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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 5, 1974, Lethbridge, Alberta Thunday, December 1974 THE LETHBRIDGE HERALD 29 Tke Herald Business American trade policies chastized Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited WINNIPEG (CP) Agriculture Minister Eugene Whelan used National Farmers Union (NFU) annual meeting Wednesday to take another verbal swing at United States trade policies. WESTERN OILS AND MINES 2.30 Albany Oil .22 Alta East Gas 3.70 Alminex 4.05 Asamera Ashland Oil 5.50 BP Canada 8.50 Cda Southern 1.82 Cdn Export Gas 1.70 Cdn Homestead 2.30 Cdn Ind Gas 4.75 Cdn Long Island Cdn Superior Chieftan Dev 4.05 Dome Pete 16.87Vz Dynasty 6.75 Nufort Resources ..12 Giant Mascot .46 Gibraltar Mines 4.95 Granisle 11.25 Grt Cdn Oil 5.25 Lochiel Explor .90 Lytton Minerals 1.00 North Cdn Oil 2.86 Numac Oil PanCdn Pete Pan Ocean 6.00 Petrol 1.10 Paloma" .70 Place Gas .18 Ponder .47 Ranger Oil 16.00 Scurry Rain 15.00 Seibens Spooner .15 Total Pete 4.20 Ulster Pete .44 United Canso 6-50 West Pete 2.55 West Decalta' 2.80 MISCELLANEOUS INDUSTRIALS Acres Ltd 5.50 Aquitaine 13.50 BC Sugar C Pfd 11.50 Block Bros 3.55 Canbra Foods 2.50 Cdn Pac A Pfd 24.00 Cdn Pac Inv 12.00 Carling A Pfd Carling B Pfd 20.00 Com Cap Corp 1.50 Crest Forest 2.30 Crowsnest Indus 16.00 Falcon Copper 6.75 F M Trust 4.05. Genstar 14.75 Home Oil A 16.50 Home Oil B 15.50 Hud Bay Co 11.00 Hud Bay Oil 17.00 Hud Bay A Pfd 27.50 Hugh Russell C Pfd 48.00 Husky Oil Husky Oil B Pfd 31.00 Husky Oil E War 3.60 Inter Pipe War 1.50 Inter S P '11.12V4 Kaiser Res 4.00 Kaiser Res War 1.65 Loblaw C Pfd 22.00 Magnasonics 1.25 Pac Pete 13.75 Pe-Ben Oilfield 2.60 Royal Trust Sandwell Teledyne Traders Grp Pfd Trimac Westfield Win Weston A Pfd Whitepass PIPELINE STOCKS Alta Gas A Alta Gas Pfd Alta Nat Gas Gaz Metro Gas Metro A Pfd Inland Nat Gas N C Gas N C B Pfd Tr-Cda Pipe Tr-Cda Pipe A Pfd Tr-Cda B Pfd Tr-Cda Pipe War West Trans West Trans War CALGARY Acroll Barons Oil N. Continental Western Warner VANCOUVER MINES Bathurst Norsemines Cima Resources Dankoe Davenport Lornex Northair Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Key Industries Wardair OILS August Petroleum Plains Pete Stampede Int'l Res MUTUAL FUNDS All Cdn Compound All Cdn Dividend All Cdn Ventures Amer Growth Fund A.G.F. Special Cdn. Invest Fund Eaton Commonwealth Eaton Leverage Eaton Int'l Venture Corp. Investors Corp Invest Stock Fund Grouped In Shares Growth Equity Investors Growth Fund Investors Mutual Mutual Accurn Nat. Resources N.W. Cdn. N.W. Growth Principal Growth Royfund Templeton Growth United Accum Universal Savings Vanguard 20.75 4.00 4.10 9.50 3.50 .45 45.50 6.00 9.50 54.00 15.50 5.00 49.50 7.75 7.87 17.25 9.25 50.25 28.50 .60 18.00 1.68 .25 .04 .01 .82 .35 2.00 .58 4.10 1.75 .12 .05 .93 4.00 .06 1.35 .12 .08 .52 4.79 4.88 2.03 3.55 1.77 3.62 10.88 2.40 4.12 4.74 3.47 2.35 4.53 8.84 4.28 4.78 3.32 3.91 3.33 3.05 5.05 6.12 3.34 6.11 3.75 Toronto'mines, industrials (Supplied by Richardson Securities of Canada) MINES Acme .06 Advocate Asb. 1.05 Akaitcho 1.55 Bralorne 1.31 Broulan .29 Bethlehem 9.00 Bovis .85 Brunswick 3.75 Can. NW Land 2.40 Canada Tung. 2.35 Cassiar 2.65 Central Pat. .71 Chirrto .81 Conwest 2.07 Cons. Rambler 1.70 Coin Lake .14 Cochenour 1.10 Craigmont 3.60 Dickenson Mines 7.75 Denison Mines 36.50 D'Eldona .21 Dome Mines 46.50 Discovery Mines 1.70 East Malartic 34.00 East Sullivan 1.65 Falconbridge Frobex .10 First Maritimes .35 Giant Y.K. 11.00 Granduc 1.20 Hollinger A 23.00 Hudson Bay A 13.00 Hydra Ex. .52 Iron Bay 3.85 Isb .68 Joliet Quebec .17 Kerr Addison 9.75 Key Anacon .17 Labrador 24.00 Lake Shore 3.75 Langis Silver .09 Madsen R.L. .44 Malartic G.F. Martin McNeely .27 Maclntyre 31.75 Mela .09 Midrim .07 Intern Mogul 2.10 NuWest'Homes 4.75 New A'thona .18 New Calumet .14 Noranda 