Lethbridge Herald, The (Newspaper) - June 7, 1974, Lethbridge, Alberta
Friday, 7, 1974 THE LETHBRIDOE HERALD 25 Falling softly Model Hannele Abovouri shows in London how a "pedestrian catcher" de- signed by the British Leyland Auto Company can prevent injuries to pedestrians. The bar which keeps her from sliding off the wedge-shaped hood pops up when a sensor shows a pedestrian has been struck. Vital crop seeding work slowed by wet weather OTTAWA (CP) Cool wet weather continues to set back vital seeding operations throughout the country, Statistics Canada reported Thursday. In many low-lying areas in the Prairie grain belt, there will be no crops seeded at all this year. In the second of six reports on crop conditions across the country, the statistics bureau indicated that farm seeding progress this year may severely harm prospects for a big harvest. From the Maritimes to British Columbia poor spring weather conditions have held back farm work. Field operations are about two weeks behind normal schedules. Late springs increase chances that crops will be wiped out by fall frosts and early snows. By region, the country's crop conditions look like this: In the Maritimes, all field operations have been delayed about 10 days. Only half of the field crops and a third of the potatoes have been planted in Prince Edward Island. In Nova Scotia, grass growth is slower than usual and only a Banker warns of monetary policy threat TORONTO (CP) Canada's national monetary policy would be threatened if provincial gov- ernments were allowed to become part owners of banks, Harland MacDougall, executive vice-president of the Bank of Montreal, said Thursday. Mr. MacDougall told the annual convention of the Canadian Business Press that politically- controlled banks, operated for provincial purposes, "could lead directly to the balkanization oT this country's financial sys- tem." The four western provinces have called for changes in the Bank Act to allow them to hold voting shares. Finance Minister John Turner promised changes to permit provinces to own up to 10 per cent of existing bank shares and up to 25 per cent of new banks, to be reduced to 10 per cent within 10 years. Mr. MacDougall said this kind of tampering could leave the country's monetary system in shambles. As a provincial government exerts influences on a bank's policies, "the danger is that the provincially controlled bank could yield to pressures to support government projects that a private chartered bank would deem uneconomic." Perlich joins livestock market service wire Perlich Bros. Auction Market in Lethbridge is the first Southern Alberta livestock sales agency to upgrade its market information by subscribing to CanFax. CanFax is a nation-wide livestock market information gathering service centred in Calgary. The group operates through a Telex system to record twice daily slaughter and feeder cattle prices throughout the major Canadian and United States markets. Through the same Telex system. Perlich Bros, can list their sales consignments to inform buyers across Canada of the number and type of Raise price MONTREAL Two Canadian paper producers have announced price increases for 30-pound standard and offset newsprint to domestic customers. Consolidated Bathurst Ltd. will raise their price by per ton to effective Sept. 1 and Anglo-Canadian Pulp and Paper Mills Ltd. newsprint will rise 1o per ton, an increase of July 1 livestock for sale. Cattlemen in the South can get market information from across North America by calling the auction market. Vegetable prices to increase VANCOUVER The price of processed and fresh vegetables in British Columbia will almost certainly be going up Jhis year and you can blame most of the ancrease on the weather. Hard-hit in B.C. have been lelluce. potato, processing corn, peas and bean crops, as well as strawberries and grain in the Peace River area. In Jhe Peace River, for example, only about 20 per cent of cereal grains have been planted thus far. Agriculture experts say corn, pea and bean crops will all be between 35 and 30 per cent lower than normal, while lettuce production will be 20 per cent below standard. George Fish, manager of Ihe Buckerfields farm in