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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 9, 1973, Lethbridge, Alberta Western oils fractionally higher on Toronto market TORONTO Western oils were fractionally higher but other sectors of the Toronto stock market were lower in light mid-morning trading to- day. The western oil index rose .16 to 249.62. The industrial considered the major indicator of market fell .28 to golds 7.33 to 278.57 and base metals .37 to 106.27. Volume by 11 a.m. was 000 shares compared with 000 at the same time Wednes- day. Livestock Calgary livestock CALGARY Receipts to 11 a.m. from the Calgary Public Stockyards showed sales of mostly overnight cattle consisting of steers and heifers. Trade was strong and active. Slaughter steers were higher with sales to Heifers were higher with .sales to Cows higher with sales to Bulls also higher. 55.50 to 57.10. 54 to 55.25. 52 to 53. 51 to 52. 42 to 44. 40 to 41.50. 34 to 39.50. 46 to 48. Replacement cattle were mostly shortkeep steers weigh- ing 850 to 950 and heif- ers in the 700 pound range. There were no stock calves on offer. Food feeder steers more than 850 50 to 56. Good feeder heifers more than 700 51 to 53.70. Hogs fob to 11 65.75. Declines led advances to 78 with 132 issues unchanged. pipeline and utl- ity stocks were among sectors of the market to decline while oil real es- tate and trust and loan issues were higher. Travel ways fell to Do- minion Glass to Urafton Group Vt to Consumers Dis- tributing to and Alcan to Goodyear Canada rose to Toronto Star B to Monenco V4 to Guaranty Trust V4 to and Shell V4 to Sigma was off to Cam- flo 45 cents to and Gibral- tar to Brunswick gained 15 cents to Houston slipped 15 cents to and Canadian Superior to Numac climbed Vn to MONTREAL Prices were mixed in light trading on the Montreal stock market ta- day. Combined volume on the Mon- treal and Canadian stock ex- changes at 11 a.m. was compared with 302.600 shares at the same time Wed- nesday. Industrials advanced .57 to papers .41 to 129.76 and the composite .09 to 230.20 while banks declined 2.49 to 268.15 and utilities .32 to 144.93. On the Montreal stock ex- Imperial Oil gained 34 to Banque d'Epargne to and Pan Ocean Oil while Bank of Commerce dropped to and Alcan H to On the Canadian stock ex- Royal Agassiz MSnes I fell six cents to on a vol- ume of shares traded. Hog prices EDMONTON Aver- age prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board Thursday. average Wed- nesday 66.83. Red average Wednesday 66.44. average Wednesday 66.75. No aver- age Wednesday 67.13. No av- erage Wednesday 66.65. Fort No av- erage Wednesday 66.85. Grande No av- erage Wednesday 64.98. Total hogs sold to 11 a.m. 541. Total hogs sold Av- erage 66.69. Sows average 47.20. Dollar Value MONTREAL U.S. dollar in terms of Canadian funds at noon Thursday was down 1-25 at 6-25. Pound sterling down 18-25 at 3- 10. In New the Canadian dollar was up 1-25 at 19-25. dollar was up 1-25 at 0.99 19-25. 13-20. NEW YORK Wall Street prices remained near Wednesday's levels in slow trading today. The noon Dow Jones average of 30 industrials was down 0.98 at after having been nearly two points lower in ear- lier arading. Losers declines led 615 to amonp 459 issues traded on the New York Stock Exchange. are cautious though they're getting a better feeling from a better dollar abroad and lower gold said Larry Wachtel of Bache Co. President Agnew's strong denial of any wrong- doing may have helped Quaker State down iVs to was the most-active NYSE followed by Public Service of down to and Alberto up to Homestake reacting to lower gold dropped to The NYSE index of com- mon stocks was up 0.06 to 56.35 at noon. Among Canadian issues on the New York Dome Mines was down two to IDCO unchanged at and' Mclntyre at Massey-Ferguson rose to