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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 30, 1974, Lethbridge, Alberta LETHBRIDGE HERALD-1 July Prices on TSE lower in moderate trading TORONTO Prices on the Toronto stock market were moderately lower in moderate mid-morning trading today The industrial index fell 68 to 187 golds 10 7 to 530 base metals 25 to 83 17 and western oils 1 06 to 187 29 Volume by 11 a m was 000 shares compared with MONTREAL Prices were mixed in light trading on the Montreal Stock Exchange today Volume at 11 am was 214 700 shares compared with 144 300 shares at the same time Monday The industrial index fell 53 to 203 65 banks 49 to 238 92 the composite 36 to 192 57 and papers 22 to 120 83 while utilities rose 25 to 128 22 Canadian Industries rose 'rz to Vz Canadian Pacific 'B to and Con solidated Bathurst to while Canadian Imperial Bank fell Vz to and Celanese Canado Va to Among speculative issues Gaspe Quebec Mines fell three cents 'o 30 on a volume of 58 100 shares traded Winnipeg grain WINNIPEG Flax and rapeseed prices declined their respective trading limits of 30 and 20 cents and the feed grams moved in a narrow range at mid session on the Winnipeg Commodity Exchange Rve was also down its 15 cent limit in -nost months Trading was fiarly active in oilseeds and rye and light in iced grains s trading volumes were 284 000 busnels of oats 908 000 of 130900otrve 1 088 000 of flax and 1 716 000 of rapeseed Mid session prices Flax July 30 cents lower 12 11A Oct 30 lower 118'A Nov 30 lower 11 83A Dec 30 lower 11 63A Rapeseed Thunder Bay Julv five higher 1 47 Oct Nov Dec not open Rapeseed Vancouver Sept 20 lower 875 Nov 20 lower 8 A Jan 20 lower 8 42A Mar 20 lower 8 33A Rye July 11 lower 3 13ViA Oct 15 lower 3 14A Dec 15 lower 3 HVzA May 15 lower 3 13A Oats Oct two lower 2 06A Dec may not open Barley Oct unchanged 3 22VzA Dec lower 3 21A May IVz Feed wheat Oct one lower 4 29A Dec may not open Grain quotes Monday basis Lakehead High Low Close Rapeseed Thunder llv 942 Oct 8bl Nov 844 Dec 801 Rapeseed Vancouver Sep 895 891U 895 Nov 876'4 873 876'j Jan 862 859 862 Mar 853 849 853 Flax Jlv 1271 1241 1241 Oct 1277 1217 1217 Nov 1257 1213 12U Dec 1223 1191 1193 Feed Wheat Ocl 431 430 430 Dec 436 435 Barley Oct 322'z Dec 321'z May 322 Oats Oct 208 205 208 Dec 208 Mav 206 Rve Jly J241- 318 324'z Qct 330'2 324 330 Dec 327'z 318'2 326'z May 328 Cash prices Oats 2 cw 2 09 ex 3 cw 2 08 cw 2 08 ex 1 feed i 06 1 feed 2 05 2 feed 2 02 3 feed 1 99 mixed feed 00 a ton Barley 1 cw S row 1 cw 2 row 2 cw 2 row and 2 cw 6 row 3 20 1 feed 2feed314'2 3 feed 3 11 '4 Rve Idnd2cw324'z 3cw319'i 4 cw 299'z ergotv 2941' 1 cw 12 41 2 cw 12 36 3 cw 11 91 Rapeseed No 1 Cdn 9 12 No 2 Cdn 897 Feed Wheat No 3 red spring 4 25 Currencies MONTREAL Tuesdays mid-dav foreign exchange selling rates supplied by the Bank of Montreal Bermuda dollar 1 01 China renmmbi 5100 Denmark kroner 1730 France franc 2135 Germany mark 3900 Italy lira 001575 Japan yen 003360 Mexico peso 0793 Spam peseta 0175 Switzerland franc 3390 United States dollar 9800 United Kingdom dollar 2 3600 USSR ruble 1 30 Quotations m Canadian funds Dollar value MONTREAL -US dollar in terms of Canadian funds at noon today was up 1 50 at JO 97 43-50 Pound sterl- ing was down 1 2-25 at 33 3 20 In New York the Canadian dollar was down 3 100 at 02 9-50 Pound sterling was down 1 3-20 at 38'4 shares at the same time Monday Declines outnumbered ad- vances 126 to 57 with 140 issues unchanged Acklands lost to Walker Gooderham A Vi to Andres Wines to Bow Valley to and Abitibi Paper 'A to Camflo