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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 4, 1973, Lethbridge, Alberta Mining stocks show slim gain TORONTO Some mining issues on' the Toronto 9lock market made slight gains but industrials mov- ed moderately lower In active mldmorning trading today. The industrial considered the major indicator of market was off following a drop of 6.59 the largest on record. Western oils lost .36 to 259.25. Golds rose 2.48 to 342.19 and base metals .13 to 90.43. Volume by 11 a.m. was up from at the same time Monday. Declines outnumbered 193 to with 214 issues unchanged. Real food merchandising and chemical stocks were among sectors of the market recording the largest declines while paper and oil refining and beverage' issues were higher. Trading resumed at the opening in shares of Block Brothers Industries and the stock was off 60 cents to S3.10. Reichhold Chemicals fell Itt to Falconbridge Nickel IV. to Campeau A 1 to Trans Mountain Pipe to and Toronto Dominion Bank to Campbell Red Lake lost 1 to Mattagami to Ranger Oil Vt to and Sunningdale 30 cents to Moore Corp. rose 1 to Cana- dian .Industrial Gas Vz to Rio Algom Mines to Pamour 30 cents to and Numac Oil to MONTREAL Prices were mixed in light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian slock exchanges at 11 a.m. was compared with 225.600 shares at the same time Monday. Utilities fell 1.25 to banks .68 lo 253.82. and the composite .23 to 215.26. Industrials rose .16 to 231.85 while papers remained unchanged. On the Montreal Stock Webb and Knapp fell 1 to George Weston Ltd. to and Toronto- Dominion Vz to Vi while Royal Trust rose to and Westcoast Trans- mission Vj to On the Canadian Stock Stanford Mines rose five cents to on a volume of 23.000 shares. VANCOUVER Prices dipped on the Vancouver Stock Exchange Monday with the first day of trading for the week being on the light side. Final volume was shares. Black which showed early strength by adding lost that and as much more before closing at down .45 from Friday's with 28.- 950 shares traded. Tokar also was active on the in- dustrial dropping .14 at 12.16 on a turnover of shares. Speculators was unchanged at with shares traded and EDP In- dustries added .01 at .23 on a volume of shares. B.C. Turf traded at and Steintron was off .12te to finish at In the Cutlass was off .25 at on a turnover of while Copper Giant was unchanged at .15 with shares changing hands. Cop-Ex lost .10 at .49 with shares traded and BX Developments dipped to off on shares. Robert Mines lost half a cent to finish at .22 and San Jacinto traded at .17. Seneca was the most active trader in the oils finishing off .03 at after trading shares. Princess Ventures was down .02 at .30 on a volume of Embassy traded at .46 on a turnover of shares and Williams Creek gold traded at .15 on a volume of Stampede was down .10 at .65 and Plains Petroleum finish- ed off .01 at .21. NEW YORK After a brief but unenthusiastic morning the slock market resumed its downward drift today as fears of a recession next year continued. The noon Dow Jones average of 30 in- dustrials was off 4.89 at 801.63. Declines outpaced advances 7 to 4 on the New York Stock Exchange in ac- tive trading. With little positive news to pull the market brokers continue to attribute the selling to the combined pressures of energy shortages and higher interest rates. General Motors sank another to topping NYSE followed by Fannie unchanged at and Sterling off 'A at The NYSE broad-based index dropped .34 to 49.74. On the American Stock the market-value index slumped .52 to 90.77 as Cutter Labs up Vt at led trading. Loews Theater advanced to while Research Cottrell fell to Winnipeg grain WINNIPEG Rapeseed prices worked slightly higher in almost all positions at mid-session today on the Winnipeg Commodity Exchange in a stronger volume of trade. Flax turned downard about or five cents in an easier