Lethbridge Herald, The (Newspaper) - August 11, 1970, Lethbridge, Alberta
Market Declines Fo Second Day TORONTO (CP) Prices were sharply lower in light mid-morning trading today as the Toronto stock market en- tered its second consecutive de- clining session. On index, industrials were down .95 to 156.09, golds .13 to 154.08, base metals .14 to 93.65 and western oils .63 to 156.20. Volume by 11 a.m. was shares, down from at the same time Mon- day. Losses outnumbered gains 116 to 41 with 141 issues unchanged. Largest losses were in bank, industrial mining, merchandis- ing and steel sectors. Among declining stocks, Fal- conbridge was down to 138, Cominco to CPR to 56% .Home A to 1614 and Aquitaine Vi to 21. Sherritt was down Vt to 19% United Bata 10 cents to and French Pete 10 cents to MONTREAL (CP) Prices slid sharply lower in all sectors in light trading on the Montreal stock market today. Falconbridge fell 8 to 136 fol- lowing an announcement of a lower net income for the first six months of 1979. CPH slipped IVs to also after reporting decreased net earnings. Price Co. advanced to Cominco slipped 1 to 2VA, Inco V, to Northern and Central Gas to Bell Canada to Algoma Steel to 1K4, Imperial Oil to 17, Aquitaine Vt to Bank of Commerce to 1914 and Royal Bank Vs to Alcan Aluminum was up Vs to On Index, papers slipped 2.72 to 81.07, industrials 1.42 to 158.05, the composite 1.29 to 153.77, utilities .99 to 129.96 and banks .82 to 166.29. DVA SAGS NEW YORK (AP) Stock prices slid gradually downward this morning as trade held to a lagging pace. At noon the Dow Jones aver- age of 30 industrial stocks had 3.15 points to 710.7Y. Decliners held an almost 3-to- 1 lead over advancing issues on the New York Stock Exchange. Analysts could point to no spe- cific reasons for the market's decline other than technical fac- tors and the historic slowdown in market activity that usually Cominco Cuts Lead Prices MONTREAL (CP) Cominco Ltd. announced a reduction in lead prices in Canada by one- half 'cent to 15% cents a pound. The reduction is effective today. H. M. Lewis, director of sales for the Vancouver-based com- pany said: "In view of the cur- world supply and demand for lead, we are convinced that a decrease in price is unwar- ranted at this time. "However, we have no alter- native but to follow the price re- ductions taken by the major producers of lead in the United States." Last Friday, Cominco said it would not reduce the price of lead. Earlier in the day Ameri- can Smelting and Refining Co. announced a half-cent reduction to 15 cents in the U.S. Transfers to Berry's Car Sales Dept. CAYLE JOHNSON After 5 years as a truck spe- cialist at Beny's, Gayie has transferred to the car sales de- partment. He has been employ- ed by Beny's since 1952 except for four years with General Supplies Ltd. in Calgary. Gayle is a native of southern Alberta having been raised at Barnwell. He is a married man with two children married and one still at home. He welcomes his many friends and acquaint- ances to see him at Beny's for their every motoring need, whether it be a new or used car. occurs in August. Among Canadians, Canadian Pacific fell 1, Walker Gooder- ham was off and Inco dropped On the American exchange, Canadian Javelin was up Vs and Canadian Marconi off a like amount. Livestock Lethbridge Livestock (Supplied by Canada Department of Agriculture) On offer to 11 a.m. 140 cattle. Receipts mostly slaughter cattle. Trade slow. Good and choice butcher steers under pressure, prices 25 to 50 low- er. No butcher heifers sold ear- ly. Medium and good cows meeting only fair demand, prices 25 to 50 lower with odd heifery kinds up to 21.50. Bulls steady. Medium and good stacker and feeder steers weak to 50 cents lower. Choice steers 28.25 to 28.85; good 27.75 to 28; medium 25.50 to 27.50. Good cows 20.25 to 21.10; me- dium 