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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 12, 1974, Lethbridge, Alberta July 1974 THE LETHBRIDGE HERALD Sharp rise recorded in TSE market prices TORONTO Prices on the Toronto stock market were sharply higher in moderate mid-morning trading today. The industrial wide- ly-based indicator of market rose 2.09 to base metals .42 to 77.83 and western oils 1.94 to 178.36. Golds fell 2.54 to 437.96. Volume by 11 a.m. was MONTREAL Prices were generally higher in light trading on the Montreal Stock Exchange today Volume at 11 a.m. was shares compared with shares at the same time Thursday. Banks rose 3 07 to 231 industrials 2.89 to the composite 259 to Winnipeg grain WINNIPEG Prices con- tinued to gain as activity picked up at mid-session today on the Winnipeg Commodity Exchange All months of llax gamed the com- modity's 30-cent a bushel daily trading limit by mid-session With the excep- tion of one all rapeseed increased by its 20-cent limit Rye gained as much as 13 cents a bushel in moderate activity Thursday's volume of trade was 000 bushels of of rapeseed and 443.000 of rye Mid-session prices Flax July 30 higher 10 Qct 30 higher 10.23B. Nov 30 higher Dec 30 higher 9 73B Rapeseed Vancouver- Sept 20 higher 705B. Nov 20 higher 667B. Jan 20 higher 6 45B. Mar 20 higher 6 38B Rapeseed Thunder Bay July higher 7 25B- Oct 20 higher 6 43B. Nov 20 higher 6 Dec 20 higher 6 01B Rye July 13 higher 3 Oct higher 3 02B Dec eight higher 2 May one higher 3 02B Grain quotes Thursday basis Lakehead. High Low Close Flax Jly 1019 1006 1019 Nov 993 980 993 Nov 961 Dec 943 Rapeseed Vancouver Sep 690 670 685 Nov 632 746 Jii 632'A 613Vz 625 Mar 618 Rapeseed Thunder Bay Jly 711 Oct 632 623 623 Nov 632 Dec 581 Rye Jly 294 288 294 Oct 295 287'A 293'A Dec 292 285 290 May 301 Chicago markets CHICAGO Most of the major commodity futures moved rather erratically on the major United States exchanges Thursday It appeared that there was a lack of direction Insecurity developed and li- quidation followed Silver futures fell the limit of 20 cents an ounce in some options in New York and Chicago On the Chicago Mercantile Ex- live cattle and pork bellies and shell egg futures all fell the allowable limits for one but closed on limits higher meal and oil future closed mixed on the Chicago Board of but oats and iced broilers showed small gains cocoa and coffee futures ad- vanced .but wool cotton and orange juice prices were mixed at the close in the east Early weakness in cattle and hog future was linked to concern over possible slower consumer demand because of rising prices Hogs also were sold on a drop in cash hogs Their recovery was attributed to strength in grain prices later Soybeans also were sold on a report that Brazil had eased export rules on permitting some to be sold abroad. This was an about on its position last when export licences were denied At the soybeans were 3 lower to 1 higher. July 6.21. Chicago wheat 4 lower to 3 higher. July 434. Gulf winter wheat corn 1 to 4 July 3 09. and oats to 1'4 higher. July 1 53Vz Grain quotes Thursday Wheat. Jul Sep 4 37. Dec Mar 4 45.'May 441 Corn Jul Sep Dec 286'V Mar 2.89. May Oats- Jul 1 53V2. Sep 1 53. Dec 1 Mar 1 May 1.60N. 40 ACRES MONTANA RANCH ASSUMED PAYMENT TREMENDOUS SAVINGSII May be assumed by making 3 payments of and Principle Balance of at interest. Tremen- dous ideal for recrea- tion and summer home. Un- rolling grass and pine areas Just off 1-94 near Historic Miles Montana. CALL COLLECT FOR ArM 406-85S-04SO 000 shares compared with shares at the same time Thursday. Advances outnumbered de- clines 149 to 61 with 120 issues