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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 8, 1975, Lethbridge, Alberta Wednesday, January 8, 1975 THE LETHBRIDGE HERALD 25 Sharp rise in moderate trade TSE prices continue rally TORONTO (CP) The To- ronto stock market continued to rally Wednesday with all major sectors up sharply in moderate mid-morning trading. The market has closed higher for the last eight sessions. Golds led the advance, re- flecting a jump in the bullion price. The gold index was up 17.84 to MONTHKAI. 1CIM FriC'CS were liiyher in lifjlu trading on Hie Montreal -Slock Wednesday. Volume at 11.30 a.m. was 178.3W shares, compared with shares at the .same time Tuesday. Hanks rose 2.50 to 219.28. utilities 2.37 to 126.07, the composite 2.07 to industrials 1.92 to 164.18 and papers 1.14 to 88.34. iNoranda Mines A rose K to S31, Hoyal Bank to S27. Molson A 'i to TransCanada Pipe Line to SSI1', and Walker A Ms to AmonK speculative issues, Western Quebec Mines rose three cents to 37 cents on a volume of shares. VANCOUVER (CP) Prices were down in light trading today on the Van- couver Stock Exchange. Pearly volume was shares. In the industrials. Sun A was un- changed at 535.50. In the mines, Dalton was up one cent at .12. In the oils, Hand A was down to .70. Prices were up in light trading Tuesday. Volume was shares. In the industrials. Ventura unchang- ed at .24: Canadian Javelin up .87'''2 at 58.37: Newmark unchanged at .60; Kaiser unchanged at S2.55: Wardair down .10 to and Cornat up .05 to S4.20. In the mines, Anglo Bomarc up .12 at .99: Consolidated Beaumont up .02'- at ,24'a: Seaforth up .07 to .43: Thor Ex- ploration up .30 t. 53.45; Barrier Reef down .12 to SI.70 and Grandora down .02 at .43. In the oils. Rand A up .04 to .74; Coseka unchanged at SI 80: Bison Petroleum up .60 at 55.65; Payette down .02 at .14; Seneca down .02 at .80 and Coynex unchanged at .85. On the curb exchange, shares were traded. Hitec Development up .03 at .09; Geor Mining and Oil up a cent at 43: Petro West unchanged at .16: Claymore up .05 at .37; Envoy Resources unchanged at and Mark Five up .03 at S1.58. The industrial index, wide- ly-based indicator of market trend, rose 1.74 to 163.80, base metals .36 to 58.50 and western oils 2.12 to 124.92. Inco B rose 1% to No- randa A to ?31, Distillers Corp. to Hudson's Bay Oil to J19% and Huron and Erie :'ft to Vz. Among golds, Camflo Mines gained to Pamour Market trends NKW YORK (API The stock market was mixed Wednesday in a pause from its rally of the past several sessions The noon Dow Jones average of 30 industrials was down 2.34 at 638.85, while gainers maintained a 3-2 lead over losers on the Mew York Stock Ex- change. Gold stocks posted some sharp gains on the rebound of world prices for bullion ASA. was up to and Homeslake Mining 2T4, to to Agnico-Eagle Vi to Dome Mines to and Campbell Red Lake to Asamera Oil was up to and United Cansp to Bank of Nova Scotia fell to to Madeleine Mines 15 cents to Falconbridge Copper to and Ranger Oil to The Herald- Business Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Dohcrty Limited The NYSE's composite index of more than 1.500 common stocks dropped .15 to 37.46. Among Canadian issues on the NYSIS, Dome Mines rose 2 [o Campbell lied Lake to and Seagrams to International Nickel was up to Hiram Walker and Canadian Pacific to Alcan remained unchanged at Chicago markets CHICAGO (API-Farmcommodity Futures cuinc under heavy selling in the closing minutes on the Boar.d of trade Tuesday and most closed wiTh limit or near-limit declines. The limit moves included 20 cents a bushel in soybeans, 20 cents in wheat and 100 points, or 1 cent a pound, in soy oil. Corn lost 9 cents, while oats were down against a 6 cent limit. Soy- bean meal lust a ton. Gold futures WINNIPEG (CP1 Gold futures, U.S. funds, Winnipeg Commodity Ex- change close Tuesday tOO-OUNCE CONTRACTS: .Ian 171.70B: Apr 75 174.20, Jly 75 179.00A: Ocl 75 184.00A; Jan 76 189.OOA. Monday's volume: 8'JB contracts. 