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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 6, 1974, Lethbridge, Alberta Thursday, June 6, 1974 THE LETHBRIDGE HERALD 21 Oil outflow drop worries officials REGINA (CP) Current estimates are that Saskatche- wan's oil outflow this month will be more than barrels a day below government officials are wondering why. "We haven't quite figured out just what is going one official said. Questions directed-at the oil companies have not produced definite answers to the problem, although trends may be clarified June 18 when the companies announce plans for July production from Saskatchewan. Besides the confusing inter- play of technical and pricing complications, the issue is clouded by provincial reluc- tance to antagonize the National Energy Board, which sets monthly limits on oil exports. The official said there are touchy talks going on with the board that would make public statements inadvisable. Two possible factors in the decline in Saskatchewan oil shipments are considered to be the federal export tax on oil, recently raised to a barrel from and the energy board's export controls. Some industry spokesmen have argued that the tax is too high and is pricing Canadian oil out of the U.S. market. The situation becomes more complex when the export con- trols are considered. Theoretically, the official said, "what the National Energy Board does is very damn simple, it's straight mathematics." Domestic oil needs are sub- tracted from the monthly sup- ply of oil and the surplus is allowed to be exported. But, he notes, if it were really that simple in practice the pipelines would be filled to capacity. "In theory, there should be no cutbacks below capacity." The energy board export allocation, moreover, does not distinguish between types of oil. GM counters report about defects in cars DETROIT (AP) For the third time in less than a month, General Motors has countered a government report on some of its models with the claim that reported defects are not "safety- related." The U.S. department of transportation said Wednesday it found defects that could cause engine fires in certain older Chevrolets and Buicks. The problem affects about and 1966 Chevrolets and 1966 equipped with Rochester Quadrajet carburetors. The National Highway Traffic and Safety Administration (NHTSA) said a metal plug can drop out of place on the carburetor, leaving a half-inch opening through which raw gasoline may spray onto the engine. GM, however, says the defect is not safety-related under the provisions of the Gold price soars LONDON (AP) The price of gold soared on Europe's main bullion markets Wednes- day after rumors of impending currency evaluations, foreign exchange controls and a -possible increase in the price of of- ficially-held gold. Speculation also threw cur- rency markets into disarray. The rumor was that the French franc was to stop floating freely and be brought back into the joint European float at a lower rate. There was another rumor that the West German mark would be revalued upward. Seek control of air firm VANCOUVER (CP) White Pass and Yukon Corp. Ltd.. a Vancouver-based transportation company serving the Yukon, has applied to the Canadian Transport Commission for permission to acquire majority control of Pacific Western Airlines Ltd. through a cash bid for shares. PWA, which has 2.000 employees and 22 planes serving western Canada and the Artie, has 2.3 million common shares outstanding which last traded at U.S. Motor Vehicle Safety Act of 1966. A GM spokesman said the loose plugs pose only a very small risk of fire. Even in the event of a fire, he said, the driver would have sufficient warning to stop the car and get out. Of the cars covered in the finding, GM said 973 hood fires have been reported