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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 31, 1974, Lethbridge, Alberta Tuesday, December 31, 1974 THE LETHBRIDGE HERALD 19 The Herald- Business TSE gold share prices continue drop; others up Stocks Miscellaneous TORONTO (CP) Although gold shares con- tinued to dechr other prices on the Toronto stock market were generally higher in moderate mid morning trading Tuesday The gold index was off 8 35 to 361 12 following a drop in the price of bullion The index lost 25 points Monday, despite record gold prices Some analysts expect the demand for Canadian gold stocks to Market trends Vancouver, Calgary, Montreal Midland Doherty (CP) Prices moved NEW YORK (AP) The stock higher in light trading on the fuontreal market broke out of the log jam of the WESTERN OILS Pe Ben Oilfield Serv 1- 95 AND MINES Royal Trust 2062% Alton Mines 2 75 Sandwell 3 Exchange Tuesday last several sessions with a broad rally Banks rose 79 to 210 28 industrials in busy year-end trading Tuesday 77 to 156 23 the composite 58 to 154 64 The noon Dow Jones average of 30 Albany Oil Teledyne papers 49 to 95 81 while utilities industrials was up 6 65 ai W9 90 and Alta East Gas 4 45 Traders Grp Pfd 9 15 to 119 22 gainers outnumbered losers by more Alrnmex 420 Tnmac Bank rose Vi to than 2 to 1 on the New York Stock Ex Asamera 6 37V4 Westfield Mm Textile Mi to Imperial change Ashland Oil 5 25 Weston A Pfd 40 00 BP Canada 8 12V4 White Yukon 537Vi Brenda Mines 2 80 PIPELINE STOCKS Cda South 160 Alta Gas Trk A A -vs to Bank of Montreal Vj Gold stocks were mixed on the first to {12% and International Nickel A of legal bullion sales to American to citizens in 41 years ASA Ltd was up "A Cdn Ex Gas 1 66 Alta Gas Trk Pfd 50 speculative issues Silver to and Hornestake Mi to Cdn Homestd 215 Alta Nat Gas Mines fell six cents to 88 cents on but Dome Mines lost 1 to and Cdn Ind Gas Oil 5 25 Gaz Metro 4 volume of 12 300 shares Campbell Red Lake V8 to Cdn Long Is Gas Metro A Pfd 49 Canadian issues on the Cdn Super Inland Nat Gas Chieftan Dev 3 90 N C Gas 8 00 Dome Pete 1650 N C Gas B Pfd Inco rose Va to Alcan V. to LiVeStOCK Massey Ferguson fcto and Dynasty 6 Trans-Cda Pipe 8 Mi to Nufort Res 10 Trans-Cda A Pfd 4625 Giant Mascot 57 Trans Cda B Pfd 28 Dome Mines was down to and Seagrams Mi to while Cana Gibraltar Mines 4 25 Trans Cda War (CP) Receipts to 11 dian Pacific remained unchanged at Granisie 1125 WC Trans 1825 Gt Cdn Oil S 5 00 WC Trans War 1 50 Lochiel Ex 80 Lytton Mm 116 CALGARY North Cdn Oil 2 55 Acroll Numac Oil 9 00 Barons Oil 04 Pancdn Pete 7 50 N Continental 01 Pan Ocean 5 75 Western Warner 1 1 Petrol 1 05 m Tuesday from the Calgary public stockyards totalled about 550 head TU i mostly slaughter cows and a few VANCOUVER (CP) The market slaughter heifers was down 1'ght trading on the Trade was moderately active with a Vancouver Stock Exchange today narrow demand on slaughter steers Early volume was 65 628 shares from local buyers In the industrials Block Bros down There were too few heifers offered 10 th? Grandora was up 03 Paloma 45 MINES Place Gas 16 Bathurst Norsemmes 113 Ponder 47 Cima Resources 32 Ranger Oil 1350 Dankoe 11 a m to establish a market at .41 In thet wa-> All classes of cows sold steady with at 38 On the curb Mondays closing quotations There exchange Bonavista was unchanged at Scurry Ram Davenport 52 Seibens 4 90 Lornex 3 55 Spooner 13 Northair Mines 1 no butcher bulls sold to 11 a m L j i StPPix Al A2 K AI 49-44 Pnces were ''8ht trad'ng A4 4042 Cows D1D2 18-2025 D3 Monday Closmg volume Was 1 M5 552 Total Pete 415 Primer D4 12 16 shares Ulster Pete 41 pyramid 1 t the industrials Kev Industrials up United Canso 7 00 Silver Standard 1 cattle consisted most lonarc unchanged at '5 West Pete 210 Valley Copper of stock steer and stock heifer Canadian Javelin was down one West Decalta 2 95 with a few feeder steers t RI t D in MISCELLANEOUS