the Fraser Valley, said the year has been "disastrous." quarter of the spring seeding is finished. Similarly, in New Brunswick, "crop conditions are very late." In Quebec, cold wet weather has gripped the province until the last few days. Pastures and hay meadows have just begun to grow and all seeding operations are much later than normal. Ontario, as well, has suffered from below-normal temperatures and above- normal amounts of rain. Although conditions have improved in the last two weeks, hay and pasture crops in the south and east have been set back considerably. Nevertheless, spring grain seeding is nearly finished in all but eastern and Northern Ontario and corn crops are almost all planted in the western part of the province. Price paid for bull sets record A one-third interest in an Aberdeen-Angus bull, bred from animals born in Alberta, has been sold for Argentina Breeders paid the record price for Sir Wms Can Am at St. William Farm in Hillsdale. N.Y. The sire of the bull was owned by Victor Schieman of Bashaw and sold to United States interests at the Cross Country Sale in Lacombe five years ago. The dam of the bull was bought by Sir William Farm from Stone Ranches of Madan. 60 miles northeast of Calgary. Wholesale price index up slightly OTTAWA (CP) The wholesale price index rose 1.7 per cent in April. Statistics Canada reports. The April level was 27 per cent higher than the level of the previous April. Indexes for the eight major components were all higher during April. The non-metallic minerals index was up by 4.5 per cent. This component includes petroleum products and since last April it has gone up by 58.6 per cent. The wood products index was up by 3.2 per cent during April. Increases in other components were: Iron products. 2.2 per cent; textile products, two per cent; non- ferrous metals. 1.8 per cent; animal products, nine-tenths of one per cent; and vegetable products. Uiree-tenths of one per cent. oil find ABERDEEN. Scotland (Reuler) British Petroleum in which the government has a major stake, announced Thursday another oil find in the North Sea. The company said "encour- aging oil indications" had been found some 145 miles northwest of this Scottish port. Deeper drillings and other Jest wells would test the potential of the discovery. The Herald Business Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERTY LIMITED WESTERN Trust Class A 24.25 AND 6.00 Alton 3.80 Albany 6.00 Alta East Food 3.35 Min 1.00 A Pfd 51.00 Ashland YuKon 7.50 BP STOCKS Brenda Gas A 13.50 Cda Gas Pfd 55.50 Cdn Export Nat Gas Cdn Metro 5.75 Cdn Ind Nat Gas Cdn Long C Gas 11.50 Cdn 8 C B Pfd 21.00 Chieftan Gas Trans Dome Pipe 29.50 A Pfd 54.25 Ft B Pfd 32.00 Giant Pipe War 3.45 Gibraltar Trans 20.75 Tr War 3.15 Grt Grt Cdn Lochiel Explor Lytton Minerals Noble 1.70 .40 Barons Oils .06 N. Continental .02 North Cdn Warner .27 Numac PanCdn Pete Pan Atlas Explorations .22 Norsemines 1.45 2.20 Place .72 Varden .20 Ranger Res. .12 Scurry Rainbow 7.00 Northair Mines 2.25 .05 Total .09 Ulster Standard 2.22 United Copper 6.25 Westcoast West Brewing 4.65 Industries .06 1.70 Petroleum .39 Acres Pete. .15 Explorations .80 BC Sugar C Int'l Res .63 Block FUNDS Cdn Pac A Cdn. Compound 5.62 6.11 Carhng A Cdn. Dividend 5.85 6.36 Carling B Cdn. Ventures 2.99 3.25 Commerce Growth Fund 4.34 4.71 Crest Special 2.21 Falcon Invest Fund 4.57 5.01 F M Mutual 4.66 5.11 Investors 5.61 6.16 Home Oil Invest Stock Fund 4.23 4.65 Home Oil Fund U.S. 10.05 11.01 Hudson Pacific 4.11 4.49 Hudson Bay In Shares 2.70 Hud Bay A Equity 6.10 6.70 H Russell C Growth Fund 10.94 11.95 Husky Mutual 5.20 5.69 Husky Oil B Accum 5.60 6.16 Husky Oil D Growth Fund 2.84 3.12 Husky Oil E Resources 4.16 4.57 Inter Pipe Cdn. 5.11 5.62 Inter S Growth 4.27 4.69 Kaiser Growth 3.87 4.24 Kaiser Res Mutual 6.74 7.37 Loblaw C 6.20 6.45 Growth 7.34 8.04 Pac Accum 4.18 Pac West Savings 7.21 7.94 Pe-Ben 5.42 5.96 Rainer 5.40 5.92 Toronto mines., industrials (Supplied by Richardson Securities ot Canada) MINES Acme Advocate Asb. Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tun. 