was down to Pamour to Market trends VANCOUVER Trading was moderate and prices were mixed on the Vancouver Stock Exchange Mon dav Closing volume 2 683 780 shares In the industrials Canterra was down 02 at 33 on a turnover of 7 000 Canadian Javelin was unchanged at S8 2o on 2 000 shares Pacific Natural Gas was off 20 at 90 on 1 800 shares Block Broi was unchanged at S3 on 1 200 shares BBC Realty Warrants were up 05 at SI JO and BBC Trust was un changed at Leading the mines was Colt up 29 at 63 on 220422 shares Cv press was dov n 14 at SI on HO shares Barrier Reel was down 20 at S5 50 on 100 100 Consolidated Beaumont was up 04 at 45 on 99620 Developments was up 17 at 32 and Consolidated Coast silver was down 06 at 49 In the oils Pavette was up 01 at 47 on 44 sOO shares Cop Ex Mining was up 02 at 36 on 16 oOO shares Seneca Developments was down 04 at 70 on East Malartic V4 to and Mindamar 15 cents to 40 United Canso fell 1 to Ranger to and Western Decalta Vg to Texasgulf gained V4 to Shell Canada V4 to Ag- nico-Eagle V8 to Pacific Copper live cents to 85 cents and Calvert two cents to 23 cents 16300 down 10 at on 13 100 shares Bison was up 10 at 10 and August was up 02 at 30 NEW YORK Concern over inflation continued to chip away at stock market prices today The 11 30am Dow Jones average of 30 industrials was down 2 51 at 768 38 and losers outstripped gainers by a three to iwo margin on the New York Stock Exchange 1 rading was slow and uneventful Clorox volume leader was up 's at Copeland Corp climbed to General Motors sagged 1 to Some glamor issues rallied slightly from their sharp declines of the past few weeks Polaroid was up at S283B Honevwell 2' i to Among Canadian issues Seagrams added 's to Hiram Walker fell Vi Dome Mines to Inco 'H to Canadian Pacific was un changed at Livestock Calgary CALGARY Receipts to 11 a m Tuesday from the Calgary public stockyards totalled about 900 head mostly slaughter cattle lacking in quality Trade was dull with a narrow demand on steers and cows moderately active on heifers Slaughter steers were mamlj steers weighing under 1000 pounds which were selling about There were a few steprs weighing more than 1000 pounds which sold steady at the week s lower levels Heifers sold fullv steady to strong Beef quality premium is included in the steer and heifer prices Cows were barely steady and bulls were steady Chicago markets CHICAGO h arm eommodnv futures surged to seasonal and record highs in a light trading session at the Board of Trade Most gram futures jumped to limit gains in earlv trading and remained there throughout the day SON bean oil soared to a 150 point gain and a record high of 45 25 cents a pound for the August contract Other limit gams included soybeans JO cents a bushel soybean meal a ion corn 10 cents a bushel and oats b cents Wheat also reached the 20 cent limit The Chicago Mercantile Fxthangc followed the lead of gram lutures as most contracts reached limits CalllL futures scored the limit advunee of SI Pork bellies climbed the limit ol HO points and egg futures rose 160 to 200 points Silver futures advanced the limit of 20 cents an ounce in New and Chicago as European gold prices surg ed upward in light of Presideni s possible impeachment Copper in reac lion to stronger siker and pi lets Cotton futures increased MO a hale while wool coffee and sugar futures dipped sharplv Lack of substantial the weekend bolstered fears of i educed soybean and corn crops aidinp ihe gains in these commodities Sovbeans have increased nearly 40 per cent or 80 a bushel since the first week in July Corn surged to the