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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 30, 1974, Lethbridge, Alberta 14 THE LETHCRIDGE HERALD Monday, December 30, 1974 Prices on TSE slightly lower TORONTO (CP) Prices were down slightly on the To- ronto stock market in light mid-morning trading Monday. The industrial index, wide- ly-based indicator of market trend, was off 0.01 to 154.93, golds 5.14 to 389.54 and western oils 0.29 to 110.70. Base metals rose 0.04 to 56.97. Royal Trust A fell to Royal Bank V4 to Interprovincial to Stelco A to and TransCanada Pipelines V4 to Monenco rose Vi to Transair 25 cents to Im- perial Oil A to and Ca- nadian Imperial Bank Vg to Vs. Teck Corp. B rose 15 cents to Mentor 10 cents to Brunswick 10 cents to and Yellowknife Bear 8 cents to Camflo lost to Dickenson to Madeleine 10 cents to and Craigmont 5 cents to Ranger Oil dropped V8 to and Canadian Homestead 2 cents to Canadian Export gained 10 cents to Canadian Southern 3 cents to and Inter-Tech 1 cent to 9 cents. Market trends MONTREAL (CP) Prices were generally higher in light trading on the Montreal Stock Exchange Monday. Papers fell .23 to 94.98, industrials 17 to 154 51. the composite .11 to 153.14 and utilities 09 to 119.07 while banks rose .26 to 207.50. Molson A rose Vs to Power Corp '4 to and Southam Press A "4 to S23. Imperial Oil A fell V4 to and Domtar to Among speculative issues, Silver Stack Mines rose three cents to 99 cents on a volume of 23.500 shares. VANCOUVER (CP) Prices were up in light trading on the Vancouver Stock Exchange Monday. Early volume was 64.390 shares In the industrials. Venture was down .04 at .11. In the mines, Northair was up 05 at In the oils, Seneca developments was down 01 at .79. Volume on the curb exchange was 6.- 900 shares. Monox Peak was up a half cent at 0314 NEW YORK (AP) The stock market declined moderately Monday, fighting the pressure of year-end tax selling. The noon Dow Jones average of 30 industrials was down 2.90 at 599.26. and there were twice as many losers as gainers on the New York Stock Ex- change. The NYSE ticker tape ran late repeatedly through the morning, and an extensive numoer of issues traded with only one more day remaining in which investors can take losses for 1974 tax purposes On the- American Stock Exchange, the market-value index fell .58 to 58.77. Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Monday at the Calgary public stockyards totalled 600 head, con- sisting of slaughter steers, heifers and lower grade cows Trade was moderately active Steers. Al. A2: 44-46.50. A3. 42-44. Heiftrs. Al. A2 35-37.50. A3. 33-35 Cows. D3- 17-19 D4: 12-17 There were insufficient feeder cattle and stock calves on offer to establish a market. No hogs were sold to 11 a.m. Gold stocks were weak on the eve of the removal of the ban on private ownership of gold bullion by U.S. citizens. The NYSE's composite common- stock index was off .24 at 35.12. Among Canadian issues on the NYSE. Dome Mines rose to Distillers to Mclntyre "s to and Canadian Pacific to Campbell Red Lace remained un- changed at Ms, Inco at and Alcan at Winnipeg grain WINNIPEG (CP) Prices for oilseeds and rye dropped in light trading at mid-session Monday on the Winnipeg Commodity Exchange. Losses in rapeseed and flax were about 14 cents in some contract months, while losses in rye were limited to four cents. Feed grains were mixed, with December corn up 10 cents, oats up slightly and other grains near previous close levels Mid-session prices: Thunder Bay rapeseed: Dec. four lower 7.78A: May eight lower 8.08A; July inactive. Oct. nine lower 7.75A. Vancouver rapeseed. Jan. 11 lower 8.23A: March 101ower8.13A; Junel4% lower Sept. 13V2 lower 7.72'feA. Flax: Dec. five lower 1124A; May 14'z lower July unchanged 9.93A; Oct. inactive. Feed wheat: Dec. unchanged 3.77; May ''2 lower 3.75: July and Oct. inac- tive Montreal corn. Dec 10 higher 3.91; March. May and July inactive Barley Dec "2 higher 2.97 "28; May m lower 2.93; July and Oct. inactive. Oats- Dec. three higher 1.96B; May higher 1.86A. July inactive. Rye: Dec. four lower 2.81A; May four lower 2.93A; July four lower 2 88A, Oct. inactive Hog prices EDMONTON (CP) Prices to 11 a.m. Monday provided by the Alberta Hog Producers" Marketing Board. Friday's prices in brackets. Edmonton: 54.65 Calgary: 54.25 (53.43) Lethbridge. 