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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 1, 1973, Lethbridge, Alberta 24 LETHBRIOGE HERAID August 1973 Aluminum industry shakes three-year slump NEW YORK Buoyed by a rapidly growing the aluminum industry is shak- ing off a three-year slump and heading for a strong turn- around. Voracious auto and industrial markets are gobbling up aluminum faster than com- panies can produce and ship- ments in the first third ot the ments in the first third of the 1972 industry sources say. Industry observers are wor- that Phase 4 eco- nomic controls will lock domes- tci prices at recession hampering future profitability and making it difficult for the industry to raise funds to build new plants. has done its share in the battle against in- said Stewart aluminum analyst and oartner at Oppenheimer and Co. He for that the current domestic price for raw aluminum ingot is 25 cents a a cent below the 1956 price. Foreign have soared in recent with ingot selling in Europe for 33 to 35 cents a pound. With long- term commitments to domestic American companies are not diverting their supplies overseas. When the U.S. economy took a downturn in the alumi- num industry was caught flat- footed with new plant capacity just coming into operation. Sup- ply exceeded prices began to and the in- dustry wont into a tailsoin. Even as late as only a third of the country's 12 leading producers made money out of their aluminum oner- ations. This was despite the fact that shipments were up 15 per cent over 1971 levels and a rebound was hegining to de- industry sources said. This it is an- other story and the in- dustry is expected to go into the black. To keep up with Lf.S. companies had to draw nearly tons of aluminum from government stockpiles during the first represent- ing about 13 per cent of total shipments. According to the in- dustry should be in short supply for the next five years. At this only one new aluminum plant is Alcoa plant in Tex. Phase 4 permits Industrials drop as merchants gain TORONTO Prices on the Toronto stock market moved sharply lower in light mid-moming trading The industrial consid- ered the major indicator of market fell .33 to 218.49 and base metals .42 to ios.97. Golds rose .22 to 292 37 and western oils .29 to 246.95. Volume by 11 a.m. was shares compared with at the same time Tuesday. Advances led declines 125 to 93 with 164 issues unchanged. Industrial oil pipeline and steel stocks were lower while merchan- bank and chemical is- sues were among market sec- tors recording gains. Trading in shares of Shully's Industries Ltd. was resumed at opening. The stock was up five cents to on 100 shares. Alcan fell 1 to Thomson Newspapers to IU In- ternational Vz to Chrysler to and Hugh Russel A to Home Oil B rose 1 to Crestbrook Forest to Aquitaine to Andres Wines to and Massey- Ferguson to Brenda gained 20 cents to Western Mines 20 cents to and Camflo 15 cents to Dynasty lost to and Sherritt Gordon to PanCanadian was up to and Scurry-Rainbow to Total Pete slipped five cents to MONTREAL Prices ALBERTA CONSTRUCTION LABOUR RELATIONS ASSOCIATION APPOINTEE Mr. R. J. Mullini Mr. R. K. and the Board of Directors of the Alberta Construction Labour Relations Association take pleasure in announcing the appointment of Mr. R. J.' Mullins as Vice-President of the Mr. Mullins is a graduate of Loyola University. He brings to the Association 16 years of active industry 8 of which are in construc- tion labour relations. He will serve as operations co-ordina- tor and will be responsible for establishing Association oper- ational liason with trade government and with Alberta and national industry organizations. Mr. Mullins joined the Asso- ciation as of June 1973. were mixed in light trading on the Montreal