involving 11 minor injuries. The spokesman said he did not know how many of the fires involved loose plugs. On May 17, the NHTSA said the steering wheels of certain 1969 Camaros and 1969 and 1970 full-size Chevrolets can fail without warning. Last week, the NHTSA said Buicks, 1965 through 1968, and 1970 Cadillacs might have a defect that could cause accelerators to jam open. GM said it also does not con- sider those problems safety- related. May swap some oil supplies OTTAWA (CP) Canadian and American energy officials are discussing the possibility of swapping some oil supplies on both coasts to eliminate the expensive shipment of Western Canadian oil to the East through the Panama Canal. The U.S. would benefit by having to move less Venezuelan fuel to West Coast refineries. In both cases, say officials here, the savings would result from fewer tanker rentals and less use of bunker fuel. Officials said today that the idea has been talked about "off and on for quite a time." But negotiations have recently intensified and there is agreement in principle from all par- ties, including oil companies. But the financial problems have not been solved yet. they said. At the moment all Cana- dian oil exports are subject to a barrel tax. imposed by an act of Parliament. The partners of and R1DDELL, STEAD SCO. arc pleased to announce thai from 1074 their practices will be merged and earned on under the name of THORNE RIDDELL S CO. Chartered Accountants The Herald Business Industrial index higher in moderate TSE trade Stocks Miscellaneous Vancouver, Calgary, MIDLAND DOHERTY WESTERN Trust 23.50 AND 6.00 Afton 4.00 Albany Foods 3.35 Alta East Min 1.00 4% A Pfd 51.00 Yukon 7.75 Ashland STOCKS BP Gas A 12.87% Brenda Gas Pfd 55.00 Cda Nat Gas 17.87% Cdn Export Metro 5.50 Cdn Nat Gas 8.50 Cdn Ind Gas 11.12% Cdn Long C B Pfd 20 50 Cdn Gas Trans 9.37V? Chieftan Pipe 29.50 Dome A Pfd 54.25 B Pfd 31.75 Ft Pipe War 3.60 Giant Trans 20.50 Gibraltar Trans War 3.00 Great .40 Grt Cdn Oil .06 Lochiel Continental .02 Lytton Minerals Noble Warner .30 VANCOUVER North Cdn Numac Oil Pan Can Pete Pan 9.87 Explorations .25 Bathurst Norsemines 1.48 Dankoe 2.15 .61 Pinnacle Place Gas 1 .41 Varden .21 Equitorial Res. .11 Lornex 6.50 Ranger Oil Scurry Mines 2.36 Primer .06 Seibens Spooner Total Pete Ulster .28V4 .09 Silver Standard 2.15 Valley Copper 6.30 INDUSTRIALS United Canso Westcoast Pete West 3.90 Brewing 4.50 Key Industries -10 Wardair 1.70 MISCELLANEOUS INDUSTRIES Acres Ltd Aquitaine BC Sugar C Pfd Block Bros Cdn Pac Inv A Pfd Carling A Pfd Carling B Pfd Com Capital Corp Crestbrook Forest Falcon Copper F M Trust Genstar Home Oil A Home Oil B Hud Bay Hud Bay Oil Hud Bay A Pfd Hugh Russell C Pfd Husky Oil Husky Oil B Pfd Husky D War Husky E War Inter Pipe War Inter S P Kaiser Re's Kaiser Res War Loblaw C Pfd Magnasonics Pacific Pete Pac West 26.50 11.50 3.15 29.00 17.75 2.30 10.50 4.75 18.37V2 36.50 33.50 17.00 29.00 40.00 75.50 16.25 34.00 .69 6.50 3.80 15.00 4.65 2.05 24.25 2.35 21.87% August Petroleum .32 Plains Pete. .15 Ponderay Explorations .70 Stampede Ini'l Res .64 MUTUAL FUNDS All Cdn. Compound 5.56 6.04 All Cdn. Dividend 5.78 6.28 AM Cdn. Ventures 2.97 3.23 Amer Growth Fund 4.27 4.69 A.G.F. Special 2.18 Cdn. Invest Fund 4.51 4.95 Collective Mutual 4.65 5.10 Corp. Investors 5.60 6.15 Corp Invest Stock Fund 4.19 4.60 Dreyfus Fund U.S. 9-89 10.84 Great Pacific 4.12 4.50 Grouped In Shares 2.68 Growth Equity 6.10 6.70 Invest Growth Fund 10.91 11.92 Investors Mutual 5.19 5.68 Mutual Accum 5.58 6.14 Mutual Growth Fund 2.83 3.11 Nat. Resources 4.12 4.53 N.W- Cdn. 5.00 5.49 N.W. Growth 4.23 4.65 Principal Growth 3.81 4.19 Provident Mutual 6.73 7.36 Royfund 6.19 6.45 Templeton Growth 7.26 7.95 United Accum 4.13 4.54 Universal Savings 7.15 7.86 Pe-Ben Oilfield' Rainer 5.40 5.93 Vanguard 5.12 5.61 Toronto mines, industrials (Supplied by Richardson Securities ol Canada) MINES Acrne Advocate %b. Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central Pat Chimo Conwest Cons. Rambler Coin Lake Cochenour Craigmont Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. Granduc Hollinger Hudson Bay Hydra Ex. Iron Bay Iso Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malarttc G.F. Martin McNeely Maclntyre Mela Midrim Intern Mogul Nu West Homes A New Athona New Calumet Noranda Northgate Norlex Pine Point Placer Dev. Pax Exp. Quebec Man Raytock Radiore Rio Roman Corp Sherntt Gordon Steep Rocfc Sunninqdate TeV Corp. A Texmont United Canso Western Mines WH Copper Mines WngM Hargreaves Willroy Windfall Yeltowfcnrfe Bear Zenmac INDUSTRIALS AbiJibi Alcan Aloo In JannocV Aqra Ind Bell lei Bras-can A BC Tel Forest Sugar A Valley Ind Ind O'Keefe Cellulose Power Credit Gas Pfd Ind Marconi Vickers Bathurst Gas Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Motors Lakes Paper Oil Sid Walker Erie Oil A Nickel Pipe Grp A IntT Accept Douglas A A Ferg Bloed Corp A B Cent Corp Co CDA Sears Can A A Grp A Pipe Cdn Pipe Carbide Gas Oil Siscoe Wllo A 11 Foods Elec 14 Imperial 41 Scolia Dom 11.25 19.00 20.75 13.12% 8.50 2.55 5.12Vi 22.75 2.30 9.25 20.12% 3.05 16.50 15.87% 14.12% 26.37% 28.75 15.25 37.25 44.00 24.25 11.25 14.75 27.37% 30.75 3.85 7.50 49.25 21.50 28.87% 16.00 45.87% 24.25 28.50 28.00 27.00 15.50 6.87% 13.00 16.50 2.10 4.75 8.75 3.35 6.75 11.50 16.87% 50.25 2250 20.00 675 11.37'.- 11.12'.- 13.50 600 1200 1387% 787% 1100 3150 13.25 3800 9.37% 12 62% 2925 19 621 eon 10.25 550 600 1925 2225 2300 335 300 26 62' 1737% 3375 3350 3B37% New York (Supplied by Richardson Securities of Canada i Amr T S T 75 Wpotwotlh 15 87- Anaconfla West mp house Eipc '575 Belh Steel 30 00 US Sled 44 00 Chrysler 1650 Gen Tfl ElfC 2325 Oomssl 3275 TORONTO AVERAGES DupoM 165 12% 20 InSuslnals 192 54 UD PS General Motors 51 62% 20 Golds 45? 09 down 15 00 Girtt 2087% 10 Base Metals 84 20 UD 11 lm Harvester 26 37% 15 WeMfrn Oils 193 12 down 22 Kenn Copper 36 25 Volurnr 1 242 000 Montgomery Ward NEW YORK AVERAGES Sears 8750 20 Induslnate 832 uo 2 65 20 Rails 171 69 UD 1 50 Texas Oufl 2750 15 UJilrties 74 89 UD 12 Texas Co 26 25 65 Stores 253 36 up 1 11 Wix Corpn Volume 5310 000 TORONTO (CP) The To- ronto stock market's industrial index was moderately higher but other indexes fell in moderate mid- morning trading today. The industrial index rose .41 to 191.97. Golds lost 15.2 to 451.91, base metals .02 to 84.07 and western oils .05 to 193.29. Volume by lla.m. was 000 shares compared with shares at the same time Wednesday. MONTREAL (CP) Prices wre mixed in light trading on the Montreal Stock Exchange today. Volume at 11 a.m. was 289.600 compared with at the same time Wednesday. Banks rose 4.69 to 255.87. papers .49 to 120.95 and the composite .31 to 194.06 while industrials fell .17 to 202.47 and utilities 11 to 131.43. Toionto-Dominion Bank rose 1 to Dominion Bridge 1U to and Royal Bank V. to while Shell Canada fell to and Distillers Corp. Seagrams to Among speculative issues. In- ternational Norvalie Mines rose 1% to S29'z after trading shares. VANCOUVER (CP) Trading was moderate in mixed prices on the Vancouver Stock Exchange Wednesday Volume at the close was 2.457.341 shares. Advances outnumbered de- clines 110 to 98 with 180 issues unchanged. Dominion Bridge gained 1% to Pacific Western 1 to Royal Bank to Koffler Stores 57% cents to and Van Der Hout Associates to IAC lost to Canada Packers C V2 to Trans Mountain Pipe to and Slater Walker Vi to Market trends In the industrials, Canterra led trading, off .02 at .43 on shares. Mercuria was unchanged at 10 on 7.000 shares. PWA was up 50 at on shares. EDP was unchanged at .13 on 4.000 shares. Lancer was