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 MSS A Hydra Ex. Iron Bay ISO Joiiet Quebec Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Martin McNeely Maclntyre Mela Midrim Intern Mogul Nu West Homes A New Athona New Calumel Noranda Northgate Norlex Pine Point Placer Dev. Pax Exp. Quebec Man RayrocK Rio Aigom Roman Corp. Sherntt Gordon Sleep Rock SuTinmgdale Corp. TexmoTSt United Canso Western Mines WH Copper Mines Wngtit Hargreaves Bear Windfall Yellowfinrf Zen mac INDUSTRIALS Abilibi Alcan Algorna S1eel Atoo Ind Jannocfc Aura Ind Bell Tel Brasean A BC Tel Forest Sugar A Valley Ind Ind O'Keefe Cellniuse Power Credit Gas Pfd Ind Marconi Vickers Bathurst Gas Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Motors Lakes Pacer Oil Sid Walker Erie Oil A Nickel Pipe Grp A Inn Accept .33 Douglas A A Ferg Bloed Corp A B Cent Corp Co 1.17 COA 10 Sears Can A A Gtp A Mtn Pipe Can Pipe Carbide Gas Oil Siscoe A foods Zenrth Else imperial 41 Scolia Dom 11.50 16.00 19.75 21.37V-. 13.25 2.60 6.25 23.25 2.30 9.00 20.75 3.25 16.25 16.25 14.37% 27.00 28.50 38.25 44.00 26.50 11.50 27.75 33.25 3.95 7.75 50.00 16.00 6.00 47.00 25.00 29.12Vi 28.62% 27.87V, 16.00 7.50 13.25 17.25 2.20 4.85 9.00 3.40 6.75 12.00 17.37'.? 27.25 51.25 20.00 6.87% 11.25 11.25 13.87'4 5.87' i 12.12% 14.62'i 8.12% 11.00 32.37% 13 37% 37.50 1050 13.00 29.37% 19.87% 8.12% 1025 5 12% 20.25 2300 2325 335 3.00 2700 Market prices higher in active TSE trade 3550 39 S7V, 3800 New York (Supplied by Richardson Securities of Canada) Arm T S T -4775 Woolwmlh 16.00 Anaconda 2325 Wes1 mghouse 15.62Vj Belli Steel 3050 US Steel Chrysler 1725 Gen Tel Elec 2362V7 Comsat 32 75 TORONTO AVERAGES Duoont 168 75 20 Industrials 196 7fi up 2 79 General Motors 52 121'? 20 Golds 439 CO down fi 93 GuH 21.121? 10 Base Metals S3 35 down 20 Inl Harvester 15 WeSlern Oils 196 74 up 2 96 Kent. Copper 35 871'? Volume 1.844.000 Montgomery Ward 27.621-? NEW YORK AVERAGES Sears 89 25 ?0 mduSlnals 853 25 uo 7.89 78 121-7 20 Rails 174 83 up 1 85 Texas GuH 15 Utilities 75 40 up 06 Texas Co 27 25 65 Stocks 2SS 56 up 2 19 Wix Corooratton 1-4 Volume 10.000.000 TORONTO (CP) Prices on the Toronto stock market were sharply higher in active midmorning trading today. The industrial index was up 3.16 to 197.15, base metals .04 to 84.09 and western oils 4.57 to 198.35. Golds fell 7.58 to 441.15. Volume by 11 a.m. was 000 shares compared with MONTREAL (CPl All sectors moved higher in light trading on the Montreal Stock Exchange today. Volume at lla.m. was 173.900 shares compared with 289.600 at the same time Thursday. Banks rose 6.14 to 263.94. the industrial index 3.07 to 207.97. the composite 2.99 to 199 03. papers 2.58 to 124.48 and utilities 1.20 to 133.10. Reader's Digest rose Pz to Royal Bank to Northern Electric and Moore Corp. 'z to 'a while Toronto-Dominion Bank rose '-z to Among speculative issues. Stanford Mines fell 19 cents to after trading 4.000 shares. VANCOUVER (CP) Prices were up in moderate trading Thursday on the Vancouver Stock Exchange. Volume at the close was 2.358.980 shares. In the industrials, Canterra was down .02 at .41 on 5.000 shares. Cornat was unchanged at on 4.050 shares. Pacific Western Airlines was up on on 3.600 shares. lonarc was unchanged at .65 on 3.100 shares. shares at the same time Thursday. Advances outnumbered de- clines 249 to 53 with 121 issues unchanged. Texasgulf gained 1% to Northern Electric to Imperial Oil A 1 to Aquitaine Vs to and Royal Bank to Market trends Captain International was unchanged at .39 and Gestalt was unchanged at .90. In the mines. Consolidated Fortune Channel was up 11 to .64 on 498.366 shares Sonesta was up 18 to .83 on shares Sonesta A was up at .48 on shares. Gladiator was up .07 at .25 on 75.214 shares. Consolidated Fortune Channel warrants A were up 05 to .33 and 'Golden Gate was unchanged at 52. In the oils. Davenport was up 10 to .68 on 61.000 shares. Princess was up .05 at .25 on 38.500 shares Cop-Ex was up .01 at .41 on 26.000 shares. Payette was up Ml'z at .29M> on 7.500 shares. August Petroleum was unchanged at .32 and Payette warrants A were up 02 at .12. NEW YORK (AP) The stock market rang up another broad gam today, welcoming a prime-rate reduction by New York's First National City Bank. The a.m Dow Jones average of 30 industrials was up 7.20 at 852.55. and gainers