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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 19, 1973, Lethbridge, Alberta Monday, February 19, 1973 - THE LETHBRIDGE HERALD - 13 TSE prices up in active trade TORONTO (CP) - Prices on the Toronto stock market were moderately higher in active mid-morning trading today. The industrial index, considered a major indicator of market trends, was up .30 to 225.41 and golds .08 to 217.34 Base metals, however, were off .08 to 101.73 and western oils 1.47 to 272.06. Volume by 11 a.m. was 683,-000 shares compared wth 854,-000 traded by the same time Friday. Among sectors of the market recording gains were bank, paper and forest, real estate and trust and loan stocks while construction and material, oil refining, merchandising and pipeline issues were lower. Livestock report Calgary livestock CALGARY (CP) - Receipts to 11 a.m. today from the Calgary public stockyards show sales of 100 head, mostly cows. Trade was active. There were no slaughter steers or heifers on offer. Slaughter cows sold steady with last week's close, with a few bulls selling steady. Preliminary slaughter fig-� ures for the week ending Feb. 17: Alberta hogs 27,270, beef 22,-000. Canada hogs 164,340, beef, 55,331. Cows Dl and 2 29 to 30, D3 28 to 29, D4 26 to 28. Good bulls 32.50 to 34. Replacement cattle were scarce selling steady for quality. There were no stock calves on offer. Good feeder steers over 75 pounds 39 to 41, 576 to 750 pounds 44 ot 50.10. Hogs fob Calgary to 11 a.m. average base price 44.30. Import cars have best in brakes WASHINGTON (AP) - New foreign-built automobiles apparently hold a lead over North American' cars in braking effectiveness and fee strength, 'tie National Highway Traffic Safety Administration said Saturday. The United States agency made public three booklets .in its annual study of comparative performances information supplied by the manufactrers of new cars and motorcycles. The braking data ranked cars according to their abiliy to stop from a speed of 60 miles an hor. The report said the best stopping distance reported, 146 feet, was that of the Italian-built Alfa Romeo 200 Berlina. Second was the Alfa Romeo 2000 Ve-loce. Three French cars tied for third place - the Renault 15, 15TA, and 17. Five German Porsches tied for the next place: 911E, 911F, 911T, 914. and 914S. The Swedish Saab Sonnett III was next, followed by the French Citroen SM, Italian Fiat 850 and Fiat 124, British Jaguar convertible, Swedish Volvo 1800 ES, the German Mercedes Benz 280, 280C, 450SL and 450SLC, and the Fiat 124. Next was the top-ranking U.S. car the American Motors Matador, with a stopping distance of 175 feet. The worst stopping score recorded was for the Japanese Subaru 1400 at 243 feet. Detailed data on tire strength was not available. Advaces were ahead of declines 150 to 102 while 178 issues were unchanged. Maple Leaf Garden rose XVz to $31, Crestbrook 1 to $9'/4, Fal-conbridge Nickel 1 to $68Vz, MacMillan Bloedel % to $29% and Toronto Star B % to $23%. Pacific Pete fell Vz to $40. Imperial Oil Vz to $44%, Turbo Ra-sources five cents to $1.35, New Providence one cent to 29 cents and Dome Pete Vi to $43'/4. Rio Algom climbed Vi to $23'/2 and International Mogul Vs to $14%. NBU Mines dropped 15 cents to $2.70. MONTREAL (CP) - All sectors except industrials advanced in light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was 281,800 shares, compared with 437,400 at the same ime