stock market to- day. Combined volume on the Mon- treal and Canadian stock ex- changes at 11 a.m. was compared with shares at the same time Tues- day. Industrials dropped 1.38 to the composite 1.08 to 226.97 and utilities .76 to 146.85 while banks rose .48 to 266.87 and papers .46 to 127.39. On the Montreal Stock Ex- Alcan declined s'a to Chrysler to and Algoma Steel to while Aquitaine gained to and Comuico ys to On the Canadian Stock Ex- Cuvier Mines fell 10 cents to on shares traded. NEW YORK The stock market fell sharply today amid investor concern -over the battered U.S. end rising interest rates. Profit taking also was bro- kers said. The Dow Jones average ot 30 industrials at noon was down 9.86 at while declines led advances on the New York Stock Exchange nine to two. Trading was moderate. The NYSE index at noon was off .50 to 57.15. Canadian issues on the New York exchange included up to Dome Mines to Hudson Bay to down to and down 'A to ALBERTA CONSTRUCTION LABOUR RELATIONS ASSOCIATION APPOINTEE Mr. Bernard J. Smyth Mr. R. K. and the Board of Directors of the Alberta Construction Labour Relations Association take pleasure in announcing the appointment of Mr. B. J. Smyth as Labour Rela- tions Officer for the Asso- ciation. Mr. Smyth holds a B.A. in Economics from Notre Dame and an M.B.A. Graduate Degree. He has had 15 years of exper- ience in labour in- cluding service with the Air- line Pilot and the Boeing Company. He ser- ved as Executive Assistant to the Economic Services of the Alberta School Trustees As- sociation from 1970 to the pre- sent. Mr. Smyth will join the As- sociation in late August 1973. aluminum companies an ade- quate price to allow them to bring on new capacity is the important future one industry source said. 'Stomach drug needs new labeV WASHINGTON Ralph Nader's Health Research Group asked the Food and Drug Ad- ministration to order re- moval of Alka-Seltzer from the market until it has been re- without aspirin. The FDA is considering standards for antacids and ear- lier this year received a report from an advisory committee on the matter. The committee recommended that Alka-Seltzer be allowed to remain on the market as a non- prescription drug provided it was relabelled to indicate that it should be taken only by per- sons suffering from both head- ache and acid indigestion. Combination products are in- appropriate for patients with peptic ulcers and related dis- the committee and may lead to aspirin poisoning or gastro-intestinal injury. SAY STUDY WITHHELD The Nader group said that Miles makers of withheld a study allegedly questioning the drug's safety until after the advisory committee had made its report. A spokesman for the company called charges that it withheld information and The FDA said it will the charge and other public comments before taking final action on the proposed standards. Miles contends Alka-Seltzer is safe because the aspirin in the drug tablet is converted to a different chemical entity when dissolved in water. The company said studies have shown that the aspirin sodium not cause gastric bleeding that has been associated with ordinary Hog prices EDMONTON Aver- age prices 10 11 a.m. provided by the Alberta Hog Producers Marketing Board. average day 60.05. Red average Tuesday 60.56. a v e r a ge Tuesday 60.67. average Tuesday 61.37. average Tuesday 60.45. Fort average Tuesday 61.20. Grande average Tuesday 59.50. average Tues- day 59.40. Total hogs sold to 11 a.m. total Tuesday aver- age 60.04. Sows average 42.50. Net earnings By THE CANADIAN PRESS Kaiser Resources .six months ended June seven cents a 52 cents. On Behalf Of Mclntosh Cartage Company Ltd. Western Cartage Ltd. mciiwame Van Storage Ltd. BANKRUPTCY AUCTION THURS.AUG. 16TH B.C. -WELL MAINTAINED- 21-40'VAN TRAILERS 