unchanged at .31 and Block Bros was unchanged at S3.10. In the mines. Gladiator was down .02 at .18 on 457.000 shares. Consolidated Fortune Channel was down .01 at .53 on 319.100 shares. Sonesta was up .08 at .65 on 237.700 shares. Sonesta A was down half a cent at .29% on shares Consolidated Fortune Warrants were up .01 at .29 and Arcadia was down .08 at .52. In the oils. Davenport was up .02 at 58 on 41.000 shares. Cop-Ex was unchanged at .40 on 21.500 shares. Monterey A was unchanged at .27 on 18.000 shares. Payette was unchanged at .25 on 11.500 shares. Plains Petroleum was unchanged at .20 and Chapparai was unchanged at .05. Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Thursday from the Calgary public stockyards totalled about 120 head, mostly slaughter heifers and cows. Trade was active. There were insufficient steers on offer to establish a market. Heifers met a good demand, selling steady to strong quality considered. Cows were in good demand selling SI 50 to higher with sales to 33. Heifers AI and 243-45. Cows Dl and 2 30-32.50. D3 28-30. D4 22-27. A few feeder steers weighing more than 750 pounds sold from 42 to 47.40. depending on quality. No hogs were sold Gold prices LONDON (AP) Wednesday's closing gold prices in U.S. dollars an ounce: London 164.00 Pans 154.24 Frankfurt 158.57 Zurich 162.50 Hong Kong 153.05 Beirut 5.003 a kilo. Dividends By THE CANADIAN PRESS Dividends are quarterly unless otherwise noted. Anthes-Imperial Ltd., series B pfd.. Sl.37'2. series C pfd.. S1.31''4. both payable Aug 1. record July 18. Beaver Lumber Co. Ltd.. pfd.. 35 cents. July 2, record June 10. Cara Operations Ltd., 10 cents, semi-annually plus an extra 10 cents. June 28. record June 14. Deltec International Ltd.. 10 cents. U. S. funds. Sept. 5. record Aug 16 National Trust Co. Ltd.. 15 cents. July 2. record June 13, Peoples Jewellers Ltd.. five cents: class A. five cents: both payable Aug. 15. record July 31. Phillips Cables Ltd.. 15 cents. July 1. record June 17. Provincial Bank of Canada. 24 cents. Aug I. record June 28. Somerville Industries Ltd.. S2.80 pfd 70 cents. July 1. record June 15. Yellowknife Bear Mines Ltd.. four cents interim. June 28. record June 11 Hog prices EDMONTON (CP) Average prices to 11 a.m. Thursday provided by the Alberta Hog Producers Marketing Board. Wednesday prices in brackets: Edmonton: 35.00 Calgary: Nil Red Deer: 35 00 Grande Prairie: Nil Lethbndge. Nil Hogs sold to 11 a.m. 1600. hogs sold Wednesday 3.860. average 34.37, sows average 18.50. Currencies MONTREAL iCP) Thursday's mid-day foreign exchange selling rates supplied by the Bank of Montreal: Australia dollar 1.4400 Bermuda dollar 1.02 China renmmbi .5100 Denmark kroner 1700 France franc .2030 Germany mark .3935 Italy lira .001545 Japan yen .003480 Mexico peso .0789 Spain peseta .0172 Switzerland franc .3320 United States dollar .965? United Kingdom pound 2.3450 USSR ruble 1.2781 Quotations in Canadian funds. Metals LONDON (AP) Wednesday's closing metals bid-ask in pounds sterling a metric ton: silver in pence a troy ounce. Copper-Spot futures 1.058-1.060 Tin-Spot 3.910-3.930: futures 3.935- 3.940 Lead-Spot 252.5-253.5: futures 259-260 Zinc-Spot 659-661: futures 618-620 Silver-Spot 207-208. 3 months 213- 21.15 Beef futures WINNIPEG iCP) Live beef futures close Wednesday July 4890: Sept Nov 4700N: Jan 47.70N Tuesdav's volume No contracts. Dickenson fell to Camflo to East Malartic Vz to and Pamour to Sherritt rose to Hudson Bay Mining A to and Yukon Consolidated Gold 14 cents to Numac was down to Sunningdale Vs to and Pan Ocean Vs to Ranger was up Vz to and Total Pete V8 to NEW YORK (AP) A second leading banker's prediction of a drop in the prime lending rate nudged the stock market up another notch today The 11.30a.m. Dow Jones average of 30 industrials was up 