Friday. Banks gained 1.73 to 278.25, papers 1.13 to 114.99, utilities .15 to 159.85 and the composite .08 to 233.16 while industrials dropped .17 to 246.66. On the Montreal Stock Exchange, Placer gained IVi to $54%, B.C. Forest 1 to $32 and Falconbridge Nickel 1 to $69 while Francana dropped 1 to $10%. On the Canadian Stock Exchange, Muscocho was unchanged at 45 cents on 18,000 shares. MARKETS CLOSED The United States stock exchanges, commodity and livestock markets are closed today to mark the George Washington birthday holiday. Grain prices Winnipeg Grain WINNIPEG (CP) -Trading was extremely light and most commodities barely open at mid-session today on the Winnipeg Commodity Exchange.. Oilseeds were generally two to three cents below previous close levels, while rye was up once cent or more. Friday's volume of trade was 950,000 bushels of flax, 3,408, 000 of rapeseed and 926,000 of rye. Mid-session prices: Flax: May 3 lower 5.34A; July 3 lower 5.18A; Oct. 2 % lower 4.91 %A; Nov. unchanged 4.73A. Rapeseed Vancouver: March, 3 Vz lower 4.24 Vi\ June 2 lower 4.22 %B, Sep. 3 lower 4.13B, Nov. 4 lower 3.80B. Rapeseed Thunder Bay: May 2 lower 3.88 VzB, July 3 lower 3.79 VzB, Oct. 2 % lower 3.71A, Nov. not open. Oats: May unchanged 1.20 %A, July not open, Oct. Vi higher 1.10 %, Dec. not open. Barley: May Vi higher 1.50 Vi A, July unchanged 1.50 %B, Oct. Va higher 1.47 y8B, Dec. not open. Rye: May 1 % higher 1.55 Vi A, July 1 % higher 1.53 7/8A, Oct. 1 Vi higher 1.51 VzB, Dec. 1 higher 1.43 %B. Cable firm net earnings increased TORONTO (CP) - Phillips Cables Ltd. reports net earnings of $5,479,000 or $1.37 a share for 1972 compared wiht $4,204,000 or $1.06 a year earlier. .Sales for the 12 months were $85,168,000 compared with $69,-187,000 in 1971. In a report to shareholders, the company says "economic indicators point to the continuation of heavy demand in both export and domestic markets for the products of our power, communication and construction divisions.' OLIVETTI CANADA LIMITED Is now accepting APPLICATIONS from young men interested in a marketing or management career. For appointment phone Mr. D. J. McDowell 327-2555 ^^^^^^^^^^^^^^^ New grain cars Three the Conodi Co. Ltd. in new grain hopper ears, part of a 2,000-car fleet owned by loading combined with a high capacity, the hopper cars will help Canon wheat board are spotted at Ellison Milling and Elevator ada in its goal of a one billion bushel grain export for 1973. Many of Lethbridge for loading. Built for ease of loading and un- the cars are stationed at the larger country elevairor delivery points. Asked not to cut barley, rapeseed crops Gov't to advise farmers on grain acreage Gov't taxes BONN (Reuter) - The West German government annouced Sunday tax increases and other, measures to reduce puchasing power in an effort to check a booming economy and hold down prices. An additional 10-per-cent surtax will be levied on West Germans with high incomes, numbering about 150,000 people, and on companies for one year, Finance Minister Helmut Schmidt and Economics Minister Hans Friderichs told a news conference. People earning over 100,000 marks (about $34,000) a year and couples with incomes of more than 200,000 marks (about $68,000) will be affected by this measure, which is expected to raise 2.4 billion marks (about $816 million) a year, the^ ministers said. Lower-paid workers were spared in view of the moderate wage increases the labor unions have aocepted so far this