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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 20, 1975, Lethbridge, Alberta Herald- Business Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited WESTERN .AND Alton Oilfield Albany Alta East Grp Ashland BP Brenda A Cda 'A Cdn Ex Cdn Gas Trk Cdn Ind Gas Gas Trk Cdn Long Nat Cdn Chieftan Metro A Dome Nat C Nufort C Gas B Giant Gibraltar A B Gt Cdn Oil Lochiei Lylton Trans North Cdn Pancdn Pan Place Ranger Scurry Total Ulster United West West Acres B.C. Sugar C Slock Cdn. Canbra Cdn. Cdn Pac Inv A Cdn. Cdn Pacific Growth Carting O'Keete A Pfd Carting O'Keele B Special Cdn. investment 4.31 Comm Cap Crestbrook Crowsnest tnt'l Falcon F M Investors Stock -Fund Home Oil Income Home Oil Hud Bay Growth Hud Bay Hud Bay Oil A Hugh Husky Husky Oil B Husky Oil E Interprov interprov Kaiser Kaiser Res Loblaw Co C Toronto mines, industrials (Supplied by Richardson Securities of Canada) Tel Burns Advocate B.C. Forest B.C. Sugar Bow Valley Ind Cable CAE Ind Calgary Power Canbra Foods Can. Ng-rth West Can Cellulose Canada Carting O'Keefe 50 Chemsell Central CWN Gas Pfd Cdn industries Con Cdn Marconi Cons. Cdn Vickers Coin Chrysler CPR Cominco Dickenson Cons Bathurst Denison Cons Gas Dist Seagrams Dome Dom Bridge Discovery Domtar East Oom Textile East Dorn Stores Dome Pete Dofasco First Glen Mob Homes Giant Gt Cdn Oil Sds Gran Gen Motors Hollinger 2Vi Gt Lakes Paper Hudson Bay Gulf Oil Cda Hydra Greyhound -Lines Iron Bay Hawker Sid Hiram Walker A Joliet Huron Erie Kerr Imp Oil A Key Imasca A- Int Nickel Lake Int Pipe Langis Silver Madsen Inv Group A 67 lU, International Malarlic I AC Martin Vt Jan nock Kaps Kelly Doug A Laurentide Intern Loeb NuWfis! Loblaw A New Metro Stores New Massey Ferg McMillan Bloe Moore Corp Molsons A Pine Molsons B Placer Nachurs Pax North Cent Quebec Peyto Power Corp Pr'ce Co Rio Rothmans Roman Shell CDA Sherritt Simpson's Steep Simp Sears 10 Steel of Can A Tek Corp. Selkirk A Texaco United Trad Group A Western Tr Mtn Pipe WH Copper Tr Can Pipe Wright Union Carbide Union Gas Union Oil Yellowknife United Siscoe Versatile Mfg TORONTO Weston's Woodwards A BANKS Algoma Steet Cdn Imp 17.12V4 Montreal Agra so Nova Scotia Bell Royal Brascan Toronto-Dom 54.50 11.00 13.75 22.75 12.87'A 13.00 7.25 24.25 3.10 6.25 2.21 3.65 8.50 17.50 3.35 13.50 16.87Vi 27.50 24.25 16.00 36.50 19.87VS 20.25 6.75 26.37Vi 25.62V4 1.50 7.37Y; 37.25 16.37V4 30.50 15.62V1 4.95 43.00 26.75 27.62V4 28.75 13.50 7.25 11.00 18.50 6.00 2.26 5.25 8.25 3.20 6.75 15.00 23.6214 47.50 17.87'A 16.50 7.75 11.12'A 3.70 13.25 10.50 15.75 8.00 10.75 28.25 12.50 32.00 10.87V4 18.75 8.25 4.05 7.25 24.00 19.50 22.1214 26.50 15.00 42.00 31.37'A 39.75 New York (Supplied by Richardson Securities of Cunnda) Amr T S T Anaconda Beth Steel Chrysler Comut Dupont Motors Gulf Inl Harvester Kflnn Copper Montgomery Ward Swrs Exxon Qulf Texas Co Wix Corporation 51 Woolworlh 13.50 158714 Westinghouse Elec 12.37'A 30 8714 U.S. Steel 4B.62K Gen Tel Elec 21.37V, 32.3714 TORONTO AVERAGES 101 00 20 Industrials 184.70 up .31 3750 20 Golds 456.25 down 1.35 2050 10 Base Metals 68.32 up .42 2675 15 Western Oils 163.23 up 1.03 34 Volume 981.000 19 00 NEW YORK AVERAGES 62 20 Industrials 736.54 up .15 763714 20 Rails 160.93 unchanged 2662'A '5 Utilities 81.79 up .19 25.75 65 Stocks 234.76 up .11 11.6214 Volume Thursday, February 20, 1975 THE LETHBRIDGE HERALD 27 Three-day losing streak ends TSE prices stage rally TORONTO To- ronto stock market rallied Thursday after three losing sessions. Prices were moderately higher light mid- morning trading. The widely-based industrial index was up .50 to 184.89, base metals .26 to 68.16 and western oils .45 to 