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Lethbridge Herald Newspaper Archives

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Lethbridge Daily Herald, The (Newspaper) - July 9, 1971, Lethbridge, Alberta Friday, July 9, 1971 THE IETHBRIDGE HERALD Stock prices post moderate decline TORONTO (CP) Prices on the Toronto stock market drifted moderately lower in ac- tive mid-morning trading today. On index, industrials lost .33 to 189.84 and golds .29 to 171.62. Base metals rose .12 to 94.11 and western oils 1.57 to 231.23. Volume by 11 a.m. was shares, up from at the same time Thursday. Advances outnumbered de- clines 124 to 39, wi'.h 163 issues unchanged. Weakest sectors were communication, pipeline, steel and industrial mining. Utility, real estate, banking and merchandising issues posted fractional advances. Trading in all shares of Acres Ltd. was temporarily halted by the Ontario Securities Commis- sion early today. Acres an- nounced it has reached an agreement to sell part of its holdings in Canadian General Securities Ltd. Inco dropped to Fal- conbridge 2 to Tara to Great Plains to and Canada Permanent Mort- gage to Mclntyre was down 1 to Northgate Va to Canadian French cattle sold CALGARY (CP) A sale of 34 part Simmental cattle brought an average of each as 300 buyers turned out for the auction. The dairy breed, developed in France, has been in the country only four years. The top price of was paid by Lyle Werner of Port- land, Ore., for the only three- quarter blood offered. The oth- ers were half Simmental. Mr. Werner said the heifer would sell for in the Uni- ted States and other buyers es- timated it would be worth 000 next year. About half the animals went to U.S. buyers. Egg prices EDMONTON (CP) Week- ly egg and poultry report is- sued by the Alberta Depart- ment of Agriculture. Eggs To producers A large 35; A medium 29; A small 17; B 10; C 6; Cracks 6. To retailers: A large 47; A medium 40-42; A small 28-29; B 27-30; C 20-21; Cracks 20-21. To consumers (in cartons) A large 53-5-1; A medium A small 33-38 Poultry To producers live No. 1 chicken broilers 21. Fowl under 4, 5. Turkey Under 12, 12 to 18 over 18, 24. Live No. 2 chicken broilers, 18. Turkey Under 12, 12 to 18, 23V4; over 18, 22. Imperial Bank Va to and Electrohome Vt to Asamera rose IVt to Bethlehem to Shell to Aquitainc to and Tour Seasons to ,JGHT TRADE MONTREAL (CP) Prices were down slightly in most sec- ors in light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock exchanges' at 11 a.m. was compared with at the same time Thursday. On index, utilities rose .08 to J53.30 and papers rose .08 to 81.73. Industrials declined .32 to 184.00, banks .13 to 207.03 and the composite .22 to 180.97. Dome Petroleum was up to Shell Canada to Gulf Oil Canada to Pacific Petroleum to and Trans Mountain Oil Pipe- line to On the Canadian Stock Ex- change Commercial Holdings and Metals was up 30 cents a share to on shares. DJA GAINS NEW YORK (AP) r- The stock market advance carried into the fourth straight session hi moderate trading today. However, the strength exhib- ited Thursday appeared to have lessened. The noon Dow Jones average of 30 industrials held a gain of 1.32 at 902.31. Among Canadian issues, Walker Gooderham picked up to Canadian Pacific picked up a like amount to and Distillers Seagrams was also up Vt at On the American Stock Ex- change, Brascan