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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 24, 1975, Lethbridge, Alberta Friday, Janucry 24, 1975 THE LETHBRIDGE HERALD 27 Billion- SavingS (in Chartered Banks) '64 "66 '68 '70 '72 '74 Toronto market prices continue upward trend TORONTO (CP) The To- ronto stock market rolled up another broad advance in ac- live mid-morning trading Friday, encouraged by falling interest rates and strength on the New York market. Gold shares led the rise in response to a rebound in the bullion price. The gold index was up 8.65 to 368.81. The industrial index rose 1.31 to 175.00, western oils 2.93 to 149.83 and base metals .78 to 62.58. Trading was halted at the open in shares of Westcoast Pete, pending an announce- ment. The common shares closed previously at and the class A at Maclean-Hunter A rose IVs to Banister Continental to Home Oil A to Toronto Dominion Bank to Home Oil A to Toronto Dominion Bank to and Pacific Pete Vs to Noranda A fell to and Occidental Pete to ?14. Among golds, Pambur gain- ed %'to Camflo Vt to Angico-Eagle 'A to and Dickenson Vs to Ranger Canada was up to Canadian Superior Vz to and Pan Ocean Oil Vz to Market trends MONTREAL (CP) AH sectors were higher in moderate trading on the Montreal Stock Exchange Friday. Banks rose 3.61 to 236.63, the com- posite K27 to 175.25, industrials 1.20 to 177.67, papers 1.09 to 102.13 and utilities 0.45 to 133.79. B.C. Forest Products rose 1 to Aican to Rio Algom Mines 'A to Va, Dome Petroleum Vz to and CHICAGO (API- Farm commodity futures moved over extraordinarily wide ranees on the Board of. Trade ThuriHay and most dosed at limits The limit gains included wheat futures at 20 cents a bushel; corn 10 cents; oats 6 cents and soybean oil 100 Drain WINNIPEG (CP) Following Thursday's strong showing, Vancouver rapeseed futures continued to improve through mid-session today at the Win- nipeg Commodity Exchange. Prices ranged from three to seven cents higher on moderate activity. Other oilseeds had limited trade with prices moving both directions. All other commodities, except rye which was weak, were steady. Thursday's volume of trade was 000 bushels of oats, of barley of rye, of feed wheat, of flax and of rapeseed. Mid-session prices: Rapeseed Thunder Bay: May on'e lower 7.13B; July, Oct. and Nov. not Rapeseed Vancouver: Jan. four higher 7.31A; March 3'A higher 7.29A; June higher Sept. seven higher 7.01B. Flax; May one higher 8.17, July four lower 7.96; Oct. and Nov. not open. Feed wheat: May one higher 3.71; July and Oct. not Open. Corn: March, May and July not open. Barley: May un-. changed 2.93A; July one lower 2.87; Oct. not open. Oats: May unchanged 1.94A; July one higher Oct. not open. Rye: May lower 2.74WA; July 4% lower Oct. not open. Grain quotes Wednesday basis Lakehead: High Low Close Flax May 816 757 816 Jly 800 770 800 Oct 770 Nov 760 Rapeseed Thunder Bay May 714 Jly 690 Oct 681 Nov 645 Rapeseed Vancouver Jan 727 726 727 Mar 725% 685% 72534 Jun 714 674 714 Spt 694 670 694 Rye May 256 278 Jly 273V4 251 Oct 245Vi Barley May 295 282 293 Jly 288 283 288 Oct 272 271 272 Ofti May 194 189 194 Jly 184 Oct 183 Cora Montreal Mar 346 May 351 Jly 350 Feed Wheat May 370 359 370 Jly 363 Oct 361 Street prices Per bushel street prices Thursday basis Uthbridge. FLAX 1CW 7.32, 2CW 7.27, 3CW points. Soybeans had moved up the imit of 30 cents then fell back under profit-taking. Soybean meal advanced iustshortofitsSlOatoniimitandclos. ed