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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 8, 1974, Lethbridge, Alberta Thursday, August LETHBRIDGE Moderate trade higher at TSE The Herald- Business TORONTO (CP) Prices on the Toronto stock market were sharply higher in moderate mid-morning trading today. The industrial index rose .76 to 186.57, base metals .30 to 80.94 and western oils 1.98 to 183.50. Golds fell 6.71 to 474.33. Volume by 11 a.m. was 000 shares compared with shares at the same time Wednesday. Advances outnumbered de- clines 152 to 57 with 110 issues unchanged. Falconbridge Nickel gained 2 to Consumers Gas 1 to Texasgulf to Canada Packers C to and Gulf Canada to McLaughlin Associates lost '2 to TransCanada Pipelines Vs to Grafton Group "A to and Peoples Department Stores to Dynasty was up to United Siscoe 15 cents to and Norlex six cents to 29 cents. Camflo fell "2 to Pamour 'a to and Agnico- Kagle Vi to Ranger rose to Western Decalta to and United Canso to Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERTY LIMITED Market trends MONTKKAI. iCPi Prices were generally higher in moderate trading on the Montreal Stock Kxchange toilav Volume at II :iO a in was 400.000 shaies compared with 251.800 shares at the -.aiiie time Wednesday Hanks rose 2 to 23ti 41) the com- posite to 190 industrials bl to 201 27 while papers tell .12 to 122.. and uliiities 09 to 127 5ti Kalconbridge .Nickel rose 2'j to S40 HI' Canada to Mean to WO1 1 and Price to S14' i while Domi- nion Textile fell to speculative issues Royal Mines remained unchanged at SI III alter (lading 18 500 shares VA Prices were up in light Hading on the Vancouver Slock Kxchangc First hour 14H.093 shares In the industrials ornat was up 05 at S4 on tiOO shares In i he mines. Kxeter was up 01 at 22 on 17 shares In the oils Princess was down 02 at 25 on shares On the '-iirb exchange. 2.500 shares weie traded Yellowstone was down 02 at rili on 1 000 shares NKW YORK i The stock maikel was widcK mixed in relativeh Hading as speculation that President Kichard Nixon was about to resign intensified The 11 '10 a m Uow .Jones average ol industrials was off 5 48 at 792 08 although gainers maintained a solid edge on losers on the York Stock Kxchange noted that profit-taking in blue chip and glamor issues bad sprung up sborth alter the opening following the gains that lilted the Uow bv nearly 45 points in the three preceding trading day s said the move to cash in on piotits was triggered at least partly the I S government s report that wholesale prices surged at a 44.4 per cent annual rate in Nixon met privately with Vice Presi- dent Ford at the White House ju.st alter II am A short while later a presidential aide who refused to he identified leported Mr Nixon had summoned Ford to tell him he planned to resign Barber Oil. most active NYSK issue was unchanged at 25'z American Motors which reported a gain in quarterh earnings Wednesdav. up at Sill7- Canadian issues, Alcan ad- to Seagrams '2 to SU'. Inco Steers Al. 50 In 5] Prices to 11 a m provided by the Alberta hog producers marketing board Wednesday's prices in brackets Edmonton 45 55 145621 Calgary 4550 i4553i Red Deer 45 55 (45 70) (iiando Prairie Nil 144 25 Lethbndge 4565 (44 S6> Fort Macleod Nil I4465i Hogs sold to 11 am 1.178. hogs sold Wednesday 7.304 average 45 50 Sows average 24 30 WESTERN 5.75 AND 4.05 Alton 4.30 Albany Mm .90 Alta East A Pfd 50.00 Yukon STOCKS Ashland Gas Trk A 12.50 BP Gas Trk Pfd 54.00 Brenda Nat Gas 17.50 Cda Metro 5.50 Cdn Ex Metro A Pfd 54.50 Cdn Nat Gas 12.50 Cdn Ind Gas and C Gas Cdn Long and C Gas B Pfd 20.00 Cdn Trans 8.75 Chieftan Pipe 9.75 Dome Pipe A Pfd 53.25 Pipe B Pfd Fort War 1 00 Giant Trans 19.25 Gibraltar Trans War 2.25 Gt Gt Cdn Oil Lochiel .34 Lytton Oils .06 Noble Continental .02 North Cdn Warner .30 Numac Pancdn Pan Norsemines 1 25 Resources .99 2.50 Place .75 Varden .17 Ranger Res. Scurry 7.75 Mines 1.85 .02 Total .09 Ulster Standard 1 60 United Copper 5 90 Westcoast West Industries .06 1 65 Acres 87 Petroleum .30 Pete. 13 B C. Sugar C Explorations .60 Block Int'l Res 60 Canbra FUNDS Cdn Pac Inv A Cdn Compound 5.24 5 70 Carlmg O'Keefe A Cdn Dividend 5 46 5 94 Carlmg O'Keefe B Cdn. Ventures 2.64 2.87 Corn Cap Growth Fund 4.00 4.40 Crestbrook Special 