rapped Herald Legislature Bureau EDMONTON Alberta New Democratic Leader Grant Notley is dismayed that the province has promised a retainer to a New York firm for advice on energy problems and pricing. Bill Dickie, minister of mines and minerals, revealed in a legislature committee meeting that Walter J. Levy and Company of New York will receive annually for advice in the next two years. Mr. Dickie said the government was "very Alberta's views on energy issues to be presented Herald Legislature Bureau EDMONTON Alberta Attorney-General Merv Leitch will present the province's concerns about proposed federal petroleum legislation to the House of Commons natural resources committee. Premier Peter Lougheed told the legislature the province anticipates an invitation to appear before the committee studying an agreement with the provinces on oil pricing and an export tax on crude oil. Mr. Leitch would appear before the committee as member of the Alberta Gov't grain car report is tabled OTTAWA (CP) Fewer freight cars were available Feb. 1 this year to move Western grain to market than on the same date in 1973 and 1972, the Commons learned yesterday. A total of box cars, used to move grain, were available Feb. 1 this year compared with in 1973 and in 1972. The information was contained in a written reply tabled in the House. The number of available hopper cars, used to transport a variety of commodities, including grain, was on Feb. 1 this year, in 1973 and in 1972. The federal government has been criticized heavily in recent weeks for lagging grain shipments, caused by a shortage of freight cars. A federal co-ordinator has been appointed to help make the best use of available cars. U.S. dollar falls sharply FRANKFURT, Germany (AP) The United States dol- lar fell to its lowest 1974 price on the Frankfurt money market today amid speculation the West German mark may be revalued soon. The dollar was fixed at 2.4905 marks on the official foreign exchange, down from 2.4935 the day before, and down also from 2.4950 at today's opening and 2.4910 at Tuesday's close. The central bank bought million at the fixing to support the U.S. currency. cabinet's energy committee to express the government's points of view on constitutional matters surrounding energy matters. Mr. Lougheed told the house he will remain in direct contact with Prime Minister Trudeau to voice other constitutional concerns. Meanwhile, the government introduced two pieces of oil sands legislation. One will set up the million Oil Sands Research Authority announced earlier. The second establishes a regional commission for northeast Alberta to oversee the massive expansion now beginning to take place because of oil sands exploitations. And Gordon Miniely, provincial treasurer, told MLA's he will probably bring down the plan for investing huge surplus oil revenues within two weeks. But he said no "final decision" has been made on how best to use the funds to diversify the province's resource-based economy. High beef prices fault of retailers KAMLOOPS, B.C. (CP) Chris Mills, secretary of the Canadian Cattlemen's Association, said today western Canada consumers are paying more for beef than Eastern Canadians and retailers are to blame for the situation. Mr. Mills said the retail mark-up on beef prices in eastern Canada is about 17 per cent, while in western Canada, the mark-up ranges up to 30 per cent. The high western prices appear to be caused by a lack of competition among retail stores, in contrast to the fierce competition in the east, he said. Mr. Mills said large chain stores set the price, with the other outlets following suit. Earnings up CALGARY (CP) Hudson's Bay Oil and Gas Co. Ltd. Tuesday reported consolidated net earnings for the first quarter of 1974 of million or 60 cents a share compared with million OF 38 cents a share in the same period of 1973. D. C. Jones, company president, said the gain in revenues resulted primarily from price increases implemented since April 1, 1973. pleased" with the firm's advice in setting royalties for the synthetic crude to be produced by syncrude in the Athabasca oil sands. BAD DECISION "It is a bad decision for Alberta and a bad decision for Mr. Notley said outside the committee. "If you assume the interests of the province and multi- national oil companies coincide, then the Levy firm