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Lethbridge Herald Newspaper Archives

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The Lethbridge Herald (Newspaper) - January 28, 1974, Lethbridge, Alberta 20-THE LETNMIPOI HUMID Monday, Mnuwy Jan.25 210.58 Jan. 25 237.48 Montreal Industrial Index Toronto Industrial lite Herald AVtKAGt Of III; JONES 30 INDUS TRIAIS Indexes up Industrial indexes on the Toronto and Montreal Stock Exchanges made small gains last week. At the close of trade Friday the Toronto index stood at 210.58, up .39 from last week's close. Montreal rose .46 to finish the week at 237.48., Money-grabbers penalty stiffened Market steady The stock market held level last week.with the Dow Jones average closing at 859.39 Friday, a slight gain of 3.92 from the week prior. The Associated Press average gained 0.3 over the same period to close at 288.1. Analysis attributed the sluggish market to in- vestors adopting a wait-and-see attitude due to de- velopments in the world energy situation. American dollar slumps on world market exchanges VIENNA (Reuter) East- ern European authorities still are struggling to exorcise the "devil of acquisitiveness" which continues to haunt the Eastern Bloc of countries after more than a quarter of a century of Communist con- trol. Socialist planners are fight- ing to contain the stubborn wish for bigger and better material possessions. Punishments for embezzlers and "money- grabbers" have been stiffened in an attempt to deter greed and money-worship. In the Soviet Union, it was reported early in the new year that the director and ac- countant of a fruit-juice fac- tory were executed for leav- ing the fruit out of the juice. They kept up the fraud for two years, pocketing the fruit budget. In Rumania, a government official was executed last Oc- tober for taking bribes from foreign businessmen. The Bulgarian Supreme Court last year jailed the head of the merchant navy for 20 years for fraud. Hungary has begun a vigor- ous press campaign against economic fiddling and the de- sire for luxury possessions, which, according to the press, "can produce a drug-like ef- fect, which not only dazzles, but actually divests a person of his original character." The revival of the acquisi- tive spectre in Hungary is partly due to the introduction of a Liberal economic reform program six years ago. This loosened the rigidly-controlled economic structure and gave a tentative nod to competition as a business incentive. Although the reforms recog- nized the profit motive and allowed prices to fluctuate with supply and demand, the planners emphatically denied any return to capitalism. But as trade restrictions eased, more and more con- sumer goods appeared seduc- tively in shop windows. Some Hungarians fell to the tempta- tion of buying articles they did not need and could not afford. LONDON (AP) The United States dollar slumped on European exchanges today, apparently in reaction to heavy demand for the U.S. currency last week. The London stock market, meanwhile, was hit by a wave of selling that sent prices Standard Oil income increases CLEVELAND, Ohio (AP) Standard Oil Co. of Ohio an- nounced today a J5.5-million decrease in net income for the final quarter of 1973 but a increase of net in- come for the entire year. The company said its net in- come for 1973 increased 55 per cent over that of the previous year. Other major oil com- panies have also showed increase. Sohio's net income for 1973 was 189.4 million, compared with 157.5 million in 1972. The company said its net income was 911.6 million in the final 1973 quarter, compared with million in 1972. The oil firm reported 1973 earnings were a share, compared with in 1972. Per-share earnings in the fourth quarter for 1973 were 31 cents, compared with 47 cents in 1972. Mobil Oil Co. said Friday, that its profits rose 47 per cent last year. Exxon Corp., the largest U.S. oil company, .an- nounced earlier in the week that it had a 59-per-cent in- crease in profits in 1973. Cities Service and Union Oil of California have reported profit gains of close to 50 per cent, and Texaco