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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 6, 1972, Lethbridge, Alberta Tu.vday, June 6, 1972 THE LETHERIDCE HKAID Weaker trend at mid-morning TORONTO (CP) The To- ronto stock market continued to move moderately lower for tho second consecutive session in mid-morning trading today. The industrial index was oft .61 to 204.01 and western oils .73 to 224.39. Golds were up 3.G9 to 217.10, a high for the year, and base metals .18 to 90.73. Volume by lla.m. was shares, down from at the same time Mon- day. Declines held a narrow mar- gin over advances, 131 to 114, with 193 issues unchanged. Beverage, merchandising, steel, industrial mining, food processing and real estate were among the major sub-groups which moved lower while com- munication, general manufac- turing, utility and pipeline is- sues scored modest gains. Falconbridge was off Hi to Stafford Food 50 cents to Cominco Vz to Ca nadian Superior Oil 14 to and Tara tt to Zellers fell lo Moon to Imperial Oil Va tc Inco to Mac Millan-Bloedel 14 to am Stelco Vt to Murrit Pholofax was up 7 cents to Consumers Dis tributors to Dom Mines 14 to Electrohome to and United Canso cents to PRICES DIP MONTREAL (CP) Price. moved lower in all sectors, i light trading on the Montrei stock market today. Industrials were off .90 ctive trading today as profit aking gave way to bargain unting. The Dow Jones average of 30 idustrials, off more than 3V4 oints earlier in the session, pas up 3.39 at 957.78 by noon. Declines led advances on the lew York Stock Exchange by early 2 to 1. The Associated Press GO-stock verage was off .5 at 330.5. Noon prices included Mc- Donnell Douglas off 114 at Leviiz Furniture up 2 at 549V4, Curtiss-Wright up 114 at SLT Corp. off at SWJ, and astern Air Lines off Livestock report Calgary livestock CALGARY (CP) Receipts on tho Calgary livestock mar- ket to 11 a.m. totalled head, mainly slaughter classes. Trade was moderately active. Slaughter steers were scarce and selling about 25 cents low- er. Slaughter heifers traded 25 cents lowor. All grades ot slaughter cows sold steady, few medium bulls about steady. Choice steers 37 to good 36 to 37, medium 32.50 to 3G. Choice heifers 34 to 34. GO, good 33 to 34, medium 30 to 33. Good cows 28 to H9, medium 26 to 28, canners and cutters 20 to Medium bulls 27 to 28. Replacement cattle were mostly heavy feeder steers and heifers selling at easier prices. Good feeder steers 750 pounds Toronto mines, industrials (Supplied By HIchardson Securities ol Canada) LAST BID OR SALE a.m. Quorej) MINES Acme -31 Advocala Asb. jii 1.70 Akatlcho Bralornn 2 Brcvlan Bethlehem Brunswick Canada Tung. Casslar Cenlral Pat. Chlmo Conwest Cons. Rambler Coin Cochenour Cralgmont Dkfcenwn 15.75 11', M3 16.35 US 1.05 1.55 M a.m. ouores) Point i Placer Dev. P.C. Exp. Quebec Mm Rayrock Radlore Rio Alflom Roman Corp. Sherrilt Gordon Sllve1" Miller Sleep RKk Tok Corp. Texmont Upper Canada Western Mines (llioo a.m. 30.50 Cable Grl Cdn Oil 1.13 .73 20 75 7.40 li.75 .05 l.vS 5.35 Gen Molors Grt Lakes Ppr Gulf Oil Cda Greyhound I Sid 1 Hur Erie Hiram Walker 1 Imp Oil Imasca Inr Nickel Int Pipe Mines 31.00 Among Canadians, Distillers eagrams was down 14 at Canadian Pacific at and iico 14 at Dome Mines rose 214 to On the American Stock Ex- change, Canadian Marconi was off at Brascan Ltd. and Scurry Rainbow Oil were down Ife, at and respec- ively. up 37 to 37.50. Good feeder heifers 32 to 34.50. Hogs 29.75. average base prico Grain prices Winnipeg Groin ______ Mines Oeer Horn D'Eldona Dome