demand of mix- ed trading while oats and barley were inactive. Rye advanced 4 to seven cents on a local business. Monday's trading volume was 000 bushels of of of of barley and 000 of rye. Mid-session Dec. 4 lower May un- changed July 5 lower Oct. 5 lower 8.78A. Rapeseed Jan. 10 higher March higher June 7VS higher Sept. 3 higher 5.69B. Rapeseed Thunder Dec. un- changed May 4Vz higher July higher Oct. unchanged 5.01 'AB. Dec. unchanged May and July not open. May and July not open. Dec. higher May higher July 7 higher 2.87A. Grain quotes Monday basis High Low Close Flax Dec 1110 1098 1097 May 983 973 973 Jly 966 960 960 Oct 883 Rapeseed Vancouver Jan 583 576 Mar 475 Vj 576 Vi Jun 567 5ti7Vi Rapeseed Thunder Bay Dec May 534'A 534V4 Jly 531 Oct Oats Dec 157 May 156 Jly Barley Dec May Jly 230 Rye LKC 279 Vt May 288 Jly 280 280 Chicago markets CHICAGO Live live hog and pork belly futures fell to limits allowed for one session on the Mercan- tile Exchange Monday. Wheat futures were strong on the board of but oats and soybeans were mixed to weak. Soybean meal and oil futures posted small gains. World Sugar closed lower. Liquidation of futures on the Mer- cantile Exchange was very strong with the opening bell and minutes later limits were touched. There was a sub- stantial run of livestock over the weekend at major stockyards and cash prices were reported lo have eased. Sellers were very active and buyers scarce. Grain futures were weak on the but after early selling had new buying developed in com and soybeans and prices finned up. Late in the new buying developed again in the soybean com- plex and prices along with wheat. Grain quotations Dec Mar May Jul Sep 4.14. Dec Mar May Jul Sep Dec Mar Dec Mar May Jul Sep 1.26. Livestock Lethbrldge Monday 830 hogs. All classes of weaner and feeder hogs met good demand. Weaners steady. Light and heavy feeders to higher. Weaners 15 to 23. Light feeders under 100 Ibs. 26Vi to 39.50 Heavy feeders 100 to 130 Ibs. 40.75 to 46.50 Heavy feeders over 131 Ihs. 5350 to All prices per head. MEAGHER'S APPOINTMENT Light feeders under 100 Ibs. sold from 35 to 5J.85 per hundred weight. Heavy feeders over 100 Ibs. 32.40 to 44.60 per hundred weight. Bred sows and gilts to per head. Boars to per head. Butcher hogs sold Monday at the Lethbridge yards 54.45 to 54.80 base price. Calgary J. PETER SMITH Mr. W. J. Alberta Sales Meagher's Distillery Is pleased to announce the appoint- ment of Mr. J. Peter Smith as Sales South- ern Alberta with head- quarters In Calgary. Mr. Smith has an excel- lent sales background and will assist Mr. Shaw In the marketing of Meagher's and agency brands In the province of Alberta. ADVT. CALGARY Receipts to 11 a.m. Tuesday from the Calgary public stockyards totalled 625 mostly slaughter cows and steers. Trade was active. Slaughter steers sold fully steady. Heifers were selling fully steady. Cows were mostly in the lower selling steady. shelly cows sold down to 20. A few bulls sold steady. Steers. Al. A2' 44-45.60. 42.25- 4350. 40.50-42.25 Heifers. Al. A2. 39-40.30. Cows. 31-33. 29.50-30.75. 24-29. 39-42. There were insufficient replacements soid early to establish quotations. Hogs f.o.b. lo 11 53.75. Hog prices KDMONTON Average prices to II a.m. Tuesday provided by the Alberta Hog Producers Marketing Board with Monday's average in 5376 Hcd 5365 53.75 Nil Lloydminster. Nil Fort Nil Grande Nil Nil Total hogs sold 191. Monday 8.068. average 54.16. Sows average 39 55 Beef futures WINNIPEG Live beef futures close Monday. Jan Mar May Jly 50.00A. Friday's contracts. Dollar value MONTREAL U.S. dollar in terms of Canadian funds at noon Tues- day was down 1-50 at 1-25. Pound sterling was Hnum 7.1 ft M 97.cn Herald- Business Stocks Miscellaneous Montreal by McQuaig WESTERN OILS AND MINES Afton Mines 7.10 Albany Oil .70 Almlnex 7.20 Asamera 13.00 Ashland Oil 12.25 Alta East Gas 7.10 BP Canada 13.00 Brenda Mines 6.70 Can Southern 4.45 Cdn Export