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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 2, 1974, Lethbridge, Alberta Canada's crop conditions show rapid improvement OTTAWA Improved weather conditions in most with the notable ex- ception of have brought rapid improvements in crop Statistics Canada reported. Conditions by Recent favorable weather conditions have im- proved most crops but plant growth still is one or two weeks behind normal. Cereal crops are growing well in Prince Edward Island and haying should begin in about a week. Seeding has been completed in Nova Scotia and progress is good for most except hay which is below normal. New Brunswick is expected to have a light strawberry crop. Potato planting has been completed. Seeding has pro- ceeded rapidly with favorable weather. Tobacco growers have completed setting out plants. Milk production has increased due to good pasture conditions. Heavy rain and cool temperatures at the end May reduced the effectiveness of herbicides. Cool weather and rain has hampered haying operations. The rain was needed in most areas but lack of heat has slowed vegetable crop development. Spring planting is completed except for some areas around Sudbury and in northwestern Ontario. warm Loss incurred by gov't in phone shares VICTORIA The government of British Columbia has incurred a paper loss of on its holdings in British Columbia Telephone Co. common it was disclosed today. A statement from Premier Dave Barrett's office said that the province now owns 171.464 R C Tel bought for a total of million over the last 10 months. That works out to an average price of a although the price fluctuated during the period from to B.C. Tel common shares closed at Thursday on the Toronto Stock making the government's holdings worth Mr. Barrett has greatly increased the province's B.C- Tei portfolio since March SUIT SETTLED NEW YORK Law- suits linked to the bankruptcy five years ago of R. Hoe and Co.. a printing press manufac- will be settled for about million. The national ac- counting firm of Coopers and Lybrand and its insurers have agreed to pay nearly mil- lion. Insurers for Hoe's former officers and directors have agreed to pay about million. Coopers and Lybrand was Hoe's auditor when it filed for bankruptcy. the premier's last public accounting. He said the last purchase of share was about five weeks ago. On that the government through civil service pension funds held shares. B.C.'s present holdings comprise 5.3 per cent of total commop. or 10.7 per cent of the shares traded publicly. Some 50.6 per cent of the company's shares a controlling interest are owned by Anglo Canadian Telephone of which is wholly owned by General Telephone and Electronics of New York. What the premier's plans are regarding the company isn't although the New Democratic Party which he leads has passed resolutions in convention several times calling for the nationalization of B.C. Tel. Takeover was a campaign promise when the NDP was elected to office in although soon after the election Premier Barrett said takeover would be too expensive. The government also owns a 13-per-cent interest in Westcoast Transmission bought for million in and shares in the Bank of worth about as well as small lots in Canadian Pacific International Nickel. Imperial Oil and United Accumulative Fund. Ecuador obtains share in big oil consortium QUITO The govern- ment of Ecuador bought a one- fourth share Monday in the Texaco-Gulf the country's leading oil company. It also increased