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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 7, 1975, Lethbridge, Alberta The Herald- Tuesday, January 7, 1975 THE lETl-IHnipGF. HERALD 17 Business Stocks Miscellaneous Vancouver, Calgary, Midland Doherty WESTERN AND Afton Albany Alta East Grp Ashland BP A Brenda Mines Cda Yukon PIPELINE Cdn Export Gas Cdn Gas Cdn Ind Nat Cdn Long Cdn Metro A Chietlan Nat Dome C C Gas B Nulort Gianl A Gibraltar B Granisle Grt Cdn Pipe War West 18.75 Locniel Trans Lytton Norlh Cdn Numac PanCdn Pan Place Cima Ranger 20 Scurry Total Ulster Pete United Silver 1 23 Westcoast Pete West Decalta MISCELLANEOUS Copper INDUSTRIALS Key Industries .07 1.30 Acres Aquitaine BC Sugar Petroleum Plains 09 Block Bros Canbra Foods Cdn Pac Inv A Pfd Cdn Pac Inv Carling A Ptd Carling B 2.40 25.00 12 50 16.00 Int'l Res MUTUAL FUNDS All Cdn. Compound All Cdn. Dividend All Cdn. Ventures Amcr Growth 4.75 5.06 2.00 359 Com Capital Crest Special Cdn. Investment 3 80 Crowsnest Indus Falcon Commonwealth Eaton 241 F M Trust Genstar Home Oil A Home Oil B Hud Bay Co Hud Bay Oil Hud Bay A 15.00 18.00 17.00 12.25 18.50 Int'l Venture Corp Investors Corp Invest Stock Fund Grouped In Shares Growth Equity Invest Growth Fund Investors 4.73 3.48 2.40 4.43 9.33 Hugh Russell C Pfd Husky Accumulating N.W. 3 95 Husky Oi! 8 Husky Oil E War Inter Pipe War Inter S P Kaiser Res Kaiser Res War Loblaw C Pfd 2.10 13.25 5.12% 2.50 21.00 Growth Royfund Templeton Growth United Accumulative Universal Savings 4.95 3.47 6.35 3.67 Price Index 1 69 73 Canadian economy in '75 may show some growth MONTREAL (CP) Despite some problems, the Canadian economy may ex- perience some growth in 1975, says E. R. Olson, president of the Canadian Chamber of Commerce. "The Canadian economy to- day suffers from four major decline in housing starts, the adverse balance of trade position, comparatively tight money conditions and escalating Mr. Olson said Monday in a statement. However, government ac lion and recent positive economic occurrences could brighten that picture. Housing starts could increase with the recent decline in interest rates and an easier supply of materials and money, he said. Canada's ailing balance of trade position "could show signs of recovery during mid- 1975 if the economic outlook in the United States, Japan and Europe accelerates moder- ately." Index keeps rising Household budgets will be squeezed during 1975 while prices go up just about as fast as they did in 1974. The consumer price index for 1974 is expected to reach 166.7, an increase of about 10.8 per cent. Thomas Bolton, President of Dominion Stores Ltd., predicts food prices will rise by 15 per cent in 1975. The average index for 1975 (broken line) is expected to reach 183. Graph traces the consumer price index, based on 1961 prices, from 1941 to 1975. Barrett renews pledge to form banking system Seven-day price advance on Toronto market ends TORONTO (CP) Prices on the Toronto stock market moved moderately lower in mid-morning trading Tuesday after seven straight advanc- ing sessions. Profit-taking and lower New York market influenced the trend. Trading activity was moderate. The industrial index was off .44 to 160.11, golds 6.54 to Market trends Toronto mines, industrials (Supplied by Richardson Securities of Canada) MINES Acme Advocate Asb. Akaitcho Bralorne Broulan Bethlehem Bovis Can. NW Land Canada Tung. Cassiar Central Pat. Chimo Conwest Cons. Rambler Coin Lake Cochcnour Craigmont Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Maiariic East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. Gran due Hollinger A Hudson Bay A Hydra Ex. Iron Bay Iso Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Martin McNeely Mac In tyre Meta Midrim Intern Mogul NuWest Homes New Athona New Calumet Noranda