The Lethbridge Herald (Newspaper) - January 29, 1974, Lethbridge, Alberta
Assembly line Inside a mobile home plant is seldom quiet, always busy. Bendix Home Systems, located near the airport, is the city's lone manufacturer of mobile homes now putting out up to four units per day. The tempo will pick up in early spring as the plant beefs up to face the prime selling period. Foreign banks seek part of new Arab oil wealth BEIRUT (AP) Foreign banks are scrambling into the banking scene in this Lebanese capital to get some of the new wealth flowing into Arab coffers as a result of oil- price increases. The Arabs' take on the crude oil they sell the big Western companies has jumped more than 400 per cent in the last year, to a barrel from The Arab oil states are expected to earn about billion dollars this year, and much of the money Wheat production situation tight OTTAWA (CP) Although there has been an increase in wheat production, the situation remains fairly tight and world stocks will be at low levels by July 31, S. W. Garland, a federal agriculture economist, said Monday. Mr. Garland told the, opening day of the annual Agricultural Outlook Conference that prices will remain current levels but the low level of supplies in the main exporting countries makes price prediction more hazardous than usual. A record world rice crop might have a dampening effect on the world food grain prices, but rice stocks were also low and this suggested that any price decline in either commodity would be small. He said Canadian wheat supplies are 120 million bushels less than in 1972-73 and since it will be impossible to maintain the export and domestic use level of last year Crop outlook OTTAWA (CP) Prairie farmers are expected to commit 28 million acres to wheat .this year, up almost four million from the 1973 crop, the agriculture department said Monday. Other crops and anticipated acreage (in millions) for 1974: Oats 5, barley rye .6, mixed grains .9, flax 2.0, rapeseed, 3 to 3.25, hay and pasture 13.0, and miscellaneous 1.0. without a further stock reduction, a reduction is expected. Mr. Garland predicted that wheat exports this year could reach 500 million bushels. "However, internal transportation difficulties and possible external transportation problems arising from the world energy problems could prevent the realization of this export level." Feed grains sale price increased WINNIPEG (CP) The Canadian Wheat Board today announced changes in domestic selling prices for prairie feed grains. The changes, based on a survey of off board prices, go into effect immediately and are as follows: No. 3 Canada western red spring wheat a bushel; No. 1 feed barley and No. 1 feed oats The board said the survey showed that the weighted average price for feed wheat is up 5% cents a bushel from the previous survey, feed barley is up 3% cents a bushel and feed oats is up 6% cents. The domestic prices are basis Thunder Bay or Vancouver. eventually will be channelled through Beirut. At least five major foreign banks bought controlling shares in Lebanese banks in the last year, and at least seven others are shopping. The newcomers include the Bank of America, American Fidelity and Chemical of New York. Banking sources say others lining up to get in include First National of Boston, Irving Trust, Manufacturers Hanover and Wells Fargo. Some have al- ready opened offices. At present, 42 of the 75 char- tered banks here are controlled or owned by foreign interests. They account for 60 per cent of Lebanon's total bank