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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 24, 1974, Lethbridge, Alberta 18 LETHBRIOGE HERALD July 1974 puhl By BUD JORGENSEN TORONTO The price chartered banks pay for central bank loans goes higher signalling even tighter credit conditions for cor- porations and individuals. The Bank of Canada move to a record gVj-per-cent bank rate followed by a few hours a new round of increases by chartered banks in their prime rate. The one-half of a percentage point increase in the bank rate announced Tuesday evening was the third upward move- ment since April the rate was 7'A per cent. It was a part of continuing efforts by federal monetary authorities to ease the rate of inflation by clamping down the lid on expansion of credit. The bank rate is that of interest charged by the central bank on loans to chartered banks. The retail banks rarely borrow from the central bank but the bank rate is a key policy tool in setting guidelines for the interest rate structure. ANNOUNCE INCREASES Six chartered banks an- nounced Tuesday increases in their prime rate to 11 vz per cent from 11. Two other banks had previously increased the prime rate to per cent. The prime rate is the one charged on large loans to the retail banks' most credit- worthy customers. Rates for higher risk and smaller dollar value loans are scaled upward from this rate and consumer such as may go higher. The Bank of Canada state- ment cited the strong demand for and high levels of short-term both here and as reasons for the latest increase A concern that individuals and corporations will spend now to beat price increases is reflected in the Bank of Canada action. Industrial workers weekly earnings up OTTAWA Average weekly earnings for industrial workers rose in all five regions between April and May this Statistics Canada reported Tuesday. Employment in such in- dustries as manufacturing and construc- tion also as the summer work season began. Mine employees led the oth- ers with average weekly wages of up from in April and 66 in May last year. Manufacturing workers re- ceived average earnings of in compared with in April and in May a year ago. Average wages for all indus- trial workers in May were up from in April and in May last year. The average wage in the At- lantic region rose to from 149.11 between April and May and from in 1973 In wages rose to from and 78 a year ago. Ontario in- Skilled workers needed dustnal wages rose to from and On the industrial wages increased to a week from between April and May and from in 1973. Highest industrial weekly wages were in British Colum- where the average worker received in compared with in April and in May last year. New Ford vehicles to cost more Spending now to beat infla- tion may mean borrowing to make the purchases. Mortgage lending is a good example Urban house prices have jumped than double during the last three years in some cities. The prospect of even higher orices probably encouraged some people to take a mortgage loan and buy sooner instead of later TO CATCH UP After a period of relatively small wage com- pared with gains in the con- sumer price organized labor appears to be making a concerted effort to catch up. Non-organized employees probably are taking what ac- tion they can to get more pay. People expecting wage gains may take out a mortgage which accounts for a relatively high proportion of their income now because they believe they will be able to handle the payments easily in just a few months' time. It is the inflationary psy- chology of expecting prices and incomes to continue rising which makes people and cor- porations less concerned about interest rate levels which would have seemed prohibitive a short time ago. The problem for monetary authorities is to tread the mid- dle ground between real de- mand and a beat-the-price- increases psychology. A further as noted in the