unchanged. Texasgulf gained to IU International to Alcan to Moore to and Bell Canada to Hudson Bay Mining A was up to Falconbridge Market trends 184 98. utilities 1 28 to 126.16 and papers 40 to 115 00 Northern Electric rose to Alcan to Bell Canada to and Bank of Montreal Vz to while Abitibi fell V8 to JHVj. Among speculative issues. Capri Mining fell two cents to 14 cents after trading 7.000 shares VANCOUVER Prices were mixed Thursday in moderate trading on the Vancouver Stock Exchange Total volume at the close was shares In the industrials. lonarc was down .02 at .53 on shares. EDP In dustnes was unchanged at 11 on shares. International Utilities was up .50 at on 4.500 shares and War- dair was unchanged at 60 on shares Neonex was up 03 at 98 and Captain International was up .10 at .25. In the Bathurst was down .18 at 46 on shares Sonesta was down 07 at 79 on 93.500 shares. Con- solidated Fortune Channel was down 04 at 59 on shares and Barrier Reef was down .10 at on shares Silver City was unchanged at 20 and Skaist was down 01 at 17Vz In the oils. Payette was down .19 at 71 at 368.300 shares Davenport was up .04 at 78 on Payette Warrants A were down .08 at .29 on 800 shares and Princess was unchang- ed at 20 on shares. Cop-Ex was down 02'i at .29 at 29 and Galvcston was unchanged at 09 Copper to Mindamar 10 cents to and Willroy five cents Ranger rose iVi to Siebens to Vz and Pan Ocean V2 to Moffat Communications A lost V2 to Canadian Hydrocarbons to Dickenson to Camflo V4 to and Pamour V4 to NEW YORK The stock inspired by favorable news on both inflation and interest rolled up a sharp gam in active trading today. The 11.30 a.m. Dow Jones average of 30 industrials was up 18.77 at and gainers overhwelmed losers by ten-to-one on the New York Stock Ex- change Analysts said investors were en- couraged by weekly banking figures released after Thursday's close by the Federal Reserve Bank of New which showed the smallest rise in business loans at big New York banks in five weeks. First National City Bank of New York today provided a further spark by leaving i Is prime lending rale unchang- ed at 12 per cent for the coming week the government reported that wholesale prices rose at a six-per-cent annual rate in the smallest increase since last October Glamor issues were particularly many of them opening late because of a surge of orders IBM was up 5V4 at Inter- national Flavors and Fragrances at Burroughs 3'4 at Digital Equipment at In the oil and oil service Getty Oil added 3 to Halliburton to S136Vz. Kerr-McGee to Among Canadian issues Alcan rose 'z to Inco to Massey Ferguson to Canadian Pacific to Dome Mines dropped to Livestock Calgary CALGARY Receipts to 11 a m Friday on the Calgary public stockyards totalled 375 head piactical- ly all replacements Trade was active There were insufficient slaughter steers or heifers on offer to establish a market. A few cows and bulls sold steady Cows Dl-2 28 50 to 30 50. D3 25 D4 20 to 25 Bulls good 30 to 34 Replacements were mostly yearling steers under 750 pounds sell- ing steady Replacement heifers were nidinly in 600 to 700 pound range sell- ing steady There were insufficient block calves on offer to establish a market Good leeder steers more than 750 pounds 40 to 45. under 750 pounds 43 to 48 Good feeder heifers more than 550 pounds 32 to 38 No hogs were sold to 11 a.m Treasury bills OTTAWA New 91-day treasury bills issued Thursday. million at an average price of 97 846 and an average yield of 8.83 per cent Last week million at average price of 97 859 and average yield of 8 77 per cent 182-day million at an average price of 95 712 and average yield of 8 98 per cent