Gas 3.55 Cdn Homestead 6.40 Cdn Ind Gas 8.25 Cdn Long Island .16 Chleftan 10.00 Cdn Superior 59.00 Dome Pete 34.75 Dynasty 9.50 Fort Reliance .16 Giant Mascot 2.35 Gibraltar Mines 10.00 Granlsle 9.00 Great Plains 26.50 Gt Cdn Oil Sds Lochlel Exp 2.15 Lytton Minerals 1.05 Noble Mines .73 North Cdn Oils 6.20 Numac 14.75 Pancdn Pete Pan Ocean 15.75 Petrol 1.75 Pinnacle .20 Place Gas .49 Ponder .53 Ranger Oil 26.00 Scurry Rainbow 20.50 Seibens Spooner .31 Total Pete 6.05 Ulster Pete 1.22 United Canso 18.00 West Pete West Decalta 6.75 MISCELLANEOUS INDUSTRIES Acres Limited 11.00 Aqultaine 25.75 Block Brothers 3.05 Cdn Pac Inv A Pfd 31.50 Com Capital Corp 2.60 Carllng O'Keefe A Pfd Carling O'Keefe B Pfd 29.00 Crest Forest Ind Crows Industries 31.00 Falcon Copper 10.75 F and M Trust Co 4.25 Genstsr 14.75 Global Com Units 42.00 Home Oil A 53.00 Home Oil B 46.50 Hudson Bay Co 17.25 Hudson Bay Oil Hud Bay Oil A Pfd 53.00 Hugh Rus C Pfd 42.00 Husky Oil 26.50 Husky Oil B Pfd 42.25 Husky Oil D War 10.00 Husky Oil E War 11.50 Hys of Canada 3.60 Int Pro Pipe War 6.20 Int Pro Steel 12.75 Kaiser Resources 4.10 LOblaw 2.40 C Pfd Magnasonics Pacific Pete Pac West Airlines 6.50 Pe-Ben Oilfield Serv 6.25 Rainier Inc Royal Trust Sandweii Teledyne West Cdn Seed Westfield Minerals Weston A Pfd White Yukon Toronto industrials by Richardson Securities of 53.00 15.00 18.50 19.00 27.00 15.50 3.90 4.80 4.90 22.75 2.20 10.75 3.45 15.75 31.75 25.50 15.25 40.00 36.50 20.50 8.25 12.50 35.25 26.75 7.00 46.75 21.25 32.00 17.00 4.85 50.50 29.00 27.50 7.75 4.80 10.00 4.20 5.75 10.50 18.50 31.25 49.50 21.50 21.00 11.25 10.00 9.75 14.00 7.50 10.00 27.25 14.00 46.00 14.50 32.75 17.50 8.75 14.25 3.75 16.50 19.50 21.00 4.75 3.00 31.50 New York by Richardson Securities of Amr. Woolworth 19.00 Anaconda 22.25 westlnghouse Elec. 31.00 Beth. Steel U.S. Steel 31.25 Chrysler Gen. Tel. Elec. 23.50 Comsat TORONTO AVERAGES Dupont 151.25 20 Industrials 201.92 down 2.85 General Motors 47.25 20 Golds 349.13 up 9.42 Gulf 10 Base Metals 89.49 down .81 Int. Harvester 25.00 15 Western Oils 252.35 down 7.26 Ken.n. Copper volume Montgomery Ward NEW YORK AVERAGES Sears 81.75 20 Industrials 800.87 down 5.64 Exxon 66.75 20 Rails 169.45 down 2.67 Texas Gulf 15 Utilities 85.82 down .57 Texas Co. 65 Stocks 251.62 down 2.30 Wlx Corporation Volume 8.050.000 Tel Advocate Forest Sugar Valley Ind Ind O'Keete Can. NW Cellulose Canada Power Credit Central Gas Pfd industries Marconi Cons. Vickers Coin Dlckenson Bathurst Denison Gas Seagrams Dome Bridge Discovery East Textile East Stores Pete First Mobile Giant Cdn Oil Sands Motors Lakes Paper Hudson Bay Oil Cda Hydra Lines Iron Sid Walker Joliet Erie Kerr Oil Key Nickel Lake Pipe Langis Grp A Madsen Internal Malartic Accept Martin Douglas A intern A Nu West New Ferg New Bloed Corp A B Pine Placer Cent Pax Corp Quebec Co CDA Rio Roman Sears Sherrltt Canada Steep A Tek Grp A United Mtn Pipe Western Can Pipe W. House Copper Carbide Wright Gas Oil Siscoe Yellowknlfe Mfg A Cdn seed Elec Algoma Atco Imperial Agra Scotia Bell Brazilian Farm marketing issues require planning system me LBinvmuuB HERALD December 1973 17 25.00 4.50 4.30 5.00 1.11 60.00 PIPE LINE STOCKS Alta Gas A 10.00 Alta Gas Pfd 68.50 Alta Natural Gas 17.75 Inland Nat Gas 9.00 Gaz Metro 5.00 Gaz Metro A Pfd 67.75 N and C Gas N and C B Pfd Pacific Trans 10.00 Trans Can Pipe 33.00 Trans Can A Pfd 60.75 Trans Can B Pfd 38.50 Trans Can Warrants 5.50 Westcoast Trans Westcoast Trans Wts 3.20 CALGARY Acroll .47 Barons Oils .04 North Continental West Warner .38 VANCOUVER MINES Atfas Explor .27 Bath Norse .75 Dankoe 2.05 Davenport .31 Dolly Vard .18 Equitorial Res .13 Lornex 9.05 Primer .07 Silv Standard 1.08 Valley Copper 8.75 INDUSTRIALS Colum Brewing 2.80 Key Industries .16 Wardair 1.70 OILS Plains Pete .21 Ponteray Explor .70 Stamp Intl Res .65 MUTUAL FUNDS All Cdn Compound 6-49 7.06 All Cdn Dividend 6.82 7.41 All Cdn Ventures 3.36 3.65 Amer Grow Fund 4.95 5.44 AGF Special 2.53 Cdn Invest Fund 4.78 5.24 Collect Mutual 5.22 5.73 Com Inter. 