Lethbridge Herald, The (Newspaper) - December 31, 1973, Lethbridge, Alberta
18- LETHBHIDGE HERALD Dtmmbtr 1S73 The Herald Toronto stocks slightly lower Business TORONTO Prices on the Toronto stock market moved slightly lower in moderate mid-morning trading today The industrial considered the major indicator of market was off .32 to 212.97 and base metals .12 to 92.98. Golds rose 2 54 to 395.46 and western oils 1.05 to 246.08. Volume by 11 a.m. was down from at the same lime Kriday Advances outnumbered declines 138 to 92. with 139 issues unchanged. steel and chemical slocks were among sectors recording declines while general trust and bank and paper and forest issues were higher Woodward Stores A fell 'z to BP Canada V to S12V Chrysler to Massev-Ferguson Vj to and to Mi. Niagara Wire B rose 1 to Ivaco to S10' i. Foodex to S6. Union Gas 11 to S10 and Dome Pete 'j to S35'A. Sherritt Gordon lost 38 to Giant Mascot 20 cents to 52.30 and United Asbestos 10 cents to Camflo was up to and East Malartic 20 cents to S4 90 Scurry-Rainbow rose 'j to and Asamera i to S133j MONTREAL Prices were mixed in light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was 155.600 compared with 251.300 shares at the same time Friday Utilities rose .39 to 137.56. banks .26 to 269.30. and papers 12 to 133.02. In- dustrials fell .16 to 237.10 while the composite remained unchanged at 220.81 On the Montreal i-'ock IAC Ltd. rose Vt to Husky Oil to and Provincial Bank of Canada to Hudson's Bay Oil and Gas fell 1 '4 to and Moore Corp. to On the Canadian Stock Exchange Gold Hawk Mines remained unchanged at 44 cents on a volume of 29.700 shares. NEW YORK technical factors and continued con- cern over the oil shortge sent stock market prices falling again today. The Dow Jones industrial average lost 7 38 points to 840.64 by noon Declines led advances by more than two to one in fairly active trading and the NYSE composite index was down .43 to 51 32. General the most active dropped to to after a late opening. Ford was off l''j to and Chrysler was down to Deere and Co. lost to Cerro Corp which opened late after the announcement that the Peruvian government had nationalized its min- ing subsidiary was down to Among Canadians on the New York exchange. Massev-Ferguson dropped to Alcan ''4 to Wi. and Inter- national Nickel to Dome Mines gained 4 to Canadian Pacific was unchanged at and Mclntyre at On the American exchange. Preston declined '2 to and Brascan '4 to Scurry Rainbow gained to and Neonex was unchanged at Stocks M iscellaneous Montreal by McQuaig Winnipeg grain WINNIPEG With the excep- tion of rye all commodities were lower at the close on the Win- nipeg Commodity Exchange today. Flax advanced 30 cents in the December but trailed off in the deferred months Rapeseed dropped as much as cents in the short trading session while oats and barley were inactive. Rye reflected partially stronger Chicago wheat closing up as much as 13 cents in a moderate demand. Volume of trade Friday was 446.000 bushels of flax. 3.959.000 ot rapeseed. no oats or barley. 549.000 of rye. Thunder Bay export wheat prices all were unchanged Closing prices- Flax. Dec. 30 higher May 8 lower 10.04'2B. July 12 lower Oci unchanged 8.7534N. Rapeseed Jan 17 Vz lower 605B. March 6 lower Juno 16 lower 5.90A. Sept. 11 lower 5.92 A Rapeseed Thunder Dec. 4 Livestock Calgary CALGARY Receipts to 11 a.m today from the Calgary public stockyards totalled about 84 head. moith cows and slaughter steers carrying a fairly high degree of finish and lacking condition. Trade was fairly active Theiu were insufficient numbers of any one class of cattle on offer to es- tablish reliable quotations Hogs fob Calgary to 11 a m average base price 52 05 Hog prices EDMONTON Average prices 10 11 am provided by the Alberta Hog Producers Marketing Board with Friday's average in brackets. Red 52.05 Calgary. 