Northgate Nbrlex Pine Point Placer Dev. Pax Exp. Quebec Man Rayrock Radiore Rio Algom Roman Corp. Sherrilt Gordon Steep Rock Sunningdale Tek Corp. A Texmont United Canso Western Mines WH Copper Mines Wright Hargreaves Willroy Windfall Yellowknife Bear Zen mac INDUSTRIALS Abitibi Alcan Algoma Steel Atco Ind Agra Ind Bell Tel Brascan A BC Tel Forest Sugar 1.50 Valley Ind Cable Ind Power Foods Cellulose O'Keefe Credit Gas Pld ind Marconi Cdn Vickers 3.50 Bathurst Gas Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Motors Lakes Paper Oil Sid Walker A Erie Oil A A Nickel Pipe Grp A Intal Ltd .08 Douglas A A Ferg Bloed Corp A B Cent Corp Co CDA Sears Can A A Grp A Mti; Pipe Can Pipe Carbide Gas .09 Oil Siscoe Mlg A Imperial Scotia Dom 7.75 11.50 19.50 9.62V, 10.25 22.00 2.40 4.45 2.15 3.75 1.55 8.50 17.50 2.80 11.87V, 8.37V, 13.62V, 24.75 23.00 14.50 32.00 17.75 18.25 6.62V, 15.50 18.62V, 23.25 1.60 5.75 34.00 14.75 24.37V, 12.25 4.60 36.25 23.75 22.25 23.25 21.25 11.87'A 5.37V, 8.75 17.37V, 5.25 1.30 4.50 6.37V, 2.70 5.00 11.00 14.87V, 22.00 40.50 15.12V, 14.00 7.00 8.62V, 2.60 7.87V, 13.00 9.12V, 12.12V, 6.75 9.00 26.62V, 11.00 26.62V, 10.50 9.50 8.50 14-00 7.62V, 8.00 2.52 5.25 22.00 19.75 18.37V, 22.25 13.12V, 35.50 26.12V, 33.37V, VANCOUVER (CP) Prices were down in light trading today on the Van- couver Stock Exchange. Early volume was 10.506 shares. In the industrials, there was no trading. In the mines. Seaforth was down one cent to .35 and in the oils, there was no trading. On the curb exchange, shares were traded. Mark Five was down 05 at S1.50. Prices were down in light trading Monday. Volume was I.H4S.3I4 shares. In the industrials, lonarc was up one cent to .la; International Hydro un- changed at .30; Canadian Javelin up a quarter of a cent at Block Bros, down .10 at S3.30; EDP Industries un- changed at .05 and Great National Land unchanged at .65. In the mines. Consolidated Beau- 'mont up .04 to .22; Anglo Boinarc up .37 at .87; Thor Explorations up 15; Coralla down .02 to .21; Gran- dora down .02 at .45 and Seaforth up 04 at .36. In the oils, Slampede down .02 to .70; Cop-Ex unchanged at .12; Seneca un- changed at .82; Hand A down .02 at .70; Bison up .05 at S5.05 and Williams Creek unchanged at .05. On the curb exchange, shares were traded. Pctro West unchanged at .16: Geor Mining and Oil up .17 to .42; Mark Five up .60 at SI.55; Abaca un- changed at .35; Envoy up half a cental and Mundee was up at 221.6. NEW YORK (AP) Profittaking after the sharp rally ol the past week pushed stocks back a notch Tuesday in a session interrupted for 25 minutes because of computer trouble at the New York Stock Exchange. The noon Dow Jones average of 30 industrials was down 2.97 to634.23, and losers outdistanced gainers by a 5-4 margin on the New York Stock Ex- change. Brokers pointed out that it was natural for the market to encounter resistance after a rise as large as the 35-point jump in the Dow since the start of last week. Livestock Calgary CALGARY (CP) Receipts to II a.m. Tuesday from the Calgary public stockyards totalled about head, mostly slaughter cattle. Trade was moderate to active with both a local and eastern demand. Al and A2 sieers and heifers sold on a strong market at 50 cents higher. DI and D2 cows sold fully steady with D3 and D4 cows selling a full Si higher. Steers Al, 2 44-45.50, A3 42-44. Heifers Al, 2 34.50-30. 