Aldona Discovery Mines East Malartlo East Sullivan Fa I con bridge First Giant Y.K, Bovls Granduc Headway R.U Kolllnger Hudson Bay W-S 33.50 Hydra Ex. Iron Boy ISO Jolter Quebec Kerr'Addlson Key Anacon Labrador 17 Abltibl Alcan Alsoma Sleel Alco IntJ Atalnlic Sugar BeTl" Tel Brazil Trnc B.C. Tel Bums B.C. Forest 'lliA Laurenllde Kelly Dwjg A 'la Loeb Loblaw A WEt Stores Massey Fern ij 13V, McMillan IKH AP 4350 North Cent Si, Power Corp Prlco Co. Rolhmans St. Law Corp Shell CDA 61.50 15.35 31.00 17.00 30-37 3.79 29.50 44.50 37.2S 24.75 33. 30.00 7.1 2 Vy 19.62VJ 15.00 24.25 47.25 25.11'A 10.25 B.DO 22.25 25.00 New industrial strategy worit be easy -Lougheed EDMONTON (CP) Prem- ier Peter Lougheed ot Alberta Monday night forecast there will be some rought going be- fore a new national industrial strategy Is developed in Cana- da. In a sombre message to tho lOtst annual meeting of the Ca- nadian Manufacturers' Associ- ation, the premier said any now industrial strategy "will not work unless each provinco works out its own strategy 8ew Val Ind CAE Ind Cdn Brew Criemcell r Col Cell Calgary coron Credit 4.90 3.30 54.75 1.55 Lake Shore Langls Silver Mads en R.L, Malarllc G.F. MtNeely Mota Midrib Intern Mogul Nu West Homes New Athena Calumet Norsnda Ncr1hgal6 Norlex Osisko c.W.N. Gas Pfd ll.M .06VJ cdn Marconi Cdn Vlckers Chrysler C P R coniln'co ig Cons Balh 10Hrri Cons Gas Dist Seagrams .HVi Bridge '34 Domlar Dom Tex 4.05 Dom SI ores Domo Pete .36 Dotasco Simp Sears Steel of Ctfs Texaco Traders Grp A Trans Mtn Pp Trans Cda Pp Union Gas Union Oil Versatile Mfg Westeel Union Car Weston's B A West Cdn Seed Zenith Elec BANKS Can Imp Montresl Nova Scotia Royal Tor-Dom Make it possible for us to save 3.30 13.M 1 15.35 17.75 36-25 31.50 29.25 15.50 40.50 27-00 13.6716 43.00 18.00 21.50 27.12ft 7.25 2.S5 i iw to 210.74, utilities .38 to 160.51, banks .81 to 255.00, the compos- ite .79 to 210.10 and papers .09 to 87.84. Combined volume on the Montreal and Canadian stock exchanges was shares at 11 a.m. compared with at the same time Monday. On the Montreal exchange, Falconbridge Nickel was off 2'A to Placer Development 1T6 to {40H, Simpson's Ltd. Vs to Stelco to Dofasco to Royal Trust Vi to S37V4, Walker-Gooderham to ?45, Great Lakes Paper ?s to Rio Algom to In- ternational Nickel to and Imperial Oil Vi to Western Realty gained to Laidlaw Motorways to R.C. Telephone to Noranda Vi to Can ada Permanent Mortgage Vt to Hudson Bay Mining 'A tc and Crush International V to UPWARD TURN NEW YORK (AP) Thi stock market turned upward in A HlSH ENERGY SUPER- BATTERY, DESIGNEDTO MEET THE DEMAND FOR SMAILSIZ6 AND HIGH CAPACITY IN CCWO- LESS EQUIPMENT, IS EQWAUOT TO40R5 CONVENTIONAt BATTERIES. IT USES CARBON' FIOURIDE AND UTHIUM FDR THE ELECTROPES AND M ORGANIC ELECTROLYTE.. 12 -year term hiked to life CALGARY (CP) William Thomas Morgan, 37, of Cal- gary had his 12 year attempt- murder sentence increased life imprisonment Monday the Alberta Supreme Court jpellate Division. The three member appeal urt allowed the crown's ap- al of Hie sentence handed wn in March by Mr. Justice ichael O'Bynie and dismiss- an appeal by Morgan for re- :lion of the sentence. Morgan, a soldier for 18 ears, was charged with the ictgun shooting of a Calgary jrvice station attendant Dec. G. John Pctryshen was hit in IE arm. Morgan was arrested several ours after the shooting at the nd of a cross town chase in hich police vehicles were ammed and Morgan's car Mt y several shots from police itns. The appeal court held that WINNIPEG (CP) Rye and Vancouver rapeseed futures showing some strength at mid session on the Winnipeg Grain Exchange today. Domestic shipper buying ac- counted for the fractional strength in rye while Vancouv- er rapeseed had slightly im- proved exporter buying inter- est. Flax was steady but trad- ing was extremely light and Thunder Bay rapeseed had little exporter support with prices moving fractionally in both directions. Oats and barley were inac- tive. Monday's volume of trade was bushels of flax, of rye and of rapeseed. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, McCnaig limited) LAST BID OK SALE Quotes) a.m. Quotes) OHM a.hl. Quotes) WESTERN OILS Husky Oil B Almhex 5-75 Husky Oil War Alia East Gas Asamera Ashland BP Oil Gas Can soutn Cdn Ex Gas Cdn Homesld Cdn Ind Gas Oil can super Cdn Long Is Charter Chleltan Dome Pefe Gt Plains ot Cdn oil Lochlel 3.50 3.00 33.75 MID-SESSION Flax: July unchanged lower 2.74; Oct. Vt Nov. unchanged Dec. not open. Hapeseed Vancouver: June higher 2.44KA; Sep. 1 higher protection of the public the only matter of concern. Nov. higher Hog prices EDMONTON (CP) Aver- age prices to II a.m. provided ly the Alberta Hog Producers Marketing Board: Edmonton: 29.60, average Monday 29.48. Red Been 29.75, average Monday 29.48. Calgary: 29.75, average Monday 29.46. Lcthbridge: No sales, 'aver- age Monday 29.50. LJoydminster: No sales, aver- age Monday 29.00. Grande Prairie: No sales, av- erage Monday 28.65. Fairview: No sales, average Monday 28.34. Fort Macleod: No sales, av- erage Monday 29.45. Hogs sold 144, total hogs sold Monday average 29.42. Sows average 23.10. Jan. 1 higher 2.45KB. Rapeseed Thunder Bay: July higher Oct. lower Nov. Vt lower 2.40TsA; Dec. not open. Oats: July unchanged 691'jA; Oct. unchanged 70V1A; Dec. not open. Barley: July unchanged 1.0911A; Oct. and Dec. not open. Tlye: July higher Oct. 14 higher 1.02; Dec. higher 1.01W. WINNIPEG (CP) Grain quotes Monday (basis Lake- Illgh Low Close FJax Jiy 274'A Oct 275'A 274 Nov North Cdn Oil Numac Pancdn Pete Pan Ocean Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain spooner selbens Total Lister W. Dec; Pete Quotes) 7.00 inter' Prov PIw 13.25 M.M14 Inter Prov Sleel 13.M ll.62Vi Kaiser Res oo WGF Manage 6.95 Paclllc Peta 335 Rainier 7.55 Teledyne 9.1 H'a West Cdn Seed 43.37VJ While Yukon .62 Westlields .4M CALOARY Acroll Baron! Oil Madison North Cont Wesl 7-17 7-M 5.32 5.85 7.20 7.87 9.00 39.50 6.10 1.52 5.30 ils MISCELLANEOUS INDUSTRIES Brlrilo cdn Brew A Cdn Brew B Cdn Pacific Inv Cygnus A Cygnus 8 Falcon Copper Genstar Home A Home B Hud Bay Co Kud Bay Oil Hud Bav Oil Pld Husky Oil PIPE LINE STOCKS Alia Gas A 58.50 15.25 Alta Nat Gas 20.75 Inland Nat Gas 16.12V T.13 N and C Gas 13.25 N and C 3 Pld 25.75 .53 Paclllc Trans 12.75 .18 Gaz Metro 5121 1B.12V5 Gaz Metro A 70.00 li.25 Trans Cda Pipe 45.00 .85 Trans Cda B 9 50 Trans Cda A 5.85. Trans Cda War 1.36 WC Trans 5.10 WC Trans Wts 9.50 Mutual Gr F 5.78 63S Nat Res N W Fin N W Gr Principal Gr Royfund ___ Temp Gr 6.87'A United Ac 5.52 J.05 Universal Sav 8.10 8.90 7.25 Vanguard 7.35 Cmnw 7.W 1.40 VANCOUVER MINES .50 Alton .031A Atlas Explor .43 .u Bath Norsa l.u .02 Brenda 535 41 Brycon -20 Churchill Copper .72 Croydcn .12 Davenporr 1.23 By BORIS M1SKEW EDMONTON (CP) The Ca-, nadian Manufacturers' Associa-1 tion was told here efforts must be taken to mafee it possible for Canadians to save more il Canada wants to have more of its economy under control. II. Anthony Hampson, chair- man of the Canada Develop- ment Corp., said the present taxation system has "some- what oE a bias against personal saving, especially