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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 15, 1974, Lethbridge, Alberta "Jutta car Aaron Fechter, 20, has built his own version of an economy car. The Jutta, named after a German friend, has the front wheel of a motorcycle, a 12 horsepower engine, a car battery, and other mechanical pieces. The car gets 90 miles to a gal- lon of gas and will travel at a top speed of 55 miles per hour. Grain delivery speed up urged by wheat board WINNIPEG (CP) The Canadian Wheat Board, facing an imminent shortage of supplies to meet export sales commitments, is making an urgent plea to western Prairie gov'ts invasion into banking rapped TORONTO (CP) The in- vasion by Western Canada provincial governments into banking and monetary affairs threatens to balkanize Canada, Robert Macintosh, executive vice-president of the Bank of Nova Scotia, said today. He accused the premiers of Manitoba, .Saskatchewan, Al- berta and British Columbia of using untruths in a brief sub- mitted to the economic oppor- tunities conference in Calgary last year. Speaking at a banking sym- posium of the Toronto Society of Financial Analysts, he said the brief was "an extraordinary mixture of unsupported assertions, academic overstatement, oversimplified economic theory and just plain disregard for facts." Mr. Macintosh said a refer- ence in the brief to chartered banks having no-raiding pacts and imposing uniform service charges "is simply untrue." "If the authors can back up their assertions with evidence, they should be taking their case to the courts rather than to the federal government. But of course they won't." The pendulum has swung too far in the direction of narrow regional economic interests in Canada, Mr. Macintosh. said. A.stronger central authority is needed to "prevent the country from fragmenting into a parcel of northern Balkan republics." "The gradual erosion of fed- eral authority over matters pertaining to money and credit an authority explicitly provided in the British North America Act is also setting up centrifugal forces in Canada which will help fragment Con- federation." Mr. Macintosh criticized provincial moves in Western Canada to establish new regional banks. "It is my contention that sticking the provincial foot into the banking scene will only serve to further fragment and undermine the division of constitutional powers in Canada." farmers to speed up their grain deliveries. "A much higher level of deliveries is needed now, to meet our sales contracts and protect this country's reputation as a dependable grain says D. H. Treleaven, the board's assistant chief commissioner. "Furthermore, if there is not enough grain in country elevators at the opening of navigation to make maximum use of available transportation facilities, it may not be possible for fanners to deliver all of their available grain by the end of the crop year." Mr. Treleaven makes the plea in a special letter being mailed to all grain growers. He says deliveries of about 200 million bushels of all grains are needed between now and the end of April for sales that already have been made. _This w.orks out to an average of 16.6 million bushels a week compared with actual deliveries averaging only 6.6 bushels a week from mid- December to late January. Mr. Treleaven acknowledges that there are problems in getting-grain to market because of exceptionally heavy snowfall and cold weather this winter. Some farm storage bins are inaccessible through deep snow. But unless deliveries are stepped up sharply