75, A3 32.50- 34.50. Cows Dl, 2 19-20.50, D3 17-19 D4 13-17. Good bulls 19-21. there were insufficient feeder cattle sold to establish a market. Hogs base 50.75. Hog prices EDMONTON (CPI Prices to 11 a.m. Tuesday provided by the Alberta Hog Producers Marketing Hoard. Mon- day prices in brackets. Edmonton 50.85 Calgary 50.75 [.elhbridge No sales Fort Macleod No sales Hogs sold to II a.m. 675. Hogs sold Monday 11.458. average 52.18. Sows average 32.50. On the American Stock Exchange, the market-value index dropped .09 to The NYSE's noon composite common-stock index was down .25 at 37.37. terra Chemicals International, the Amex volume leader, rose to Among Canadian issues on the NYSE, Alcan was down VH to and International Nickel while Campbell Red Lake remained un- changed at MONTKHAL fCP) Prices were higher in light trading on the Montreal Stock Exchange Tuesday. Industrials fell .38, to 181.16 and the composite .20 to 159.30. Utilities rose .24 to 122.28 and banks .10 to 216.06 while papers were unchanged at 96.92. Weld wood rose JT's to Pan- canadian Petroleum 1 to Southam Press A Vt to and Quebecor tt to while Stelco A fell to Among speculative issues, Lynx- Canada Explorations fell five cents to 30 cents on a volume of shares. Winnipeg grain WINNIPEG (CP) Oilseed prices continued to move lower with increas- ing activity Tuesday at mid-session on the Winnipeg Commodity Exchange. Other commodities were unchanged to slightly lower. Monday's volume of trade was 000 feed wheat, of oats, fi-f of barley, of corn, of rye, of flax and 000 of rapeseed. Mid-session prices: Thunder Bay rapeseed: May 12 lower 8.28A; July 10 lower 8.00A; Oct. unchanged 7.75A. Vancouver rapeseed: Jan. 16% lower 8.44A; Mar. lower 8.34B; June 14 lower 8.22V5sB; Sept. 13 lower 7.94A. Flax: May 16 lower 10.K9A; July la lower 9.90A; Oct. unchanged 9.55A. Feed wheat: May unchanged 3.78; July and Oct. not open. Corn: Mar., May and July not open. Barley: May lower July lower Oct. not open. Oats: May 4 lower July un- changed I.85B. Rye: May 2Vi lower July three lower Oct. unchanged 2.94A. Grain quotes Monday basis Lakehead: High Low Close Flax May I055'.i 1020 1055 Jly 1005 980 1005 Oct _ 955 Rape-seed Thunder Bay May 840 833 357.86, base metals .24 to 58.44 and western oils .47 to 120.41. Texasgulf fell to Bow Valley to Cominco to Gulf Canada to and Imperial Oil A to St. Lawrence Cement A rose to Rothmans to B.C. Telephone to and Algoma Steel to Camflo Mines lost to Pamour to and Gibraltar 10 cents to Pursides Gold gained 15 cents to and Northgate five cents to Pan Ocean Oil dropped to and Ranger to Siebens was up Va to Chicago markets CHICAGO (AP) Many commodity futures moved both ways in price on major United States exchanges Mon- day, with limit declines followed by new buying, short covering and near- limit closes. Some trade sources thought the turn- around began when gold prices, down sharply because of an apparent lack of buyer interest in the government's two-million-ounce auction, rallied un- der new buying. Shorts then began to cover positions and prices shot ahead. The pattern was followed on all ma- jor gold exchanges and at the close gold prices were up to about Silver futures were down the allowable limit of 20 cents an ounce in New York and Chicago when gold began moving and closed oil a mixed tone after active trade. World sugar declined two cents a pound, while cocoa was up 100 points, cotton 50 points, and orange juice about 50 points. Copper lost 100 points. Soybean oil and soybeans had fallen to limits for one session and other grains were down almost as much. Pork bellies were' down the limit 150 points, or cents a pound, and live hog and cattle futures along with shell eggs also registered losses when grains turned around. At the close on the Chicago Board of Trade, soybeans were 3 to 9 cents a bushel higher, January 7.06; wheat G to 9 lower, March corn 3 to 8 higher. March and oats to higher, March 1.68Vz. Grain qutoations Monday: Wheat: Mar May 438- Jul 4.11; Sep 4.16; Dec 4.25. Corn: Mar May 3.53; Jul 3.50; Sep 3.28; Dec 2.97; Mar Oats: Mar IVfay Jul 1.62; Sep 1.55' Dec. 1.61. VICTORIA (CP) Premier Dave Barrett Monday reaf- firmed his pledge to find British Columbians an alter- native to the established