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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 17, 1973, Lethbridge, Alberta 82 THE LETHBRIDGE HERALD Friday, August 17, 1973 TSE prices up in earlv trade TORONTO (CP) Industrial Sssues were off fractionally but other sectors of the Toronto stock market were higher in moderate mid-moming trading today. The industrial index, consid- ered the main indicator of mar- ket direction, fell .12 to 215.91. 3olds rose .71 to 288.77, base metals .18 to and western oils .65 to 251.76. Volume my 11 a.m. was 000 shares compared with 000 at the same time Thursday. Advances led declines 83 to 78 with 164 issues unchanged. Among industrial sub-groups losses were pipeline, xust and loan, industrial min- ing and utility while beverage, oank, merchandising and oil re- Sning sectors were higher. Massey-Ferguson fell 2% to Alcan to Inco Vi .o Canadian Industrial Gas and Oil ]s to SS'i and Bell Canada to Bothmans rose one to Life Investors 75 cents to S3, Hudson's Bay Co. 3s to Dome Pete to and Dis- Corp.-Seagrams to Sherritt Gordon gained Vg to Hudson Bay Mining to. and Chemalloy 10 cents to Mindamar lest 40 cents to and Cam Mines cents to 16 cents. Ranger was up 7s to S33 and United Canso g to Pan Dcean dropped l-i to fell 's to and IAC Ltd. Vt to On the Canadian Stock Ex- change, Joubi Mines dropped three cents to 47 cents on a vol- ume of shares traded. NEW YORK (AP) Stock market prices drifted lower to- day in listless trading on the New York market as soaring in- terest rates and sky-rocketing inflation continued to keep in- vestors on the sidelines. The ow Jones average of 30 industrials at noon was down 3.01 at 869.73. Declining Big Board issues held a 569-to-448 lead over advancers. Among Canadian issues on the New York exchange, Dome Mines advanced 1% to Mclntyre one to and Mas- sey-Ferguson to Canadian Pacific was un- changed at 5165's, Alcan down to and Hiram Walker Vi to MONTREAL ''CP1 Prices were mixed in light trading on ite Montreal stock market to- fey. Combined volume on the Mon- jeal and Canadian stock ex- changes at 11 m. 210.000 shares, compared with 254.900 shares at the same time Thurs- day. Papers declined .33 to 130.13, utilities .25 tc 14209 and the lompesiie .03 to 227.02 while in- dustrials gained .03 to 245.83 ind banks were unchanged at S0.41. On the Montreal Stock Ex- change, Rothmans gained 1% to Distillers Corp.-Seagrams 4fe to and Royal Bank S.'B to while Laidlaw Motorways Livestock Calgary livestock CALGARY (CP) Receipts to 11 a.m. from the Calgary public stockyards showed sales of 425 head, mostly replace- ment cattle. Trade was active. There were in s u f f i cient slaughter cattle on offer to es- tablish a market. Quotations given were those of Thursday's close. Steers, Al, A2: 51 to 53. A4: 49 to 50.50. Cows, D3; 38 to 40. D4: 33 to 57. Replacement cattle were snostly fleshy shortkeep steers 900 to pounds and heifers 600 to 700 pounds, selling steady. Stock calves on offer were mostly heifer cSives weighing more than 400 pounds, selling steady. Good feeder steers more than 850 pounds: 50 to 55. Good feed- er heifers more than 600 pounds-: 49 to 53.60. Good stock heifer calves more than 400 pounds: 52 to 55. No hogs were sold to 11 a.m. Canadian Western Appointment CP earnings shoiv big increase MONTREAL (CP) Cana- dian Pacific Ltd. reports net earnings of ?S6.8 million or 91 cents a share for the first six- months of 1973, compared with S38.8 million or 51 cents for the corresponding period a year i earlier, 'The company said increased earnings came principally from CP Rail, CP