picked up to and Scurry Rainbow was up at Hail storms in Alberta EDMONTON (CP) It's been hail in Alberta in the last month. Hail storms were reported during 22 days in June withii the area of the Alberta hail studies project. This equals the highest number of storms re corded since the early 1960s. In the Penhold region, farm- ers reported more than 500 in cidents during the month. The project's report sai< most of the hail was small anc only on two days were there any significant amounts of hail stones of walnut size or larger Little crop damage was re- ported. In the southern half of the province there had been only nine days of hail during June Lethbridge Livestock AFTERNOON SALE Calgary livestock CALGARY (CP) On offer 10 11 a.m., about 550 head; mostly replacement cattle and cows. Trade was active. Insufficient slaughter steers ir heifers were offered to es- ablish a market. A few hei- ers sold to 29.30 and cows were ully steady with sales to 22.90. Closing prices Thursday: Choice slaughter steers 31.75 o 32.60, good 31 to 31.75, me- dium 29.50 to 30.75. Choice hei- ers 28 to 28.60, good 27.75, medium 26 to 27. Good cows 21.50 to 22.50, medium 20.25 to 31.25, carmers and cutters 18 to 20. Replacement cattle were mostly yearling steers and hei- ers meeting a good demand at steady prices. A few good stock calves were steady. Good feeder steers more than 750 pounds 31 to 33, less than 750 pounds 33.50 to 37. Good eeder heifers more than 575 wunds 27.50 to 30.40 depending in weight and quality. Good stock steer calves 36 to 38.25. Good heifer calves 31 to 34.25. logs base price 20.80. Potato futures WINNIPEG (CP) Maritime potato futures: Open High Low Close Nov 2.25A Mar 2.65A Apr 2.70A May 3.10A An Open INVITATION from Head Chief Jim Shot Both Sides and the Blood Indian Tribal Council to join Prime Minister Trudeau and Premier Strom at the dedication and official opening of Kainai Industries. JIM SHOT BOTH SIDES, Head Chief July 10th, 1971 STANDOFF, ALBERTA (20 Miles South of Fort Macleod) Program: p.m. Tours of the Plant and Entertainment p.m. Arrivol of Prime Minister Trudeou and Official Opening Ceremonies Grain prices Winnipeg Grain WINNIPEG (CP) Prices moved narrowly near previous close levels in a light volume of trade at mid-session of the Winnipeg Grain Exchange today. Trading in Vancouver rape- seed was not as active as earlier in the week and Thun- der Bay Rapeseed was mostly inactive. Rye futures had some ex- porter buying on a scale-down pattern. Thursday's volume of trade was bushels of flax, of rye and of rapeseed. Mid-session prices: Flax: July lower 2.42; Oct. not open; Nov. unchanged 2.48; Dec. not open; May Vz lower 2.55. Rapeseed Vancouver: July 1 lower 3.10; Sep. 19s lower 3.03; Nov. unchanged Jan. 1 lower 2.81; March lower 2.8514. Rapeseed Thunder Bay: Oct. 1% lower 2.9V; Dec. and May not open. Oats: Jly unchanged 76Vi; Oct. Vs lower 75; Dec. and May not open. Barley: Jly unchanged 1.20; Oct. lower 1.17; Dec. not open; May unchanged Rye: July lower l.OST Oct. lower Dec. Vz lower 1.07. Prices for class two wheat for export to countries outside IGA: 1 Nor 1.83; 2 1.81; 3 1.76; 4 1.73; 1 Durum 2 3 4 IGA prices: 1 Nor 1.83; 2 1.81; 1.76; 4 1.73; 1 Durum 3 4 High Low Close ..Flax Jly 242% Oct 249 Nov 248 Dec 247 May Rapeseed Vancouver Jly SlHi 309Vi Sep 304 Vi 302% NOV 296 294% Jan 291% 29' Mar 248% 247% 246% 242% 