8 -40' FLAT DECK TRAILERS Rem. China 28 VAN TRAILERS 20'- 26' Sides 7 22'VANTRAILfcRS 25 HIGHBOY TRAILERS36--40' 21 FORKLIFTS I.H.C. STEP UPS FLOATS VANS TRACTORS MOBILE CRANES VAN BOXES EQUIPMENT OVER 150 MATERIAL HANDLING TRUCKS PICTORIAL BROCHURE ON REQUEST MAYNARD'S AUCTIONEERS 1233 W.GEORGIA B.C. 685-7378 Company family Four Beauchamp brothers are still on the payroll of Hudson Bay Mining and Smelt- ing Co. Ltd. Flin Man. Three generations of the family have combined for a total of more than 150 years service with tne compcny. Brothers are from Paul and Jr. Widespread rumors reveal U.S. beef black market Miscellaneous quotations Montreal by McCuaig a.m. WESTERN OILS a.m. Albany Oils Alta East Gas Almlnex Asamera Ashland BP Canada Brenda Mines Can South Cdn Ex Gas Ccin Hcmestd Cdn Ind Gas Oil Cdn Long Is Cdn Super Charter Oils Chieftan Dome. Pete Dynasty Pete Fort Reliance Giant Mascot Granisle Gt Plains Gt Cdn Oil S Lochiel Lytlon AAin Noble Mines North Cdn Oils Numac Pancdn Pete Pan Ocean Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Seibens Spooner Total Pete Ulster West Pete W. Oecalta MISCELLANEOUS INDUSTRIES 1.12 8.15 6.65 10.87 14.12V3 17.25 7.60 .1.50 3.60 7.50 .20 56.50 400 1050 .28V2 3.35 31 SO 8.15 265 2.05 1 Id 7.35 1500 14.50 1 28 .20 .70 31.00 18.25 7.60 1 03 6.B7V2 5.55 Acres Ltd Aquitaine BC Suaar Pfd Block Bros Cdn Brew A Cdn Brew B Cdn Pacific Inv Ind CrowsnesT Ind cygnus A 13.00 22.67V2 1575 2.80 2500 29.25 2950 10.75 29.50 775 Cygnus 8 Falcon Copper F and M Trust Genstar Global Comm Home A Home B Hud Bay Co Hud Bay Oil Hud Bay A Pfd Hugh Russell Husky Oil Husky B Pfd Husky D War Husky E War Hus of Canada Inter Prcv Pipe Inter Prov steel Kaiser Res Loblaw C Pfd Magnasonics Pacific Pete PW Air Pe-Ben oilfield Rainier Inc Royal Trust Com Cao Corp Sandwell Tciedyne West Cdn Seed Westfield Min Wesfon A Pfd White Yukon PIPE LINE Alta Gas A Alta Gas Pfd Alta Mat Gas inland Nat Gas N and C Gas N and C B Pfd. Pacific Trans Gaz Metro Gaz Metro A Trnas Can Pipe Tr Can A Pfd Tr Can B Pfd Tr Can War WC Trans WC Trans War CALGARY Barons Oils North Continental Weslern Warnner 7.75 15.00 i.OO 1600 .47.75 45.00 VANCOUVER MINES Aflon JM Atlas Explorations .50 Bathurst Norsemlnes 47.00 52.00 -1650 24.50 41.00 9.25 10.25 4.25 9.25 1375 3.50 50 31.50 8 5 12V2 2400 3 65 4.25 4 60 1 35 62.00 11.25 STOCKS 13.55 '9.75 1075 4.45 65.00 31.75 59 00 33.50 650 4.00 .63 03 .36 Croyden Dankce DDvenport Dglly Varden Equitorial Res Gibra Her Lornex Prirner Pyramid Silver Standard Valley Copper .04 1.95 .40 .27 19 14.75 1375 .12 .17 1.13 9.50 INDUSTRIALS Columbia Brewing 2.75 Key Industries .31 Wardair 7.00 OILS Prp Explorations 1.20 Plains Pete .25 Pcndaray Explor .25 Stamp Intl Res 1 26 MUTUAL FUNDS All Cnd Com 7.18 7.79 All Cnd Div 7.68 8.35 All Cdn Ven 377 110 Am Gr Fund 5.52 4.07 AG.F. Special 2 83 Cdn Inv Fund 5.14 5.64 Coll Mutual 591 6.49 Cmnw Inter 15.12 16.62 Cmnw Lever 3.98 .4.37 Cmnw Ven 7 58 8 33 Corp Investors 6.28 6.50 Cr In Slock P 5.12 5.63 Dreyfus R U S. 11.22 12.30 Gr In Shares 3.49 3.84 Gr Equity 7.75 8.52 In Gr Fund 12.66 13.84 In Mutual S 97 6.53 Mutual ACCU 6.11 6.72 Mut Gr Fund 3.68 4.05 Nat Respurces 829 9.11 N.W. Cdn 5.69 6.25 N W. Growth 5 04 5 54 Prin Growth .4.93 Royfund 6.77 7.05 Ternp'iton Gr 868 9.49 United Accu 5.28 5.80 Uni 7.94 8.73 Vanguard 4.68 7.32 Toronto industrials LAST BID OR SALE a.m. a.m. a.m. CHICAGO Black- market-style selling of beef is reported in scattered sections of the United States as meat sup- plies continue to shrink. The sellers are approaching meat supermarkets and res- taurants wiling to pay extra to maintain business. The extent of the practice is not yet known and the picture is clouded by widespread rumor and speculation in the beef in- still under light govern- ment