Last week million at average price of 95 752 and average yield of 8 90 per cent. Dividends By THE CANADIAN PRESS Dividends are quarterly unless otherwise noted. Algoma Steel Corp. 25 cents. Sept record Sept 6 Extendicare three Aug record July 31 Hollidger Mines Ltd.. class 40 initial since class B. 34 initial since both payable Aug. 30. record Aug 2 Kewanee Oil Co.. 12 cents. US funds. Sept 10. record Aug. 23. Labrador Mining and Exploration Co. 45 Aug. record July 26 Beaver Lumber Co. 35 Oct. record Sept. pfd 35 Jan. record Dec 10 Domatar 35 plus an extra of 25 cents. Nov. I. record Oct 1 Stuart House International 6- per-cent pfd. series A. 12 cents. Aug. record July 17 Texas Gulf 30 an increase of 11 cents. U.S. Sept record Aug. 15 Combined Insurance Co. of 13 an increase of two U S Aug. record July 26 Gulf Oil 40 an increase of U.S Sept. record Aug 2 M.E.P.C. Canadian Properties 6-per-cent pfd. series Aug record Aug 16 Northern Natural Gas 77'4 an increase of 10 U S funds. Sept 20. record Sept. 3. Shore to Shore 2V4 Aug 30. record Aug 16 Sobeys Stores class 10 July 16. record July 9. Phillips Petroleum 15 U.S. funds. Sept. 3. record Aug. 9. Hog prices EDMONTON Prices to 11 a m Friday provided by the Alberta Hog Producers Marketing Soarri Thursday prices in brackets Edmonton Red Deer 39.00 Hogs sold to M a m hogs sold Thursday average 39 00. sows average 22 50 Currencies MONTREAL Friday's mid- day foreign exchange selling rates supplied by the Bank of Montreal Australia dollar 1.47 Bermuda dollar 1.01 China renmmbi 5100 DenmaVk kroner .1680 France franc 2095 Germany mark 3930 Italy lira 001560 Japan yen 003400 Mexico peso .0793 Spain peseta 0174 Switzerland franc .3345 United States dollar 977D United Kingdom pound 2 3500 USSR ruble 1 30 Quotations ii Canadian funds Gold futures WINNIPEG Gold U S Winnipeg Commodity Ex- change close Thursday 400-OUNCE Jly 74 Oct 74 141.40. Jan 75 147 40A- Apr 75 153 IDA. Jly 75 159.00. Wednesday's volume- 92 contracts 100-OUNCE Aug 74 138 Nov 74 143.75B. Feb 75 149 May 75 155 Aug 75 161 50A Wednesday's volume. 19 contracts Metals LONDON Thursday's clos- ing metals bid-ask in pounds sterling a metric ton. silver in pence a troy ounce Copper Spot 798-799. futures 809- 810 Tin Spot futures 3.510 Lead Spot futures 222-223 Zinc Spot futures 463-465 Silver Spot 168-169. 3 months 172 2- 1724 Qold prices LONDON Thursday's clos- ing gold prices in U.S dollars an ounce London 137 75 Pdns 140 62 Frankfurt 137.08 Zurich 138 00 Hong Kong 134 13 Beirut 4.378 a kilo DAVID B. CARPENTER Chartered Accountant announces the opening of an office for the practice of his profession at Ste. 2-lower leval-Profoational Bldg. 740-4thAvtnuo South Phono 329-0343 Dollar value MONTREAL U.S. dollar in terms of Canadian funds at noon today was down 3-25 at 27-50 Pound sterling was down 12-25 at 39-50. In New the Canadian dollar was down 93-100 at 29-50. Pound sterling was down 1-5 at 13-20. Beef futures WINNIPEG Live beef futures close Thursday. July Sept. Nov. Jan. Wednesday's No contracts. Peed prices WINNIPEG Wheat board domestic feed grain prices Thursday 3CW red spring wheat No. I feed barley 2 No 1 feed oats 1 77 The Herald Business Reduced ethylene exports only suggested in brief Stocks Miscellaneous Montreal MIDLAND DOHERTV LIMITED WESTERN OILS AND MINES Afton 5.25 Albany O'l .39 Alta East Gas 4.70 Alminox 5.25 Asamera 75 Ashland Oil 6-8714 BP Canada 13.25 Brenda Mines 5.25 Cda South 3.15 Cdn Ex Gas 2.70 Cdn Homestd 4 15 Cdn Ind Gas Oil 6.75 Cdn Long Is .17 Cdn Super 35.50 Chieftan Dev 6.50 Dome Pete 25 50 Dynasty Fort Reliance .16 Giant Mascot .95 Gibraltar Mines 8.25 Granisle 7.50 Gt Plains 