and Canadian Pacific to Metals LONDON Closing metals bid-ask in pounds ster- ling a metric silver in pence a troy futures 799-800 futures 1996-1998 futures 180-180.5 futures 360.5- 361 S i 1 v e 3 months 109.9-110 Grain Prices Winnipeg grain WINNIPEG Oilseeds and rye were generally high- while most oats and barley futures were traded lower in light trade today at mid-session on the Winnipeg Commodity Exchange. Flax went up the 20 cent limit near the and rape- seed was near the upper limit in most contract months. Rye was seven to 10 cents while declines in oats and barley ranged from eight cents to lower. Only the May oats registered an ad- vance. Wednesday's volume of trade was bushels of of rye and of raDeseed. MID-iSESSION Oct. 20 higher Nov. 20 higher Dec. 20 higher May 20 higher 10.65B. Rapeseed Sept. 3 lower Nov. 18 higher Jan. 20 higher March 20 higher 6.94B. Rapeseed Thunder Oct. 20 higher Nov. high- er Dec. 15 higher May not open. Oct. 8 lower Dec. lower May 4 Higher July not open. Oct. 7 lower Dec. lower May lower July not open. Oct. 7 higher Dec. higher May 10 higter July not open. Grain quotes Wednesday sis High Low Close Flax Oct 10S9 Nov 105S Dec 1044 May 1045 Rapeseed Vancouver Sep 723 Nov Jan 676 Mar 674 Rapeseed Thunder Bay BRANDON COUNCIL IN BRIEF Man. The city council of this com- munity of is not noted for its lengthy meetings dur- i n g provincial exhibition but it may have set a new record for brevity this week. In 12 minutes the coun- cil approved dealt with a number of property transfers and approved seven including one to set up a separate reserve fund for new police equipment. The only other item of busi- ness came from Alderman El- wcod who presented a three-foot clump of weeds to Mayor W. H. K. Wilton and complained they had been taken from a vacant lot a stone's throw of city The when told the weeds were on private prop- advised the alderman to bring the matter to the atten- tion of the city's weed nspec- tor. Oct Dec May Oats Oct Dec 195 May Jly Barley Oct 238 Dec May Jly Rye Oct Dec May Jly 196 657 629 645 190 180 288 272 299 307 300 DEVELOPMENT COMPANY Invites Inquiries From property owners interested in joint ventures and having land available for development. wny TO Box Lethbridge Herald Sas katchetvan man supports grain policy FIR Sask. The chairman of the feed grain committees for both the Saskatchewan Stock Growers Association and the Canadian Cattlemen's Association says the federal government's new feed grain policy proposes an equitable marketing system. Boyd Anderson said in an in- terview Tuesday the policy creates a production incentive by eliminating provincial boundaries in the movement of grain and guaranteeing an ini- tial price. He also said that by placing the grain under the jurisdiction of the agricultural products feed grain prices will never be higher than export prices. Mr. Anderson added that the policy takes into account the regional advantage of raising both grain livestock in the West. August 197.1 THE LtTHiRIDOf MRAIO If U.S. beef in Canada Beef cattle from as far away as Nebraska and Texas have swelled the cross-border traffic by more than five times at the Blue Water Bridge between Port and Ont. Canadian unrestricted by price are out- bidding American cattle purchasers. Trust company stocks may become depressed TORONTO With short-term interest rates on tfae trust companies are unlikely this year to match the strong growth of 1972 and shares should not be Canadian Business Sea-vice says. Trust company stocks ap- pear to be in an attractive buying range but they may be not because of a general market but because they have already discounted a lower rate of growth for the in- vestment firm says. Another factor in the near- term uncertainty is that legis- lation affecting the industry is to be reviewed this year and