by farmers in a position to do so, the prospect is for clogged elevators later in the spring. "Our worry is that if a lot of farmers wait until after seeding to deliver their grain, it may not be possible to keep enough elevator space open to take.all the grain in." Goy't drops restrictions on transcontinental trips OTTAWA (CP) The gov- ernment announced Friday that a restriction imposed on CP Air transcontinental flights will be move which a CP Air spokesman said could lead to new direct East-West air routes. Transport Minister Jean Marchand said in a news re- lease that the government will no longer require all CP Air flights originating in Vancouver to terminate in Montreal. "Such a requirement results in significant amounts of unproductive flying for which there is no effective travel Mr. Marchand said. The transport minister said that ending the uneconomic requirement will cut fuel spending. The Montreal- Toronto route is already well served by the Air Canada Rapidair service between Montreal. World gold price hits new peak; dollar drops LONDON (AP) Ttae price of gold jumped more than ft an ounce to a new peak today. The United States dollar weakened further in European exchanges. Gold hit U.S. an ounce in London, a record, and equalled Zurich's record of an ounce. Zurich and London are the world's two biggest centres for bullion trading. Previous highs were reached Tuesday at in London and London dealers described trading as active but there was no indication of bow much metal actually changed bands. They said they were not sur- prised by the jump which came after a boat of profit- taking Wednesday and Thursday. After the price was fixed at by the five main London dealers, the price edged back 90 cents an ounce. The U.S. dollar, meanwhile, fell more than one centime in Paris to 4.9990 francs and eased slightly in Frankfurt to 2.726? marks from 2.7285. It was steady in Zurich at 3.1880 Swiss francs. In London, the British pound was up more than half a cent at Bankers believed toe strength of sterling may be due to a need for pounds by British oil companies which generally pay for last year's imports in February. Toronto and Ottawa. A CP Air spokesman said the change will mean better use of CP Air equipment. Aircraft flying from Vancouver to Toronto often had to go on to Montreal with only a sprinkling of pas- sengers. There was also little demand for CP Air service to Montreal from Ottawa following transcontinental flights from Vancouver. The CP Air spokesman said the change might lead to direct flights between cities such as Winnipeg and Vancouver depending on demand. There was also a possibility the airline might use larger aircraft like the Boeing 747 on a direct Vancouver-Toronto route. Air Canada already flies 747s between the two cities. Higher food prices hinted WASHINGTON (Renter) The agriculture department said Thursday retail food prices in the United States are likely to increase sharply in the first three months of 1974, possibly averaging about five per cent higher than in the last quarter of 1973. For the remainder of this year, the department said the outlook is uncertain. The Herald- Friday, February THE LETHMIDQE HERALD 23 Business Stocks Miscellaneous Vancouver Calgary, Montreal Midland Doherty umited WESTERN OILS AND MINES Afton Mines 9-00 Albany Oil .70 Alminex 6.75 Asamera 12.25 Ashland Oil 10.75 Alta East Gas 7.00 BP Canada Brenda Mines 8.00 Can Southern 5.50 Can Exp Gas 3.25 Cdn Homestead 6.37V! Cdn Ind Gasv 9.37V4 Cdn Long Island .23 Chieftan 10.25 Cdn Superior 56.00 Dome Pete 