Key Industries 07 INDUSTRIALS Wardair 1 50 Venture down 04 at 11 and Acres Ltd 4 35 stock steer calves 401 575 SParllnB "Changed at 50 Aquitame 1250 August Petroleum 11 BC Sugar C Pfd 1150 Plains Pete Block Bros 340 Stampede Int I Res 65 Canbra Foods 2 35 MUTUAL FUNDS Cdn Pac Inv A Pfd 24 50 All Cdn Compound 4 68 Cdn Pacific Inv 1250 All Cdii Dividend 497 Carlmg O Keefe A Pfd 1450 All Cdn Ventures 201 Carlmg O Keefe B Pfd 1700 Amer Growth Fund 40-43 steer calves 300-400 In. the mlnefs pounds, 30-35 Good stock heifer calves at 38 Consolidated 401 550 29 32 Beaumont unchanged at 13 Grandora There no hogs sold Pner Group up OS at 10 Dolly Varden unchanged at 14 and Northair down 14 at 86 OlirranfMAQ In tne Olls Seneca Developments Comm Cap Corp 1 45 A G F Special 1 down 03 at 77 Bison Petroleum Crestbrook Ind 2 40 Cdn Invest Fund 3 68 Crowsnest Ind 1650 Eaton Commonwealth 1087 Falcon Copper 6 25 Eaton Leverage 2 36 F M Trust Co 4 00 Eaton Int I Venture 4 03 Genstar 14 25 Corp Investors 4 62 Home Oil A 1662Vz Corp Invest Stock Fund 338 Home Oil B 1575 Dreyfus Fund U S (CP-Tuesday s mid at Williams Creek day foreign exchange selling rates unchanged at 04 Cop Ex up 02 at supplied by the Bank of Montreal 13 Galveston down 02 at 16 and Bermuda dollar 1 0100 Mountain States unchanged at 10 China renmmbi 5250 VolunYe on curb Denmark kroner 1790 323 400 shares Olympian down 06V2at Hud Bay Co 1150 Grouped In Shares franc 2305 32 Abaca Resources down 03 at 35 Hud Bay Oil 1650 Growth Equity mark 4250 Ventures up 01 'A at 17 Dasher Hud Bay Oil A Pfd 29 00 Invest Growth Fund 9 down 03 at 22 Richwood up 01 at 04 Hugh Russell 50 00 Investors Mutual 4 ven 00340 ,r j n, mm- and Yellowstone was down 01 'z at Husky Oil 1150 Mutual Accumulating peso uouo Husky Oil B Pfd 28 00 Nat Resources 3 franc 4080 lb'2 Husky Oil E War 3 60 N W Cdn 3 States dollar 9930 Inter Pipe War 1 46 N W Growth 3 23 Inter Steel Pipe 1225 Principal Growth 295 Kaiser Res 5 00 Royfund 5 08 Kaiser Res War 247 Templeton Growth Kingdom pound 2 3600 USSR ruble 13026 WinnipGQ Quotations m Canadian funds WINNIPEG (CP) Trading was Loblaw Co C Pfd 2100 United Accum light and prices near previous Magnasonics 1 OQ Universal Savings 614 Pacific Pete 1400 Vanguard levels at the open Tuesday on the DOllflr VSlllG Winnipeg Commodity Exchange and oats were up slightly Toronto mines, (CP> -US dollar in while Vancouver rapeseed and rye terms of Canadian funds at noon Tues were mixed (Supplied by Richardson Securities ot was up 3 50 at 99 1 10 Pound Opening prices sterling was up 1 5 at 32 89 100 Thunder Bav rapeseed Dec May New York the Canadian dollar and Oct not open MINES Burns 700 Acme 04 BC Forest 9 75 Advocate Asb 1 10 BC Sugar down 3 50 at 01 91 100 Pound Vancouver rapeseed Jan not open sterling was up I 20 at 35 March Vi higher 8 04 June three lower AKaitcho 1 60 Bow Valley Ind 9 90 Sept not open Bralorne 1 45 Cable 9 75 Broulan 33 CAE Ind 7 prices JIT Dec Mav Juhand0ct not Bethlehem 8 62''i Cal Power 22 wheat Dec Mav July and Bovis 82 Canbra Foods 2 (CP) Average clos Oct not open Brunswick 3 70 Can Cellulose 4 35 Can NW Land 2 20 Carlmg 0 Keefe 1 95 Canada Tung 2 50 Chemcell 3 45 Cassiar 2 90 Coron Credit 1 prices Tuesday provided by the Montreal corn Dec March May Alberta Hog Producers Marketing and July not open Board Monday average in brackets Barley Dec not open May one Central Pat 71 CWN Gas Pfd 8 higher 2 92 July and Oct not open Chimo 86 Cdn Ind Oats Dec higher 1 961 2 May 134 Conwest 210 Cdn Marconi Nil (53 57) higher 1 86 July not open Cons Rambler 158 Cdn Vickers Macleod Nil (5370) Rve Dec not open Mav unchangea Com Lake Chysler 7 Cochenour 100 CPR hogs sold 1 228 average 52 77 2 93 'A luly two higher 2 9034 Oct not Craigmont 325 Commco 2450 Dickenson Mines 5 50 Cons Bathurst 22 sows sold open Grain quotes Monda> Basis Denison Mines 35 Cons Gas D Eldona 20 Dist Seagrams 32 00 Dome Mines 4350 Dom Bridge futures