while amendments are ex- pected to be might not be quite so favor- view of this mixed out- look we cannot recommend tbat trust company shares be even though they may be nor can we rec- ommend that they be least until after we have ex- the likely outcome of new government Trust companies borrow from the public In the form of deposit demand and term deposits and rein- vest mainly in mortgages but also in treasury bills and short-term deposits. For that interest rates are important. The ob- jective is to obtain a return which exceeds the payout on borrowed funds by 2 to per cent. This margin comes under pressure when the spread narrows between short and long-term as it now is j doing. j the spread as it did in 1971 and profits are appreciably fat- tened and there is great temptation to Tjorrow short and lend long.' the consequences of yielding to such temptation can be very costly when the trend rever- ses In recent years the trust companies have emphasized term rather 'than demand de- posits and favored five-year mortgage investments which match well with term depos- Canadian Business Serv- ice says. Although trust companies are like banks in that they of- fer variety of savings serv- ices and are supervised by the there are enough differences that the two do not directly compete. LIMITED IN LOANS Trust companies may not make commercial and banks may not provide trust services. The personal loan business of trust companies may not exceed about seven per cent of total assets. While trust companies are limited in their credit-creat- ing chartered banks can turn to the Bank of Can- ada. Canadian Business Service says revisions to the Bank Act in 1967 put banks in a more favorable position at a time when inter- est rates were rising. Trust companies' profits were squeezed in the following two years. With the amendments to the Trust and Loan Act in the competitive balance was largely restored and new op- portunities in housing and consumer lending were pro- vided. In times of restrictive eco- nomic policies such as in 1969- 1970 when short-term rales tend to rise faster than do long-term trust com- panies are forced to raise their payout on deposits and short-term investment certifi- cates to remain competitive. rising trend in interest rates and the less ex- pansionary policies in effect in 1973 will moderate the trust companies' growth this Canadian Business Service says. Miscellaneous quotations Montreal by Doherty. McCaaig LAST BED OR SALE a.m. a.m. i.m. WISTIRN OILS AND MINES Albany Oils Alta East Gas Alrninex Asamera Ashland BP Canada Brenda Minn Can South Cdn Ex Gas Cdn Homestd Cdn Ind Gas Oil Cdn Lena Is Cdn Super Charter Oils Chieflan Dome Pete Dynasty Fort Reliance Giant Mascot Granisle Gt Plains Gt Cdn Oil S Lochiel Lytton M4n Noble Mines North Cdn Oils Numac Pancdn Pete Pan Ocean Petrol Pinnacle Place Ponder Ranger Scurry Rain Seibens Spooner Total Pete Ulster West Pete W. Decalta Cygnus B Falcon Copper 1.10 F and M Trust 4.05 Genstar 7.10 Global Comrti 10.87V4 Home A 13.50 Home B Hud Bay Co 7.90 Hud Bay Oil Hud Bay A Pfd Hugh Russell Husky Oil Husky B Pfd Husky p War 7.75 VANCOUVER MINES 3.40 7.20 8.75 .18 5.50 Afton U.2i Atlas Explor 44.00 Bath Norse US 47.12VJ Dankoe 1.96 44.00 Daver-port .43 Dolly Varden .27 Equltorial Res .20 Gibraltar Lornex 13.75 Primer .10 Pyramid .15 Silver Standard 1.44 9.50 Valley Copper INDUSTRIALS Col Brew 18.00 49.25 55.50 46.00 24.75 42.00 _ 8.70 Husky E War 10.50 4.00 Hys of Canada 4.25 12.00 Inter Prov Pipe 8.85 36.00 Inter Prov Steel Key Indust Kaiser Res 3.40 Wardalr .27 Loblaw C Ptd 30.00 3.20 Macj'ssonics 11.4ZVS Pacific Pete 31.00 p West Air 8.05 Pen-Ben Oilfield 2.54 Rainier Inc Z1B Royal Trust 1.16 Commerce Corp 7.40 Sandwell 17.50 Teledyne West Cdn Seed 15.75 Weslfield MIn Weston A Pfd White Yukon 1.23 .63 .41 30.75 PIPE LINE