19 to 20; earners and cut- ters 15 to 18.50. Good bulls 26 to 27.30. Good heavy feeder steers over 800 Ibs. 28 to 29; medium 25 to 27.50; good light stock steers 30 to 32. Butcher hogs sold Monday f.o.b. Lethbridge 27.15 to 27.40 base price. Two hundred hogs sold for export. Price convert- ed to 21.90 to 22 livcweight. HOG SALES' Monday's sales 950 hogs. All classes of weaner and feeder hogs under pressure. Weaners around per head lower. Light feeders under 100 Ibs. or more lower. Heavy feeders over 100 Ibs. steady. Weaners 9-14; light feeders under 100 Ibs 16 to 20; heavy feeders 100 to 130 Ibs. 26 to 30.25; heavy feeders over 130 Ibs. 31.50 to 36.25. AH prices per head. Light feeders under 100 Ibs. from 27 to 31 per hundred- weight; heavy feeders over 100 Ibs. 20 to 25.50. Calgary Livestock CALGARY (CP) On offer to 11 a.m., about head; mostly slaughter steers and heifers of mixed quality. Trade was moderate. Slaughter steers and heifers were barely steady; cows were lower and bulls were steady. Choice slaughter steers 28.50 to 29.20, good 27.75 to 28.50, medium 26.50 to 27.50. Choice heifers 26 to 26.40, good 25.25 to 25.75, medium 24.50 to 25.25. Good cows 20 to 20.40, medium 19.25 to 19.75, canners and cut- ters 17 to 19. Good bulls 25.50 to 27.40. Replacement cattle were in short supply with most of those offered being heavier kinds at steady prices. Good feeder steers weighing more than 750 pounds 28.50 to 29.50. No stock or slaughter calves were offered. Hogs base price 26.55. Portland Livestock PORTLAND (AP) Cattle and calves Slaughter cows strong to 50 higher; other classes not es- tablished; slaughter steers, choice 1300 to 1430 Ibs 28 to 28.25; standard and good 900 to 1450 Ibs 23 to 27.30; slaughter heifers, high good and choice 26 to 28.00; slaughter cows, utility 19 to 21.50; few cutters' 18 to 19.75; slaughter bulls, commercial and good 24 to 28.50. Probe Dumping Of Electric Can Openers OTTAWA (CP) An investi- gation has been launched by the revenue department into alleged dumping of electric can openers from Japan on the Canadian market. A revenue department spokesman said Monday that if the investigation shows there is dumping, a provisional duty will be imposed on the can openers until a tribunal decides whelher Ihe dumping was causing mate- rial injury to the production of similar goods in Canada. ankers tion, unsolicited credit cards, securities trading, taxation, provincial lending authorities aid development plans, student loans and more. There have been two reductions of the bank rate, with their subsequent result on bank loan charges; freeing of the Canadian dollar with the complicated repercussions on international trading; and the decision of the banks to ditch the traditional service charge on out-of-town cheques. A research study by Gairdner and Co. Ltd., investment dealers, says this all means that the banks operated under major handicaps during the first half of the year. For the next six months, the study sees earnings growth adversely affected by the abolition of out-of-town cheque collection charges 'and the floating Canadian dollar. Tire cheque charge, usually 15 cents, was abolished with the introduction of electronic data processing equipment which lowered the collection costs' and made the charge no longer justified. SEE BIG DROPS Gairdner estimates that ttie seven larger banks alone will lose revenue of to ?35 million in a full year from elimination of this charge. "It is quite likely that as a result of the last two developments, earnings of the banks could be lower than previously the study concludes. "Nevertheless, chartered banks profits on an average may grow at a rate of nine to 12 per cent for fiscal 1970." Canada's five major banks are the Royal, Commerce, Montreal, Nova Scotia and Toronto Dominion. Latest figures compiled by the