limit at SI i i i bushel for the August contiaci i ncu seasonal high Oats and quickly followed the market 'rend to reach limit advances at the session s elose Livestock futures posted new four month highs despite a govtrmnnm report that cattle are at record levels throughout the nation at 1 i8 I million head Al the close on the Board of Inde soybeans rose 30 cents 8 b Chicago wheat 11 to 20 higher September 4 78 Gulf vvheat not traded com 10 higher Seplcmbei 373'i and oats 6 cents higher September 1 95 Grain quotes Monday Wheat Sep373'-i Dec Kb i Mar 371 May 372 Jul 371'. Oats Sep 95 Dec I 38 Mar 2 May 204 Beef futures WINNIPEG live beef futures close Monday Sept 50 10 Nov 50 Jan 50 OOB Friday S volume N contracts Feed prices WINNIPEG it he. id domestic feeo grain pi ic i s ml i i CW Red Spring wheat 4 iO Ne luecl barley 2 22'2 No 1 feed MIS on Required personnel for truck equipment shop. Knowledge of welding and hydraulics are an asset Excellent working conditions and company benefits. Apply to Box Lethbrldge Herald Steers Al A2 under 1 000 pounds 47 49 A3 over 1 000 pounds 50-52 Heifers Al A2 41-44 CowsDl D2 D3 2225 D4 1822 Bulls sold good 30 33 Replacements were scarce being mainly short kept steers which sold steady Good feeder steers more than 750 pounds 38- 43 Hogs average price was 40 50- 44 s5 Gold futures WINNIPEG Gold futures I s Funds e hange close Monday 400 ounce contracts July 74 158 OOB Oct 74 164 OOB 170 IOB April 75 177 10B Juh 182 OOB 1 rid iv a volume 7i8 contracts 100 ounce contracts 74 50B Nov 74 Ib'HOK 172 bflB 75 I i HOB 13 182 OOB h 114 contracts Metals LOiNDON i Monday i closing mcldK bid ask in pounds sterling a melrR ton silver in pence a trov oum L Copper spot 855 futures 877 878 Pin spot b90 1 bS'i futures 3 765 i 770 lud spot 244 2Jh lulures 241 241 5 spot 509 510 futures 5U 515 Silver spot 2102115 3 months Mi T218 Gold prices I OMJON Mond.n s closing PIKLS in I s dollars an ounce London 00 Pjris 158 li I i inkluit 154 M h 1-18 Kong 147 9b Pcirut 4 Hit a kilo Dividends THF CANADIAN PRESS Dividends arc quarterly unless otherwise noted Allied Chemical Corp 37'. cents U S hinds Sept 10 record Aug 6 Bethlehem Copper Corp Ltd 15 cenls iO record Sept 1 Granbv Mining Co Ltd cenUs I S lunds Sept 12 record 23 Granisle Copper Ltd eight cents S funds Sept 12 record 23 Douglas and Co Ltd class h cents 31 record 9 Mobil Oil Corp 80 cents U S funds Sipl 10 record i Rio Ugom Minis Ltd S5 80 pfd M 45 Oct 1 record Sept 10 Stott Misener Steamships Ltd j'jpei cent 1st pfd 27'. cents Oct H ord C c 1 8 Standard Bnnds Inc 53 50pfd 87'2 cents 1 S funds Sept Ifi record iO Ttxico Inc cents 1 S funds Si pi 10 record 7 Earnings BY THh CANADIAN PRESS Vshlind Oil Cinnd.i I nine me nihs tndul lime 10 1974 VI c c nls i sh ire SI 100 000 Bethlehem Copper Corp six months en led luni 10 1T4 sb 030 917 i riN i shin 922 c in itli in Occidental Petroleum ltd in nlhs ended June. 10 1974 M 4h cents i shire s2 115 12 cc nls inron ltd six months ended lime id I'M a share Ui I St 000 72 einis Consolidnted Building Corp I Id Ihree moitlls ucled M iv 31 1974 M 847 241 29 cinls i share 1971 s i I 27 II 2 nls lie nisnn Mine s I id six m nilis i nele el lunc 10 1971 mill Si 1 i sh ire IT I 912 000 li i nl I rn in id i Sivings ind loin ci six in illhs c ncli d lunn 10 j4 ec nls i shin M llll xtxi nts The Herald Business Bank Rate Ups and Downs Stocks Miscellaneous Montreal MIDLAND DOHERTY LIMITED WESTERN AND Afton Albany Alta Eastern Ashland B P Brenda Cda Cdn Exoort Cdn Cdn Ind Cdn Long Cdn 12V4 Chieftan Dome Fort Giant Gibraltar 12V4 Great Gt Cdn Oil Lochiel