Lethbridge Herald, The (Newspaper) - January 14, 1975, Lethbridge, Alberta
24 THE Tuesday, January 14, TSE hits declining trend Investors take profit advantages TORONTO (CP) The To- ronto stock market pulled back in moderate mid- morning trading Tuesday after 12 straight gains. The declining trend began late in Monday's session as in- vestors moved to take profits following the recent strong advance. The industrial index, wide- lybased indicator of market trend, fell 1.00 to 168.95. It had gained more than 16 points during the previous 12 sessions, Golds dropped 10.4 to 381.21 and western oils 3.04 to 135.30. Base metals rose .06 to 62.31. Declines outnumbered ad- vances 169 to 71 with 151 issues unchanged. Volume by 11a.m. was 000 shares, down from at the same time Monday. Imperial Oil B fell I to Nabors Drilling Dofasco to Vt, Falconbridge Nickel to and Home Oil A to Camflo Mines lost to Mclntyre Vi to and Patnour to United Canso dropped Vs to Asamera to and Pan Ocean Vt to MLW-Worthington rose 1ft to Westfield Mineral nine cents to 78 cents, Fruehauf Trailer to and Canadian Memorial Set-- to 98 cents. Market trends The Herald- Business Banks take steps against recession MONTHEAL (CP) All sectors moved lower in light trading on the Montreal Stock Exchange Tuesday. Volume al 11.30 a.m. was shares, compared with 270.400 shares at the same lime Monday. Hanks fell 1.66 to 227.15, industrials to 171.74, the composite 0.77 to lfi9.HO. papers O.U2 to 101.79 and Utilities O.lti lo 129.57. Cominco fell Vt to Bank Cana- dian National lo HI' Canada Vz to and Moore Corp. lo while L'anadin Javelin rose lo Among speculative issues. Ajax Minerals Ltd. rose hall a cent to 15 cents, trading shares. VANCOUVER (CP) Prices were Chicago CHICAGO (API Commodity futures of a wide variety declined on the major" United Stales exchanges Monday. Silver futures fell about six cents an ounce, while gold declined about S4 in the future markets. Cocoa, world sugar and orange juice futures also eased, while copper prices held about steady. Soybean oil futures closed with loss of 100 points, or one cent a pound. Soybeans fell the allowable 20 cents a bnshd for one session, but the loss was trimmed before the close. Corn, oats and soybean meal also fell back. Pork Bellies moved higher early on the Chicago Mercantile Exchange then fell back to limits for one day, 150 points or 1'a cents a pound. Live hog futures lost 70 cents a hundredweight after an early gain and live cattle declined 65 cents ;i hundredweight. 1 Shell eggs rose 155 points. At the close on the Chicago board of trade, soybeans were lo 17 cents a bushel lower. January 6.G212; wheat 3 were 11 to I lower. March l.63fz. Grain close Monday: Wheat: Mar May 194; Sept 4.02; Dec 4.13. Corn: Mar 3.40: May 3.40; .July Sept 3.17; Dec 2.8H; Mar Oats: Mar 1.63'b; May 1.62; July Sept 1.52; Dec 1.57. In Hie industrials. International Hydrodynamics was down .02 at .28. In al .18. In the oils. Cop-Ex mining was down .01 a.l .15. Prices were down in light trading Monday. Volume was shares. In the industrials, Daon Develop- ment was up half a cent at Cana- dian Javelin duwn at Bank of Montreal unchanged at Venture was down .02 at .35; Bank of B.C. rights up .05 at .35 and Kaiser Warrants were down .25 at 52.60. In the mines, Dyne down .03 at .17; Anglo Bornarc down .07 at Hibernian1 unchanged