52.05 No sales Total hogs sold Friday 2.3.15. average 52 68 Sows average 34.45 Beef futures WINNIPEG Live beef futures- Jan 47 90. Mar May 52.00B Jly Friday's volume. 18 contracts. lower 5 May 4 lower 5.82. July 2 lower Sept. 11 lower 5 92A Rapeseed Thunder Bay Dec. 4 lower May 4 lower 5 July 2 lower 5.BOA. Oct. unchanged 5.75B. Dec. unchanged May un- changed July unchanged 1 17 Barley Dec. unchanged May unchanged July unchanged 2.30N. Dec 7''4 higher May IlVi higher July 13 higher 3 23. Export wheat prices. Thunder 1 cw 13.5 pet protein 5.60' 2. 11.5 pet 5 2 cw 13 5 pet 11.5 pet 3 cw 5 1 durum 2 durum 3 durum 8.91 4 durum 8.88-2. Cash 2 cw 3 cw ex 3 cw ex 1 feed 1 feed 2 feed 1.51. 3 feed 1.48. mixed feed 70 00 a ton Barley 1 cw 6-n v. 1 cw 2-row. 2 cw 2-row and 2 cw -row 1 feed 2.43'z. 2 feed 2 42 3 feed 2.39. Rye. 1 and 2 cv. 3 3 cw 3 4 cw Flax. 1 cw 10.29 2cw 3cw 989'z No. 1 Cdn 5.61 V2. No. 2 Cdn 5 46 Currencies MONTREAL Monday's mid- day foreign exchange nominal selling rates supplied by the Bank of Montreal- Australia dollar 1.50 Austria schilling 0516 Bermuda dollar 1 02 Belgium franc 0247 Brazil Cruzero '660 Bulgaria lev .9300 Czechoslovakia crown .1900 China rpnm nhi .5050 Denmark kroner .1630 France franc financial 2090 Germany mark 3755 Hungary fonni .0955 Italy lira commercial 001695 Japan yen 003600 Mexico peso .0810 Netherlands guilder .3575 Norway kroner .1770 Poland Zloty 0502 Romania leu .1668 South Africa rand 1.5 Spain peseta 0178 Sweden kroner .2230 Switzerland franc 3120 United States dollar .9985 United Kingdom pound 2.34 USSR ruble 1.3395 Venezuela bolivar free .2350 Yugoslavia dinar .0585 Quotations in Canadian funds. By Gene Fawcette FOAMSVtT IF FIRE OR EXTREME MEAT THREATENS THE WEARER OF A NEW PROTECTIVE HE MAY TRIGGER ADEVICE WHICH FLOODS THE INSIDE OF THE SUIT WITH HIGH- DENSITY FOAM. ITRDRCES OUT THE AIR AND CREATES A MEAT BARRIER... Metals LONDON Closing metals bid-ask in pounds sterling a metric silver in pence r troy ounce. futures 837- 838 futures 2.510 futures 247-248 595-6CC. futures 563-565 3 months 144.4-144.5 Dollar value MONTREAL U.S. dollar in terms of Canadian funds at noon Mon- day was down 1-50 at 3-5. Pound sterling was up 31-500 at 21-5 In New the Canadian dollar was up 1-50 at 2-5. Pound sterling was up 11-20 at 7-20. Gold prices LONDON Closing gold prices in U.S. dollars an London 112.50 Closed Frankfurt 111.64 Zurich Closed Hong Kong Beirut Closed Goid futures WINNIPEG Gold U.S. funds. Winnipeg Commodity Ex- change- Jan 74 111 Apr 74 Jlv 74 Oct 74 Jai 75 126.80. Friday's 94 itracts. Profit Name Bra roduct EXCLUSI this area No Sellinc come to you Approximt wss'-ily Adrnin'-'ation and Strvlce only. no barrier. S3700 laloi by aqulpmenl. Reply Including Phone No. to WESTERN OILS AND MINES Afton Mines 6.75 Albany Oil .74 Alminex 6.85 Asamera Ashland 10.75 Alta East Gas 6.25 BP Canada 12.75 Brenda Mines 7.25 Can South 4.75 Cdn Ex Gas 3.35 Cdn Homestd 6.80 Cdn Ind Gas Oil 8.75 Cdn Long Is 17 Crueltan 9.70 Cdn Super 56.50 Dome Pete 36.25 Dynasty 9.60 Fort Reliance .17 Giant Mascot 2.50 Gibraltar Mines 10.00 Granisle 8 50 Gt Plains 27.25 Gt Cdn Oil S 10.00 Lochiel Ex 2.60 Lytton Min 1.08 Noble Mines -76 North Cdn Oils 5.60 Numac 16.00 Pancdn Pete Pan Ocean 15.50 