Lytton 45 Noble North Cdn Numac PanCdn Pan 00 Place Ranger Scurry fotal Uls'er United 25 WC Western Acres BTA B C Sugar C Block Canbra Cdn Pac A Carlmg A Carlmg B Com Cap 75 Crestbrook For Falconbridge 00 F M Trust Home Oil Home Oil Hudson Bay Hudson Bay 12V4 Hugh Rus C Husky Oil B Husky Oil E Inter Pipe Inter Kaiser Kaiser Res 82 Loblaw c Pacific Pacific West Pe-Ben Oilfield Rainer Royal Sandwell Teledyne Trlmac Westfield Minerals Weston A Pfd Whitepass Yukon 575 425 430 96 5100 675 PIPELINE STOCKS AltaGasA 1275 Alta Gas Pfd 55 00 Alia Nat Gas 1775 Gaz Metro 5 25 Gaz Metro A Pfd 55 00 Inland Nat Gas 8 N C Gas 1025 N C Gas B Pfd 20 00 Pac Gas Trans 8 50 Tr-Cda Pipe 1025 Tr-Cda Pipe A Pfd 56 75 Tr-Cda Pipe B Pfd 31 00 Tr-Cda Pipe War 1 05 WC Trans 19 25 WC Trans War 2 50 CALGARY Acroll 35 Barons Oils 06 N Continental 02 Western Warner 30 VANCOUVER MINES Bathurst Norsemmes 1 65 Cima Resources 86 Dankoe 2 50 Davenport 68 Dolly Varden 17 Equitonal Res 10Vi Lornex 7 85 Northair Mines 2 17 Primer 03 Pyramid 08 Silver Standard 1 81 Valley Copper 600 INDUSTRIALS Columbia Brew 4 85 Wardair 1 65 OILS August Petroleum 26 Plains Pete Ponderay Explorations 63 Stampede Int I Res 62 MUTUAL FUNDS All Cdn Compound 5 22 5 67 All Cdn Dividend 5 44 5 91 All Cdn Ventures 271 2 95 Amer Growth Fund 3 90 4 29 A G F Special 1 97 Cdn Invest Fund 441 4 84 Collective Mutual 447 491 Eaton Comnwlth 12 01 Eaton Leverage 2 83 Eaton Int I Venture 518 Corp Investors 5 55 610 Corp Invest Stock Fund 415 456 Dreyfus Fund US 860 942 Great Pacific 4 11 4 f 0 Grouped In Shares 268 Growth Equity 6 13 674 Invest Growth Fund 1078 1178 Investors Mutual 5 14 5 62 Mutual Accurr 559 614 Nat Resources 416 547 N W Cdn 4 95 5 44 N W Growth 3 85 4 23 Principal Growth 374 411 Royfund Income 497 518 Templeton Growth 695 761 United Accum 405 445 Universal Savings 717 789 Univest 551 6 06 Vanguard 466 511 Toronto industrials by Richardson Securities MINES Acrre Advocate Asb Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can NW Land Canada Tung Cassiar Central Pat Chimo Conwest Cons Rambler Com Lake Cochenour Craiymont Dickenson Mines Denison Mines D E dona Dome Mines Discovery Mines East Malartir Easi Sullivan Falconbridge Frobex First Mantimes Gianl Y K Granduc Hollmger A Hudson Bay Hydra Ex Iron Bay ISO Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R L Malartic G F Martin McNeely Maclntyre Meta Midrim Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgate Norlex Pine Point Placer Dev Pax Exp Quebec Man Rayrock Radiore Rio Algom Roman Corp Sherntt Gordon Steep Rock Sunningdale Tek Corp A Texmont United Canso Western Mines WH Copper Mines Wright HargreavPs Willroy Windfall Yellowknife Bear Zenmac INDUSTRIALS Abitbi Alcan Algoma Steel Atco Ind Jannack Agra Ind Bell Tel A Tel 1 Forest 1 Sugar A Valley Ind 1 Ind Cellulose Power Credit 1 Gas Pfd 1 ind Marcon Vickers 1 Bathurst Gas Seagrams Bridge 6 Textile Stores Pete Mobile 1 9 62 Cdn Oil Motors Lakes Paper 19 62 Oil Sid 1 Walker A Erie Oil A A Nickel pipe Grp A Intl 1 Ltd 31 Douglas A A Ferg Bloed Corp A B 31 Cent 1 Coip Co 1 CDA Sears 1 Can A A Grp A 11 Mtn Pipe Can Pipe Carbide Gas Oil Siscoe Mfg A Foods 27 37 Imperial 14 Scotia Dom 1325 5200 11 25 1350 1975 1700 1275 8 6uO 5 37Vz 2275 320 900 22 300 1600 1475 13 2850 1400 3325 4300 25 37V4 1062V2 1525 2775 3050 280 725 41 50 20 2900 1600 625 4250 2075 30 2625 2750 1425 662Vz 12 1525 222 5 7 62 Vi 675 950 1650 26 12V4 5000 2025 1950 bOO 1000 11 25 I325 500 1300 1425 750 1087V4 3050 1200 3700 1025 1375 1025 1975 7 87V4 925 465 5 21 50 2400 21 75 270 24 25 1525 3550 3075 3525 New