at .21; Grandora unchanged at ..41; Kalco Valley down at .13: Cutlass down .OZVfeat In the oils, Bison Petroleum rose .15 at Alaska Kenai up at .13. Seneca Development unchanged at ,82; Pay-cite down a cent at .15; Rand A down .06 at .70 and Cop Ex unchanged at .10. On the curb exchange, shares were traded. Belmoral was up at .26; Decade down .03 al .30; Acaploma down half a cent at .13Vi; Bali Ex- ploration unchanged at .12; Abaca Resources rose .04 at .42 and Swim Lake unchanged at NEW YORK (API The stock market was mixed Tuesday, withholding any clear Verdict on the economic and energy measures outlin- ed Monday night by President Ford. The noon Dow Jones average of 30 industrials was up .15 lo 654.53, but gainers trailed losers by about a 3-to-2 margin on the New York Stock Ex- change. Trading was moderately ac- live. It appeared a good many investors were waiting for further details of the President's economic plans in his State of the Union message Wednesday and for subsequent reaction from Congress. Philip Morris, the NYSE volume leader, tumbled 4% to Oh the American Stock Exchange, the market value index slipped .18 to The NYSE's composite index of all listed common stocks fell .10 to 38.34. Among Canadian issues on the Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited Alton Mines Albany Oil Alta East Gi Almlnex Brenda Mines Cda South Cdn Ex Gas Cdn Homestd Cdn Ind Gas Oil Cdn Long Is Cdn Super Chieftan Dev Dome Pete Dynasty Giant Mascot Gibraltar Mines Granisle Gt Cdn Oil S Lochiel Ex Lytton Win North Cdn Oil Numac Oil .Pancdn Pete Pan Ocean 3.00 4.70 4.80 7.S2V, 6.25 8.87V, 3.20 2.19 2.18 2.82 .13 25.75 7.25 .58 4.50 11.50 6.00 1.10 1.20 3.05 Teledyne Traders Grp Pfd Trimac Westfield Min 22.50 4.05 4.20 10.00 3.65 .77 PIPELINE STOCKS Alta Gas Trk A Alta Gas Trk Ptd Alta Nat Gas Gaz Metro Gas Metro A Ptd inland Nat Gas N S C Gas N 8 C Gas B Pfd Trans-Cda Pipe Trans-Cda A Pfd Trans-Cda B Ptd Trans-Cda War WC Trans WC Trans War 10.75 53.50 15.00 5.37'A 51.00 8.50 9.75 18.25 53.00 28.50 .71 19.87 V, 1.88 was unchanged at 22 and international Nickel unchanged at 22'ie. Seagrams gained tyre to 35. For investors seeking an attractive level of income, we recommend (subject to prior sale or change in price) good quality, high yielding, corporate debt securities such as: British Columbia Hydro and Power Authority (Unconditionally guaranteed by the Province of British Columbia) 10% Sinking Fund Bonds, Series DU, due January 2, 2000 Pries: 97% Yield: The Great Lakes Paper Company, Limited First Mortgage Sinking Fund Bonds, Series C, due January Price: 100 Yield: Texaco Canada Limited Debentures, 1974 Series, due December 31, 1994 Price: 100 Group Limited Senior Secured Notes, Series AQ due January 6, 1995 With Right of Prepayment at Holder's Option on January 6, 1982 Price: 100 Yield: Prospectuses are available upon request With this type of investment you can take advantage of the Federal Government's proposed tax shelter for dividend or interest income. For further information, call or return the coupon below to: The Resident Manger 709-4th Ave. South, P.O. Box 1210 Lethbridge, Alta. T1J 4A4 Ph: (403) 327-5757 Nama Telaohono Number NO OBLIGATION RICHARDSON SECURITIES OF CANADA Calgary CALGARY (CP) Receipts to 11 a.m. Tuesday from the Calgary public slocxyards totalled 2.000 head, mostly slaughter