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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 10, 1973, Lethbridge, Alberta July 10, THI UTHMIDOt HWALO Prices on TSE sharply higher TORONTO (CP) Prices on the Toronto stock market moved sharply higher in fairly active mid-morning trading to- dav. The industrial index, consid- ered the major indicator of market trend, rose 1.62 to 206.68, base metals 1.56 to 102.12 and western oils 3.10 to 216.80. Golds were off 6.89 to 307.47. Volume by 11 a.m. was 000 shares compared with 000 at the same time Monday. Advances outnumbered de- clines 142 to 77 with 168 issues unchanged. Bank, industrial mining, oil (refining and beverage stocks were among sectors of the mar- ket recording advances while food processing and real estate issues were lower. Pacific Pete rose 1% to Falconbridge Nickel 1 to Canadian Tire A to Aquitaine to and Moore to Imperial Oil was up to Texasgulf to Massey- Ferguson to Dome Pete to and Chrysler CP Ltd. fell to United Mindamar gained 65 cents to Denison to and Placer to Agnico- Eagle lost 25 cents to and Camflo 25 cents to North Canadian climbed 40 cents to and Pan Ocean to Ram Pete slipped 15 cents to MONTREAL (CP) All sec- tors advanced in light trading on the Montreal stock market today. Combined volume on the Mon- treal and Canadian stock ex- changes at 11 a.m. was shares, compared with Livestock Calgary livestock CALGARY (CP) Receipts to 11 a.m. today from the Cal- gary public stockyard shows sales of 925 head, mostly steers in the lighter weight range and cows. Trade was active. Slaughter steers sold fairly steady to a narrow demand. Heifers were in short suoDty selling steady for quality. Cows sold fully sfcaady sales with sales to 34.60. Bulls sold steady. Steers Al and 2 44.25 to 45.60, A3 43 to 44.25. Heifers Al and 2 41.50 to 42.50, A3 40.25 to 41.25. Cows Dl and 2 33 to 34, D3 31 to 32.75, D4 28 to 30.90. Good bulls 38 to 41. Replacement cattle were mainly short keep steers in the 800 to 950 pound weight range selling at steady prices. There were no stock calves on offer. Good feeder steers more than 800 pounds 43 to 47.40. Good feeder heifers more than 600 pounds 40 to 42.70. There were no hogs sold f.o.b. Calgary to 11 a.m. shares at the same time Mon- day. Banks gained 2.37 to 250.52, industrials 2.29 to 231.89, the composite 1.91 to 217.29, utilities .40 to 146.36 and papers .28 to 115.60. On tbe Montreal Stock Ex- change, Falconbridge Nickel was up 1% to Moore Corp. 1 to Dome Petro- leum 1 to Bank of- Com- merce to and Pacific Petroleum to On the Canadian Stock Ex- change, Royal Agassiz Mines dropped 21 cents to on 783 shares traded. NEW YORK (AP) A stronger dollar abroad today sparked a technical rally, analysts said, sending stock market prices higher over a broad base. The Dow Jones average of 30 industrials at niton was up 10.53 at 887.79. The blue chip in- dicator bad closed up more than seven 'points Monday and had been up over 11 earlier to- day. Advancing New York Stock Exchange issues held a strong lead over de- clines as volume slowed after a moderately-heavy morning. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Drterty, McCaaig limited) Dollar dawn over the years Consumer must face food prices WINNIPEG (CP) Former U.S. secretary of agriculture C. M. Hardin says North Ameri- can consumers must face the prospect of yet higher food prices, or else sell all meat ex- ports from both -Canada and the United States controlled. Mr. Hardin, who now is vice-chairman of Ralston Pur- ina Inc. of St. Louis, Mo., said at the Canadian Feed Manufac- turers' Association convention, "facing higher food prices takes courage, but if we don't, me alternative of strictly con- trolling aH meat exoorts will take even