1.88 at 832.06. and gainers led losers by about five-to-four on the New York Stock Exchange Universal Oi! Products was the NYSE volume leader, up at Ponderosa System gained 1' 8 to CNA Financial lost to Golds settled back after some sharp gains Wednesday as bullion prices turned downward in Europe. Among Canadian issues. Dome Mines fell two dollars to Alcan to Inco to Massey Ferguson Canadian Pacific was unchanged at Mclntyre gained 3-i to Chicago markets CHICAGO (AP) A good demand for major commodity futures and a lack of sellers lifted prices on major exchanges Wednesday. Silver futures again rose to limits on the Chicago and New York Exchanges with the expiring June options advancing more than the allowable 20 cents an ounce. It was the second straight limit gain at both exchanges. Cotton futures pushed to limits, while copper and coffee also closed strong. Cocoa and world sugar were lower while wool and orange juice futures were mixed. Wheat and corn futures soared to limits on the Chicago Board of Trade, but not all contracts held at the top into the close. Oats also were strong but soybeans, meal and oil were mixed. Pork bellies fell the limit of 150 points on the Chicago Mercantile Exchange, and live hogs fell as much as per hundredweight. At the close on the board of trade. Chicago wheat was 16% to 's cents a bushel higher. July 3.75: Gulf hard red wheat 14 higher. July 3.98; corn 6 to 10 higher. July 2.73'i. oats 1 to 2 higher. July 1.34; and soybeans 2 lower to 1% higher. July 5.40'2. Gram quotes Wednesday. Wheat. Jul 3.75: Sep 3.78. Dec 3.90: Mar 3 97: May Corn Jul 2.73'4: Sep Dec Mar May Oats. Jul 1.34. Sep Dec i.38'4: Mar 1.39. Gold futures WINNIPEG (CP) Gold futures. j'.S. funds. Winnipeg Commodity Exchange close Wednesday. July 74 161.90B: Oct 74 167.40B: Jan 75 172 15B: Apr 75 177.00B: July 182.00B. Tuesdav's volume: 331 contracts. Winnipeg grain WJNNII'KU (Cl'i Nearby months ol rapeseed lutuics continued to advance strongly while other prices remained near Wednesday's close1- in moderate trading at today on Hie Winnipeg Commodity Kxchangu Hapeseed prices were higher in all months traded but flax and rye were unchanged to slightly lower Wednesday's volume of trade was bushels ol rye. 473.000 ol llax and 1.045.000 of rapeseed Mid-session prices Klax July 2'z cents lower Get unchanged 9 16. Nov six lower 894A. Dec two lower 8.284 Rapeseed Vancouver June 20 higher 7 80' i. Sept 14 higher 7.42'iA .Nov one higher 6.43A. Jan unchanged (i Rapeseed Thunder Bay July 14 higher 728B. Oct unchanged B 42A Nov unchanged B.41A. Dec not open Rye July two lower 2 58B. (Jet 1' i lower 248B. Dec 1'z lower May not open WINNIPEG (CPi Gram quotes Wednesday basis Lakehead Close 955 916 900 830 4 766'j 728'z 642 630 714 642 641 600 1 260 2 249'. j 247'j 250 Jlv Oct Nov Rapeseed Jun 766' Sep 728 Nov 652 Jan Rapeseed Thunder Jlv Oct Nov Dec Jlv Oct Dec May MONTREAL (CP) U.S dollar in terms of Canadian funds at noon today was unchanged at S0.96 3-25. Pound sterling was down 6-25 at 32 13-100 In New York, the Canadian dollar was unchanged at SI .03 41-50 Pound sterling was down 'j at S2.41. Hy's of Canada Appointment Mr HyAisenstat. President of Hy's of Canada, ts pleased to announce the appointment of Mr Bruce M F Housser as Assistant to the Presi- dent effective June 1. 1974 Mr Housser s business back- ground includes 5 years as an offi- cer and director of a major multi- national food chain, where his responsibilities included real estate finance labor relations and corpo- rate administration Mr. Housser is a native of British Columbia and holds a B A degree His appointment reflects the remark- able growth of the Hy's organization across Canada and m the United States 1003 4th Avenue South, Lethbridge Telephone 328-4426 recessing 'ervtccs THREE LANCERS ;