162.65. The gold index, which has risen sharply this week, was off 3.34 to 454.26. Despite the rise in major in- dicators, declining issues were slightly ahead of ad-, vances, 106 to 98, with 167 issues unchanged. Volume by lla.m. was 000 shares, up from at the same time Wednesday. Mercantile Bank rose to Bank of Nova Scotia to Vi, Noranda A Va to. Royal Trust A Vi to and Gulf Canada to R.L. Crian fell to Labatt A V4 to Premier cablevision 4 to Cana- dian Tire A to and Pacific Pete to Denison Mines gained Vz to Kerr Addison A Vi to and Rio Algom to Tormex Mining lost 15 cents to and Asamera was up Vi to and Siebens Vi to ?9V4. United Western dropped 15 cents to 80 cents. Market trends Chicago markets Solar furnace to be marketed Sun Saver president Charles Anderson, Jr., stands before the "solar furnace" that his firm will begin offering to the public today. Sun Saver Inc. of suburban St. Paul, Minn., says its outdoor furnace, a glass and wood structure about the size of a garden shed, will provide up to 90 per cent of the heat required to warm a house and will cost from to plus installation. Gasoline price average registers slight decline CHICAGO (AP) Soybeans, soy- bean oil and corn futures closed with limit losses Wednesday and tended to influence lower prices for other farm commodity futures. The 20 cents a bushel decline was the second in succession in the soybean pit of the Chicago Board of Trade, just as was the 100-points decline in soybean oil futures. The 100 points is -the equivalent of 1 cent a pound. Corn fell back 10 cents -d bushel, in addition to 8'A cents Tuesday. Wheat futures were down 12 cents a bushel, oats 5 cents and soybean meal about a ton, although earlier the loss in meal was about An improved cash market and a sharply higher output of bacon slicing during the week influenced buying of pork belly futures which resulted in a gain of some 115 points. Hog futures, however, fell back as much as 70 cents per hundredweight, mostly because of the weakness in grain prices. Live cattle futures declined 55 cents per hundredweight, also largely because of the sharp fall in grain prices. However, there also was some profit taking after Tuesday's quick and sharp advance. Gold futures displayed early buyer interest after London spot gold opened higher, but domestic futures fell about to on profit taking. At the close, soybeans were 13 to 20 cents a bushel lower, March wheat 6 to 12 lower, March 3.84; corn down 10 cents, March and oats to 5 lower, March Grain quotations Wednesday: Wheat: Mar 3.84; May 3.76; Jul 3.65te; Sep 3.72; Dec 3.77. Corn: Mar May 2.94ft: Jul Sep 2.80V4; Dec 2.68Vi; Mar Oats: Mar May 1.51; Jul 1.45; Sep 1.41; Dec Winnipeg grain OTTAWA (CP) The na- tional average of gasoline prices dropped slightly during the last six months, with price increases recorded in only four areas, the Canadian Automobile Association said Wednesday. The average price for regular gasoline dropped to 63.9 cents from 64.5 cents and premium to 69.1 cents from' 69.8 cents, said a release bas- ed on a survey last month. Increases in the prices of regular or premium gasoline were reported in British. Columbia, Alberta and the Maritimes. Generally, the association said, drivers in the three prairie provinces enjoy lower prices than other parts of the country. Potash industry needs tax relief Highest prices were found in the Maritimes, the associa- tion said, adding "it is most unfortunate that the one area of our country which can least afford it is paying the highest price for such a necessity as gasoline." Bank shares on offer REGINA (CP) Premier Allan Blakeney said Wednes- day the potash industry may need some degree of relief from federal