54.00 Hogs sold to 11 a m 2.257 Hogs sold Friday 2.021. average 53.54. Sows average 30 95 Plague coming? Entomologists in Salisbury, Rhodesia, fear vast areas of the African continent may be faced with a pla- gue of red locusts in the near future. The locusts, which grow three to four inches long, begin breeding in November and could start swarming in March. An organization of African nations formed to fight the locusts is in disarray, with some members expelled for political reasons and others failing to pay their share of operating costs. 1 nn nnfl LIFE INSURANCE I WpWW (InitialAmount) Level Term Option (20 Year decreaiing Convertible Term Insurance) ANNUAL PREMIUMS Age 20-155.00 Age 35-228-00 Age 25-160.00 Age 40-321.00 Age 30-167.00 Age 45-475.00 KEN BELSHER OCCIDENTAL LIFE 439A HOLIDAY VILLAGE Phone 321-0944; Ret. 321-0994 Oil Sands Development in Doubt Project in doubt Rising costs and low prices are making projects like the Athabasca Oil Sands uneconomic say company officials involved in plans to extract oil from the sands. As a result, Atlantic Richfield Canada Ltd., which had a 30 per cent interest, withdrew leaving the future of Syncrude Canada Ltd. in doubt. Major shareholders remaining are Imperial Oil Ltd., Gulf Oil Canada Ltd. and Canad-Cities Service Ltd. Steel firm cuts price increase PITTSBURGH (AP) Bethlehem Steel Corp., the No. 2 steel producer in the United States announced Texaco makes oil discovery LONDON (AP) Texaco Inc. said Saturday it has made a significant discovery of North Sea oil in a test drilling rig about 116 miles northeast of Aberdeen, Scotland. Texaco North Sea U.K., a subsidiary of Texaco, said the test well flowed at the rate of barrels a day, but that it was still too early to estimate the over-all size of the find. Oil industry sources say the flow rate compares favorably with the capacities of some major wells in the Middle East. Meanwhile, the well- informed Financial Times says that several oil com- panies have halted spending on North Sea exploration until the British government clarifies how it intends to carry out plans to increase its take from the oil revenues. There have been reports that the government may introduce partial state ownership. Representatives of several U.S. oil companies scheduled a meeting Monday with Energy Minister Eric Varley. The newspaper says some U.S. companies are consider- ing a complete pullout unless the government's terms are satisfactory. Britain, which consumes about 2.2 million barrels of oil a day, hopes to become self- sufficient in oil by the early 1980s through development of the North Sea fields. SAVE BUY DIRECT FROM BUILDER 3 Bedrooms, Bath and a half. PHONE 327-6206_________ Saturday a partial rollback of price increases scheduled to take effect Monday. Bethlehem announced prices increases last Monday, only to learn hours later that U.S. Steel, in response to government pressure, was rolling back its previously- announced increases. Bethlehem had announced that it would raise prices on selected items, and said the increases would work out to about 2.5 per cent across its full product line. Independent calculations showed that the increase would average about five per cent on affected items. Bethlehem said Saturday it will not go ahead with the scheduled price