Hlgh Low Close Discovery Mines 220 Domtar 1099 Has' Malartic 310 Dom Textile (CP) Gold futures M 1020 lflu East Sullivan 140 Dom Stores S funds Winnipeg Commodity Ex n. Falconbndge 2425 Dome Pete 1637V4 change close Monda> nV'i Frobex 10 Dofasco 21 50 First Maritimes 36 Glen Mobile 1 OUNCE CONTRACTS Rapeseed Thunder Bav Giant Y K 9 50 Grt Cdn Oil 5 75 192 00 Apr 75 1% 50A Dec 782 766 7fi8 Granduc 123 Gen Motors 3012% "y75-20270A Oct75-20840B MaJ 816 m Hollmger A 2250 Grt Lakes Paper 1450 Jan76-21275B ,lv _ _ Hudson Bay A Gulf Oil s volume 567 contracts _ _ Hydra Ex 47 Greyhound 1200 Feb 75 195 OOA May 75 199 40 "Rapeseed Vancouver Bay 415 Hawker Sid 385 Aug 75 204 70B Nov 75 210 75B ian P o 51 Hiram Walker A Feb76-21650A uw vxucucu iu nurun crie uu Kerr Addison 9 50 Imperial Oil A 21 s volume 410 contracts jun 7961j 793 793 Key Anacon 19 Imasca A 766 Labrador 23 00 Int Nickel 20 Lake Shore 310 Int Pipe 1125 Langis Silver 07 Inv Grp A 5 futures 2- Madden R L 43 00 IU Int I 8 Malartic G F 92 IAC Ltd 16 (CP) Live beef J'v Martin McNeely 27 Jannock 5 futures close Monday Oct Maclntyre 2900 Kaps 4500B March 47 DON Barle) Meta 08 Kel Douglas A 440 Mav 4600N Dec 297'z 296% Midrim 07 Laurentide 5 s volume No contracts Mav 293 291 291 Intern Mogul 205 Loeb _ 289 NuWest Homes 512Vz Loblaw A New Athona 19 Metropolitan 286 New Calumet 13 Massey Ferg 1325 Noranda 28 McMill Bloed 21 50 Northgate 2 80 Moore Corp 40 Oats EQQ prices Dec 195% Mav 186 184 184'j Norlex 12 Molsons A (CP) Weekly eee 183Vz and" poultry "report 'issued by the Corn basis Montreal Placer Dev Nachurs federj. agnculje department Quebec Man 15 Peyto 220 EGGS Mar Rayrock 85 Power Corp 7 A medium Mav Radiore 14 P'ceCo 13 12V4 70 A small 50 "B 55 CIS cracks 27 Rio Algom 1900 Rothmans 850 To retailers A large 84 to 88 A Feed Roman Corp 925 Shell CDA 1200 medium 81 to 86 A small 61 to 69 377 375 Iteen 7R 6 62Vz three cents extra in cartons To COT May 376 373 iSMate 25 ISca'nA cartons, A large 85 to 97 Jlv 375 Tek Corp A 215 Selkirk A 1100 A medium 83 to 96 A small 79 to 82 Oct Texmont 14 Texaco 2550 United Canso 6 Trad Grp A producers Live No 1 chicken Western Mines 150 Trans Mtn Pipe 850 Broilers 35 6 and over 40' 2 Sandun pAAH WH Copper Mines 145 Trans Can Pipe 825 der 6 34 Fowl Under 4 4 to 6 rCCU Wright Hargreaves 1 30 Union CarbuJe 1400 Turkey Under 12 40 12 to 18 40 over WINNIPEG (CP) Wheat board windfall 09 Union of 775 Live No 2 chtcken 6 and over domestic feed gram prices Monday Yellowkmfe Bear 180 United Siscoe 220 5 and under 6 31 Turkey Under CW red spring wheats No I Zenmac 05 Versatile Mfg 5 00 12 37 12 to 18 37 over 18 barley 2 91 No 1 feed oats 1 INDUSTRIALS Westeel Abitlbi Westons Alcan Woodwards A 1837% Algoma Steel 2487V4 Atco Ind 1125 Can Imperial 2150 Agra Ind 465 Montreal 1287Vi Bell Tel 43 75 Nova Scotia 34 RELEASE Brascan A 9 Royal 26 BC Tel 47 00 Tor 32 officers and directors of Western. College of announce the graduation of Joe Snopek New 78 Honeysuckle Rd Lethbridge Alberta Phone 327-8288 (Supplied by Richardson Securities of Canada has completed the intensified course of Amr T T 45 00 Woolworth 9 25 Anaconda 1325 Westinghouse Elec Public Speaking and Sale Management and is qualified to conduct AUCTION Sales Beth Steel 25 12Vi U S Steel College is a Nationally recognized Auctioneer Chrysler 725 Gen Tel Elec Comsat 27 25 TORONTO AVERAGES Dupont 9275 20 industrials 15620 up centre, having graduates working m nearly every State and all Provinces of Canada The Auction General Motors 3050 20 Golds 361 12 down 835 Gull 1725 10 Base Metals 56 62 down 16 Int Harvester 1900 15 Western Oils 111 61 up of selling has gained headway, continually since Colonial Days, and today is accepted m all Kenn Copper 3650 Volume 409 000 Montgomery Ward 14 00 NEW YORK AVERAGES Sears 48 20 Industrials 610 06 up 6 of selling Produce, Livestock, Merchandise, Real Estate, Personal Properties, in fact Exxon 6350 20 Rails 