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Lethbridge Herald Newspaper Archives

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The Lethbridge Herald (Newspaper) - January 9, 1974, Lethbridge, Alberta 24 THE LETHBRIDOE HERALD Wednesday, January 9, 1974 Sharp market decline led by gold price dip TORONTO (CPl Gold shares led a sharp decline on the Toronto stock market in active mid-morning trading today. The gold index, which had gained strongly during the last two sessions, was off 19.S io 500.40, following a drop in the price of bullion. The industrial index, considered the main indicator of market trend, fell 3.39 to 212.30. base metals 2.09 to 100.32 and western oils 3.85 to 260.04. Volume by lla.m. was 1.18 million shares, down from 1.92 million at the .same time Tuesday. Declines outnumbered advances by more than four to one. 289 to 67. with 177 issues unchanged. STEEL FALLS Steel, paper and forest, mer- chandising and industrial mining issues were among sectors of the market recording the largest Josses. Communication stocks were higher. Trading was halted in shares of Lake Shore Mines, pending a release of in- formation. The stock was off cents to prior to the halt. Among golds. Dome Mines fell 6 to S175. Camflo to and Giant Yellowknife to Moore lost to Canadian Tire A to Stelco 1'ii to Alcan to and Noranda A 1 to- S50. Kanger Oil was down 2'z to United Canso 1 to and Siebens V> to Kothmans gained to SKi'j. MONTREAL (CPi Prices in all sectors dropped sharply in moderate trading on the Montreal stock market today. Volume on the Montreal Stock Ex- change at 11 a.m. was 436.700 shares, compared with at the same time Tuesday. Papers fell 4.47 to to 239.25, the composite 3 to 222.59, banks 2.73 to 267.07. and utilities 1.76 to 139.86. Dome Petroleum fell to Canadian Imperial Bank of Commerce I to i. Dofasco to IAC Ltd. '2 to and Canadian Pacific Ltd. 's to i. Among speculative issues. Gold Hawk Mines fell five cents to 55 cents on a volume of 93.500 shares traded. NEW YORK (API Stock prices took big losses over a wide range today, amid investor fears about the adverse effects of rising oil prices on world economies and the rising value of the United States dollar on profits of large international companies. The noon Dow Jones average of 30 in- dustrials was down 843.79. Declining issues outpaced gainers by almost 10 to 1. On the American exchange, the market-value index was down 1.33 to 95.25. The Amex' volume leader was Trans Lux. down to The NYSE broad-based index of about 1.500 common stocks was down 1.05 at 50.47. First National City was one of the companies with large international holdings whose stock was under heavy selling pressure. It was the volume loader, down to z. IBM was off I1 to Other volume leaders were Kermecott. down to Inter- Dustbane Products Announcement BORIS EVANOFF Dustbane Products announce the appointement of Mr. Boris Evanoff as Technical Service Representative-Southern Alberta. Mr. Evanoff will assume the posi- tion Immediately and will be lo- cated in Lethbridge. Me joins our company following approx- imately 12 years of related ser- vice in the industrial and in- stitutional maintenance fields. This background will enable him to be of immediate assistance to our present and future cus- tomers in the district. national Paper, down to and Matsushita Electric, down toSH's. Among Canadians on the New York exchange. Dome Mines slipped 7 to Mclntyre to Inter- national Hudson Bay to Alcan to Massey- Ferguson to and Canadian Pacific to On the American exchange, Preston lost 1 to Brascan '-s to SltiVj, and Scurry Rainbow to VANCOUVER (CP) Prices were up in light trading at the close of the Vancouver Stock Exchange Tuesdav Volume was shares. In the industrials. lonarc led trading, down .10 at .75 on 7.400 shares. Captain International was down .01 at .64 on 6.