just a shade under the top. All the pits had been sharply lower on the opening, but then prices turned around. On the rebound, short covering was at a frantic pace. There was mixed trade on the open- ingbuttheswlcoverlnearidstop-loss selling apparently knocked out much of the public. Gold futures were steady to about S2 higher but improved slightly to c ose S3 Mtkef in 'he last few minutes. At the close, wheat futures were IB to 20 cents a bushel higher March 3.98, soybeans 13 to 20 higher March 6.05, Mm higher and 6 higher March 1.56'A. Grain quotations Thursday: Wheat: Mar 3.98; May 3.93'A; Ju 3.85; Sept 3.9i; Dec 4.01. Corn: Mar 3.1214; May Jul Sept Dec 2.79; Mar 2.84'A. Oats: Mar 1.56V.; May 1.52'A; July 1.4814; Sept 1.45; Dec ve issues, Dynamic Mining Exploration Ltd. rose five cents to 70 cents after trading shares. VANCOUVER (CP) Prices were down in light trading on the Vancouver tday. Early volume LlVCStOCk CALGARY (CP) Receipts to 11 a.m. Friday from the Calgary public stockyards totalled about 875 head on a normal run of cows, feeder cattle and stock calves. Trade was moderate on all classes. There were- no slaughter steers or heifers on offer to 11 a.m. Cows traded steady, kind and condition considered. Too few bulls offered to quote a market. Cows Dl, 2 17 to 19, D3 15.50 to 17, D4 12.50 to 15.50. A normal run of all classes of feeder cattle and stock calves was experienc- ed by the stockyards. Stock steer and stock heifer calves met a moderate demand at active trading. Good stock steer calves 475 to 1575 pounds 32 to 36, common to medium stock steer calves 25 to 31, good stock heifer calves 401 to 550 26 to 30, common to medium stock heifer calves 20 to 26. Hogs base 53.31. Hog prices EDMONTON (CP) Average clos- ing prices Friday provided by the Alberta Hog.Producers Marketing Board. Thursday prices in brackets: 53.46 Calgary: 53.31 Lethbridge: Nil Fort Macleod: Nil Total hogs sold average 53.38. Total sows sold 19, average 32.10. Currencies MONTREAL mid- day foreign exchange selling rates supplied by the Bank of Montreal: Bermuda dollar 1.0100 France franc .2350 Germany mark .4300 Japan yen .003370 Mexico peso .0605 Spain peseta .0185 Switzerland franc .4025 United States dollar .9970 United Kingdom pound 2.3900 U.S.S.R. ruble 1.3545 .In the industrials, Newmark was up .25 at In the mines. Cutlass was down .01 at .36. In the oils, Payette International .up .01'A at Volume on the curb exchange was 500 shares. Gentry was unchanged at .12 on shares. Trading was light and prices mixed Thursday. Closing volume was 734 shares. In the Industrials, Newmark was up .10 at Block Bros, up .01 at Venture unchanged at .33; Canadian Javelin down .Wk at Com- putrex unchanged at .30 and Bank of ilumbia rights were up .05 at In the mines, Cutlass was up .11 at .37; Grandora up .05 at .54; Thor down .20 at Dalton down .04 at .25; Anglo Bomarc down .06 at .95; Coleman preferred A up .02 at .97. In tfip-oils, Payette up .02 at .14; Seneca Developments up .08 at Coseka up .10 at Rand A up .01 at .78; Bison Petroleums unchanged at Earlcrest unchanged at .03. Closing volume on the curb exchange was shares. Petrowest un- changed at' .38; Nevex unchanged at Petroleum up .03 at .12; Consolidated Monarch unchanged at-.36; Balmoral down .01 at .19. NEW YORK (AP) Slackening credit conditions helped the stock market compile another broad ad- vance in fairly active trading Friday. The noon Dow Jones average of 30 industrials