and provincial taxes, but added that he does not believe the industry's financial situation is anywhere near as bad as potash companies say. Shortly before entering private talks with potash com- pany executives on an in- dustry brief to the provincial government, he told reporters the brief contains "some figures designed to indicate that the potash industry is not making enough money because of the combined effect of provincial royalties and the federal budget." The premier said the brief estimates the industry's average profit at 2.8 per cent, but government calculations indicate the average profit by normal accounting standards is at least eight per cent and probably closer to 12 per cent. He said the financial calculations in the brief deviate from normal practice by calculating profit as a percentage of a company's gross assets, which' are generally much larger than shareholders' investment. The brief also did not take account of provincial action in December to make potash royalties tax deductible for purposes of provincial income tax, nor did it take account of the fact much of the tax liabilities will not actually be paid in taxes, but will be retained by the company for further investment while be- ing entered in the books as deferred tax reserves. Mr. Blakeney also asserted that the prime factor hamper- ing expansion of potash production is not excessive taxation' but shortages of labor and equipment. Eastern pipeline not viable No dividend for Chrysler stockholders DETROIT (AP) An ailing Chrysler Corp., as expected, omitted its quarterly dividend Wednesday. It marked the. first time since the depression that the No. 3 auto-maker in the United States did not pay its stockholders. The decision was only the fourth time in Chrysler's 49- year history that the company did not issue a quarterly divi- dend. The other times were the first two quarters of 1933. and the first quarter of 1938. FORT MCMURRAY (CP) Frank Spragins, Syncrude Canada Ltd, president, says the planned Sarnia to Montreal oil pipeline is not a viable project. The oil sands consortium executive told a chamber of commerce meeting here there would not be enough western Canadian oil to fill the pipeline. He said that within five years, Canada would have no oil to export, and the country "faces a rationing situation" in 10 years unless there are new major dis- coveries. Talking about oil prices, Mr. Spragins said that as Canada's ability to support a lower domestic oil price dis- appeared, all of Canada would face the world price. MONTREAL (CP) The Mercantile Bank of Canada has announced its final public rights offering which will reduce foreign ownership of the bank to less than 25 per cent. The common share rights offering will be on a one-for- seven basis at a price of a share. Subject to approval of regu- latory bodies, shareholders of record March 4 will be entitl- ed to subscribe for additional shares. The offer expires April 15. First national City bank of New York (Citibank) now owns 27.6 per cent of Mercan- tile Bank's issued shares. The rights issue will reduce this to 24.2 per cent. Reduction of citibank's interest in the Canadian bank will complete a plan initiated in 1971 to gradually reduce Citibank's original 100 per cent holding to about 25 per cent. This is to conform with the foreign ownership re- quirements of the Bank Act of 1967.