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Lethbridge Herald Newspaper Archives

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The Lethbridge Herald (Newspaper) - January 3, 1974, Lethbridge, Alberta Market continues sharp price rise rThc Herald- January 2, THE LETHBRIDOE HERALD TORONTO (CP) Gold stocks con- tinued to lead the advance as all sec- tors of the Toronto stock market rose sharply in active mid-morning trading today. Toe gold index was up 5.03 to 468.12, following an advance of almost 52 points Wednesday, in response to higher bullion prices. The industrial index, considered the major indicator of market trend, was up 1.84 to 215.62, base metals 1.79 to 99.21 and western oils 3.49 to 254.18. Analysts said the trend was influenc- ed by a strong advance on the New York market following an easing of margin requirements by the U.S. Federal Reserve Board. Volume by 11 a.m. was 1.21 million shares, up sharply from at the same time Wednesday. ARE MORE ADVANCES Advances outnumbered declines by four to one, 227 to 56, with 136 issues unchanged. Steel, oil refining, paper and forest and pipeline stocks were among sec- tors of the market recording gains while chemical issues were lower. Trading in shares of Ranger Oil was halted at 11 a.m. pending release of in- formation. The stock was up before the halt. Among golds, Dome Mines rose Vi to (168, Pamour 1 to Agnico Eagle 1 to and Camflo to Texasgulf was up 1% to Walker-Gooderham A to Dome Pete to Cominco to and Husky to United Canso Oil was up 1 >A to Asamera to and Pan Ocean 'A to Home Oil B fell to and Royal Bank to MONTREAL (CP) Prices in all sectors rose in heavy trading on the Montreal stock market today. Volume on the Montreal Stock Ex- change at 11 a.m. was shares, compared with shares at the same time Wednesday. One analyst attributed the.dramatic increase in volume to heavy trading of gold issues. The price of gold rose sharply today. It was quoted on the European market today at a fine ounce, compared with Wednesday. Papers rose 1.71 to 134.09, in- dustrials 1.58 to 239.42, the composite 1.38 to 223.22, utilities 1.08 to 140.02 and banks .57 to 272.04. Half-point gains were registered by Distillers Corp.-Seagrams ltd. to MacMiIlan Bloedel to Dofasco to and Mercantile Bank of Canada to International Nickel rose to Among speculative issues, Gold Hawk Mines rose one cent to 60 cents on a volume of shares while Royal Agassiz Mines rose 12 cents to 80 on a volume of shares. Both are gold mining companies. Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Thursday from the Calgary public stockyards totalled 800 bead, mostly slaughter steers and cows. Trade was active with a broad demand. Slaughter steers sold steady. Heifers were scarce, selling steady to higher. Cows were higher. Bulls sold higher. Steers, Al, A2: 47 to 48.20. A3: 45.75 to 46.75. A4. 43 to 45.50. Heifers, Al, A2: 42 to 43. A3: 40 to 41.50. Cows, Dl, D2: 34.50 to 37.20. D3: 32 to 34. D4: 26 to 31.50. Bulls, good: 43 to 45.50. Replacement cattle were scarce and practically all fleshy shortkeep steers weighing more than 850 pounds, selling steady. Good feeder steers more than 850 43 to 48.60. Hogs f.o.b. to 11 a.m.: 50.80. Hog prices EDMONTON (CP) Average prices to 11 a.m. Thursday provided by the Alberta Hog Producers Marketing Board with Wednesday average in brackets: Edmonton: 50.65 (51.81) Red Deer: 50.80 Calgary: 50.80 Lethbridge: Nil Lloydmmster: Nil Port Macleod: Nil Grande Prairie: Nil Total hog sales to 11 a.m. total Wednesday average 52.18. Sows average 34.30. Gold futures WINNIPEG (CP) Gold futures, U.S. funds, Winnipeg Commodity Ex- change close Wednesday. Jan 74 116.8SB; Apr 74 121.608: July 74 125.30B: Oct 74 128.60B; Jan 75 131.00B. Monday's volume: 89 contracts. Beef futures WINNIPEG (CP) Live beef futures close Wednesday. Jan 48.35B; Mar 51 508: May 53.00; Jly 51.50B. Monday's volume. 