increases on tin plate and steel rails. Higher prices for tin plate and rails were to account for about 20 per cent of the increases. Bethlehem said price in- creases of about four per cent on plate steel and about six per cent on structural steel will take effect Monday as scheduled. Bethlehem said that it will comply with a request from President Ford's Council on Wage and Price Stability that the prices being raised will not be increased again before June 1, 1975. Price hikes set record LONDON (Reuter) Prices in Britain increased by a record 18.3 per cent in the last year, a government report on inflation said Mon- day. But earnings are keeping well ahead of prices, said figures in the department of employment's index of retail prices for November. Wage rates in October were 22.8 per cent higher than a year previously, though the pace of price increases is catching up. The annual rate of inflation in the last three months was 21.2 per cent. 1975 predicted difficult year for economy By The CANADIAN PRESS Most Canadian business leaders predict that 1975 will be a difficult year for the economy, marked by slower growth but not major recession. They are generally op- timistic about the basic strength of the Canadian economy despite world-wide inflation that has led to massive layoffs in many countries, particularly the United States. A general underlying concern exists about sojne soft spots in the economy, such as housing, exports and the fact trade union leaders have said they will fight for higher wages in 1975 despite inflation. David Archer, president of the Ontario Federation of La- bor, predicts that 1975 will be a "year of confrontation" over wages and other working conditions. Here is a summary of fore- casts for the year from a selection of business spokesmen: J. Allan Boyle, president, Canadian Bankers' Association: The Canadian economy, like virtually all other major economies, faces the prospect of continuing slow growth throughout much of 1975. At a time when many nations face the prospect of declining out- put, substantially higher rates of unemployment, and critical balance of payments brought on by soaring energy costs, Canadians can take some comfort in the fact that our nation is unlikely to face such serious economic problems. Regretably, the problems of inflation will ease only marginally in 1975. R. E. Hatch, chairman, Canadian Export Association: Shrinking demand resulting from economic slowdown in foreign markets augurs a dif- ficult year for exports. The outlook continues to be good for some industrial materials still in short supply but export volume and prices for many commodities may decline. Prospects are not bright in many traditional and newly- tapped overseas markets where national economies and balance of payments have been seriously hurt by an un- precedented rise in import costs and inflation. Walter R. Lawson, president, Canadian Manufac- turers Association: B.C. gov't purchases poultry firm SURREY, B.C. (CP) The provincial government today announced the purchase of Panco poultry for million. The announcement was made jointly by Agriculture Minister Dave Stupich, Provincial Secretary Ernie Hall and S. A. Searle, presi- dent of Federal Industries. Mr. Searle said the com- pany which processes about 40 per cent of B.C. 