Air, Canadian Pa- cific Investments and Soo Line Railroad Co. The company's trucking oper- ations suffered a slight decline while revenue from shipping slipped million, the com- pany said in a statement. Net railway earnings rose to minion from million and the company said tKs was due to normal weather condi- tions in the first quarter which permitted normal operations. Heavy snowstorms in the first quarter of 1972 had hampered operations. Consolidated net income from Canadian Pacific Investments Ltd. in the first half was million, an increase of mil- lion. First-half figures for this year include an extraordinary gain of million from the sale of investments by a subsidiary and last year's figures include an extraordinary item from a loss on the sale of property by a subsidiary. Newsprint supply future "gloomy9 VANCOUVER (CP) The demand for newsprint is cur- rently outstripping the supply and the Mure for newsprint consumers is gloomy, says the president of MacMillan Bloedel, Ltd. Canada's largest forest company. Company president Denis Timmis says the future holds higher newspaper prices and higher advertising rates across Canada. "We are turning people away Alan MeCaskill The appointment of Alan Me- Caskill os manager of the Leth- bridge ond district for Cana- dian Western Natural Gas Com- pany Limited effective Sept. 1, is announced by A. J. L. Fisher, vice-president and general Man- ager. Mr, MeCaskill replaces John Fildes, who is transferred to Calgary as manager of produc- fion and transmission. Mr. Me- Caskill has been with Canadian Western in Calgary since 1950 and has been superintendent of customer service since 1960. He is a graduate in mechanical en- gineering from the University of British Columbia. Takeover will slow Texasgulf HOUSTON, Tes. (AP) Charles Fogarty, president of Texasgulf Inc., says a proposed takeover of his firm by the Can- aria Development Corp. (CDC) could halt the progress of Tex- asgulf. The CDC, wholly owned by the government of Canada, last month made a ten- der offer for 10 million shares of Texasgulf. Consumation of the offer has been blocked pending a ruling on a suit filed by Texasgulf. Fogarty said hi testimony at Monday's hearing that Texas- gulf is en the verge of becoming one of the great mining empires in the country and that control by others "might bring Texas- gulf to a grinding halt." An affidavit already admitted into evidence in the case pur- ports to show that Texasgulf would lose control of rich iron ore projects in Australia if the firm's top management changed. Fogarty said the CDC had re- quested he remain as president if its tender offer is successful but he said he is not sure if he would remain. Fogarty said he is not con- cerned about Canadian own- ership as such but about the possible takeover by a company wholly owned by the Canadian government. "It's one thing for a Canadian corporation to take over (a U.S. firm) but another thing for a government to do Fo- garty said. Texasgulf has accused the CDC of unlawfully conspiring to take over the U.S. firm. CdC has denied the charge Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty. McCuaig Limited) LAST BID OR SALE (11 a.m. Quotes) (11 Cygnus A Cygnus B (11 a.m. Quotes 1 WESTERN OILS AND MINES Albany Oils Alta East Gas Alminex Asamera Ashland BP Canada Brenda Mines Can South Cdn Ex Gas Cdn Homestd Cdn Ind Gas Oil Cdn Long Is Cdn Super Charter Oils Chieftan Dome Pete Dynasty Fort Giant Mascot Granisle Gt Plains Gt Cdn Oil S Lochiel Lytton Min Notle Mines North Cdn Oil Numac Pancdn Pete Pan Ocean Petrel Pinnacle Place Gas Ponder Ranger Scurry Rain