was up 3.13 at 659.89, and gainers held a 7-4 advantage over losers on ,the New York Stock Ex- change. On the American Stock Exchange, the market-value index was up .45 at 70.31. The NYSE's composite common- stock index rose .12 to 38.49. Among Canadian issues on the NYSE, Mclntyre jumped 2 to Dome Mines II to Hiram Walker to and Campbell Red Lake to Canadian Pacific was up to Aican Vt to and International Nickel to Herald- Business New round of rate cuts on bank loans indicated Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited I finnrlinnf litinUUlUfla Canadians are saving their money at a near-record pace, reports the Canadians Bankers' Association. The association represents the 10 Canadian chartered banks, with total assets of more than billion. Figures showed that personal savings deposits, which currently outnumber every other kind of deposit with the chartered banks, were up more than 21 per cent in 1974 to a year-end record billion. The increase was the second largest of the post-war period, exceeded only by the 23 per cent rise in 1973. Graph shows rise in personal savings from 1964-74. WESTERN OILS AND MINES Afton Mines Albany Oil Alta East Gas Almlnex Asamera Ashland Oil BP Canada Brenda Mines Cda South Cdn Ex Gas Cdn Homesld Cdn Ind Gas Oil Cdn Long Is 3.30 .28 5.25 5.SO 8.12'A 10.00 3.35 2.28 2.65 3.30 6.75 .16 Pete Et'iRes Gt Cdn Oil S Lochiel Ex Lytton Min North Cdn Oil Numac Pancdn Pete Pan Ocean Petrol Paloma Place Gas Ponder Ranger Oil Scurry Rain Seibens Spooner Total Pete Ulster Pete United Canso West Decalta MISCELLANEOUS INDUSTRIALS Acres Ltd Aquitaine BC Sugar C Pld Block Bros Canbra Foods Cdn Pac Inv A Pfd Cdn Pacific Inv Cariing O'Keefe A Pfd Carting O'Keefe B Pld Comm Cap Corp Crestbrook Ind Crowsnest ind Falcon Copper F a M Trust Genstar Home Oil A Home Oil B Hud Bay Co Hud Bay Oil Hud Bay Oil A Pfd Hugh Russell C Pld Husky Oil Husky Oil B Pld Husky Oil E War Interprov War Interprov Steel Kaiser Res Kaiser Res War Loblaw Co C Pld Magnasonics Pacific Pete 5.75 24.00 7.00 .11 .56 4.10 12.12VS 6.00 3.40 12.00 10.00 9.87VS 1.27 .58 .27 .45 17.00 12.87VS 8.62V4 .25 5.25 .58 7.50 4.25 6.75 17.25 12.00 3.40 2.45 26.25 1325 20.00 21.25 1.65 3.25 6.75 4.25 1650 23.00 21.25 16.00 31.00 54.00 16.25 31.50 5.12V4 2.26 14.25 3.50 25.00 2.00 16.50 Pe-Ben Oilfield Serv Royal Trust Sandwell Tele dyne Traders Qrp Pfd Trimac Weslfield Min Weston A Pfd White Yukon PIPELINE STOCKS Alta Gas Trk A Alia Gas Trk Pfd Alia Nat Gas UToGM688 N s c Gas B PW Ss-cda APW wc Trans WCTrans 3.40 23.75 5.00 4.80 10.37K 4.85 1.10 48.00 6.25 12.25 53.50 16.00 5.50 49.00 10.75 21.50 58.00 30.50 .83 21.75 2.28 THE CANADIAN PRESS A surprise move Thursday by the Bank of Montreal may well indicate another round of reductions in interest rates shortly. The bank announced it is lowering its prime lending rate to 9% from 10V4 per cent effective Feb. 1. It is less than two weeks since the Bank of Montreal, together with other Canadian banks, lowered their prime rates to per cent from 11. Their move followed a signal Jan. 13 from the Bank of Canada who lowered its lending rate on seldom-made loans to retail banks by a Vt point to per cent. The prime rate is that charged to a bank's most credit-worthy customers. All other commercial rates are scaled upwards from the prime. The bank said its action re- flected a national and inter- national trend to lower interest rates. In the United Slates, the prime rate has been dropping