39.50 Dynasty iO.25 Fort Reliance .31 Giant Mascot 2.22 Gibraltar Mines 11.871A Granisle 8-50 Great Plains 28.50 Gt Cdn Oil Sds 10.12V4 Lochiel Exp Lytton Minerals 1.60 Noble Mines .96 North Cdn Oils 4.90 Numac 15.25 Pancdn Pete 12.25 Pan Ocean Petrol 1.80 Pinnacle Place Gas .53 Ponder .51 Ranger Oil 44.50 Scurry Rainbow 21.50 Seibens 18.3714 Spooner .42 Total Pete Ulster Pete 1.38 United Canso 21.75 WC Pete 6 00 West Decalta MISCELLANEOUS INDUSTRIES Acres Ltd 10.50 Aquitame 28.00 BC Sug A Ptd 14.25 Block Brothers 3.85 Cdn Pac Inv A Pfd 34.25 Com Cap Corp 2.40 Carlmg O'Keefe A Pfd 24.00 Carling O'Keefe B Pfd 28.50 Crestbrook For Ind 8.00 Crowsnest Indus 27 50 Falconbndge Cop 13.00 F and M Trust Co 5.25 Genstar 17.50 Glob Com Units 39.00 Home Oil A 49.00 Home Oil B 45.00 Hud Bay Co Hud Bay Oil 44.00 Hud Bay Oil A Pfd 50.00 Hugh Rus C Pfd 57.00 Husky Oil Husky Oil B Pfd Husky Oil D War 5.75 Husky Oil E War 8.87V4 Hys of Canada 3.25 Int Pro Pipe War Inter Pro Steel 15.25 Kaiser Resources 4.80 Loblaw C Pfd 25.50 Magnasonics 5.25 Pacific Pete 33.50 Pac West Airlines 7.25 Pe-Ben Oilfield Serv 6.25 Rainier Inc Royal Trust 26.50 Sandwell Teledyne Trimac West Cdn Sd Pro Westfield Minerals 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 5.75 4.90 6.75 3.55 1.40 59.12% 8.50 12.25 63.00 18.00 6.25 64.50 12.50 23.25 10.50 33.00 61.50 4.80 4.25 Acroll -69 Barons Oils .13 North Continental .03 West Warner .28 VANCOUVER MINES Atlas Explor .35 Bath Norse 1.41 Dankoe 3.70 Davenport .67 Dolly Varden .61 Equitonal Res .18 Lornex 10.00 Northair Mines 4.50 Primer .13 Pyramid Silver Standard 2.27 Valley Copper 10.25 INDUSTRIALS Colum Brew 3.00 Key Indus .14 Wardair 1.55 OILS August Pete .67 Plains Pete .21 Pond Explor .85 Stamp Intl Res 80 MUTUAL FUNDS All Cdn Compound 6.26 6.80 All Cdn Dividend 6.62 7.20 All Cdn Ventures 3.47 3.77 Amer Grow F 4.44 4.88 AGF Special 2.36 Cdn Invest F 4.85 5.32 Collect Mut 5.02 5.51 Com Inter 13.47 13.47 Com Leverage 3.12 3.12 Com Venture 5.61. 5.61 Corp Investors 6.25 6.87 Corp Invest S F 4.77 5.24 Dreyfus Fund US 10.18 11.16 Grt Pacific 4.52 4.95 Grpd Income 3.01 3.32 Grow Equity 7.22 7.93 Invest Grow F 11.80 12.90 Invest Mutual 5.61 6.13 Mutual Accum 5.95 6.54 Mutual Grow F 3.14 3.45 Nat Resources 4.84 5.32 NWCdn 5.24 5.76 NW Growth 4.36 4.79 Prm Grow 4.44 4.87 Provident Mutual 7.31 8.00 Royfund 6.70 6.98 Templeton Grow 7.44 8.16 United .Accum 4.45 4.89 Univer Savings 7.90 8 69 Univest 4.73 6.30 Vanguard 5.73 6.28 Toronto industrials' (Supplied by Richardson Securities of Canada) Forest Advocate Sugar A Valley Ind Ind Bethlehem O'Keefe Chemcell Cellulose Can. NW Power Canada Credit Gas Pfd Central Indus Marconi Vickers Cons. Coin Bathurst Oickenson Gas Denison Seagrams Bridge Dome Discovery Textile East Stores East Pete Mobile First Cdn Oil Giant Motors Lakes Paper Oil Hudson Bay Hydra Hawker Sid Iron Walker Ene Joliet Oil Kerr Key Nickel Pipe Lake Grp A Langis Intl Madsen Accept Malartic Martin Doug A A Intern Nu West Ferguson New Bloedell New Corp A 8 Pine Cent Placer Corp Pax Co Quebec CDA Rio Roman Sears Sherritt Canada Steep A Tek Corp. Grp A Mtn Pipe United Can Pipe Western Carbide WH Copper Gas Wnght OH Stscoe Mfg YeflowfawJe Zen A Cdn Seed Bee Alooma Imperial Agra Scotia 18.75 20.25 26.50 16.00 10.00 3.90 5.25 6.25 23.50 2.20 9.75 18.00 3.40 16.75 16.87% 15.50 33.50 27.37% 17.12% 41.62% 41.00 25.00 1025 13.37% 39.50 30.00 7.00 10.12% 48.12% 24.12% 33.00 17.37% 5.25 50.37% 27.00 39.75 29.00 36.00 21.00 8.37% 16.87% 18.00 4.50 5.25 10.50 355 6.25 16.62% 30.50 46.75 22-25 21.50 7.50 