bank- ing system. The premier told reporters that Canada's "usurious bank- ing system is taking advan- tage of the, people of this country." B.C. will lead the country in establishing an alternative to chartered banks, he said, but he would not elaborate any further or give any indication when the government will take action on his long standing promise. The government would not take up a recent option to buy more shares in the Bank of B.C., he added. Dollar value Oct 775 755 Rapeseed Vancouver 840 810 775 '4 Corn May MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Tues- day was up 2-25 at 50.99 17-50. Pound sterling was down 7-100 at S2.33 47-50. In New York, the Canadian dollar was down 9-100 at Sl.OO 33-50. Pound sterling was down i-5 at 1-2. Chrysler reduces work week LONDON (Reuter) The troubled British car industry was plunged into further gloom Monday as the Chrysler car company announced it is putting thousands of workers on a three-day week. The British subsidiary of the U.S. car giant blamed the depressed car market for the cut. The short work week will begin next week and last until the end of the month when the company will review the situation. A work force of more than at Chrysler's Coventry factory was told of the reduo tion Monday. Production of the Hillman Avenger at the plant will be reduced to from in the shortened week. The Chrysler workers at Linwood in Scotland were adyised of the reduction at Christmas. At British Leyland, about workers laid off work Monday were due back today after a strike by 250 engine- tuners appeared to be settled after its first day. British Leyland announced last week an increase in pro- duction at two key plants. But Chrysler has been cutting back on its British production after the oil and financial crisis hit the industry's output last year. Last year Chrysler lost about cars after a 13- week strike by 156 electricians. The premier made his remarks while announcing that the provincial govern- ment "has no intention" of buying Block Brothers In- dustries. The government became in- volved in negotiations for a merger of Block Brothers and City Savings and Trust Com- pany to protect the public interest, Mr. Barrett said. B.C. "has had a long history, of trust he said. Block Brothers announced last week it was deferring merger negotiations at the re- quest of the government. Talks were held Dec. 30 between Mr. Barrett and com- pany chairman Arthur Block and president Henry Block. Mr. Barrett would not say Monday when further talks will be held to clear up a number of points and would not comment on possible government action if the merger was not "clarified" to the government's satisfac- tion. "We're concerned in terms of the public said the premier, "they (Block Brothers) are an important segment of B.C. industry and we want to clarify their role and intentions. We have no intention of buying Block Brothers." He said "Socred mis- management" of Com- monwealth Trust, a company which collapsed in the late 1960s, "left a lot of little peo- ple'broke in this province." Mr. Barrett said he was not putting Block Brothers or City Savings in the same league as Commonwealth Trust but add- ed "anyone would be a fool if they didn't take the public interest into account after the history of Commonwealth." The merger, which was to have occurred Dec. 20, would have made City Savings' parent, First City Financial Corporation, one of the largest financial companies in western Canada. He predicted for Canadians a rise in personal income and, as a result of recent federal income tax cuts, a rise in per- sonal disposable income. He recommended the federal government could im- prove Canada's economic per- formance by creating a better climate for business investment, continuing incen- tives for individuals to save, intervening