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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 4, 1974, Lethbridge, Alberta Gold stocks rise; others show drop TORONTO (CP) The To- ronto stock market's gold index rose sharply but other prices were generally lower in active mid-morning trading today. The gold index was up 16.1 to 534.13 following a rise in the price of gold in Europe, and the base metal index .or to 105.57. The industrial index, consid- ered the main indicator of market trend, fell 1.95 to 212.47 and western oils 3.41 to 267.07. Volume by 11 a.m. was 1.32 million shares, up from 1.22 million at the same time Fri- day. Declines outnumbered ad- vances by two to one, 243 to 109 with 186 issues unchanged. Industrial mining, paper and forest, pipeline and steel sectors of the market were among those to decline while real estate and food processing groups were up slightly. Falconbridge Nickel fell 3 to Texasgulf 1% to Home Oil A1V4 to Inco 1V4 to V4 and Dome Pete 1% to Vz. General Motors lost 1 to Massey-Ferguson to Alcan to and IU International to Among golds, Camflo was up to Agnico-Eagle to Dickenson Vfe to and Pamour to Ranger Oil Canada was down 1% to Pan Ocean to and Asamera to MONTREAL (CP) Prices in all sectors moved lower hi light trading on the Montreal Stock Exchange today. International Nickel fell 1% to Dofasco to Pan Ocean Oil to Alcan to and Abitibi Paper Vz to Canadian Pacific Ltd. fell to Canada Cement Lafarge to Imperial Oil Vs to Imasco to and Placer Development to NEW YORK (AP) The stock market took a nose dive today in moderately active trading as concern over Arab oil and the economy brought on a wave of selling. The Dow Jones average of 30 industrials at noon was down 20.33 at 823.61, little changed from a half hour earlier, while declines led advances on the New York Stock Exchange by more than 5 to 2. Investor attention is no longer focused on the Mideast negotiations but has been diverted to "the potential for a recession and continuing inflationary said Monte Gordon, an analyst. "The market is also increasingly concerned with the obvious impact of the energy crisis on unemployment." Arab intransigence with re- spect to oil shipments, the truckers strike, and continuing uncertainties over Watergate also were factors in the market selloff, brokers said. On the American Stock Ex- change, the market value index at noon was down .82 at 95.87, while the NYSE composite index was off .95 at 50.05. NYSE prices included Litton, down fe to Gulf, off to and Boeing, down 1 to Autos were weak, with American Motors down to GM, down 1 to and Ford, off 1% to Glamours also fell, with Bausch and Lotnb down 2% to Xerox, down 3 to and Fairchild Camera, off 3% to WINNIPEG (CP) Flax remained strong but there was some weakening of prices in rapeseed and rye at mid- session today of the Winnipeg Commodity Exchange. Flax prices ranged from six to 22 cents higher as buyers continued to show good interest in all commodities. There was a general lack of offers. Rye was fractionally to a couple of cents lower on improved selling offers and the weakness also showed in Vancouver rapeseed at the March position. It was down 'A cent. Other rapeseed months were advanced as much as seven cents but that was a drop from the strong opening. Friday's volume of trade was 269.000 bushels of flax. 733.000 of rye and 1.326.000 of rapeseed. Mid-session prices: Flax: May 15 higher I1.75B: July 22 higher 11.08: Oct. 21 higher 10.64A; Nov. 6 higher 10.41B. Rapeseed Vancouver: March lower June 2 higher 7.11B: Sept. "i higher Nov. not open. Rapeseed Thunder Bay: Mav 7 higher 7.0BB: July 3 higher 6.65B: Oct. unchanged 6.52B: Nov. unchanged 628B Rye: May BJ lower 3.48'iB: July i lower 3.27'iB. Dlvktondt By THE CANADIAN PRESS Dividends are quarterly unless otherwise noted. Cohmbia Gas System, tec.. 49% cents. U.S. funds. Feb. 15. record Jan. 9. Trast, trust snares. 