Bank of Canada statement Tuesday is the pressure from the international interest rate structure. The central bank statement said the increase brings the bank rate more closely in line with short-term rates here and abroad. NOTES FETCH MORE Short-term federal govern- ment notes now are paying in- terest of about 9Vz per up from about 6V2 per cent four months ago. Six-month term deposits can be made at 10 per cent and rates are higher for longer terms. The latest round of prime rate increases by the chartered banks also included announcements that the rate paid on non-chequing savings accounts was being raised Aug. 1 to per cent from While banks will be charg- ing more tor loans they also will be paying more to get loan money. DETROIT Ford Motor Co has told its dealers in the United States that prices on its 1975-model cars and trucks will increase an average of eight per cent when the new model Fords go on sale this fall The increase will raise the cost of Ford vehicles between and averaging about But the firm did not say specifically how it would dis- tribute the increases among loW-Driced its models. A Ford official cited rising IL 1 costs in announcing the pro- posed increases Tlit Herald Business Stocks Miscellaneous Montreal MIDLAND DOHERTY LIMITED Giant wheel This giant 10 feet three inches in will help support 180-ton trucks being assembled at Arrow Transfer in B.C. for the Utah Mining Company operation on Northern Vancouver Island. Bank of Canada tightens corporations credit WESTERN Trust 22.00 AND 5 75 Afton 4.35 Albany 4.50 Alta East Min 1.00 A Pfd 51 00 Yukon 6 75 Ashland STOCKS BP Gas A 13.00 Brenda Gas Pfd 53.25 Cda Nat Gas 17.75 Cdn Export Metro 5.25 Cdn Metro A Pfd 55 00 Cdn Ind Nat Gas 8 87V4 Cdn Long a C Gas 10.25 Cdn C B Pfd 20.25 Chieftan Gas Trans 8.75 Dome Pipe 1025 Dynasty Ft 12V4 Pipe A Pfd 54.50 Tr-Cda Pipe B Pfd 30.75 Giant Pipe War 1.00 Gibraltar Trans 19.00 Tr War 2.60 Grt Grt Cdn .36 Vi Lochiel Oils .06V4 Lytlon Continental Noble Warner .27 North Cdn Numac PanCdn 87 Explorations .22 Pan Norsemmes 1.46 2.50 .70 Place Varden 18 Res Ranger 7 00 Scurry Mines 1.63 .03 .1C1 Total 37 Standard i 52 Ulster Copper 6 05 United West Brewing 4.85 West Industries .05 i 65 Petroleum .30 Acres Pete .15 Explorations .60 BC Sugar C Int'l Res .61 Block FUNDS Canbra Cdn Compound 5 32 5 78 Cdn A Cdn Dividend 5 54 6.02 Carhng A Cdn Ventures 2.76 3.00 Carlmg B Growth Fund 4.10 4.51 Com Capital Special 2 08 Crestbrook Investment Fund 4 43 4 86 Falcon Mutual 4 55 5 00 F M Investors 5.57 6 12 Inv Stock Fund 4 25 4.67 Home Oil Fund U.S. 8.58 9 47 Home Oil Pacific 4 05 4 42 Hud Bay Income Shares 2 67 Hud Bay Equity 613 6 74 Hugh Russell C Growth Fund 1067 11.66 Husky Mutual 5.09 5.56 Husky Oil B Accum 563 619 Husky Oil E 87 Resources 412 453 Inter Pipe W Cdn 4 98 5 47 Inter S W Growth 3 95 4.34 Kaiser Growth 3.72 4.08 Kaiser Res Mutual 6.55 7 15 Loblaw C Income 4 97 518 Growth 7 09 7 75 Pacific Accum 4 03 4 43 Pac West Savings 7 20 7 93 Pe-Ben 5.47 6.01 Rainer 4.81 5 27 Toronto industrials by Richardson Securities ot B.C. to ban VANCOUVER Robert chairman of the Canadian Construction said Tuesday the construction industry must be assured continued im- migration of skilled workers to offset a shortage of Cana- dian tradesmen. Mr. of said in an interview at the association's annual meeting that the construction industry estimates it will need about skilled construction tradesmen from other countries in the next six years. There is also a serious short-term labor he although this has been partially alleviated by bring- ing in laborers under tem- porary work permits. in letters to the firm's dealers. An eight-per-cent increase would bring the retail cost of an average sub-compact Pinto to more than in the a Torino to an Thunderbird to and a Lincoln Continental to The Pinto would cost compared with the current av- erage In the Pinto sold for Throughout the 1974-model