has said its profits were 45 per cent higher. Sohio's lower earnings in the final quarter were attributed to increased costs not recovered in petroleum product prices because of Cost of Living Council rules, the company said. down sharply under the in- fluence of the threat of a country-wide coal strike that might cut the industrial work week to two days a week from three. A one-day wild-cat strike on the state-owned rail system also added to investor gloom. The price of gold moved up to an ounce in Zurich but declined by to in London. The dollar dropped almost three pfennigs from Friday's level to reach 2.8110 marks in morning trading in Frankfurt. It was down almost 3Vz cen- times at 3.3410 Swiss francs in Zurich and fell almost three centimes in Paris to 5.2150 francs. In London, the pound shrug- ged off the gloomy news at home to climb steadily during the morning to reach up almost one cent from Friday. Selling hit every sector of the British stock exchange ex- cept for gold-mining stocks which remained firm in line with the metal. The Financial Times industrial index was down eight points at 308.3 by mid-morning. CASH IN CIRCULATION By the end of 1971, notes to- talling million and coins totalling million were in circulation in Canada. Suggests businessmen work with government EDMONTON (CP) Grow- ing government involvement in planning and directing the country's economy is a fact of life that must be accepted by private business, says Norman Smith, president of International Harvester Canada Ltd. Mr. Smith, speaking to the annual meeting of the Alberta Implement Dealers' Association, said there is a trend to government par- ticipation in "every sphere of life and every economic sec- tor." Businessmen can deplore and ignore government in- volvement in agricultural production but the challenge today is to welcome govern- ment bodies as part of the production partnership. "He can recognize the ex- panding role of government.. and do everything possible to influence its planning and Mr. Smith said. He said private businessmen must ask themselves how they can help ensure that the "well- intentioned efforts of New aluminum alloy found by British research team Business Stock prices up in active Stocks Miscellaneous Vancouver, Calgary, Montreal Midland poherty WESTERN Trust 26.00 AND 5.75 Alton 4.10 Albany 8.00 Cdn Seed 4.00 Min .1.18 A Pfd Alta East Yukon Brenda LINE STOCKS Can Gas A 11.50 Cdn Ex Gas Pfd 65.00 Cdn Nat Gas 18.50 Cdn ind Gas Nat Gas 10.00 Cdn Long Metro 5.87 Metro A Pfd 65.00 Cdn and C Gas 12.50 Dome and C B Pfd 24.00 Trans 10.50 Fort Canada Pipe 33.00 Giant Can A Pfd 61.25 Gibraltar Can 8 Pfd 37.00 Can War 5.50 Gt 24.00 Gt Cdn Oil Trans Wts 4.35 .Lochiel CALGARY Lytton .70 Noble Oils .06 North Cdn Continental .02 Warner .28 Pancdn Pan Explor .32 Norse 1.27 Place 2.60 .54 Varden .48 Scurry .18 9.50 .13 Total j .14 Ulster Stand: 2.04 United Copper 10.25 West West Brewf 2.95 indust .14 1.55 Acres Pete .85 BC Sugar A Pete .21 Block Explor .68 Cdn Pac Inv A Intl Res .78 6om Cap FUNDS Carling O'Keefe A Cdn Compound 6.58 7.15 Carling O'Keefe B Cdn Dividend 6.95 7.56 Crestbrook Cdn Ventures 3.44 3.74 Crowsnest Grow F 4.82 5.30 Falcon Special 2.56 F and M Trust Invest F 4.89 5.37 Mutual 5.12 5.62 Global Comm Inter 13.27 13.27 Home Leverage 3.15 3.15 Home Venture 5.52 5.52 Hud Bay Investors "6.22 6.84 Hud Bay Invest S F 4.81 5.29 Hud Bay A Fund US 10.62 11.64 Hugh Income Shares 3.05 3.35 Husky Equity 7.30 8.02 Husky B Grow F 11.73 Husky D Mutual 5.63 6.15 Husky E Accum 5.86 6.45 Hys of Grow F 3.20 3.52 Inter Prov Resources 4.81 5.29 Inter Prbv 5.11 5.62 kaiser Growth 4.43 4.87 Loblaw C Grow 4.34 4.77 Mutual 7.28 7.96 Pacific 6.72 6.99 Pac West Grow 7.26 7.95 Pe-Ben Accum 4.56 5.01 Rainier Savings 7.88 8.67 politicians and civil servants" achieve the most fruitful results. The government is the fourth member of a partnership that must exist for the continuing progress of the agriculture industry. Canada's remarkable agricultural productivity is the result of the collaboration between implement dealers, manufacturers, and farmer- producers, Mr. Smith