deposits, which local bankers estimate at just less than billion. HANDLES CREDITS But the lure for foreign banks here is not just deposits. Beirut as the Arab world's chief .financial window also handles minions in investments, credits, development projects and other financial trading. One banker pointed out that last year Saudi Arabia's sheiks had to struggle to spend and. invest billion of their oil income. "Now what are they going to do with billion this he asked. "It's a problem of diver- sification in terms of currency holdings, geographic holdings and investment holdings so they can weather any individual financial crisis. Finding yielding and productive homes for all these not going to be easy. Fifty billion will be hard this year. But what about the second 50 billion next year? And the third 50 billion? And the year after that? "We are used to dealing with shortage of capital. That's a traditional problem with traditional solutions. But a surplus of capital is something new to deal with. People don't yet understand the consequences of this." GLACIAL RIVER The Saguenay River in Que- bec is a true glacial fjord. Kaiser Resources reports net earnings share hike VANCOUVER (CP) Kaiser Resources Ltd. Monday reported net earnings in 1973 of or 22 cents a share, based on a weighted average of shares outstanding during the year. Earnings before extraordinary income of or four cents a share amounted to or 18 cents a share. The results include a foreign exchange gain of Sales for the year were Last year's results compare with a loss in 1972 of or a share, based on 10 million shares outstanding, including an extraordinary charge of or 74 cents a share. Sales in 1972 were Edgar Kaiser Jr., president and chief executive officer of the mining company, said a record long tons of coking coal went to Japanese customers in 1173, compared with long tons in 1172. During the fourth quarter of 1973, the company shipped long tons of coal, compared with long tons in the same quarter of 1972. "The improvements shown in the fourth quarter earnings in 1973 versus those in 1972 are attributable primarily to higher coking coal .prices obtained under our revised sales contract, higher shipment and production levels, and lower interest costs resulting from completion of our 1973 equity Mr. Kaiser said. Mr. Kaiser said the company expects to issue warrants to its public shareholders within a few weeks. The issuance of warrants planned for the fall of 1873 was delayed in order to ensure that the company fully complied with regulatory agency requirements, he said. The warrants, which will entitle public shareholders to purchase one new share at for each share held, will be transferable and will expire Dec. 31, 1976. Grain quota change made WINNIPEG (CP) The Canadian Wheat Board today announced quota changes for hard red spring wheat and all grades of barley effective Feb. 4. The five-bushel-an-acre quota for hard red spring wheat has been extended to four additional shipping blocks; Keewatin, Assiniboia, N.A.R. East and G.S.L. Railway. The ten-bushel-an-acre quota for all grades of barley has been extended to Hanna South, Hanna W.est, Assiniboia, Swift Current, Outlook, Medicine Hat, Calgary, Red Deer and Edmonton CP. The Herald- it, 1t74 THI UTNMMOOI HHIALO It Business Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited WESTERN Trust 26.00 AND 5.75 Afton 4-10 Albany fOC Cdn Seed 4.00 Mln 1.20 A Pfd 59.12% Aita East Gas BP Yukon 8.87% PIPE LINE STOCKS Brenda QUA 11-75 Can Gas Pfd 64.50 Cdn Ex Nat 18.62% Cdn