is the firm to take." Mr. Notley said it was important to keep in mind that the firm favored a synchronized continental energy policy. He questioned whether a man who was so close to American policy on energy that the U.S. awarded him a citation for outstanding service in 1968 could put Alberta's interests first. Mr. Dickie told the committee no Canadian firm existed which could do the job, even though the province had searched for one. He said he hoped a research board to be set up by the province could take over the firm's duties sometime in the future. But Mr. Notley claimed that tremendous expertise was available within Alberta to monitor oil prices and make recommendations. He said the Levy firm was competent in terms of "putting the arguments" but his methods were no more sophisticated than those available at Alberta universities. He said the firm's bias would "inevitably" lead it to favor multi-nationals. The committee also heard that the government has instituted a evaluation program for deep coal deposits not accessible by strip mining methods. "The first evaluation of these deeper coal resources is vital to any long-range resource Dr. Barry Mellon, deputy minister, told the committee. He said there were good expectations that the untapped reserves would add considerable amounts of coal to present supplies. The government was expected to bring down a major report today from the Energy Resources Conservation Board on the future of the coal industry in the province. New work hours for exchanges TORONTO (CP) The To- ronto and Montreal stock ex- changes will return to their normal hours of a.m. to Monday when daylight time will be in effect. The exchanges now operate from 9 a.m. to p.m. with the earlier opening in tem- porary use to coincide with the market opening at York. With daylight time in use, the Montreal, Toronto and New York markets will operate on similar hours. The Vancouver exchange will operate from 7 a.m. to 2 p.m. The Montreal exchange an- nounced earlier it would open at a.m. but reconsidered and accepted the 10 a.m. opening. The Toronto exchange polled its members and found a substantial majority favoring the 10 a.m. opening. TORONTO (CP) Prices on the Toronto stock market continued to decline sharply in light mid-morning trading to- day. The industrial index, widely-based indicator or market trend, was off 1.87 to 201.20, golds 113.1 to 503.64, base metals l'.09 to 91.51 and western oils 3.14 to 226.64. Declines outnumbered ad- Market trends MONTREAL ICPl All sectors moved lower in light trading on the Montreal Stock Exchange today. Volume at 11 a.m. was shares, compared with at the same time Tuesday. The industrial index fell 2.80 lo 222.82. banks 2.75 to 266.45. the composite 2.36 to 210.20. papers .70 to 124.68 and utilities .67 to 135.79. Hudson's Bay Oil and Gas fell to Bank of" Nova Scotia ai to Dome Petroleum 5s to and Dominion Foundries :'i to Wi while Dominion Glass rose 2'.i to S133j. Among speculative issues. Massval Mines fell seven cents to 50 cents on a volume of 31.500 shares traded. VANCOUVER (CP) Prices were up in light trading on the Vancouver Stock Exchange Tuesday. Volume at the close was 1.588.580 shares. In the industrials. Canterra was unchanged at .33 on 11.000 shares. Cornal was up .05 at S4.95 on 5.950 shares. Key Industries was unchanged at .10 on shares, and Newmark was unchanged at on 4.300 shares. Crestwood was al .95 and Delta Hotels was down .05 al S3.35. In the mines. Norlhair was up .38 at on 76.220 shares. Consolidated Fortune Channel was unchanged at .33 on 43.000 shares. Skaisl was up al 17 on 36.500 shares, and Geo-Dyne was up .03 at .28 on 36.000 shares Zenith Mining was up .01'2 al .24, and United Chieftain was down .23 at SI.07. In the oils. Vargas was up .01 at .12 on 19.000 shares. Payette was down .03 al .35 on 15.100 shares. Cop-Ex Mining was up .03 at .44 on 14.000 shares, and Seneca Developments was up .04 al SI.20 on 13.900 shares. Davenport was up .01 at 71 and Plains Petroleum was at .13. NEW YORK lAPi Prices dropped sharply again today for the second day in a row but selling appeared to slow at midday. The Dow Jones average at noon was off 6.26 at 839.72 and declines outpaced advances by about five to one on the New York stock exchange. Malsushita Electric was Ihe NYSE's most active slock, down 3i to