- 200 shares. Speculators Fund was up .05 at on shares. EDP In- dustries was at .25 on shares. Cor- nat Industries was at and Four Seasons was at .75. In the mines. Northair was up .08 at on 256.450 shares. Northair warrants was up .02 at .57 on shares. Green Eagle was up .03 at .22 on 46.500 shares. United Chieftain was down .03 at .70 on 43.350 shares. Copper Giant was up one-half cent at .14 and Spectroair was up .04 at .21. In the oils, Vargas was up .03'i at .17 on 21.500 shares. Trans Canada Resources was down .09 at on 12.- tiOO shares. August Petroleum was up .02 at .79 on 11.075 shares. Princess Ventures was at .27 on shares. Chapparall was down one-half cent at .09'2 and Monterey A was down .06 at .42. Livestock Lethbridge LETHBRIDGE PUBLIC STOCKYARDS SUPPLIED BY CANADA DEPARTMENT OF AGRICULTURE DAILY MARKET REPORT On offer to a.m. 400 cattle. The receipts mostly slaughter cattle. Trade strong and active. Slaughter steers meeting keen demand. Prices to S3 higher for the week. The Mcln- tyre Rancing Company of Magrath sold 38 top quality Al and 2 steers average 1040 Ibs. at 50.70. Slaughter heifers strong to 50? higher. All classes of cows under pressure. Prices to lower. SLAUGHTER CATTLE Steers: Al and 2 49.75 to 50.70: Heifers: Al and 2 42 to43: Cows: Dl to 37: D3 32 to 34: D4 29 to 32. REPLACEMENT CATTLE Good heavy feeder steers over 950 Ibs. 47 to 47.50. HOGS AND LAMBS Butcher hogs sold Monday at the Lethbridge Yards 49.55 base price. Good lambs higher at 36-37. Chicago markets CHICAGO (AP) Profit taking and apparent speculative liquidation set in Tuesday after recent strong gains in commodity futures on major United States exchanges. The selloffs were not widespread, but appeared to be rather selective: Pork bellies fell the limit of 150 points on the Mercantile Exchange, while live hogs were down per hundredweight and cattle Shell eggs closed on an irregular tone, with the nearby option higher. Wheat futures, up 31 cents the last two sessions, closed 10 cents higher after an earlier near limit gain of 17 cents. Corn and oats futures gained 1 to 2 cents, but soybeans, meal and oil were lower. Some trade sources thought the selioffs on the Mercantile Exchange were to be expected because of the speed of advances over the last week. Hedging pressure and a somewhat easy trend in grains, at the time, also contributed to-the selling. Grain close: Wheat: Mar 5.85: May 5.66: Jul4.92: Sep 4.88: Dec. 4.91. Corn: Mar 2.83: May 2.8614; Jul2.88; Sep 2.82: Dec 2.67. Oats: Mar 1.50'i: May Jul Sep 1.51. Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Wednesday was up 7-50 at 49-50. Pound sterling was up 1 3-10 at 91- 100. In New York, the Canadian dollar was down 7-50 at 3-100. Pound sterling was up 1 at 1-5. Currencies MONTREAL (CPl Wednesday's mid-day foreign exchange nominal' selling rates supplied by the Bank of Montreal: Australia dollar 1.49 Bermuda dollar 1.02 China renminbi .5000 Denmark kroner .1525 France franc financial .2000 Germany mark .3500 Italy lira commercial .001620 Japan yen .003360 Mexico peso .0805 Spain peseta .0177 Switzerland franc .2970 United States dollar .9940 United Kingdom pound 2.24 U.S.S.R. ruble 1.3395 Quotations in Canadian funds. Gold futures WINNIPEG (CP) Gold futures. U.S. funds, Winnipeg Commodity Ex- change close Tuesday. Jan 74 127.00A: Apr74 74 137.10: Oct 74 H0.75B: Jan 75 145.50B. Monday's volume: 227 contracts. Beef futures WINNIPEG (CP) Live beet futures close Tuesday. Jan 49.80A: Mar 55.00A: May 54.60B: Jly 54.00N. Monday's volume: 16 contracts. Calgary CALGAKY ICP) Receipts to 11 a.m. Wednesday from the Calgary public stockyards totalled about head, mostly steers and cows. Trade was active with a broad de- mand for slaughter steers at prices higher. Heifers mostly went on an ex- port demand as feeders. A few heifers .sold steady for slaughter. Cows sold on a steady basis as did