Ssibens Spooner Total Pete Ulster West Pete W. Decalta 1.07 7.70 690 10.50 1250 16.00 735 4.55 3.25 77.5 8.11 57.75' 400 11.00 3650 9.95 .25 315 11.00 2950 8.C5 212 1.10 7.10 17.75 1475 1550 1.28 .18 .61 33.50 2000 Falcon Copper F end M Trust Genstsr Globsl Comm Home A Hoir.e B Hud Bay Co Hud Bay Oil Hud Bay A Pfd Hunh Puseell Husky Oil Husky B Pfd 2 Husky D war Husky E War Hys of Canada Inter Prov Pipe Inter Prov steel Kaiser Res Lofclaw C Pfd Pacific Pete West Air Pe-Sen Oilfield Rainier Inc Royal Trust Commerce Cap Ssndwell Telcdyne West Cdn Seed Westfield Min Weston A Pfd Yukon a.m. 7.75 AGF Special 7.75 Cdn In F Ccl Mutual 5.JO Cmnw Inter Cmnw Lev Crrnw Vent Ccrp Invest PIPE LINE STOCKS Alta Gss A Alta Gas Pfd 14 12'A Alfa Nat Gas Inland Nat Gas 7.85 .96 575 4.05 MISCELLANEOUS INDUSTRIES Acres Ltd Aquitairse BC Sugar Pfd V 50 Block 'Bros 2.80 Cdn Brew A 24.50 Cdn Brew B 29.50 Cdn Pacific Inv 30.50 Crestbrook Ind 1 CO Crowsnest Ind 30.00 N and c Gas N and C B Pfd Pacific Trans Gaz Metro Gaz f.'f'ro A Traps Can Pipe Tr Can A Pfd Tr Can B Pfd Tr Can War WC Trans WC Trans War Quoies) 281 5.07 555 5.84 6 41 1455 1600 3.SO 4.18 7 35 8 03 6.20 Corp Invest St F 5.11 5.62 Dreyfus F U S. 10.73 11.76 Great Paci'ic 4.63 5.11 Gr In Snjres 344 379 Gr Equity 7.74 8.51 Invest Gr F 12.34 13.52 a w. Invest Mutual 562 <5.26 90Q Mulusl Ac 5.93 Gr F 2 55 3.91 Nat Res 4.96 5.45 N W Cdn 5.69 6.25 N W Gr 473 542 Principal Gr 4.90 Royfund 6 70 6 98 lemp Gr 8.43 9.21 United Ac S.13 5.64 Universal Sav 7.88 8.66 Univcst 5.93 6.57 Vanguard 6.27 6 87 CALGARY Acroll .58 Barms Oils .04 N Continental .Oli'j Western Warner .35 VANCOUVER MINES Afton 9.35 Explor .45 Norse 1.38 Dankoe 1.80 Davenport 41 Dolly Va-den .28 Ecjuiterial Res .18Vi 22.00 Gibraltar Lcrncx 4.20 Primer .10 64.12V3 pyramid .14 28.121'z Silver Standard 1 57 Valley Copper V.50 16.00 4.: oo 47.00 43 25 18.00 50.00 55.50 46.00 11.00 4.50 8.15 13 CO 3.35 29.15 900 31.25 9.50 s'oo' 23.75 4.25 450 5.25 1.30 6000 11.50 12.00 71.00 19 50 39.25 INDUSTRIALS 2.90 K 1.80 Col Brewing V-, Kcv ,ndust a 3.40 Wardair MUTUAL FUNDS OILS AM Cdn Com 6.90 7.50 Prp Expior 1.25 Ali Cdn Divid 7.38 8.02 Piains Pets 22 All Cdn Vent 3.67 Ponderay Explor .93 Amr Gr F 5.34 5.37 Stampede Intl Res 1.15 Toronto mines, industrials (Supplied By Securities of Csnwia) (11 a.m. Quotes! MINES Acme Advocate Asb Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick C N West Land Canada Tung Cassia r Central Pat Chimo Ccnwest Cons Rambler Coin Lake Cochenour Craigmonf Dickenson Mine Denison Mines D'Eldona Dome Mines Discovery East Malartic East Sullivan Falconbridge Frobex First Maritimes Giant Y K Granduc Hollinger Hudson Bay MS Hydra Ex Iron Bay Iso Joliet Quebec Kerr Addison Key Anaccn Labrador Lake Shore Lanqls Silver Madsen R L Malartic G F Martin McNeeiy Maclntyrc Meta Midrim Intern Mogul Nu West Homes New Athona New Cnlumet Noranda Northgatt Norlex .12 1.31 .30 2325 8.90 LAST BID OR SALE (11 a.m. O.uotes) Pine Point Placer Dev Pax Exp 1 22 Quebec Man 1.22 Rayrcck 2 25 Radiore .42 Rio Algom 15.25 Roman Corp 2.15 Sherritt Gordon 4.85 steep Rock 8.20 Tek Co'rp Texmont Upper Canada Western Mines W H Cop Mines Wright Harg Willroy Windfall Yellow Bear Zenmac (11 a.m. Quotes) 11 00 1.02 1.10 5.10 3.50 .15 .94 7.55 3.35 38.42'A AbitiW A: can S675 1.25 3.85 2 34.00 Grt Cdn Oil Gen Motors 2.50 Grt Lakes Pp Gulf Oil Cda Greyhound Hawker Sid Hiram Walker Hur 8< Erie 14.12VJ Imp Oil 1.54 Imasca 3.95 .24 2.75 3.15 3.45 .50 1.04 Int Nickel Int Pipe IPV Grp A I.U. Int Ind Accept Kaps Kelly Doug A 78.00 Algoma Steel Atcs Ind Jannock Agra Ind Bel! Tel Brazil Trac .70 