S16'i. The U. S. justice department said Motorola's plan lo sell its home TV re- ceiver business to Ihe Japanese firm raised anli-trusl questions. On the American exchange, the market-value index was off 1.01 to 91.28. Only Occidental Petroleum gained on the NYSE. up i to The American exchange leader was Houston Oil and Minerals, down at 539-V Among Canadians on the New York exchange. Dome Mines lost 3''i" lo S16I '..i. Alcan I lo i. Seagrams lo Hiram Walker ;1. to Mclntyre '210 S50. Canadian Pacific lo Hudson Bay :'s lo Massey-Furpuson lo S18'a. and International Nickel lo On the American exchange. Canadian Superior Oil losl 2'i, to SSO'a. Ranger l'i to Imperial 1's to S38's. Giant Yellowknife to Livestock Calgary CALGARY iCPl Receipts to 11 ;i.m. Wednesday from the Calgary publio stockyards totalled aboul 1.700 head, mostly slaughter callle with Ihe majority being steers. Trade was moderately active. Slaughter siecrs met a narrow demand at prices a full SI lower. Heifers sold SI lower. Heifers sold with difficulty and cows were in short supply soiling unevenly steady. Bulls sold slcaclv. Slecis Al and 2 50 lo 51.40, A3 to 50. Ileilors Al and 2 to 51. id.25 Cows anil 2 35.75 lo 37. OH 33 50 lo 5II. 29 to 33 50 Good hulls 37 id There wore insufficient replacement callle or slock calves on oiler lo rsiahlish Hogs fob lo 11 a.m. average base price 37.51) Hog prices EDMONTON (CP) Average prices lo 11 a.m. Wednesday provided by the Alberta Hog Producers Market Board. Tuesday prices in brackets: Edmonton H7.50 Calpary: 37.50 '.'ifl.Kii. Hod Deer 37.65 138.051. (irnmle Prairie: Nil Lloydminstpr: Xil Kairvicvv 137 Lcthhrujfio: Nil Tori Miii-U-od: Nil Mops sold lo 11 a.m. 78J. total Tuesday. 9.675. average 37.89. Sows jivcragi- 26.00. Currencies Montreal (CP) Wednesday's mid- day foreign exchange selling rates supplied by the Bank of Montreal: Australia dollar 1.4450 dollar 1 02 China renminbi 4970 Denmark kroner .1630 France franc 2020 Germany mark .3885 Italy lira .001555 Japan yen .003540 Mexico peso .OfiOO Spain peseta .0168 Switzerland Iraric .3245 United Sates dollar .9650 United Kingdom pound '1 33 U.S.S.H. ruble Quotations in Canadian funds. Beef futures WINNIPEG (CP) Live bcof futures close Tuesdav. May 52.80A. Jly'- 54.55A: Sep 54.00A: Nov 55.00.V. Mondav's volume: Four conlracls. Rio Algom lo S3H-I. Aquitaine to Banister "i to and Bow Valley 'i to Brascan gained i to S17'2. Chicago markets CHICAGO lAPi Liquidation took a heavy toll of commodity futures on principal exchanges Tuesday. But silver futures continued strongly higher, posting another 20 cenl-an- ounce rise in New York. In Chicago, the silver limit was raised to 30 from 20 cents an. ounce and. prices advanced the limit in distant options, but fell back before the close. The demand for silver was linked largely to firmer gold prices and some trade feeling thai another bull market is in the making in silver Soybean and soybean oil futures fell to limits on the Board of Trade. Soybean oil limils were raised lo 150 points or I1! cents a pound from 100 points or one cent a pound under new rules of variable limils employed when ihere are three straight days of limit moves. Soy oil was down 150 points after soybeans fell the 20-cent-a-bushel limil. Losses also were posted in wheat, corn, and oats. The declines were linked to easier cash prices in the country and profit-taking after three days of gains. Live hog futures again fell as much as a hundred weight while live cattle eased up lo 70 points and pork 'bellies declined the limit of 150 points Shell eggs fell Ihe limit of 200 points. At IMP close, soybeans were down 18 to 20 cenls. May 5.56; Chicago wheal unchanged to 10 lower. May 4.07 and Gulf hard red winter wheat I lower. Julv 4.23: corn unchanged to 1'i lower. May 2.70'2: and oats 23j to 4'2. Grain quotes Tuesday Wheat: May 4.07. Jul 4 00. Sep 4 01. Dec 4.07. Mar 4.08. Corn: May 2.70'z. Jul 2.71. Sep 2.62'a. Dec 2.48. Mar 2.51. Oats: May i. Jul 1.283j. Sep 1.30. Dec 1.33. Mar 1.33'z. Earnings By THE CANADIAN PRESS Combined Engineered Products Ltd.. six months ended Feb. 28: 1974. S302.000. 40.3 cents a share: 1973. 38.9 cents. Dominion Bridge Co. Ltd., three months ended March 31: 1974. 55.245.000, SI.98 a share; 1973. SI.870.000. 71 cents. Lake Shore Mines Ltd., three months ended March 31: 1974. 