39 00 Gt Cdn Oil S 7.25 Lochiel Ex 1-55 Lytton Min 1.45 Noble Mines 49 North Cdn Oil 3.10 Numac Oil Gas 11.3714 Pancdn Pete Pan Ocean 9.50 Petrol 1.38 Pinnacle 29 Place Gas 34 Ponder 46 Ranger Oil 24.75 Scurry Ram 19.50 Seibens 12 CO Spooner 30 Total Pete 7 37Vi Ulster Pete .93 United Canso Westcoast Pete 4 20 West Decalta 5 75 MISCELLANEOUS INDUSTRIES Acres Ltd 7.00 Aquitame 22 25 BC Sugar C Pfd 12.00 Block Bros 300 Cdn Pac Inv A Pfd 28.50 Carlmg O'Keefe A Pfd 17.50 Carlmg O'Keefe B Pfd 19.75 Comm Cap Corp 1-80 Crestbrook Ind 5.37VS Canbra Foods 2.95 Falcon Copper F and M Trust 4.30 Genstar 17.00 Home OH A 34 75 Home Oil B Hud Bay Co 15.75 Hud Bay Oil 27.00 Hugh Russell C Pfd 68 00 Husky Oil 1650 Husky Oil B Pfd 33 50 Husky Oil E War 6.50 Interprov Pipe War 2.95 Interprov Steel Pipe 15 50 Kaiser Res 3 85 Kaiser Res War 1 75 Loblaw Co C Pfd 24.75 Magnasonics 1.75 Pacific Pete 19 00 Pac West Air 8 00 Pe-Ben Oilfield Serv 5 50 Rainer Inc Royal Trust Sandwell Teledyne Trimac Westfietd Mm Weston A Pfd White Yukon 3.25 22.50 5.75 4.15 4.85 .95 51.00 PIPELINE STOCKS Alta Gas Trk A 12.50 Alta Gas Trk Pfd 53.00 Alta Nat Gas Gaz Metro Gaz Metro A Pfd 54 25 Inland Nat Gas 9 00 N and C Gas 10.00 N and C Gas B Pfd 20.00 Pacific Trans Trans-Cda Pipe Trans-Cda A Pfd 55.00 Trans-Cda B Pfd Trans-Cda War .90 WC Trans 18.3714 WC Trans War 2.65 CALGARY Acroll .36 Barons Oils -06V4 N. Continental Western Warner .26Vz VANCOUVER MINES Atlas Explorations .22 Bathurst Norsemmes 1 51 Dankoe 2.20 Davenport .75 Dolly Varden .18 Res. .08 Lornex 6.25 Northair Mir.es 1.90 Primer 04 Pyramid .09 Silver Standard 1.65 Valley Copper 6.00 INDUSTRIALS Columbia Brewing 4.85 Key Industries .08 Wardair 1.60 OILS August Petroleum .27 Plains Pete 14 Ponderay Explorations .68 Stampede Int'l Res .60 MUTUAL FUNDS All Cdn. Compound 5.08 5 52 All Cdn. Dividend 5 28 5 74 All Cdn Ventures 2.73 297 Amer Growth Fund 3.80 4.18 AG.F. Special 1.90 Cdn. Invest Fund 4.26 4 68 Collective Mutual 4.34 477 Corp Investors 5.32 5 85 Corp Invest Stock Fund 4 00 4.40 Grouped In Shares 2.56 2.56 Growth Equity 5.82 6.40 Invest Growth Fund 10.24 11 19 Investors Mutual 4 89 5 35 Mutual Accum 5 37 5 90 Nat Resources 3.96 4.35 NW. Cdn. 4.76 5.23 N.W. Growth 369 405 Principal Growth 3 57 3 92 Provident Mutual 628 687 Royfund 498 5.19 Templeton Growth 6.92 7.58 United Accum 3.87 4.25 Universal Savings 6 91 7 61 Vanguard 4 53 4 90 Toronto industrials by Richardson Securities of Tel Advocate Forest Sugar A Valley Ind Ind O'Keefe Can. NW Cellulose Canada Power Credit Central Gas Pfd Ind Marconi Cons. Vickers Coin Dickenson Bathurst Denison Gas Seagrams Dome Bridge Discovery East Textile East Stores Feus First Mobile Giant Y Cdn Oil Motors Lakes Paper Hudson Bay Oil Hydra Iron Sid Walker A Joliet Eir Kerr Oil A Key A Nickel Lake Pipe Langis Grp A Madsen R Int'l Malartic Ltd Martin Douglas A Intern A Nu West Homes New Ferg New Bloed Noranda Corp A B Pine Placer Cent Pax Corp Quebec Co Rio CDA Roman Sherritt Sears Steep Can A A Tek Corp. Grp A United Mtn Pipe Western Can Pipe WH Copper Carbide Wright Gas Oil Siscoe Yellowkmfe Mfg A Foods Algoma Steel Atco Can Imperial Agra Scotia Bell Brascan Dom 52.50 11.25 13.75 1850 1300 8.00 2.35 5.87V4 5.12V4 22.75 3.10 8.50 2050 2.71 16.75 14 62'A 13.50 26.25 14 12Vz 3325 24.25 10.00 2525 28.00 3.50 7.25 44.50 2050 2775 15.75 5.50 26.25 6.75 1550 2.12 4.70 8.00 6.25 975 1600 25.00 47.75 1800 6.00 10.00 13.00 1175 7.50 11.00 29 12.50 33.50 9.50 13.00 1875 775 9.75 4.75 5.75 20.50 22 2.85 3375 2975 34.75 New York bv Richardson Securities of Amr T4T Woolworth 14.00 Anaconda 21.00 Westlnghouse Elec Beth Steel 30.25 U S. Steel 44.00 Chrysler 