income taxes 5.05 per cent for petroleum producers. The state oil corporation CEPE made a down payment of million to Texaco-Gulf. The rest of the money will be paid before Sept. once an international team of auditors determines the exact value of Texaco-Gulf's which include a pipeline from its eastern jungle oilfields to the shipping terminal of El Balao on the Pacific coast. Experts estimate this second payment will amount to about for an approximate total of million. Texaco-Gulf's assets were estimated a year ago at million. CEPE was legally entitled to an option on a one-fourth share of the consortium's assets by the end of r.sxt but the government advanced the purchase date. Texaco and Gulf have been working as a consortium since 1971 in Ecuador. weather has brought on rapid crop development through most of the region. Weed growth also is heavy and sparying is general. Haying has begun in some areas and seeding operations have been completed. Grasshopper infestations have been reported in western Saskatchewan and Alberta and control measures have been implemented. British Clear skies and seasonal temperatures have resulted in general improvements in crop conditions. All seeded crops .are 10 days to two weeks behind normal but growth is satisfactory. The Okanagan Valley cherry crop is of good quality but yield is below average. The apricot yield may be above average and progress of other tree fruit crops is except for apples. Seeding is completed in the Peace River with substantial shifts from wheat to barley and rapeseed. A general rain is needed for optimum pasture growth but pastures are in generally good condition. Gold price plunges LONDON The price of gold fell to its lowest level for five months on the London bullion market today. It tumbled to an ounce at the morning price fixing from the previous fix of This was about lower than the levels of one week bullion dealers said. They blamed the fall on re- duced buying interest due to the current high international interest rates which make it expensive to hold the metal. Some dealers said gold faces further falls and suggested the next holding point could be as low as an ounce. Banana export tax cut SAN JOSE In a compromise agreement with two American banana Costa Rica has decided to reduce its new export tax on bananas 75 per cent. There was no word whether similar action would be taken by Panama and which joined Costa Rica in or- dering the tax on May .1. The Costa Rican government announced that the tax would be reduced to 25 cents from a 40-pound export crate. Following the imposition of the the price of bananas rose from 16 to 20 cents a pound in U.S. markets. The compromise followed a weekend of negotiations with the Standard Fruit Co. and the United which ship most of the Costa Rican crop. Firms increase buying price for steel scrap TORONTO Two major Canadian steel mills have announced increases in their buying price for No. 1 steel scrap. Steel Co. of Canada and Dominion Foundries and Steel said they are increasing their buying price by to a the record domestic level of April and May. Stelco. Canada's largest primary steel producer and major domestic buyer of and Dofasco said their price for No. 2 scrap will Level Term Option Convertible Term ANNUAL PREMIUMS Age 20-155.00 Ago 40-321.00 30-167.00 KEN BELSHER OCCIDENTAL LIFE of California HOLIDAY VILLAGE RM. 338-0994 remain unchanged at a ton. Leading Canadian steel- mills reduced prices for No. 1 and No. 2 scrap in June by between 10 and 18 per following