less in the economy and by remunerating various sectors of the labor force in relation to their productivity. "The performance of the Canadian economy during 1975 will largely depend on our ability to increase produc- tivity, to maintain industrial peace in our factories and to innovate and install new technology in our business." A irline to show deficit MONTREAL (CP) Air Canada will show about a million deficit for 1974 because of inflation and higher aviation fuel costs, says Yves Pratte, chairman of the board. "While this is only the se- cond Air Canada deficit in 11 years, the financial results are nonetheless disappointing, reflecting as they do the im- pact of world wide Mr. Pratte said in a year end statement. While domestic traffic showed a strong growth rate, North Atlantic traffic was weak. Although final 1974 figures were not yet available, es- timates indicated Air Canada carried 10.7 million passengers, a 10.3 per cent increase over 1973. The dominant problem dur- ing 1974 was the rising price of fuel, said Mr. Pratte. Inflation also had driven up "wage levels and the general cost of doing airline business." UC? I II .3. dollar down sharply FRANKFURT (AP) The United States dollar was fixed at a 16-month low of 2.3780 West German marks today on the Frankfurt foreign- currency market despite sup- port buying by the West German central .bank. It was the lowest official fixing price for the U.S. currency on the Frankfurt ex- change since Aug. 8, 1973 when the dollar was quoted more than a pfennig lower at 2.3670 marks. IT PAYS TO LEASE Letting your working capital Leaiing provides reliable transportation low cott. You (uitnign a contract and pay ONE regular monthly fte. Your can include malnlananca, llctncs and invurance eovarage. Contact BORIS KOMSHINKOV, Leaning and Insurance Dipt. BENY CHEVROLET OLDSMOBILE LEASING AND INSURANCE DIVISION 2nd Ave. and 8th Street S. Phone 328-1101 Feed Wheat May 378 I Jly _ Oct 378 378 375 378 New York (Supplied by Richardson Securities of Canada) Amr TAT Anaconda Beth Steel Chrysler Dupont General Motors Gulf Int Harvester Kenn Copper Montgomery Ward Sears Exxon Texas Gulf Texas Co Wix Corporation Woolworth Westinghouse Elec 14.50 US Steel 3937V, 25.75 Gen Tel Elec 18 50 8.50 TORONTO AVEHAGES 93.50 20 Industrials 160.4? down .13 34.50 20 Golds 358.09 down 631 18.62% 10 Base Metals 58.05 down 63 20.37V4 15 Western Oils 120.26 down 62 36.00 'Volume 15-.00 51.25 NEW YORK AVERAGES 20 Industrials 634.23 down 2 97 25.00. 20 Rails 148.55 down .78 '5 Utilities 75.50 down 15 9.25 65 Stocks 208.09 down 91 10.75 Volume Gold futures WINNIPEG (CPl Gold futures. U.S. funds. Winnipeg Commodity Ex- change close Monday. 400.0U.NCE CONTRACTS: Jan. 75 173.00H: Apr 75 176.90A; Jly 75 180.20A: Oct 75 18580A- Jan 76 190.7013. Friday's volume: 626 contracts 100-OUNCE CONTRACTS: Fob 75 173.00B: May 75 177 00" Aug 75 182.00B: Nov 75 187.60B: Fcb 76 193.20A. Friday's volume: 322 contracts. Beef futures WINNIPEG (CP) Live beef futures close Monday. Jan. 45.90N; March 47.00N; May 46.00B. Friday's volume: One contract. Currencies MONTREAL (CPl Tuesday's mid-day foreign exchange selling rates supplied by the Bank of Monti eal: Bermuda dollar 1.0100 Denmark'kroner .1790 France franc .2275 Germany mark .4175 Hungary forint .0414 Italy lira .001560 Japan yen .003330 Mexico peso .0805 Spain peseta .0180 Sweden kroner .2450 Switzerland Iranc .3950 United States dollar .9940 United Kingdom pound 2.3450 U.S.S.R. ruble 1.3254 Quotations in Canadian funds. Feed prices WINNIPEG (CP) Wheat board domestic feed grain prices Monday: 3 CW red spring Mo. I feed barley No. 1 feed oats 1.91. The future Home of Elite Wood Products Ltd (Manufacturers of Quality Kitchen Cabinets) WAREHOUSE SPACE STILL AVAILABLE! 328-1705 Lethbridge or 253-7155 Calgary RICHFIEUD ;