10 contracts Earnings By THE CANADIAN PRESS Becker Milk Co. Ltd., six months ended Oct. 31; 1973, cents' a share; 1972, 38 cents. Industrial Adheslves Ltd., year end- ed Oct. 31; 1973, share; 1972, and Redekop Corp. Ltd., nine months ended Oct. 31; 1973, cents a share; 1972, no comparable figures VANCOUVER (CP) Prices were up ih light trading at close of the Van- couver Stock Exchange Wednesday. Volume was shares. In the industrials, EDP Industries led trading, up .01 at .20 on shares. Mercuria was up .04 at .40 on shares. International Centura was up .05 at .30 on shares. Four seasons was at .85 on shares. Cor- nat Industries was up .10 at and Block Brothers was at In the mines, Northair rose .19 to trading shares. Northair Business Stocks Miscellaneous Vancouver, Calgary, Montreal (Supplied by Doherty, McQuaig Ltd.) warrants was up .u ai .to on Trust 26.75 on shares. Barrier Reef was up .17 at on shares. Leemac Mines was up .02% at .32 and Spectroair was up .03 at .16. In the oils, Seneca Developments was up .02 at .17 on a turnover of OILS AND MINES Afton Mines Albany Oil Alminex ,.75 5.50 Teledyne 4.20 Trimac Ltd 7.75 West Cdn Seed 4.50 Westfield Min 1.12 Weston A Pfd 59.12% White Yukon 9.75 600 shares. Rose Pass was down .03 Oil LINE STOCKS .36 on shares. August Petroleum was unchanged at .81 on Canada Brerida 12.25 Gas A 10.87% Alta Gas Pld 69.00 Skat Resources rose .16 at on Nat Gas 19.50 shares. Five Star was at .06 Ex Nat Gas 9.62% Coseka Resources was up .10 at Metro 5.87% Ind Gas Metro A Pfd 64.00 Long and C Gas 10.37% and C B Pfd 20 75 Winnipeg Super Dome Pete Trans 9.87% Tr Can Pipe 31.50 Can A Pfd 58.50 WINNIPEG (CP) Oilseeds continued their advance at mid-session today on the Winnipeg Commodity Reliance Giant Mascot Gibraltar Mines 2.42 12.00 Can B Pfd 38.00 Tr Can War 4.60 WC Trans 21.62% WC Trans Wts 3.50 change. Vancouver rapeseed was up about six cents in active trading. Nearby flax futures jumped as much as 26 cents, and nearby Thunder Bay rapeseed climbed four cents in light activity. Rye remained a shade Plains Gt Cdn Oil S Lochiel Lytton Min Noble Mines North Cdn Oil 10.00 2.64 1.07 .74 5.62% Acroll .56 Barons Oils .04 N Continental .01% West Warner .26% VANCOUVER MINES Wednesday's closing prices, barley was inactive and oats was Pete Pan Explor .38 Bath Norse 1.10 with no transactions 1.95 Wednesday's volume of trade was bushels of flax, Place .29 Dolly Varden .26 rapeseed, of rye, and no oats Res .15% 10.00 Mid-session .08 Flax: May 26 higher 10.39; July 17 higher 9.75B; Oct. 14 higher 8.76B; Nov. unchanged 8.68B. Rapeseed Vancouver: Jan. 6% higher 6.30A; Mrch 5% higher June 6 higher 6.13A; Sept. Spooner TOW Pete Ulster Pete United Canso West Pete West .36 6.87% 1.43 22.50 5.62% Standard 1.75 Valley Copper 9.25 INDUSTRIALS Colum Brew 2.90 Key Indus -12 Wardair 1.55 OILS 6.00B. Rapeseed Thunder Bay May 4 higher 6.00B; July unchanged 5.92B; Oct. unchanged 5 SOB; Nov. INDUSTRIES Acres Ltd Pete .80 Plains Pete .20% Pond Explor .65 Stamp Intl Res .82 5.70B. Oats: May unchanged 1.56B; July Sugar A Pfd Block FUNDS All Cdn .Compound 6.69 7.27 changed Pac Inv A Cdn Dividend 7.05 7.66 Barley: May and July not Cap Cdn Ventures 3.38 3.67 Rye: May 1 higher 3.47; July O'Keefe A Grow F 5.13 5.64 higher 3.39% A; Nov. not O'Keefe B Special 2.60 Grain quotes Wednesday Ind Crowsnest Invest F 4.97 5.45 Collect Mut 5.30 5.82 Inter 13.33 14.65 High Low and M Trust Lever 3.18 3.49 Venture 5.32 5.85 May 1013% 999 Com Investors 6.32 6.95 Jly In St F 4.90 5.38 Oct Fund US 10.99 12.04 Rapeseed Bay Pacific 4.41 4.87 Jan 625 600 Bay Income 3.04 3.34 Mar 618 590 Bay A Equity 7.08 7.78 June 607% 580 Russell C Grow F 11.79 12.89 Sept Mutual 5.67 6.20 Rapeseed Thunder Bay May 598 587 596 Jly B Pfd Husky D War Husky E 7.12% Accum 6.04 6.65 Mutual Grow f 3.10 3.41 Nat Resources 4.80 5.27 of Cdn 5.27 5.79 Uct Prov Growth 4.53 4.98 Oats Prov Growth 4.36 4.76 May Mutual 7.30 7.98 Jly 147% Barley C Pfd 6.71 6.99 Temple Growth 7.30 8.00 May Accum 4.65 5.11 Jly West Savings 7.84 8.63 7.83 8.61 May 346 330 5.87 6.43 Jly 338 320% Chicago markets CHICAGO (AP) Farm com- modities as well as international com- modities were generally strong Wednesday, reflecting some improve- ment in the United States dollar abroad and continued concern about 'inflation in the U.S. Wheat and oats futures touched limits on the Board of Trade, although wheat slid back near the close under