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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 20, 1974, Lethbridge, Alberta WtdiHMday, 20, If THE LECHSHiDGE 5f working After spending 65 years in the tailoring business, 73-year-old Angelo Ruocco of Toronto says he keeps thinking about retiring but just can't put his needle down. Over 'the years he has made suits for lieutenant-governors, senators, judges and lumber magnates. Commitments to Bank Act won't be altered Turner Herald Ottawa Bureau OTTAWA Finance Minister John Turner made public commitments at the Western Economic Opportunities Conference to amend the Bank Act and they will not be altered by criti- cism from tire Canadian Bank- ers' Association. That was the word the bank- ers received when they at- tacked the federal proposals Tuesday in a submission to the finance minister. The Bankers' Association was also critical of western premiers contending that they were "entirely wrong" in claiming Gasoline broker faces charges TRENTON, N.J. (AP) A gasoline broker who offered to sell New Jersey dealers more than a million gallons of fuel a week for a year was indicted last month on charges of gaso- line theft, the state attorney- general's office disclosed. A spokesman identified the broker as Saidutti of Cherry Hill. K.J. he said Sai- dutti was one of three men in- dicted Jon. 3 with three other men on charges of stealing several thousand gallons of gasoline from a Hess Oil Co. terminal in Pennsauken, N.J., last August. The disclosure came shortly after a news conference at which Saidutti and another broker, Raymond Brault of Missoula, Mont., said they could provide 1.3 million gallons of gasoline a week at a price that would push the retail cost to 66.8 cents per gallon. Wheat supply records drop WINNIPEG (CP) Visible supplies of Canadian wheat marginally during the week ended Feb. 13 to a total of 179.4 million bushels compared with the previous week's total of 177.9 million. In its weekly report, the Canadian Grain Commission said the total was, however, far below the supplies of the same period a year ago which totalled 245.4 million bushels. Farmers marketed seven million bushels of wheat during the week under review compared with just 3.6 million the previous week. Saidutti and Brault said the gasoline would come from a foreign refinery which they would not identify while the negotiations were in progress. Newsprint price to increase VANCOUVER (CP) An increase of a ton in the price of 30-pound standard newsprint for the western re- gion of North America, effec- tive March 1, was announced Tuesday by MacMillan Bloedel. The company, Canada's largest forest products firm, said the new price will be a ton for customers in the British Columbia lower mainland and Vancouver Island, a ton for the B.C. Interior and Alberta and a ton in the western United States. The current prices, ranging from to have been in effect since last Sept. 1, when MacMillan Bloedel increased prices by a ton. A company spokesman said "recent very sharp increases in the cost of energy and raw materials made it necessary to increase the price of newsprint by some 12 per cent at this time." The spokesman said oil costs had tripled and there had been significant increases in the cost of chemicals. Mining production tax proposed by B.C. gov't VICTORIA (CP) Long- awaited legislation setting new mining royalties took the spotlight in the British Columbia legislature Tuesday, Mines Minister Leo Nimsick brought in the Mineral Royalties Act, which provides for a basic five-per-cent annual tax on mineral production in the province starting in 1975. This year producers will pay a 2V2 per cent royalty. The bill also allows ttie government to lake advantage of escalating world prices by permitting the cabinet to set a designated value for minerals and if the price in a year increases more than 20 per cent above that level, the government would get half of