248% 2-17% 246% 255% 311 303% 294% 291 28514 Rapeseed Thunder Bay Oct 297% 295% 296% Dec 279% May 283% Oats Jly 7614 Oct 75% 75 V5 Dec 74% May 76 Barley Jly Oct Dec May Rye Jiy Oct Deo 115 106 107-lk 10714 116% 116% 105% 107% 107% 120 116% 105% BjSj" SI d "3 ay By Gene Fawcette THE SAILIUS SHIP, WHICH GAVE WAY TO STEAM OVER 150 YEARS A60, MAY BE COWING BACK. THE SIMPLE, N3N-POU.UTWS SAIL HAS BEEN GIVEN ANEW AEROTrNA- MIC TWIST FOR USE WITH A CRUISE SHIP AMD A COMMER- CIAL WINDJAMMER NOW BEINS PLANNED IN GERMANY... SAiisuunm. LIKE OMW CURTAINS ALOH8 CUWCP YAKD ARMS Mil .nv.lnp. In NIWI 74! Jocnu lliltl IJ6, Conadu. _ Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, Koadhouse and McCuaig) LAST BID OR SALS a.m. a.m. WESTERN OILS a.m. Quotes) Atmlnsx Alia East Gas Asamera Ashland Oil B. P. oil can Southern cdn Exp Gas i.90 22.75 11.25 7.15 5.85 Hud Day OH Hugh Rus Fit Husky Oil Husky oil B Husky Oil War Inter Pro Pips Inler Steel Jeff Lake 58.00 Cmnw Inler KOS 15.45 Cmnw Lev 3.72 4.09 1625 Corp Invest 5.52 6.04 4300 Corp In St F 5.18 5.66 755 Dreyfus F U.S. 12.78 14.02 Gr Equity 6.60 7.25 Gr In shares 3.60 3.96 Gr F lz'13 Benson gives more details on new oil., mines tax plan OTTAWA (CP) Finance Minister E. J. Benson's office released further details yester- day of his plan to offer mining permitted to claim up to 30 per cent of the undepreciated bal- ance against other income. A summary of the new regu- lish community and transporta- tion facilities necessary for mine operations. The summary also described Cdn tM Joulel a Mjtu al 5.405.JO Cdn Horn- 16.50 Kaiser Res 6.00 "a F ig J'g Cdn Indus Gas 11.25 KotH .6? F 734 e 34 Cdn Long ts .65 Lake Ont Pt Ce 2.45 Fin 474 523 Cdn Superior 43.50 MGF Manage 1.90 N w Gr A 45 A gg Cent Del Rio 15.G7W Mentor 1.00 R0yfund 5 62 5 D5 Charter 6.25 Newconex 5.70 Temp Gr 26 87 29.37 Chieftan 7.00 Pac Pete United Ac 4.B7 5.35 Dome Pete 10B.W Rank Organ 23.25 universal Sav 7.41 8.14 Dynam Pete 1.13 Selkirk Hold 15.2! VANCOUVER Great Plains Shell Can 37.25 Anuk .19 Lochiel Exp 1.26 Shell lnv Pld 38.00 Arctic Mining .07H Mil Cily 1.74 Shell lnv Wts 17.87'A Alias Explor .46 New Conl .81 Sicks Rainier Bath Norse 1.52 North Cdn Oil 6.05 Teledyne 5.00 Beth Copper 16.87V? Numac 10.00 West Cdn Sd 4.65 Block Bros 3.7! Permo M White and YuK 12.75 Brenda 7.15 Pelrol 1.39 CALGARY B.C. Sugar 19.7! Pinnacle .71 Acroll .IS B.C. Sugar Pfd Place Gas 1.52 Anac Pete .30 Capt Inter 7.50 Ponder .47 Barons Oil .06 churchM. Copper 1.15 Ranger 1S.37V4 North Cont .02 Col Cellulose 4. i Scurry Rain 22.00 Madison .20 Coronation spooner 1.97 West Warner .40 F M Total Pelrol 7.80 STOCKS Dolly Varden '.25 West Decaita .6.60 Gas Tr L A usrh MISCELLANEOUS Alia Gas Tr L Pfd 73.00 Fort Reliance .56 INDUSTRIES Alia Nat Gas 23.50 Giant Mascot 5.70 Aora Indus 9 2! Cdn W Nat Gas 18.37V, Granisle 11.50 Indus 800 Inland Nat Gas Growers B 3.00 26 N c Ke' lndust tJld rorn 575 Pacific Gas Tr 14.00 Hys 5.15 ?i K, 4 inm N and C B Pfd Interior Brew 4.75 r2 n R Gar Metro Inter Mariner .86 3 S r.r G" PM A 67-M C9 Cdn Hyd Car 1525 T cd p 8.30 ?i m Tr cdn P Pld B a-m 2 CPR Pfd 11.00 Tr cdn p pld A J2.00 New Imp Mines .37 Crowsnest Ind 27.37V! Tr p cdn war 35 okansgan Hellcop 5.00 Cygnus A 5.B7V2 wc Trans 27.00 Plains Pete petroleum companies new ,ax concessions in place of a .hree-year tax holiday under the government's proposed revision of the