12.37% 1050 14.87% 9.00 14.37% 19.25 7.75 11.25 13.62% 45.87% 14.75 15.25 3300 16.62% 9.12% 13.00 9.87% 6.37% 21.00 20.62% 21.12% 3.45 2.60 2912% 1987% 38.75 36.62% 38 00 New York 1700 Amr 51 dec 21 75 Anaconda 24 Sleel 39.12% Bern Steed 31 Tel Elec 24.75 CntySler Comsat 3350 Dupe-Hi 157 SO Motors 496214 GiVH 22 12Vi Int Harvester 2450 Kerm. Copper 39.00 Mortgomsry Ward Sears 8362% Exxon 81 Texas GtfH 34.25 Texas Co 27 75 Wrx Corporation AVERAGES 20 Industrials 214 20 up 81 20 Golds 553.70 down 8 66 10 Base Medals 10840 up 1.47 15 Western Qfls 255.22 wp 240 VOlwne 2.455.000 NEW YORK AVERAGES 20 Industrials 815 94 up 6 02 20 RaHs 183 42 up 85 15 Utniltes S3 04 up ,25 S10Sks2629Dwp 155 Volume 6.380.OOO Stock market prices continue higher trend TORONTO (CP) Prices on the Toronto stock market were moderately higher ih active mid-morning trading. The industrial index, consid- ered the main indicator of market ircsd, was up .48 to 213.87, base metals 1.08 to 108.01 and western oils 1.79 to 254.61. Golds fell 2.56 to 559.78. Volume by 11 a.m. was 1.82 million shares, up from 1.34 million at the same time Thursday. Advances outnumbered de- clines 210 to 118 with 203 issues unchanged. MONTREAL (CP) Prices rose in light trading on the Montreal Stock Exchange today. Volume at a.m was shares, compared with at the same time The industrial index rose .89 to 238.18, papers .75 to 132.60, the composite .61 to 223.11, and utilities .23 to 141.00 while banks fell .59 to 277.69. Bell Canada rose m to Massey- Ferguson to Alcan to International Nickel to and Aquitaine Co. of Canada to to Among speculative issues, Royal Agassiz Mines rose four cents to trading shares. Chicago markets CHICAGO (AP) Rising futures prices set the tone on the major United States Commodity Exchange Thursday. New York silver closed with limit gains of points in all but the spot February, which closed up points. At the Board of Trade, reports of export activity sent wheat prices up the 20-cent limit, or close to it, for all contract months, with closing quota- tions 16 to cents above what they were Wednesday. Corn, most oat contracts, soybeans and soybean meal also posted gains, although more modest than those in wheat. There were sharp advances in live- hogs, lumber and the May Idaho potato contracts at the Chicago Mercantile Exchange, although live cattle, pork bellies and eggs were irregular. On the New York markets, higher futures prices were recorded for Maine potatoes, 25 to 40 cents and domestic sugar, up 47 to 50. At the Mercantile Exchange, live hog contracts advanced by 10 cents to a hundredweight under the influence of a higher cash hog market, a more stable dressed beef market and an absence of deliveries against February commitments. Live cattle declined as much as before closing irregular, 70 cents higher to 70 cents lower. Pork bellies were 30 points higher to 30 lower. Grain close: Wheat: Mar 6.11to; May 5.83to; Jul 5.18; Sep 5.12; Dec 5.13. vs Corn: Mar 3 09; May 3.14; Jul 3.15to; Sep Dec 2.80; Mar 2.85. Oats: Mar 1.68Vt; May 1.73; Jul Sep Dec 1.71 to. Paper and forest, industrial mining, oil refining and pipeline stocks were among sectors of the market recording gains while construction and material, trust and loan, chemical and beverage issues were lower. Trading was allowed to re- sume in Hallnor Mines follow- ing news that it plans a final payment of 32 cents a share to shareholders prior to winding up operations. There were no trades in Hallnor, which last closed at 50 cents. Markattrands VANCOUVER (CP) Prices were up in heavy