York bv Richardson Securities of Amr T T Anaconda Belh Steel Chrysler Comsal Dupont General Motors Gull Int Harvester Kpnn Copper Monl Ward Slcl O I ol NJ Trxis Gull Texas Co Wix Corporation 4250 Woolworth 1300 2362z Weslmghouse Elec 2987 i US Steel 15 25 Gen Tel Elec 29 75 TORONTO AVERAGES 151 00 20 Industrials 187 33 down 1 13 42 37 i 20 Golds 532 18 down 9 08 2000 10 Base Motals 8268 down 74 22 87 2 15 Weslern Oils 185 97 down 2 38 34 75 Volume 658 000 NEW YORK AVERAGES 71 87 20 Industrials 765 48 down 5 40 15 37 i 20 Rails 158 81 down 2 04 2825 15 Utilities 69 17 down 31 25 75 65 Slocks 233 42 down 1 91 11 37 volume 5 000 Record high The Bank of Canada has announced it has increased its lending rate to per cent from per cent. The increase set a record for the bank rate which was last increased May 13. The bank rate is the rate charged by the central bank for loans to chartered banks. Industrial Development Bank expanding role OTTAWA The 32- year-old Industrial Develop- ment Bank now is financing more than small and medium-size businesses in the country and is expanding its role to include management advice as well as financial the general manager of the bank said Monday The Bank of Canada sub- sidiary has spent about 6 billion in assistance as term loans or equity investment to more than such businesses since its formation in E R Clark told a ser- vice club meeting Financing is extended when unavailable from other sources to help sound business he and credit officers in the 67 bank branches or five regional of- fices are instructed not to shrink from risk in financing ventures which show sound management and prospects The average loan is about and half are less than But larger loans of more than million also are made Mr Clark said the bank is particulary concerned with providing the long-term assistance which smaller businesses often have difficul- ty obtaining But the bank was intended to supplement rather than displace other financial institutions so applicants are asked for evidence they are unable to find other sources of aid at reasonable terms With emphasis on assisting more remote the bank has more than doubled the Gasoline output cut by refiners NEW YORK High prices have reduc- ed gasoline demand in the United States and increased sr.d row major U S refiners are cutting back on gasoline pro- statistics com- piled by the American Petroleum Institute showed Monday Experts say the rennets are trimming their output because of an increase in available supplies and tightening storage space They acknowledge that it may also have the effect of keeping prices from falling dramatically At the same gasoline and crude oil inventories have risen Statistics for the July 19th week show a nine- per-cent increase over the year earlier in both crude oil and gasoline inventories The New York in its Monday quoted some industry critics as saying that companies are deliberately re- straining gasoline production to avert price wars that would erode record profits long as they major oil can keep the supply of gasoline relatively they can keep gas away from the dealers who would cut prices and pass on savings to the public an oil specialist from the Georgia Institute of Technology told The Times Turkey marketing board wants import controls EDMONTON The Canadian turkey industry is in danger of losing all its independent producers because of inadequate returns says Don Potter secretary-manager of the Alberta Turkey Marketing Board The board met last week with Eugene federal agriculture to ask that imports be controlled and that the market be allowed to