14294 up 1 everything has been, or can be sold at Auction Texas Gulf 15 Utilities 661D up Texas Co 21 00 65 Stocks up 1 Wix Corporation 7 50 Volume 5 730 ease now that U S citizens can legally own the metal The industrial index, wide- ly-based indicator of market trend, rose 1 00 to 156 20 and western oils 24 to 111 61 Base metals lost 16 to 56 62 Among golds, Camflo fell to Pamour V4 to Dickenson Vs to and Dome Mines to Inco A rose to Alcan Vz to Imperial Oil A Vz to Mercantile Bank to and Fields Stores to Canadian International Power lost to International Mogul was up 10 cents to 10, Teck B five cents to 90 and Gibraltar five cents to 25 United Canso gained Vt to and Numac V4 to Chicago markets CHICAGO (AP) Farm commodity futures prices moved slowl} and steadily lower on the Board of Trade Monday Limit declines were posted early in soybean oil soybeans and a distant oats contract but only oil futures clos ed with a limit loss of 100 points or one cent a pound Soybeans declined 19 cents while meal futures down a ton at one time closed with a gam of about Oats prices were mixed but corn and wheat declined three and six cents respectively Prices opened on a relatively weak tone and moved lower There were several rallying attempts in the major pits but they failed to garner much support The trade learned on the opening that gold futures were under selling pressure that silver had fallen its limit for the dav and that stocks had eased Sellers turned to dominate fu tures Adding a bearish quality to the market here was a report from the European Economic Community that it would make more wheat available after the first of the >ear for European customers This might cut feed gram sales from the United States Edible oil availability also im proved making more competition for soybean oil There was some selling of soybeans and corn bj exporters as well as processors and elevators Support of these was light At the close soybeans were 8 to 19 cents a bushel lower Jan 6 81 wheat 3 to 6 lower March 4 53'2 corn Ho 3'2 lower March 3 38 and oats 2 lower to 'z higher March 1 62' 2 Grain quotations Monday Wheat Mar 4 53Vi Mav 4 51 Jul 4116 Sep 4 23 Dec 4 31 Corn Mar 3 38 May339'2 Jlj 3 Sep 3 13 Mar 289'2 Oats Mar 162'2 Mav 163 Jul 156 Sep 1 50'z Dec 1 55 '74 stock market dealings worst since hungry 30s NEW YORK (AP) The stock market in 1974 suffered through its worst year since the Depression of the 1930s, vividly expressing the effects of inflation, recession and a shifting world economic order on the confidence of millions of United States' investors The Dow Jones average of 30 industrials, the oldest and best known barometer of the market's trends, showed a loss for the year of about 30 per cent by late December, on top of a 16 6-per-cent drop in 1973 The more broadly based Standard and Poor's 500-stock composite index, which had fallen 19 per cent in 1973, also was down about 30 per cent Not since 1937 had either av- erage fallen more than 25 per cent in any calendar year And the cumulative decline from the market's peak in early January, 1973, which reduced the paper value of New York Stock Exchange- listed stocks alone by an es- timated billion, was un- matched since 1929-32 By late in the year shares of front rank corporations such as General Motors and Du Pont touched their lowest prices since the mid 1950s A list of companies whose shares had fallen 80 per cent or more their peaks, contained some stunning from Addressograph-Multigraph and Chrysler Corp to Western Union and Westinghouse The year's damage was in- flicted in just about every cor- ner of the market For ex- ample, utilities, normally con- sidered safe and stable, took a lengthy drubbing after Con- solidated Edison of New York omitted its second-quarter dividend in April, pleading a cash flow crisis Gold mining stocks, one of the few areas of strength since the start of 1973, took a drop in September They later