- Citibank will'sell its rights to Canadian investors. Mercantile Bank said that when its sixth and final public offering is completed it will no longer be subject to the growth restrictions imposed on it by the Bank act. WINNIPEG (CP) With the excep- tion of small gains by oats and rye, futures prices continued to ease in moderate mid session activity Thurs- day on the Winnipeg Commodity Ex- change. Several distant months of flax fell the daily 30 cent a bushel trading limit, as well as a 10-cent maximum drop by the lone open month of corn. Wednesday's volume of trade was bushels of feed wheat, of oats, of barley, 000 of corn, of rye, of flax and of rapeseed. MID-SESSION PRICES: Thunder Bay rapeseed: May ,3'A lower 6.41A; July 12 lower 6.44A: Oct. 10 lower 6.42A, Nov. unchanged 6.25A. Vancouver rapeseed: Mar 4te lower 6.58V4B; June4'A lower 6.53; Sept. 4% lower 3Vz lower 6.31 Flax: May 20 lower 8.00B; July 18 lower 7.G2; Oct. 30 lower 7.41A; Nov. 30 lower 7.30A. Feed wheat: May lower July unchanged 3.59KA; Oct. not open. Corn: Mar. 10 lower 3.28A; May and July not open. Barley: May four lower July three lower 2.51A; Oct. three lower Livestock Calgary Value soars ZURICH (AP) The Swiss franc soared 68.9 percent in value against the U.S. dollar and 73.6 percent against the pound sterling between May, 1971, and the end erf last month, Swiss Credit Bank said Tuesday. CALGARY (CP) Receipts to 11 a.m. Thursday at the Calgary public stockyards totalled head, mostly slaughter steers and cows. Trade was active on all classes of slaughter cattle. Slaughter steers sold steady, meeting broad local and eastern demands. Slaughter heifers sold 50 cents higher. Cows of all grades sold lower, with some D3 and D4 cows dis- counted up to No bulls were sold in early trading. Steers, Al, A2: 35-36. A3: 33.50-35. Heifers, Al, A2: 32.50-33.60. A3: 31- 32.50. Cows. Dl, D2: 22-24. D3: 18.50- 22. D4: 15-18.50. Good stock steer calves 401-575 pounds: 35. Butcher calves: 24-26.75. No hogs were sold to 11 a.m. Hog prices EDMONTON (CPI Prices to 11 a.m. Thursday provided by the Alberta hog producers marketing board. Wednesday prices in brackets: Edmonton 51.95 1 Calgary: Nil Red Deer: 52.45 Lethbrldge: Nil Fort Macleod: Nil Hogs sold to 11 a.m. 444, hogs sold Wednesday average 52.40. Sows average 37.15. Gold prices LONDON (AP) Closing gold prices Wednesday in U.S. dollars per ounce: Zurich8184.00 Hong Bcirat-SfiOS per kilo Feed prices WINNIPEG (CP) Wheat board domestic feed grain prices Wednesday: No. 1 feed barley 2.5614; No. 1 feed oats 1.74V4. 2.40A. Oats: May higher 1.75A; July higher 1.73B; Oct. not open. Rye: May higher 2.45'AB; July higher Oct. not open. Grain quotes Wednesday basis Lakehead: High Low Close Flax May 824 820 820 Jly 780 Oct 771 Nov 760 Rapeseed Thunder Bay May 655 644'A 644'i Jly 656 Oct 652 Nov 625 Rapeseed Vancouver Mar 663 663 Jun 667 65714 Spt 651'A 643 Nov 644'A 635 635 Rye May 253% 243 244 Jly 238% 241 Oct 240 Barley May 260 25614 25614 Jly 254 Ocl 243 Oats May 181'A 174Vi 174'A Jly 172% Oct 175 Corn Basis Montreal Mar 338 May Jly 34014 Feed Wheat May 386 377 377 Jly 359% Oct 361 Street prices Per bushel street prices Wednesday quoted by Country Elevator Association. FLAX 1CW 7.88; 2CW 7.83; 3CW 6.38; RYE 2-08; 3CW 2.03; 4CW 1.78; Ergoty 1.66; RAPESEED ICanada 2Canada 5.93'A; SCanada Feed Grains basis 43 cents CWT Thunder Bay freight rate. WHEAT 3CWRS Sutility 3.15'A; OATS Ueed 1.48Vi, 2feed BARLEY Ifeed 2feed 2.20'A. Canadian wheat board selling prices basis Thunder Bay. WHEAT Sutility 4.06K; OATS Ifeed 2feed BARLEY Ifeed 2.70, 2feed MONTREAL (CP) A t retreat hit the brakes by noon Thurs? day on the Montreal Stock Exchange, and prices began to climb In fairly ac- tive trading. Analysts said investors were not ig- noring the bad news pouring out of Ot- tawa, Washington and corporation board rooms, but they seemed resign- ed to it and many were basing pur- chases on hopes for an early economic recovery. Volume at a.m. was shares, compared with shares Wednesday. Banks chalked up the strongest gain with a rise of 3.85 to 255.35. The com- posite added 0.93 to 185.49, industrials 0.65 to 187.85, papers 0.63 to 104.91 and utilities 0.53 to 140.08. Bank of Montreal tacked on to imperial Oil A to Dome Petroleum to and Husky Oil to while Texaco Canada sur- rendered to Among speculative issues, BeUeterre Quebec was off five cents at 83 cents on a volume of snares. VANCOUVER (CPj Prices were down in light trading Thursday on the Vancouver Stock Exchange. 