6 cents. Feb. 25. record Feb. 8. Httt Stow Oder ltd-. 66 cents. March 15, record March 1. Thompson Paper Box Co.. cents. March 1. record Feb. 18. The Herald- Monday, February THE LCTHMioae HEftALD 19 Business On the Amex, Syntex was off 1% to Canadian issues were mixed on the NYSE. Canadian Pacific was off at Distillers Seagram unchanged at Dome Mines four higher at Hudson Bay V4 higher at International Nickel down 1V4 at Massey Ferguson down at and Mclntyre off at VANCOUVER (CP) Prices were up Friday in heavy trading on the Vancouver stock exchange. Volume at the close was shares. On the industrials board, lonarc was up .01 at .91 on a turnover of shares. Jolly Jumper was unchanged at on shares. Newmark Resources fell .03 to on shares. Block Brothers held unchanged at on 2.500 shares. Canterra was unchanged at .22 on shares and EOF Industries was up .02 at .23. Most active issue in the mines was Consolidated Fortune Channel which closed up .11 at .36 on a volume of snares. Sonic Ray rose .03 to .35 on 495.500 shares. Brendon Ltd. rose .06 to .65 on shares. Giant Ventures was up .04 to .27 on shares. Geo-Dyne fell .01 to .33 and Northair was up .05 at Vargas warrants led trading in the oils and were down .01 at .04 on shares Colonial was unchanged at .85 on 24.500 shares. Seneca development was down .02 to on 14.800 shares. Vargas was up half a -cent at .17 on 13.000 shares. Canadian Hydrogas was up .01 at and Freehold was unchanged at Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Monday from the Calgary public stockyards totalled about 300 head, mostly cows. Trade was active. There were insufficient steers or heifers on offer to establish a market. Cows met a good demand at steady to strong prices. Cows Dl and 2 33-34.50, D3 31.50-33, D4 24-31. There were insufficient feeder cattle or stock calves on offer to establish quotations Hogs f.o.b. Calgary to 11 a.m. average base price 48.35. Hog prices EDMONTON (CP) Average prices to 11 a.m. Monday provided by the Alberta Hog Producers Marketing Board with Friday's average in brackets: Edmonton 48.20 Calgary 48.35 Red Deer 48.35 Lethbridge Nil Total hogs sold Friday average 48.71. Sows 35.90. Winnipeg grain Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Dohprty Limited WESTERN OILS AND MINES Afton Mines 9.12V: Albany Oil .69 Alminex 7.25 Asamera 12.75 Ashland Oil 11.87V4 Alta East Gas 6.75 BP Canada 14.25 Brenda Mines Can Southern Cdn Exp Gas 3.30 Cdn Homestead Cdn Ind Gas 9.877s Cdn Long Island .23 Chieftan Cdn Superior 59.00 Dome Pete 42.00 Dynasty 10.00 Fort Reliance .31 Giant Mascot 2.46 Gibraltar Mines 12.00 Granisle 8.50 Great Plains 29.25 Gt Cdn Oil Sds 10.75 Lochiel Exp 2.67 Lytton Minerals 1.70 Noble Mines 1.00 North Cdn Oils 5.25 Numac Pancdn Pete 12.50 Pan Ocean 18.00 Petrol 1.85 Pinnacle .23 Place Gas .48 Ponder .49 Ranger Oil 48.00 Scurry Rainbow 23.25 Seibens 19.00 Spooner .44 Total Pete 7.00 Ulster Pete 1.35 United Canso 23.75 WC Pete 6.75 West Decalta MISCELLANEOUS INDUSTRIES Acres Ltd 10.50 Aquitaine 28.00 BC Sugar A Pfd 14.25 Block Brothers 3.70 Cdn Pac Inv A Pfd 32.00 Com Cap Corp 2.45 Carling O'Keele A Pfd 24.00 Carling O'Keefe B Pfd 28.75 Crestbrook For Ind 8.12V4 Crowsnest Indus 27.00 Falconbridge Cop 11.B7V4 F and M Trust Co 5.00 Genstar 16.25 Glob Com Units 38.00 Home Oil A 53.50 Home Oil B 49.00 Hud Bay Co 17.00 Hud Bay Oil 43.87'A Hud Bay Oil A Pfd 50.00 Hugh RUS C Pfd 53.00 Husky Oil 21.75 Husky Oil B Pfd 40.00 Husky Oil D War 7.00 Husky Oil E War 9.75 Hys of Canada 3.20 Int Pro Pipe War 6.75 Int Pro Steel 14.87% Kaiser Resources 4.85 Loblaw C Pfd 25.25 Magnasonics 5.50 Pac Pete 33.75 Pac West Airlines 7.75 Pe-Ben Oilfield 6.50 Rainier Inc 3.75 Royal Trust Sandwell Teledyne Trimac West Cdn Sd Pro Westfield Min Weston A Pfd White Yukon PIPE LINE STOCKS Alta Gas Line A Alta Gas Line Pfd Alta Nat Gas Inland Nat Gas Gaz Metro Gaz Metro A Pfd N and C Gas N and C Gas B Pfd Pac Gas Trans Tr-Can Pipe Tr-Can Pipe A Pfd Tr-Can Pipe B