27.25 Northgate 2.80 Norlex .16Vj Pine Point 24.50 Placer Dev. 14.75 Pax Exp. .95 Quebec Man .13 Rayrock .85 Radiore .17 Rio Algorh Roman Corp. 9.00 Sherritt Gordon 4.60 Steep Rock .95 Sunningdale 3.15 Tek Corp. A 2.06 Texmont United Canso 6.50 Western Mines 2.08 WH Copper Mines 1.65 Wright Hargreaves 1.35 Willroy 1.50 Windfall .09Vi Yellowknife Bear 1.68 Zenmac INDUSTRIALS Abitibi 10.00 Alcan Algoma Steel 23.50 Atco Ind 11.00 Agra Ind 4.50 Bell Tel 43.37'A Brascan A 10.00 BC Tel 46.75 Burns 8.12 V4 BC Forest 11.50 BC Sugar 19.75 Bow Valley Ind 11.00 Cable CAE Ind Cal Power Canbra Foods 2.50 Can Cellulose 3.95 Carling O'Keefe 1.97 Chemcell 3.55 Coron Credit 1.55 CWN Gas Pfd 8.37y2 Cdn Ind 16.00 Cdn Marconi 2.80. Cdn Vickers 11.50 Chrysler CPR 13.00 Cominco 23.00 Cons Bathurst 23.75 Cons Gas 14.00 Dist Seagrams 31.00 Dom Bridge 16.75 Domtar 21.12V4 Dom Textile 6.75 Dom Stores 15.00 Dome Pete 16.75 Dofasco 20.75 Glen Mobile 1.40 Grt Cdn Oil 5.12V4 Gen Motors 28.50 Grt Lakes Paper 16.75 Gulf Oil 20.00 Greyhound Hawker Sid 4.00 Hiram Walker A 35.25 Huron Erie 24.50 Imperial Oil A Imasca A 23.00 Int Nickel Int Pipe 10.50 Inv Grp A IU Infl 9.00 IAC Ltd 17.62V4 Jannock KapS 1.25 Kel Douglas A 4.30 Laurentide 6.75 Loeb 2.20 Loblaw A 5.00 Metropolitan 10.75 Massey Ferg 12.87Vj McMill Bloed 23.00 Moore Corp 38.75 Molsons A 13.00 Molsons B 12.25 Nachurs 6.50 North Cent 7.75 Peyto 2.45 Power Corp 8.62'A Price Co 13.12V4 Rothmans 9.25 Shell CDA 11.00 Simpsons Simp Sears 9.00 Steel Can A Selkirk A 10.75 Texaco 24.75 Trad Grp A Trans Mtn Pipe Trans Can Pipe 9.12Vi Union Carbide 15.00 Union Gas 7.50 Union Oil 7.75 United Siscoe 2.45 Versatile Mfg 5.25 Westeel 17.50 Westons Woodwards A 17.62V4 BANKS Can Imperial 19.75 Montreal 11.87V4 Nova Scotia 33.75 Royal 26.25 Tor Dom New York (Supplied by Richardson Securities of Canada) Amr T T 42.25 Wbblworth Anaconda 14.25 Westinghouse Elec a.75 Beth Steel 25.62V4 US Steel 37.25 Chrysler 7.50 Qen Tel Elec Comsat 29.00 TORONTO AVERAGES Dupont 8875 20 Industrials 153.50 up .33 General Motors 29.50 20 Golds 392.27 up 15.40 Quit 16.75 10 Base Metals 59.41 up Int Harvester 20.25 15 Western Oils 115.39 up .61 Kenn Copper 36.00 Volume Montgomery Ward 15.00 NEW YORK AVERAGES Sears 46.50 20 Industrials 599.81 up 1.17 Exxon 61.62.Vt 20 Rails 143.99 down .50 Texas Gulf 27.62% 15 Utilities 67.03 up .44 Texas Co 20.87V4 65 Stocks 196.09 up .23 Wix Corporation 8.62W Volume Short loan rate drop expected HAMILTON (CP) Russell Harrison, presi- dent of the Canadian Imperial Bank of Com- merce, said Wednesday that short-term interest rates are expected to drop in 1975, but no relief is in sight in rates for long-term borrowers. Speaking at an economic forum organized by the Hamilton and District Chamber of Com- merce, he predicted another year of high inflation and slow growth but said Canada has long-term strengths of a growing population and labor force, abun- dant raw materials, technological and finan- cial knowledge. Slow economic activi- ty will likely reduce interest rates on short- term loans because of a decreased demand, he said. Long-term interest rates, how- ever, are not expected to ease over the next several quarters because a potentially large demand for credit might arise from a heavy calendar of bond issues predicted for next year. "If one assumes that investors require a minimum three or four per cent real rate of return, plus compensa- tion for inflation, one cannot anticipate significant declines in long-term interest rates unless and until infla- tion subsides." Mr. Harrison said Canada could expect a below-normal perfor- mance in trade and growth amidst a weak external environment where the major in- dustrialized countries are experiencing a recession. Barrow, chairman of Simpsons- Sears Ltd., told the forum he expects a "very competitive year for the retail industry" with retail sales