'Early volume was shares. There was little action in the in- dustrials. In the mines, Anglo-Bomarc was off .01 at .89. In the oils, Monterey A was unchanged at .12. On the curb exchange Mundee Mines was unchanged at .35. A few gold prospects showed strength in early trading. Northair touched a high of following a slump Tuesday which saw sales as low as It later settled back to the area. Colt was firm at 60 to 62 cents, while Carotin was at ?2. Dorchester, up from a year's low of .06. was quoted at 22 to 24 cents. In the mines, Consolidated Beau- mont was up .02 at .25; Northern Homes take down a half cent at Da It on down .10% at .30: Grandora down .01 at .42; Anglo Bomarc was up .01 at .90. Cutlass up .01 at .58. In the oils, Charleston was up .03 at .37: Seneca was unchanged at 51-01; Payctte International was down .01 at .12; Galveston unchanged at Monterey A unchanged at .12. Curb volume was shares. Petrowe'st was 'down .05 at .60; Balmoral down .02 at .26; TRV Minerals was up .06 at .86; Kandahar up .03 at .33; Mundee Mines down a half cent at .35. Cadet unchanged at .38. NEW YORK following weeks o' solid gains turned stock prices mixed Thursday amid apprehension over impending govern- ment economic statistics. The noon Dow Jones average of 3d industrials was up 0.16 at 736.55 follow- ing earlier gains of more than three points. Advances held a slim 573-to-507 lead over declines on the New York Stock Exchange after holding a much broader lead in the early going. Colgate-Palmolive, the most active N YSE issue, fell to including a block at 26. On the American Stock Exchange, the market-value index gained 0.04 to 76.88. Among Canadian issues on the NYSE, Canadian Pacific was up H to and International Nickel to Dome Mines was down to Massey Ferguson to Campbell Red Lake ft- to and Alcan 1 to Gold futures WINNIPEG (CP) Gold futures, U.S. funds, Winnipeg Commodity Ex- change close Wednesday. 4W-OUNCE CONTRACTS: Apr 75 185.50A; Jly 75 189.50A; Oct 75 193.20A; Jan 75 197.50A; Apr 76 201.10. Tuesday's volume: 295 contracts. 1M-OUNCE CONTRACTS: Feb 75 184.30A; May 75 187.40; Aug 75 19I.80A; Nov 75 196.00B; Feb 76 199.80A. Tuesday's volume: 107 contracts. Dollar value MONTREAL (CP) U.S. dollar In terms of Canadian funds at noon Thursday was off 2-25 at Jl.OO 4-25. Pound sterling was off M at 12.40 19-'- so: In New York, the Canadian dollar -was up 2-25 at 10.99 21-25. Poiind sterl- ing was off 1-20 at 12.40. JLjettcttron QC ai-imitecf 1003 4th AvmiM South, Lathbrldge Telephone 329-4426 jba ta ervices MOBILE HOME SALVAGE Ctrhwl, HIWI, McKiw LM. 1014 3rd Avenue South, Are receiving bids on the salvage of a 1969 Detroiter 10' x 50' Mobile Home For furtiMr information Phone 327-57M during OHJce Out of Respect to the late MR.JACKKLINGER SHELDONS ONE-DAY PROMOTION SALE has been Postponed till March 6th We regret any inconvenience caused to our customers! Income Tax Savings At Canada Trust Deadline-March Instant Loans No Red Tape We're open for friendly personalized service Saturday, February 22, 9 to 1 p.m. Thursday, February 27th until 9 p.m., Friday, February 28th until 9 p.m. and Saturday, March 1st, 9 to 5 p.m. THE CANADA TRUST CO. Corner 3rd 7th St. 9. AllMHla Phone 327-8581 ;