Pfd Tr-Can Pipe War WC Trans WC Trans Wts CALGARY Acroll Barons Oils North Continental West Warner VANCOUVER MINES Atlas Expfor .36 Bath Norse 1.29 Dankoe 2.60 Davenport .58 Dolly Varden .44 Equitorial Res .20 Lornex 9.50 Northair Mines 3.90 Primer .17 Pyramid .13 Silver Standard '2.14 Valley Copper 9.60 INDUSTRIALS Colum Brewing 2.95 Key Industries .14 Wardair 1.50 OILS August Pete .77 Plains Pete .22 Pond Explor .85 Stamp Intl Res .90 MUTUAL FUNDS All Cdn Compound 6.50 7.07 All Cdn Dividend 6.87 7.45 All Cdn Ventures 3.53 3.84 Amer Grow F 4.73 5.20 AGF Special 2.55 .Cdn Invest F 4.91 5.38 Collect Mutual 5.23 5.74 Com Inter 13.47 13.47 Corn Leverage 3.22 3.22 Com Venture 5.61 -5.61 Corp Investors 6.25 6.87 Corp Invest S F 4.92 5.41 Dreyfus Fund US 10.59 11.61 Grpd Income 3.03 3.33 Grow Equity 7.32 8.04 Invest Grow: F 12.0413.16 Invest Mutual 5.71 6.34 Mutual Accum 5.93 6.52 Mutual Grow F 3.16 3.47 Nat. Resources 4.91 5.40 NW Cdn 5.28 5.80 NW Growth 4.46 4.90 Prin Growth 4.51 4.96 Provident Mutual 7.43 8.13 Royfund 6.64 6.91 United Accum 4.59 5.04 Univer Savings 7.99 8.78 lofiQto Stock Eickiifi Mini Jonuory 1974 N.W.T. to test musk-ox ranching Toronto mines, industrials (Supplied by Richardson Securities of Canada) MINES Acme Advocate Asb. Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central Pat. Chimo Conwest Cons. Rambler Coin Lake Cochenour Craigmont Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Maiartic East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. Granduc Hollinger Hudson Bay MSS Hydra Ex. Iron Bay ISO Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Maiartic G.F Martin McNeely Maclnlyre Mela Midrim Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgale Nortex Pine Point Placer Dev. Pax Exp. Quebec Man Ravrock Radiore Rio Atgom Roman Corp. Sfterritt Got don Steep Rock Tek Corp. Tewnort Unflcd Cansu Western Mines___ WH Copper Mines Wfflroy YeJltnrttnfle Bear Zenrnac fNDUSIHIAtS Abffibl Alcan Algoma Steel Ateotod Atlantic Sugar Agra Ind 6im Tel Brazilian Trac Tel Forest Sugar Valley Ind Ind O'Keefe Cellulose 3.10 Power Coron Credit Gas Pfd Industries Marconi Vickers Bath Gas Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Sands Motors Lakes Paper Oil Cda Sid Walker Erie Oil Nickel Pipe Grp A inn Accept Douglas A A Ferg Bioed Corp A B Cent Corp Co CDA Sears Canada A Grp A Mm Pipe Can Pipe Carbide Gas Oil Slscoe Mtg Westecl B A COn Seed Bee imperial Scotia 39 51.00 14.00 18.62% 20.75 29.25 8.50 4.05 5.75 22.50 2.30 10.00 17.50 3.65 17.25 15.87V4 27.25 17.00 41.50 39.00 10.00 30.25 23.75 32.50 5.00 50.25 27.50 40.50 29.25 35.50 17.75 4.50 5.25 9.75 3.65 12.00 17.00 30.75. 4950 21.50 20.75 7.50 1450 19.25 30.12V, 13.50 50.00 14.75 14.75 1650 21.50 19.75 21.OO 3.40 2.65 35.75 35.75 New York aartto -W Economy growing Algeria, which gained its independence in July, 1962, is enjoying a period of economic growth in its industries, agriculture and exploitation of natural resources mainly on. The rate of progress in these areas is such that Algeria is on its way to becoming a power in Me Arab world. Arm. TAT Anaconda Bern. Sttefl Chrysler Comsal DtfpWfl General Motors Outf >m Harvester Kerm Copper Montgomery Ward Sears Exxon Texas Gulf Texas Co. Wix Corporation 5075 WooJworTh 24.00 Westrnghouse Sec, U.S Steel Gen. Tel. Bee. 25.25 34.25 TORONTO AVERAGES 157.00 20 Industrials 21231 2.11 50.00 20 Golds 532.86 up 14.80 10 Base MeWts 10S.S2 down .04 25.25 15 267 37 down 3 11 39.00 Volume 21.75 MEW YORK AVERAGES 86.00 go Industrials 323.92 down 20.01 20 Rails down 2.93 15 Utilities 92.53 down .73 26.25 65 Stocks 263.33 down Votume 9 Indexes up The industrial index on the Toronto Stock Ex- change was up 1.26 to finish the month of January at 214.93. Gold leaped 105.69 to finish at 516.93, while base metals were up 10.59 to close at 104.39 and western oils finished the month at 271.85, up 23.84 from last month's close. Meat price swing felt by everyone