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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 25, 1972, Lethbridge, Alberta TmWir, Jrnuury IS, THI IETHIKIDOI HIUID 17 Market price plunge sharply TORONTO (CP) Prices on the Toronto stock market plunged sharply lower as. the market entered its fifth consec- utive losing session in moderate mid-session trading today. The industrial index fell 1.60 to 102.08, base metals .25 to 84.86 and western oils 3.02 to 215.74. Golds were up 1.26 to 163.95. Volume by 11 a.m. was shares compared with at the same tiine Monday. Declines outnumbered a ad- vances 169 to 68, with 194 Issues unchanged. Banking, general manufactur- ing, pipeline, communications and industrial mining stocks recorded sharp declines as 14 of the Industrial index's 17 sub- groups moved lower. Chemical issues were gener- ally unchanged while construc- tion and materials and food processing Issues edged frac- tionally higher. Inco dropped to To- ronto Star B to J45V4, Deni- son Vi to Dome Pete to Labatt to and Cominco to Bell was down to Asa- mera Vt to Canadian Im- perial Bank to Alcan to Brascan y, to and Numac to Crown Trust gained Vt to Great West Steel V, to SS'A, Dofasco to Pan Ocean to and La L-uz Mines 25 cents to PRICES DOWN MONTREAL (CP) Prices were down in all sectors except paper in light morning trading on the Montreal stock market today. Or. index, Industrials fell 1.18 to 196.90, Utilities .95 to 103.11, Canada Packers profit down TORONTO (CP) Canada Packers Ltd. reports net profit of million or a share for the 39 weeks ended Dec. 25 compared with million or a share during the first 39 weeks of the previous fiscal year. Sales also were down to a total of million for the period of the current fiscal year compared with million. THE UWSEST SYNTHETIC SAPPHIRE EVER MACE WAS A LABOR- ATORY1. IT WEIGHS CAR4T5-AKXJND12 IBS-AMD MU.TWCWKLOST nouseiraeasoiffi banks to 249.15 and the composite 1.13 to 196.14. Papers rose .21 to 83.29. Combined volume on the Montreal and Canadian ttock exchanges to lla.m. was shares, compared with at the same time Mon- day. Rothmans of Pall Mall lost 1% at John Labatt Ltd. 1 to International Nickel 1 to and Husky 01] to British Columbia Forests Products gained 1% to Credit Fonder to and Canada Cement Lafarge to DJA OFF NEW YOR Stock prices fell broadiy and sharply for the fifth consecutive session today as the profit-takers held e grip on the market. The noon Dow Jones aveunge of 30 industrial stocks was off 3.61 to 883.21. Down among Canadians were Mclntyre Porcupine, off 2Vi at International Nickel, off at Walker-Gooderham down at Hudson Bay Mining, off at Massey, down Vi at and Canadian Pacific off V, at Dome Mines rose at 561Vi. On the American Stock Ex- change, Scurry Rainbow Oil was down at Canadian Marconi was up Vi at Hog prices EDMONTON (CP) Aver- age prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board: Edmonton: S7.50, average Monday 27.26. Red Deer: 27.45, average Monday 27.22. Calgary: 27.45, average Mon- day 27.23. Lethbridge: No sales, aver- age Monday 27.44. JJovdminstcr: No sales, av- erage Monday 26.65. Total hogs sold to 11 a.m. Monday average 27.25. Sows averaged 16.55. Students pass goal NATAL (HNS) -'S'cudents of the Sparwood Secondary School recently completed its drive for funds for the Canadian National Institute for the Blind. The ob- jective of the drive, was exceeded by the students who raised a total of for this cause. At a recent meeting of the St. Michael's Boys Club held in Sparwood new officers for the year 1972 were elected. Elected were Stephen Marchi, presi- dent; John Katrichek, vice- president and Barry DeLuca, secretary. A group of students from the Sparwood Secondary School