Income Tax Act. The three-year tax holiday for new mines and wells will end Jan. 1974, after which new mines and wells will be permitted to write off the capital expense of mine buildings, and townsites against Lheir earnings. Normally, corporations can write off their capital expenditures against earnings at rates of five to 20 per cent a year, but the new regulations for mining and petroleum companies will set up a new, accelerated capital cost allowance system. The mining and petroleum companies will be permitted to claim "the full amount of the undepreciated capital cost up to tile amount of income" earned from the new mine or well. If income from that source is insufficient, the companies will was issued by Mr. Benson's office to help mining and petroleum companies plan their future work pending passage of the revised tax law and promulgation of formal regulations later this year. 25-PER-CENT LIMIT The accelerated depreciation will apply to new mines and petroleum wells, and to major expansions of existing works. An expansion will be regarded as major if it increases capacity bv at least 25 per cent. It will apply to except office buildings not situated on a mine property, and to mining machinery and equipment. It will also apply to electrical plants not otherwise provided for in current income tax law. T o w n s i t e developments to wiich the accelerated depreciation will apply include houses, schools, hospitals, sidewalks, roads, sewers, sewage disposal plants, airports, docks, and similar property acquired to that will be issued governing the system by which mining and petroleum companies will be able to claim a depletion allowance for every spent on exploration and development. The depletion allowances are designed to recognize that the major assets of a mining or petroleum company, its orebody or gas or oil field, is being used up. In his budget speech June 18, Mr. Benson also announced the termination after Dec. 31, 1971, of the special depletion allowances accorded to taxpayers on their dividends from taxpaying Canadian operators of mines and oil or gas wells. banks raise rates NEW YORK- (Reuter) Chase Manhattan and several other major banks across the United States raised their prime lending rate today to six per cent from 5% per cent. The moves followed the lead of Manufacturers Hanover Trust Co. of New York and other banks which announced Tuesday a similar increase in the in'.erest Uiey charge preferred borrowers. Representative Wright Pat-man of Texas, chairman of the U.S. House of Reuresentatives banking committee, termed the bank's action unnecessary and said present economic conditions call for a downward rather than an upward trend in interest rates. Other banks announcing increases to six per cent today include Chemical Bank of New York, Irving Trust Co. of New York, First Wisconsin National Bank of Milwaukee, First National Bank of Minneapolis, The Bank of Southwest Texas and Mellon National Bank Pittsburgh. Cum Prop 12.00 MUTUAL FUNDS Pyramid .67 Gt Cdn Oil Sds 6.35 AGF Special 3.05 Silver Standard 1.40 Gt Cdn Oil Sds 100.00 All Cdn Com 8.42 9.20 Texmont .58 Home Oil A 34.50 An cdn Divid 9.52 10.40 43 Home Oil B 34.50 All Cdn Vent 3.81 4.16 Weslern Mines 3.30 Home and Pit 2.35 Amr Gr F 6.09 6.69 WC Res share shr OTTAWA (CP) Despite the remarkable growth of Canadian exports in the last two years, Canada's share