B.C. Tel 830 Burns 3.80 B.C. Forest 44 50 B.C. Suqar 2450 Bow Val In Cable 360 CAE Ind 2.20 Cdn Brew Chamcell 12.75 Ccl Cell .33 Caloary Power 42.75 Coron Credit 276 C.W.N. Gas Pfd .04 Cdn Ind 1.10 Cdn Marconi .95 Cdn Vickers .31Vj Chrysler 54.00 .14 .14 13.75 9.00 .u .25 51 00 6.15 .M C.P.R. Corninco Cons Bath Cons Gas Dist Seagrams Dom Bridge Domtar Dom Textile Dom Stores Dome Pete .13 Laurentida 4.00 Loeb Loblaw A Met Stores Massey Ferg 32.50 McMillan Bloe 18.00 Mcore Corp 13.25 Molsons A 7.00 Molsons B Nschurs North Cent 18.00 Power Ccrp 51.25 Price Co. 15.50 Rotnmans 18.50 Shell CDA 19 62y3 Simpson's Simp Sears 1575 Steel of Cda 10.25 Selkirk A 4.20 Texaco 4 60 Traders Grp A Trans Mtn Pp Trans Cda Pp 1.85 Union Carb Union Gas 14.75 Union Oil 4.00 United Siscoc 30.25 Versatile Mfg 23.87V2 Westeel 1675 Weston's A 32.75 Woodward's A 24.75 West Cdn Seed 14.75 Zenith Elec 41.00 BANKS Cdn Imp 22.37V2 Montreal 8.50 Nova Scotia 14.75 Royal Tor-Dom 8.00 42 50 24.00 36.00 1850. 4.50 5600 27.25 41.50 31.00 22.87V3 9.50 24.37V2 17.00 6.00 11.25 4.70 6.00 18.00 22.25 3250 5D.75 2450 23.75 7.50 9.25 1550 14.12V2 20.25 8.25 11.00 31.00 15.12VJ 17.25 28.12V2 16.75 9.75 16.50 7.25 14.75 21.25 23.50 5.S5 3.10 29.25 33.75 35.2J 33.25 New Yorfe stocks Demand outstrips supply Papermaker checks huge roll of newsprint spewing from giant No. 10 paper machine at the Powell River Division of MacMillan Bloedel Ltd., Povvell River, B.C., one of the world's largest newsprint mills. Company president Denis Timmis says demand for newsprint is outstripping supply and predicts a gloomy future for newsprint con- sumers of rising newspaper prices and higher advertising rates. Average home Grain prices Winnipeg groin Grain quotes Thursday (basis Lakehead) High Low Close Rapeseed Vancouver Sep---------------- 718 Nov 713 710 710 Jan 709 706 Mar 709 707 707 Rapeseed Thunder Bay TORONTO (CP) The aver- age value of residential housing in the first six months this year has jumped 14.7 per cent to nearly the Canadian Real Estate Association says. Its figure is based on transac- tions through the Multiple List- ing System an optional information listing service oper- ated by 74 local real estate boards across Canada. British Columbia shows the sharpest increase, 18.3 per cent to an average of On- tario values rose 18 per cent to an average The average and percentage increase over the first half of 1972 in other provinces: Sas- katchewan, 15.3 per cent to Alberta, 13.3 per cent to Manitoba, four per cent to Maritimes, 3.4 per ent to Quebec, 1.9 per cent to MLS accounts for most of the residential market in Can- ada, although listings are not restricted to residential prop- erties and include some com- mercial sales. SHOW STEEPEST RISE Vancouver and Toronto had the steepest average increase among major cities, with house prices in the two cities advanc- ing 28.9 and 23.6 per cent, re- spectively. Vancouver's average moved to from last year and Toronto's in- creased to from Victoria was third with an in- crease of 20.4 per cent to from Blah: Jackson, executive vice- president of the real estate as- sociation, said in a statement Wednesday unprecedented de- mand for housing at any price was not expected to continue through the balance of this year. "While the actual need and demand for housing will remain unsatisfied at the current new building levels, the recent and dramatic increase in mortgage rates will have a dampening ef- fect. Gold futures WINNIPEG (CP) Gold futures, U.S. funds, Winnipeg Commodity Exchange close Thursday. Oct 73 103.70B; Jan 74 107.06; Apr 73 109.70B; Jly 74 1I2.80B; Oct 74 116.50A. Wednesday's volume. 