in an infla- tionary period when people move up into higher brackets without getting any real in- crease in purchasing power." For example, he said, the re- cent increase in personal ex- emptions to does not re- store the real position to that of 1949 when the exemption was originally set at "The usual result of this In- flation windfall to governments is that on balance current ex- penditures rise and personal savings and national investment fall." It tliis trend were to continue in any pronounced way under accelerated inflation, said Mr Hampson, there would be ser ious problems in generating til necessary savings for invest ment in Canada. There was reason for concern that inflation was getting out o hand and that governments lacked the will to come to grip with it. If inflation rose 10 per cent year it would raise broad ques tions about the social and polit cal stability of western society Dynasty Equltorlfl! Forr RellancR Giant Mascot Granisls Lornex Lyttoo Minerals ,33 5.00 9.M 1.75 8J.OO Primer 27.13'A Pyramid .35 ____ 9.05 Silver Standard 1.3J MUTUAL FUKDS Texmoot -5' All Cdn Com 8.55 9.3S Trolan .35 All Cdn Divld 9.42 10.20 Valley Copper 10.50 2250 All Cdn Vent 4.35 4.45 WC Res .07 4.I2VI Amr Gr F 7.4? INDUSTRIALS AGF Special 3.54 Block Brcs 3.50 3625 Cdn Invest F 3.08 S.5I B.C. Sugar 20.37VJ 25.50 Col Mutual 6.95 7.63 cap) Inter 5.62'A .S fr2Vi Cmnw Inter 14.58 16.02 creslbrook F Ind 5.62V1 Cmnw Lev 3.93 4.32 Hys 3.30 13 25 Corp Invest 6.19 674 Columbia 3.50 1500 Core- In St F 5.32 5.82 Key Indust .60 32'37Vi Dreyfus F U.S. 13.52 14.82 Pacific VI Air JI.CD 31.0) Gr In Shares 4.03 4.t9 Stampede Intl 1.C5 IB 00 Gr Eqully 7-S? 8.67 OILS 39 00 Invest Gr F 12.4513.61 Albany Oil .40 4850 Invest Mutual 5.90 Plains Pete .20Mj 14 50 Mutual Ac 5.93 6.52 West Fxplor .10 Dec 272 271 Rppcseed Vancouver Jun 243% Sep 248 2-16'A 274 Vs a Amr T and T Anaconda Belh Steel Chrysler Comsat Dupost GM Gulf Int Harvester Kenri Copper New York stocks (Supplied B; Richardson Securities of Canada) 119.00 20 Golds 219.24 up S.BS 42.67'A Sears 19.S7IA Sid OH of N.J. Base Met SA.42 off .13 31.00 Texas Gulf 15 W Oils 33J.17 off 31. UVi Texas Co 32.00 Volume Wlckes Corp 43.25 NEW YORK AVERAGES 170.M Woolworm 3i-12'A 30 Indust 563.80 up 9.W 74.87'A Wesfinqhouse Efec S0.2J 20 Rails 249.37 off .5] 24.37V, U.S. Sleel 30.12V, ,j utilities 107.77 up .1? 34.00 Gen Tel Elec 2J.50 31. 67V, TORONTO AVERAGES U.S. deficit lower than predicted WASHINGTON (AP) The federal delicit for fiscal 1972 will be an estimated 526 billion, highest since the Second World War, but billion lower than predicted in January, the U.S government said today. The reviseed budget estimate came as the Nixon, administra tion asked Congress to raise the national debt limit by billion from the current billion. The deficit for fiscal 1973, es timated earlier at billion will be about billion, the oE fice of management and budget said in a report to Congress. Tiie federal financial situation has improved markedly since January because of increased tax collections resulting from "It would mean that for an average person the purchasin power of a dollar would declin at a his death to less than on thousandth of what it was at his birth." It is important that every measure possible be taken to encourage personal savings in Canada, especially In the light the probable continuing world shortage of capital, he said. The demand for savings was high in both the industrially- advanced and less developed countries. The United States was going to have less external' capital available