STOCKS Alfa Gas A 19.12V3 MISCELLANEOUS INDUSTRIES .93 6.25 5.70 Acres Ltd Aquitalne EC sugar Pfd Block Bros Cdn Brew A Cdn Brew B Cdn Pacific Inv Crestbrook Ind Crowsnest Ind Cygnus A Gas Pfd Inland Nat Gas '.44 Inland Nat Gas 7'an N and c Gas N and C B Pfd Pacific Tram Gaz Metro Gaz Metro A Tr Can Tr Can A Pfd Tr Can B Pfd Tr Can War we Trans WC Trans War CALGARY Acroll Barons Oils 29.50 N Continental 7.7S West Warner 13.00 22.75 15.00 290 24.50 2900 30.25 OILS 9.00 Prp Explor 1.J4 Plains Pete .22 9.62V2 Ponderay Explor 7.87V2 Stampede Intl Res 1.17 5.12V2 MUTUAL FUNDS All Cdn Com 7.11 7.73 3.50 All Cdn Dlvid 7.61 4.25 All Cdn Vent 4.08 4.60 Amr Gr F 5.46 S.95 5.12Va AGF Special 2.83 1.45 Cdn Invest F 5.15 5.45 61.00 Col Mutual 5.94 6.52 Cmnw Inter 14.87 16.34 Cmnw Lev 3.90 4.29 Cmnw Vent 7.W 8.20 Corp Invest 6.30 6.97 Corp In St F 5.14 5.65 Dreyfus F U.S. 11.02 12.08 Great Pacific 4.74 5.18 Gr In Shares 3.14 3.79 11 Gr Equity 7.77 8.54 Gr F invest Mutual 64.CO Mutual Ac 3J-25 Mutual Gr f 57-00 Nat Res 39-25 N w cdn 6.00 N W. Gr Principal Gr 3.65 Temp Gr United Ac .03V2 Universal Sav 02 Univest .35 Vanguard 12.62 13.M 5.93 6.49 6.10 6.71 3M 4.0T 5.01 5.51 5.76 4.99 5.B4 4.44 4.69 6.64 7.12 8.56 9.34 5.21 S.73 B75 6.07 6.47 6.49 7.11 Toronto industrials By Richtrtfion Secvritlei of LAST BID OR SALE i.m. a.m. Hijacker involved before TOKYO Police said today that the Japanese member of an Arab hijack team which blew up a Japan Airlines jumbo jet in Libya two weeks ago is a left-wing guer- rilla wanted in connection with last years Lod Airport shooting. Osamu Manioka. hf- been the subject of a worldwide po- lice search since he dis- appeared at the time of the Tel Aviv massacre in which 26 per- sons died. Police made.the identification on the basis of information re- ceived from where Ma- ruoka and three other men are awaiting trial on charges re- lated to the hijacking and sub- sequent blowing up of the Boeing 747 airliner at Benghazi. Libya has not named the four men. MINES Acme Advocate ASb Akaitcho Bralorrn Brnulan Bethletiem Bovis Brunswick C N West Land Canada Tung Casslor Central Pat Chimo Conwest Cons Rambler Coin Ldke Cochenour Cralgmont Dickenson Mint Denlson Wlinei D'Eldona Dome Mines Discovery Mine East Wlalartlc East Sullivan Falcon bridge Frobex First Giant Y. K. Granduc Hollinger Hudson Bay M-S Hydra Ex Iron Bay Iso Joliet Quebec Ken- Addison Key Anecon Labrador Lake Shore Langis Silver Madsen R L Malartic G F Martin McNeely Maclntyre Meta Mldrim Intern Mogul Nu West Homes New Athons New Calumet Noranda Northaate Norlex Pine Point .13 1.22 1.05 2.1S .43 2.30 5.20 7.75 223 11.00 1.08 1.11 5.30 385 .16 .97 350 39.00 .4i S8.50 1.27 4.05 2.81 8050 .30 .71 815 3.50 .00 .27 370 2.22 .23 13.00 .36 43.00 2.95 .06 1 25 .94 .32 57.00 .14 H.12V4 .14 .25 W.75 6.35 .31 36.50 Placer Dev Pax Exp Quebec Man Rayrock Radios Rio Algom Roman Corp Sherrltt Gordon Steep Rock Tek Corp Texmont Upper Cenads West Mines W H Cop Mines Wright Harg Wlllroy Windfall Yellow Bear Zenmac INDUSTRIALS Abltibl Alcan Algoma Steel Atco Ind Jannock Agra Ind Bell Tel Brazil Trac B.C. Tel Burns B.C. Forest B C. Suoar Bow Val Ind Cable CAE Ind Cdn Brew Chemcell Col Cell Calgary Power Coron Credit CW.N. Gas Cdn Ind Can Marconi Cdn Vickers Chryser C.P.R. Cominco Cons Bath Cons Gas Dlst Seaqrams Dom Bridge Domtar Dom Textile Dom Stores Dwne Pele Dofasco 30.50 Glendale J.iil Grt Cdn Oil .13 Gen Motors 1.35 Grt Lakes Pp .38 Gulf Oil Cda 29.75 Greyhound 9.30 Hawker Sid Hiram Walker 1.64 Hur Eris 4.00 imp Oil .26 Imasca 290 int Nickel 3.30 Int Pipe 3.65 Inv A 1.00 Int Utll 1.10 Ind Accept .16Vi Kaps 3.90 Kelly Doug A .UVi Laurentlds Loeb 121J'A Loblaw A 33.25 Met Stores 18.75 Massey Ferg 12.00 McMillan 7.12'A Moore Corp 1025 Molsons A 40.75 B 18.00 Nachurs 52.00 North Cent 16.75 Power Corp 19 50 Price Co. 