Nat Gas 10-00 Cdn Ind Gas Metro 5.87% Cdn Long Metro A Pfd 65.00 and C Gaa 12.62% Cdn and C B Pfd 24.00 Dome Trans 10.50 Can Plow 33-50 Fort Can A Pfd 62.25 Giant Can B Pfd 37.00 Gibraltar Can War 6.25 Trana 24.00 Gt Trans Wtt 4.35 Gt Cdn Oil Lochiel -70 Lytton OIK -08 Noble Continental .02 North Cdn Warner .28 Pancdn Pan Explor -34 Norse 1-40 2-60 Place -57 Varden .49 Ranger Res -20 Scurry 9.50 .14 Spooner Total .13 Silver Standard 2.30 Ulster Pete United Copper 10.25 INDUSTRIALS West Brew 2.95 W Industries -14 1.55 Pete -86 Pete -21 Acres Explor -68 Intl Res .84 BC Sugar A FUNDS Block Cdn Compound 6.53 7.10 Cdn Pac Inv A Cdn Dividend 6.90 7.50 Com Cap Cdn Ventures 3.48 3.7B Carling O'Keefe A Grow F 4.78 5.25 Carting O'Keefe B Special 2.54 CrestbrooK Invest F 4.89 5.37 Crowsnest Mutual 5.12 5.62 Falcon Inter 13.40 13.40 F and M Trust Leverage 3.17 3.17 Venture 5.59 5.59 Global Com Investors 6.18 6.79 Home Invest S F 4.83 5.31 Home Fund US 10.62 11.64 Hud Bay Pacific 451 4.92 Hud Bay Incomes Shares 3.04 3.34 Hud Bay A Equity 7.28 8.00 Hugh Russell C Grow F 11.76 12.85 Husky Mutual 5.64 6.17 Husky B Accum 5.85 6.43 Husky D Grow F 3.22 3.54 Husky E Resources 4.83 5.31 Hys of 5.13 5.64 Inter Prov Growth 4.44 4.88 Inter Prov Grow 4.37 4.80 Kaiser Mutual 7.29 7.97 Loblaw C 6.72 6.99 Growth 7.30 8.00 Pacific Accum 4.55 5.00 Pac West Savings 7.90 8.69 Pe-Ben 5.69 6.26 Rainier S'.8o 6.36 Toronto mines, industrials (Supplied by Richardson Securities of Canada) Forest Advocate Sugar A Valley Ind Ind Cellulose Can. NW Calgary 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 Douglas A A Intern Nu West Ferg New Bloed Corp A B Pine Placer Cent Pax Corp Quebec Co CDA Rio Roman Sears Sherritt Canada Steep A Tek Corp. Grp A Mtn Pipe United Can Pipe Western CarbidP WH Copper Gas Wright Oil Siscoe Mfg YeUowknife A Cdn Seed Elec Algoma Atco Ind Imperial Agra Scotia Bell Brascan Prices on stock market continue higher trend TORONTO (CP) Prices on the Toronto itock market remained moderately higher in active mid- morning trading today. The inditttrial Index, considered the main indicator of market direction, was up 47 to 211.45, base metals .09 to 106.10 and western oils 1.55 to Mt.Tt. Golds were off 16.0 to 517.03. Volume by lla.m. was 1.31 million shares, up from 1.23 million at the same time Monday Advances outnumbered declines 180 to 133 with 170 issues unchanged. Chemical, paper and forest, merchandising and trust and loan sectors of the market were higher while communications issues were lower. Wetted Rosco rose 1'4 to Home Oil A1 to B.C. Telephone 1V4 to IAC '-4 to (17% and Toronto Dominion Bank 'A to Nabors Drilling fell fe to and Noranda A Gibraltar Mines increased Vt to Placer to and Hudson Bay Mining H to Campbell Red Lake was off 4 to and Giant YeUowknife to Ranger Oil climbed 1 tt to and Siebens Vi to ScurryRainbow lost to MONTREAL (CP) Prices in all sectors but banks moved higher in light trading on the Montreal Stock Exchange today. Volume at 11 a.m. was shares, compared with shares at the same time Monday. Utilities rose 1.18 to 140.84, the composite .40 to 221 94, industrials .24 to 238.391 and papers .08 to 123.54 while banks fell .18 to 264.29 Consumers Glass Co. rose 1V4 to Palconbridge to Aquitaine Co. of Canada V4 to and Canadian Pacific Ltd. V, to while Hudson's Bay Oil and Gas fell to Among speculative issues, Silver Stack Mines rose seven cents to 57 cents on a volume of shares. VANCOUVER (CP) Prices were mixed in heavy trading Monday on the Vancouver Stock Exchange. Volume