Ford has been in line with pricing leader General Motors as the four U.S. auto- including Chrysler and American frequent retail sticker increases. Executives at GM and Chrysler indicated recently they intend to continue periodic price increases as long as the inflationary spiral continues. VICTORIA Lower- priced cracked eggs will not be allowed on store shelves in British because of the danger of bacterial con- Agriculture Minister Dave Stupich said Tuesday In a news he said his department is revising its shell egg regulations to eliminate the cracked classification. The decision was based on danger of the eggs going bad and leakage from cracked eggs in tran- which causes un- sanitary conditions. The health risk involved far outwrighs any saving to con- said Mr. Stupich. Cracked aggs have been sold for years at a few cents less per dozen than regular eggs. Mr. Stupich said B.C. is following federal guidelines in the matter. A Foods Algoma Atco Imperial Agra Scotia Bell Brascan Dom BC Tel V4 BC Forest BC Sugar A Bow Valley Ind Cable CAE Ind Carling O Keefe Chemcell Can Cellulose Cal Power Coron 1975 19.75 1300 825 235 4.80 22.75 Advocate Asb Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can NW Land Canada Tung CWN Gas Pfd Cdn Central Pat Cdn Cdn Vickers Chrysler 14.50 14 Cons Rambler Com Lake Cons Bathurst Cons Gas Dist Seagrams Dom Bridge Domtar Dom 13.8772 3400 4300 25 Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines Dom Stores Dome Pete 28.25 30.62 Malartic East Sullivan Falconbridge Glen Grt Cdn Mantimes Gen Y. K. Grt Lakes Gulf Bay A Hawker Ex Hiram Walker Bay Huron 62 Imperial Oil A Imasca Quebec Kerr Addison Int Anacon int Inv Grp Shore IU Silver IAC G. F. McNeely Kel Douglas Loblaw Mogul Metropolitan Mass West Homes A New Athona McMill Calumet Moore A Molsons Molsons Point North Dev Power Exp Price Man Shell Algom Corp Simp Gordon Steel Can Rock Selkirk Corp A Trad Grp Trans Mtn Canso Trans Can Mines Union Copper Mines Union 87 Hargieaves Union United Versatile Bear 24.25 270 2500 35.50 31.50 36.00 10 1.45 200 1 37 59 11 00 1.45 3.90 4.90 450 625 1 10 1 25 4.60 2.60 .21 1 66 480 975 42.50 .35 57.00 2.30 575 260 40.75 .19 .40 18.50 1.96 2600 20 71 4.80 1.32 .24 30 2950 .09 1.65 .33 31 00 15 650 .31 .23 .18 19.00 1.60 1.11 23 27.00 8.50 1.50 650 330 18 13.50 2.62 3.30 245 1.21 13 2.95 New York by Richardson Securities of Amr T T 4362V4 Woolworth 13.87V4 Anaconda Westmghouse Elec 1300 Beth Steel US Steel Chrysler Gen Tel Elec 21 75 Comsat 31.25 TORONTO AVERAGES Dupont 153.00 20 Industrials 190.67 down .14 General Motors 44.50 20 Golds 522.77 up 6 25 Gulf 20.12V4 10 Base Meials 81.99 up .29 lot Harvester 23.37'A 15 Western Oils 19357 up 1 13 Kenn Copper 33 Volume Montgomery Ward NEW YORK AVERAGES Sears 20 Industrials 797.32 down 38 Std Oil of N.J 75 25 20 Rails 164.57 up .65 Texas Gulf 15 Utilities 69.94 up .09 Texas Co 26.25 65 Stocks 241.85 up 21 Wix Corporation 11.62V4 Volume Industrial index on TSE others show gain TORONTO The To- ronto stock market's in- dustrial index was moderately lower but other indexes were higher in moderate mid- morning trading today. Industrials fell .34 to 190.47. Golds rose 8.55 to base metals .26 to 81.96 and western oils 1.01 to 193.45. Volume by 11 a.m. was 000 shares compared with Market trends VANCOUVER Prices were up in moderate trading on the Van- couver Stock Exchange Tuesday Total volume at the close was shares In the Gestalt was at .75 on shares Jolly Jumper was at 45 on 2.500 shares. Tokar Ltd. was up 15 at 30 on shares and Integrated Wood was at on shares Newnnrk was at .90 and EDP Industries was at 11 In Ihe mines Barrier Reef was up 09 at 80 on 222.750 shares Con- solidated Coast silver was up .09 at 57 on 149 357 shares Cypress was up 07 at 51.62 on 123.160 and Con- solidated Fortune Channel was up .06 at 44 on 68.150 shares Skaist was down 01 at .15 and SonesU was up .09 at 75 In the