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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - April 27, 1970, Lethbridge, Alberta -Mufry, Af.il 27, THE UTHMIDCE HEKAID 15 IU SIM A Slight Market Gain At Opening Lost TORONTO (CP) The tad MclBtyre Porcupine market declined Hudson Bay Mining teU, Dis- light mid-morn- ing trading today. The market had registered a sight gain at opening but was drma down in later trading. On index, industrials were dnm .23 to 17J.13, golds 1.94 to lSt.lt, base metals .02 to 106.54 and western oils 2.29 to low for the year of 157.56. Volume by 11 a.m. was ibares, compared with' at the tame time Friday. LOCKS outnumbered 151 to 91 with 187 issues unchanged. Hudson Mining was up V4 to 83H. The eompaBrr said it wouU jpbt common MWU on a Wer-1 base. Hudson Bay Mining an- nounced Friday that it had found copper and zinc orebodies on holdings nine miles soutb- wek of FSn Floe, Man. Stop Rock Iron Mines, first-quarter net of 5Vi cents a share compared with two cents ir. the tximpondiDg period of last year, was up five cents to Canada Packers at 2Mi bid, JOVi asked, did not trade. The company said 1989 net earnings were a share compared with in 1968. KEEPS PACE MONTREAL (CP) The Montreal stock market kept pace with other major markets early today as it eased fraction- ally tower in extremely light Tillers Seagrams ft, Genstar Ltd. >A and Canadian Pacific ii. On the Amei, Canadian Jav- elin was up while Molybden- ite Canadian was off MISCELLANEOUS QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Donerty, Roadbousc ind McCuaig) LAST BID OR SALE i.m. i.m. l-m WISTIKN MLS Almlwx Binff CM Cdn Delhi Cdn Ex CM Cdn Crlool Cdn HemnM Cdn In CM 01 Cdn Long Is Cdn Suvtflor Cm Rk> OummTc Prta French Pete Grwt PKM Mill Criy Ntw Conl Nurrac..... Permo i..... PUce CM Husky Oil Inl Pro Pipe WH 12.62Vi Intl Ulll Pfd 7.40 Stttl Pint Jefferson Lake 379 lUtw RM 3.30 Kim Kotla..... 4.19 L Ort Port i.40 MGF f Mtntor....... .11 Newcone J5.25 Pacific Pita 10.00 Rink Org...... Shell Inv..... 1.52 Shell Inv Pfd Shell Inv vm Hauler 3.20 Dreyfus F U.S. 19 M II.J1 Federated Fin. 3.94 2S.25 Federated Ctll 4.47 4.11 S.67Vi Growth Equity i.OI 10.37tt Grouped Income 3.11 3.4t Inwsfon CM 10.35 11.21 Invested! 4.17 5.U IOS Vanrurt 3.2) 3.53 Mutual 4.77 5.M Mutw! Cth f 4.42 4.14 Mutual Income t.n 5.14 Natural lies 1.90 7.54 Prlnctal GHi 4.1] 4.M jj'm Regent Fund 7.M jjj in 4.4S 4.1) 170 MS JM M 445 jjrjo Ranger Scurry DKIltl West Cdn WhHtcass Yvk C1LCMY Acroll......... Ant Oil North Conl Wnt Wlfner Leduc Cilmer Madtesn...... Oulntni...... If So, Battle In Making Pools Of Black Gold In Glacier? 1.05 .10 Arctic Mining Allu 1.15 11-00 .H 4.45 11.75 1.15 18.75 Recent statements by direc- tors of IDS Ltd. refuting rumors that the mutual-fund complex is is financial difficulty have jailed to check the s'ock's down- trend. IOS slipped Vi to Southam Press, which reports earnings equal to cents a share dowp from 61 cents in the corresponding pe- riod of steady at 51. Vekro Industries.dipped IK to 23. Among senior mines and oils, Falconbridge feU 1 to 160, Pa- cific Petroleum Vi'to 26, Husky Oil Vi to'1054 and Imperial Oil Hudson Bay Mining gained H to 83% and Noranda to On iidex, industrials were off .41 to 178.17, utilities .30 to 129.61, banks..24 to 170.98, the composite .37 to 168.59 and pa- pers .33 to 111.M. LIGHT TRADE NEW YORK (AP) The itock market feU below its 1970 closing low early this afternoon in light trading. At noon, 'ule Dow Jones aver- age of 30 industrials was down 3.43 at 743.86. This was below last Jan. 30, when the average closed at 744.06, a six-year low. Among Canadian on the NYSA, Dome Mines advanced Oil Company Future lies In North TORONTO (CP) The future of Imperial Oil Ltd. hes in the North, says President John Ar- chibald Armstrong. He