266 contracts. "As well as the higher cost of mortgages, lenders are becom- ing more restrictive and more selective. The result should be a levelling off of both market de- mand further rapid cost in- creases. Home buyers will take more time to ensure that they find the house they need and are prepared to pay for." NOT SUFFICIENT Mr. Jackson said current house construction levels are not sufficient to mset present demand and a shortage of serv- iced land prevents an increase in building. He estimated that housing starts could decline from 1972-73 peaks because of the unavaila- bility of serviced land "just when demand is reaching its peak." Average dollar value of houses this year in other major cities, with the percentage gain over 1972 in brackets: Regina Hamilton Calgary Saskatoon Edmon- ton Ottawa 244 Saint John, N.B., 656 Winnipeg Montreal Halifax Alberta reported the largest increase in total MLS dollar value sales, up 38.8 cent to million on sold. B.C. total sales rose 31.8 per cent to million for units. Ontario's six-month total was million for units sold, an increase of 22.3 per cent from 1972 first-half dollar value. Floods Kill 3 MEXICO CITY (AP) Floods that have ravaged eight Mexican states took three lives Thursday near Torreon, in the northern state of Coahuila, where the Aguanaval River overflowed and covered three villages. A spokesman for the water resources ministry said flood-waters in other parts of the country have receded. 10 IN PLANE KILLED PORT AU PRINCE, Haiti (AP) An inter-island plane crashed in bad weather 40 miles north of here, killing all 10 per- sons aboard, airline officials re- ported Thursday. The twin-en- gine aircraft was operated by Turks-Caicos Airways in the British West Indies. (Supplied By Richardson Securities of Canada) Amr T and T Anaconda Beth Steel Cnryslcr Comsat DupOnt GM Gulf Int Harvester Kenn Copper 47.25 Sears 50.87VJ X-Ron 2i.87'A Texas Gulf 21 Texas Co S0.7S Wlckes Corp 160.5D Woolworth 94.00 20 Golds 247.33 up 1.27 89.87VJ 10 Base Met 103.57 up .27 24.75 15 W Oils 252.10 up .99 29.87V2 Volume 20.'3TONEW YORK AVERAGES 62.62V4 Westlnghouse Elec 33.62Vj 30 Indust off 3 46 72.25 U.S. Steel 27.50 20 Rails 155.29 off .27 32.37V2 Gen Tel Elec 28 SO 15 Utilities 94.47 up .12 29.42V, TORONTO AVERAGES 65 Stocks 243.27 off .87 Montflomery Ward Ift indiist 21547 off 34 WANTED FIRST CLASS STATIONARY ENGINEER FOR ALBERTA GAS CHEMICALS LTD. Now constructing a 600 ton per day Methanol plant in Medicine Hat. Second class engineers qualifying for temporary first class permit will also be considered. CANADA MANPOWER CENTRE 419-7th St. S. Phone 327-8533 Oct Nov Dec May Oats Oct Dec May Jly Barley Oct 250 Dec May Jly Rye Oct Dec May Jly 696 C78 640 655 166% 167% 176% 230% 244V8 248 247% .242 248 247% 242 260 303 313 Hog prices EDMpNTON (CP) Aver- age prices to 11 a.m. today provided by the Alberta Hog Producers Marketing Board. Edmonton. Nil, a v e r a ge Thursday 67.88. Calgary: Nil, average Thurs- day 68.76. Lethbridge: Nil, average Thursday 69.31. Fort Macleod. Nil, average Thursday 69.95. Total hogs sold to 11 a.m. nil. Total hogs sold Thursday, average 68.26. Sows aver- age 49.30. Dollar Value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Friday was down 1-50 at 21-50. Pound ster- ling down 1-20 at 7-25. In New York, the Canadian dollar was up 1-50 at 29-59. Pound sterling up 1-10 at 3-10. Beef Futures WINNIPEG beef futures close Thursday. Sep 52.COA; Nov 54.00A; Jan S2.25A; Mar Wednesday's volume: No contracts. every Mr. Timmis In a recent interview. "Every mill in North America Is