oils Cop-Ex mining was at 30 on 48.000 shares Payette was down 04 at 63 on shares. Colonial Oil was down 04 at on 13.400 shares and Pan Ocean was up at 25 on shares Payette Warrants A were down at and Ponderay was at 61 Chicago markets CHICAGO Farm commodity Futures trade appeared to determine the movement of prices Tuesday on major exchanges in the United States Gram futures on the Chicago Board of Trade displayed weakness attributed to rainfall over the middle west and prices of most futures were lower Livestock .ulures on the Chicago Meicantile Exchange also trended lower as the prices of grain futures cased There was a strong demand for silver futures in New York and Chicago and prices rose but prolit taking set in later and prices fell back sharply The New York close was about 5 5 cents an ounce above Mon- s and in Chicago slightly better The selloff was believed to have been influenced by a hard look at the silver institute s report on production of the rare metal last year Hogs gjined the limit of 50 per hundredweight while pork bellies rose Ihe allowable limit of 150 points Shell eggs advanced up to 110 points reflecting higher cash egg and meat prices. Cotton futures continued strongly largely on weather but orange juice coffee and world sugar declined Mdine potatoes were strong on buying associated with the gams in grams At the soybeans were 14 to 18 cents a bushel Chicago wheat was one lower to nine higher. Sept 4 46 Gull wheat was not corn was 6'i to 10 higher. Sept 3 and odb were to five higher. Sept 1 75'i Grain quotes Tuesday Wheat Sep 4 Dec 4 Mar 4 May 4 45 Corn- Jul Sep Dec Mar May 2.31 Oats Sep Dec 1 Mar 1 May 1 81N. MONTREAL Prices were mixed in light trading on the Montreal Stock Exchange today Volume at 11 a.m was shares compared with 237.500 at the same lime Tuesday. Industrials declined 25 to utilities .38 to 129.33. banks .25 to 244 96 and the composite 28 to 195.43. Papers rose 49 to 120 53 Crush International Ltd rose to Aquitame Co of Canada Ltd. to and Systems Dimensions Ltd Vz to while Pan Ocean Oil Corp. fell to and Alcan '2 to Among speculative issues. White Star Copper Mines Ltd fell five cents to 25 cents on a volume of shares traded NEW YORK The stock market was narrowly mixed registering no perceptible investor reaction to the Supreme Court decision ordering President Nixon to turn over 64 lapes in connection with the Watergate case The 11 30 a m. Dow Jones average of 30 industrials was down .55 at 797.17. Gainers and losers were almost exact- ly in balance on the New York Stock Exchange Trading was moderate Glamors were mostlj par- ticularly in the drug group Upjohn was down at Merck 2 at Schenng Plough at Continental Copper and Steel which doubled its dividend gained Vs Fairchild Industries to Among Canadian issues. Dome Mines moved ahead 2 to Hiram Walker to Alcan to Ferguson Va to Seagrams gave up at Inco at Gold futures WINNIPEG Gold futures. U.S funds Winnipeg Commodity Ex- change close Tuesday. 400-ounce Jly74 145 10B. Oct74 15070. Jan75 156 40B. Apr75 161 70. Jly75 166 80B Monday b volume 126 contracts lOU-ounce Aug 74 146 Nov 74 153 Fcb75 158 May75 Aug75 169 50 Mondav s volume. 82 contracts shares at the same time Tuesday. Declines outnumbered ad- vances 105 to 100 with 151 issues unchanged. Canadian Tire A lost Vz to Inco Vz to Cominco to Tex- asgulf to and Walker- Gooderham A to Aquitaine gained Vz to MacMillan Bloedel Vz to Ivaco to BP Canada to and Emco Vs to Conwest Exploration was up 30 cents to Roman V4 to and Rio Algom Vt to Camflo fell to and Pa- mour Vs to Canada Southern Pete rose 15 cents to and Total Pete Vs to Pan Ocean was down Vi to Sun- ningdale Vi to and Alberta Eastern Gas to Winnipeg grain WINNIPEG With the excep- tion of which posted strong ad- vances oil a mixed all com- modities gained their maximum limits in a brisk volume of trade at the open today of the Winnipeg Commodity Ex- Change Flax