the increase. Lower basic royalties are provided for in the legislation if the price falls 10 per cent or more below the five-year average, and a redaction of one per cent would be allowed if the mineral is shipped to a smelter or refinery in the province. Mr. Nimsick said outside the House the new legislation will add an extra million to the province's revenues this year. that the banks "drained deposits" from the west. At the western conference held in Calgary last July the finance minister said the federal government would be prepared to propose to parliament amendments to the Bank Act. The amendments would permit a provincial government or its agencies to own initially up to 25 per cent of the voting shares of a new holdings to be reduced to a maximum of 10 per cent over a reasonable period of up to 10 per cent of the voting shares of an existing bank. Canada's 10 chartered banks said in their brief to the government issued Tuesday, that the provincial government ownership idea be considered only as part of the larger question of Bank Act revision. Such a proposal involved fundamental long-term issues, the banks said. The association believed the proposals would be harmful "not only for the Canadian monetary and banking sys- tem, but for the public at large." Asked for the finance minis- ter's reaction to this criticism a spokesman for the finance department said the minister had pointed out he had made a firm commitment at the western economic conference. He will proceed at the upcoming session of parliament with the suggested changes in the bank act. The Canadian Bankers' association said the banks are in full sympathy with the desire of the federal government to facilitate establishment of new.char- tered banks, having assisted already in this respect in recent years. It would expect to continue to do so for all responsible groups. But the association believes the provision of capital by pro- vincial governments could raise doubts about the future independence and success of the fledgling bank. The bankers' association said it had "serious reservations about any amendment to the Bank Act that would directly or indirectly permit provincial governments to own shares in a chartered bank and to exercise voting rights..." It added, "The principle of such a move is questionable and may in fact produce harm rather than benefit. Currenc Brazil hai devalued the cru- zeiro, setting the buying rate at 6.41 per dollar, and the selling rate at 8.55 per dollar. It is the second devaluation and readjustment of the cru- zeiro this year. The cruzeiro was devalued five times hi relation to the U.S. dollar in 1973, and revalued once to offset a devaluation by the U.S. of its dollar. The Herald Business Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited; WESTERN irust 27.00 AND 5.75 Afton 4.90 Albany 6.75 Cdn Seed 3.50 Mln 1.35 Ashland A Pfd 59.1 2V, Alta East Yukon 8.75 BP LINE STOCKS Brenda Gas A Can Gas Pfd 63 00 Cdn Ex Nat Gas 17.87% Cdn Nat Gas 9.87% Cdn Ind Gas Metro Cdn Long Metro A Pfd 64.00 and C Gas 12.25 Cdn and C B Pfd 23.37% Dome Trans 10.50 Can Pipe 33.62% Fort Can A Pfd 62.25 Giant Can B Pfd 36.25 Gibraltar Can Pipe War 5.12% Trans 23.75 Gt Plains Gt Cdn Oil Trans Wts 4.10 CALGARY Lochiel Ex Lytton Min Noble Mines North Cdn Oils 1.60 .90 5.12% .72 Barons Oils .09 N Continental .03 West Warner .29 VANCOUVER Pancdn Pete Pan Atlas Explor .36 Norse 1.32 3.30 Place .62 Varden .59 Ranger Scurry Rain 21.25 Res .18 Lornex 9.60 Northair Mines 3.95 Spooner Total Pete Ulster Pete United Canso West 8.50 1.40 .11 Pyramid .12 Silver Standard 2.17 Valley Copper 10.00 INDUSTRIALS West Decalta Brewing 2.90 Key Industries .18 1.56 Acres Ltd Aquitaine BC Sugar A Pfd Block Bros Cdn Pac Inv A Pfd Com Cap Corp Carling O'Keefe A Pfd Carling O'Keefe B Pfd Crestbrook Ind Crowsnest Ind Falcon Copper F and M Trust Genstar Global Com Unit Home A Home B Hud Bay Co Hud Bay Oil Hud Bay A Pfd Hugh Russell Husky