Petrol 175 Pinnacle .23 Place Gas .50 Ponder .54 Ranger 32.75 Scurry Rain 20.00 Seibens 16.25 Spooner .31 Total Pete 6.35 Ulster Pete 1.38 United Canso 20.00 West Pete West Decalta 6.80 MISCELLANEOUS INDUSTRIES Acres Ltd 13 50 Aquitaine 25.00 BC Sugar A Pro BlocK Bros 3.50 Cdn Pac Inv A Pfd Com Cap Corp 2.50 Carling O'Keefe A Pfd 23 00 Carlmg O'Keefe B Pld 28 25 Crestbrook Ind 10 00 Crowsnest Ind 25.25 Falcon Copper 11.12''z F and M Trust 5.00 Genstar 1650 Global Com Unit 40.00 Home A 49.75 Home B 44.00 Hud Bay Co 18.00 Hud Bay Oil 43.50 Hud Bay A Pfd 48 00 Hugh Russell 49.25 Husky Oil 21.50 Husky B Pld 39.00 Husky D War 6.60 Husky E War 9.25 Hys of Canada 2 90 Inter Prov Pipe 6.00 Inler Prov Steel 13 Kaiser Res 4.30 Loblaw C Pfd 25.25 Magnasonics Pacific Pete 29.87 'A Pac West Air 7.75 Pe-Ben Oilfield 7.25 Rainier Inc Royal Trust Sandwell Teledyne Trimac Ltd West Cdn Seed Westfield Min Westori A Pfd White Yukon 26.25 5.00 4.20 7.25 4.50 1.05 9.00 PIPE LINE STOCKS Alia Gas A 10.25 Alta Gas Pfd 69.50 Alta Nat Gas 19.50 Inland Nat Gas 9.75 Gaz Metro 5.75 Gar Metro A Pfd 64.00 N and C Gas 10.50 N and C B Pfd 21.00 Pacific Trans 9.37'A Trans Can Pipe 31.00 Tr Can A Pfd 57.12'A Tr Can B Pfd Tr Can War 4.50 WC Trans 21.8714 WC Trans Wts 3.50 CALGARY Acroll .53 Barons Oils .04 N Continental .01 'A West Warner .35 VANCOUVER MINES Atlas Explor .36 Bath Norse .92 Dankoe 2 00 Davenport 28 Dolly Varden 20 Equitorial Res Lornex 8.90 Primer .08 Pyramid .12 Silv Standard 1 55 Valley Copper 9.00 INDUSTRIALS Colum Brew 2.85 Key Industries .12 Wardair 1.55 OILS Auaust Pete .83 Plams Pete 20V4 Pond Explor .70 Stamp Intl Res .75 MUTUAL FUNDS All Cdn Com 6.64 7.22 All Cdn Div 7.00 7.61 All Cdn Ventures 3.30 3.59 Anier Grow F 5.11 5.62 AGF Special 2.56 Cdn Invest F 4.99 5.47 Collect Mutual 5.30 5.82 Com Inter 13.41 14.74 Com Leverage 3.28 3.60 Com Venture 5.76 6.33 Corp Investors 6.22 6.84 Corp Invest SI F 4.85 5.33 Dreyfus Fund US 10.92 11.97 Grpd Income 3.02 3.32 Growth Equity 6.83 7.51 Invest Grow F 11.69 12.78 Invest Mutual 5 61 6.13 Mutual Accum 5 92 6 51 Mutual Grow F 3.03 3.34 Nat Resources 4.75 5.22 NW Cdn 5.31 5.84 NW Growth 4.53 4 98 Prin Growth 4 36 4 79 Provident Mutual 7.25 7.93 Royfund 6.71 6.99 Templeton Grow 7.28 7.98 United Accum 4.66 5.12 Univer Savings 7.78 8.56 Vanguard 5.72 6.27 Toronto industrials by Richardson Securities of MINES Acme .10 Advocate Asb 1.26 Akaitcho 1.25 Bralorne 1.60 Broulan .46 Bethlehem 1500 Bovis 1.75 Brunswick 5.00 Can NW Land 7.35 Canada Tung 2.80 Cassiar 9.30 Central Pat .85 Chimo -89 Conwest 3.90 Cons Rambler 2.61 Coin Lake Cochenour .85 Craigmont 6.40 Dickenson Mines 4.30 Denison Mines' 48.50 D'Eldona 39 Dome Mines 149.00 Discovery Mines .88 East Malartic 4.90 East Sullivan 2.40 Falconbridge 62.25 Frobex .22 First Maritimes .58 Giant Y K 10.00 Granduc 3.20 Hollinger 42.50 Hud Bay M S 26.25 Hydra Ex .25 Iron Bay 3.80 Iso 1.60 Joliet Quebec .20 Kerr Addison 10.75 Key Anacon .26 Labrador 41.00 Lake Shore 3.10 Langls Silver .05 Madsen R L 1.68 Malartic G F .92 Martin McNeely Maclntyre 49.00 Mela -13V4 Midrim .13V4 Intern Mogul 8.55 Nu West Homes 9.25 New Athona .13 New Calumet .23'A Noranda 50.00 Northgate 4.20 Norlex .28 Pine Point 30.12Vi Placer Dev Pax Exp 1.10 Quebec Man Rayrock 1.00 Radiore .24 Rio Algorn 33.87Vi Roman Corp 19.00 Sherritt Gordon 13.87V4 Steep Rock 1.8' Tek Corp 3.' i Texmont .17 United Canso Western Mines 2.86 WH Copper Mines 2.85 Wright Hargreaves 1.40 Willroy 1.10 Windfall .11 Yellowknife Bear 4.85 Zenmac .07 INDUSTRIALS Abitibi 13.12Vi Aican 36. 5 Algoma Steel 20.' 