100-OUNCE CONTRACTS: Keb 75 172.00A; Hay 75 175.50; Aug 75 181.00B: Nov 75 187.00B: Feb 76 190.50B. Mondav's volume: 292 contracts. Beef futures WINNIPEG (CP) Live beef futures close Tuesday. Jan. 45.90A; March 47.00N; May 46.00N. Monday's volume: No contracts. Feed prices (CP) Wheat board domestic feed grain prices Tuesday: 3 GW red spring wheat 3.80; No. 1 feed barley 2 No I feed oats 1 Winnipeg grain WINNIPEG (CP) Futures prices continued to move lower in moderate activity at mid-session Wednesday on the Winnipeg Commodity Exchange. Oilseeds led the declines, with one month nf rapeseed down the daily trading limit of 20 cents a bushel. Other commodities were unchanged to rive cents a bushel lower. Mid-session prices: Thunder Bay rapeseed: May 17 lower 8.03: July unchanged 7.90A; Oct. nine lower 7.46A. Vancouver rapeseed: Jan. 20 lower Mar Ifi lower i) 12''zA: June 15 lower 8.01'iA: Sept. 8's lower Flax: May lower 10.10; July 20 lower 9.66A; Oct. [0 lower 9.45A. Feed wheat: May one lower July and Oct. not open. Corn: Mar.; May and July not open. Barley: May two lower July 2V.j lower Oct. two lower 2.84A. Oats: May 14 lower July unchanged 1.85B. Rye: May lower July 27H lower Oct. five lower 2.84A. WINNIPEG iCP) Grain Tuesday basis Lakehead: High Low Flax May 10491, 1035'A Jly 9994 986 Oct Ilapuseud Thunder Bay May 828 820 Jly" Oct Rapeseed Vancauver Jai Mar Jun Spt Rye May Jly Oct Barley May Jly Oct Oats May Jly Corn Ra; Mar Mav 849 840 305 295 300 294 8161-2 301'i 291 "i 291 quotes Close 820 790 755 301 Va 291 fc 289 296'A 291 CJoId futures opened about an ounce lower and fell an additional before rallying and closing with a loss of about Prices in the major grain pits had weak throughout the session. The selling was strongly influenced by a belief that farmers will plant acreage so heavily there could he record production of wheat, corn and soybeans. This could bring prices down at the farm level and consequently in futures. Recently, export business has slowed down. Commercial sellers were active on the opening and buyers were fairly mixed. As the buying element faded off. however, sellers were forced to oiler premiums, or incentives in price. This carried moves-still lower. With very little support, a flurry of buying to grab profits became costly to some shorts in the oil pit. When the bottom was touched, soybeans and wheat followed. There appeared to be outside in- volvement in the trade. After the opening, most dealings were among local professionals. At the close, soybeans were 16 to 20 cents a bushel lower Jan. 6.85 Va, wheat tfi to 20 lower March 4.21, corn 6'i to a lower March 3.42 and oats S'i to lower March I.G33.i. Livestock Calgary CALGAHY (CP) Receipts to 11 a.m. Wednesday from the Calgary public stockyards toalliid about head, mostly slaughter cattle with feeder cattle of varied quality. Trade was moderately active with both an eastern and- local demand, steers over pounds sold steady while Al. 2 steers under pounds sdld at discounts of There were insufficient slaughter heifers sold to establish a market. Slaughter cows sold on a steady market, quality and condition con- sidered. Steers A3 42-44. Heifers Al, 2 44- 45.50. Cows Dl, 2 19-20.50. D3 17-19, D4 13-17. Bulls 19-21. Feeder cattle on offer were of all weights with varied quality. No prices established-. Butcher calves 27-29.50. No hogs sold. WESTERN OILS AND MINES Afton Mines Albany Oil Alia East Gas Asarnera Ashland Oil BP Canada Brenda Mines Cda Southern Cdn Export Gas Cdn Homestead Cdn Ind Gas Cdn Long Island Cdn Superior Chleitan Dev Dome Pete Dynasty Nufort Res Giant Mascot Gibraltar Mines Granisle Great Cdn Oil Lochiel Explor Lytlon Minerals North Cdn Oil Numac Oil PanCdn Pete Pan Ocean Petrol Paloma Place Gas Ponder Ranger Oil Scurry Rain Seibens Spooner Total Pete Ulster Pete United Canso West Pete West Decalta MISCELLANEOUS