was named to succeed W. 0. Twaits last week as head at the largest company in the Ca- nadian oil industry with assets of and a profit in 1969 of Mr. Armstrong has already made several trips to Imperial's Arctic oil strike at Atkinson Point which be describes as "possibly of greater importance to the Canadian economy than the Leduc discovery" in Alberta in 1947. He plans trips to Atkinson Point again in June and August. Mr. Armstrong's appointment was the culmination of a 30-year rise with Imperial. Born in Dauphin, Man., in 1917, he earned a bachelor of science in geology from the Uni- versity of Manitoba and later a B.S. in chemical engineering at Queen's University in Kingston, Cut. He worked for a sirart time with the Geological Survey of Canada before joining Imperial INDUSTRIALS Alto Ind...... Agritec...... .40 .07 .11 M .15 ________ STOCKS Altl. Gw Tr. A Cdn. W.N. CM 1500 Inltnd Nat. GM Centril 11.50 Dyniaty......10.00 Korrh. Centr.l B J7.ITVi Clvrt Mucol 3.1 Metro.....tyt Block ana. BreMj B.C. Inter. Churchill......4.75 Coronation Credit 1.33 CmRroak......I.12M CrHden.......41 VMdm Key Ind........M Int. Brew.......175 Jerklw .14 Kimloopt.......11 Lomex.........t.25 Lyrten Mlm Mf. MAdraw 2.41 .13 .a BrTt Nlld...... 4.W Cdn Brew A PH 30 Trtra 57.55 Ceil Brew B Pfd 3S Trns Cn. Pipe 37.75 Cdn Hydro Trim Pipe A 54.00 Cdn Inv Pfd 25.50 Trm C.n Pipe w l.oo CPR Pfd I.IJ'A Pr.hk Pit. 1150 Cygnin A..... 3.55 WeHcant 19.2S Cygnus B...... 3S5 Western PtcHic 4.4S Cun Prop t.BTtt MUTUAL FUNDS Ct Cdn OH Sind. 4.00 A.6.F. Special J.4S 2JS New Gt C4n Oil S (-75 97.00 All Cdn. Comp. nation. Union officials saU they wiD ask for substantial in. creases in new contracts. Teamsters acting presiden Frank E. Fitzsimmons sa some' truck drivers wi vote shortly on a proposed three year wage-and-benefi increase of nearly 30 per cen Walter P. Reuther, president of the DAW said his union wi demand increases vitto in ex cess of eight per cent a yea for some workers General Motors, Ford Chrysler. .50 12.25 2.00 34.00 .OS .7? 53.00 .25 1.40 '1.10 150-00 4509 30.UO W.OO 71.00 I'M .33 17 JO 9.20 2.55 10.00 4.00 2.50 7.00 .61 1.75 4.30 1.71 Jor airport constructed near the Wheat said. "I'm almost positive that if oil were found In Glacier and attempts were made to extract it, there would be wch an outcry from conservationists that it never come off." would tinder pressure from conser- vationists, the U.S. govermceot forced a halt to construction oi a Miami super jetport that op- porents claimed would have posed a serious pollution threat to the wildlife of Na- tional Park. "aution Turns To Pessimism By ART JOHNSON Cwrfiu PKM Staff Writer Prico on Canadiao stock jaoges posted one of their harpest periods of decline in reecnt morihs bst mek. But on Friday markets held firm, .mainly because of what observers said heavy buy- ing by large concerns. Analysts beh'eve. that large stocks of shares in a few spe- cific companies which heavily influence the narket were pur- chased at prices artificially de- lated in cautious, wait-and-see rading sessions. Specifically mentioned were ninang and industrial stocks. Another reason cited for creased activity at higher prices was a reduction in long-term Canada bond interest rates, wttrt would tend to encourage cvestorc to focus attention on stocks. Analysts also believe that the speculation in certain issues does not necessarily mean mar- kets have levelled off. WEEK OPENS CAUTIOUSLY The week opened on a cau- tious note with extremely Egtt trading and a slight decline Monday. Caution turned to pessimism through the week. Light trading prevailed as investors continued to watch for signs that markets were beaded upward. With no apparent signs of strength, and disappointing profit statements from several companies, trading continued downward