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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 14, 1974, Lethbridge, Alberta Alternative to sugar sought as price soars By ERNEST HOLSENDOLPH New York Times Service NEW YORK-Thesurge in sugar prices, which have I I The Herald Wednesday, August 14, 1974 THE LETHBRIDGE HERALD 39 Business tripled in eight months, has forced major industrial users to raise the prices of their products and give serious thought to sugar alternatives. The price of raw sugar in ALBERTA TRADE UP MARKEDLY EDMONTON (CP) The June Alberta statistical review shows wholesale trade is up 30 per cent from 1973 to million in Edmonton and million in Alberta for the January to April period The review also shows retail trade increased 15 per cent for the same period, bringing it to million Estimated farmers' cash receipts from farmine operations in that time rose 94 per cent, with crops accounting for a large part of the increase. Crop cash receipts went up more than 100 per cent over last year leaping from million to million. In the area of packing plants, the report showed gross sales increased 12 per cent to million in the January to April period this year, compared with last year. I Steel firms 'not gouging SYDNEY, N S market conditions and not price gouging are behind spiralling steel prices in Canada, the federal inquiry into steel profits was told Tuesday. In fact, increasing material and production costs were steadily reducing profit mar- gins, said officials of Sydney Steel Corp. (Sysco) in the only submission made to the com- mission hearing here. The commission of inquiry, authorized by a May 22 order- in-council. is conducting public hearings across Canada into the pricing and marketing policies of steel makers. The inquiry will attempt to determine whether or not steel producers are charging exhorbitant prices or gaining an advantageous market- position by withholding inventories. Sysco, a Crown corporation wholly-owned by the province of Nova Scotia, is the only major steel producer in the Atlantic provinces. However, the commission was told Tuesday that the company has only a small place in the Canadian steel than six per cent of total is largely at the mercy of world and domestic market conditions. In an interview, Ernest Alderton, president of Sysco said his company along with other Canadian steel producers was not going after the lucrative export market because of its responsibility to Canadian industry. Asked what he thought would be a reasonable profit for Canadian steelmakers, Mr. Alderton replied: "A return of 10 per cent on investment would make us the happiest people in the whole world." He said Sysco currently loses about million a month and is expected to show a deficit of million in the fiscal year ending March 31 1975. "The steelmakers are very responsible industry. We look after our domestic com- mitments first." The commission resumes hearings in Regina Thursday and has scheduled a hearing for Friday in Vancouver. Average Ontario corn crop seen TORONTO (CP) While corn growers in the United States watch their crops being battered by a drought in the Midwest, indications are that this year's corn crop in On- accounts for about 85 per cent of Canada's' be about average. While the average yield is expected to drop bushels per acre compared with last year's 86 total expected crop will be slightly larger than last year's, due to an extra acres being planted to corn in the province this year. Total provincial production, based on the current expected yield, will be 102.9 million bushels, up 1.9 per cent from Morris Huff, secretary of the Ontario Corn Council, says yields in other major corn producing area in the not expected to be close to those of Ontario. He predicted 50 to 60 bushels per acre with a provincial crop of between eight and nine million bushels. A total of acres have been planted in Quebec, up sharply from last year's 95.000 acres. the New York spot market was about 11 Vi cents a pound Jan. l, but it has soared as high as 32 cents this month, and sugar brokers say they see no indication that a peak has been reached. The largest industrial consumers, producers of soft drinks, which used tons of raw sugar in the first quarter, are moving toward a new sweetening process. The Coca-Cola Company, the Royal Crown Cola Company and