more courage." Such a move might hold do- mestic prices down temporarily but would eventually crimp the U.S. agricultural economy and worsen the American balance of payments, he said. A. D. E. Cbfld. president of Burns Foods Ltd of Calgary, said Canada faces a similar problem in coping with mount- ing demands for agricultural products on the world market. He predicated that, contrary to consumers' hopes, beef and pork prices in Canada would continue to rise unless the fed- eral government moves firmly to control inflation. Like Mr. Hardi, be said the housewife had better put up with the situation or face a ser- ious meat shortage in the fu- ture. Hog prices EDMONTON (CP) Av- erage prices to 11 a.m. today provided by the Alberta Hog Producers Marketing Board. Edmonton: 49.40. Average Monday 49.72. Calgary: Nil. Average Mon- jday 49.46. Letbbridge: Nil. Average tMonday 49.87. Fort Macleod: Nil. Average 49.80. 1 I Total hoas sold to Jl a.m.! total hogs sold 9.329. av- erage 49.65. Sows average 36.40. Metric teaching TORONTO The To- ronto board of education has put tbe official seal on teaching the metric system in schools. Pupils in Grades 1, 2 and 3 win be taught primarily on the met- ric from next Sep- World monetary meeting set WASHINGTON (AP) The Committee of Twenty of the In- ternational Monetary Fund (DIP) win meet here July 30 and 31 to discuss major issues of international monetary reform, Committee Chairman Ali Wardhana announced today. He said the meeting will be a working session to discuss ma- jor issues of monetary reform in advance of a meeting of the TF in Nairobi in September. A meetinf of the demities pf the committee of Twenty will be held here from July 11 through 13. (11 a.m. Quotes) LAST BID OR SALE (11 a.m. (11 a.m. Quotes) Illustration shows decline in value of U.S. dollar in relation to the West German mark over the years.. On Sept. 19, 1949 the dollar was worth 4.20 marks; March 6, 1961: 4 marks; Oct. 10, 1963: 3.63; and on July 6 the floating-dollar went under 2.30 marks. 7.20 6.30 8.60 11.50 3.10 6.15 6.75 .20 50.oa 9.75 WESTERN OILS AND MINES Albany Oils 1.17 Alta East Gas Alminex Asamera Ashland Oil Gas B.P, Canada Brenda Mines Can South Cdn Export Gas Cdn Homestead Cdn .Ind Gas Oil Cdn L Island Cdn Superior Charter Oils Chieftan Dome Pete Dynasty Fort Reliance Giant Mascot Graniste Great Plains Grt Cdn Oil Lochiel Ex. Lytton Mineral Noble Mines North Cdn Oils Numac Pancdn Pete Pan Ocean Petrol Pinnacle Place Gas Ponder Ranger Oil Scurry Rainbow Seibens Spocner Total Pete Ulster Pete Westcoast Pete West Decaita 7.75 13.00 6.50 15.00 40.00 42.12% 48.00 42.90 22.25 41.25 Cygnus B Falcon Copper F and M Trust Genstar Global Com Home Oil A Home Oil B 14.62VJ Hudson Co 5.70 Hudson Bay Oil 3.70 Hud Bay Oil A Hugh Russell C Husky Oil Husky Oil B Husky Oil D war 7.75 Husky Oil E war 8.75 Hys of Canada 4.05 inter Prov Pipe 9.10 Inter Prov S P Kaiser Loblaw 2.40 C Pacific Pete Pac West Air Pe-Ben Oilfield Rainier Inc. Royal Trust Commerce Cap Sandwell 14 87% Teledyne 13.00 west Cdn Seed 12-50 Westfield Mfn Weston 4% A White Yukon VANCOUVER MINES Afton Atlas Explor Bam Norse Davenport Dally Varden Equitorial Res Lornex Primer Pyramid Silver Stan Valley Copper INDUSTRIALS 8.65 .43 .76 .04 1.85 .44 .27 .17 10.75 .11 .13 .85 9.50 8.40 .30 2.90 9.20 27.50 8.50 2.08 1.90 1.23 7.80 1.18 14.25 2.95 28.75 Col Brew 2.60 Key Indust .33 Wardair 2.00 OILS 7.87% PRP Explor 1.37 26.25 plains .20 Pond Explor .95 Stam infl Res 1.40 MUTUAL FUNDS All Cdn Com 6.77 7.36 All Cdn Divi All Cdn Vent Amer Gr Fd AGF Spec Cdn Inv Fd Coll Mutual 22.00 3.40 4.50 4.10 5.00 1.12 59.00 .62 .40 30.00 16.25 13.50 .44 660 .95 PIPE LINE STOCKS 11.87% Comm Inter Alta Gas A Alta Gas iVt Alta Nat Gas Inland Nat Gas North Cent