staged a partial recovery, but were still below summertime peaks 'It was a year when the best of us were said Robert Stovall, vice-president and director of investment policy at Reynolds Securities Only the eccentric ideas worked and they didn't for very long Money managers at investing institutions, many of whom had leaned heavily on the tactic of buying glamor growth stocks emerged from the year "badly bruised, if not totally in Stovall's words Among its other disasters and disappointments 1974 on Wall Street was the year of the rally that didn't happen The Arab oil embargo was lifted in March, but the market yawned Economic controls, a concept on which most Wall Streeters had soured, expired in without causing a ripple Richard Nixon resigned and President Ford succeeded him in August but the surge of buying that many of the ex- perts had confidently been predicting when that happen- ed never occurred Outlook bright for U.S. European wheat exports Metals LONDON (AP) Monday closing metals bid ask in pounds sterling a metric ton silver in pence a troy ounce 547 548 futuresb68 569 Tin-spot 3 040-3 050 futures 2 990 3000 227 228 futures 214 5 215 315 5 futures 308 309 195 5 196 3 months 202 2022 FARGO, ND (AP) A cereals specialist at North Dakota State University said today the United States should enjoy increased wheat exports to Europe because of the high quality of U S wheats Leonard D Sibbitt made the assessment after contacting milling officials in the United Kingdom The Netherlands, Germany Poland, Switzerland and Italy He said Truck recall DEARBORN Mich (AP) Ford Motor Co is recalling 11 400 four-wheel drive light trucks to repair possibly defective front axle spindles Nearly 600 of the recalled vehicles have been sold in Canada The automaker said the spindles may crack on 1974 and 1975-model F-25 light duty trucks Ford said the problem ap- peared in laboratory and ve- hicle testing No reports of the problem have come from cus- tomers the officials he contacted represented about 65 per cent of European mills importing either spring wheat or durum "The Europeans harvested a sizeable crop, but lower in protein and other qualities, he said The European mill- ing industry will need to im- port additional quantities of quality spring wheats to aug- ment the poorer quality of their own wheats Mr Sibbitt said although production of U S spring wheat and durum decreased this year the quality was somewhat higher Drug store chain sold VANCOUVER (CP) Kel- ly Douglas and Co Ltd has acquired 31 drug stores in western Canada from G Tamblyn Ltd for about million, Kelly Douglas an- nounced Monday The acquisition was made through Isaacs Phacmacy Ltd 4No winner' in resource tax dispute CALGARY (CP) The president of the Canadian Petroleum Association savs there can be no winner in the resource taxation dispute between Ottawa and the provinces In a year end statement John S Poyen said government policies at both federal and provincial levels "have forced serious cutbacks in the industry s future investment intentions "The narrow ing balance of supply and demand in Canada makes it imperative that the search for and development of new oil and gas supplies be stepped up immediately to minimize indicated future deficiencies He called the Alberta government's six point exploration incentives program a positive step forward on the road to recovery for the oil and gas industry The industry said after the Nov 18 federal budget that it would face a cash flow shortage amounting to billion in 1975 The shortage was reduced to million after the Alberta petroleum exploration program was announced earlier this month Mr Poyen said Canada s energy self sufficiency has been endangered by the erosion of the industry s capacity Make 1975 YOUR BIG PROFIT YEAR in our NEW FACILITIES at 3004 9 Ave. N. East Lethbridge Limited Space is still available. Phone 328-1705 Lethbridge or 253-7155 Calgary (24 hours) ;