15.00 Gen Tel Elec 20.00 Comsat TORONTO AVERAGES Dupont 156.25 20 Industrials 182.18 up 2.01 General Motors 45.75 20 Golds 437.95 down 2.55 Gulf 10 Base Metals 77.88 up .47 Int Harvester 2275 15 Oils 178.36 up 194 Kenn Copper 31.25 Volume Montgomery Ward 34.50 NEW YORK AVERAGES Sears 77 75 20 Industrials 779.flO up 20.18 Exxon 20 Rails 153.93 up 5.22 Texas Gulf 2525 15 Utilities 66.55 up .48 Texas Co 65 Stocks 233 05 up 5.93 Wlx Corporation 11.50 Volume OTTAWA Dow Chemical Canada Ltd. should only be given permission to ship reduced amounts of ethylene to the United States until it has clarified some points in an export licence Gulf Oil Canada Ltd. said Thursday. Gulf said in a brief to the National Energy Board that Dow should define its figures on future domestic demand for ethylene and show how the company reached its forecasts of a surplus. The board is considering an application from Dow to export 10 billion pounds of ethylene to the U.S. between 1977 and 1987. Board members have said any ethylene exported will have to be surplus to Canadian needs. During hearings last Dow introduced figures that showed an ethylene surplus after exports had been made to its U.S. parent company. But in a brief to the Gulf said it did not agree with Dow's method of determining Canadian demand by polating production Gulf did not provide figures More rain needed for crop growth OTTAWA Surface soils are dry on the Prairies and rain is needed in most dis- tricts for continued crop Statistics Canada re- ported Thursday. The report says there has been some rain in Manitoba and but more is needed even in those provinces to ensure growth. Early-sown cereals are in the shotblade stage and early- seeded oilseeds are in the agency said. Except where delayed by haying is under way. In scattered showers have relieved dry surface soil conditions but more rain is needed. Plant growth is slow and uneven and some late-seeded crops have been worked Statistics Canada says. Early-seeded crops are generally in fair to good condition. In rain is needed in practically all dis- tricts except around Rosetown and Scott. cereals and oilseeds are not showing signs of deterioration despite the lack of surface moisture. Crop progress is variable as a result of the seeding patterns of last with early-sown cereals in the shotblade stage in many districts and some rapeseed in the report says. Farmers are spraying for weed control. Haying has started and good yields are re- ported. In field crops are continuing to make good prog- ress as a result of recent rain- fall. says Statistics additional precipitation would be beneficial in the southeastern part of the province and the Peace River district. Average wheat height ranges from 10 or 12 inches in southern Alberta regions down to five or seven inches in the north. Moderate to heavy grasshopper infestations are evident in southern Alberta although extensive spraying has resulted in minimal crop losses. Red turnip beetles are present in the north-central regions and many areas in the Peace River district. Grasshopper control meas- ures are still in progress. Most of the spraying that has been carried out has been along roadsides and margins of crops in the Red River Valley. Damage has generally been confined to the margins. U.S. expects record wheat crop this year WASHINGTON Farmers in the United States will harvest a record wheat crop of almost 1.93 billion bushels this up 12 per cent from 1973 the U.S. agriculture department said Thursday. But the sorely needed to replenish grain reserves drained by is about 149 million bushels less than federal farm officials had predicted only three weeks ago. The