INDUSTRIALS Acres Ltd Aquitaine BC Sugar C Pfd Block Bros Canbra Foods Cdn Pac A Pfd Cdn Pac Inv Carling A Pfd Carling B Pfd Com Capital Crestbrook Forest Ind Crowsnest Indus Falcon Copper F a M Trust Genstar Home Oil A Home Oil B Hud Bay Co Hud Bay Oil Hud Bay A Pfd Hugh Russell C Pfd Husky Oil Husky Oil B Pfd Husky Oil E War Inter Pipe War Inter S P Kaiser Res Kaiser Res War Loblaw C Pfd Magnasonics Pac Pete Pe-Ben Oilfield 2.80 .24 7.75 5.75 8.75 3.00 1.68 1.90 6.00 .09 4.60 7.25 .11 .57 4.00 11.25 5.75 .83 1.15 2.90 9.25 9.00 7.25 1.00 .57 .21 .45 14.75 12.00 5.62 W .16 4 15 .42 7.37 2.35 3.10 5.50 11.50 3.30 2.40 24.75 12 50 16.00 18.50 1.45 2. .45 16.50 5 75 4.00 15.50 19.00 17.00 -12.50 19.50 29.50 5200 13.62 'A 28.75 4.35 2.20 14.00 2.50 20.75 1.36 14.25 2.05 Royal Trust Sandwell Teledyne Traders Grp Pfd Trimac Westfieid Minerals Weston A Pfd Whitepass PIPELINE STOCKS Alta Gas A Alta Gas Pfd Alta Nat Gas Gaz Metro i Gas Metro A Pfd Inland Nat Gas N 8 C Gas N S C B Pfd Tr-Cda Pipe Tr-Cda A Pfd Tr-Cda B Pfd Tr-Cda Pipe War West Trans West Trans War CALGARY Ac-roll Batons Oil N. Continental Western Warner VANCOUVER MINES Bathurst Norsemines Cirna Resources Dankoe Davenport Lornex Northair Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Key Industries Wardair OILS August Pelroleum Plains Pete Stampede Int'l Res MUTUAL FUNDS All Cdn. Compound All Cdn. Dividend All Cdn. Ventures American Growth Fund A.G.F. Special Cdn. Invest Fund Eaton Commonwealth Eaton Leverage Eaton Int'l Venture Corp. Investors Corp Invest Stock Fund Dreyfus Fund U.S. Grouped Income Shares Growth Equity Invest Growth Fund Investors Mutual Mutual Accumulating Nat. Resources N.W. Cdn. N.W. Growth Principal Growth Royfund Templeton Growth United Accumulative Universal Savings Vanguard 21.8 3.75 375 9.75 3.70 .52 45.00 5.75 11.00 50.00 15.00 4.85 49.00 7.12V. 9.00 16.75 9.00 49.25 28.62V? .68 18.62V; 1.G5 .26 .04 Vi .01 ,15 1.14 .43 2.15 .55 4.15 1.85 .04 Vi 1.27 5.25 .07 1.25 .12 .08 .65 4.77 5.08 2.01 3.57 1.81 3.82 11.00 2.51 4.17 4.76 3.51 8.95 2.40 4.44 9.37 4.50 4.93 3.36 3.98 3.40 3.02 4.96 6.35 3.47 6.43 3.71 Toronto mines, industrials (Supplied by Richardson Securities of Canada) MINES Feed Wheat i May i Jly Oct 379 "2 375 378 Currencies MONTREAL (CP) Wednesday's mid-day foreign exchange selling rates j supplied bv the Bank of Montreal: I Bermuda dollar 1.0100 I France franc .2275 Germany mark .4175 Japan yen .003330 Mexico peso .0805 Spain peseta .0180 I Switzerland franc .3950 United States dollar .9965 I United Kingdom pound 2.3700 U.S.S.H. ruble 1.3254 Quotations in Canadian funds. Metals LONDON (AP) Tuesday closing metals bid-ask in pounds sterling a metric ton; silver in pence a troy ounce: 516-517; futures536-537 Tin-spot futures 3.000- 3.010 futures 210-210.5 Zinc-spot 332-334; futures 303-304 181-181.5; 3 months I8B-8-I87 Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Wednesday was up 3-50 at S0.99 2J-50, Pound sterling was down 1-5 at 69-100. In New York, the Canadian dollar was down 3-50 at 29-50. Pound sterling was down 7-20 at S2.35 1-20. ATTENTION! PROFESSIONAL SALES REPRESENTATIVES Are you a Sales Representative in one of the following Industries: AUTOMOTIVE REAL ESTATE AGRICULTURE INSURANCE DIRECT SALES Are you finding it difficult achieving your goals, ambitions and high income? We offer you the opportunity to achieve your goals, ambitions and high earnings in a rapidly growing mobile and modular home retail industry. High commissions, incentive programs bonuses excellent working hours and conditions, and the opportunity for advancement as as full company benefits are available to you. All inquiries are strictly confidential. COUNTRY WIDE HOMES LTD. Suite 200-325-6th St. S. Lethbridge, 329-0566 Contact L. E. Wright, President Acrne Advocate Asb. Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassrar Central Pat. Chimo Conwest Cons. Rambler Coin Lake Cochenour Craigmont Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. Granduc Hollinger A Hudson Bay A Hydra Ex. Iron Bay Iso Joliet Quebec Kerr Addlson Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Martin McNeely Maclntyre Mela Intern Mogul NuWest Homes New Athona New Calumet Noranda Northgate Norlex Pine Point Placer Dev. Pax Exp. Quebec Man Rayrock Radiore Rio Algom Roman Corp. Sherritt Gordon Steep Rock Sunningdale Tek Corp. A Texmont United Cansp Western Mines WH Copper Mines Wright Hargreaves Willroy Windfall Yellowknile Bear Zenmac INDUSTRIALS Abitibi Alcan Algoma Steel Atco Ind Agra Ind Bell Tel Brascan A BC Tel Forest Sugar Valley Ind Ind Power Foods Cellulose O'Keefe Credit Gas Pld Ind Marconi Vickers Bathurst Gas Seagrams 46.00 Bridge Domtar Textile Stores Pele Mobile Cdn Oil Motors Lakes Paper Oil Sid Walker A Erie Oil A A Nickel Pipe Grp A Int'l Lid .08 V, Douglas A Laurentide A 30.25 Ferg McMill Bloed Corp A B Cent Corp Co CDA Sears Can A A Grp A Mtn Pipe Can Pipe Carbide Gas Oil Siscoe Mfg 9.62 A imperial Scotia 11.50 Tor Dom 11.25 19.00 10.1214 10.25 6.8714 21.75 2.40 4.55 2.35 3.80 1.55 8.50 17.75 2.85 12.00 14.37V, 25.62Vi 23.25 14.62'A 33.50 18.50 18.50 7.12% 16.00 19.50 23.25 1.60 5.75 35.25 14.75 24.75 12.62V, 4.60 37.25 24.50 22 87V, 23.37'A 21.50 12.87V, 5.75 9.25 18.00 5.25 1.35 4.50 6.62V, 2.60 5.37V, 11.00 15.62V, 22.00 40.50 15.12V, 14.00 7.12V, 9.00 2.70 7.87V, 13.50 9.62V, 12.25 6.87V, 9.00 26.50 11 50 27.00 11.37V, 10.12V, 8.87V, 14.00 7.87V, 8.00 2.53 5.12V, 22.00 20.25 18.87V, 22.75 13.12V, 35.75 27.37V, 34.00 Rail system modernization urged for grain handling REGINA (CP) The an- nual meeting of the Palliser Wheat Growers Association started Tuesday with urgent calls for modernization of the western railway system for grain handling. Wally Nelson, Palliser president, told delegates the railway situation has been aggravated by "10 years of bickering, stalling and childlike J. W. Malcolm, CP Rail vice-president for the prairie region, said in another speech that if prairie farmers are not willing to pay more so the rail system can be upgraded, they might find foreign customers turning to American and Australian wheat because of a more reliable delivery system. "Theoretically at least, you pay the railway piper so you should call the tunes. Of course, if you keep the piper starving, the tunes may not be as lively as you might like. "And if you tell the railways to buy a new horse and buggy, rather than a late-model com- bine, the Americans and the Australians will be laughing all the way to the bank." Mr. Malcolm also said Farmers warned about freight rates tampering MUNDARE, Alta. (CP) Farmers should be on guard against any tampering with statutory or Crowsnest Pass freight rates fixed for moving grain into export position, a National Farmers Union (NFU) spokesman said Tues- day. Bill Dascavich, in a prepared statement from his home in Mundare, said the re- cent freight rate increase granted to railways by the federal department of trans- port emphasizes the need for farmers to be cautious about the Crowsnest rates. He suggested many farmers may not be aware "of the extent of the protection afforded them" under these rates. He illustrated his remarks by quoting the difference between domestic and statutory rates for grain mov- ing from Edmonton to Van- couver. Currently, domestic rates are per hundredweight, where statutory rates are 20 cents per hundredweight for grain and cents per hundredweight for rapeseed, Mr. Dascavich said. Broken down into cost per bushel, domestic rates for wheat from Edmonton to Van- couver are "just under 65 cents per bushel compared with 12 cents per bushel at statutory rates a difference of 53 cents per bushel." For barley, the difference in shipping cost would be nearly 43 cents per bushel, oats near- ly 30 per bushel and rapeseed 33 cents per bushel. Farmers would have to "foot the bill for these ad- ditional costs if the statutory or