profit-taking. Corn, soybeans, soybean oil and meal posted impressive gains. World sugar stocks also were firm to S Pork bellies gained the limit of ISO points on the Mercantile Exchanges, while live hog futures gained per hundredweight and live cattle moved up Shell eggs rose 134 to 200 points, the limit. Prices in the wheat pit were mixed on the opening, but commercial buying and short-covering produced a rally after about an hour. Prices then moved up steadily, with one contract touching the limit, before some profit-taking set in. Gram close: Wheat: Mar 5.56; May 5.34; JuI4.65; Sep 4.62; Dec 4.67. Corn: Mar May 2.77; Jul 2.T9V4-, Sep 2.72; Dec Mar Oats: Mar 1.44W; May July 1.44; Sep 1.44'A. Currencies MONTREAL (CP) Thursday's mid-day foreign exchange nominal selling rates supplied by the Bank of Montreal: Australia dollar 1.50 China renminbi .5050 Denmark kroner .1630 France franc financial .2090 Germany mark .3755 Italy lira commercial .001695 Japan yen .003600 Mexico peso .0810 Spain peseta .0178 Switzerland franc .3120 United States dollar .9985 United Kingdom pound 2.34 U.S.S.R. ruble 1.3395 Quotations in Canadian funds. Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Thursday was down 3-25 at 8-25. Pound sterling was down 1 4-5 at 1-20. In New York, the Canadian dollar was up 3-25 at 17-25. Pound Sterl- ing was down 1 27-50 at 3-5. (Supplied by Richardson Securities of Canada) 80 Toronto Stock Exchange Share Trading Est. 11 A.M. Forest Advocate Sugar Valley Ind Ind O'Keefe Bovls Cellulose Can. NW Power Canada Credit Gas Central Industries Marconi Vickers Cons. Coin Bathurst Dickenson Gas Denison Seagrams Bridge Dome East Textile East Stores Pete First Mobile Giant Cdn Oil Sands Motors Lakes Paper Hudson Bay Oil Cda Hydra Iron Sid Walker Joliet Erie Kerr Oil Key Nickel Lake Pipe Langis Group A Madsen infl Malartlc Accept Martin Kelly Douglas A intern A Nu West New Ferg New Bloedell Corp A B Pine Placer Cent Pax Corp Quebec Co CDA Rio Roman Sears Sherritt Canada Steep A Tek Grp A United Mtn Pipe Western Can Pipe WH Copper Carbide Wright Gas Oil Siscoe Yellowknife Mfg Zen 11 A.M. A Cdn Seed Elec Algoma Steel Atco Ind Cdn Imperial Agra Scotia Bell High in October Volume on the Toronto Stock Exchange climbed to 73.5 million shares traded in October due to a six-week rally. Graph traces monthly shares trading. December estimate is based on projection from Dec, 7 figures. Amr. TAT Anaconda Beth. Steel Chrysler Comsat Dupont General Motors Gulf int. Harvester Kenn. Copper Montgomery Ward Sears Exxon Texas Guff Texas Co. Wlx New York (Supplied by Richardson Securities of Canada) 60.75 28.87V4 33.25 15.12% 40.00 162.00 46.87% 24.7S 27.62% 49.00 2075 81.62% 38.50 32.50 30.75 14.00 Woolworth Westinghouse EWc. U.S. Steel 49.25 19.62V. 19.75 30.25 14.50 8.75 3.65 5.50 6.37% 23.50 2.25 10.25 19.12V4 3.35 13.25 15.00 16.25 34.00 28.50 15.50 42.50 36.00 22.75 9.00 12.37% 38.25 29.25 6.00 9.50 46.25 25.50 17.75 4.85 53.00 31.25 40.12% 28.25 34.37% 20.62% 7.75 18.75 17.50 4.35 5.00 8.62 Vi 3.85 5.12% 11.00 18.25 32.62% 52.75 22.25 21.50 13.62% 10.37% 11.12% 16.12% 12.62% 18.50 8.25 11.12% 29.25 12.50 43.50 16.25 1S.12V4 31.75 16.75 10.00 13.25 6.12V4 6.37 Vb 19.50 18.62% 18.00 4.50 3.00 28.50 19.62% 36.00 36.37% 37.00 25.75 37.50 25.62% TORONTO AVERAGES 20 215.22 up 1.44 20 Golds 468.00 up 4.93 10 Base Metals 99 ?4 up 1.82 15 Western Oils 253.94 up 3 25 Volume NEW YORK AVERAGES 20 Industrials M3.31 up 7.99 20 Rails 201.17 up 2.97 15 Utilities 93.11 up 1.88 65 SwckS 278.37 up 3.45 Volume Stock exchanges merger ends dual system work MONTREAL (CP) Montreal's dual stock ex- change system disappears to- day with the merger of the Canadian and Montreal stock exchanges. Although the Canadian Stock Exchange (CSE) will continue to exist legally, the body will become dormant as its listings are absorbed by the Montreal Stock Exchange The junior exchange Fixed taxes slow forest products industry growth TORONTO (CP) The growth of Canada's forest products industry is slowed by a relatively heavy load of fix- ed taxes, a study by a Toronto consultant's group said Wednesday. The study was made for the federal government of the in- dustry's