Gas North Cen B Pacific Gas Comm Lever Comm Vent Corp Inv 7.25 7.88 3.46 3.76 i.07 536 4.97 5.44 5.20 5.27 14.55 15.99 3.69 4.05 7.00 7.69 5.95 MISC. INDUSTRIES S 8715 Gaz Metro Gaz Metro A Acres Ltd Aquitaine B.C. Sugar Pre Block Bros Cdn Brew A Cdn Brew B Cdn Pac Inv Crest Forest Crowsnest In Cygnus A TransCan 13-00 TransCan A 21-50 TransCan B TransCan Pipe 2-60 Westcoast Tran 24.12V4 Westcoast T War 2900 2675 8.00 2700 7.75 CALGARY Aeroll Barons Oil North Cont West Warner 12.25 71JS 20.00 Corp Inc St Fd 4.80 5.27 10.37V4 Drey U.S. 10.59 11.61 9.50 Gr Pac 4.47 4.89 22.37'A Gr In Snares 336 3.69 12.00 Gr Equity 7.42 8.15 4.35 Inv Gr Fd 11.8012.91 64.1214 Inv Mut 5.63 6.16 31.00 Mut Accum 5.81 6.39 -59.37'A Nat Res SJO 6.04 39.25 N.W. Cdn 535 5.88 N.W. 4.55 5.00 18.00 Prin Gr 4.09 4.49 3.45 Royfund 6.41 6.67 Temp Gr 8.54 9.33 .47 Un Accum 480 5.27 .0414 Univ Sav 7.45 8.19 Univest 5.71 6.77 .35 Vanguard 5.93 6.50 Toronto mines, LAST BID OR SALE (11 a.m. Quotes) (11 Quotes) (11 i.m. Quotes) MINES Acme Advccffte Asb. Akaitcho Aldona Bralome Broulan Bethlehem Bovis Brunswick Can. N.W. Land Canada Tung. Cassiar Central Pat. Chimo Ccnwest Cons. Rambler Coin Lake Cochenour Craigmont DicKenson Mines Denison Mines Deer Horn D'EMona Dame Mines Discovery East Malartic East Sullivan Falccnbridoc Frobex Osisko Pine Point Placer Dev. Pax Exp. Quebec Man Rayrock Radiore .10 1-20 1.22 -35 2.20 Rio Algom Pmruin Pn. 2.00 4.65 6.90 1.80 10.5) 1.10 1.27 S-7S Roman Corp. Sherrirr Gordon Steep Rock Tek Corp. Texmont Upper Canada Western Mines W H Cop. Mines Wright Hargreaves 1.05 Willroy UC-.JI.I 3.60 1.11 34.00 .49 Gold futures WINNIPEG (CP) Gold futures. U.S. funds. Winnipeg Commodity Exchange close Mondav. Jly 73 127.05: Od 73 131.90B: Jan 74 135.80B: Apr 74 139.106: Jly 74 143.05. Friday's volume: 151 con- tracts. CREDIT MANAGER Leading Lumber Yard rtqvinn an Experienced Credit Manager preferably with related experience. This position offers o rewarding future to the suc- cessful applicant. Moving expenses will be paid. Send Ml to NELSON LUMBER COMPANY LTD. 12727 ST. AlBCTT TRAIL EDMONTON, ALBERTA. GHtnt Y.K. Graniut Hollinger Hudson Bay Hyflra Ex. iron Bay ISO 1.23 4.25 70.15 .28 .48 3.30 igl _____. Iroy 1-07 Windfall -21 Yeliowknife Bear 3.45 Zenmac -12 INDUSTRIALS 10.50 Alcan Algoma Steel Atco Ind Allan Sugar Aora Ind Sell Tel Braz Trac B. C. Tel Burns B. C. Forest B. C. Sugar Ind Kerr Addison Key .36 340 iOl .27 1175 Snore Silver RL MalarKc Maclrrtyre WWSrim Irrtern Mooul No Wssl Homes New Atnona Calumet Northoste Morlex Cdn Brew Cnemcell Col cellulose Cat Power Coron Credi' CWN Gas PJd Indus Cdn Marconi Can Vickers Qjrysler CPR Cominco Cons Cons Gas Olst Seagrams Oom Bridge OomtBT 7S1'; Oom Textile SO 25 Oom Stores 5 70 Dome Pete 77 Oofasco 3.10 OB 1.4S l.W 14 1Z.7S 775 .24 Glen Mob Horn 32.87% Gt Cdn Oil Sds 29.00 Gen Motors 2.60 Gt Lakes Pap .13% Guff Oil 1.50 Grey Lines .31 Hawker Sid 28.50 Hiram Walker 7.60 Huron and Erie Imp Oil 1-54 imasea 4.00 Int Nickel .23 int Pipe Z.J1 Inv Group A 2.W int utilities 3.00 Indust Accept Kaps Kelly Doug A Laurentide Loeb Loblaw A Metro Stcres McMJHan flfoe Moore Corp n.37Va Molsons A 6.50 Molsons B Nachurs North and Cent Power Corp Price Co Rdrimens St. Law Corp Shell COA 2S.62VJ Simpson's 14.25 Simp Sears 10.25 Steel of Can 4.90 Selkirk A 3.95 Texaco 4.45 Trad Group A Trans Pip l.tS Trans On Pip 1IJOO Union Carb 13-50 Union Gas 3.95 Union CHI 14.50 United Siscoe 2375 Versatile 9JO 8.60 65.25 21J50 34.62V2 18.75 4.30 52.00 27.75 41.00 28.25 24.50 8.25 23.75 17.12VJ 7.00 4.25 11.25 4.85 17.75 28.25 51.00 26.00 10.75 11.75 18JO 51.00 1S.2S 17 .50 19.25 6.75 9-SO 10.37% 14.00 13.25 20.00 11-SO 30.25 14.50 20X0 30.75 17.25 W.50 22-QD B W90d A Wn Sd Elec 30J71A Cdn Imperial 8.00 