0 Atco Ind 16 2V4 Jannock 5. 5 Agra Ind 10.L5 Bell Tel 40.00 Brazilian Trac 16.75 BC Tel Burns BC Forest BC Sugar Bow VaUey Ind Cable CAE Ind Carling O'Keefe Chemcell Cdn Cellulose Calgary Power Coron Credit CWN Gas Cdn Industries Cdn Marconi Cdn Vickers Chrysler CPR Cominco Cons Balhurs Cons Gas Dist Seagrams Dom Bridge Domtar Dom Texlile Dom Stores Dome Pete Dofasco Glen Mobile Grt Cdn Oil Sands Gen Motors Grt Lakes Paper Guif Oil Cda Greyhound Hawker Sid Hiram Walker Huron Erie Imperial Oil Imasca Int Nickel Int Pipe Inv Group A IU Intern'l Indust Accept Kaps Kelly Doug A Laurentlde Loeb Loblaw A Metropolitan Mass Ferg McMM Bloedell Moore Corp Molsons A Molsons B Nachurs North Cent Power Corp Price' Co Rothmans Shell Cda Simpsons Simp Sears Steel Canada Selkirk A Texaco Traders Grp A Trans Mtn Pipe Trans Can Pipe Union Carbide Union Gas Union Oil United Slscoe Versatile Mfg Westeel Westons Woodwards A West Cdn Seed Zenith Elec Cdn Imperial Montreal Nova Scotia Royal Toronto-Dom BANKS 49.00 19.50 20.00 27.25 14.25 8.62Vz 3.65 5.25 23.00 2.25 23.00 19.00 315 13.00 15.25 27.75 16.00 42.25 36.00 22.50 8.75 12.25 36.25 28.75 5.25 9.75 45.50 2450 30.50 17.75 4.85 53.00 31.25 39.50 28.25 34.12V2 20.25 7.75 17.75 17.50 4.40 5.00 8.75 3.60 5.00 11.00 18.50 32.00 52.25 21.75 12.75 10.50 10.50 16.00 12.75 17.75 11.00 12.75 4300 15.62V2 15.00 30.75 9.75 13.50 6.00 6.25 18.00 4.50 3 00 19.12V2 36.00 36.50 37.25 New York by Richardson Securities of Amr. Anaconda Beth. Steel Chrysler Comsat Dupont General Motors Gulf Int. Harvester Kenn. Copper Mont Ward Sears Exxon Texas Quit Texas Co Corporation Wcolworih 2C. Westinghouse Elec U.S. Sleel 36.75 1S.f Tel Else 38 TORONTO AVERAGES 157.C 20 Industrials 212.22 down 1.07 20 Golds 413.80 up 20.80 23.37 10 Base Metals 92.86 down 24 25.50 15 Western Oils 246.21 up 1.18 Volume 19.3'' -ft NEW YORK AVERAGES 80.25 20 Industrials 841.78 down 6.22 94.25 20 Rails 194.36 up .03 15 Utilities 89.24 up .03 Slocks 270.07 down 1.13 Fit to be tied One Manhattan service station operator found this solution to show motorists over the holiday weekend that he's out of gas. New York City area stations that were open had higher long lines and limits such as or per customer. U.S. gas shortage cuts police patrols NEW YORK Motor- ists in many areas of the United States found gasoline supplies skimpy today. A near-total shutdown of gas stations loomed for New Year's Day. In New York the gaso- line shortage prompted police to reduce by 30 to 80 per cent the number of radio cars cruising the streets. Officers manning many cars still in operation were ordered not to patrol but to park in one spot until they received calls. Empty pumps and long lines at stations still open frustrated motorists hunting for gasoline during the weekend. Some station owners who had planned to be open today said they ran out of fuel Saturday and will have to shut down. In New the state Gasoline Retailers Associa- tion said about 90 per cent of the state's service stations are out of gasoline. The Automobile Club of New York said it found only six open gasoline stations in New York and in neighboring Westchester and Nassau coun- an area with a population of about 10 million. MOST STATIONS CLOSED An official of the Wisconsin Retail Gasoline Dealers Association estimated that 90 per cent of all gas stations in Wisconsin were closed Sun- day. He forecast that about 80 per cent would be closed today and 90 per cent shut down on New Year's Day. the Automobile Club of Michigan reported that 28 per cent of the state's service