was shares. Most active industrial issue at the close was jolly jumper, unchanged at on a volume of shares. lonarc traded unchanged at 80 on a volume of Newmark Resources was unchanged at after a turnover of Canterra was unchanged at 20 on a volume of Bank of B C. Trust units dropped .12'i to and Hobrough was up .OS at Leading mines issue was Gold River, unchanged at .91 on a volume of shares. Northair rose .05 to on a volume of Brendon Ltd. was up .03 at .44 on a volume of Silver Standard was up .35 at on a volume of Consolidated Fortune Channel rose .01 to .22 and Dolly Varden was up .04 at .48. Seneca Developments was the most active oil issue, down .06 at on a volume of 54.072 shares. Princess rose .03 to .24 on a volume of August Petroleum dropped a cent to .85 on a volume of 21.450, Coinex Resources rose .10 to on a volume Rose Pass was up .04 at .48 and Vargas was down half a cent at .17. 'NEW YORK (AP) Tfte stock market drifted lower today but showed little inclination to emphasize this trend. 14.25 17.75 21.00 14.50 8.12% 4.10 5.37V4 5.75 22.50 2.30 10.00 18.12V4 365 16'00 16.75 15.87V4 33.50 27.00 17.12V4 41.50 36.50 21.75 9.37V4 12.50 28.75 42.75 7.62% 11.00 50.00 23.75 17.75 5.1214 50.25 27.50 40.25 28.50 37.25 21.25 8.37% 16.50 17.50 4.60 5.25 9.31 3.65 4.95 11.25 16.62Vi 29.37% 50.37% 22.25 21.00 7.37% 12.50 10.00 13.75 14.50 19.25 7.87% 11.00 29.12% 13.75 51.75 14.87% 14.50 33.50 16.00 9.87% 13.12% 7.00 6.37% 22.50 19.12% 19.62% 3.80 2.65 27.37% 19.62% 36.50 35.12% 34.75 New York (Supplied by Richardson Securities of Canada) Amr. TAT 50.37% Woolworth 17.87% Anaconda 25.75 Westinghouse Elec. 23.60 Beth StMl 34.87% U.S SUM 40.00 Cnryslw 17.25 Gen. Tel. Elec. 25.87% Comsat 32.00 TORONTO AVERAGES Dupont 154.87% 20 211.92 up 1.14 General Motors 50.87% 20 Golds 514.63 down 18.40 Gulf 23.50 10 Bate Metals 101.80 down .31 Int. Harvester 26.25 is Western 28825 up 1.02 Kenn. Copper 39.62% Volume Montgomery Ward 22.2S NEW YORK AVERAGES Sears 87.62% 20 Industrials 85001 down 2.M Exxon 65.25 20 Rails down 1.M Texas Gulf 33.75 15 93.36 up .22 Texas Co. 29.50 6S Stocks 270.36 down 1.00 Wix Corporation 14.62% Volume The Dow Jones average of 30 industrials at noon was down 2.30 at 850.71. while advances and declines were about even on the New York Stock Exchange Brokers said investors were awaiting signs of an easing of the oil boycott. Trading slow, indicating that many traders had taken to the sidelines. On the American Stock Exchange, the market-value index at noon was up .14 at 97.05, while the NYSE composite index was off .12 at 51.27. Prices included Colonial Penn Group, down 3H to LTV, up V4 to Eastman Kodak, off to IllO'-i; American Smelting, up to and Sony, up to Some analysts said many issues were oversold sharply and ripe for a rebound They predicted that technical factors soon would influence the mar- ket. Among Canadians on the NYSE, Dome Mines lost 3 to Canadian Pacific to and Hudson Bay v, International Nickel gained Vt to Massey-Ferguson to and Alcan M. to Mclntyre was unchanged at On the American exchange, Brascan gained V4 to and Scurry Rainbow lost to Livestock CHICAGO (AP) Silver futures advanced to limits for the third straight session as most other commodity futures reeled nervously over wide ranges on the major United States Exchanges Monday. Cotton futures fell to limits and copper and cocoa also were weak Coffee futures closed on an irregular tone, but wool, world sugar and orange juice futures advanced Wheat futures closed at limits higher on the Board