cows, steers and heifers. Trade was moderately active on steers and cows and dull on heifers. Slaughter steers sold to a moderate demand by both local and eastern buyers at prices 50 cents lower. Slaughter heifers met a narrow de- mand with prices S2 lower. All classes of cows sold steady with sales to 519.25. Good bulls sold steady with sales to 520.50. Steers, Al, A2: -11.50 to 43.50. A3: 40 to 41.50. Heifers, Al, A2: 34 to 35.75. Cows. Dl. D2: 17.50 to 19 D3- 15 50 to 17.50. D4: 12 to 15.50. Bulls, good: 19 to 20.25. A light run of feeder steers sold to a moderate demand by local buyers 750 pounds and heavier, common to medium steers: 35 to 37.25. No hogs were sold to 11 a.m. to 33 and Mcln- Hog prices EDMONTON (CP) Prices to 11 a.m. Tuesday provided by the Alberta Hog Producers Marketing Board. Mon- day's prices in brackets. Edmonton: 51.55 Calgary: Nil Red Deer: Nil Fort Macleud: Nil Seibens Spooner Total Pete Ulster Pete United Canso West Pete West Decalta MISCELLANEOUS INDUSTRIALS Acres Ltd Aquitaine BC Sugar C Ptd Block Bros Canbra Foods Cdn Pac Inv A Pfd Cdn Pacific Inv Carling O'Keete A Pfd Carling O'Keefe B Pfd Comm Cap Corp Crestbrook Ind Crowsnest Ind II Dollar U.S. dollar in terms of Canadian funds al noon Tues- day was down 1-25 at 17-25. Pound sterling was down 37-50 at In New York, the Canadian dollar was up 1-25 at Sl.OO 8-25. Pound sterling was down 1.1-20 :i-4. Winnipeg grain WINNIPEG (CPJ Oilseed prices plunged in moderate activity at mid session Tuesday on the Winnipeg Com- Beef futures WINNIPEG ICPI Live beef futures close Monday. Jan. 42.25A; March 47.00A; May 46.00N. Friday's volume: 18 contracts. Feed prices WINNIPEG (CP) Wheat board domestic feed grain prices Monday: 3 CW Red Spring wheat No. 1 feed barley No. 1 Iced oats Genstar Home Oil A Home Oil B Hud Bay Co Hud Bay Oil Hud Bay Oil A Pfd Hugh Russell Pld Husky Oil Husky Oil B Pld Husky Oil E War Interprov Pipe War Interprov Steel pipe Kaiser Res Kaiser Res War Loblaw Co C Pld Magnasonics Pacific Pete Pe-Ben Oilfield Serv Acroll Baron: N. Coi MINES ic7c Bathurst Norsemines 15.75 Cirna Resources 12.25 Dankoe Davenport .25 Lornex 4.90 Norlhair Mines Primer Pyramid 2.90 Silver Standard 3.60 valley Copper INDUSTRIALS Key Industries Wardair OILS August Petroleum Plains Pete Stampede Infl Res MUTUAL FUNDS All Cdn. Compound Al! Cdn. Dividend All Cdn. Ventures Amer Growth Fund A.G.F. Special Cdn. Investment Fund Corp. Investors Corp Invest Stock Fund Dreyfus Fund U.S. Grouped In Shares Growth Equity Invest Growth Fund Investors Mutual Mutual Accumulating Nat. Resources N.W. Cdn. N.W. Growth Principal Growth Templeton Growth United Accumulative 5.87VS 15.50 11.50 3.20 2.40 25.25 3.20 16.75 30.00 52.00 14.75- 4.35 2.30 14.00 5.62'A 2.65 22.00 2.00 15.50 2.20 1.11 .42 2.20 .54 4.10 1.90 .10 .07 1.18 .07 1.25 .17 .06 .65 3.60 1.87 3.99 4.39 5.03 3.66 8.53 2.44 4.77 9.78 4.70 5.08 3.39 4.20 3.53 6.49 3.62 6.71 3.91 By THE CANADIAN PRESS With a recession still possible, Canadian chartered banks started lowering prime lending rates Monday follow- ing the federal lead. Bank of Nova Scotia and To- ronto Dominion Bank both lowered lending rates to their most credit-worthy customers to 10.5 per cent from 11 per cent. The Bank of Canada triggered the move Friday by lowering its bank rate to Wt per cent from Retail banks seldom borrow from