's poultry has been seeking a buyer for some time. "We found ourselves in a situation where we had no alternative but to close the plant and advise the provin- cial government accor- he said. Mr. Stupich said the 20 year old operation will main- tain its present management staff and continue to employ about 400 people. The minister noted that assets of the integrated processing operation exceed the purchase price. NOTICE! QUALITY BAKERY 1640 MM OriveS. WILL BE CLOSED FOR HOLIDAYS DEC. 29 (0 JAN. 27 INCLUSIVE Re-opening for business as usual January 28th, 1975 The outlook for Canadian manufacturing going into 1975 reflects a weakening domestic economy heavily influenced by the recession in the U.S.A. and the troubled world economic climate. Total manufacturing has already slackened in the wake of fall- ing exports, declining housing starts, and, more recently, the drop-off in automobile sales, especially in the United States. This situation is ex- pected to continue well into 1975. Overall, the prospect is for a difficult period until late in 1975, with clear indications, of an accelerating squeeze on profits. W. H. Dalton, managing di- rector, Canadian Gas Associ- ation: Next year must be a year of decision for the natural gas in- dustry in Canada if we are to avoid the energy shortages now being experienced in the United States. All reports point to the fact that 1975 appears to be the year of the beginning of increasingly short supplies in many parts of situation has already arisen in British in order to avoid this, immediate in- dustry and governmental ac- tion must be taken to bring our future supply and demand relationship into balance. Ernest W. Assaly, president, Housing and Urban Development Association of Canada: It would appear that the next 12 months could see a reversal of the residential construction industry's ex- periences of this year, when it started at a high rate of activi- ty and then slowly lost momentum as the months progressed. We will go into the new year at a slower pace but, hopefully, improving con- ditions in the mortgage market could see housing starts on the increase by mid- summer. The lessening in ac- tivity in the residential construction field may contribute to a real labor shortage as workers seek employment in other areas. It may be difficult to attract these men back to house construction when the pace picks up later in 1975. R..C. Dowsett, president, The Canadian Life Insurance Association: In spite of the current un- certain economic climate, the Canadian life insurance in- dustry enters 1975 with a good record of growth and strength. Alberta to supply heifers EDMONTON (CP) Canadian Livestock Im- port and Export Ltd. has obtained a contract to supply grade Holstein heifers during the next 12 months to the Nestle's Co. of Mex- ico, the Alberta govern- ment said Monday. Financing was arranged through the Export Development Corp. in Ottawa. The Alberta govern- irfent said in a state- ment the heifers will come primarily from Alberta suppliers but it is expected that because of the number of animals required, some will be obtained from neighboring provinces. The -first shipments will start in. mid January. Negotiations are also under way between the company and other Mexican interests regarding the move- ment of Alberta beef calves to Mexico. This would be design- ed to capitalize on the relatively cheap pasture and labor available in Mexico while using Alberta technical abili- ty and beef genetics. Agriculture Minister Hugh Homer said the magnitude of the two projects should help reduce the present ex- cess livestock popula- tion in Canada. The Herald Business j Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited WESTERN OILS AND MINES Atton Mines Albany OH Alta East Gas Almlnex Asamera Ashland Oil Gas BP Canada Brenda Mines Cda South Cdn Ex Gas Cdn Homestead Cdn Ind Gas OH Cdn Long Is Cdn Super Chieftan Dev Dome Pete Dynasty Nufort Res Giant Mascot Gibraltar Mines Granisle Gt Cdn OH S Lochiel Ex Lytton Min North Cdn OH Numac Oil Pancdn Pete Pan Ocean Petrol Paloma Place Gas Ponder Ranger Oil Scurry Rain Seibens Spooner Total Pete Ulster Pete United Canso West Pete West Decalta MISCELLANEOUS INDUSTRIALS Acres Ltd Aquitaine BC Sugar C Pfd Block Bros Canbra Foods Cdn Pac Inv A Pfd Cdn Pacific Inv Carling O'Keefe A Pfd Carling O'Keefe B Pfd Comm