or- ganized by Mr. Dowden, went carolling in the community prior to Christmas. The group raised the sum of which was turned over towards the recreation centre fund. SPEEDY ESCAPE Deer elude pursuit by running or bounding at speeds greater than 30 miles an hour. Ther'sno Time Like Now To Buy A Snow Blowar of DURING OUR WAREHOUSE CLEARANCE SALE! Q 304 Stafford Drivi Fhona 327-3125 t B H.P. Regular Now Only i 5 H.P. Regular Now Only International Harvester Sales Service FORD DEALERSHIP PARTS MANAGER Required immediately for well established parls operation in soulhern Alberta. Appli- canl must be capable of assuming all phases of parts management responsibilities includ- ing warehousing, stock control, merchandis- ing and wholesale promotion and personnel supervision. Knowledge of Ford parls system and policies essenlial. Salary commensurate wilh experience plus annual gross incentive and fringe benefils. All Inquiries striclly con- fidential. For interview phone Manager at 527-5521 or write lo BOX 790 MEDICINE HAT, ALBERTA Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Dckertjr, MeCualg Limited) (II :M I.m. Oucrtft) WIITIRN OILS LAST BID OR BALE 'I.m. QUDtei) I.m. Almlrwx Alta Ealt Gai Asamara Ashland BP oil Gil Can South Cdn Ex Sit Cdn Homtstd Cdn Pfd Cdn Ind Gas Oil Cdn Long Is Cdn Super charter Chlaftan Dome Pala Gl Plains Gt Cdn Oil Lochltl North Cdn oil Numac Pan Cdn Pala Pan Ocean Palrol Pinnacle Place Gal Ponder Ranger Scurry Ram Spooner Selbeni Tolal Ulster W. Decalla Wait Pele if! I.M 17.50 1175 l.SO 1.1! 17.25 f.75 42.00 5.00 1.80 12.00 30.75 5.25 1.45 5.15 15.00 14.00 13.75 1.40 I'.IO .70 15.00 9-30 6.10 16. JO 42.50 e.40 K7S 3.15 30.50 3.7} 4.95 4.45 12.50 Hud Bey on Pld 53.00 Hugh Russell 22.00 Husky Oil Husky Oil B Husky Oil War Intir Prov Pipe Inter Prov Slnl Kalier Rei MOP Manage Pacific Pete Rainier Teltdyne hist Cdn Seed While Yukon CALGARY Acroll Barons Oil Madison North Conl Weal Warner PIPELINE STOCKS Alia Gas Tr L A Alia Gas Tr L Pld 71.00 Alia Nat Gas 22.50 Inland Nat Gai I3.62VJ N and C Gas 15.00 N and C B Pld 31.50 Pacific Gas Trans Gaz Metro t.tiv, Gaz Merto Pfd A Tr Cdn P 39.50 Tr Cdn P Pfd B 40.D Tr Cdn P Pfd A 72.50 V'T; Tr Cdn P War 1Z.62VJ 4.80 WC Tram 2t.nfi Mutual Ac Mulual Gr I Nil Res N W Fn N W Gr Principal Gr M7V, Royfund j Temp Gr Unllsd Ac Universal Sav VANCOUVER MINES Anuk Arcllc Mining Atlas Explor 4! Belh Norse Brenda "15 Churchill Copr-r croyden Dankoe Varden Dynasty Fort Rellence Glint Meicol Granlsle Kamloops Copper Lornex Lyllon Minerals Silver Stlnderd Texmont Trojan 'PP'r 5.62 1.1 5.44 5.! J.03 7.7 4.75 5.1 S.7I 4.1 4.47 4( 0.2 !.90 e.4 5.11 5.H 7.74 B.5 .11 .33 i.ss .S4 .32 iso MISCELLANEOUS INDUSTRIES Aquatalnt Brlnco Cdn Brew A Cdn Brew B Cdn Pacific Inv Crowsnesl Ind Cygnus A Cygnus B Falcon Copper Gensrar Home A Home B Hud Bay Co Hud Bay Oil WC War 9.40 MUTUAL FUNDS flock Bros All Cdn com 1.45 9.14 B.C. Sugar INDUSTRIALS 3.JO 1987V u 75 All Cdn Divld i.u B.C. Sugar Pld u.oo All Cdn Vent 3.96 4.10 Cap. Infer 6.W 5.17V] 32.00 38.00 Amr Gr F 4.36 7.02 Creslbrook F Ind 3.90 AGF special 1.18 Growers B 3.45 Cdn invest F J.04 5.53 mimi -35 Col Mulual 4.40 4.73 Hys 3.75 Cmnw Inler 15.21 Inlerlor Brew 3.75 Cmnw Lev 3.95 Inter Manner .67 Corn Invesl sr 2.70 .68 .85 Pine Point Placer Dev. Quebec Man Rayrock Radlore Rio Algom Roman Corp. Sherrltt Gordon Silver Miller Sleep Rock Tek Corp. Texmont Upper Canada Western Mlnee Wright Hergreavel 1.15 Wlllroy .80 Wlndlall .10 Yellowknlfe Bear 4.55 Zenmer .07 31.00 25.75 .11 1.31 .24 1.63 11.25 13.75 .0614 2.40 4.55 .54 1.71 3.00 9.85 9.35 .11 .24 34.75 6.15 Ablllbi Alcan AlEoma Steel Atco Ind Atlan Sugar Bell Tel Brazil Tree B.C. Til Burns B.C. Forest B.C. Sugar CAE Ind Cd.n Brew