the central bank but changes in bank rates tend to influence shifts in borrowing costs. The moves by the banks are designed to encourage spending and help counteract Syncrude financing partners sought SARNIA, Ont. (CP) Part- .ners in Alberta's Syncrude project would accept financ: ing from any source including the Organization of Petroleum Exporting Countries (OPEC) in order to proceed with development of the Athabasca a possible economic slow- down. In other economic develop- ments Monday: Reid, president of Imperial Oil Ltd. said in Sarnia that the petroleum in- dustry must double profits within four years to meet Canada's need for self- sufficiency in energy. Despite a return of about 10 per cent, inflation pressures were pushing up exploration and production costs. Foundries and Steel Ltd. of Hamilton an- nounced price increases aver- aging 4.9 per cent on flat- rolled steel products. The move follows a 14-percent increase on steel plate by Steel Co. of Canada Ltd. Pratt, University of Alberta professor, suggested in Toronto that the federal and Alberta governments take over the Syncrude project for the development of Alberta's oil sands. Moyer, chairman of the Ontario Grape Growers Marketing Board, said the federal excise tax, averaging 6.5 cents a bottle on domestic wines, encourages the import of American grapes and Euro- pean wines. Canada Ltd. said it will give a rebate to buyers of the Plymouth Duster and the Dodge Dart Sport, following a similar move by the U.S. parent cor- poration last week. day. Richard Reid told on Toronto mines, industrials include -Arab states, Venezuela and others, have a virtual stranglehold on world petroleum markets, the Syncrude partners would con- sider participation by them in Canada's domestic energy de- velopment. The oil Si of the reserves in the world. Attempts to develop it have been delayed by inflated of gold dropped London today and in Zurich. Trading opened in London at ?178 an ounce, ?3 below Mon- day's close of Then the City's five major dealers fix- ed the morning price at In Zurich, trading opened at an ounce, down from then slipped to later in the morning. buted the WINNIPEG (CP) Gold futures, U.S. funds. Winnipeg Commodity Ex- Advocate Asb. (Supplied by Richardson Securities of Canada) MINES .06 the (laity tradinj bushel. Other co i of rapeseed eased limit of 20 cents a Jan 75 I77.90B; April 75 I81.00B: July 75 184.70; Oct 75 I89.90A: Jan 76 195.00A. Friday's volume: 626 contracts. (iHI-ouncc contracts: Fell 75 178.50A: May 75 182.60B; Aug 75 187.25; Nov 75 192.25A: Feb 76 Friday's volume: 215 contracts. Monday's volume of trade was 291.- 000 bushels of feed wheat, 533.000 of raposeed. There was no activity in corn MID-SESSION PRICES: Thunder Bay rapeseed: May five lower 7.70A; July unchanged 7.67A: Oct. five lower 7.27A. Vancouver rapeseed: Jan. 20 lower Mar. 17-H lower 7.85B; June 16 lower 7.73B; Sept. 20 lower 8.65A. Flax: May 29 lower 9.06B: July 20 lower 8.85A: Oct. 20 lower 8.65A. Feed wheat: May two higher 3.59A; July and Oct. not open. Corn: Mar.. May and July not open. Barley: May Vi lower 3.03B; July and Oct. not open. Oats: May t'i higher 1.96A; July 'A higher Rye: May 1% lower July lower 2.88'AB: Oct. not open. Grain quotes Monday basis Lakehead: High Low Close Currencies MONTREAL (CP Tuesday's mid day foreign exchange selling rates supplied