steadily since the beginning of the year and another drop by major American banks is an- ticipated in the next day or so. A senior banking economist, commenting on the Bank of Montreal's move, said it is likely other Canadian banks will follow before the beginn- ing of February. And under pressure from the market the Bank of Canada will probably lower its lending rate, maybe as early as this weekend, he said. With the rapid decline- in rates on all types of loans, Ca- nadian stock markets have gone on one of their best rallies in several months. Long-term rates are falling CALGARY Acroll .3214 Barons Oil .05 N. Continental .0114 Western Warner VANCOUVER MINES Bathurst Norsemines Cima Resources Dankpe Davenport Lornex Northair Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Key Industries Wardair OILS August Petroleum Plains Pete Stampede Int'l Res MUTUAL FUNDS All Cdn. Compound Ail Cdn. Dividend All Cdn. Ventures Amer Growth Fund A.G.F. Special Cdn Investment Fund Eaton Commonwealth Eaton Leverage Eaton Int'l Venture Corp. Investors Corp Invest Stock Fund Dreyfus Fund U.S. Grouped In Shares Growth Equity Investors Growth Fund Investors Mutual Mutual Accumulating N.W. Cdn. N.W. Growth Principal Growth Roytund Templeton Growth United Accumulative Universal Savings Vanguard .14 1.10 .45 2.40 .70 4.25 1.90 .10 .05 1.21 5.30 .06 1.25 .17 .11 .64 4.93 5.25 2.10 3.54 1.91 5.09 11.41 2.52 4.58 5.09 3.82 8.34 2.44 4.89 4.40 4.76 4.93 4.30 3.52 3.26 5.08 6.61 3.64 6.83 3.99 Ford expanding small-car lineup DEARBORN, Mich. (AP) Ford Motor Co. is ex- panding its small car lineup this spring to give Lincoln Mercury dealers their own version of the sub-compact Ford Pinto. Ford said Thursday the car, called the Bobcat, will go on sale March 21. The company plans to build Bobcats during the remainder of the model year at its Metuchen, N.J., assembly plant. A Lincoln-Mercury division spokesman' said the Bobcat rms the- same body styling and dimensions as the Pinto but comes with a different front grill and more luxurious interiors. The car is expected to carry a sticker price several hundred dollars higher than the Pinto, which retails for between and in the United States, not including options, destination charges or taxes. "We hope the Bobcat will provide a stimulus for spring the spokesman said. Ford has marketed the Pinto in Canada for the last year under the Bobcat nameplate, but company of- ficials say the U.S. Bobcat is not the same. as well. The Central Mortgage and Housing Corp. (CMHC) reduced its mortgage lending rate Thursday to 10% per cent from 11 Vi per cent for loans to house buyers under the Assisted Home Ownership Program. The reduced rate applies to loans made by CMHC in areas not served by commercial lenders approved by the cor- insurance and trust companies. The move was made to stimulate sagging housing demand. In other economic develop- ments Thursday: Arctic Gas Pipeline Ltd. said the billion natural gas pipeline it wants to build from the Mackenzie Delta should be a "national priority." Latsky, president of the Children's Apparel Manufacturers' Association, said in Montreal that Canada's declining birth rate has put the country's children's wear industry in jeopardy. Oil Ltd. an- nounced its 1974 profits increased 28 per cent to J290 million compared with 1973. Money tax Toronto mines, industrials Bankrupt (Supplied by Richardson Securities of Canada) Gold futures WINNIPEG (CP) Gold futures, U.S. funds, Winnipeg Commodity Ex- change Thursday. 