YELLOWKNIFE, N.W.T. (CP) After eight years of consideration, the Northwest Territories Government has agreed to begin a long-term experiment in musk-ox ranching. But the government says it will probably be another eight years before knitting the animals' valuable quiviat, or wool, becomes a profit- making industry. The territorial council has approved an administration proposal that will see the capture of 30 calves, the establishment, of a privately owned, government- subsidized ranch, and the initiation of a "cottage" knitting industry. The proposal passed by a vote of 7-5 but not before councillors had explored such alternatives as permitting the docile shaggy animals to be shot. Some of the more pointed criticisms levelled by councillors involved economics. The economic development department will have to subsidize not only the capture, transport and fencing hi the initial phase of ranching, but probably also the ranch's operation for the first two or three years. Musk-oxen at the ranch will not begin producing wool in sufficient quantity to make its combing economic for two or three years. The government has estimated the three-year sudsidy, including the capture, at In addition, the knitting industry will receive worth of government attention during the eight years it could take the operation to become self- supporting, the admini- stration said. Sale of sweaters knitted from the musk-ox wool will almost balance the subsidy. 'The knitting operation could take in by selling sweaters at each. This would leave of the subsidy which, added to the involved in ranching, means the government would spend getting the industry started. Musk-oxen roam the high Arctic and at one time were in danger of extinction. The federal government banned their killing from 1917 to 1968 and sports hunting of the animals still is forbidden. The 30 young calves are to be flown from Banks Island, the most northwesterly area in Canada, to the ranch which could be either in Fort Smith, on the Alberta-Northwest Territories border, or Fort Providence, on the southwest short of Great Slave Lake. Home buyer to face further price hikes TORONTO (CP) Sharp and unpredicted swings in livestock and meat prices hi 1973 were not good for producers, the meat trade or .the public, the general manager of the Meat Packers Council said today. Keith Leckie told the council's annual meeting, however, that applying price controls would have compounded the problem. He told livestock producers Stock markets in slump NEW YORK (AP) The stock market, burdened by what brokers described as negative news on several fronts, fell steeply today in moderate trading. that the meat industry would support them in their desire for adequate and stable returns. He warned that meat processors alone cannot guarantee price and income stability to primary producers but are willing to join in efforts to obtain effective new approaches to agricultural and food policy. K. G. Murray, in his presidential address, told the meeting that resources and knowledge must be pooled to ensure a viable processing and livestock industry. Mr. Murray also said adequate profits are eseential for the continuing health of the free enterprise, competitive system. He said he believes price increases this year will be less than in 1973, but pointed out that wage increases must be faced in the coming months and will have an effect on costs. Texts of both speakers' remarks were released in advance of delivery. HALIFAX (CP) Home buyers will have to accept higher prices and uncertain finishing dates this year, says the president of the Housing and Urban Development Association of Canada. Keith Morley of Toronto said in an interview during the weekend the housing industry's two biggest problems at present are the energy crisis and a shortage of building materials, especially those which are de- rived from petroleum. He described the shortages as a -major, but manageable, problem and "not a