Tuesday. On Wednesday, disappoint- ment was reflected in declining stocks, bringing markets down to the lowest level in several months. Another tumble Thursday ap- peared to be based on lack of confidence in the market. Share demand weakened as Investors unable to decide compared 8.K5.KO last eek. Losses outnumbered 713 to 106 196 issues vhanged. On the Montreal and Cana- an exchanges, the composite ndex was off 4.72 to 168.98. ombined volume was compared with- whether the decline would con- tinue or let up. The federal government has also indicated that H will not re- move price restraints which critics say are dragging down UK ccoooocy. Statistically, on index at tte Toronto Stock Exchange, in- dustrials were down 6.01 to 172.36, golds 16.90 to 152.10, base metals 6.65 to 106.56 and west- ern oils 12.97 to 159.85. Volume was shares ast week. Losses outnumbered gains 302 to with m issues nchanged. Investors Switch To Real Estate Bond Market Prices Fall TORONTO (CP) Prices on the Canadian bond market fel sharply in active trading las week. Dealers report this drop mainly due to the present Sgri money situation and an unu- sually large amount of accoun selling. Another factor contributing to the market decline is the calen dar buildup, which can only be reduced by an increase in avai able money. money ranger; from per cent to 6% per cent, closing Friday at per cent. Three- and six-month treasury bills traded Friday at an 6.55 per cent, respectively. By JOHN CUNNTfT AP Business Aulyst NEW YORK (AP) Soured on a stock market that has been stalled for years, and convinced that inflation will be around for a time, individual inves- tors, institutions and corpora- tions are increasingly turning to real estate. Real estate, during the last four years of inflation, has been a true hedge against the declin- seeking direct equity invest meets. Several insmrs have set up holding companies, with their insurance activities as subsidiaries, m order to free themselves from regulatory re- strictions. One of the largest, CNA Fin- ancial Corp., lists these exanv Dollar Valve MONTREAL (CP) U.S. do Ur in term of Canadian fins unchanged at 9-32. Poun sterling off to ing value of the dollar, stock market generally The has NEW YORK STOCKS Supplied by Richardson Securities of Canada Amer. T. and T. H.m Montgomery Ward Gc'ift 151.15 of) .n a-a W B Met! 106.31 off .M Sleel J8.5S Standard Oil. NJ. SS.2S 15 W Oil! 157.44 off ?34i Chrysler 25.00 Texas Sull lls.OTi Volum. Texas Co. J575 MEW YOKK AVEHAOES Woclworth 31. 00 JO Indjst 74? !1 off Westlngrouse El 4J.62W 20 Rails 1S9.7S off .34 U.S. Sleel 36.00 -IS Utils off 34 TOROKTO AVEMGEI 45 stocks 24521 off in Comsat 34.25 D-Jpor.l 113.50 General Mctws Gulf 34.75 Int. Harvester Copper 51.irA.2D Indus! 171.53 off Volume LIVESTOCK Research Positions Unfilled OTTAWA ;CP) No re- search positions in the federal agriculture department arc cur- rently nnfifled because of a freeze in the department's re- search budget for fiscal 1970-71, Deputy Agriculture Minister S. B. Wilh'ama said today. __. i Under questioning by Harold for 600, Danforth -Ontario for Mr. Williams told the Commons Calgary Livestock CALGARY (CP) On offer to 11 a.m., about 150 head; mostly slaughter cows of mii- ed quality. Trade was active. Slaughter steers were steady with no choice kinds offered; a Heifer market was not estab- lished; cows were steady and no bulls were offered. Good slaughter steers 30 to 31.50, medium 29 to 30.