Crowsnest rates were abolished as has been hinted by federal Justice Minister Otto Lang." railways must have more freedom to cease operations on uneconomic branch lines. "I am not suggesting wholesale abandonment of rail lines without due regard to the effect on the user. "But some lines should go and 1 am really asking how much longer we can afford to try to study the question "It is just possible we could study and plan ourselves right out of the grain markets of the He suggested that a better way of rationalizing rail lines would be flexible freight rates that would give producers the opportunity to save by deliver- ing to higher-volume lines. The resulting system would not be perfect, "but it would be realistic and it would large- ly have been designed by you and your fellow grain producers through the choices you make about delivery points and so on." The three-day annual meeting, which is expected to attract a sixth of the association's members, is Co discuss proposed tran- sportation changes in detail and to debate such resolutions as proposals that the Cana- dian Wheat Board pay more [or high-protein wheat and malting barley. Record set REGINA (CP) A record new companies were es- tabli'-hed in Saskatchewan last year, provincial secretary Ed Tchorzewski has an- nounced. The previous record of was set in 1973. The registrations last year bring the total of Saskatchewan companies to The provincial secretary said in a news release today that the registrations show "the faith people and com- panies have in the future of this province." Gold price rises on all markets LONDON price of gold rose on all European bullion markets today on re- newed demand from the Middle East as well as Europeans. The five main London dealers fixed the price at mid-afternoon at an ounce, a full above Tuesday's closing level as traders shrugged off an apparent lack of interest in gold in the United States. The price reached in Zurich, above the Tuesday close. Similar price jumps were recorded in Paris, Frankfurt and Milan. There was no indica- tion of a return to the record levels reached nine days ago, before the opening of legal gold trading in the U.S. P. KOLBA SUCCEEDS C. R. GILBERT ON WORKERS' COMPENSATION BOARD .jmissfoner "of The "workmen's" Compensation ?s a mber of the International Typographical Union and was the first president of the Alberta Federation of Labour which he was instru- mental in organizing In 1956. Mr. Gilbert is an Officer Brother of the Order of St- John. Mr. Peter Kolba succeeds Mr. Gilbert as a member of The Workers' Compensation Board. He brings to his new position a lengthy experience in labour organizations and a deep understanding of the problems of disabled workers. Since 1971 He has been full-time Mberta representative for the Canadian Food and Allied Workers. Wr. Kolba served five years as secretary-treasurer of the Alberta of Labour prior to his appointment. Other members of the Workers' Compensation Board are Roy H. Jamba, chairman, and John H. Hails. 1 New York (Supplied by Richardson Securities of Canada) T S T 46.50 Woolwortn Anaconda 14.87V? westinqhouse Elec Beth Steel 26.25 US Steel Chrysler 9.50 Gen Tel Elec Comsat TORONTO AVERAGES 20 Industrials 163.59 up 1.53 General Motors 20 Golds 376 33 up 17 30 18.75 10 Base Metals 58.76 up 62 Int Harvester 20.37W 15 Western Oils 125.05 up 2 25 Kenn Copper 36.25 Volume 1.035.000 Montgomery Ward 15.00 NEW YORK AVERAGES Sears 51.00 20 Industrials 638.84 down 234 67.12'A 20 Rails 147.82 down 1 39 Toxas Gull 24.25 15 Utilities 75.08 down 51 Texas Co 23.50 65 Slocks 208.50 down 1 18 Wix Corporation 10.00 Volume 11.1 2V; 11.12V4 39.37VJ 18.75 Annual Income on 5 year Guaranteed Investment Receipts. Fully guaranteed by Royal Trust for term of deposit. No fee or handling charge. Rates subject to confirmation. Guaranteed Investment Receipts Royal Trust Member Canada Deposit Insurance Corp. 740-4th Avenue South Lethbridge, Alberta ;