of world trade is declining. Latest world trade figures compiled by the International Monetary Fund show that in the first three months of 1971, Canadian exports were running at an annual rate of just under million. This was 5.8 per cent of world trade totalling million. IMF figures are quoted in U.S. dollar terms. The 5.8-per-cent figure marks a decline from the peak of Canadian trade activity in 1968, when Canada's exports reached 6.2 per cent of world trade. Total Canadian exports that year were million, out of a world total of million. While Canadian exports have grown by nearly 30 per cent since then, principally in the last two years, world trade has expanded inks The world trade figures compiled by the IMF do not cover trade by the Soviet area countries or Cuba. Canada's share rose from 4.9 per cent in 1963 to 6.2 per cent in 1968, and then dropped to 5.9 and six per cent respectively in 1969 and 1970. The three-months' performance this. year dropped the figure to Hud Bay Oil 46.75 Col Mutual 6.52 7.16 Utica .30 Toronto industrials Supplied by Richardson Securities of Canada LAST BID OR SALE a.m. Quotes) a.m. QUOTW) a.m. Quotes) MINES Norlhgate 10.00 Dom Stores 13.00 Acme Norlex .45 Dome Pete 108.50 Advocate Asb. 2.12 Opemlska 11.25 Dofasco 23.8714 Akaltcho .40 Osisko .32 CAB 13.00 Bralorne 1.85 Patino 21.25 Fd of Arner 4400 Broulan .25 Pine Point Gt Cdn Oil 6.15 Bethlehem Placer Dev. 30.75 Gen Motor s 81.00 Brunswick 5.95 P.C. Exp. 1.04 Gt Ukes 16.00 2.05 17 SSSp.t. 'S 'S Chmo 1.28 RtoAlgsm 16.00- Huron, br. 9.65 Roman Corp. 6.60 ]mnariai nil 3575 Cons. Rambler 1.90 Sherritt Gordon 1700 ?ob Coin Lake Silver Miller .07 M 7; Cochenour .28 Steep Rock pi-e Cralgmont 8.9! Tek Corp. 6.35 lnv Gp A im Dlckenson Mines 1.08 Texmont .59 )nt utilities 41.87'A Denison Mines 24.87V2 Upper Canada 2.00 lndust Accept 18.62Va Deer Horn .06 Western M ncs 3.30 Laurentide D'Eldona .51 Wright Her. 1.11 Kelly Doug A 5.50 Dome Mines 64.75 Wlllroy 1.00 toeb 3.B5 Donalda Windfall .12 Loblaw A 5.50 Discovery Mines .99 Yellowknlfe Br. 5.75 Metro stores 41. oo East Malartic 1.06 Zenmac .11 Massey Ferg 10.50 East Sullivan 3.10 INDUSTRIALS McMillan Bloe 24.25 Falconbrldqe 101 50 Anltlbl Moore Corp 37.50 Frobex 24 Alcan 22.25 Molsons A Firs1 Marltimes 1 08 Alqoma Steel 13.00 Molsons B 19.00 G ant Y K 810 Aico Ind 800 North, Cent Bovjs i 90 Atlfn Sugar 7.50 Power Corp 5.25 rr.nHni- s'flS Bell Tel 46.37V2 Price Co 7.75 B 1 R so Brazil Trac 18.B7V2 Rothmans 11 75 HoTlSf 40 12'A B.C. Tel 62.50 St Law Corp 19.00 R.v M? 2250 Burns 13.25 Shell CDA 33.37V4 Hvrtra V 34 B.C. Forest 19.M Simpsons 20.12V2 rnn 31! B'C SuaSr "75 SimP SMr! ron Bay 3.1! CAE 4 M of can 2337A Quebec S 17.W, Selkirk A 15-25 KerrAddison 8.20 f" Gp A S Key Anacon .31 Ca, Power 27 ,s Trans Mtn Pp 23 Labrador 38.50 Coron ]5 Tran5 csn Pp 33.25 Lake Shore 2.95 cwrj Gas M Union GBS 15.75 Langls Sliver .09 cdn 13.75 Union 0'' 46.00 Madsen R.L. .82 Canada S S 32.00 Versatile Mfg 40.60 Malartic G.F. .76 cdn 3.25 Union Car 17.62Vj Martin McNeely 9.50 vickers 8.50 weston's B 17.25 Maybrun Chrvsler 27.00 V7oodward's A 24.00 Maclnlyre 100.25 CPR 44.75 West Cdn Sd 4.65 Mela .18 Comlnco 23.12'A Zenith 1 55 Midrlm .27 Cons Bath 9.25 BANKS Intern Mogul 11.00 Tops Has 21.00 Can Irmerial New Athona Dlst Sea 53.25 Montreal 15.87'A New Calumet .23 Dom Bridge 24 25 Nova Scotia 26.62'A New Imperial .87 Domtar 13.75 