-Good cows 23 to 24, medium 21.75 to 22.75, earners and cutters 19.50 to 21 .JO. Replacement cattle were in short suppSy with most of- ferings heavy steers at steady prices. Good feeder steers more than 730 pounds 31 to 33. Good stock and feeder cows 22 lo 25. insuf- and for -Quebec 715 for an-! for provinces 166 for and 275 for During the year the corpora- tion made 48 loans for to Indians farming on reserves, the first such loans under new legislation. Loans under the Farm Syndi- cates Credit Act were the only category to increase. The num- ber of tens dropped lo 202 from 213 but the amount increased to from previous year, the The increase was attributed lo amendments in the act widening the typo of equipment for .wtfctthefoanicaobeoBed. agriculture committee sufficient funds are available to fill all current vacancies in the depart- ment. "As a result of normal staff hirnover, the department oper- ates at about 95'per cent of its full personnel capacity, but we have enough money at our dis- posal to Till all openings." Mr. Danforth expressed con cern over a oVcresse in funds allocated for .the de- partment's production and mar- keting branch shown in. the 1970-71 spending estimates. "In view of increased operat- ing costs, funds actually availa- ble will be reduced by the equivalent of or Hog Prices KRMONTON (CP) Prices (oday provided by the Alberta Hog Producers' Marketing Board: Edmonton: Quoted 29.50 30 OS. Selling at 11 a.m. Average Friday 29.94, Hed Deer: Quoted 29.75 29.95. Selling 29.95. Average Friday M.fo. Calgary: Quoted 23.90 30.05 Selling 29.90. Average Friday 30.10, Lethbridge: Quoted 30.25. Sell ing 30.15. Average Friday 30.00 Sows at all points 23.41, Hog sold to a.m., Hogs soU Friday 2.Z2J, Average 30.01 30.01, (dent stock or slaughter calves i establish a market. No bogs were sold. Market Slump Seen failed to live up lo its reputation as a hedge. The Dow Jones industrial av- erage, for example, stands far below its 1965 high. Urban land prices, however, have been ris- ing at an average rate of six per cent a year. Many corporations have been aware of the profit possibilities for many jeers, ainong them Alcoa, Westinghouse, Reynolds Metals, and several railways which find their primary trans- portation duties far less reward- ing. Managers of private pension funds, beset by inflation and a poor stock market, have learned in recent years that real estate investments might offer them not only better returns but more stability as well. The latest group to he at- tracted by real estate invest- ment possibilities have been fin- ancial institutions such as life insurers anil banks. SET UP TRUSTS The Bank-America Corpora- tion is one of several mammoth banks to set up trusts for invest- ing in buildings ar-d other devel- opments. Recently, Chase Man- hattan Bank, First Pennsyl- vania Corp. and WeEs Fargo pies from the Chicago area as reasorjs why it believes real es- tate is an inflation hedge: typical single family lot that sold for a front foot in I960 sells today for to a front foot. multi-family site that 10 years ago sold for to a xniare foot sells today for as high as a square foot. industrial site that sold for 50 cents a square foot in 1960 setts tjjday for about CNA claims it had nearly in real estate invest- ments at the end of 1969. This was a 10-per-eent increase over 1968, and company officials forecast another 10-per-cent in- crease for 1970. NEW YORK dollar unchanged at 9314 of U.S. funds. Pound ster ling down at 41-64. Grain Prices Winnipeg Grain Prices WTKNTPKC (CP) Trading in all commodities slowed down 1 mid-session of the .Winnipeg rain Exchange today as heavy exporter demands decreased. Prices in both oilseeds de- clined but were still fractional- to two cents above previous kse levels. Oals and barley had a fight omestic shipper trade. Rye jade mostly inter month with a light exporter interest. Confirmation w a i received over the weekend of the sale of bushels of rapeseed and partial lots of flax to Japan. Volume of trade Friday in- cluded bushels of rape- seed, of flax and of rye. Mid-session prices Flax: May Vi higher July higher 2.ii6ViA, Oct. ti Higher 2.86 