by the Bank of Montreal: China renminhi .5570 Denmark kroner .1805 France franc .2310 Germany mark .4250 Hungary forint .0414 Italy lira .001560 Japan yen .003350 Mexico peso .0805 Netherlands guilder .4075 Spain peseta .0135 Sweden Kroner .2470 Switzerland franc .3930 United States dollar 1.00305 United Kingdom pound 2.3700 U.S.S.R. ruble 1.3254 Quotations in Canadian funds. May 953 9; Jiy Oct Kapesecd Thunder Bav May .11 v Oct llapesccd Vancouver Jan Jun Spl Oct Barley May Jlv Oct Oats May Jlv' Mar Feed wheat May Jlv Oct 3110 290 905 885 789 290 285 Dividends THE CANADIAN PRESS Corporation dividends Monday, quarterly unless otherwise noted. Canadian Homestead Ltd., pfd., 15 cents. Feb. 15. record Jan. 31. Canadian Utilities Ltd., 15.5 cents. Broulan Bethlehem Bovis Central Pat. Conwest Cons. Rambler Coin Lake Cochenour Craigmont Dlckenson Mines Denison Mines Dome Mines Discovery Mines East Malartic East Sullivan Frobex First Maritimes Giant Y.K. Granduc Hydra Ex. Iron Bay ISO Joliet Quebec Kerr Addison Key Anacon .Labrador Lake Shore Malartic G.F. Martin McNeely Maclntyre Mela Midrim Intern Mogul NuWest Homes New Athona Northgate Pine Point Placer Dev. Pax Exp. Quebec Man 1.10 1.45 1.49 .34 9.00 .82 .90 2.40 1.55 3.40 7.50 41.50 .26 47.25 2.01 3.20 1.60 .38 10.50 .50 4-30 10.00 .21 28.00 3.30 Burns BC Forest BC Sugar Bow galley Ind 18.25 Cdn Vickers Chrysler CPH Cominco Cons Bathurst Cons Gas Dist Seagrams Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Ootasco Glen Mobile Grt Cdn Oil Gen Motors Paper Greyhound Hawker Sid Hiram Walker f Huron Erie Imperial Oil A Imasca A Int Nickel Int Pipe 12.50 9.37'A 14.75 26.00 24.25 14.75 32.87VS 16.25 1.60 6.00 .'ISO 367 387 382 ;b. 14, record Jan. 31; five-per-cenl pfd.. Feb. H, Jan. 31; six-per-cent pfd., 51.50. Feb. I', record Jan. 20: pld.. 31.25 cents. March 31. record March 14. Hollinger Mines Ltd.. class A, 40 cents: class B. 34 cents, both payable Feb. 28. record Jan. 31. Labrador Mining and Exploration Co. Ltd., 45 cents. Feb. 21, record Jan. 24. Moffal Communications Ltd., class A. five cents; class B, 4.25 cents, both payable Feb. 28. record Feb. I. Stuart House International Lid., pfd. series A. 12 cents. Feb. I, record Jan. 15. Teledyne Canada Ltd., 17 cents, increase of seven cents. March 20, record Feb. 3. Radiore Rio Algom Roman Corp. Sherritt Gordon Steep Rock Sunningdaie Tek Corp. A Texmont United Canso Western Mines WH Copper Mines Wright Hargreaves Wlllroy Windfall Vellowknife Bear Zenmac Abilibi Agra Ind Bell Tel Brascan A BCTel .11 2.30 5.75 30.75 3.10 .15 26.00 14.25 1.05 .18 10.75 5.50 2.40 .18 1.55 1.56 1.15 .09VS 1.90 .05 9.50 21.75 26.25 13.00 5.50 45.12'A 11.50 50.00 Int'l IAC Ltd Jannock Kaps Kei Douglas A Laurentide Loeb Moore Corp Molsons A .Molsons B Nachurs North cent Price Co Rothmans Shell CDA Simpsons Simp Sears Steel Can A Selkirk A 4 50 37.62V4 9.75 18.87V4 5.25 1.56 4.70 7.50 2.75 withdrawal of one of the partner Rich- field Canada Ltd. a 30-per-cent shareholder. The remaining partners are Imperial Oil Ltd. and Canada- Cities Service Ltd., both with 30 per cent, and Gulf Oil Canada Ltd. with 10 per cent. "I think we are willing to consider any (financing) source that would be beneficial to all of us and to Mr. Reid said. The investment required is of such magnitude that the number of potential partners is quite