13.58 14.92 Com Leverage 3.34 3.67 Com Venture 6.11 6.71 Corp Investors 6.06 6.66 Corp In Stock Fund 4.91 5.40 Dreyfus Fund US 10.26 11.24 Grt Pacific 4.57 S.OO Grpd Income Shares 3.22 3.54 Growth Equity 6.88 7.56 Invest Grow Fund 11.78 12.87 Invest Mutual 5.63 6.15 Mutual Accum 6.03 6.64 Mut Grow Fund 3.23 3.55 Nat Resources 4.70 5.16 N.W. Cdn 5.02 5.52 NW Growth 4.33 4.76 Principal Growth 4.36 4.79 Provident Mutual 7.30 7.98 Royfund 6.49 6.75 Templeton Growth 7.57 8.30 United Accum 4.58 5.03 Universal Sav 7.69 8.46 Univest 5.98 6.57 Vanguard 5.56 6.09 WINNIPEG Thorny agricultural marketing issues were aired at the opening ses- sion Monday of the National Farmers Union with marketing of oats and barley coming in for the most dramatic attention. NFU president said a plann- ing system is needed which will give farmers bargaining power so that they again will be at the mercy of the so-called free Speaking to more than 500 Mr. Atkinson said of the organization's policy main principle must be orderly marketing with the power to establish terms and conditions of RAPS CP RAIL Regarding he said the most efficient system for handling major commodities is rail transpor- but people have too been suffering from the arrogance of CP Rail. The he would lie in a nationalized rail system. Mr. Atkinson said the Economy slowdown forecast TORONTO The Canadian economy will slow to a growth rate in 1974 of about four per the senior economist for the Acres group of companies forecast Mon- day. Russell are clearly facing a recession Its problems cannot be easily remedied by traditional policy he because they stem from a conjunction of causes including supply and external factors. He said his forecast of four- per-cent real growth in gross national product well be It compares with an- ticipated real growth this year of about seven per cent. sectors will be Weaker with the exception of business capital spending which could grow by 15 per Mr. Ir- vine said in the annual forecast of the acres com- panies offering services in financing and management consulting. convention will be asked to consider an energy policy because must have sovereignty over all forms of must set priorities for its allocation and for he said. Mr. Atkinson had spoken in defense of Max Hof- chairman of the Manitoba Hog Producers' Marketing saying there had been vicious and un- fair attacks on him. vicious attacks on the board chairman have been fostered by one irresponsible director who has already violated the principles of his the NFU president said. The remarks were directed against producer elected marketing board member Don who last week ac- cused Mr. Hofford and the Manitoba government of dis- honesty. In his address to the conven- Manitoba Agriculture Minister Samuel Uskiw defended the saying he had written to Mr. Cameron and asked for his resignation. Mr. Cameron later replied that he would resign if his position were proved wrong. Last he had contended that the government ap- pointed board members had entered a hog marketing contract with Japan that was costing Manitoba producers thousands of dollars and that producer elected board members had not been allow- ed to see the contract. Mr. Askiw also criticized the federal government's referendum among rapeseed which he claimed is weighted in favor of the ex- isting open market system. He said the vote is being conducted in such a way as to put stumbling blocks in the way of change. Picking up that MFU vice president Walter Muller said in his directors' report government is ob- viously engaging in a contradiction where they ar- bitrarily decide to take feed grains out from under the board without any form of a but insisted on a vote before farmers could enjoy the advantages of board marketing of JAPANESE UP PRICES TOKYO Several Japanese companies Monday announced sharp