year, they said. The government hopes to limit consumer price rises in 1973 to between 5Vz and six per cent, about the same rate of inflation which West Germany recorded last year, the ministers said. With prices currently rising faster than this rate, the government hopes that at least the second half of this year will bring, some relief, leading to greater price stability in 1974. WINNIPEG (CP) - Grain farmers could beneficially plarat as many as 27 million acres of wheat this year as long as they don't cut production of other crops, particularly barley and rapeseed, Justice Minister Otto Lang said Saturday. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty. McCnaig Limited) LAST BID OR SALE (11:00 a.m. Quotes) (11:00 a.m. Quotes) 10.00 Universal Sav Univest "�^ Vanguard "�S CALGARY Acroll .79 4-60 Barcns Oil .021/2 5.371/2 North Continental .021/2 6.00 west Warner .35 VANCOUVER 84.25 MINES 13.87'A Afton 7.50 Atlas Explor .46 Bath Norse .83 Croyden .05V4 Dankoe l.oo Davenport .60 11.12V2 Dolly Varden .32 24.75 Equltorial Res .21 Lornex 9.00 Primer .36 Pyramid .20 Silver Standard .74 Valley Copper 10.87'/2 22.25 12.75 17 25 27.62Vi wc Trans Wts 5.00 68.00 38.00 71.50 42.00 9.50 21.75 4.4S INDUSTRIALS MUTUAL FUNDS 15.25 3-15 All Cdn Com 5-871/2 All Cdn Divid 27.62V2 All Cdn Vent 33.75 Amr Gr F 29.25 AGF Special 9.00 Cdn Invest F 26.12Vi Col Mutual Cant Inter 2.89 Columbia Brew 3.40 Hys ,Cdn 4.60 8.28 9.05 Key Indust .33 9.00 9.84 . OILS 4.37 4.78 Albany Oils 1.32 6.22 6.83 Mtn State Res 1.50 3.26 Plains Pete .30 5.33 5.84 Stampede Intl Res .75 7.03 7.72 West Explor .07 Toronto mines, industrials (Supplied By Richardson Securities of Canada) LAST BID OR SALE 01:00 a.m. Quotes) (11:00 r.m. Quotes] (11:00 a.m. Quotes) MINES Norlex .28 Glendale 12.25 Acme .19 Osisko .22 Grt Cdn Oil 9.30 Advocate Asb. 1.25 Pine Point 28.25 Gen Motors 74.25 Akaltcho .62 Placer Dev. 54.371/2 Grt Lakes Pp 19.50 Brslc-ne 2.85 P.C. Exp. 2.90 Gulf Oil Cda 34.621/2 Broulan .34 Quebec Man .131/2 Greyhound 21.871/2 Bethlehem 16.25 Rayrock 1.08 Hawker Sid 4.10 Brunswick 4.60 Rio Algom 23.00 Hur 8. Erie 33.50 ' Can. N.W. Land 8.70 Roman Corp. 7.25 Hiram Walker 52.25 Canada Tung. 1.9.5 Sherritt Gordon 17.12Vi Imp Oil 44.37V2 Casslar 13.25 Steep Rock 2.10 Imasca 31.50 Central Pat. 1.26 Tek Corp. 4.25 Int Nickel 33.75 Chimo 1.31 Texmont .35 Int Pipe 27.121/2 Conwest 6.80 Upper Canada 2.83 Inv Grp A 12.121/2 Cons. Rambler 3.35 Western Mines 2.75 Int Util 24.37V2 Coin Lake .12 Wright Hargreaves .90 ffid Accept 19.25 Cochenour .46 Windfall .08 Kaps 9.121/2 Cralgmont 6.40 Yellowknlfe Bear 3.90 Laurentlde 12.25 Dickenson Mines 2.55 Zenmac .071/2 Kelly Doug A 8.00 Denlson Mines 30.75 Loeb 4.75 Deer Horn .06 INDUSTRIALS Loblaw A 6.25 D'Eldona .45 Abltib! 11.25 Met Stores 24.50 Dome Mines 78.00 Alcan 25.371/2 Massey Ferg 21.871/2 Donalda .301/2 Algoma Steel 16.00 McMillan Bloe 29.00 Discovery Mines .73 Afco Ind 10.871/2 Moore Copr 52.121/2 East Malartlc 2.25 Atlantic Sugar 6.371/2 Molsons A 29.00 East Sullivan 2.71 Bell Tel 43.75 Molsons B 29.25 Falconbridge 67.50 Brazil Trac 20.62V2 North & Cent 11.121/j Frofcex .311/2 B.C. Tel 57.75 Power Corp 12.03 First Marltimes .45 Burns ' 18.75 Rothmans 15.62V2 Giant Y.K. 7.30 B.C. Forest 31.00 St. Law Corn 19.50 Bovis 2.00 B.C. Sugar Bow Val thd 21.121/2 Shell CDA ' 54.25 Granduc 3.15 43.75 Simpson's 32.75 Hollinger 45.00 CAE Ind 10.25 Simp Sears 48.50 Hudson Bay M-S 23.121/2 Cdn Brew 5.62V2 Steel of Cda 34.871/; Hydra Ex. .18 Chemcel! 