in- creasing at a" slower pace than 1974. He said a slower rate of sales growth combin- ed with a more abun- dant supply of goods will create the com- petition. Food price rise seen next year HAMILTON (CP) Thomas Bolton, president of Dominion Stores Ltd., said Wednesday that food prices will rise 15 per cent during 1975. Mr. Bolton told an economic forum organized by the Ham- ilton and District Chamber of Commerce that this figure is realistic but it will take good management and_ favorable weather to keep prices from rising more than 15 per cent. He said a major factor in ris- ing costs in the food industry is higher salaries. Mr. Bolton said Canadians have traditionally spent a smaller part of their total dis- posable income on food than the people of almost any other country but "inevitably the portion of disposable income which must be devoted to food will grow slightly in the next few years." He said that while the energy crisis of a year ago is the source of much of the economic disruption in the country today, poor crop con- ditions have created price pressures in the food industry. Mr. Whelan told Canada's cattle producers there is no way they would have to pay for mistakes south of the border that resulted in over- production. He chastized U.S. Agriculture Secretary Earl Butz for saying the United States was only playing Canada's trade game. "I've played a lot of hockey, with a referee and without, but you don't play many games if. all the players don't stick to the Mr. Whelan told the 600 delegates. He said the "common sense" quotas imposed by Canada were designed only to stop abnormal imports and that trade between the two nations is important. "In 1973 agricultural ex- ports to the U.S. were worth million while Canadians in that year spent twice as much on imports of agricultural products from the U.S. Over production in the U.S. last year in cattle harmed Ca- nadian beef producers and "we are not going to do it again." Mr. Whelan called for all- out production of grain next year, saying it would take at least two world bumper crops to increase grain stocks to reasonable levels. Delegates voted to increase membership dues in the union to from one of the most contentious issues before the meeting which ends Friday. Roy Atkinson of Saskatoon, NFU president, said he was aware the move would generate problems because membership has been "tough to get even at With the NFU having a deficit during the last year, the new membership fee will be difficult to relate to the union locals "so they will un- derstand." November car, truck sales drop THE CANADIAN PRESS The severe recession in the United States auto industry may be drifting into Canada. Although it's too soon to tell, three of Canada's four major automotive manufac- turers reported Wednesday sharp drops in their car and truck sales for November. Only Ford Motor Co. of Canada Ltd., which had the brightest over-all picture, reported higher total car and truck sales than November of last year. Although total sales for the year remain exceptionally good, the disappointing November figures could mean trouble in the Canadian auto industry. The Canadian automobile and auto parts industry has been forced recently to cut production and lay off hundreds of workers because of the severe drop in sales in the United States. The drop in the Canadian market could mean more layoffs if it continues into 1975. The most seriously affected was American Motors Canada Ltd. which reported a drop of about 33 per cent in car sales in November. It was closely followed by General Motors of Canada Ltd. which had a 29.2 per cent drop in car sales and a 19.4 decline in truck sales. Chrysler Canada Ltd. said passenger car sales dropped 16.2 while truck deliveries were off 9.9 per cent.com- pared with last November. Ford of Canada had a decrease of about two per cent in passenger