bulls. Steers A1 and 2 49.50 to 51, A3 48 to 49.25. A4 44 to 47.50. Heifers Al and 2 42 50 to 43.50. A3 41 to 42. A4 39 to 40.50. Cows Dl and 2 43 to 45.50, D3 32 to 34, D4 38 to 41.50. Good bulls 43 to 45.50. Replacement cattle were fleshy short-keep steers in the 900 to 1.000 pound weight range and heifers were in the 800 to 950 weight range. Replace- ment steers were around higher with heifers'selling steady. No stock calves on offer. Good feeder steers more than 850 pounds 45 to 52.50 Good feeder heifers more than 750 pounds 40 to 43.50. Hogs f.o.b. Calgary to 11 a.m. average base price 48.75. Hog prices EDMONTON (CP> Average prices to 11 a.m. Wednesday provided by the Alberta Hog Producers Marketing Board with Tuesday average in brackets: Edmonton: 48.85 Red Deer: 48.75 Calgary: 48.75 Lethbridge: Nil Lloydminster: Nil Fort Macleod: Nil Grande Prairie: Nil Fairview: Nil Winnipeg grain WINNIPEG (CPI Activitiy picked up by mid-session today on the Win- nipeg Commodity Exchange, with prices continuing at a high level in almost all commodities. Vancouver Rapeseed made the biggest gains, with one distant month reaching the 20-cent-a-busheI trading limit. Only the May month of Thunder Bay rapeseed was higher, the rest were unchanged from Tuesday's close. Near months of flax attracted con- siderable buyer interest, with increases ranging to 17 cents. Rye was near the limit in active trade. Oats and barley were unchanged, as usual. Tuesday's volume of trade was: flax 447.000, rapeseed rye 000 and there were no oats and barley. Mid-session prices: Flax: May 14 higher 10.77; July 17 higher 10.06: Oct. 24. higher 9.12B. Rapeseed Vancouver: Jan. 17 higher 6.97B. March 183j higher June 11 higher 6.54: Sept. 20 higher 6.40B. Rapeseed Thunder. Bay: May 12 higher 6.39B; July unchanged 6.14'AB: Oct. unchanged 5.95B: Nov. unchanged 5.85B. Oats: May unchanged 1.56B; July un- changed Barley: May unchanged July unchanged 2.30B. Rye: higher 3.82B: higher 3.70'iA; Nov. not open. Grain quotes Tuesday basis Lakehead: High Low Close Flax May 1080 1058 1063 Jly 1005 988 989 Oct 922 909'4 Nov 875 Rapeseed Vancouver Jan 688'4 666 680 Mar 673 642 Jun 661'4 630 642', Sep 620 Rapeseed Thunder Bay May 646 620 627 Jly 614'i Oct 585 Nov 385 Oats May 156 Jly 147'2 Barley May 245 4 Jly 230 Rye May 364 Jly 362 352'i 361 Nov. 325 2nd Mortgage. Money you may have forgotten about. Laurentide considers home improvement one of many worthwhile reasons for borrowing money. If you're a homeowner we can lend you up to on a 2nd mortgage. And we have flexible repayment plans. There are no bonuses, no finders fees. Drop by and talk to us or give us a call. Right now. While it's on your mind. LAURBmoc FINANCIAL CORPORATION im A Member of the Laurentide Financial Group 311 7th Street 324. 327-5791. Herald- Business Stocks Miscellaneous Vancouver, Calgary, Montreal (Supplied by Doherty, McQuaig Ltd.) 11 A.M. QUOTES WESTERN OILS AND MINES Afton Mines 6.87'4 Albany Oil .75. Alminex 7.25 Asamera 14.37V2 Ashiand 11.87% Alta East Gas 6.25 BP Canada 11.50 Brenda Mines Can South 5.00 Cdn Ex Gas 3.40 Cdn Homestd 6.75 Cdn Ind Gas Oil 8.75 Cdn Long Is .18 Chieftan 10.25 Cdn Super 57.50 Dome Pete Dynasty 9.25 Fort Reliance .23 Giant Mascot 2.51 Gibraltar Mines Granisle 8.50 Gt Plains 28.75 Gt Cdn Oil S 10.50 Lochiel Ex 2.85 Lyttort Min 1.15 Noble Mines .88 North Cdn Oil Numac 15.50 Pancdn Pete 13.00 Pan Ocean 16.50 Petrol 1.70 Pinnacle .21 Vi Place Gas .45 Ponder .55 Ranger 42.00 Scurry Rain 22.37V: Seibens 17.00 Spooner .35 Total Pete Ulster 1.33 United Canso West Pete 6.25 W Decalta 7.62 'A MISCELLANEOUS INDUSTRIES Acres Ltd Aquitaine BC Sugar A Pfd 13.50 Block Bros 3.40 Cdn Pac Inv A Pfd 33.50 Com Cap Corp 2.50 Carting O'Keefe A Pfd 23.50 Carling O'Keefe B Pfd 28.25 Crestbrook Ind 9.25 Crowsnest Ind 26.00 Falcon Copper F and M Trust 5.00 Genstar 16.50 Global Com Unit 