4.30 Selkirk A 15.75 Iron Bay 3.90 Ccl Cell 2.25 Texaco 63.00 ISO 2.75 Calgary Pow 28.25 Traders Grp A 19.75 Jollet Quebec .25 Coron Credit 1.85 Trans Mtn Pp 21.75 Kerr Addison 11.371/a C.W.N. Gas Pfd 11.00 Trasn Cda Pp 38.37i/i Key Anacon .28 Cdn Ind 16.621/2 Union Gas 12.25 Labrador 43.00 Cdn Marconi 4.65 Union Oil 17.75 Lake Shore 2.86 Cdn VIckers 14.00 Versatile Mfg 6.621/2 Langls Silver .05 Chrysler 37.871/2 Westeel 30.871/2 Madsen R.L. .67 C.P.R. 17.75 Union Carb 18.75 Malartlc G.F. ' .84 Comlnco 28.25 Weston's B 21.00 Martin McNeely .13 Cons Bath 18.871/3 Woodward's A 29.50 Maclntyre 45.00 Cons Gas 17.50 West Cdn Seed 6.00 Meta .10 DIst Seagrams 41.75 Zenith Elec 2.50 Mldrlm .12 Dom Bridge 33.00 BANKS Intern Mogul 14.621/2 Domtar 19.37V2 Nu West Homes 8.50 Dom Textila 9.621/2 Cdn Imp 32.25 New Athona .13'/i Dom Stores 15.25 Montreal 20.50 New Calumet .26 Dome Pete 42.75 Nova Scotia 36.00 Noranda 47.75 Dofasco 27.371/2 Royal 36.00 Northgate 6.20 Cable 19.25 Tor-Dom 33.50 New York stocks (Supplied By Richardson Securities of Canada) New York Stock Market is closed today. TORONTO AVERAGES 20 Industrials 225.29 up .18 20 Golds 218.36 up 1.10 10 Base Metals 101.66 off .15 15 W Oils 272.58 off .95 Volume 1,217,000 Mr. Lang, minister reponsi-ble for the Canadian Wheat Board told a morning news conference that the government would be advising farmiers of how many acres of different grain they should grow late this month. But he pointed out what he said were surprising statistics on returns for barley production. The average return to farmers during the last 10 years for barley seeded on summer-fallowed land was $36,99 an acre, two cents higher than the return for wheat. Barley returns were also higher than wheat returns when both crops were seeded on stubble. Mr. Lang, used tihese figures to back arguments for com-fctoued barley production. It should remain at least as high as last year's 14 or 15 million acres. Should barley acreage remain that high, farmers could increase wheat acreage over last year by as much as "five ,or six million acres." That ' would amount to about 27 million acres of wheat. There has been considerable controversy over just how much wheat should be planted this year. International demand has soared in the wake of world droughts, particularly in Russia. Prices, consequently, have risen to more than $2.60 a bushel, up $1 a bushel more than last year's prices. Mr. Lang said it was important, however, to keep acreage of other grains up as well to assure international customers of a continuing supply. Without .that supply, export m a rkets would dry up. There is also the danger, he has said in the past, that farmers could switch so heavily back to wheat production that it could lead to price-crippling surpluses like those two years ago. The wheat board minister used the news conference to outline features of a poll being B.C. auto insurance plan will cripple other firms VICTORIA (CP) - The chairman of the British Columbia "Advisory Committee of the Insurance Bureau of Canada says the New Democratic Party's auto insurance plan has "sounded the death-knell for the free enterprise car insurance industry in British Columbia." A. E. Warrick said the provincial government's plan will put many people in the auto insurance business out of work. U.S. takes risk WASHINGTON (CP) - Canada's decision to put crude-oil exports under control was a "dramatic illustration of the risks" the United States facss in