Col Cellulose Cel Power Coron credit C.W.N. Gas Cdn Indust Canada S S Cdn Marconi Cdn Vlckers Chrysler Cominco Cons Bath Cons Gas Dlst Sea Com Bridge Domlar Dam Textile Dom Stores Dome Pele Dofasco Fd of Amer 7.50 18.37V4 13.50 11.00 t.CVA 19.75 66.00 U.12'A 24.25 10.00 5.37Vi 7.50 537'A 2B.12Y1 l.SO 14.50 40.00 3.00 10.75 ;a.37'A 2J.87VJ 8.75 19.50 37.8714 24.50 24.00 14.12'A 61.75 24.87'A 75.00 Can cable Gl Cdn Oil Gen Motors Gl Lakes Pap Gull Oil Cda Greyhound Hawker Sid Huron Erie Hiram Walk Imperial Oil Inl Nkkel Inl Pipe Inv Gp A Inl Utilities Indust Accept Laurenllde Kelly Doug A Loeb Loblew A Metro Stores Messey Ferg McMillan Blot Moore Corp Motions Molsons B North, Cent Power Corp Price Co Rothmans st Law Corp Shell CDA Simpson's Simp Sears Steel of Can Texaco Traders Gp A Trans Mtn Pp Trans Can Pp Union Gas Union Oil Versatile Mtg WeslEel Union Car Weston's B Woodward's A West Cdn Sd Zenith Elec BANKS Can Imperial Montreal Nova Scolli Royal Tor-Dom 5.05 81.25 17.50 28.00 17.00 2.80 28.62'A 4S.25 33.3714 33.37'A 3I.S2Vi 6.75 21.25 12.75 6.12Vt 3.65 17.00 13.50 .2S.62'A 41.12V 31.50 21.75 14.8714 7.25 17.87'A 20.50 37.50 23.25 30.50 27.00 40.75 17.75 23.12V 39.50 14.50 48.00 16.00 15.50 84.00 26.00 4.50 390 57.15% 20.12li 33.25 31.00 33.1214 Interest rates slide By IRVING C. WHYNOT Canadian Press Business Editor Since November of last year, top business firms have been able to get money at six per cent from their bankers, some- thing they couldn't do since the days when Lester Pearson was still prime minister of Canada. The slide in interest rates from historic highs started in late 1969 and rates now arc at their lowest point in four years. The November, 1971, reduction was the latest in Canada but there is some speculation that further cuts in the United States since then may soon bring an- other adjustment in Canadian rates. The general opinion, however, that any reductions here will be minor and involve only the short-term market. Thsre is a general relation- ship between interest rates in the U.S. and Canada but, be- cause of differences in the sys- tems and other factors, they aren't automatically tied di- rectly. There have been several cuts in the U.S. since the last reduc- tion in Canada, without any cor- responding action here. SEVERAL REASONS Financial observers see sev- eral reasons, based mainly on trade and dollar-value consider- ations. The Canadian government doesn't want the value of the Canadian dollar pushed too high because it would harm trade, especially exports which would be more expensive on foreign markets. That means it can't maintain nterest rates too high in Can- ada because foreign Investment would flow into tho country, Forcing tho dollar value upward. On the other hand, lower in- terest rales are generally con- sidered inflationary and the gov- ernment Is trying to control In- flation. WINNERS SHRINE LIONS SWEEPSTAKES lit Early Bonut Draw Deurnbtr 3181, 1971 lit Ban Johnnon, Edmonton, Alia. 2nd Stave Calgary, Alta 600 3rd W. Kendrew, Calgary, Alta. 390 4th Tom and Dorii Gaffney, Victoria, B.C. Prim Winners: George Bouchard, Calgary, Alia. R. J. Wiorl, Cosier, Alto. Leonard Thompson. Milk Hlvnr Alta. R. Armstrong, Caloary, Alia. Lillian Walker, Swalwell, Alta. Myrtle Rintoul, 100 Mile House, B.C. Alwin Anhorn, Torringlon, Alta. Sandy Tureff, Edmonton, Alta. Elizabeth Ritchie, Olds, Alia. Sally Johnston, Calgary, Alta. Ken MacKay, Victoria, B.C. A. K. Melville, Alta. John Ponies, Calgary, Alta. J. S. Wilson, Slettler, Alia. Next Early Bonui Draw February 14th, 1972 Gtt your ticket! now from any member of the Lclhbrldge Shrine Club er clip and mail thil coupon: CLIP HERE Please forward by return mail Shrine-tion Sweepstake quantity Tickets at each. En, closed is my cheque money order, payable lo the Shrine- Lion Swtepslakes Association for PLEASE PRINT: Name Address City Zont Prov...... 