1.99 Falcon Invest Fund 4.32 4.74 F and M Mutual 4.49 4.93 Cmnwlth 11.78 Home Oil Leverage 2.78 Home Oil Int'l Venture 5.08 Hud Bay Investors 5.50 6.04 Hud Bay Invest Stock Fund 4.15 456 Hugh Russell C Fund U.S 8.49 930 Husky In Shares 2.67 Husky Oil B 5.94 6.53 Husky Oil E Growth Fund 10.49 11.46 Interprov Pipe Mutual 4.96 5.42 Interprov Steel Accurn 5.50 6.05 Kaiser Resources 4.04 4.44 Kaiser Res Cdn. 4.93 5.42 Loblaw Co C Growth 3.96 4.35 Growth 3.70 4.06 Pacific Mutual 6.47 707 Pacific West 4.99 5.19 Pe-Ben Oilfield Growth 6.79 7.44 Ramer Accum 3.98 4.37 Royal Savings 7 15 7.87 Toronto mines, industrials (Supplied by Richardson Securities ot Canada) Chicago markets 12V 62% Asb. Akaitctio 1 88 Sugar Bow Valley Ind 17.37% 12.50 LONDON (APi Closing bid ask m pounds sterling a metric ton silver in pence a troy ounce Copper- Spot 707-799. futures 813-814 Tin-spot 3.715-3.725, tutures Brunswick Can NW Land Canada Tung. Cassiar Central 4.15 4.20 4.40 650 1 Foods Can Cellulose Carlma O'Keefe Chemcell Coron Credit CWN Gas 5.62% 2.35 6.00 3.35 9.00 Lead-spot 237-238. futures 234 Cons. Marconi Cdn 15.25 Zinc-spot 477-479. futures Lake 1 13 50 Silver- spot 185-187 3 months Dickenson Mines Denison 887'4 Cons Bathurst Cons 29.12% 14.50 Dollar value MONTREAL UJPi ij.S. dollar m terms ol Canadian funds at noon today was down 17-100 at 9-20. Dome Mines Discovery Mines East Malartic East Sullivan Falconbridge Frobex Giant Y.K. 5200 1.75 550 2.70 39.25 .17 17.62% Seagrams Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Dofasco Glen Mobile Grt Cdn 42.75 26.62% 10.25 15.12% 26.50 30.12% 3.00 7.12% sleiimg was down "2 at In New York, the Canadian Bay Lakes was up 9-50 at SI 02 hl-100 Pound ing was down 1-10 at 36 Bay >g grain WINNIPEG (CP) Grain quotes Wednesday basis Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic .23 12.75 .31 3025 575 .12 .96 Sid Hiram Walker A Huron Erie Imperial Oil A Imasca A Int Nickel Int Pipe Inv Grp A IU 41.25 20.75 30.25 25.75 27.62% 13.87% 6.50 1 2. 1 2% High Low Close Rapeseed Thunder Bay Oct McNeely Maclntyre Meta Midnm Intern 30.00 .14% Ltd Kaps Kel Douglas A Laurentide 2.10 5.12% 7.50 2.95 Nov 75 Dec 807 May 808 Rapeseed Vancouver Sept 872 856 ,l.-.n 853 851 853 Mar 843 "4 Athona New Calumet Noranda Northgate Norlex Pine Point Placer Dev Pax Exp. Quebec .25 38.50 4.90 .28 33.62% 19.12% 1.60 Massey Ferg McMill Bloed Moore Corp Molsons A Molsons B Nachurs North Cent 1662% 27.25 49.50 20.62% 19.12% 6.00 10.12% 4.85 Oct 1140'z 1124 Nov 1130 1114- Dec 1097 1079 1097 May 1097 Feed wheat Oct 412 412'z Dec Algom Roman Corp. Sherritt Gordon Steep Rock Sunnmgdale Tek Corp 9.75 9.25 1.31 5.87% Shell CDA Simpsons Simp Sears Steel Can A Selkirk 14.62% 7.12% 1087% 3075 1 1 75 May 422 Barlev Oct 320'j Dec 318' 2 May 321 United Canso Western Mines WH Copper Mines Wright 2.65 3.25 Trad Grp A Trans Mtn Pipe Trans Can Pipe Union 10.25 13.75 9.62% 19.75 Oct 193a4 192' i 193-n4 Dec Yellowknife Bear Oil United Siscoe Versatile 4.65 525 May 198' Oct 293 285 Dec 289 282 285" May 286' 29 87% A vlr CHICAGO (API Gram, soybean and livestock futures prices surged lorward on exchanges m the United Slates Wednesday Corn futures advanced the I0-cent a bushel hunt permitted lor a day's trading, the ii increase in .1 row Prices for soybeans were up sharply, as much as 21 cents a bushel, and clos- ed live cents to II cents higher Soy- bean oil posted limit gains of 100 points and meal was up by about to a ton Kxjmrl activity held wheat futures pni 01 above the previous close until piolil taking in Ihe final few minutes undercut Ihe support At the Chicago Mercantile Ex- change, live hog tutures were up by 55 _cents to 50 a hundredweight, pork bellies gained the daily limit of 150 points ca'ttlo closed 13 to 75 higher; and eggs advanced by 80 to 200 points. Mourees al the Mercantile said the higher gram futures was a major fac- tor m Ihe advances made m livestock lulures Most commodities on the New York exchanges were higher Al Ihe close, wheat was three cents a bushel lower lo five cents higher. Sept 58 corn was the limit 10 cents a iivhel higher. Sept lilffl'z. oats were >i to 5'i centra bushel higher. Sept and loyheans were five to II onlx a bushel higher. Aug 844 New (Supplied by Richardson Securities of Canada) Amr. T T 44.25 