trading on the Vancouver Stock Exchange Thursday. Total volume at the close was shares In the industrials, EDP was down .01 at .21 on shares Plex was up 05 at .85 on snares, Block Bros, was up .05 at on shares. Grouse Mountain was at on shares, Newmark Resources was up .02 at and George Sparling was at In the mines, Consolidated Fortune led trading, up .15 at .64 on shares. Avino was up .04 at .75 on shares. Dolly Varden was up .02 at .57 on shares, Northair was up .05 at on shares, Cop- Ex Mining was up .05 at .55 and Brendon was up .01 at .58. In the oils, Payette River was at .67 on shares. Vargas was up .02 at .22 on shares, Seneca Developments was down .04 at on shares, Princess was at .22 on shares, Freehold was at and August Petroleum was up 01 at .68. NEW YORK (AP) The stock market pushed slowly ahead today amid what brokers described as some scattered hopes that the Arab countries soon might ease their oil pol- icies The noon Dow Jones average of 30 industrials was up 3.60 at 813.52, while gainers outpaced losers by more than Livestock Falconbridge Nickel rose to Consolidated Bathurst to Aquitaine Vz to Northern Electric to and Massey-Ferguson to Tara Exploration was up 7% to International Mogul 1% to Vs and Northgate IVi to Ranger Oil increased 2% to and American Quasar Vfe to Dominion Bridge fell to and Giant Yellowknife IVg to three to two in light trading on the New York Stock Exchange. RCA was the NYSE's most active stock, up at A block of the company's stock changed hands at I18V4 On the American Stock Exchange, the noon market-value index was up 0.45 at 93.53. Other NYSE issues included Sobering Plough, up Vi at as drug stocks generally advanced Merck was up Vt at and Pfizer gained to Calgary CALGARY (CP) Receipts to 11 a.m. Friday from the Calgary public stockyards totalled about 312 head. Trade was moderately active and all classes of cattle were included with quality mixed. There were insufficient receipts of any. one class of slaughter cattle to determine a market But sales were within Thursday's closing quotations One package of slaughter heifers sold for Replacement cattle were scarce and of mixed quality. All classes sold steady for the kind offered. Medium to good feeder steers more than 100 pounds 37-45.75. Medium to good feeder heifers more than 590 pounds 35-42.25. Winnipeg grain Odd prlcaa WINNIPEG (CP) Strong openings in all commodities were trimmed slightly at mid-session of the Winnipeg Commodity Exchange today in a slight reversal of early trading patterns. Flax remained strong with gains of as much as 18 cents, compared with a 30-cent advance at the open. Rapeseed was finn to slightly higher on a mixed demand, while rye gained some strength in deferred futures. Thursday's trading volume was bushels of flax, of rapeseed and of rye. Mid-session prices: Flax: May 14 higher 11.73A; July 15 higher 11.35A; Oct. 18 higher 10.79A; Nov. unchanged 10.40B. Rapeseed Vancouver: March 5% higher 7.49V4B; June 8 higher 7.21B; Sept 8 higher 6.78B; Nov. not open. Rapeseed Thunder Bay: May 8 higher 7.22B; July 7 higher 7.02B; Oct unchanged 6.19B: Nov. unchanged 6.12B. Rye: May 4fe higher 3.29ttB; July 3% higher 3.1SB; Oct. 7 higher 2.90B: 8 higher 2.80B. Grain quotes Thursday basis Lakehead: High Low Close Flax May 1159V4 1135 1159 Jly 1120 1097 1120 Oct 1061 IOS5 1061 Nov 1040 Rapeseed Vucwver Mar 744 720 744 Jun 714% 685 713 Sep 670 648 670 Nov 626 Rapeserd Under Bay May 714 690 814 Jly 695 686 695 Oct 619 Nov 612 Rye May 325 317 325 Jlv 314V, 303 314% Oct 283 Dec 272 Baaff futures Live beef