Oil Husky B Pfd Husky D War 'Husky E War Hys of Canada Inter Prov Pipe inter Prov Steel Kaiser Res Loblaw C Pfd Magnasonics Pacific Pete Pac West Air Pe-Ben Oilfield Rainier 29.12% 14.25 3.75 34.1 2% 3.30 23.75 28.25 7.62% 26.50 12.25 5.00 17.50 39.00 49.62% 45.62% 16.62% 45.00 50.12% 63.50 39.62% 5.75 8.87% 3.30 6.50 15.50 5.00 25.25 5.25 33.00 7.75 6.00 August Pete .60 Plains Pete .20 Ponderay Explor 1.00 Stamp Intl Res .87 MUTUAL FUNDS All Cdn Compound 6.96 All Cdn Dividend 6.77 7.36 All Cdn Ventures 3.49 3.79 Amer Grow F 4.50 4.95 AGF Special 2.39 Cdn Invest F 4.90 5.37 Collect Mutual 511 5.61 Common Inter 13.58 13.58 Com Leverage 3.17 3.17 Com Venture 5.67 5.67 Corp Investors 6.33 6.96 Corp Invest S F 4.82 5.30 Dreyfus Fund US 10.34 11.33 Grt Pacific 4.54 4.96 Grpd Income 3.00 3 30 Grow Equity 7.34 8.07 Invest Grow F 11.97 13.08 Invest Mutual 5.69 6.22 Mutual Accum 6.01 6.61 Mutual Grow F 3.17 3.49 Nat Resources 4.90 5.38 NW Cdn 5.37 5.83 NW Growth 4.42 4.86 Principal Grow 4.48 4.91 Royfund 6.77 7.05 Temple Grow 7.46 8.17 United Accum 4.52 4.97 Univer Savings 7.97 8.77 Univest 5.77 6.34 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 Malartic East Sullivan Falccnbndge Frobex First Maritimes Giant Y.K. Granduc Hollinger Hudson Bay Hydra Ex. Iron Bay ISO Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malarttc G.F. Martin McNeely Maclntyre Meta Midnm Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgate Noriex Pine Point Placer Dev Pax Exp. Quebec Man RsyroCk Radiore Rio AJgom Roman Corp. .14 1.25 2.40 2.25 .82 14.62% 1.88 5.25 8.25 3.65 10.75 1.30 1.17 5.62% 2.91 .28 2.35 Steep Sunningdate Corp. A TfiMTIOnt United Canso WH Copper Wltoes Wright Kargreaves Wrtlroy Wmaian Bear TOOUSHR1W.S 8.50 52.12% .48 174.00 1.55 8.87% 2.95 61.25 .30 .75 22.12% 3.45 43.25 25.62% .61 4.05 2.10 .26 14.87% .40 40.50 7.25 .15% 3.10 2.95 .57 53.00 .26% .16% 10.37% 11.12% .38 .39 50.50 .28 33.87% 22.87% 1.76 .27 1.40 .35 36.62% 13.87'-4 13.87% 1.99 8.25 4.05 28 20.50 3.25 3.55 295 1.73 18 5 12% .11% 13.12% Burns BC Forest BC Sugar A Bow Valley Ind Cable CAE Ind Carling O'Keefe Chemcell Cdn Cellulose Calgary Power Coron Credit CWN Gas Pfd Cdn Indus Cdn Marconi Cdn Vickers Chrysler CPR Cominco Cons Bathurst Cons Gas Dist Seagrams Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Dofasco Glen Mobile Grt Cdn Oil General Motors Grt Lakes Paper Gulf Oil Cda Greyhound Lines Hawker Sid Hiram Walker Huron Erie Imperial Oil Imasca Int Nickel Int Pipe Inv Group A IU Intl Indus! Accept Kaps Kelly Douglas A Laurentide Loeb Loblaw A Metropolitan Massay Ferguson McMillan Moore Corp Moteons A Molsons B Nacfiurs North Cent Power Corp Prtoe Co Peyto Rolhmans Shell CDA Simpsons Simp Sears Steel Canada Selkirk A Texaco Traders Grp A Trans Mtn Pipe Trans Can Pipe Utvon Cattnde Unton Gas 1375 19.00 20.50 26.75 18.00 10.25 3.60 5.50 6.12% 24.25 2.25 10.25 17.87% 3.50 16.75 17.00 15.87% "33.50 27.50 17.37% 42.00 41.25 24.37% 10.37% 13.75 41.75 31.12% 7.25 9.75 48.50 24.12% 33.25 17.25 5.50 50.87% 27.50 39.75 29.25 36.75 21.37% 8.75 17.50 17.75 4.50 5.50 10.50 350 6.00 12.50 17.12% 30.75 48.75 22.50 21.75 7.50 11.62% 15.12% 8.75 12.87% 19.50 7.87% 1ZOO Unfled Siscoe A'goma Steel Atco 1niJ Agra Ind 9eTI Tel Srascan A 24 62% 1775 662% 42.50 1650 50.00 WesJeel Westerns Woodwards A Cdn Seed Zenith Else BANKS Cdn Imperial Montreal Nova ScoJia Royal 1362% 47.00 1500 15.37% 16.62% 9.00 13.25 9SO 6.50 21 37% 20.00 21 75 345 2.SO 3000 2000 38 87% 3675 37.75 New York (Supplied by Richardson Securities of Aim 1ST Anaconda Beth Sleel Chrysler ComsM General Wolors Golf Irfl Harvester Copper WlcmJgotrtery Ward Sears Exxon Texas G-ufl Texas Co Wix Corporation SI 75 Woolwork 16.62% 2600 WesWgrtouse Elec. 21.87% 3187% U.S. Steel 40.12% 1750 Gen Tel Sec 24.37% 35 87% TORONTO AVERAGES 1S9.50 20 industrials 217 36 up 1.25 50.25 20 Golds 553 04 down 5 61 22.12% 10 Base Melate 106 40 down 2 17 15 Western Oils 259 20 down 17 39 75 