said. Implement dealers have been the link between the farmer and the manufacturer, helping to keep producers abreast and ahead of agricultural trends, while manufacturers have played a key role in improving produc- tion tools. Mr. Smith said farming has become more business-like in order to survive and meet the challenge of growing world food needs and long-range planning must play a greater role in management. Only the government can provide such long-term plann- ing which is so vital to the in- dustry. LONDON (CP) British metallurgists have come up with a new aluminum alloy which they claim is the first of its kind capable of being moulded into complicated shapes. What's more, it stretches. The superplastic alloy, call- ed Supral 150, is the result of seven years' research work by Tube Investments and its associate company, British Aluminium. Unlike conventional alloys, UFEMSUMNCE (IrfMMM MOHTM1Y fMMUMt rfltilt 111.74 KEN BELSHER OCCIDENTAL LIFE HOUOAYmiMM which extend only a small amount before breaking, Supral 150 can be stretched to 10 times its length during the manufacture of components. The new metal also retains its strength and shape at temperatures up to 300 degrees. Existing zinc-based alloys retain their plasticity only at relatively low tem- peratures and can even be dis- torted by sunlight. TI says the big advantage of what is the first practical commercial alloy with superplastic properties is that inexpensive can be used instead of costly special tools needed for press- forming. The metal sheet is formed over or into the mould by low pneumatic pressure. Fine detail and deep three- dimensional shapes cm easily be .reproduced. Although it has great plasticity, Sapral 150 is claim- ed to have the same physical properties of conventional Toronto mines, industrials (Supplied by Richardson Securities of Canada) aluminium alloy with high tensile strength. It will be clad on both sides with pure aluminium to protect it from corrosion and to enable it to. be produced with any sort of finish. The new alloy is said to have wide potential in engineering, aerospace and architecture. It will become feasible to produce aluminum com- ponents in limited numbers, something that has previously been impractical because of the high cost of press tools. LIVING COST UP TOKYO (AP) Japan's consumer price index for 1973 was up 11.7 per cent from 1972, mainly because of the oil crisis, the prime minister's office announced Friday. In December alone, the index was per cent from a year earlier. The year-to-year rate of gain was the highest since iftl. Tel Advocate Forest Sugar A Broulan Valley Ind Ind O'Keefe Can. NW Land Canada Tung. Cassiar Central Pat. 3.00 11.60 1.10 1 Cdn Cellulose Cal Power Coron Credit CWN Gas Pfd Conwest Cons. Industries Cdn Marconi Coin Vlckers Craigmont Olckenson Mines Denison 7.37% Cominco Cons Bathurst D'Eldona Dome Gas Dist Seagrams Discovery Mines East Malartic East Bridge Domtar Dom Stores Falconbridge FrObex First .27 Pete Dofasco Glendale Mobile Giant Y.K. Cdn Oil General Motors Hollinger Hudson Bay Lakes Paper Gulf Oil Cda Hydra Ex. Iron Hawker Sid Walker Joliet Erie Kerr Oil Key Nickel Lake Pipe Langis Group A Madsen R.L. Malartic Int'l Indust Accept Martin- McNeely" Maclntyre 50.25 Kelly Douglas A Laurentide Intern Mogul Nu West Homes New, Athona New 8.75 .20 A Metropolitan Massey Ferg McMillan Bloed Corp Northgate A Molsons B Pine Placer Cent Pax Corp Quebec Co Rayrock Shell CDA Rio Algom Roman Simp Sears Sherritt Canada Steep A Sunnlngdale Tek Corp A 4.75 Traders Grp A Trans Mtn Pipe United Canso .Western Can Pipe Union Carbide WH Copper Gas Wright Hargreaves Willroy 1.32 Oil United Siscoe Versatile Mfg Yellowknife Bear B A Cdn Seed Elec Algoma Atco Ind Imperial Agra Scotia Bell Brascan Dom 51.00 14.25 17.50 20.50 28.12% 14.87% 8.12% 14.15 5.12% 22.62% 2.25 10.12% 3.65 15.25 17.25 15.75 33.75 26.37% 17.37V2 41.50 36.50 21.12% 12.50 42.62% 28.37% 7.62% 11.00 49.50 24.00 32.12% 18.00 5.12% 49.50 27.50 40.62% 28.37% 37.00 8.25 16.62% 17.37% 4.50 4.90 9.25 3.65 4.95 11.25 16.75 29.25 49.87% 22.62% 21.50 7.37% 12.37% 10.00 13.50 14.50 