futiues dose TUuisday. Mar 51.00; May Jly 5455A: Sen 54.00A. 22 LONDON (AP) Thursday's closing gold prices in U.S. dollars an London -146.50 Paris -153.04 Frankfurt-146.86 Zurich Hong Kong-137.68 Beirut a kilo. LONDON (AP) Closing metals bid-ask in pounds sterling a metric ton; stiver in pence a troy ounce: Copper-Spot 979-981; futures 966-967 Tin-Spot futures 3.920 Lead-Spot278-279: futures 284-284.5 Zinc-Spot 613-617; futures 560-561 Silver-Spot 242-243; 3 months 251.5- 252 Dividends THE CANADIAN PRESS Cabot Corp.. 23 cents. U.S. funds. March 5. record Feb. 20. Denison Mines Ltd.. 35 cents. May 15. record Feb. 28. Dytex Ltd.. three cents: A pfd.. three cents (one cent and two cents both payable March C. lecvrd Feb. 15. Gulf Oil Canada Ltd.. 15 cents. April 1, record Feb. 28 Indal Canada Ltd.. 15 cents. March 1. lecuiu Feb. 18 Loblaw Companies Ltd. class A. 9% cents, class B. 9'i cents, both payable April 1. record March 15. pfd.. 60 cents. March 1. record Feb 15: first pfd. series; A. 374 cents: second pfd.. both payable March 1. record Feb 15: first pfd. series B. 40 cents. April 15. record March 29. U.S. Gypsum was up at The company said Thursday it was filing a tax court challenge to Internal Revenue Service charges of a million tax deficiency. The Amex volume leader was Giant Yellowknife, down IVt at The company was mentioned in a financial publication's analysis which said the high price-earnings ratios of some Canadian gold stocks made them risky purchases. The NYSE composite index was up 0.22 at 48.89. Among Canadians on the NYSE, Dome Mines slipped 2% to Alcan gained to In- ternational Nickel to to Massey- Ferguson 14 to Seagrams to to Canadian Pacific to to and Hudson Bay to to On the American exchange, Scurry Rainbow picked up to Brascan slipped Vt to and Neonex was unchanged at Currencl MONTREAL (CP) Friday's mid- day foreign exchange selling rates supplied by the Bank of Montreal: Australia dollar 1.'465 Bermuda dollar 1.02 China renminbi .4910 Denmark kroner .1600 France franc financial .1980 Germany mark -3640 Italy lira commercial .001525 Japan yen .003360 Mexico peso .0790 Netherlands guilder .3490 Spain peseta .0170 Switzerland franc .3100 United States dollar .9755 United Kingdom pound 2.24 U.S S R. ruble 1.3395 Quotations in Canadian funds. Dollar valiM MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon today remained unchanged at 2-5. Pound sterling was down 3-20 at 53-100. In New York, the Canadian dollar was also unchanged. Pound sterling was up 3-20 at 9-20. Earnings By THE CANADIAN PRESS Alpa IndBstries Ltd., six months ended Dec. 3: 1973, a share. 1972, 68 cents. Brenda Mines Ltd., year ended Dec. 31: 1973, a share; 1972, loss. 35 cents. Canada Permanent Mortgage Corp., year ended Dec. 31: 1973. a share; 1972, 85. Canadian Manoir Industries Ltd., year ended Dec. cents a share; 1972, 59 cents. Fraehaaf Trailer Co. of Canada Ltd.. year ended Dec. 31: 1973, a share; 1972, Coco DistribnioK Ltd.. year ended Sept f 1.15 a share: 1972. 72 cents McGraw-Hill Ryersoa Ltd.. year ended Dec. 1973. a share: 1972.11.215.411. 60.8 cents. Noruda Mows Ltd.. year ended Dec. 31: 1973. million. a share: 1972. million. Pamovr Pompiw Mtaes Ltd.. year ended Dec. 31: 1973. 40.7 cents a share: 1972, 14.6 cents. TIMS Moutani Pipe UM Co. Ltd.. vear ended Dec. 31: 1973. a share: U72. Unfed Asbestos IK., nine months ended Dec. 31: 1973. 29.8 cents a share: 1972. 28.4 cents. Algonui Sled Cocp. Ltd.. year ended Dec 31 1973. 45 a share. 19T2. 59 Life Ittvrance Co.. vear ended Dec. 31: 1973. 1972. 03 WINNIPEG