American Banker stow these five to be among the top 50 in the free world, based on total deposits. The Hoyal is Canada's largest, ranking 7th in the world behind four United States and one United Kingdom bank. The Commerce is 12th, Montreal 17th, Nova Scotia 34th and Toronto Dominion 45th. The Bank of America tops the list with almost million in deposits. The Royal has Tc U.S. Gas j YELLOWKNIFE, N.W.T. (CP) The National Energy Board will pass orders within the next few weeks on the possible export of nine million cubic feet of natural gas to the United States, says Trade Minister Jean Luc Pepin. The minister, who made a brief stopover at Yellowknife, 600 miles north of Edmonton, during the weekend, is a member of the cabinet Okay Export which will make the final decision. He said the decision to Important to the future ol Canada, Alberta and the Northern Territories. "It would be crazy to ait on it. In maybe 25 to 50 years we'll be heating ourselves from the rays of the sun and then we will kick ourselves in the pants for not capitalizing on what we had when gas and oil was a current commodity." He said if the decision allows export of the surplus natural gas "then we're in for the next round. The decision will condition the whole energy situation between Canada and the Oil Policy Stays EDMONTON (CP) Agriculture Minister II. A. (Bud) Olson said tolay the federal government intends to maintain its present oil policy which protects markets for western oil west o: the Ottawa Valley. He told a news conference after meeting for 90 minutes with Premier Harry Strom thai Energy Minister j. J. Greene has affirmed this is the govern Kent's intention. Mr. Olson said this was conveyed to Mr. Strom today. "We have not changed our minds even if we have to have some other authority for doing he said. The reference was to a recent Exchequer Court ruling which overturned restrictions on oil brought into Canada, limiting sales to Eastern Canada. "The court questlonec whether we had the authority to allocate oil sales. We do not ba-lieve it questioned whether we have the right to control inter-provincial trade. "We may have to set up a different border, using a provincial boundary rather than the Ottawa Valley as a h< said. een Hectic Canadian B: IYNOT matters is pretty skimpy." ess Editor Despite it all, one analyst expects the country's five major kers, this banks to show profit increases r. of nine to 12 per cent for the fis-d by the cal year, somewhat lower than ernment's previously anticipated. 1 a t i 0 n, PROBLEMS MANY an dollar, what has been occupying the le industry banker's time? 3 bankers Such tilings as: Regulation of consumer credit, amendments er, journal to the Bills of Exchange Act for ers' Asso- consumer protection, various ibout the provincial consumer protection such mat- acts, wheat inventory, anti-inflation efforts of the prices and imount of incomes commission, amend-important ntents to corporations Plant Sold TORONTO (CP) An agreement has been signed for the sale of the Calgary plant and equipment division of James United Industries Ltd. of Calgary, the company's liquidator announced Monday night The liquidator, Clarkson Co. Ltd. of Toronto, said the division is to be acquired by Western Gas and Oil Products Ltd., a wholly owned subsidiary of Western Rock Bit Co. Ltd. of Calgary. James United last month asked for and received shareholder approval to wind up the company voluntarily. The company lost in the year ended Dec. 31 and in 1968. James United operating interests include steel fabrication, structural steel, heavy industrial machinery, textile production and cement products. Western intends to step up the operations of the Calgary plant and its equipment distribution business as part of its own diversification Right-Cottage Stolen FORT FRANCES, Ont. (CP) How would you like to find your cottage has disappeared when you arrive for your holiday? This is what happened to Donald Megrzyn when he arrived at Finlayson Lake 90 miles east of here. Not only had someone stolen his cottage but they had also taken all the furnishings and even the garbage, Mr. Megrzyn, of Chicago Heights, 111., told NEOUS QUOTATIONS ver, Calgary, Montreal f Doherty, Roadhouse and McCuaig) LAST BID OR SALE a.m. Quotes) a.m. Inter Steel 6.25 Invest Gr 9.5610.45 Jeff Lake 9.50 invest Mutual 4.67 5.11 Joule! 