of Trade, but limits gains were shaved as corn and oats closed somewhat off the tops. Soybeans and soybean meal declined, but soy oil, up the limit early, closed just off the top. Live cattle futures pushed upward as much as a hundredweight, the limit, on the Chicago Mercantile Exchange, but live 'hog futures, pork bellies and shell eggs were mixed at the close. Demand for grains and commodities in the soybean complex continued to stem from the U.S. government's report of last Thursday that grain stocks were lower than expected on Jan. 1. wheat, com, oats and soy oil advanced to limits, while soybeans and meal moved up just short of the top. Oats and soybeans then fell back to limits, but recovered at the close. Higher prices for cash steers and a strong carcass beef market accounted for the demand of live cattle futures Profit taking and speculative liquidation worked live hog, pork belly and shell egg futures lower Grain quotations Monday: Wheat: Mar 5.95; May 5.65; Jul Sep 4.98; Dec 5.00. Corn: Mar 2.99; May 3.03; Jul 3.05; Sep 2.96; Dec 2.73; Mar 2.76. Oats: Mar 1.71; May 1.71; Jul 1.65; Sep Dec 1.68. Earnings British Columbia Forest Products Ltd., year ended Dec. SI- 1973, million, a share; 1972, million, CFCN Communications Ltd., year ended Dec. 31. 1973, 74.1 cents a share; 1972, 69.7 cents. Cambridge .Leaseholds .Ltd., nine months ended Nov. 30: 1973, 42.5 cents a share; 1972. 32.7 cents. Canada .Packers .Ltd., .nine months ended Dec. 29: 1973, a share; 1972, Canadian Cablesystems Ltd., three months ended Nov. 30: 1973, 25.2 cents a share; 1972, cents. Canadian Canners Ltd., six months ended Nov. 30: 1973. cents a share; 1972, 66 cents. Consolldated-Bathurst ..Ltd., year ended Dec. 31: 1973. milion, a share: 1972. milion. 56 cents. Hudson's Bay Oil and Gas Co. Ltd., year ended Dec. 31: 1973, million a share: 1972, million, Kaiser Resources Ltd., year ended Dec. 31: 1973, 18 cents a share; 1972, 56 cents. Maclean-Hunter .Ltd., .year ended Dec. 31: 1973, 62.7 cents a share: 1972, 58.9 cents Newconex Holdings Ltd., six months ended Dec. 31 1973, cents a share; 1972, 30 cents. Peerless ..Rug ..Ltd., ..nine months ended Nov. 30- 1973. 90 cents a share; 1972, 84 cents Placer ..Development ..Ltd., year ended Dec 8 million. 98 a share; 1972, 6 million. Shell Canada Ltd., ended Dec 31 1973, 5 million. a share. 1972. million, 79 cents. D.. A. Stuart Oil Co. Ltd., six months ended Nov. 30- 1973. cents a share. 1972, 27.6 cents Dollar valira MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon today was down 3-50 at 39-50. Pound sterling was up 2 19-100 at 11-25. In New York, the Canadian dollar was up 3-50 at 23-100. Pound sterl- ing was up 2 9-25 at 4-25. Dividends are quarterly unless otherwise noted. Berm Feeds Ltd., 12 .cents, March 15. record Feb 15. Falcciibrldge Nickel, 25 cents, March 2S. record March 8. Mnlrtal Ltd., It cents, April SO. record April 5. OH 7S cents, U.S. funds, increase of five cents, plus an extra five cents. March 11, record Feb 4 Calgary CALGARY (CP) Receipts to 11 a.m. Tuesday from the Calgary public stockyards totalled-275 head, mostly slaughter heifers and cows. Trade was moderately active. Slaughter steers and heifers sold ful- ly steady to strong on light receipts. Good cows were scarce, with all grades selling steady. Steers, Al, A2: 50 to 51.40. A3: 48 50 to 49.75. Heifers, Al, A2: 43.50 to 44.50 A3: 41 to 43. Cows, Dl, D2: 30 to 32. D3: 28 to 29.50. D4: 23 to 27.50. There were insufficient replacement cattle or stock calves on offer to es- tablish quotations. No bulls were sold to 11 a.m. No hogs were sold to 11 a.m Hog prices EDMONTON (CP) Average prices to 11 a.m. Tuesday provided by the Alberta Hog Producers Marketing Qold futures WINNIPEG (CP) Gold futures, U.S. funds. Winnipeg Commodity Exchange close Monday. Jan 74 139.45B; Apr 74 144.20B: Jly 74 -149.50: Oct 74 Jan75 162.40A. Friday's volume: 131 contracts. Motals LONDON (AP) Closing metals bid-ask in pounds sterling a metric ton; silver in pence a troy ounce. 