for investment and more places to put it. There is a good deal of Inno- vation now going on in finan- cial markets after a long per- od in which the banks which tad the lion's share of the bus- ness were Jar irom innova- tive, he said. "We will thus see a number of types of instruments avail- able to savers, including some relating to mortgages as well as to equities." The Canada Development Corp's equity securities will be one such new instrument, said Mr. Hampson. The sale oE 00 per cent of the corporation's authorized 200 million common shares to the Canadian public over the next 10 to 12 years rst" and then all the govern- menls work together. But a national industrial jategy that doesn't take In he views of all tho provincial jovernments won't work, added ilr. Lougheed, whose Conserv- live government came to r nine months ago, defeating the Social Credit party. He said Alberta is working ut its own industrial strategy vhich includes northern devel- opment "and Alberta is centre o! this development." He called for greater devel- opment of outlying areas u part oJ government policy rath- er than the concentration of growth in tho already heavily- areas of Canada. "The role of government Is changing even more rapidly than we said the premier. "Industry will have to adjust to this change." Government no longer will take a passive role no matter which of the 11 governments is involved, he said. The ap- proach of tiie various govern- ments will be different but their activist roles will be increasing. "I sympathize any time busi- ness is caught in the battle be- tween the provinces and the federal said Mr. Lougheed, but he forecast thesa battles will increase in intens- ity. "It's no longer only Quebec. It's the other provinces as well. There'll be tensions between the federal and provincial gov- ernments." Mr. Lougheed said "We'ro moving into an era of partner- ship" between government and business "perhaps we're moving faster than you'd like us to." RAjmUNG HEMEDY OPFA'S DYKE, England CCP) Farmers in Shropshire have devised a method of pre- venting their bulls chasing coun- try ions have been put out to in the bulls' fields. "Fanners and ramblers are quite, happy with the a r r a n g e m e n a spokesman for the Country Ramblers' Association said. "1 think the bulls should ba pleased he added. I1ri slocks 321-M Montgomery Ward H.iTh 30 Indust 204.26 off .36 Volume ovcr-withliWding cheques. from pay 244 NOV 247Hj 245ls Jan 246 244% Hapesecd Thunder Bay COST RISES The cost of living in Portu- gal rose 75 per cent between 1983 and 1971. 238Vi 2371's 239 Jiy Oct Nov Dec Oats Jiy 70'A Oct Dec Barley Jiy Oet HHi 111% Dec Hyc Jiy 102% 1013 i Oct Dec 101 240 241 24 Hi 70Vl 100% 111% 111 101 Moisture needed for late seeds EXECUTIVE HOME FOR SALE Executive home on South Porkside Drive. 3000 sq. ft. of living area, Vh balls, family room, formal dining room, wood burning fireplace, and palio, are just a few of Ihe many exciling fealwes m this beautifully finished home facing the golf course, VIEW BY APPOINTMENT ONLY MIS CONTACT HUDSON AGENCIES LTD. 415 HOLIDAY VILLAGE PHONE 327-5885 ANYTIME CALGARY (CP) Nearly all of Alberta's 1972 crop is seeded but moisture is needed to ensure growth of late-sown crops, the Alberta Wheat Poo] said today. The Pool, in its crop report, said 98 per cent of the wheat, 80 per cent of the coarse grain and 70 per cent of the rapeseed had been sown by the weekend. However, rainfall was neglig- ible over the province last week. Most crops germinated well and are progressing rapidly in southern