19.37% 7.87% 11.00 29.37% 13.75 50.50 14.87% 14.75 33.00 15.87% 9.87% 13.25 7.12% 6.50 19.25 19.12% 19.25 4.00 2.65 27.62% 19.62% 36.50 34.75 34.12% TORONTO (CP) Prices on toe Toronto stock market were fractional- ly higher in active mid-morning trading today. The. industrial index, considered: the main indicator nf rr.arkel trend, was up .22 tu 210.80. base metals 1.45 to 10S.56 and western oils .63 to 266.99. Golds were off 7.83 to 547.34. .Volume by 11 a.m. was 1.23 million shares, down from 1.43 million at the same time Friday. Advances outnumbered declines 152 to 145 with 185 issues unchanged. Food processing, paper and.forest, pipeline and steel stocks were among advancing sectors of the market while merchandising, utility, industrial min- ing and communication groups de- clined. Canadian General investment rose 1 to Nabors Drilling 2 to Tex- asgulf -'K to Aquitaine to and Systems Dimensions to 113 Canadian Tire A fell m to Banister 1 to First City Finan- cial 'a to and Inco to Campbell Chibougamau gained i. Placer'. i to {23V and Dynasty V to Campbell Red Lake lost ;U to i and Camflo to Siebens was up to and Great Canadian Oil Sands i to t. Ranger was off to MONTREAL (CP) Prices were generally higher in light trading on the Monfraa'l Stock Exchange Monday. Volume at 11 a.m. was shares, compared with at the same'lime-Friday. Papers rose .92 to 123.30. industrials .68 to 238.16. the composite .50 to 221.56. and utilities .44 to 140.54 while banks fell .73 to 262.67 Great Lakes Paper Co. rose to J24, BP Canada to Canadian Cellulose Vto and Imasco Ltd. to i while Francana Oil and Gas fell to Among speculative 'issues, Mac- donald Mines Ltd. rose eight cents to on a volume of 30.600'shares. VANCOUVER (CP) T- Prices were up in heavy trading at the close Friday on the Vancouver stock exchange. Volume for the day was shares. In the industrials, Woodwards led trading, up .25 at on shares. Newmark Resources was unchanged at on 8.500 shares. Block Bros, was up .10 at on Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Monday from the Calgary public stockyards totalled 50 head, practical- ly all cows. There were1'insufficient slaughter cattle on offer to establish a market. There were also no replace- ment cattle or stock calves on offer. Hogsf.o.b..tollam.: 47.10, Preliminary slaughter fieures for week ended Jan. 26, Alberta hogs beef 21.408. Canada hogs beef Fort Matlaod FORT MACLEOD On offer by Fart Macleod' Auction. Market last week were 1.455 cattle and calves. All classes of stackers, feeders 5nd slaughter cattle sold easier than last week except fat heifers which were about higher. Heavier weight classes of .feeder cattle sold actively. Light weight feeder cattle and calves sold under pressure due to the increased feed costs and the lower fat trends. SLAUGHTER CATTLE Al and A2 steers 52.20 to 53.; A3 and A4 steers 50.80 to 51.90; Al and A2 heifers 46' to 46.80: A3 and A4 heifers 44.60 to 45.85: Dl and Dl cows 31 to "33.80: D3 and D4 cows 26 to 30.: Bologna bulls 38 to 42.25. STOCKERS AND FEEDERS Good short keep feeder steers (900 to pounds) 51.10 to 53.25; good ranch yearling steer? (700 to 800 pounds) 53 to 55.35. Good heavy feeder steers (550 to 700 pounds) 51 to 55.90: good quality steer calves 1400 to 500 pounds) 52. to" 58. Heavy feeder heifers (700 to 850 pounds) 41 to 44.90: Heifer calves Sold from 42 to 50. New York (Supplied by Richardson Securities of Canada) Amr. 141 Anaconda Beth. StMl Chrysler Comsat Oupont General Motors 'Gull Int. Harvester Copper. Montgomery ward Sears Exxon Texas GuN Texas Co. Wix Corporation 26.25 34.87 Vi 155.50 5025 22.75 40.00 22.25 88.00 85.00 29.25 14.50 18.25 24.00 46.0 shares Delta WM unchanged tl 25 and Pace Industries wis unchanged at .CO. In the mines. Northair was up at on 33S.100 shares. Greco was down 03 at .K on 107.000 Brendon Ltd. was up ,0) at .41 on: 105.300 shares. Arcadia up .01 at .M on M.OPO shares. Arcadia was up .01 at .34 on 96.000 shares was up .OS at .19 and Northair warrants was up .34 Inithc oils. August PetroleiM.was up .01 at .88 on a turnover of. 3t.lM shares.: Alaska Kenai was up .06 at on 