already running as close to capacity as possible." His company operates eight newsprint machines in B.C. and co-owns two machines in St. John, N. B. The current economic boom, inflation and increasing foreign demand are some of the causes for the rising 'newsprint de- mand, up 5.3 per cent so far this year. But no new newsprint ma- chines are being built in North America and none are planned because the business is consid- ered a poor sector in which to invest money on new produc- tion. Many remember how they lost money several years ago when they built new machines faster than the market as- sorb production. The companies also used up much of their credit in the process. As profits fell, the companies were forced to spend enormous sums for pol'ution abatement equipment and systems. In 1971, the whole industry wound up struggling vast over-capacity and depressed prices. PRICED RISING Now prices are rising, but production costs are reducing actual profit, said Mr. Timmis. But the uncertainty of the market is bothering the produc- ers most. Three New York newspapers alone use nearly a million tons of newsprint a year, abofit 7.7 per cent of the entire North American newsprint capacity. A strike involving these three would tip the supply and de- mand scales and the newsprint market would plunge. The problem is newsprXt pro- duction costs don't budge when prices fall. A new newsprint producing machine currently costs to S60 mi'lion. Even at the current relatively high newspaper prices, the return on such an in- vestment would be less than four per cent. MacMillan Bloedel has In- vested at least a quarter of the multinational corporation's billion hi assets in newsprint production, said Mr. Timmis. A recent Pemberton Secu- rities Ltd. review of the com- pany calculated the net earn- ings contributions of newsprint this year, however, will be the range of 65 cents a company share. The company's half-year report indicates total net earn- ings this year will be around a share. Grain quotes CHICAGO (AP) Grain quo tations Thursday: Wheat Sep Dec 4.39- Mar 4.31V4; May Jul 3.47. Corn: Sep Dec Mar May 3.00; Jul 2.95- Oats: Sep Dec Mar 1.47; May 1.46% Jul CAREERS ALBERTA CAREERS MUST BE WILLING TO RELOCATE (interviews will be held in Lethbridge) HEAVY DUTY TIRES Plus car leasing allowance and on the road expenses. 50% travel. Week-ends at home. Preferably applicants should have several years on the road sales experience and will have either a farming or some mechanical environment back- ground. PHARMACEUTICS Plus co. car, full expenses and incentive bonus. University graduates are required for three preferred territories, three years successful field selling required. However, candidates who have attained a high level of achievement in intel- lectual, social or athletic endeavours will also be considered. FOOD AND SOAPS eo. car, expenses and bonus scheme. Preferred appli- cants will likely have some university background and proven success at social, sports or business. ACCOUNTING Chartered accountants for transportation Industry. Intermediate accountants petroleum industry. Mort- gage-Trust mortgage or insurance background re- quired. PERSONNEL Must have industrial personnel experience, familiarity Is quired in salary surveys, recruitment, job evaluation, per- formance review, benefit plans, workmen's compensation ond labor law requirements. Send tn strictest confidence to McLean Personnel Ltd. Box 141, The Lethbridge Herald or Phone Calgary 266-4664 NOTE: We would be pleased to receive inquiries on vocation- al Interests other than the above mentioned oppor- tunities. ;