Alberta and, in the southeast, barley and wheat stands are about five Indies, high. Central Alberta reports good growing conditions, "but east- central areas are in need o! moisture." "The Peace River area re- mains seriously in need of rain although seeding is well ad- the Pool said. "Some soil drifting has occurred." Moderate to heavy weet growth is reported in virtually all areas and insect activity is appearing in south-eastern dis tricts. Control measures are being taken against cutworms, flea beetles and grasshoppers. I A close watch is being kcp for Bertha army worm infesta Beef futures WINNIPEG bee futures close Monday. Jiy 37.60A; Sep 35.75B Nov 35.70N. Friday's volume: No con tracts. The caused when Congress changed the tables to make the taxpayers' liabilities to the government match more closely what is taken out of their cheques, re- sulted in an estimated billion in liigher revenues. would raise more than S2 billion. He said that capital by itself Is not a sufficient condition for growth. "Despite our high Investment rate, Canada has not had par- ticularly outstanding growth. This reflects the fact that capi- tal has not always been wisely used nor properly combined with other factors of produc- tion." Mr. Hampson urged that a better use of Canada's capital resources be made, both in the government and private sec- tors by "taking a much tough- er-minded altitude towards the question of propping up failures and devoting resources to un- economic activities." PINCHER CREEK QUARTERHORSE SHOW Sponsored by iha 4-H Rein- ing and Training Light Hone Club. JUNE 9 AND 10. JUDGE: Wayne Beui, Montana FRIDAY: YOUTH SHOW Western Driving Clem; Pole Bending; Barrel Racing; Trail Clan; Jumping; Pack Race; Hide Race. SATURDAYi QUARTERHORSE SHOW Holler Claisei; Quarter Horse Jumping; Reining Pattern; Trail Class; Pole Bending; Riding Pattern For further Information o enfry forms. Interested people may phone or write MRS. NORA PETERS Pincher Creek, 627-2235 ons In rapeseed but It still Is oo early to predict whether the jest will be a problem again .his year, the Pool said. lomially leaves on world trip KEY B1SCAYNE, Ma. (AP) Treasury Secretary John B. Connally will leave today on a ound-the-world mission to some 5 countries for President Nixon o discuss "matters of common concern" and currer.t economic ssues, the White House an- nounced Monday. The trip will lake Connally to .x South American countres, he Far East, South Asia and Europe, But presidential press secre- ary Ronald L. Ziegler said Con- nally would not go to North Vietnam as was suggested Sun- day night by a Democratic pres- dential candidate, Sen. Hubert Humphrey Minnesota, who proposed such a mission to dis- cuss release of U.S. prisoners of war. The month-long tour will start in Venezuela. Ziegler said Connally would meet with chiefs of state and heads of government with the emphasis on current economic issues. But tho secretary also would be in a position to discuss "development in the interna- tional field" Including Nixon's recent visits to Moscow and Pe- king. Nixon "has no plans for any further travel abroad before the end of year." IDB business loans We can lend to nearly every type of enterprise: manufacturing... wholesale and retail trade... tourism and recreation construction... agriculture transportation and storage. II you need financial assistance to expand, or modernize a business anywhere in Canada, we invite you to discuss your requirements us. business anywhere in Canada INDUSTRIAL DEVELOPMENT BANK LETHBRIDGE, Ave, Ask for this folder ;