limited, he added. "But in the eventuality that other partners could not be found, we would be so anxious for the project to proceed that we would look very closely at OPEC Mr. Reid said. The partners are discussing the situation with the Alberta and federal governments and with other oil companies "but no commitments have been made by he said. ening of the U. eign exchange dollar for- retread plant opened Lethbridge's second major tire retreading plant has started production. North Lethbridge Mo Tires opened its square foot retread plant and service centre at 2830 5th Ave. N. earlier this month. MoTire vice president Brian Roelofs said 10 per cent of the funding for the com- pany's plant was supplied by the federal Department of Regional Economic Expansion. The balance of the plant's financ- ing came from the Industrial Development Bank. The plant now has the capacity to manufacture 90 truck and 250 car tires. Fif- teen employees are working in the new building. Company- plans call for a doubling of production and staff. Trad Grp A Trans Mtn Pipe Trans Can Pipe Union Carbide Union Gas Union Oil United Siscoe Versatile Mln Westeel Woodwards A E Can Imperial Montreal Nova Scotia Royal Tor Dom 23.50 39.87V. 15.25 13.00 7.37% 9.62Vj 2.65 13.50 9.75 12.87V4 9.50 27.00 12.00 29.50 12.25 10.87W 9.50 8.25 8.00 2.96 5.50 22.00 19.37V4 36.63V; 28.00 35.25 EXPERIENCED STENOGRAPHER Swior Matriculation RMjUirtd Please forward written resume to WATKISON, HMURT, HUM t DOAOUK Accountants P.O. Box 698 Uthbridflt, T1J 3Z6 New York (Supplied by Richardson Securities of Canada) Arm. T 8 T 47.87'A Woolworth 12.00 Anaconda Westinghouse Elec 1125 Both Steel U.S. Steel 40.00 Chrysler 9.50 Gen Tel Elec 19.37'A Comsat 30.62V, TORONTO AVERAGES Dupont 9500 20 Industrials 169.30 down .65 General Motors 36.37V, 20 Golds 382.98 down 8.68 uulf 18.62V4 10 Base Metals 62.31 up .06 Inl Harvester 20.37M 15 Western Oils 137.81 down .53 Kenn Copper 36 25 Volume Montgomery Ward 16.75 NEW YORK AVERAGES Sears 53.50 20 Industrials 654.33 up .15 68.25 20 Rails 151.79 down .66 Texas Gulf 25.00 15 Utilities 77.56 down .48 Texas Co 23.62'A 65 Stocks 213.91 down ,43 Wix Corporation 10.25 Volume New aid planned for home buyer TORONTO (CP) An official of the Hous- ing and Urban De- velopment Association of Canada (HUDAC) says the group is plann- ing a five- year national warranty and insurance plan for buyers of new homes. director William McCance said the plan was announced in a letter to provincial directors of the associa- tion Monday. He said the proposal warranty on cover rental housing or mobile homes. Mr. McCance said the plan will be ad- ministered and con- trolled by an indepen- dent council which is non-profit and non- political. It will cost consumers about during the five-year period for maximum in- surance coverage per dwelling. Mr. McCance said the plan should be self- supporting within, five It would be voluntary for home insurance coverage against major struc- tural damage. He said the HUDAC plan will prevent per- sons buying new homes from losing money be- cause of sub-standard construction or builder bankruptcy. The plan does not. be required to join and builders not to HUDAC would to show, under suggested provincial legislation, that they offer equal protection. The plan is based on the British National House Builders' registration plan.