stations were open double the number open any Sinday since the voluntary ban on Sunday gas- oline sales started. In the Internal Revenue Service said it has received a of complaints about alleged pricegouging by gasoline sta- tion operators during the weekend. A spokesman said there was one report of a sta- tion charging 81 cents a gallon. Authorities in Texas and Florida said the gasoline squeeze and consequent reduced highway travel appeared to be producing at least one we 1 c o m e fewer auto fatalities. The National Safety Council issued a pre-holiday estimate that between 470 and 570 per- sons may be killed. That is 70 lower than what the council normally would estimate for the period and due to the energy the reduced availability of gas- oline and lowered speed a council spokesman said. Provincial policy may weaken B.C. forestry VANCOUVER The president of the Council of Forest Industries-of British Columbia says while 1973 was an exceptionally good year for the forest ing trends appeared during the period 1966-1972 and developments in 1974 may well be even more un- Gordon Draeske said in a year-end statement that apart from the uncertain market outlook for building products in 1974 and the energy provincial government policy could seriously weaken the in- dustry. Mr. Draeske said the return on investment by forest com- panies decreased to 4.2 per cent in 1972 from 5.9 per cent in 1966. we hear that provin- cial revenue will be increased still further to the point where Some companies could go out of business. the provincial govern- ment seriously pursues such a policy and further reduces the return on new investment in the industry will decrease even more than it has to date and the current rate of investment is clearly he said. The council recently releas- ed a tax burden study prepared by chartered ac- countants Peat. Mitchell and covering the years 1966 to 1972. Information for the study came from a group of Council of Forest Industry member firms which account for 56 per cent of total forest industry sales originating in B.C. Figures in the study showed that during 1966-1972 sales increased 64 per but ear- nings dropped 18 per cent. Provincial revenues from tax- es and other charges rose 183 per cent. China revives gfl unions PEKING China disclosed today it had passed a milestone in the reconstruc- tion of the country's trade un- which were revived in the last year after being suppressed during the 1966-69 cultural revolution. The People's China's leading reported that the southern province of Kweichow had recently held a local trade union the last of the 29 province- level congresses to be con- vened. The way now appears open for the Chinese national trade union although the newspaper does not mention when it will be held. Unions were discredited during the cultural revolution because they were closely linked with disgraced head of state Liu Shao-chi and also at least partly because they were said to concentrate too much on improving workers' welfare. A list of functions for the new unions disclosed to reporters early this year plac- ed the main emphasis on in- creasing production and on political work such as raising the of the workers through study of Communist classics. The new unions have emerg- ed from bodies called workers representative committees set up during the cultural revolution. The trade union movement is the second major organiza- tion to complete its province- level reconstruction this year. The first was the Communist Youth the younger partner of the Chinese Com- munist