IfeB, Nov. not open. Rapeseed: May Hi higher 2.88, July -2Vi higher Nov. Hi higher 2.52V4, Jan. H higher 2.46A. Oats: May unchanged July unchanged Oct., Dec, not open. Barley: May lower Uly unchanged l.OBViA, Oct. unchanged Dec. not open. Rve: May knver July H higher Oct. un- changed 1.04V4A, Dec. not open. DIVIDENDS By THE CANADIAN PRESS Bombardier Ltd., class A common 15 cents, June 15, rec- ord May 15. Satellite Song Tra La HONG KONG (Reuters) China's first space satellite is broadcasting the music of the Maoist song The East Is Bed as it whirls around the world. The words of the soag, famil- iar on Radio Peking, are: The East to red. The sun rises. Mao Tse-tuog comes out In the East. He works far the well-being of the people. He is the great saviour of the people. Chairman Mao, he loves the people. He' is the man leading our way. He leads us forward. The Communist party is like the sun. It brightens where it shines. When China has the Commun- ist party, her people are liber- ated. NEW YORK (AP) Slock market prices stand on the ?rink of falling to their lowest evel in six years. The Dow Jones average of 30 Industrials toppled this week 28.65 points to 747.8, edging closer to the year's low of 744.06 regisered on Jan. 30, Beyond that, the next lower level was. 741.00 on Nov. Z7, 1963. Analysts say investors are discouraged with the stock mar- ket and are staying from it. They say investors were con- cerned with a deteriorating situ- ation in Cambodia, inflation and poor first-quarter earnings re- ports by companies, among other factors. Their attitude, analysts says, is to keep out of the market until some encouraging sign ap- pears. The market Friday went through the 17th consecutive session in which declines outran advances. Analysts this in- and Co. developed similar trusts. Life insurers, who once satis- fied themselves by investing in real estate mortgages guar- anteeing a fixed return, now are Volcano Stirs MANILA (AP) A volcano, dormant for so long there are op records of its erup- tion, has come to life with a aer- ies of tremors. The volcanology commission reported here it has set up a seismograph and communications system to watch Mount Malinao, in ATbay province, 200 miles southeast of Manila. U.S. Officer Dismissed From Service SAIGON (Reuters) A gen- eral court martial sentenced a' U.S. Air Force major Sunday lo 16 years hard labor after find- ing him guilty of smuggling 866 pounds of opium from Bangkok to Saigon. Maj. Delbert W. Fleener also was convicted of iUegal posses- sion of He was addiUon- ally sentenced to dismissal from the service and forfeiture of pay and allowances. TTie W-year-oM major from fndianapolis, Ind., formerly was personal pilot to U.S. Ambassa dor Ellsworth Bunker and the then U.S. commander in Viet- nam, Gen. William Westmore- land. UPGRADE MISSIONS TOKYO (AP) Egypt and the Viet Cong's provuional rev- olutionary government of South Vietnam have decided lo up- grade their diplomatic relations to the embassy level, Hanoi's the market tarrily Vietnam newi agency reported No Evidence Of Foul Play Discovered EDMONTON (CP) RCMP said today there was no .evi- dence of foul play in the death of Christina Florence Rae, 58 of Edmonton whose body waj found in a ditch Friday nigh1 about five miles northwest ex here. She had been missing for a week. Police said the cause and time of death has not been de- Persons Born Outside of Canada REQUIRE A CERTIFICATE OF CANADIAN CITIZENSHIP TO OBTAIN A CANADIAN PASS'ORT DOCUMENTARY PHOOF OF CANADIAN CITIZENSHIP li now required hi wpport of any application for a CANADIAN PASSPORT In trtt form of Canadian Birth Certificate Of of Canadian Citizenship. hi Southern Alberto in tenth with Court of Canadran Citizenship 309 7th Avthw, S.W., CALG.AF.Y 2, Alberta 362-7737 Dvpartnwrt w Stcrato ry of ;