controls. Middlemen in New York and Louisiana have de- scribed various black-market operations in their how- and there are predictions the wheeling and dealing may spread as supplies get tighter. Interviews with more than a dozen packers and store and restaurant owners in Illinois produced a picture of how the provess works. It begins after the slaughter- house buys cattle from a rancher or a transac- tion not subject to government price ceilings. The feeling the inch of overhead would sell to a packer at a price higher than that allowed under federal guidelines. The packer then processes'the beef and sells it to his wholesale and retail outlets at above-ceiling prices. The process then moves to the supermarket level. But under tha government's ceiling usually posted in clear view at the meat store owners would find it ex- tremely difficult to sell unlaw- fully without detection. So to stay in business and to stay they pay the illegal price and absorb the losses in sales to customisrs until Sspt. 12 when the price freeze will end. Livestock report Calgary livestock CALGARY Receipts to 11 a.m.. the Calgary Public Stockyards s h o w cd sales of 900 mostly steers and cows. Trade was strong and active. Slaughter steers sold liigher. Heifers were in short selling higher. Cows sold fully steady and bulls were higher. 51 to 52.50. 47 to 48.40- 38.50 to 40. 36 to M. 32 to 35. 41.50 to 44.30. Replacement cattle were scarce being mostly shortkeep steers weighing 800 to 950 and heifers in the 700- pound selling at steady prices. There were insufficient stock calves on offer to establish quotations. Good feeder steers more than 800 49 to 53- Good feeder heifers more than 700 44 to 48.25. Hogs fob Calgary base price to U a.m. Lambs sold steady. Good 35. VANCOUVER There is no intention of phasing out or forcing out established for- eign owned fishing companies in British says Fish- eries Minister Jack Davis. Mr. Davis was amplifying remarks made in a speech in Winnipeg recently during which he said fishing compa- nies will have to prove they are 100 per cent Canadian before their licences will be renewed. He said at that time he was referring specifically to v'e r y large corporation in Ja- which recently purchased shares in a west coast fishing company. In a statement issued through his Vancouver the min- Beef Futures WINNIPEG Live beef Sep Nov Jan 53.25B. Monday's 14 con tracts. ister fishing com- pany that has been doing busi- ness for years will continue to be regarded as Canadian. But if they want to sell their inter- and that would include fishing boats and the right to it will have to be to Ca- He said about 95 per cent of the fishing industry is Cana- dian owned. we want to keep it that way. We have had our salmon licence control system going for five years now and no foreign company will be allowed to come in and buy up the li- cence to MINES A-me Advocate Asb. Bralorne Broulan Bethlehem Bovis Brunswick Can N Land Canada Tung. Cassiar Central Pat. Chimo Ccnwest Cons. Rambler Com Lake Cochenour Craigmont Dickenson Mines Deniscn Mines Deer Horn D'Eldona Dome Mines Discovery Wines East Malartic East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. Granduc Hallinger Hudson Bay Ex. Iron Bay Iso Jcliet Quebec Kerr Addison Key Anaccn Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Mai-tin McNeely Maclntyre Midrim Intern Nu West Homes New Athena New Calumet Noranda Northqate Norlex Osisko .13 1.25 1.12 2.25 42 16.50 220 525 7.VO 2.19 10 1 08 1 16 5 SO i 15 17 1.05 7 95 3.75 3950 .04V2 36 25 29.75 2.75 .13 1.38 36 30.25 9 40 17.25 1 57 4 05 29 290 3.93 M-S 1.30 A 00 2.85 .26 72 0.35 3.BB -1600 27.25 .31 3.70 220 23 1275 Ji.QO 2.95 1.35 1.01 55.75 .15 .14 850 .14 25 S5.75 630 .23 Pine Point Placer Dev. Pax Exp. Quebec Man Rayrcck Radiore Rio Algom