'hone No............. (Remittance must accompany coupon) CLIP HERE Mall to: HARVIY N. Hill, Chairman Lelhbridg. Shrlnt Club Sweipetake Comaalgn 931 llth SI. S. lethbrldga Russell answers Socred charges EDMONTON (CP) Munici- pal Affairs Minister Dave Rus- sell replied here to Opposition calls for his resignation, by ac- cusing the opposition of "Mick- ey Mouse" financing when they were ill power. George Ho Lera, Socal Cred- it member of the provincial legislature for Calgary Me- Knight, had said la a Biite- ment earlier he appeaUed to Premier Peter Lougbeed "on non-partisan" grounds to re- place Mr. Russell "before my further damage is done." Grain price review Winnipeg Grain WINNIPEG (CP) Most commodities were fractionally lower on a quiet trade at mid- session of the Winnipeg Grain Exchange today. Flax, which had little ex- porter buying interest, was Livestock report Lethbridga Livestock AFTERNOON SALE Calgary livestock CALGARY (CP) Receipts on the Calgary livetock market to 11 a.m. today were 600 head; mostly mixed grades and classes of slaughter cattle. Trade was strong and active. Slaughter steers were 50 cents higher, haifers fully steady with no strictly choice kinds on of- fer. Cows were unevenly steady to strong, sales to 24.60. Bulls steady. Choice steers 34.75 to 35.20, good 33.75 to 34.75, medium 32.50 to 33.75. Choice heifers .32 to good 31 to 32, medium 29.50 to 31. Good cows 23 to 24, medium 22 to 23, earners and cutters 19 to 22. Good bulls 26 to 27.50. Replacement cattle were all heavy, short-keep steers selling- at steady prices. There were no stock calves on offer. Good feeder steers 750 pounds up 34 to 36.20. Hogs average base price 27.45. down one to two cents and rye was more than one cent lower. Volume of trade Monday In- cluded bushels of flax, of rye and of rapeseed. Mid-session prices: Flax: May 1V4 lower 2.58; July 1% lower 2.45M; Oct. 2H lower 2.57. Rapeseed Vancouver: Jan. lower March lower June 44 lower Sep tower 2.42. Rapeseed Thunder Bay: May iy4 lower July >A lower 2.35; Oct. unchanged Oats: May lower 68; July unchanged Oct. not open. Barley: May lower 1.08; July and Oct. not open. Rye: May 1% lower July 1% lower Grain quotes Monday (basis High Low Close Flax May -259 259V4 Jly 256% 256 256 Oct 259% Rapeseed Vancouver Jan 252% 250% Mar 251% 246K 247Vs Jun 248 245S 245M; Sep 244 242% 242% Rapeseed Thunder Bay May 236% 235 235% Jly 239 235V. 235% Oct 235V4 .Oats May 6f.rt 6814 68% Jly 68% Oct 70 Barley May 10814 108% 108'4 Jly 108 Oct 109 Rye May 103 103'i Jly 101% 100% lOO's He Bald the government had blundered In freezing (he Al- berta Housing Corporations di- rect mortgage program, in not removing the ceiling of mil- lion of municipal grants, in cancelling the task force on ur- banization and approving a new Hutterite colony despite mis- hading information provided on it. Mr. Russell said it was a "Mickey Mouse" method of fi- nancing that led to funds in an Alberta Housing Corporation program of direct mortgage lending program "petering out" at the end of 1971. NO FUNDS LEFT It came to his attention at the end of last week that there were no funds left in the pro- gram and he has had discus- sions with Provincial Treasurer Gordon Mlnlely in an attempt to inject additional money, into it [or the remainder of the cur- rent fiscal year ending March 31, Mr. Russell said. The previous Social Credit administration had financed the program through a bank overdraft, he added. 