price in- most ranging between 15 and 50 per cent. .CONSUMPTION 32.000 Weeks 2 3 NOVEMBER Consumption falls Chart shows decline of electric consumption in the United States in November as reported by the Edison Electric an association of privately-owned utilities. Consumption remained above 1972 levels in the first three weeks but fell below last year's consumption in the final week. Talks to curb milk price increases under study B.C. The British Columbia Federation of Agriculture and the provincial government were to begin negotiations to- day to work out an income in- surance formula which could keep B.C. consumers from paying substantial milk price increases. Agriculture Minister Dave Stupich said Monday that the negotiations will attempt to decide a common cost-of- production formula. He added that details of any agreement be released to the public He said the negotiations would attempt to decide what premiums dairymen will pay and how long the formula would be in effect. The scheme would mean B.C. would have two programs designed to pay dairy farmers for the the minister said. These would be the existing milk formula based on cost of wages and other indices which can lag behind current costs by three to four and a cost-of- production insurance is not to say there won't be price increases to he said. these will come only as the present formula The formula governs what dairies must pay farmers for their class one milk that goes to the fresh market. The minister said it will be up to the dairymen individual- ly to decide if they want to participate in the new plan. DEFICIT IN JAPAN TOKYO Japan recorded a million balance of payments deficit in compared with million deficit in September and a million payments surplus a year the finance ministry said Friday. SCOTIABANK APPOINTMENT ECM quotas for plywood please Canadian officials BRUSSELS Cana- dian officials here are pleased at a new proposal by the policy-planning commission of the European Common Market covering quotas for the 1974 entry of an important Canadian into the community. The the key to duty- free constitute one of the advantages accruing to Canada from Britain's entry into the Common Market last January. Their establishment reflects provisions made for Britain in its treaty of acces- sion to the Market. The quotas total cubic 790 million square cover two categories in which now is the nine-state plywood without the addition of other substances and of a thickness greater than nine three eighths of an which the faces aren't further prepared than the peeling plywood the addition of other and of a thickness greater .than 18.5 or three- quarters of an inch. The quota provisions go to the Common Market's council of ministers this month for what is expected to be ready approval. The final figure for duty- free quotas can go higher than the cubic metres depending on the needs voiced by member a Market spokesman said. Western Europe is Canada's top foreign customer for ply- wood. Canadian officials here that despite the gradual move by Britain into line with the general tariff system of the the new proposal would enable Britain to allow some 280 million square feet of plywood into the country duty free next year. IRA M. FARTHING The Bank of Nova Scotia an- nounces the appointment ot Mr. Ira M. Farthing as Assistant General Manager for the Alberta region. Mr. Farthing is a Saskatchewan native and was most recently As- sistant General Manager. Carib- bean Regional Office in Tor- onto. Prior to this appointment he served at a number of Alberta and Saskatchewan points in- cluding management of Leth- bridge and Edmonton Main as well as filling sev- eral positions m the General Office and International opera- tions of the Bank. People love us for a number of reasons. Here's just one. Zenith 6-6O14 Call toll-free for reservations from anywhere in Alberta. Downtown Calgary. 9th Ave. 1st next to the Calgary Tower. THE CP Hotels R ;