Roman Corp Sherritt Gordon steep Rock Tek Corp. Texmont Upper Canada W H Cop Mines Wright Hargreaves 1 co Willroy 1.11 Windfall 17 Yellowknife Bear 3.75 Zenmac .12 INDUSTRIALS Abitlbj 1212' Alcan Algoma Steel Atco Ind Atlantic Sugar Agra Ind Bell Tel Brazil Trac B.C. Tel Burns B.C. Forest B.C. Sugar Bow Val Ind Cahle CAE Ind. Cdn Brew Chemcell Col Cell Calgary Power Coron Credit Glendale Grt Cdn Oil Gen Motors Grt Lakes Pp Gulf Oil Cda Greyhcund Hawker Sid Hiram Walker Hur Ene Imp Oil imasca Int Nickel Int Pipe Inv Grp A Int Util Ind Accept Kaps Kelly Doug A Laurentide Loeb Loblaw A Met 32.12Vi Massev Ferq 18.50 McMillan Bbe 12.00 Moore Corp 7 Molsons A 10 62V2 Molsons B Jl.25 Nachurs 17 B7Vz North Cent 50.75 Power Corp 1562V2 Price Co. 18.50 Rothmans 18.00 St. Law Corp 32.B7V2 Shell CDA Simpson's 10 25 Simo Sears 4.35 Steel of Cda J. 35 Selkirk A Texaco 24.00 Traders Grp A 1.90 Trans Mtn Pp 9 GO 8.15 68.00 2275 35.50 18.50 56.25 39.00 2975 31.75 25.1 17.75 550 11.37VI 4.75 17.75 21.75 31.00 51 75 25.00 2400 9.67V3 11.75 C.W.N. Gas Pfd Trans Cda Pp Cdn Ind Cdn Marconi Cdn Vickers Chrysler CP R. Cominco Cons Bath Cons Gas Dist Seaorams Dom Bridge Dom tar Dom Textile Dom Stores Dome Pe'e Dofasco 15.00 Union Carb 3.45 Union Gas 15 Union Oil 25.62V2 United Siscoe 1775 Versatile Mfg 32.50 Wsstesl 71 Wesion's B 1600 Woodward's A 00 West Cdn Seed 37 25 Zenith Elec 22.75 BANKS 8 Cdn Imp 14.50 Mor.treal 3S Nova Scolia 27.75 Royal 12.12V2 20.00 9.00 11 00 32 62Vj 15.25 18.00 2000 31.37V7 K.25 17.00 515 1575 21.00 22 75 5.00 245 3075 18.75 33.25 35.00 New Yorfe stocks Gold futures WINNIPEG Gold fu- U.S. Winnipeg Commodity Jly Oct 73 Jan 74 Apr 74 Jly 74 129.50. Monday's 148 con- tracts. Grain price review Winnipeg grain WINNIPEG Flax fu- tures continued to trade active- ly at prices 20 cents above pre- vious close levels today at mid session on the Winnipeg Commodity Exchange. Rapcseed prices ranged cents in a moderate volume of hedging and carry-over busi- ness while feed grains traded actively at stronger prices. Tuesday's volume of trade was bushels of of rapeseed and 000 of rye. MID-SESSION Oct. 20 higher Nov. 20 higher Dec. 20 higher May 20 higher 9.65B. Rapeseed Sept. 10V4 lower Nov. un- changed Jan. IVz higher 6.92y2A March lower Rapeseed Thunder Oct. 3 higher Nov. unchanged Dec. 3 higher 6.39A. Oct. 7 higher Dec. 5riR higher May July I.75B. Ocl. 3 higlisr Dec. higher May July 2.63B. Ocl. 2Vn higher Dec. higher May 2.8SB July 2.85. Grain quotes Tuesday High Low Close Flax Jly 10.31 Oct 98D 963 989 Nov 958 938 Dec 944 923 944 Rapeseed Vancouver Sep 753 743 743 Nov 702 703 Jan 680 691 Mar 698 682 686 Rapeseed Thunder Bay Jly 700 Oct 695V2 678 686 Nov------------------ 672 Dec 636 617 636 Oats Jly 176 Oct 179 179 Dec 180 177'A Barley Jly 255 252 255 Ocl 251 258 Dec 251 Rye Jly 2724 Oct 274 Dec 279'A 275V4 279 Amr T t T Anaconda Beth steel Chrysler Comsat Dupont General Motors Gulf Inf Harvester Kenn Copper Montgi-mery Ward 22.50 27.00 50.1 169.00 23.00 2950 21 Sears X-Rcn Texas Gulf Texas Co Wix Corporation Woolworth Westlnghtuse Elec 37 25 U.S. Steel 28.50 Gen Tele Elec 30 25 TORONTO AVERAGES 99.12Vs 20 Golds 294.03 up 1.H 95 75 10 Base Wet 106 83 off .56 25.37V2 15 Oils 247.17 up .51 3250 Volume 19.25 NEW YORK AVERAGES Indust 914.54 off 9.86 20 Rails 144.27 off .93 15 Utililies 98.73 off .58 65 Stocks 27730 off 2.4J 20 Indust 218.76 off .56 Volume LORD co. JACOBSON CO. AND GOOLD ELLIOTT announce 1ne merger of iheir practices under the firm name of GOOLD ELLIOTT CHARTERED ACCGLWTANTS P.O. Box 940 519-7lh Streef South Alberta 328-6691 Vancouver Kamloops Edmonton Calgary NOTICE Campbell Haliburton Ltd. 418 5th ST. S. Effective August 3rd will be relocated NO. 447 HOLIDAY VILLAGE Mayor Magrath Drive LETHBRIDGE Phone 327-5523 or 327-0215 ;