earlier declines in United States steel scrap prices. Stelco said the higher July buying price for No. 1 scrap has resulted in part from a decrease in recovered material from auto and other normal for this time of the year. In No. 1 scrap prices rose to a ton last up by a ton from a month earlier. No. 1 scrap sold in Chicago for about a an increase of a ton from the end of The Herald Business Stocks Miscellaneous Montreal MIDLAND DOHERTY LIMITED WESTERN AND Alton Geo A Alta East Alminex Ashland BP Gas Trk Brenda Gas Trk Cda Nat Cdn Ex Cdn Metro A Cdn Ind Gas Nat Crfn Long and C Cdn abd C Gas B Chieftan Dome A Fort B Giant Pipe Gibraltar Trans. Gt Gt Cdn Oil Lochiel Mr Lytton Noble North Cdn Numac Pancdn Pan Place Ranger Oil Scurry Res Northair 1 91 Total Ulster United Westcoast West MISCELLANEOUS INDUSTRIES Acres Ltd 6.75 Aquitame 24.00 B.C. Sugar C Pfd Block Bros 3.00 Cdn Pac Inv A Pfd 28.50 Carlirg O'Keefe A Pfd 17.00 Carling O'Keefe B Pfd 20.25 Comm Cap Corp 2.25 Crestbrook Forest Ind Falcon Copper 9.25 F and M Trust Co 4 50 Genstar 18.00 Home Oil A 33.75 Home Oil B 33.00 Hud Bay Co 15.37V2 Hud Bay Oil 27 50 Hugh Russell C Pfd 70.00 Husky Oil 15.37V2 Husky Oil B Pfd 33.00 Husky Oil E War Interprov Pipe War 3.00 Interprov Steel Pipe 15.75 Kaiser Res 4.20 Kaiser Res War 1.80 Lobla.w Co C Pfd 24.75 Magnasofiics 2.00 Pacific Pete 18.50 Pac West Air Pe-Ben Oilfield Serv Rainer Inc Royal Trust 23.00 OILS August Petroleum Plains Pete. Ponderay Explorations Stampede Int'l Res MUTUAL FUNDS All Cdn. Compound 5.29 All Cdn. Dividend 5.51 All Cdn Ventures 2.84 Anier Growth Fund 4.07 A G.F Special 2 05 Cdn. Invest Fund 4.34 Collective Mutual 4.48 Corp. Investors 5.36 Corp Invest Stock Fund 4 07 Dreyfus Fund U.S. 9.16 Great Pacific 4.13 Grouped In Shares 2.61 Growth Equity 5.88 Invest Growth Fund 10 51 Investors Mutual 5.03 Mutual Accum 5.41 Mutual Growth Fund 2 71 Nat Resources 4.00 N W. Cdn. 4.86 N.W. Growth 5 34 Principal Growth 371 Provident Mutual 6.48 Templeton Growth 7.22 United Accum 3.99 Universal Savings 7 01 Univest 5 44 Vanguard 4.97 .15 .75 61 5.75 5.39 309 4.47 4.76 4.91 5.89 4.47 10.04 4.51 6.46 11.49 5.50 594 2.98 4 40 5.34 4 07 7.0B 7.92 438 771 5.98 5.45 Toronto industrials by Richardson Securities of Advocate 37 Sugar Valley Can. NW Canada Central Gas 2 Cons Coin Mr Dickenson 1 Denison 87 Dome Discovery Mines East 87 V4 Bridge East Falconbridge Stores Dome 24.50 First Giant Granduc Hollinger Hudson Bay A Hydra Ex. Iron Bay 30.00 13.25 .61 4.60 1 Cdn Oil Gen Motors Grt Lakes Paper Gulf Oil Greyhounds Hawker 46.75 20.50 25.50 15.50 Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Martin McNeely Maclntyre Meta 11.25 .28 29.75 4.55 1.35 1.15 .27 28.75 .15 Walker Huron Erie Imperial Oil A Imasca A Int Nickel int Pipe Inv Grp A IU Int'l Ind Accept Kaps Kel Douglas A 26.00 14.25 7.00 10.75 .16.00 2.30 5.00 8.00 3 25 Intern Mogul Nu West Homes A New Athona New Calumet Noranda Northgate Norlex Pine Point Placer Dev. Pax Exp. Quebec Man Rayrock Radiore Rio Algom Roman Corp. Sherritt Gordon Steep Rock Sunningdale Tek Corp. 6.00 .22 37.00 5.00 .20V4 30.00 18.50 1.26 .19 1.00 .21 24.00 8.75 8.00 1.45 6.25 Loblaw A Metropolitan Massey Ferg McMill Bloed Moore Corp Molsons A Molsons B Nachurs North Cent Power Corp price Co Peyto Rothnans Shell CDA Simpsons Simp Sears Steel Can A Selkirk A 11.25 15.50 25 49.00 20.25 17.75 6 11.00 5.00 12.00 7.75 10.00 30.25 12.75 37.00 Texmont United Canso Western Mines WH Copper 261 Grp A Trans Mtn Pipe Trans Can Pipe Union 12.75 9.50 19.00 Wright