Woolworth 13.50 Anaconda 24.75 Westinghouse Elec 1350 Beth Steel 31.50 U.S Steel 4625 Chrysler Gen Tel Elec 20.50 Comsat 29.25 TORONTO AVERAGES Dupont 156.25 20 Industrials 186.32 up .51 General Motors 20 Golds 478.61 down 2.43 Gulf 10 Base Metals 81.11 up .47 Int Harvester 23.25 15 Western Oils 182 93 up 1 41 Kenn Copper 35 50 Volume 758.000 Montgomery Ward 26.50 NEW YORK AVERAGES Sears 6937V? 20 Industrials 791.92 down 5.63 Exxon 78.00 20 Rails 162.45 down .57 Texas Gulf 29.75 15 Utilities 69 84 up 06 Texas Co 25.25 65 Stocks 240.00 down 1 23 Wix Corporation 1250 Volume Business is booming New York Stock Exchange erupted with activity some Watergate-related information, this week after President Nixon said he had withheld Nixon decision 'not stock cure' THE CANADIAN PRESS Toronto analysts say Richard Nixon's departure as president of the United States would not in itself cure the sagging stock market. Dollar irmer LONDON (Reuter) The United States dollar opened firmer today against Euro- pean currencies on the London foreign exchange markets. Dealers said this reflected speculation that President Nixon would resign. A resignation, they said, would tend to restore confidence in the dollar. The dollar opened at 2.5960 against the deutschmark, up from Wednesday night's clos- ing of 2.5815-30 deutschmarks. Sterling weakened against the dollar to drop to from overnight. It was a six-week low for sterl- ing in dollar transactions. The Dutch guilder and the Swiss franc were also lower against the dollar. The U.S. political situation continued to have a subduing effect on the London stock market and there were no ma- jor trends in selling at the opening of business. Petroleum production OTTAWA (CP) Crude petroleum and natural gas production figures for April were released recently by Statistics Canada. Petroleum production aver- aged barrels a day, down by 1.9 per cent from the comparable 1973 figure of Gas production averaged 9.7 billion cubic feet a day, an increase of .6 per cent over 9.64 billion in the same period of 1973. Some say that his resigna- tion or removal from office, would have little effect on stocks, particularly in Can- ada. Although the market rose sharply Tuesday in a short- term reaction to signs that Mr. Nixon may resign, analysts agree that such prob- lems as international finan- cial and economic troubles, super-inflated interest rates and sluggish U.S. economic growth have to be solved. Here are some of their com- ments: Robert Stone of McEwen Securities Ltd: The American market went up in anticipation of Nixon's resignation. But if he goes the long to trial before the market will tend to fall during that time. If he's impeached, the market should rally, but only that. The big thing on the market is not Nixon, or Watergate, it's interest rates, inflation and the international liquidity crisis (cash shortage) we're in right now. Nixon's just a blip on the screen. Caroline Silsbury of McLeod, Young, Weir and Co. Ltd.: I think if Nixon did go there would be an initial short jump upwards, but then it would go into an orderly de- cline. In other words, there won't be any long-range ef- fects. Things will sort themselves out when the successor's pol- icy becomes known. The Ca- Chieftain shares up EDMONTON (CP) -Chief- tain Development Co. Ltd. has reported net earnings of 065 or 6.7 cents a share for the first half of 1974, compared to or 3.9 cents for the same period in 1973. Crude oil export charge unchanged Herald Ottawa Bureau OTTAWA-The National Energy Board has decided that the federal export charge on crude oil will remain at a barrel during September. And NEB officials predicted Wednesday that unless there is a significant change in world oil prices during the coming months, the federal export charge on crude oil is not expected to increase. Meanwhile, the government is still studying the possibility of changing, probably lowering, the export charge on refined products, such as gas- oline produced on the Prairies and fuel oil refined in Sarnia, made from domestic crude oil. Some refiners have com- plained that the a barrel export charge has priced Canadian refined products out of the traditional U.S. market. A decision is expected within a week. And in a related matter, the government is also