35.200 was Bp OS at on 33.700 shares. Chapparall was unchanged at .10 on 2S.500 shares. Seneca up .05 at and Rose Pass was up .03 at .44. NEW YORK (AP) The stock market continued its slow but steady downward drift today amid uncertain- ties over the Mideast. The Dow Jones average of 30 in- dustrials at noon was down 5.53 td 853.86. while advances" and declines were about even on. the New York Slock Exchange. The prime-rate reduction, ahy nouhced by several banks gave a boost to the market, brokers said, but thii was not sufficient to .overcome Mideast and economic worries. On the American Stock the market-value index at noon was up .23 to 97 11. while the NYSE composite index was off .20 to 51.46. Other NYSE prices included Minnesota Mining, off -1 to Sohio. which quarter profits, down to General Motors, up "4 to Allied Chemical." down 'A .to and Anaconda, off'A to Among Canadians on the New York exchange. .Alcan was down at Canadian Pacific was down '4 at and Mclntyre was off .'i at Dome Mines was up at; Hud- son's Bay up at and Inter- national Nickel steady at Hog prices EDMONTON (CP> Average prices to 11 a.m. Monday provided by .the Alberta Hog Producers Marketing Board with Friday average: in brackets: Edmonton: 46.80 Calgary: 47.10 Red Deer: 46.85 Total hogs sold to 11 a.m. 515. Total hogs sold Friday average 48.96. Price of sows 34.55.' MONTREAL (CP) Monday's mid- day foreign exchange nominal selling supplied by the Bank of Montreal: Australia dollar Bermuda dollar 1.02 China renminbi .4925 kroner .1550 France franc financial Germany mark forint .0545 Italy lira commercial .001525 Japan yen .003340 Mexico peso .0805 Switzerland franc .2990 United States dollar .9925 i; United Kingdom pound 2.2050 U.S.S.R. ruble 1.3395 Quotations in Canadian funds. Dollar valiM MONTREAL (CP) U.S. dollar In terms of Canadian funds at noon today was down 1-10 at .7-50. Pound sterling was up 97-100 at In New York, the Canadian dollar was up 1-10 at 43-50. Pound sterl- ing was up 1 1-5 at 2-S. Winnipeg grain WINN. JG (CP) Light action at the open turned into virtually non- existent trading at mid-session today on the Winnipeg Commodity Ex- change. Oilseed prices continued tnsir down trend, while rye rallied. Flax was easier by as much as 28% cents a bushel, while rapeseed was down 15 cents in one month. Rye ranged between 5% and nine cents higher than Friday's close. Friday's volume of trade was bushels of flax. 2.618.000 .of rapeseed, 764.000 of rye. and no oats or barley. Mid-session prices: Flax; May 28% lower 11.38A; .July 15'z lower 10.68A; Oct. 10 lower 10.15A; Nov. unchanged 10.45A. Rapeseed Vancouver: Jan. 6 lower 7.87A: March 13 lower 7.39B; June 15 lower 6.70B: Sept. 10 lower 6.55A. Rapeseed Thunder Bay: May 9 lower 6.69B; July 8 lower 6.61BA; Oct. un- changed 6.50A: Nov. unchanged 6.39A. Rye: May 9 higher 3.65B; July 5'A higher 3.44B: Oct. and Dec. not open. LONDON (AP) -.Closing metals in pounds sterling a metric ton: silver in pence a. troy-once: 956-960; futures 936- 937. Tin-spot Lead-spot 261-262; futures 266-266.5 735-745; futures 626-627.- 178.7-179.1; 3 months 186-186.1. Earnings By THE CANADIAN PRESS Bell Canada, year ended Dec; 31: 1973, million, a share; 1972, million, Caiadian Equity ud DevelcpmeM Co. Ltd., year ended Oct. 31: 1973, 77 cents a shafc: 1973 49 cents. Richard .Cottain Ltd., year ended Dec. 31: million. a share; 1972, cents. Imperial Oil Ltd., year ended Dec. 31: 1973, million, a share; 1972, million, United FiwmcUl MiMgtfneiit Ltd., year ended Dec. 31: 1973, 23 centsashare; 1972, cents. WALLED CITY Quebec is North America's only walled city. Woolwortn Westinghouse Elec. U.S. Steel Gen. Tel. Elec. 26.62% TORONTO AVERAGES 20 industrials 210.80 up .22 20 Golds 544.33 down 10.80 10 Base Metals 104.37 up .26 15 Western Oils 266.84 up .48 volume NEW YORK AVERAGES 20 Industrials 854.85 down 4.83 20 Rails 188.06 down .88 15 Utilities 93.17 down .28 65 Slocks 271.94 down 1.30 Volume Registered Retirement Savings Plan 'B' Now at HIGH INTEREST 9 TAX SAVINGS Hi MfrinfsiTttttN Ctarits PLAN "A" SELF ADMINISTERED NOMINAL FEES fwn PhOfM32S-S94l I f I ;