Volume 1.653.000 NEW YORK AVERAGES 84 37% 20 industrials 827 S9 up 8 05 82 62% 20 Rails 185 89 up 2 20 34 25 IS UtlWtes 9256 Oown .12 2800 65 Stocks 227 1337% Volume Market prices mixed in light TSE trading TORONTO (CP) Prices on the Toronto stock market were mixed in light mid- morning trading today. The industrial index, consid- ered the main indicator of market trend, was up .84 to 216.95. Golds fell 1.09 to 557.56, base metals 1.90 to 106.67 and western oils .15 to 259.22. Volume by 11 a.m. was 000 shares, down from 1.53 million at the same time Tuesday. Declines outnumbered ad- vances 165 to 134 with 183 issues unchanged. MONTREAL (CP) Prices Wfere generally higher in light trading on the Montreal Stock Exchange today. Volume at a.m. was shares, compared with shares at the same time Tuesday. Utilities rose 1.27 to 143.90, the composite .35 to 225.71, industrials .20 to 240.52 and papers .09 to 132.68 while banks fell .64 to 281.28. Bell Canada rose 'A to Vz, Imperial Oil Vi to and In- ternational Nickel 'A to while Distillers Corp.-Seagrams Ltd. fell Vt to and Canadian Industries Ltd. Vt Among speculative issues, Consolidated Imperial Mines rose cents to 19 cents, trading shares. Winnipeg grata WINNIPEG (CP) Increased demand pushed flax prices to near maximum limits at mid-session on the Winnipeg Commodity Exchange today. Rapeseed prices also gathered strength after a relatively weak opening to move up about 10 cents in a broad demand, while rye traded briskly with gains of five to six cents. Tuesday's trading volume was bushels of flax, of rapeseed and of rye. Mid-session prices: Flax: May 29% higher July 26Vz higher 11.58A; Oct. 24 higher 10.71B; Nov. unchanged 10.48B. Rapeseed Vancouver: March 10% higher 6.78; June 11% higher 7.40V4; Sept. 8 higher 7.04B; Nov. 2% higher Rapeseed Thunder Bay: May 10% higher 7.39A; July 10 higher 7.14A; Oct. unchanged 6.19B; Nov. not open. Rye: May 5V to The NYSE noon composite index was up 0.06 at 49.34. Among Canadians on the NYSE. Dome Mines slipped 1V2 to Alcan 1 to Mclntyre 1 to Hiram Walker to Massey-Ferguson to and Seagrams to Hudson Bay gained to and International Nickel to Vj. Canadian Pacific was unchanged at On the American exchange, Brascan was up to but Scurry Rainbow fell to Livestock CALGARY (CP) Receipts to 11 a.m. Wednesday from the Calgary public stockyards totalled about 600 head, mostly slaughter cattle. Trade was moderately active on steers, active on heifers and cows. Slaughter steers sold steady with sales to 48.40. Heifers sold higher. Cows and bulls sold steady. Steers Al and 2 46.5047.20, A3 45- 46.25, A4 43-44.50. Heifers Al and 2 43- 43.90, A3 41-42.50, A4 39-40.50. Cows Dl and 2 32.50-34, D3 31-32.50. D4 25-30.50. Good bulls 40-43.75. There were insufficient replacement cattle or stock calves on offer to establish quotations. Hogs f.o.b: Calgary to 11 a.m. average base price 47. FORT MACLEOD On offer by Fort Macleod Auction Market last week were cattle and calves. Slaughter steers sold to lower than last week. There were insufficient heifers to declare a market. Feeder classes sold easier in line with the fats and there was increased pressure on stocker calves. SLAUGHTER CATTLE Al and A2 steers 47.75 to 48.50: Charcross steers 49: Dl and D2 cows 33 to 34; D3 and D4 cows 25 to 32; good balogna bulls 35 to 38. STOCKER FEEDERS Good short keep steers (850 to pounds) 45 to 48.50; good feeder heifers (700 to 800 pounds) 38 to 40. Medium steer calves 48 to 52: medium heifer calves 38 to 40. At Hi-Way (52) feeders there were 862 head. STEERS Al and A2 steers 47.70 to 48.40: A3 and A4 steers 47 to 47.60. HEIFERS AND COWS A3 heifers 36.80 to 38.75; one package of cows 32.50. STOCK COW AND BRED HEIFERS Good cows to 560: with A. I. Simmental bred to good quality bred heifers to 430. Medium cows and heifers to 350; plain down to Franchise available Lelhbridge McLeod area Jrorr owner Exceflent opportunity Jo participate in Canada's