Montreal 14.00 'Hovf Scotia 2V Royal 26JO Tor-Oom M.SB 7.00 71.25 34.50 490 2.45 29 JS 17.12% '775 J375 31 50 Grain Prices WINNIPEG (CP) Rape- seed prices posted strong ad- vances in a moderate demand at mid-session today on the Winni peg Commodity Ex- change. Flax prices were up slightly in all deferred futures, though down 1% cents in nearby July. Oats and barley were fraction- ally lower and rye traded ac- tively at stronger prices. Monday's volume of trade was 797.000 bushels of flax, of rye and of rapesaed. Mid-session prices' Flax: July 1% tower Oct. 2 higher 7.42, Nov. 4% higher Dec. higher 6.96B. Rapeseed Vancouver: Sept. 17% higher Nov. 18 higher 6.04B, Jan. 18 higher 5.98B, March 17 higher 5.87B. Rapeseed Thunder Bay: July 13 higher 66.00, Oct. 6 higher 5.87B, Nov. 10% higher 5.66B Dec. 15% higher Oats: July unch Oct. lower Dec. lower Barley: July lower 2.1m, York stocks Secwttfet Cwta) Amr T Anaconda BeWi Steel Chrysler 51.75 Sears X 3W.K off 20.12% XJRan W 25 10 Base Met 1.3! Mfi7i'? 15 West Oils 716.74 up 30J 24.37Vi Texas Co 33.75 Vdume I.WIXKB J_5 OD NFW TOKK AvCtAOeS Gen "Motors titm E'K lna "P 1B-a 2J5S U.S. Stwl 70 Rails up 1W Int Harvester 7B4T14 ElK 15 UTil 101J2 vp .28 Kem Copper 24.75 TOKOKTO AVCftMtS XHM op 2J1 Wont Ward 20 l.W Big diesel plant to be reopened LONDON (Reuter) Man- agement and union officials have agreed on a formula for re- opening the works of the world's largest producer of dies- el engines. The Perkins plant at Peter- borough in eastern England was closed four weeks, ago by its owners, the Canadian owned Massey Ferguson Co., following an overtime ban by staff de- manding higher wages. The en- tire staff of men HOth of the town's population was laid off. The two sides were brought together by tbe government, and after seven hours of talks here they settled on a wage increase. Perkins workers bad com- plained that the other Massey- Ferguson employees doing the same jobs in the industrial Eng- lish Midlands were receiving up to a week more than they were. Management delegates said they would start remov- ing this disparity. Tbe pay award, amounting to about a 6.9-per-cent increase, is within the limits of UK govern- ment's controls over incomes and prices. Fines frozen INDIANAPOLIS, tod. (API- Two judges said that because of tbe Nixon price freeze they will not impose higher Ones author- ized by the Indiana legislature. The legislature passed bills providing up to increases in fines for traffic violations. But Municipal Court Judges Valan Boring and Patrick Barton said they would not impose higher and cited tte {jrice Oct. unch Dec. unch Rye: July 2 higher 2.32A, Oct. 1% higher 2.34B, Dec. 2 higher 2.35B. Grain quotes Monday (basis High Low Close Flax Jly 809 793% 795 Oct 749 734 740 NOV 719 707% 714 Dec 695% 687 695% Rapeseed Vancouver Sep 623V4 603 623Vi Nov 586 366 586 Jan 580- 559 580 Mar 570 551 570 Rapeseted Thunder Bay Jly 588 573 587 Oct 574 556 573 Noy 555% 544% 555% Dec 530 517 530 Oats Jly 145 142% 142% Oct 135 133% 133% Dec 134% 131% 132 Barley Jly 211% 209% 211% Oct 206 201% 203% Dec 201% 196% 200% Rye Jly 232 230 230 Oct 233 230 232% Dec 235 231 233 Inflation rampant in United States NEW YORK (AP) The con- Uniting pressure of inflation was reflected last week in broad in- creases in United States inter- est rates and a report that June wholesale prices rose at their sharpest rate since the Korean War boom. The lone bright spot was a government report that the job- less rate has finally responded to the expanding economy and dropped below five per cent last month for the first time in three years. Tire ads misleading says CAS WASHINGTON (AP) The center for Auto Safety petition- ed the Federal Trade Com- mission Saturday to declare ad- vertisements for