the Dr. Pepper Company, among major soft- drink have approved use of a form of corn syrup to supplement sugar as a sweetener. Described as a "high-fructose" product, the corn syrup is treated with a special enzyme to increase its sweetness. The corn syrup, now being produced by only two companies the Clinton Corn Processing Company of Clinton, Iowa, and an Illinois concern, the A. E. Staley Manufacturing Company will be used as in the proportion of one part to about three parts of sugar. The Coca-Cola Company has approved the new sweetener for all its drinks except Coca- Cola including Sprite and Fanta. Pepisco Inc.. which produces the concentrate for Pepsi-Cola, has not yet modified its sweetening process, but a spokesman for the company said recently that its executives are "considering alternatives." So far, Clinton and Staley, which have the rights to produce the corn syrup sweetener, under the trade names Isomerose 100 and Isosweet 100. are now swamped with demand and supplies are generally unavailable to most bottlers. The sugar-consuming companies have been assured that they are protected economically as they move toward the new process. Clinton and Staley say the new sweeteners will always be priced below the market price of sugar. Most industrial users appear to be moving cautiously in considering more exotic alternative sweeteners. The, two other industrial users of include the baking industry, which embraces cereals as well as baked goods, and the confection business. Together these two industries match in volume of sugar consumption the soft-drink industry. A spokesman for General Mills Inc. in Minneapolis said that his company increased the use of various types of alternatives" but he declined to specify them. His and other companies have preferred to rely mostly upon recovering their heavier outlays for sugar increasing product prices. As a consequence, some prices that have become institutionalized have had give way. The Hershey Poods company's five-cent chocolate bar, for instance, now costs 15 cents. Coco-Cola has risen in price about 30 per cent by the case and Pepsi-Cola by about 25 per cent. All of the companies whose spokesmen were interviewed said that, despite higher prices, sales were holding up and there was no significant sales resistance encountered at this point. Toronto stock prices down sharply at noon Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERTY LIMITED WESTERN OILS AND MINES Alton Mines Albany Oil Alta East Gas Almmex Asamera Ashland BP Canada Brenda Mines Cda South Cdn Ex Gas Cdn Homestead Cdn Ind Gas Oil Cdn Long Is Cdn Super Chieftan Dev Dome Pete Dynasty Fort Reliance Giant Mascot Gibraltar Mines Gt Plains Gt Cdn Oil S Lochiel Ex Lytton Min Noble Mines North Cdn Oil Numac Oil Gas Pancdn Pete Pan Ocean Petrol Pinnacle Place Gas Ponder Ranger Oil Scurry Rain Seibens Spooner Total Pete Ulster Pete United Canso Westcoast Pete West Decalta MISCELLANEOUS INDUSTRIES Acres Ltd Aquitaine BC Sugar C Pfd Block Bros Canbra Foods Cdn Pac Inv A Pfd Carling O'Keefe A Pfd Carling O'Keefe B Pfd Comm Cap Corp Crestbrook Ind Crowsnest Ind Falcon Copper F and M Trust Co Genstar Home Oil A Home Oil B h'uu Bay Co Hud Bay Oil Hud Bay Oil A Pfd Hugh Russell Husky Oil Husky Oil B Pfd Husky Oil E War Interprov Pipe War Interprov Steel Pipe Kaiser Res Kaiser Res War Loblaw Co C Pfd Magnasonics Pacific Pete Pac West Air Pe-Ben Oilfield Serv Rainer Inc Royal Trust 4.75 .32 4.60 5.25 8.50 7.12% 13.62% 5.50 3.00 2.65 3.70 6.50 .17 -38 6.12% 25.00 9.00 !70 7.75 39.75 7.1214 1.55 1.45 .35 3.70 11.87% 9.62% 10.62% 1.40 .31 .31 .50 19.75 19.00 10.50 .28 .87 10.75 3.15 5.37% 6.12% 22.87% 12.50 3.00 2.70 29.12% 17.25 1.95 4.95 21.00 10.12% 4.25 17.75 32.00 31.00 15.87% 26.75 41.00 73.00 15.75 32.00 6.12% 2.45 15.50 4.05 1.66 24.62% 2.10 19.50 13.37% 4.80 2.75 19.75 Sandwell Teledyne Trimac Westfield Min Weston A Pfd White Yukon PIPELINE STOCKS Alta Gas Trk A Alta Gas Trk Pfd Alta Nat Gas Gaz Metro Gaz Metro A Pfd Inland Nat Gas N and C Gas N and C B Pfd Pacific Gas Trans Trans-Cda Pipe Trans-Cda Pipe A Pfd Trans-Cda Pipe B Pfd Trans-Cda Pipe War WC Trans WC Trans War CALGARY Acroll Barons Oils N. Continental Western Warner VANCOUVER MINES Bathurst Norsemines Cima Resources Oankoe Davenport Dolly Varden Equitorial Res. Lornex Northair Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Key