department's Crop Re- porting Board said continued dry weather in some of the United excessive rainfall in other parts and plant disease contributed to the decline in prospects. On June based on in- dications the agriculture Mortgage interest rate upped department forecast the wheat crop at just over 2.07 billion bushels. And still on May the department said just over 2.17 billion bushels were indicated. The earlier were statistical projections based on prospects for winter wheat planted last fall and cal- culations based on trend for the spring-planted type. Thursday's report was the department's first all-wheat estimate made from actual field survey. Officials also said corn farmers will have 67.6 million acres for harvest this up nine per cent from 1973. the department forecast farmers would have 68.8 million acres for harvest. on what volume limit should be placed on the export but said it should not exceed the surplus that would result if Dow built a plant to produce 1.2 billion pounds of ethylene a year. Dow plans to build a plant in two stages at Fort Saskatche- each stage with a capacity of 1.2 billion pounds. The company has also told the board the plant will not be vi- able if production or its planned volume of exports were reduced. Gulf also said ground rules for establishing export volumes and the price of ethylene should be determined by the board before export licence applications are considered. In its briefs Alberta and Southern Gas Co. Ltd. reiter- ated earlier protests that Dow had not provided on where it would get its the raw material used to produce ethylene. and what price it would pay. A letter from the Alberta government offering to provide ethane a best efforts basis'' is not conclusive evidence that Dow has necessary supplies of raw Alberta Gas said. A third brief received by the board Thursday urged that the Dow application be approved as soon as possible. Diamond Shamrock Canada Ltd. said it has plans to build a poly vinyl chloride plant near the pro- posed Dow plant in Alberta and would need ethylene in its chemical processes. Fishermen continue wage strike ST. JOHN'S Nfld. Striking fishermen from Por- tugal's famed white fleet were waiting for the expected arrival today of a Portuguese government official. The official should have government assurances of pay raises for the An- tonio a fishermens' union official said Thursday. Mr. Gordo flew here from Lisbon and has been meeting for the last wt ek with 220 men from three Portuguese fishing vessles tied up in St. John's since June 27 demanding wage increases. The men want more money for their an increase in the minimum salary they are paid regardless of the amount of fish caught and a lump sum payment for work done in the last three weeks SAND gravel ASPHALT ITOLLESTRUP1 SAND and GRAVEL Construction Co. PHONE 328-8196 TORONTO Interest rates en residential mortgages have been raised at a number of the chartered a Toronto Dominion Bank spokesman said Thur- sday. He said that Toronto Domin- ion's quoted rate on mortgages was raised to 11.75 per cent Monday from 11.25. On the same its rate on mortgages insured under the National Housing Act was increased to 11.5 per cent from he said. The Bank of Nova Scotia matched the Toronto Domi- nion rates Thursday bringing both banks into line with those established May 23 by the Canadian Imperial Bank of Commerce. Interest rates at the Bank of Montreal and the Royal Bank of Canada have been at 11.5 per cent on conventional mortgages and 11 per cent on NHA mortgages since mid- May. OFF CANADIANA LAWNMOWERS Special Prices On all Other Mowers Located In at 1221-2nd South Phono 329-0017 ;