was up 30 cents in all open futures while Thunder Bay and Van- couver rapeseed gamed 20 cents in all active 'rading months At the open flax was 30 higher Oct 11 87. Vancouver rapeseed 20 higher Sept 835- Thunder Bay rapeseed 20 higher July and rye to 15 higher Oct 3 07 Opening prices- Flax July not Oct 30 higher 11 87 Nov 30 higher 11 Dec not open Vancouver rapeseed Sept 20 higher Nov 20 higher Jan 20 higher 8.02. March not open Thunder Bay rapeseed July 20 higher 867. Oct Nov. and Dec not open Rye July not open- Oct higher 307. Dec. 15 higher 3 13'A. May not open Metals LONDON I Tuesday's closing metals bid-ask in pounds sterling a metric ton silver in pence a troy ounce Copper spot futures 803- 805 futures 3.562- 3.565 Lead-spot futures 226 5-227 futures 470-472 3 months 192- 192.5 Grain quotes 4 Vz Currencies MONTREAL Wednesday's mid-day foreign exchange selling rales supplied by the Bank of Montreal- Australia dollar 1.4750 Bermuda dollar 1 01 China renminhi 5100 France franc 2100 Germany mark 3900 Italy lira .001575 Japan yen.003445 Mexico peso 0793 Switzerland franc 3380 United States dollar 9810 United Kingdom pound 2.3700 USSR ruble 1 30 Quotations in Canadian funds Gold prices LONDON Tuesday's closing gold prices in U S dollars an ounce- London 144 50 Pans 146 55 Frankfurt 143 00 Zurich 145 50 Hong Kong 140 70 Beirut 4b0.1 a kilo Dollar value MONTREAL -US dollar in terms of Canadian funds at noon today was down 7-25 at 97 7-25 Pound sterling was down 37-100 at 32 89-100. In New the Canadian dollar was up 3-10 at 51 02 4-5 Pound sterling was up 3-10 at S2 39 4-10. Beef futures WINNIPEG Live beef futures close Tuesday Sept 51 60- Nov 49 Jan 48 SOB Monday's volume 16 contracts. Hog prices EDMONTON Prices to 11 a m Wednesday provided by the Alberta Hog Producers Marketing Board Tuesday prices in brackets Edmonton- 43 50 Calgary. 43.50 Red Deer- 43 50 Grande Nil Lloydminster. 43 50 Lethbndge- 4350 Hogs sold to 11 a.m hogs sold average 4351 Sows average 23.00 Ready to trade Al general manager of Hudson's Bay in Toronto stands in front of the company's long planned mid-town department store in Toronto. After 304 years in Toronto finally has a Bay store and Gugliemin says Hudson's Bay will give their principle competitors Eaton's and good run for their Livestock Calgary CALGARY Receipts to 11 a.m. Wednesday from the Calgary public stockyards totalled about mostly slaughter cattle Trade was active without the province orders evident on the market Slaughter steers sold fully steady with sales of 54.20. Heifers were to higher with sales to 47 50 Light weight steers and heifers were not dis- counted as sharply as they have been. Beef quality premiums are included in steer and heifer prices Cows met a good demand at prices of 50 to higher Bulls were steady Steers A2 51 50-54. A3 49-51 Heifers A2 43 5046 A3 41- 43 Cows D2 D3 25 50- D4 20-25. Bulls were good 30-34 Replacement cattle were in short supply with steers and heifers selling steady. Good feeder steers of 750 pounds 40-60 Good feeder heifers over 600 pounds 40-48 Hogs average base price 43 50 Earnings By THE CANADIAN PRESS Alcan Aluminium six months ended June 30. U S 63 a shaie- 12. Canadian Hidrogas Resources nine months ended May 31- 27.4 cents a s'hare. 3 9 cents Celanese Canada six months ended June 30 cents a 22 cents EDP Industries six months ended May 3' 1973 profit Extendicare nine months ended May 31- 1974. 594 cents a share. 43 cents Finning Tractor and Equipment Co. Ltd.. .six months ended June 30. 1974. J3.560000 90 cents a 1973 12 76 cents Gibrallar Mines six months ended June 30 a share. Lornex Mining six months ended June 30 a share. Feed prices WINNIPEG 'CPi Wheat Board domestic feed gram prices Tuesday 3Cw red spring wheat No. 1 Iced barley No 1 feed oats 1 84 LEASEI Any part of 5 acres located at 2nd Ave. and 9th Street N. Lethbridge. TOLLESTRUP CONSTRUCTION CO. TUtpkem 328-8106 ;