Firestone and Goodyear steel belted tires to be misleading. The Goodyear ad shows the tire surviving a ride across axes and drill bits. The Fire- stone ad warns that a survey shows few people are willing to stop for motorists in trouble. The center, which is funded primarily by Consumers Union, said Goodyear has informed in- dividual tire buyers that a nail allowed to remain in a steel- belted tire long enough can work its way through the metal and cause air loss. But a Goodyear spokesman said: "There is no more basis for this complaint by the Centre for Auto Safety than there was in 1967 to a charge that the rubber industry was selling tires to the auto industry for which proved to be false." Firestone denied the centre's charge that it had misrepre- sented its 'survey, which the company said showed more than 80 per cent of the respond- ents said they" "would not or might not stop." The centre complained the advisement quoted no one would stop among -the eight responses used. Beef futures WINNIPEG (CP) Live beef futures close Monday. Jly 46.25; Spt 46.10B; Nov 46.25B; Jan 45.75B. Friday's volume: Four con- tracts. The increases in Interest charges paralleled rises In the costs of items such as food, clothing and industrial mate- rials. The interest rate in- creases applied to everything from corporate loans to savings accounts to mortgages. Commercial banks increased their prime lending rate twice during the week and lifted it to per cent, just under the high of 8% per cent reached during the 1969-70 credit crunch. The increases in the minimum bor- rowing fee banks charge large corporations means big busi- ness will find it more expensive to obtain loans. BANK COSTS UP The banks said the two in- creases, which totalled half of a percentage point, were neces- sary because their own costs of obtaining loan funds in the open market have been climbing. Consumers, who had been ex- empt from the upward sweep of interest rates under government guidelines instituted earlier this year, came in for two rate increases of their own last week. One allowed them to re- ceive higher rates on savings accounts but the other paved the way for them to pay more on house mortgages. The Federal Reserve Board, which acts as the U.S. money manager, said its member banks could increase the max- imum interest rate on passbook savings accounts by one-half a percentage point. The increase to five per cent on the accounts, the most popular type of des- posits used by small savers, was retroactive to July 1. In a related move, the Fed- eral Home Loan Bank Board, which regulates savings and loans associations, raised its ceilings on passbook accounts to SVt per cent from five. The Fed- eral Deposit Insurance Corp. took similar action for national banks. The government agencies in- dicated the move is designed to cool off the economy by encour- aging saving and dampening spending. Dollar Value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon today was 1-50 at 43-50. Pound sterling down 3-5 at 2.54 79-100. In New York, the Canadian dollar was down 1-50 at 7- 50. Pound sterling down 13-20 at 3.20. BIG INDIAN DRILLING FOR SALE 1970 VERSATILE D 145 TRACTOR Cummins V470 Engine 1176 hours, dual wheels, good rubber, new transmission, lubrifiner filter, automatic shutters, air conditioned cab. This machine is in A-l condition. KENTING BIG INDIAN DRILLING 415 MONUMENT PLACE SOUTH EAST CALGARY PHONE 272-8811 Rotary Cut Mahogany Doors Suitable for new construction or Each Utility Hardboard thick. Suitable for lining almost any type of bvilcfing vory economical- ly, tor Vinyl Floor Tile 12wx12" nSielt, and rtidc (no hro Each..... ADVANCE LUMBER CO. LTD. "YOUR WONEER LUMBER DEALER SINCE 1925" Cor. 2nd Ave. and 13th St. S. Phone 328-3301 ;