'We now find ourselves with a million bank overdraft that has to be paid. Another 52 mil- lion is needed to cover applica- tions pending and probably an- other million to carry through the next three months." Mr. Ho Lem had said the government blundered in freez- ing the corporations mortgage program. Mr. Russell said Mr. Ho Lem should not be so impatient on the million ceiling on muni- cipal grants, adding that the government has always said it is willing to give consideration New York stocks (Supplied By Richardson Securities ot Culdl) Amr T and T Anaconda Beth Steel Chrysler Dupont Gftf Gull Int Harvester Kenn Copper 45.UV4 Sears 97.75 10 Base Metals off .20 1625 Std Oil of N.J. 74.00 15 Western Oils eft 1.39 27.00 Texas Gull Volume Woolwortn U.2S NEW YORK AVERAGES Wesllnghouie Elec 44.25 30 Industrials up 1.36 2J.2S 152.00 81.25 81.15 U.S. Sleel 31.62'A 20 Rolls up .44 27.00 TORONTO AVERAGES 15 Utilities off .16 29.75 20 industrials oil LIB 45 stocks up .35 21.50 20 Golds up 1.31 Volume Beef futures WINNIPEG (CP) Live beef futures dose Monday. Mar. 34.87N; May-34.50; July 32.90N. No contracts Friday. to municipalities that dem- onstrate particular hardship. Ttje minister said the talk force on urbanization and tin future has not been cancelled but will continue working with reduced staff and quota and re- duction in length of the study through a decision taken with full concurrence of the task force board of The Hutterite problem could have been prevented by t num- ber of persons "including i couple of defeated Sodal Cred- it cabinet ministers who had copies of Mr. Russell said. Firm pays for seat TORONTO (CP) Peters, Hugo and Co. Ltd. of Calgary has purchased a seat on the To- ronto Stock Exchange lor The board of governors of the exchange said it has approved the transfer of the seat, for- merly held by Annett Partners Ltd. Pending acceptance of the company's application for ex- change membership, the seat will allow Peters, Hugo and Co. to trade on the exchange floor. Kraft company founder dies CHICAGO (AP) John H. Kraft, 80, youngest and last of the five brothers who founded Kraft Foods, died here. Until his retirement in 1953, the Canadian-born Kraft was presi- dent and later board chairman of the Kraft Food Division of Kraftco Corp. MEN'S WEAR MANAGER Must be ambitious, wilh good selling and buying background. Excellent opporlunily wilh profit iharina benefits in established men's wear. Send full resume of background to: Box H-270 Calgary Herald "Why you likely need this S (torsion bars extra) wheel alignment "Even before we see your car, we'll hazard a guess that you need a wheel alignment. "The fact is, every car does from time to lime. Noimal road vibra- tion gradually puts the front wheels out of align- ment. Hitting a curb or other obstacle can make it happen all at once. "If it gets bad enough, you'll feel it in the handling of your car- But before you notice it, lha damage may have been done. To your tires. Because faulty alignment is murder on tires. "If ihe wheels don't track true, the tires are scrubbed and scraped along the road. Wheel wobble gouges out chunks of tread rubber. If the camber (or wheel slope) is wrong, you'ra riding on tho outer or inner edges of the tires. Toe in or toe out does more damage. "It doesn't take many miles of that kind of punishment 10 finish off a tire. Thousands of miles loo soon. "As tire people, we hate to see tires go through that kind of torture. Even if they're not Firestone's. "But tire wear isn't all the damage that faulty alignment can cause. Wheel vibration can shake up other parts of your Riding System. To cause even more troubla. "So it certainly makes sense to have your align- ment problem solved. Now. Especially sinco we'll do it right, for only Now at thoso Firestone Stores. Corner 3rd Ave. and 8th St. S. Phone 327-8548 ;