960-961; futures 937-938 futures 2.925- Lead-Spot 253.5-254; futures 258.5- 259 Zinc-Spot 680485; futures 593-595 179.3-179.5; 3 months 187-187.2 Currencies MONTREAL (CP) Tuesday's mid day foreign exchange nominal selling rates supplied by the Bank of Montreal: Australia dollar 1.485 Bermuda dollar 1.02 China renminbi .4925 Denmark kroner .1550 France franc financial .1905 Germany mark .3550 Italy lira commercial .001525 Japan yen .003340 Mexico peso .0805 Spain peseta .0169 Switzerland franc .2990 United States dollar .9925 United Kingdom pound 2.2050 ruble 1.3395 Quotations in Canadian funds. Board with Monday average in brackets: Edmonton: 46.50 Calgary: Nil Red 45 Lethbridge- Nil (46.67) Lloydminster: Nil (46.45) Fort Macleod: Nil Grande Prairie: Nil (47.55) Fairview: Nil Total hogs sold to 11 a.m. 224, total sold -Monday, 8.723, average 4781. Price of sows 34.70 Winnipeg grain Grain quotes Monday basis Lakehead: High Low Close Flax May 1162 1136% 1140 Jly 1083'A 1057 1060% Oct 1018 1005 1006 Nov 1016 Rapeseed Vancouver Jan 793 786% 780 Mar 753 736 742 Jun 686 667 673 Sep 651 Rapeseed Thunder Bay May 681 666 672 Jly 658 Oct 650 Nov 639 Rye May 371 360 365 Jly 349 342% 344V4 Oet 344 Dec 340 WINNIPEG (CP) Prices continued to tumble through mid- session on the Winnipeg Commodity Exchange today. Trading was fairly heavy and centred somewhat in rapeseed but prices in all commodities were rapidly approaching maximum lower limits. The heavy selling pressure that developed at the open pushed rye futures down the maximum 15 cents and oilseed prices as much as 25 cents lower. Flax was 25 to 17 cents below previous close levels, rapeseed months were six to 20 cents lower while rye was 12 to 15 cents down except fpr the December position which was unchanged on no trades. Monday's volume of trade was 716.000 bushels of flax, of rye and of rapeseed. Mid-session prices: Flax- May 25 lower 11.15; July 15'i lower 10.45A; Oct 13 lower 9.95A: Nov. 17 lower 9.99A. Rapeseed Vancouver: Jan 11 lower 7 69A, March 17 lower 7 25A; June 18 lower 6.55B; Sept. 16 lower 6.35A. Rapeseed Thunder Bay. May 20 lower 6.52B: July 14 lower 6.44A; Oct 10 lower 6.40A, Nov. 6 lower 6.33A. Rye: May 15 lower 3 BOA, July 15 lower 3.29M.A, Oct. 12 lower 3.32A, Dec. unchanged 3.40A. futures WINNIPEG (CP) Live beef futures close Monday. Mar 54.20A, May 56.00; Jly 55.50A: Sep 54.20B. Friday's volume: two contracts. THE SECRETARIAT IS PLEASED TO ANNOUNCE THE COMMENCEMENT OF A TELEPHONE ANSWERING SERVICE PHONE 329-4108 for RATES Ask at well about our complete SECRETARIAL SERVICE Office Located In PROFESSIONAL BUILDING WOMEN NEEDED MEN ACCEPTED io train for Medical Receptionist Dental Receptionist Practical Receptionist Course Training need not interfere with present employment. This is a home study course which can be completed in 16 weeks. High School Diploma not necessary to 'qualify. OUT OF TOWN INQUIRIES WELCOME! Write, giving phone number to- CAREER TRAINING LTD. 11S.1t M.W., Cattery, MDerte "Registered under the Alberta Trade School Regulations Act"