Industries Wardair OILS August Petroleum Plains Pete. Ponderay Explorations Stampede Int'l Res MUTUAL FUNDS All Cdn. Compound 5 22 All Cdn. Dividend 5'45 All Cdn. Ventures 2 59 Amer Growth Fund 3 84 A.G.F. Special 1.93 Cdn. Invest Fund 4.28 Collective Mutual 4 52 Eaton Comnwlth 11 Eaton Leverage 2 79 Eaton Int'l Venture 511 Corp. Investors 5 45 Corp Invest Stock Fund 4 08 5.75 4.05 4.30 .90 48.87% 7.00 11.87% 54.00 17.50 5.50 55.00 12.50 9.75 19.75 8.25 9.37V, 53.00 31.00 .95 19.00 2.25 .34 .06% .02 .30 1.08 .73 2.50 .65 .17 .10% 7.75 1.96 .06 .07 1.50 6.00 .06 1.50 TORONTO (CP) Prices on the Toronto stock market were sharply lower in moderate midmorning trading today. The industrial index fell 1.09 to 182.55 and western oils 111 to 175.89. Golds rose 12.8 to 506.26 and base metals 26 to 81.31. Volume by 11 a.m. was 000 shares compared with shares at the same time Tuesday. Declines outnumbered ad- vances 148 to 66 with 141 issues unchanged. Distillers Corp. lost to Leon's Furniture Vz to Northern Electric Vz to Chrysler Corp. V2 to Vg and Imperial Oil A Vz to Canada Malting A 1 to Chum B Vz to New- foundland Light V2 to To- ronto Dominion Vz to and Bell Canada V4 to Dynasty was down to Adanac Mining six cents to 26 cents and Chemalloy two cents to Camflo was up to and Pamour to United Canso fell Vz to Peyto 35 cents to and Pan Ocean V4 to Western Decalta rose Vt to Canadian Natural Gas, [Petroleum Exports to -1800 Millions of Dollars------ -1500- -1200- i-900- -60( -300- Petroleum 69 70 ira '________, 71___72 73 74 and crude .28 .13 .65 .60 5.67 5.92 2.82 4.22 Market trends 4.70 4.96 MONTREAL (CP) Prices were generally lower in light trading on the Montreal Stock Exchange today Distillers Corp.-Seagrams fell to Imperial Oil class A V4 to Consohdated-Bathurst v4 to and Bank of Montreal li to while Alcan rose to Export value increases Exports of Canadian natural sTnce since 1969. In that year, shipments were valued at jus over million. In 1973, natural gas and crude petroleum exports had increased to a little more than b, Hon. The 1973 figure was almost matched in n VdS of 1974- part of the increased value government013 by the federal Dreyfus Fund U.S. Grouped In Shares Growth Equity Invest Growth Fund Investors Mutual Mutual Accum Nat. Resources N.W. Cdn. N.W. Growth Principal Growth Provident Mutual Royfund Ternpleton Growth United Accum Universal Savings Univest Vanguard 6.00 4.48 9.26 8.45 2.64 5.93 6.52 10.57 11.49 4.98 5.44 5.49 3.99 4.91 3.91 3.70 6.46 4.99 6.51 3.91 7.10 5.47 4.49 6.63 4.38 5.40 4.30 4.06 7.06 5.20 7.14 4.30 7.81 6.01 4.92 Toronto mines, industrials (Supplied by Richardson Securities of Canada) Dollar strong in Europe FRANKFURT, West Ger- many (Reuter) President Ford's address to Congress enhanced confidence in the United States dollar Tuesday pushing it to its highest levels for nearly five months on Western European markets. But in Japan the dollar lost ground slightly. Tokyo dealers said the lower rate was due to local supply-and-demand fac- tors. The U.S. currency closed on the West German foreign ex change market here at 2.618 marks, its highest since March 20. It had opened at 2.611. Dealers said the dollar was buoyed by Ford's stated resolve to tackle United States economic problems. The West German central bank made no move to support the mark and stem the dollar's advance through sales from its huge dollar holdings. GULF OIL CANADA LTD. Requires SERVICE STATION OPERATOR (Lessee) For excellent highway location combination service Write Box 88, Lethbridge Herald The other currencies linked to the mark in the European joint float of the Benelux and Scandinavian lost ground against the dollar, though mostly to a lesser degree than the West German unit which currently is weaker than most of its partners. The dollar also moved up against the franc and pound sterling. The latter was weakened by another big Brit- ish foreign trade deficit in July. In Frankfurt the pound usu- ally fluctuates in line with the dollar, and though it finished the day at 6.185 marks com- pared with its opening 6.175, dealers said its gain on the mark had been held back by market reaction to the trade deficit. In Zurich, trading in the dol- lar was relatively busy and it strengthened by nearly two centimes during the day to close at 2.990 Swiss francs MINES Acme v> Advocate Asb. ;ar Akaitcho _ .08% BC Forest 1.35 BC Sugar 1.80 Bow Valley 13.62% 20.25 16.50 'Ji as Bethlehem LI.