Cap Corp Crestbrook Ind Crowsnest Ind Falcon Copper F M Trust Co Genstar Home OH A Home Oil B Hud Bay Co Hud Bay Oil Hud Bay Oil A Pfd Hugh Russell Husky Oil Husky OH B Pfd Husky Oil E War Interprov Pipe War Inter Steel Pipe Kaiser Res Kaiser Res War Loblaw Co C Pfd Magnasonics Oilfield Grp A Gas Trk Gas Trk Nat Metro A Nat C C Gas B A B Can Pipe Trans 3.40 Int'l Cdn. Cdn. Cdn. Growth Invest Int'l Invest Stock Fund Growth Toronto mines9 industrials (Supplied by Richardson Securities ot Canada) MINES Acme .06 Advocate Asb. 1.15 Akaitcho 1.65 Bralorne 1.45 Broulan .33 Bethlehem 9.00 Bovis .80 Brunswick 3.50 Can. NW Land 2.17 Canada Tung. 2.50 Cassiar 2.70 Central Pat. .67 Chimo .85 Conwest 2.00 Cons. Rambler 1.55 Coin Lake .14V6' Cochenour 1.11 Craigmont 3.10 Dickenson Mines Denison Mines 35.25 D'Eldona .20 Dome Mines 46.00 Discovery Mines 2.05 East Malartic 3.40 East Sullivan 1.42 Falconbridge 24.50 Frobex .11 First Maritirnes .35 Giant Y.K. 10.25 Granduc 1.10 Hollinger A 21.50 Hudson Bay A 12.87% Hydra Ex. .54 Iron Bay 4.00 ISO .60 Joliet Quebec .16 Kerr Addison Key Anacon .19 Labrador 22.75 Lake Shore 3.50 Langis Silver .06 Madsen R.L. .45V4 Malartic G.F. 1.00 Martin McNeely .28 Maclntyre 29.00 Meta .OB'A Mid rim .06 Intern Mogul 1.92 NuWest Homes 5.00 New Athona .17 New Calumet Noranda Northgate 3.00 Norlex .12 Pine Point 24.75 Placer Dev. 13.50 Pax Exp. .91 Quebec Man .14 Rayrock .80 Radiore .14 Rio Algom 19.00 Roman Corp. 9.00 Sherritt Gordon 4.75 Steep Rock .80 Sunningdale 2.80 Tek Corp. A 2.05 Texmont .14 United Canso 6.50 Western Mines 1.45 WH Copper Mines 1.35 Wright Hargreaves 1.25 Wiliroy 1.47 Windfall Yellowknife Bear 1.65 Zenmac .04 INDUSTRIALS Abitibi 9.25 Alcan 19.00 Algoma Steel 24.62% Atco Ind 11.25 Agra Ind 4.50 Bell Tel 43.62% Brascan A 9.75 BC Tel 47.00 Burns 7.00 BC Forest 9.87% BC Sugar 19.00 Bow Valley Ind 9.75 Cable 10.00 CAE Ind 6.87% Cal Power 22.00 Canbra Foods 2.35 Can Cellulose 4.25 Carling O'Keefe 1.85 Chemcell 3.40 Coron Credit 1.55 CWN Gas Pfd 8.25 Cdn Ind 17.00 Cdn Marconi 2.66 Cdn Vickers 11.25 Chrysler 7.12% CPR 13.75 Cominco 24.00 Cons Bathurst 22.75 Cons Gas 14.25 Dist Seagrams 31.75 Dom Bridge 16.75 Domtar 18.00 Dom Textile 6 Dom Stores 15.37% Dome Pete Dofasco 21.25 Glen Mobile 1.50 Grt Cdn Oil 5.00 Gen Motors 29.75 Grt Lakes Paper 14.50 Gulf Oil 24.00 Greyhound 11.75 Hawker Sid 3.85 Hiram Walker A Huron Erie 23.00 Imperial Oil A 21 25 Imasca A 23.00 Int Nickel 19.87% Int Pipe 11.00 Inv Grp A 5.25 IU Int'l 8.50 IAC Ltd 16.62% Jannock 5.12% Kaps 1.21 Kel Douglas A 4.40 Laurentide 5.37% Loeb 2.10 Loblaw A 4.75 Metropolitan 10.62% Massey Ferg 13.37% McMill Bloed 21.25 Moore Corp Molsons A 13.75 Molsons B 13.12% Nachurs 6.50 North Cent 8.00 Peyto 2.15 Power Corp 7.75 Price Co Rothmans 8.50 Shell CDA 11.75 Simpsons 6.37% Simp Sears 9.00 Steel Can A 25.25 Selkirk A 11.00 Texaco 25.00 Trad Grp A 10.37% Trans Mtn Pipe 8.37% Trans Can Pipe 8.25 Union Carbide 14.25 Union Gas 7.37% 'Union Oil 7.75 United Siscoe 2.15 Versatile Mfg 5.00 Westeel 22.12V2 Westons 17.75 Woodwards A 18.00 BANKS Can Imperial 21.00 Montreal 12.25 Nova Scotia 34.75 Royal 25.62V: Tor Dom 31.75 New York (Supplied by Richardson Securities of Canada) NEW YORK STOCKS Amr T T Anaconda Beth Steel Chrysler Comsat Dupont General Motors Gulf Int. Harvester Kenn Coppar Montgomery Ward Sears Exxon Texas Gulf Texas Co 44.00 13.50 25.00 7.12% 27.62 'A 90.50 30.25 17.00 18.62% 36.00 13.SO 47.50 62.37% 25.50 20.62% Wlx Corporation Woolworth Westinghouse Elec U.S. Steel Gen Tel Elec 7.37% 9.12% 8.50 37.50 16.62% TORONTO AVERAGES 20 Industrials 154.98 up .04 20 Golds 385.95 down 8.73 10 Base Metals 56.83 down .10 15 Western Oils 110.73 down .26 Volume NEW YORK AVERAGES 20 Industrials 599.26 down 2.89 20 Rails 140.77 down .12 15 Utilities 66.39 down .12 65 Stocks 194.47 down .65 Volume ;