find its own level by supply and said Mr Potter He said the minister agreed to look at the situation Ottawa now stipulates that when the Ontario price for turkey rises above 36 5 cents a pound the border is opened unconditionally to U S turkey imports we think the price has been arbitanly set by a civil servant in Ottawa and has ab solutely nothing to do with the cost of producing turkeys said Mr Potter A July 15 survey showed the cost of producing Alberta turkeys was 47 5 cents a pound But even if the import system is removed Mr Potter doesn I expect that it will boost Canadian market prices by more than two cents a pound because turkey producers are caught in over supply coupled with exorbi- tant input costs It would take some time for the market to become balanced The price for feed formula went up this past week We ve been told to expect a further price increase this coming week and I believe it because wheat and soybean meal have gone up on the Chicago Futures Market U S producers are also caught in the cost but Mr Potter felt they have a much better chance of surviv ing than we do because so much of their production is in the hands of large companies such as feed mill and meat processing companies He said there are about 75 turkey producers in Alberta with a yield of about 1 2 million turkeys annually ITT DMT SOLD SAN JUAN The ITT-owncd Puerto Rico Telephone Co has been ac- quired by the Puerto Rican government for a reported price of about million number of its branch offices in the last five years The IDE was one of the first development banks in the world and it has helped other countries set up similar said Mr Clark Gold price continues to climb LONDON The price of gold continued to climb on Europe's bullion markets to- day in the wake of impeach- ment moves against President Nixon But the London stock swept by uncertainty caused by Britain's economic returned to the 15- year low it reached June 26 Gold opened at 50 an ounce in one of Eu- rope's major bullion to advance 50 from Monday's close Gold has gained an ounce here in the last week In the other key centre in gold opened at a 50 overnight jump Gold's last big boom took the price to a record an ounce Feb 26 Dealers reported the im- peachment issue in Washington and the Cyprus crisis have led to widespread bullion buying the dealers said believe the crises will weaken the U S mak- ing gold a safer investment The London stock market showed little signs of rallying from Monday s dealers reported The finan- cial Times index of 30 leading industrials the barometer of the market's financial opened at 246 a drop of 16 5 points in a week U. S. fears investments by Arabs JIDDA Saudi Arabia Saudi who may have up to billion to invest in foreign markets this are puzzled by fears in the United States that they might obtain control of major U S corporations by purchasing a majority of shares 'I don t know why you have that fear said Sheik Ahmed Zaki the Saudi oil minister You snould be extremely happy if we decide to do this because there are so many countries on earth who have been extremely enthusiastic to get Saudi Arabia to come and invest in their equity market' The equity market is another term for the stock market Yamani's view was echoed by other Saurli officials in interviews here They were noticeably irritated at suggestions there would be something objectionable in Saudi control of U S cor- porations Estimates of tne amounts available to be invested abroad by oil-producing nations are staggering They range as high billion this year billion m two years and over trillion by 1985 ;