1.23 105 Vent 3.04 3.32 Kaiser Res 12.25 Mutual Ac F -1.30 4.73 Kam Kotla 1.85 Mutual Gr F 3.59 3.95 Lake Ont Pt 1.85 Mutual In 4.26 4.69 Mentor 49V4 Nat Res 6.48 7.08 Newconex 5.65 N W Fin ___ 3.35 4.21 Pac Pele 24.50 N W Gr 3.83 4.21 Rank Organ 13.00 Principal Gr 339 37: Shell Inv 2775 Regent Fund 7.28 7.96 Shell Inv Ptd 27.00 Roytund 4.63 4.78 Shell Inv Wts 12.00 United Ac 4.06 4.46 Sicks Rainier Universal Sav 6.13 6.70 West Cdn Sd 5.30 White and YuK 13.75 VANCOUVER CALGARY Anuk Acrol! TOO Arctic Mining .25 Anac !07 Ailes Explor 1.10 Barons Oil 06 Belh Copper 14.75 North Cent 02W Bornile Ridga Plains Pete 2fi Block Bros 2.V5 West Warn 41 Brenda fl Exports L WINNIPEG K-T) Canadian wheat exports for the week ended July 31 totalled 11.7 millions bushels, above both last week's shipments and the clearances of the same week one year ago, the board of grain commissioners reported Monday. In Its weekly report, the board said visible stocks of wheat increased 23.2 millions bushels to 437.2 million, well below the 477.4 million of one year ago. Famers' marketings of wheat totalled 36.6 millions bushels, above last week's 20 million but below the 49.1 million of the corresponding week last year. Overseas clearances of other1 grains with last week's total in brackets: Oats nil barley 7 million (4.9 rye flax and rape-seed 1.3 million Visible stocks: Oats 16.7 million (16.5 barley 73.9 million (76.5 rye 5.7 million (5.8 flaxseed 5.2 million (5.4 rapeseed 3.3 million (4.8 Farmers' marketings: Oats 1.3 million bar-fey 6 million (4.8 flax 400.00C Rapeseed Thunder Bay stocks of all grains totalled 6.3 million bushels, down from both the 64.8 million of last week and the 72.1 million of the comparative week one year ago. Visible stocks of 73.9 million bushels of barley, 5.7 million o rye, 5.2 million of flax and 3.; million of rapeseed were al down from last week, but the 16.7 million bushels of oat was an increase. Quinalta 05 Capt Inter PIPELINE STOCKS Crestbrook For 1 5.75 Alfa Gas Tr L A 44.00 Croyden .27 Alta Gas [Nat) 19.00 Dolly Varden .40 Inland Nat Gas 9.50 Dynasty 7.00 N and C 12.50 Endako 12.25 N andw C B Pfd 26.25 Fort Reliance Tr Cdn Pipe 28.75 Granisle Tr Cdn P Pfd 36.50 Key Indust 33 Tr Cdn P Pfd A 56.1 2Vz Hy's Tr Cdn P War 9.00 Inferior Brew 4.10 Westcoast Tr 19.50 Jerichri 06 Western Pacific 4.30 Kamloops Copper .10 MUTUAL FUNDS Lornex 7.70 AGF Special 3.00 Lytton Minerals 2.BO All Cdn Com fi.06 6.65 Madrona 31 Al CTdn Divid 7.06 7.72 New Cronin All Cdn Vent 3.07 3.35 New Imp Mines 1.75 Amr Gr Fund 4.07 4.47 Primer 15 Cdn Invest F 4.00 4.39 Pyramid Col Mutual 4.80 5.27 Silver Standard 1.55 Cmnw inter 10.80 11.84 T c Explor .48 Cmnw Lev 2.63 2.83 Texmont 47Va Corp Invest 4.72 5.16 Trojan 63 Corp In S F 4.35 4.76 Western Mines 4.15 Dreyfus F U.S. 9.7310.66 Westcaost Res .24 Gr Equity 5.51 6.05 Western Explor Prices EDMONTON (CP) Weekly egg and poultry report issued by the Alberta department of agriculture: Eggs To producers A large. 