- Bovis Brunswick ier Can. NW Land jn Canada Tung. Cassiar on Central Pat. Chimo CAE Ind 11.25 Cal Power 1-41 Canbra Foods 4.05 can Cellulose 3-40 Carling O'Keefe 4-55 Chemcell 6.25 Coron Credit CWN Gas Pfd 1-25 Cdn 2.70 5.50 2.45 5.50 3.35 8.50 22.12% f" Cons. Rambler lid Coin Lake a Cdn Marconi 2-81 Cdn Vickers -21 15.25 13.87V2 Craigmont US Dickenson Mines ke Denison Mines D'Eldona IS Dome Mines re Discovery Mines East Malartic East Sullivan ;r Falconbridge YFrobex First Maritimes Giant Y.K. e Granduc Hollinger "A" e Hudson Bay A 0 Hydra Ex. Iron CPR 4.65 Cominco oc Sons Bathurst 43.25 Cons Gas .35 Dist Seagrams 57.50 Dom Bridge 1-80 Domtar 6.25 Dom Textile 2.65 Dom Stores or. 10 Dome Pete Dofasco Glen Mobile 14-25 Grt Cdn Oil 2.00 Qen Motors Grt Lakes paper 19.12% Gulf Oil Greyhound 4-85 Hawker 29.25 27.50 14.50 30.00 42.25 25.50 9.75 14.75 25.12% 28.62% 3.00 7.00 40.50 20.12% 27.12% 16.50 5 87% e Joliet Hiram Walker E Kerr Addison J Key Anacon Labrador a Lake Imperial Oil A Imasca A 29.50 mt Nickel 6 00 29.50 24.75 26.37% i Langis Silver Madsen Int Pipe 6.25 r Malartic IU Martin McNeely Maclntyre IAC Ltd on ,i Jannock 29-75 Kaps 7.75 i Midnm 1 Intern Mogul NuWest Homes New Athona New Kel Douglas A Laurentide 5-50 Loeb 5.62% A 7.37% 2.90 6.75 9.25 Noranda Northgate nn Massey Ferg McMill Bloed 4.90 Moore 23.75 Pine Molsons p Placer Dev. Pax Exp. Quebec S! Molsons B 19.00 Nachurs 1-50 T 5.50 hl 9.75 n Receipts to 11 a.m. Wednesday from the Calgarv Public Stockyards totalled about 1.400 head, mostly slaughter steers and heifers. Trade was active with a good Eastern demand. Slaughter steers sold barely steady to 50 cents lower. Steers weighing 900 pounds dis- counted to Those weighing 850 to 900 pounds were discounted up to to Heifers met a good demand at prices a full dollar higher with sales to 45 80 Steers Al, A2-51.50 to 54.10. Heifers to Dl, D2-26 to 27.50. D3-22 to 31.10. D4-17 to 21 Bulls sold good 28 to 31.10. There were insufficient replacement cattle sold early to establish a market. Hogs base Hog prices EDMONTON (CP) Hog producers marketing report up until 11 a m Edmonton: 48.05 (4722) Calgary: 48.10 (47.67) Red Deer: Nil (47.69) Grande Prairie: Nil (46.13) Lloydminster- Nil (4652) Fairview: Nil (46.00) L-ethbridge. Nil (4697; Fort Marleod: NJJ (47.201 Hogs sold to II a.m. 548. hogs sold Tuesday 9.931, average 47.23. sows average 24.65. CHICAGO (AP) Dismal govern- ment crop forecasts pushed most com- modity futures in the United States to limit advances Tuesday On the Chicago Board of Trade nearly all contracts opened at limit gams and remained there throughout the light trading session. The gams included soybeans 30 cents a bushel, soybean meal a ton: soybean oil. 100 points: Chicago wheat. 20 cents: corn, 10 cents: oats six cents and iced broilers, two cents a pound. The surging grain prices also boosted contracts to limit advances on the Chicago Mercantile Exchange Live cattle, hogs, pork belly and egg futures spiralled to their daily per- missible limits. The session had the smallest trading volume in more than six years. Other futures reacted to the steep grain prices New York and Chicago silver closed the limit higher because ot fears that the crop situation may adversely affect U.S. exports. A U S department of agriculture report bolstered demand for grain futures as the government predicted substantially reduced corn and soy- bean crops because of drought con- ditions throughout the Midwest. At the close, soybeans were 30 cents higher. Aug. 3.04'2. Chicago wheat 20 higher. Sept Gulf wheat was not traded, corn 10 higher. Sept. 354 bid. and oats 6 higher. Sept 1 68'i. Gram quotes Tuesday Wheat Sep 4.51'a. Dec 4 66'2. Mar 4 "'2. 4 75'2. Jul 4.49. Corn Sep 3.54. Dec 3.47. Mar 3 52'2 May 349. Jul 3 49'2 Oats Sep 168'2. Dec Mar 1 82. May 1 83 (1 to 4 year term: GUARANTEED SAVINGS CERTIFICATES Interett payable monthly, quarterly, ..mi-annually or compounded to maturity. Member Canada Deposit Insurance Corporation Depositors can purchase Olympic coins Feed prices WINNIPEG (CP) Wheat board domestic feed grain prices, 3 CW red No 1 spring wheat 4.13. No Heed oats l.iBla; No l feed barley Fm FARMERS MERCHANTS TRUST 309 -7th Street S.. Lethbrldoe Phone 328-5548 ;