40.50 Home A 50.75 Home B 46.00 Hud Bay Co Hud Bay Oil Hud Bay A Pfd 48.00 Hugh Russell 51.50 Husky Oil 23.25 Husky B Pfd 39.00 Husky D War 7.75 Husky E War 9.75 Hys of Canada 3.40 Inter Prov Pipe Inter Prov Steel Kaiser Res 4.40 Loblaw C Pfd 25.00 Magnasonics 5.62'A Pacific Pete 31.50 Pac West Air 8.12V2 Pe-Ben Oilfield 6.75 Rainier Inc 3.87Vi Royal Trust Sandwell Teledyne Trimac Ltd West Cdn Seed Westfield Min Weston A Pfd White Yukon PIPE LINE STOCKS Alta Gas A Alta Gas Pfd Alta Nat Gas Inland Nat Gas Gaz Metro Gaz Metro A Pfd N and C Gas N and C B Pfd Pacific Trans Tr Can Pipe Tr Can A Pfd Tr Can B Pfd Tr Can War WC Trans WC Trans Wts CALGARY Acroll Barons Oils N Continental West Warner VANCOUVER MINES Atlas Explor Bath Norse Dankoe Davenport Dolly Varden Equitorial Res Lornex Primer Pyramid Silv Standard Valley Copper INDUSTRIALS Colum Brew Key Industries Wardair OILS August Pete Plains Pete Stamp Intl Resources MUTUAL FUNDS All Cdn Compound 6.58 All Cdn Dividend All Cdn Ventures Amer Grow F AGF Spe Cdn Invest F Com Inter Com Lev Com Venture Corp Invest Soro Invest S F rejrfus F US Great Pacific Grpd Income Growth Equity invest Grow F Invest Mut Mut Accum Mutual Grow F Nat Resources NW Cdn NW Growth Prin Grow Prov Mutual Royfund Temple Grow United Accum Univer Sav Univest Vanguard 6.74 3.43 5.00 3.00 .15 1.55 .75 .21 .87 7.15 7.54 3.73 5.49 5.01 5.50 13.13 14.43 3.12 3.43 5.31 5.84 6.36 6.99 4.96 5.45 0.93 11.99 1 4.54 4.96 3.04 3.35 7.29 8.01 11.99 13.11 5.76 6.30 6.19 3.24 4.90 5.31 4.45. 4.48 7.45 6.85 7.07 4.59 7.96 5.78 5.89 5.38 5.84 4.89 4.92 8.14 7.13 5.04 8.76 6.35 6.45 Toronto mines, industrials (Supplied by Richardson Securities of Canada) 11 A.M. Forest Advocate Sugar A Valley Ind Ind O'Keefe Cellulose Can. NW Power Canada Credit Gas Pfd Central Industries Marconi Vickers Cons. Coin Bathurst Dickenson Gas Denison Seagrams Bridge Dome Discovery Textile East Stores East Pete Mobile First Cdn Oil Sands Giant Motors Lakes Paper Oil Cda Hudson Bay Hydra Sid Iron Walker' Erie Joliet Oil Kerr Key Nickel Pipe Lake Group A Langis Intern'l Madsen Accept Malartic Martin Doug A A Intern Nu West Ferguson New Bloed New Corp A B Pine Cent Placer Corp Pax Co Quebec CDA Rio Sears Roman Canada Sherritt A Steep Tek Grp A Mtn Pipe United Can Pipe Western Carbide WH Copper Gas Oil Siscoe YeilowKnife Mfg A Cdn Seed Elec Algoma Atco Ind Imperial Agra Scotia Bell Brascan 49.12Vi 14.37V4 19.75 20.00 28.62V: 13.75 8.50 3.65 5.00 6.12Vi 23.62 V5 2.25 10.00 18.25 3.65 15.00 14.75 33.75 26.25 16.37V4 41.75 36.00 21.76 9.12V4 12.00 39.12Vi 28.75 6.25 11.00 46.25 24.25 32.62 Vi 18.00 5.12V4 49.25 31.25 40.12Vi 28.50 36.00 21.12% 8.00 16.50 4.80 5.25 8.62% 4.05 5.25 16.75 30.75 51.37VJ 23.00 22.25 13.12VJ 11.00 10.25 14.25 13.25 18.50 7.62V, 11.25 29.00 13.50 43.62% 15.75 15.00 34.00 13.37% 6.00 6.50 18.50 19.60 19.62% 4.40 2.60 27.62% 18.50 36.25 35.37% 35.75 New York (Supplied by Richardson Securities of Canada) Amr. 49.87% WoolwOrth 17.75 Anaconda 28.50 Westinghouse Elec. 25.12% Beth. Steel 33.62% US. Steel 38.25 Chrysler 15.00 Gen. Tel. Elec. 2550 Comsat TORONTO AVERAGES Oupont 20 Industrials 212.28 down 3.41 General Motors 4687V; 20 Golds 449.20 down 21 10 Gulf 23.12% 10 Base Metals 100.16 down 2.25 int. Harvester 24.37% 15 Western Oils 259.49 down 4.40 Kenn. Copper 43.37% Volume Montgomery Ward 19.37% NEW YORK AVERAGES Sears 82.25 20 industrials 842.86- down 18.91 Exxon 93.75 20 Rails 188.06 down 3.51 Texas Gulf 39.12% 15 Utilities 92.85 down 1.21 Texas Co. 29.00 65 Stocks 269.55 down 5.39 Wix Corporation 13.37% Volume 1.1.770.000 Solar-powered light Technician makes adjustment to a solar-powered navigational aid. The equipment will provide a flashing marine navigational light capable of being seen at distances up to 15 miles. The system depends on batteries charged with electricity from a silicon cell on which the sun