Yellowknife Algoma Atco Agra Bell New York by Richardson Securities of Arhr. T T Anaconda Beth Steel Chrysler Comsat Dupont General Motors Gulf Int. Harvester Kenn Copper Montgomery Ward Sears Exxon Texas Gulf Texas Co 46.00 Woolworth westinghouse FJeu 13.12'A US Steel 15.62V4 Gen Tel Elec 29.37V4 TORONTO AVERAGES 20 Industrials 182.06 down 1.33 20 Golds 409.94 down 9.87 10 Base Metals 77.07 down 23.00 15 Western Oils 176.08 down 2.52 32.62VJ Volume 25.50 NEW YORK AVERAGES 20 Industrials 801.78 down 4.46 20 Rails 160.67 down .92 25.12Vi 15 Utilities 69.27 up .28 65 Stocks 240.91 down 1.04 A.- riert nnn TSE opens week on lower trend TORONTO Prices on the Toronto stock market were sharply lower in moderate midmorning trading today. The industrial index fell .76 to 182.63. golds 7.56 to base metals 1.50 to 77.46 and western oils 1.71 to 176.89. Volume by 11 a.m. was shares compared with shares at the same time Friday. Declines outnumbered ad- vances 157 to 63 with 145 issues unchanged. Noranda A lost 1 to Dofasco to CHUM B VB to Bank of Montreal to and Hudson's Bay Co. Vz to Rio Algom was down to Pamour Vz to Camflo to and East Malartic 25 cents to Ranger fell to United Canso to VB and Asamera Vj to Moore gained V2 to Imperial Oil A Vz to Inco to IU International Vj to and Laurasia four cents to 70 cents. Market trends VANCOUVER Prices were up on light trading on the Vancouver Stock Exchange today First-hour volume was 226.456 shares In the industrials. Canterra was un- changed at .43 on 6.000 shares. In the Pan-Ajax was up one- quarter cent at 6'j cents on 24.50 shares In the oils. Paycite was down 01 at .53 on 12.500 shares. Prices were generally lower in light trading on Ihe Montreal Slock Exchange today at 11 a.m was shares compared with 156.000 at the same tinie Friday Banks lell 2 'to 227.85. utilities .93 10 123 36 the composite 26 to 184.70 and papers 03 to 116.83 while industrials rose 31 to 195 39 Placer Development tell 1' r. to Distillers Corp-Seagrams lo Consumers Gas i to i and Genstar 11 10 S18 while Imperial Oil rose to Livestock Calgary CALGARY Receipts to 11 a.m Tuesday at the Calgary public stockyards included 400 mostly slaughter steers and heifers. Trade ac- tive with a good demand. Slaughter steers sold fully steady Heifers were fully steady with sales to 43. Steers under l-.OOO pounds dis- counted Heifers under 800 pounds discounted Beef quality premium included in steer and heifer prices. Cows sold fully steady with sales to 32 50. Steers Al-2 49 to 50 90. Heifers Al-2 39 to 41.80 Cows Dl-228 50 to D324 to D4 20 to 24. There were no replacement cattle or calves sold early No hogs sold to a m. Currencies MONTREAL Tuesday's mid-day foreign exchange selling rates supplied by the Bank of Montreal Australia dollar 1 45 Bermuda dollar 1.01 China renminbi .5100 Denmark kroner .1670 France franc .2065 Germany mark .3915 Japan yen .003475 Mexico peso .0793 Spain peseta 01735 Switzerland franc .3325 United States dollar .9745 United Kingdom pound 2.3500 USSR ruble 1.30 Quotations in Canadian funds Dollar value MONTREAL -US dollar in terms of Canadian funds at noon today was up 4-25 at 97 2-5 Pound sterling was up I I -50 at 8-25. In New the Canadian dollar was down 17-100 al 67-100 Pound sterling was up 13-20 al 11-20. Earnings Srintrcx year ended Jan 11174. live rents a sh.iro. S4I7 B5.1. 