car sales while trucks sales increased about nine per cent. Relative Price Performance 2.0 1.0 Percent 1969 1970 1971 1972 1973 1974 Stock prices up slightly on TSE TORONTO (CP) Prices on the Toronto stock market were fractionally higher in light mid-morning trading Thursday. The industrial index, wide- ly-based indicator of market trend, rose .16 to 153.33, golds 12.0 to 388.92, base metals ,40 to 59.07 and western oils .23 to 115.01. Algoma Steel rose to Aquitaine Vz to Dofasco Vz to Montreal Trust to and Royal Bank to Hudson's Bay Co. lost V4 to and Toronto Dominion Bank V4 to Mattagami Lake gained to International Mogul A to Pamour to and Dickenson Vt to Mclntyre lost to and Bankeno six cents to Ranger Canada was up to while United Canso dropped Vi to Market trends Economy record The Canadian economy has been inflating more slowly than its principal trading partners since the start of this year, according to the latest Economic Council of Canada report. Graph shows the economy inflating more slowly about 3Vz per cent slower at the end of 1970 up to late 1971. For the next two years it in- flated at a faster rate than the economies of principal trading partners, then dropped back to a minus posi- tion. Winnipeg grain WINNIPEG (CP) Prices were mixed but generally higher in continu- .ing light activity through raid session Thursday on the Winnipeg Commodity Exchange. Oilseeds reversed a down trend of the past several days to show some strength, especially in the distant months. Mid session prices: Thunder Bay rapeseed: Dec. five lower 8.25B; Oct. unchanged 8.15A: May and July not open. Vancouver Jan. 5Vz higher 8.68A; Mar. four higher 8.55A: June six higher 8.43B: Sept. not open. Flax: Dec. five higher 10.49B; May 10 higher 10.60B; July seven higher 10.328: Oct. not open. Feed wheat: Dec. '.-2 lower 3.90B; May '2 higher 3.80B; July and Oct. not open. Corn. Dec. unchanged 3.88B: Mar. one higher 3.99B; May and July not open. Barley: Dec. 2'i higher 3.00A; May higher 3.06; July three higher 3.03ti. Oats: Dec. one higher 1.96B: May V.'z higher 1.91 liB: July not open. Rye: Dec. three higher May 3.20A: July higher Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Thursday from the Calgary public stockyards totalled head, mostly slaughter steers and cows. Trade was active on steers and heifers and strong on cows. Slaughter steers sold 25 to 50 cents lower. A few heifers sold steady. Good cows Were higher. A few bulls sold steady. Steers. Al, A2: 48-49.50. A3: 46.50-48. Heifers, Al, A2: 41-42.25. A3: 3SAI. Cows. Di, D2: 1S.50-21.50. D3: 17.50-19. D4: 13-16.50. Bulls, good: 16-18.50. Feeder cattle were scarce. A few heavy feeder steers 750 pounds or more sold at 44.75. Good butcher calves: 25-28.50. No hogs were sold to 11 a.m. Chicago markets CHICAGO (AP) A combination of liquidation, stop-loss selling and scar- city of buyers produced sharp losses in farm commodity futures on the Board of Trade Wednesday. There were several limit declines. They included soybeans at 20 cents a bushel, one corn option down the limit of 10 cents, soybean oil down 100 points, or one cent a pound, and one oats option down the limit of six cents. Wheat futures declined 10 cents a bushel and soybean meal lost S7 a ton. There appeared to have been no out- standing feature to promote any sustained support. The bearish sentiment appeared to have been rooted in some concern over the national and world economic woes, the decline of gold prices, silver futures and other so-called inter- national futures. While trade was mixed originally, support was very thin and then in the closing minutes virtually extinct. At the close, soybeans were 15 Vi to 20 cents a bushel lower Jan. corn 7 to 10 lower Dec. 3.63. Chicago wheat 8 to 10 lower Dec. 4.80, Gulf hard red wheat not traded and oats to 6 iower Dec. 1.84. Gold futures WINNIPEG (CP) Gold Futures, U.S. funds, Winnipeg Commodity Ex- change close Wednesday. 