40tounce Jan 75 175.40A; April 75 178.20A; July 75 181.60; Oct 75 186.DOB; Jan 76 190.40B. Wednesday's volume: 240 contracts. contracts: Fen 75 175.60A; May 75 179.90; Aug 75 184.80B; Nov 75 188.10B; Feb 76 192.20A. Wednesday's volume: 93 contracts. LONDON (AP) Closing gold prices Thursday in U.S. dollars an ounce: LMldon-175.00 Frankfurt-174.35 Ziiricn-175.00 Hong Kong-I71.57 a kilo. Advocate Asb. Akiitcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central Pat. Chlmo t Conwest Cons. Rambler Lake .Cochenour Craigmont Dickenson Mines Denison Mines O'Eldona Dome Mines Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Marilimes Giant Y.K. granduc Hollmger A Hudson Bay M8S A Hydra Ex. ron Bay Jol et Quebec Kerr Addlson Kev; Apacon Labrador ,Lake. Shore Langis Silver Madsen R.L. Martin McNeely Maclntyre Kf'a. Mltlrlm NuWest Homes New Alhona New Calumet Noranda Northgate Norlex Pine Point Placer Dev. Exp. Quebec Man Rayrock Algom Roman .Corp. Sherrltt Gordon Steep Rock Sunnlngdale Tek Corp. A Texmont United Canso Western Mines WH Copper Mings Wright Hargreaves Windfall Yellowknife Bear Zenmac INDUSTRIALS Abitibl Aican Algoma Steel Atco Ind Agra Ind Bell Tel Brascan A .07 1.08 1.50 1.50 .32 9.00 1-06 3.85 3.30 2.50 3.60 .92 .95 2.65 1.55 .15 1.00 3.50 43.1 .26 46.50 2.05 3.35 1.58 28.00 .13 .36 10.25 1.00 28.00 14.00 .50 4.85 .80 .23 10.00 .25 27.00 3.15 .17 .24 43.25 -10 -10 2-80 6.1214 .20 .15 28.00 3.10 .15 27.00 14.1214 1.05 .14 .82 .19 11.50 1.11 3.95 2.50 .18 7.62VJ 1.51 1.45 1.15 1-35 .11 2.10 9.37VS 20.871't 27.50 14.75 6.26 46.00 12.12V4 BC Tel Burns BC Forest BC Sugar Bow Valley Ind Cable CAE Ind Cal Power Canbra Foods Can Cellulose Carling O'Keefe Chemcell Coron Credit CWN Gas Pid Cdn lndx Cdn Marconi Cdn Vickers Chrysler CPR Cominco Cons Bathurst Cons Gas Dist Seagrams Dom Bridge Domtar Dom Textile Dom Stores Dome pete Dofasco Mobile Grt Cdn Oil Gen Motors Grt Lakes Paper Gull Oil Greyhound Hawker Sid Hiram Walker A Huron Erie mperial Oil A masca A nt Nickel nt Pipe nv Grp A u IAC Ltd Jannock Kaps Kel Douglas A Laurentide Loeb Loblaw A Metropolitan Massey Ferg McMill Bloed Moore Corp Molsons A Molsons B Nachurs North Cent Pevto power Corp Rothmans Shell COA Simpsons simp Sears steel Can A Selkirk A Texaco Trad Grp A Trans Mtn Pipe Trans Can Pipe Union Carbide Union Gas union Oil united Sisooe Versatile Mfg Westeel Westoiis Woodwards A BANKS Can Imperial Montreal Nova Scotia Royal Tor Dom 52.00 10.1ZVS 13.50 20 62V5 11 00 6 24.50 2.45 4.95 225 3.85 1.55 8.50 2.85 12.25 15.3714 25 2400 33.50 20.75 18.50 6.87K 17.25 23.75 2450 1.31 5.87'A 36.75 28.00 13.75 5.1 2VS 38.00 25.50 26.87V4 23.75 13.87VS 7.25 1900 1.73 4.70 8.00 300 5.87V4 12.50 23.50 40.50 16.50 14.50 8.50 3.65 9.50 10.25 14.00 8.00 10.37V4 27.50 12.37VS 31.75 13.50 10.62V4 10.50 16.00 8.50 8.75 3.95 7.00 22.50 21.00 24.50 14.3714 37.75 28.25 37.37VS VICTORIA (CP) Travellers' International Tours Ltd. has been officially declared bankrupt it was an- nounced today. The Victoria based com- pany ceased operations short- ly before Christmas affecting about 400 British Columbians, 200 in Victoria and 200 in Van- Gordon S. Ovens has been appointed trustee in the The first meeting of the creditors will be held Feb. 4 in the Victoria law courts building. Any creditor, including customers whose tours were cancelled, may attend. Mr. Ovens said he will attend to find out why the tour company went bankrupt, what the company