party. Western observers believe the completion of the local trade union congresses may be a harbinger of an early con- vening of the long-awaited National People's Congress par- trade unionists are the sort of people ex- pected to provide delegates .for the congress. The date for the National People's Congress has been the subject of speculation in the Peking diplomatic com- munity since Premier Chou En-lai announced last August that it would be held Billionaire wrongdoing denied LOS ANGELES A spokesman for billionaire Howard Hughes denied Sun- day that the business tycoon was guilty of any wrongdoing concerning the indictment against him and four of business associates for allegedly rigging the price of a California airline stock. Hughes personally took no part in the alleged transactions or a spokesman for Summar Hughes Tool in a statement. The indictment against Hughes also named Robert who ran Hughes's Las Vegas Chester the chief legal counsel for David a Hughes business and James who was in charge of land acquisition for Hughes in Nevada. Federal District Judge Roger Foley set Jan. 11 for arraignment of the but there was no iii in the Summa Statement whether who current- ly is in the would be present. Advertising committee trims shaving claims Tax aid for NEW YORK Inc.'s advertising campaign for one of its electric shavers is a panel of the National Advertising Review Board announced Sunday. The decision by a five-man panel of the advertising board said that tests used in the preparation of Schick's adver- tising campaign did not ade- quately support all the claims made by the company. The advertising is in some details and misleading in its the panel said. Schick maintained the pan- el's reasoning was inconsis- tent and that the body of the report not support the It also said the new sf- r.r.J forth of test data in comparative advertising applies these new standards retroactively against The ruling seems likely to stunt the growing practice of comparative adver- to a com- petitors product by name. In the the panel said that companies which employ comparative advertising not use partial results or stress insignificant differ- but do bear a responsi- bility and us- ing the bsst pcssitts test of any superiority to be claimed. A'though the review board does not have the power to punish an advertiser or en- Schick said it 'dchy thodecisio-. It ed hope r.evv guidelines would be uniformly to all comparative advertising by shaver The panel's decision climax- ed the biggest advertising dis- pute to come before the adver- tising industry's self- regulatory body in its two- year history. It also con- stituted the first major test of comparative advertising since the Federal Trade Com- mission endorsed the practice in 1971. The FTC says such an approach helps provide with more useful purchasing infor- mation. The 1972 Schick since claimed its Flexamatic shaver provided a closer shave than models manufactured by competitors Remington and L '.r-bintn ore process OTTAWA Profits from mineral resources production up to the prime metal stage will be entitled to a 15-per-cent tax abatement after Finance Minister John Turner has announced. Also included in the propos- ed abatment will be profits from custom processing of Canadian mineral ores and profits from processing of purchased derived from a Canadian mineral he said in a statement. The abatment to the min- ing industry is in recognition of taxes paid to the federal and provincial governments with respect to mining ac- tivities in the Yukon and Northwest Territories.