Royal Noranda 35.00 Dom Texllle 17.62V4 Tor-Dom 25.50 Neiv York stocks Supplied by Richardson Securities of Canada Amr T and T 46.00 Montgomery Ward 35.00 20 Golds 171.57 off futures WINNIPEG (CP) Live beef futures: Open High Low Close Jly 33.30B 33.25 33.00 Sep 31.25 Nov DIRECT FROM THE ROCK BOTTOM PRICES GRAIN STORAGE FOR 12c PER BUSHEL TRANS CANADA STEEL PRODUCTS LTD. BOX 35, LETHBRIDGE HERALD, LETHBRIDGE, ALBERTA 1 am Interested in a building feet prices EDMONTON (CP) Average prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board: Edmonton: 20.65, average Thursday 20.47. Red Deer: 20.80, average Thursday 20.90. Calgary: 20.80, average Thursday 20.67. Lethbridge: No sales, average Thursday .20.67. Lloydminster: No sales, average Thursday 20.08. Total hogs sold Thursday Average Anaconda of N j ;8 15 w 23] up 8, Belh Steel 22.75 Tcxas 115.75 Volume cSf SfNEW YORK AVERAGES Duoont 142.37 Vi Woolworth 30 lndust 903.32 up 2.33 GM 79.62V7 Westinghouse Elec W.WVi 20 Rails 220.01 up GO 32.00 U.S. Sleel 31.35 15 Utilities 119.79 Up .16 Int Harvester 2B 6Wi TORONTO AVERAGES 65 Stocks 303.83 up .81 Kenn Copper 20 lndust 179.52 off .65 Volume _______ 'Children around the world' TURIN (HNS) Children of The grade 3 pupils had "chil-Grades 1, 2 and 3 under the rlren around the world" as their direction of teachers Mrs. Lee pupils dressed in SnanenTedrtatld ents recently with a program sang songs and showed dis-culminating the social studies plays of each country, course. The afternoon came to a The Grades 1 and 2 perform- close with a lunch consisting ed a play with songs and verses mainly of Norwegian treats centring around the Springtime such as rosettes, fatigmand, Theme. sandbakkens and The whole new world of bonking! A NEW OPPORTUNITY The Bank of Montreal is seeking candidates to commence on a comprehensive development program leading to a management position in our Branch network within 12 months. THE POSITION Administration Manager responsible for planning, directing and controlling daily Branch activities and supervising Branch personnel. REQUIREMENTS Demonslrated Managerial or Supervisory abilities with 3-5 years business experience. Financial knowledge an asset. An interest in people and a desire 1o work in a rapidly changing business. WE OFFER A modern management environment which inc udes management by objectives, annual sa ary and performance appraisals, internal development programs and a tuition refund plan. Expand your horizon in a Whole New World of Banking J. E. ARCHBOLD, Employment and Employee Relations Supervisor, Bank of Montreal, Box 850, Calgary, Alberta. Bank of Montreal The First Canadian THE HOUSE OF TESSIER i Presents AN AUCTION OF ANTIQUE ITEMS TUESDAY, JULY 13th p.m. at the EL RANCHO MOTOR HOTEL Mayor Magrath Drive, Lethbridge Featuring EXCELLENT FURNITURE i Both English and European of a great quality and quantity seldom seen outside the Continental Market. VICTORIAN AND GEORGEAN ITEMS Including: Glassware, China, Brass, Silver, Pitcher and Bowl Sets, Ornately Carved Clocks. AUTHENTIC CRANBERRY AND CARNIVAL GLASSWARE Stubben, Soworbridge, End-of-day, Mille Flore and much, much more. Auctioneer's Note: Trill it n "PREVIEW" to Introduce our new season. Viewing will ba on Monday evening, July 12th from p.m. AUCTIONEER: H. R. (BUD) HAYNES License 010311 of RED DEER AUCTION COMPANY Phone 1-347-3646 RED DEER, ;