has in assets, and the payment of creditors' claims. BERN (AP) Swiss authorities, in the most radical move yet to halt the influx of foreign funds, today boosted to a near prohibitive level the tax on all money newly deposited from abroad. A communique by the Swiss National Bank said a "negative interest" on funds newly deposited by non- residents will be increased to 40 per cent from an per cent. The surprise action came hours after the U.S. dollar plummeted to a record low against the franc in spite of support buying by the national The penalty affects all Swiss franc funds by non-residents Oct. 31. The 12-per-ceht an- nual charge was levied on these funds two months ago, but' it has not been able to scare off money seeking a safe haven in neutral Switzerland. New service report In a new service to readers, The Herald will publish daily the grain street list price from material gathered by Country Elevators Association- in Calgary. The daily street price is the price farmers can expect to receive when they deliver flax, rye, wheat, oats, barley or rapeseed to an elevator as a cash crop. Because the street price doesn't close until after 12 p.m., The Herald cannot The schedules listed for the different grains are to denote the freight rate differentials. All grain delivered to Lethbridge is based on a freight rate of 22 cents per hundred pounds. The schedule for flax and wheat is six, worth an extra cents per freight differential, added to the quoted price. The schedule for rye and oats is one, worth 2Vz cents per bushel. The rapeseed and barley schedule is six, worth four cents per bushel over the quoted price. Included in the new service board selling price, basis oats f use of and barley- DlllS OTTAWA 1.57'i. 1 feed 1.5214. RAPESEED 1 Canada S.SOVi, 2 Canada Canada 5V4; BARLEY 1 feed 2.43, 2 feed 2.39. Canadian Wheat Board selling prices basis Thunder Bay wheat: 3 utility 4.51; oats: 1 feed 1.99, 2 feed 1.96; barley: 1 feed 3, 2 feed 2.98'A. Dollar value MONTREAL (CP) U.S. dollar in term of Canadian funds al noon Fri- was "P York. lhe Canadian dollar al sterling was up 67-100 at B.3J2I.M. 91-day million at an average price of 98.462 and an average yield of 6.27 per cent'. Laat week: million at average price of 98.362 and average yield of 6.68 per cent. price of 96.975 and avenge yield of 6.26 per cent. Last week: 165 million at average price of 96.801 and average yield of 6.63 per cent. New York (Supplied by Richardion Securities of Canada) Amr. 47.25 Woolworth Anaconda 16.75 Westinghouse Elec Beth Steel 29.25 U.S. Steel 42.25 Chrysler 9.87V4 Gen Tel Elec Comsat 30.25 TORONTO AVERAGES Dupont 89.00 20 Industrials 174.85 up 1.16 General Motors 37.12'A 20 Golds 378.06 up 17.90 Gulf 20.37Vi 10 Base Metals 62.65 up .85 nt Harvester 20.00 15 Western Oils 150.58 up Kenn Copper 36.62VV Volume Montgomery Ward 16.75 NEW YORK AVERAGES Sears 54.8714 20 Industrials 659.88 up 3.12 Exxon 69.00 20 Rails 152.20 down .24 Texas Gulf 24.75 15 Utilities 78.02 up .57 Texas Co 23.8714 65 Stocks 215.41 up .77 Wix Corporation Volume YOUR Copy of the new Construction Safety Regulations is A vail able EFFECTIVE JANUARY Governing Building Construction Demolition Trenching Pipeline Construction Excavating Tunnelling and Shaft Sinking Available from your employer, Union Representative or The Workers' Compensation Board Office nearest to Edmonton, Calgary, Red Deer, Lethbridge, Medicine Hat, Grande Prairie. WORKERS' COMPENSATION BOARD-ALBERTA ;