crisis." He predicted that the short- ages will prolong the building process and will cause buyers to accept flexible finishing dates for their homes. Prices also will go up, he said, because many construc- tion products are based on oil- related raw materials. Mr. Morley is here to attend the association's annual meet- ing, which begins today. Speakers during the three-day meeting will include Urban Affairs Minister Ron Basford today and Premier Frank Moores of Newfoundland Tuesday. Cattle sale held in hotel ballroom VANCOUVER (CP) Some of the best-looking pedigree beef in Canada ambled into the plush ballroom of a downtown Stormy months ahead predicted for labor Vancouver hotel Saturday, making hotel staff nervous and hundreds of buyers frantic. The occasion was the full French Charolais sale, highlight of the Canadian Charolais Association's 15th annual convention. Twenty-seven cows, heifers and bulls were shuttled from a basement parking garage, four at a time in a freight elevator, to the convention- floor ballroom. By SANDRA INGALSBE Cautfian Press Staff Writer Fewer major labor agreements expire this year than last, but most experts are predicting turbulent months ahead for labor, both internally and in dealing with management. Unions are expected to become more militant as sharp increases in the cost of living consume past wage gains and many corporations report rising profits. Management will argue that rising fuel and material prices make it harder to absorb increased labor costs. At the same time, the labor movement will be under greater pressure from within for more Canadian identify and consolidation- One of the issues before the Canadian Labor Congress (CLC) convention in Vancouver in May will be that of extending the guidelines for strengthening Canadian identity of international onions in Canada. ADOPTED IN 1I7Z The guidelines were adopted in 1972 but there are no provisions for enforcement, and some critics feel the standards do not go far enough to satisfy Canadian union needs. Observers say that nationalism is often dormant until there is dissatisfaction within a union. Then independent unions sweep in. The issue of consolidation was raised by an alliance of three national CLC-affiliated unions Canadian Union of Public Employees, Public Service Alliance of Canada and Canadian Brotherhood of Railway, Transport and General Workers. Critics say the idea of dividing the union structure into compartments couM only be a long-term objective. As a short-term goal it would have to be imposed from the top, something that runs against the grain of the proclaimed democracy of the trade union movement. Another potentially-divisive issue will be the demand by the Quebec Federation of Labor for separate status as a trade union centre, but with financing coming from the CLC. FIGHT SEEN In addition, a wide-open leadership fight is expected as Donald MacDonald steps down from toe presidency of the CLC. A recent Babson's investment service report says that 269 contracts or 35 per cent of the existing major labor agreements those involving bargaining units of 500 or more employees will be renegotiated this year. The figures represent about 31 per cent of the employees in major agreements. Franchise available Lethbridge McLeod area from owner. Excellent opportunity to participate in Canada's fast- est growing francnised camp- ground chain. Enquiries to box ___II MONTHLY KEN BELSHER OCCIDENTAL LIFE HOLIDAY VILLAQI- NOTICII The Council of the County of lethbrldge No. 28 is considering changing the "zoning" on Sections 19, 20 and 21, Township 8. Range 20, W4M, and the N.E. of Section 24, Township 8, Range 21, W4M, from "country resMentiar, to "rural agricutturar. A meeting to discuss this proposal wffl be held m the McHafty School auditorium, Tuesday, February 5, 1974 at p.m. Registered Retirement Savings Plan 'B' Now at HWH INTEREST SAVMGS PUAH -A" SELF ADMINISTCflED NOMINAL FEES vi IIV ;