relying on foreign energy supplies, an official of the Independent Petroleum Association of America (IPAA) said Saturday. Executive Vice-President Minor S. Jameson recalled in a press release that the IPAA had been warning for years about the dangers of becoming dependent on foreign oil. The organization, representing mainly smaller producers, seeks tax and price changes that would make domestic oil production more atractive. "We hardly expected this danger would involve oil from the one country long considered our safest source,' Jameson said. "This illustrates The understandable tendency of all nations to take care of their own interests first, and makes clear that the U.S. can and should do likewise. . . Highways Minister Bob Stra-chan introduced in the legislature Friday legislation to establish B.C.'s first government-run auto insurance scheme on March 1, 1974. "Other companies operating under the free enterprise system, must view the announcement with alarm. If the government can confiscate an entire industry withhout any thought to the jobs of people or of compensation for loss of business they can just as easily move in on other industries, particularly those in the service business," Mr. Warwick said in a press release. He said the car insurance in? dustry will not give up entirely. "The NDP has been our critic for many many years. We will remain here as a critic for the government's scheme until competition is restored to British Columbia," he said. Mr. Warwick said he believes the government is unprepared to have auto insurance companies challenge its performance or the government would have allowed companies to compete for extra insurance coverage. Dollar value MONTREAL (CP) -U.S. dollar in terms of Canadian funds at noon today was up 3-16 a $0.99%. Pound sterling unchanged at $2.41%.' In New York, the Canadian dollar was down 3-16 at $1.00%. Pound sterling down % at $2.42%. $50%000 "JBMF (20-Year Decreasing Convertible Term Insurance) IT WOULD PAY YOU TO COMPARE THIS WITH ANY OTHER TERM P'AN> MONTHLY PREMIUMS - (P.A.C. Plan) Age 21-$8.49 Age 35-$10.06 Age 25-$8.70 Age 40-$15.74 Age 30-$8.95 Age 45-S23.93 KEN BELSHER OCCIDENTAL LIFE of CALIFORNIA 439A- HOLIDAY VILLAGE Phone 328-0944, Res. 328-0994 conducted amtong the board's 180,000 grain farmers asking their opinion on a two-price wheat payment program introduced last year. The program makes payments to all grain farmers on an acreage basis of up to 640 acres from a federal subsidy of $1.04 Vz a bushel for wheat sold for million purposes in Canada. That amount, the difference between $3 and the old international wheat price of $1.95 Vz, amounted to about $57 million last year. Some farm groups, however, argue that only wheat farmers should benefit from the subsidy, rather than farmers who grow other grains as well. Mr. .Lang has sent a question-aire to grain farmers asking whether they wish to continue the sysem of making payments on an acreage basis or switch the program and put the annual subsidy into the wheat board's wheat pool account for eventual distribution to wheat farmers. A third choice would allow part of the subsidy to be made on an acreage basis and part through the wheat pool's final payments. By Gene Fawcette hot stuff A NEW LIGHTWEIGHT HOBBY FURNACE WITH SPACE-AGE CERAMIC FIBER INSULATION! MAY BE USED SAFELY ON ANY TABLE OR COUNTER TOP. IT IS DESIGNED ESPECIALLY TO TURN GLASS BOTTLE AND OTHER WASTE GLASS INTO UNIQUE DECORATIVE SHAPES...! ... 1K