39; A medium 29; A small 14; B 12, C 5; cracks 10. To retailers A large 51 to 52; A medium 40 to 41; A small 25 to 26; B 25; C 20 to 21; cracks 23 to 24. To consumers (in cartons) A large 55 to 56; A medium 44 to 47; A small 29 to 35. Poultry To producers Live No. 1 chicken Broilers 20. Fowl under 4, 5. Under 12, Live No. 2 chicken Broilers, Turkey Under 12, MINES, INDUSTRIALS Richardson Securities of Canada LAST BID OR SALE a.m. Quotes) a.m. Quotes) North, Cent 12.50 Falconbridgs 138.00 Pembina Pp 19.50 Frohex 28 Power Corp 6.00 First Maritimcs 1.05 Price Co 7.62W Grant Y.K 7.25 Rothmans 10.37V2 Gortdrum 3.40 St. Law Corp 19.00 Gunnar 1-45 Shell CDA 28.00 Granduc 8.50 Simpson's 14.50 Headway R.L. .11 Simp sears 20.00 Hoiiinqer 31.00 Stell of Can 21.1214 Hud. Bay M-S 20.25 Selkirk A 10.00 Hydra Ex 20 Texaco 22.3716 Highland Bell 2.80 Traders Gp A 8.75 Iron Bay 2.85 Trans Mtn Pp W.62V4 Iso 2.17 Trans Can Pp 28.50 Joliet Quebec .25 Union Gas 14.00 Kerr Addison 11.00 Union OH 33.00 Key Anacon .37 Versatile Mfg 2.40 Labrador 28.00 Westeel 9.50 Lake Shore 3.35 Union Car 11.75 Leitch 1.57 Weston's B 21.75 Langis Silver .07 Woodward's A 15.25 Macassa 1.31 West Cdn Sd 2.20 Madsen R.L. .86 Zenith Elec 1.40 Malartlc G.F. .70 BANKS Martin AncNeely J1V5 Can Imperial 19.25 Maybrun 2-1 Montreal 14.75 Maclnfyre 151.09-Nova Scotia 17 Royal 21.50 Mldrim 28 Tor-Dom 17.62Vi Intern Mogul 10.50 New Athona .16 MINES Now calumet .26 Acme .10 New Imperial 1.75 Advocate Asb. 2.DO Noranda 28.75 Akaiicho 42 Norihqate Futures WINNIPEG (CP) The Winnipeg live beef futures markei was fairly quiet Monday with some activity in September and January Open High Low Close Sep 29.25 29.25 29.22 29.22 Nov 28.75N Jan 28.80 28.80A Prices Winnipeg Groin Prices WINNIPEG (CP) Trade continued light at the close of the Winnipeg Grain Exchange today, with rye drawing strength from buying interest of U.S. houses. Rye closed on advances from increasing U.S. activity caused by the pending withdrawal of the commodity from the Chicago market next month. Rapeseed prices firmed at, levels below previous close in a largely speculative trade. Activity in flax was dull, mostly a stand-off. Volume of trade Monday was bushels of flax, of rapeseed, of rye. Prices for Class Two wheat for export to countries outside IGA: 1 Nor 1.72; 2 1.69; 3 1.6054; 4 1.49% 1 Durum 2 3 IGA prices: 1 Nor 1.72; 2 1.69; 3 4 1.4954; 1 Durum 2 3 Prices EDMONTON (CP) Hog prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board: Edmonton: Quoted 20.50 to 26.55, selling 26.55. Average Monday 26.74. Red Deer: Quoted 26.55, selling 26.55. Average Monday 26.97. Calgary: Quoted 26.50 to 26.60, selling 26.55. Average Monday 26.98. Lethbridge: -No sales. Average Monday 27.22. Lloydminster: No sales. Average Monday 26.40. Sows sold 785 to 11 a.m.; average 16.67. Hogs sold Monday average FOR ALCOHOLICS WASHINGTON (Reuters) -The senate approved a million program here to help the estimated nine million alcoholics in the United States. The bill would establish a national health institute for dealing specifically with alcoholism as part of the national institute of health. Futures WINNIPEG (CP) The Belcher Iron .38 Osisko .31 Black Bay 08 patino 36.50 Bralorne 1.75 Pine Point 34.00 Broulan 24 Placer Dev. 30.50 Bethlehem 14.75 P.C. Exp 78 Brunswick 4.90 Quebec Man .21 Vt Canada Tung. 2.00 Rayrock 1.26' Cassiar 20.25 Radiore 31 Central Pat. 2.6S Rio Algom 18.25 Chimo 1.25 Roman Corp. 6.05 Conwest 10.50 Silverflelds 2.01 Cons. Rambler .93 Sherrltt Gordon 19.75 Coin Lake 14 Silver Miller -071A Cochencur 43 Steep Rock potato futures market was inactive Monday with some bids at previous close levels. Open High Low Close Nov 2.20B Mar 2.55N Apr 2.68B May DIETRICH DENTURE CLINIC Certified Denial Mechanic Metropolitan Bldg. 328-4095 TEXACO CANADA LIMITED has for lease a combination Wholesale-Retail outlet in the Town of Vauxhall, Alberta. For those who are desirous of going into busi- ness for themselves, here is the "Golden Oppor- tunity" that offers a very rewarding and profit- able future to the successful applicant. Interested parties call 327-4370 or write to Suite 3rd Avenue South, Lethbridge, Alberta for further information."