tax load in Canada, the United States, Sweden and Finland. Although it has not yet been generally released, it has been distributed in the industry and parts of it have beenpublished by the Council of Forest In- dustries of British Columbia in its monthly newsletter. The newsletter quotes the study as saying "these (fixed) taxes impose an inflexible in- crease in the cost structure of the Canadian pulp and paper industry. Such taxes are par- ticularly disadvantageous in years of low profits and in years of major capital expan- sion." Fixed taxes are defined as those, such as municipal, capital and sales taxes, that do not vary with sales and profit levels, as do income taxes. An official in the federal fi- nance department said there is not enough evidence in most cases to conclude that the Canadian industry is overtax- ed. He said the study has been distributed to provincial governments and discussions have begun, although these have not advanced to the point of whether provincial and municipal taxes should be more flexible. Alberta interested in N-power idea for oil sands EDMONTON (CP) -Presi- dent S. Donald Moore of Phoenix Canada Oil Co. Ltd. said Wednesday believes Little relief from high food costs GUELPH, Ont. (CP) Lit- tle relief from high food costs is in sight for the Canadian consumer in 1974, an official of the federal prices review board said Wednesday. R. M. A. Loyns, a research coordinator with board, told an agricultural outlook conference at the University of Guelph the increase in food prices accounted for more than half the total increase in all Canadian consumer prices in 1973. "Food prices in Canada rose faster in 1973 than in any other year in the post-Second World War period with the exception of he said. Eggs led the way, jumping 40 per cent while poultry went up 28.3 per cent, he said. Pork rose 25 per cent, fruit and vegetables 19.9 per cent, beef and other meats 19.4 per cent and fish 18.6 per cent. Dairy, cereal and bakery products were up 7.1 per cent, fats and oils-exclusive of but- per cent and bever- ages 2.4 per cent. But if food prices climbed, so did per capita income levels, he added. "Per-capita income levels have been increasing faster than food prices since 1970 with the exception of 1173 when they did not keep up with the Alberta Energy Company is interested in his proposal that nuclear power be used to help extract oil from Alber- ta's oil sands. Mr. Moore and Rowland McFarlane, chairman of the Toronto-based company, said preliminary discussions in- volved only an information ex- change. They came here to help finance stimulation of deeplying tar-sands oil with a nuclear device. Mr. Moore said he believes "environmental kooks" will be muted if the Alberta government shares ownership of the nuclear-blast process. He said the nuclear stimula- tion process could be of direct benefit of the Alberta Energy Company, a crown corpora- tion expected to handle development of natural gas reserves in the mile Suffield military area near Medicine Hat in southeastern Alberta. "The battle with en- vironmentalists will be half won if the government is in- said Mr. Moore. "If the project maintains as much Canadian content as possible, I feel we'll get some of the borderline environmen- .talists to tone down their criticisms." The nuclear device could stimulate production by increasing porosity of the rock formation containing the gas, he said. Underground blasts in the United States by the Atomic Energy Commission have been aimed at stimulating natural gas production, while Russians have examined nuclear stimulation of oil listings, long the trading home of numerous speculative stocks, will be taken over un- der a new list on the MSE. Michel Belanger, president of the Montreal and Canadian exchanges, describes the move, decided on last year, as a recognition of the fact there were two trading places but really only one financial com- munity. ANNIVERSARY MERGER The merger comes on the 100th anniversary of the MSE as a legally incorporated body. "The main purpose of the merger, was to recognize the fact that there was one finan- cial community with two ex- said Mr. Belanger. The