shines, thus constantly producing the necessary electricity. Value-added tax system known to few Canadians TpRONTO (CP) Few Ca- nadians are even aware of something called a value- added tax, but chances are they will near a lot more in the future as politicians and tax experts debate the controversial and com- plicated system. The value-added tax, known as V.A.T. is not even close to cabinet-level debate yet, but some experts say Canada will eventually have to adopt it to improve its international trade position. V.A.T. is already in effect in European Common Market countries, and it has produced some headaches and confusion among business and con- sumers. In theory, V.A.T. is simply a percentage of the value added at each stage of the produc- tion and distribution chain. It is paid by every extractor, manufacturer, trader and seller along the line. For example, a potato chip maker might buy worth of potatoes and turn them into worth of chips. Assuming a valued-added tax of 10 per cent, he would owe the government in is, the percentage of the difference between what he paid for the potatoes and what he got for the chips. The wholesaler who buys the chips would also have to pay a V.A.T. on the difference between what he paid for Canadian dollar edges up TORONTO (CP) The Canadian dollar edged higher today in relation to the United States dollar, continuing an upward trend that began at the start of the year. It opened at 101.25 cents U.S. after closing Tuesday at 101.23 cents. Analysts said a major in- fluence Tuesday was anticipa- tion among traders of a big grain deal with Japan. Cana- dian grain exporting com- panies, expecting to get U.S. dollars for their grain, were selling U.S. currency for future delivery. The Canadian dollar hovered near par with the U.S. dollar for most of 1973. It mov- ed higher in the new year as interest in Canadian resources increased, even while U.S. currency was getting stronger in relation to European cur- rencies. A higher Canadian dollar makes U.S. imports to Canada cheaper but Canadian exports to the U.S. more expensive. HIGHWAY OPENED A vthtalar highway OpfMQ MIWCVH MfOCC CItY and MOMTM! in 17M. them and what he sold them for, as would the final retailer. V.A.T. has been described as a tax imposed directly on the gross national product and by some as "nothing but a retail sales tax which is collected in instalments." Bob Simon, chairman of the taxation committee of the Canadian Manufacturers Association and director of taxation for Molson Co. Ltd., says at least two .contradic- tory business views will emerge an V.A.T. One is from the small manu- facturer who is appalled at the paperwork. The other, he says, will be from exporters who will be pleased because V.A.T. pro- vides a simple and accurate method by which taxes can be refunded on goods shipped out of the country. V.A.T. is undergoing a limited but somewhat heated debate among Canadian business groups who want to be prepared if the country gets serious about it. Opponents say it is expen- sive and complicated to collect, could result in sharp price jumps and that con- stitutional problems between federal and provincial governments would have to be overcome if sales taxes were replaced. Advocates say V.A.T. could be a powerful tool for ecnmomic management, that the "prepaid tax account" method makes it self- enforcing and it is a trend away from corporate income taxes. Southern Alberta Juvenile League HOCKEY, ClirMholm CHipirs vs Ifthbridgi KinsmM Wirrlore Wed., Jan. 9th CIVIC ICE CENTRE ADMISSION: Students Children I'm interested in a free trial of the Philips 96 dictating system. I understand there is no obligation. NAME ADDRESS CITY PROVINCE LOOKER OFFICE EQUIPMENT 250-13th St. N. Alberta Mills Chartered Accountants TABER, ALBERTA are pleased to announce the admission to partnership of Mr. Ray Masuda, Chartered Accountant ;