50 rcnis Scoll-Lnsallc three months ended Apiil 30 1974. loss. 4.5 Among speculative issues. Silver Stack Mines rose two cents to 48 rents on a'volume uf 30.500 shares traded NEW YORK I API The stock market drilled to a narrow loss today in listless trading The 11 30 a m Dow Jones average ol .10 industrials was down 2.27 al 803.97. and losers look a lour-to-three lead over gainers on Ihe New York Slock Exchange. National most active KYSE was up al Golds weakened along with bullion prices in Europe. ASA. Ltd was down al c. Ilomestake Mining lo MO11. and Dome Mines to i In Ihe glamor sector. Burroughs was down at Texas Instruments 1' i at IBM al S211'i and Walt 3 al Anmng Canadian issues. Dome Mines slipped to Alcan to S.2HV Canadian Pacilic to SKtV Inco 'B lo Seagrams was un- changed al and Mclnlyre al Chicago markets CHICAGO i.M'i Kjrm commodity luiures moved sieadily higher on Monday Limn gams were numerous. On i lie Hoard nl wheat and advanced 20 cents a corn was up 10 cents H centx and oil HXI or I ccni a pinind All are limil closes. Soybean meal rose the limn ol a Inn. Inn prolil-laking al Ihe local level tnmn.ed llie gain al Ihe close. Chicago Morcjnlile Kxrhangc luiures also in strong moved up to limns Live hog lutures advanced i In- limit ol SI 511 per hundredweight live callle gamed Ihe limn ol SI 00 per hurolredwoiglit. porl bellies were up Ihe limn ol points ami shell eggs HIM' the limn ol 2011 pomis Silver luiures lell the limil ol 20 renls an ounce in York and Chit ago. and copper also under selling pressure Coilon luiures gained up in a while world riiriui and orange juice also rose in price Collee was in vcrj light liade Al ihr close soybeans were up Ihe limn 20 conls. July H7 i. Chicago ulic.n 20 higher. .lulj 4 31. Gull hard red not corn 10 higher. Juh iials fi July 1 Grain quotes Wheal July 431. Scpl 4 34. Dec 4 411 Mar 4.4li. May 4 48 .Corn July 'MM1 i. Sepl 299'i Dec Mar 290'i. May 293. Oats. July i. Sept lal'i. Dec Mar I May 1.59 rails The Canadian National Railway marshalling yards provide a foreground of railways and which contrast with the high- rise office towers mark- ing Vancouver's down- town core. Winnipeg grain WINNIPEG i CPi Trading aclivi- ly picked up al mid-session today on Ihe Winnipeg Commodity and prices for mosl fulures wi-rr higher i ban previous close levels Flax and Thunder Bay rapeseed prices were up slighlh but only November Thunder Bay ronirarls were open Vancouver rapeseed and nre hugged opening price ranges in moderate trading Friday's volume of trade was 404 bushels of llax. 903 000 uf rapeseed and 672.000 of rve Mid-session prices July 3'2 higher 9.85'zB Ocl ten higher 9.57B. Nov five higher 9 Dec unchanged fl86B Vancouver rapeseed Sepl 22'j higher 7 30. Nov 16 higher 6 45A. Jan 16 higher B 20A Thunder Bay rapeseed. July un- changed 7 10B On I0'i higher 625'jB. Nov 14 higher B24B. Dec not open 5.73N Rye- July 7'2 higher 2 90A. Ocl 7' i higher Dec 7'i higher 2 82' iA May nol open 2 80A Hog prices EDMONTON I CPi Prices lo 11 a m Tuesday provided by ihe Alberta Hog Producers Maikeling Board Friday s prices in brackets Edmonton 3700 Red Deer 37.00 Grande Prairie- Nil i3fi.25i Hogs sold lo II a m 2.316 hogs sold Friday. 4.586. average 37 45 average 20 50 Gold prices LONDON i API Tuesday closing gold prices in U S. dollars an ounce London 138 00 Paris 138 63 Franklurl 139 10 Zurich 139 00 Hong Kong 139 98 Bcirul 4 628 a kilo SECURITY SYSTEMS l26A-6th Street South For CCTV WorKS on your Black White Sei Burglary. Smoke Fire ALARMS as low as Shoplifting and Pilferage Surveilance Equipment Low Monthly Rental Phone 327-4755 For Free Security Design and Estimates NEED Square Feet from Sqwra SnOpS Call 24 ;