400-OUNCE CONTRACTS: 4an 75 Apr 75 182.50A; Jly 75 188.60A; Oct. 75 196.10A; Jan 76 202.30A. Tuesday's volume: 401 -contracts. 100-OUNCE CONTRACTS: Feb 75 179.25B; May 75 185.00A; Aug 75 191.50A; Nov 75 198.50A. Tuesday's volume: 185 contracts. Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Thursday was up 1-10 at 37-50. Pound sterling was up 29-100 at 25. In New York, the Canadian dollar was down 1-10 at 7-25. Pound sterling was up 3-50 at 49-50. Hog prices EDMONTON (CP) Prices to 11 a.m. Thursday provided by the Alberta Hog Producers Marketing Board. Wednesday prices, in brackets: Edmonton: 54.60 Calgary: nil Lethbridge: Nil Fort Maclcod; Nil Hogs sold to 11 a.m. 312, hogs sold Wednesday average 53.43. Sows average 29.65. Calgary: Nil Feed prices WINNIPEG (CP) Wheat board domestic feed grain prices Wednesday: 3 ,CW red spring wheat 3.91; No. 1 feed barley 2.97Vi: No. 1 feed oals 1.95. MONTREAL (CP) Prices were higher in moderate trading on the Montreal Stock Exchange Thursday. Volume at a.m. was shares, compared with shares at the same time Wednesday. Banks rose .52 to 204.03, papers .44 to 104.41 and utilities .03 to 117.73. In- dustrials fell .10 to 152.82 and the com- posite .02 to 151.34. Dofaseo rose to Price to S13V4, Alberta Gas Trunk Line A V4 to S9Vz, Royal Bank V4 to Inter- provincial Pipe Line "4 to Aquitaine V8 to Premier Cablevi- sion Vs to and TransCanada PipeLines Ltd. V8 to Distillers Corp.-Seagrams fell to Pan- Canadian Petroleums Vz to S7V4 and Falconbridge Nickel Vi to Among speculative issues, Golden Briar Mines fell 20 cents to 25 cents after trading shares. VANCOUVER (CP) Prices were up in light trading on the Vancouver Stock Exchange Thursday. In the industrials, Wardair was un- changed at In the mines, Sonesta was up .01 at .35. In the oils, Galveston was unchanged at On the curb exchange Host Ventures was up .03 at .35. Prices were up Wednesday in moderate trading. Total volume was 1.561.431 shares. In the industrials. Webb Knapp was unchanged at .25; Canadian Javelin un- changed at Canterra up .01: War- dair up .25 at Sun A unchanged at and Newmark up .02 at .50. In the mines. Grandora was up .04 at .61: Arodien unchanged at .70: Green Eagle down .01 at .23; Skaist up .02 at .29; Sonesta up .08 at .34 and San Jacinto unchanged at .25. In the oils. Seneca Development un- changed at .84: Bison Petroleum un- changed at Copex Mining down one-half cent at .13; Galveston up .01 at August Petroleum unchanged at .12 and Rand A up .07 at .73. On the curb exchange Tapin Copper up .10 at Trevlac up .02 at .69: Bev Cal unchanged at .04; Host Ven- tures unchanged at .32: Remar- Resources down .02 at .10 and Mark V down .03 at NEW YORK (AP) Settlement of the nationwide coal strike Thursday had no immediate effect on the stock market. The noon Dow Jones average of 30 blue-chip industrials was up 1.17 to 599.81, a gain of only .23 in the half- hour following the announcement that coal miners had ratified a new contract. Declines took a narrow lead over ad- vances on the New York Stock Ex- change. Among Canadian issues on the NYSE. Dome Mines was up to Campbell Red Lake to Cana- dian Pacific to and Massey Ferguson M> to Mclntyre fell to and In- ternational Nickel Vs to S203's. Currencies MONTREAL iCP) Thursday's mid-day foreign exchange selling rates supplied by the Bank of Montreal: France franc .2185 Germany mark .4080 Japan yen ..003340 Mexico peso .0805 Switzerland franc .3830 United States dollar .9885 Kingdom pound 2.3300 U.S.S.R. ruble 1.3026 Quotations in Canadian funds. atatron 1003 4th Avenue South, Lethbridge Telephone 328-4426 p rocessng WATKINSON. HANHART, DUDA OORCHAK Chartered Accountants 511 5th Street South Telephone 328-1741 LETHBRIDGE, ALBERTA announce the admission to partnership of RICK G. MELVIN, B.A., C.A. f i