1973, S32.386 Liltle Long Lac Mines Ltd., three munlhs ended March 31. 1974. S34 472; 1973. S2B.473. Lornex Mining Corp. Ltd., three months ended March 31: 1974. 59.437.000. SI.15 a share: 1973. 42 cenls. McGraw-Hill Ryerson Ltd., three months ended March 31, 1974. loss. 36 cents a share; 1973. 52.06. Montreal Trust Co.. Ihree monlhs ended March 31: 1974. 35 cenls a share: 1973. 54 cenls. United Keno Hill Mines Lid., three months ended March 31: 1974, 82 cenls a share: 1973. S448.000. 18 cents. Wright-Hargrcaves Mines Ltd.. three months ended March 31: 1974. S9.884: 1973. Dividends By THE CANADIAN PRESS Dividends are quarterly unless otherwise noled. City Savings and Trust Co., 16 cents, semi-annually. increase of 4 cenls. May 15. record April 30. Coma I Industries Ltd., 7'z cents, semi-annually. June 28. record June 10. Coronation Credit Corp. Ltd., 6-per- cent pfd. series A. cents. July 31. record July 10. Montreal Trust Co., 20 cents. May 31. record .May 15. United Corporations Ltd.. class A. 37 cents: class B. 12 cents; 5-per- cent pfd. series 1959, 37 cents: 5-per- cenl pfd. series 1963. 37 cents; all pay- able May 15. record April 30. United Keno Hill Mines Ltd.. 10 cents, inlerim. plus 10 cents. June 26. record Mav i-V Laidlaw Transportation Ltd., 7 cents: 7-per-cenl pfd. series A, 17'z cents: 5-per-cenl pfd. series B. 12'i cents; all pavable Mav 15. record May 1. vances by almost four to one, 299 to 76, with 181 issues un- changed. A sharp drop on the New York market and worries about high interest rates and inflation continue to depress prices, analysts said. Volume by 11 a.m. was 1.07 million shares, up from at the same time Tuesday. Imperial Oil fell 1V4 to Hugh Russel A 1 to Noranda A to Alcan to and Nu-West Development to Camflo Mines dropped IVi to Roman 1V8 to Pamour to Aftou to and Dickenson Vz to Vs. Canadian Superior Oil lost 2% to Ranger to and Pan Ocean Vz to Dominion Glass rose 2Vi to Maher Shoes 2 to Scott's Restaurants to Inco to and Tara Ex- ploration Vz to Winnipeg grain WINNIPEG (CP) Activity continued light, with mixed prices at mid-session today on the Winnipeg Commodity Exchange. Rapeseed ranged from four cents a bushel lower to 1'z cenls higher. Rye was unchanged to one cent lower in modest activity. Flax, which was not active, was down the 30-cent-a-bushel trading limit in three months. Tuesday's volume of trade was 480.000 bushels of flax. of rapeseed and 912.000 of rye. Mid-session prices: Flax: May 30 lower 10.04B; July 30 lower9.40A: Oct. 30 lower 8.81A: Nov 23 lower 8.37B. Rapeseed Vancouver: June 10'j higher 6.62B: Sept. 3'z higher 6.25B. Nov. 3'i higher 6.07'jB: Jan. 33j higher "5.87148. Rapeseed Thunder Bay: May 3 higher 6.35B: Junly 2'z higher 6.17''2B: Oct. unchanged Nov. 4 lower 5.96B: Dec. not open. Rye: May '.i lower 2.50'jA: July unchanged 2.48: Oct. 1 lower 2.46B: Dec unchanged 2.43A. Grain quotes Tuesday Lakehead: High Low Flax May 995 974 Jly 946 910 Ocl 887 851 Nov Rapeseed Vancouver Jun 674 653 Sep 646 628 '2 Nov 626 610'2 Jan 60S 583' Rapeseed Thunder Bay May 647 628 Jly 634'i 615 Ocl Nov Dec Rye May 254'2 251 Jly 251 246 Oct 250 245 Dec basis Close 974 910 851 814 65F4 628 'z 610'z 583' 2 628 615 608 600 583 251 248 247 243 Metals LONDON i API Closing metals bid-ask in pounds sterling a metric ton; silver in pence a troy ounce: 1.330-1.335; futures 1.262-1.2fi4 Tin-Spot 3.910-3.915: futures 3.945 Lead-Spot 298-299: futures 305-305.5 775-778: futures 739-740 Silver-Spot 229-230: 3 months 238- 238.3 Qold prices LONDON (API Closing gold prices in U.S. dollars an ounce- London 171.00 Paris Closed Frankfurt 172.80 Zurich -172.00 Hong Kong 168.98 Beirul 5 593 a kilo Dollar MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon today was down 3-25 at S0.95 24-25. Pound sterling was up 7-20 at 31 3-100. In New York, the Canadian dollar was up 13-100 at 21-100. Pound sterling was up 13-20 at J2.403j. Qold futures WINMI'KG Gold futures, I' S funds, Winnipeg Commodity Exchange dose Tuesday. Apr 174 MOA. Jly 74 I78.7SH; (VI 74 inS.OOA. Jan 75 192 III: Apr 75 199.00 Momlav's volume' 295 ronlrarls For 1 Year Term GUARANTEED SAVINGS CERTIFICATES Interest payable monthly, quarterly, or compounded to maturity. Member Canada Insurance Corporation Dipotltort purchiM Olympic Coins FARMERS MERCHANTS TRUST Phone 328-5548 Fm 309 7th Street S., Lethbridge ;