merger involves few changes in the trading pattern. Stocks listed former- ly on the MSE are to be grouped under the heading senior industrials. This heading will include the major senior mining and oil stocks now traded on the MSE. The former CSE listings will be included under two headings junior industrials and mines and oils, which will include the speculative stocks now listed on the CSE. The exchange considered a fourth, or interim classifica- tion when the merger was first considered but this was later rejected. The merger also provides the possibility of "better protection for the investing said Mr. Belanger. Some of the stocks listed on the CSE have been involved in the Quebec Securities Com- mission's drive to clean up the securities business in Quebec. Most of the 87 members of the MSE have been members of the CSE and they will be surrendering their CSE seats to the MSE board which will then hold a majority of the seats on the CSE. Individual seat holders on the CSE will have the option of joining the MSE or continuing to be allowed to trade only the stocks formerly listed on the junior exchange. But corporate members of the CSE will have only a two- year period of grace to join the Montreal exchange. In the meantime they will retain the right to trade the old CSE issues. Mr. Belanger hopes the merger will allow the ex- change to provide better ser- vice to the investing public. "The better organized you are, the better you are able to do he said. Prices hiked TORONTO (CP) IBM Canada Ltd. has increased prices for most or-ta process- ing products and plans to raise prices for program products and monthly maintenance ser- vices April 1, the company said Wednesday. Price increases of about four per cent also have been implemented for selected of- fice products, including typewriters, the company said. First arrival The con- tainer 'ship CP-Voyageur will receive the gold cane for being the first ship to reach Quebec City in the new year. The ship arrived early Wednesday from Rotterdam. The cap- tain will receive the award at a ceremony later. Gold price S continues to climb LONDON (AP) The United States dollar climbed to a record high against the British pound today and rose sharply against other Euro- pean currencies for the second straight day. Gold rose to an ounce, its highest price in five months. But this was below its record high of an ounce last June 5. Dealers attributed the continuing increase in the price of gold to a widespread belief that the Arab oil countries may demand pay- ment for their oil exports in gold rather than foreign currencies. They said the dollar's strength was based on in- dications that the United States, because of its sizable domestic' production of oil, will suffer least among the major countries from the re- cent sharp increases in oil prices. The pound opened today at an all-time low, after closing Wednesday at Its previous low was recorded Dec. 11, when it slumped to under pressure of the still-unresolved labor disputes in the coal mines and on the railways. The pound was firm, how- ever, against European cur- rencies. The dollar rose nearly four pfennigs in Frankfurt, buying 2.7940 marks after closing Wednesday at 2.7550. In Zurich, the dollar stood at 3.3600 Swiss francs, up from 3.400 late Wednesday. And in Paris, the French franc fell to 4.6750 against the dollar compared with 4.7750 Wednesday. West oil helps East PORTLAND, Me. (AP) Crude oil from Western Canada is being piped from Portland to Montreal to ease an oil shortage in Eastern Canada, oil officials said Wednesday. "It's the first time we've handled Canadian crude through the said Portland Pipe Line Corp. President Karl Emerson as a Liberian tanker unloaded 000 barrels of crude at the pipe line. The Canadian crude is ex- pected to help offset a five-to- 10-per-cent drop in pipe line deliveries since December when most Arab countries said they will no longer ship crude to Canada through Portland. Results of the Russian ex- periments are not fully known. Mr. Moore said he hopes to see three experimental oiasts carried out at a cost of about fl million each. CC 1003 4th AVMIM S., Uthbridot ;