still study- ing recent industry proposals' to eliminate temporarily Canadian import tariffs on ethylene glycol antifreeze from the U.S. Domestic' production is expected to suf- fer a slight shortfall this season and prices will be about three times the prices last winter. Eliminating the import tariff would make it more economical to import from the U.S. the quantities needed to make up any regional or local shortfalls. The major ethylene glycol manufacturers in Canada are hesitant to support even a temporary suspension of the tariff, fearing it might be dif- ficult to have the charge re- imposed once this winter's an- ticipated supply problems are overcome. nadian market follows the same pattern as the Ameri- can, but to a lesser degree. It tends to respond mainly with drastic changes in the U.S. market. Any talk of Nixon's resignation as the cure-all is simply silly. Norman Sheaby ot Moss., Lawson and Co. Ltd: In the short-term, par- ticularly, the Canadian market performance is large- ly dependent on the American market We're really talk- ing the same thing. The feeling is that a quick, clean resignation would have a short-term positive effect. But it's not an overriding fac- tor in the market. It was, until last July. Since then, the resolution of the matter is regarded as posi- tive, no matter how it's done. If he goes, there would be a brief, psychological rally, but nothing sustained. The market's close to bot- toming out. I think, and by late fall, early winter, we should be back to a bull mar- ket. Even though a (Gerald) Ford caretaker U.S. govern- ment may be a desirable op- tion, it would not have a sus- tained reaction. Impeachment doesn't direct the market, nor does the length of the process enter into our formula: The market operates regardless of the po- litical scene There would be some uncertainty if Ford com- es into office, but at least it's a new ball game. Clare Toles of Walwyn. Sod- gell and Gardiner Ltd: Per- sonally. I think they'll close the markets for 24 hours if Nixon does resign. There would be a sizable bounce if they were open. But Nixon and Watergate is only about five per cent of the problem, the other 95 per cent is the world- wide money crisis, inflation and related factors. Feed corn futures commence trading WINNIPEG (CP) Trading in Canadian feed corn futures will begin at 11 a.m. CDT Monday at the Winnipeg Commodity Exchange. Ronald S. Ennis, president of the exchange, said today the board of governors has authorized the new futures for Montreal as delivery point in contract months of December 1974 and March, May and July 1975. A September market is expected to be added next year. Trading will be in 5.000 bushel board lots and bushel job lots with the daily price fluctuations limited to 10 cents a bushel. Although trading will take place from the floor in Win- nipeg, the exchange will be linked by voice and other com- munications equipment to of- ficial ceremonies in Chatham. Ont. heartland of Canada's corn production. Contract grade is No. 2 Canada eastern yellow corn with delivery privilege of a higher grade of No. 3 Canada eastern vellow at a three cents a bushel discount. Canadian corn tendered for delivery on futures contracts will be based on Canadian Grain Commission erade cer- tificates issued at time of un- loading in Montreal. Delivery privileges also include No. 2 U.S. duty-paid corn and No. 3 U.S. duty-paid corn at three cents a bushel discount. All U.S. corn tendered for delivery on the futures contract will be based on official grade certificate at the U.S. loading port. The standard unit of weight ol corn for contract delivery is 56 pounds a bushel. Mr. Ennis said the addition of corn futures rounds out the exchange's role in the federal government's feed grains policy which provides for un- restricted interprovincial movement of domestic grains for animal feed used in Canada at prices determined by supply and demand. The exchange introduced futures contracts for Cana- dian feed wheat, oats and barley on Julv 25. roccssnq (St ms 1003 4th Avenue South, Lethbridge Telephone 329-4426 erviccs EXCITING OPPORTUNITY! Minimum Participation Why don't you DISCOVER us and get acquainted with all the reasons that will make you glad you did. Apply to: Box 65, Lethbridge, Herald ;