19.00 Rothmans 3d 75 Simpson's 16.00 Simp Sears 1025 sleel of Cda 4.05 Selkirk A 4 60 Texaco S.nvi Traders Grp A 23 00 Trans Mtn Pp 1.90 Trans Cda Pp Pfd Union Carb Union Gas 3.90 Union Oil 15 62Vj United Siscoe Versatile Mfg 17.25 Westeel Weston's B 33 75 Woodward's A 15.75 West Cdn Seed Zenith Elec 3750 BANKS 22.50 Cdn Imp 9.00 Montreal 1475 Nova Scotia 35 Royal Tor-Dom 8.05 64.75 23.75 36.00 4.50 5600 2700 41.75 31.00 32.00 23.25 9.62'A 17.87VJ 6.50 5.50 4.65 6.12'A 16.50 22.00 52.12'A 24.75 J4.00 8.50 15.87 12.25 e 32.50 15.25 M.09 20.00 30.25 17.50 9.7S 17.25 5.15 7.12V4 15.50. 21.00 23.25 5.1 2VJ 2.45 31.25 18.25 3375 36.00 3J37IA New York stocks CSirppDed Ricbirdson Secartflei of Cm Drug gangster found in trunk PARIS The body of a man found in a trunk floating in the Seine River was that of a French gangster on the mosU wanted list of United States drug French police said this week. ..He was identified as Andre who bad been tailed by drug agents. They hoped the gangster would lead them to his contacts in European-U.S. drug traffic. Police suggest he was killed because the top men in his ring realized he was being Mowed because be tried to double- crow accomplices. Building material boss gives caution VANCOUVER The president and chief executive officer of Weldwcod of Can- ada Ltd. has cautioned share- holders against expecting im- proved earnings in the first half of 1973 to continue in the sec- ond half. improved earnings are attributable in a large measure to the high prices received for lumber and plywood during the first half of president Gordon Bowell said in a pre- pared statement. Net sales for the six months ended June 30 were up 42 per cent from 000 in the same period last said Mr. Bowell. He said net income reached equal after prefer- ence share dividends to a common compared with or 67 cents a share in the first half of 1972. The strong demand for build- Beef Futures WINNIPEG Live beef Sep Nov Jan Mar 55.00B. Tuesday's Six con- ing materials that prevailed during the .past year continued through most of the second but began to slacken in he said. Second-quarter sales reached compared with in the same period last be said. Second-quarter income was or 96 cents a common share. This compares with or 43 cents a year said Mr. Bowell. Gold futures WINNIPEG Gold fu- U.S. Winnipeg Commodity Oct 73 Jan 74 Apr 74 Jly 74 _ 124.90A. Tuesday's 63 con- tracts. WIN CONGRATULATIONS SPRING COULEE Mr. and Mrs. Ken Beswick are receiving congratulations on the birth of their born re- cently at the Magrath Munici- pal Hospital. WANT 150 DONORS VULCAN Members of the Vulcan AARN. will or- ganize a county-wide drive for the second Red Cross blood do- nors' clinic Aug. 15 from 5 to 8 p.m. at County Cen- tral High School Auditorium and the objective is 150 donors. Amr T and T Anaconda steel Chrysler Comsat Duporvt GM Gulf Int Harvester Kenn Copper W 25 93.75 7525 3500 48.25 Sears X-ROTI 26 62Vj Texas Gulf 25.00 Texas Co 52 00 WIckES Corn 165 75 Woolworth Elec Indust 901.11 off .90 2275 U.S. Steel 24S7V-20 Rails 159.27 off 23 3050 Gen Tel Elec 29 15 Utilities 96.36 off .12 3025 TORONTO AVERAGES 65 Stocks 271.50 oft 20 20 Golds 578 21 off 10 Base Met 104.27 off .37 IS W Oils 2J9.67 up Jl Volume YORK AVERAGES Montgomery Ward 22.12Vi 20 Indust J1S.73 off .29 Volume a an 1003 4th Avenue Lethbridge Telephone 328-4426 Cervices The following unit which appeared in our advertisement August 7th should have STOCK NO. 731 A 1970 Meteor Montcalm 2 Door Med. brown in color. Here Everything at We regret tiny inconvenience this may have caused.. FORD IS 10 M.M. Drive at 16th Avenue Phone 32MM1 and Kirs. Kuipers HOME FOR 3602 South Parkiide Drive Well built j bedroom family home with Indoor pool and tropical 2 car garage with electric all draperies and many more luxurious features. Phone 338-4645. I ;