outdistanced losers by close to four-to-one on the New York Stock Exchange Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Friday from the Calgary public stockyards totalled about 500 practically all replacements. Trade was active. Insufficient slaughter cattle were on offer to establish a market. Replacement cattle met a good demand. The bulk of the replacements were feeder steers in the 576 to 750 pound weight range and stock calves in the 450 to 550 pound range. Prices were fully steady to strong. Good feeder steers more than 750 pounds 42-47.40. under 750 pounds 44- 50.60. Good stock steer calves more than 400 pounds 45-49.75. Good stock heifer calves more than 400 pounds 36- 39. There were no hogs sold. Hog prices EDMONTON (CP) Average prices to 11 a.m. Friday provided by the Alberta Hog Producers Marketing Board. Thursday prices in brackets: Edmonton: 35.50 Winnipeg grain WINNIPEG (CP) Activity continued light through mid-session today on the Winnipeg Commodity Exchange. Prices were mixed and generally lower. Thursday's volume of trade was 349.000 bushels of flax. 1.599.000 of wheat. Mid-session prices: Flax: July 20'4 lower 9.36A: Oct. 12 lower 9.11A: Nov. nine lower 8.91 A, Dec. five lower 8.25A. Rapeseed Vancouver: June 20 higher 8.06' iB: Sept. three lower 7.32: Nov. four Iower6.27A: Jan. one lower 6.18A. Rapeseed Thunder Bay: July unchanged Oct. unchanged 6.28: Nov. two lower 6.25A: Dec. not open. Rye. July higher Oct. higher Dec. 1'z higher May not open. Grain quotes Wednesday basis Lakehead: High Low Close 923 900 830 786'4 735 631 620 715 628 627 600 266 255's 254'i 250 JlV Oct Nov Dec Rapeseed Vancouver Jun 786'4 Sep 748% Nov 628 Jan Rapeseed Thunder JlV 728 Oct 714 Nov Mav Oct Dec Gold prices LONDON (APi Thursday's closing gold prices in t" S dollars an ounce. London 159.06 Pans 163.65 Frankfurt 158.96 Zurich 16000 Hong Kong ]60 24 Beirut 5.003 a kilo MONTREAL four wits Federal Industries Md.. months rndtd March J1.205.0W. X, cents a share, lifts comparable IICTTCS available KHemnr Copper Cobalt Ud., 1hrw -rnM March 31 W74 J.TO Ofio citfht crMs K 1S73. fWi OOfi IS cwts Stores Ud Uiree mrmlhs 3fi 1W4 no Red Deer. 35.00 Lethbridge: Nil Hogs sold to 11 a.m. 3.173 hogs sold Thursday 2.807 average 35.06 sows average 18 50. Currencies MONTREAL (CP) Friday's mid- day foreign exchange selling rates supplied by the Bank of Montreal: Australia dollar 1.4400 Bermuda dollar 1.02 China renminbi .5100 Denmark kroner .1685 France franc .2030 Germany mark .3965 Italy lira .001545 Japan yen .003480 Mexico" peso .0789 Spain peseta A .0171 Sweden kroner .2295 Switzerland franc .3350 United States dollar .9655 United Kingdom pound 2.3450 U.S.S.R. ruble 1.2781 Quotations in Canadian funds. Gold futures WINNIPEG (CP) Gold futures. U.S. funds. Winnipeg Commodity Exchange close Thursday. Jly 74 159.75B; Oct 74 165.25B: Jan 75 170.40B: Apr 75 175.80B: Jly 75 I80.90B. Wednesday's volume: 235 contracts. Rio Algom was up to Hudson Bay Mining A to Madeleine V> to and Placer to United Canso rose to Ranger to and Peyto to Camflo lost 1 to Pamour Vs to Agnico-Eagle V4 to and United Siscoe to to to. Prices spurted upward at the opening as Citibank announced it was lowering its interest rate on short- term loans to big business f rcm 11' 2 to 11' i per cent After the initial jump, however, prices slipped back a bit. and activity slowed as the market seemed to pause lor breath after Us sharp runup since the start of the week. Citicorp, parent holding company of First National City. was. the most active issue on the NYSE. up at In the mortgage-guarantee group. MGIC Investment rose to 521-n. and CMI Investment at Beneficial I3, at and Household Finance l'i at Among Canadian issues. Alcan gained 'z to Inco '2 to S29'z. Canadian Pacific i to S15 and Massey Ferguson 3i to Dome Mines lost '-z toS48'i. Chicago markets CHICAGO (AP) Commodity futures prices moved nervously on major exchanges in the United States Thursday. Silver futures were generally- improved early in the day as gold prices trended higher. When gold eased later in the day. silver fel! back and closed mostly lower Copper futures fell 250 points and cotton more than a bale, while Maine potatoes eased 40 cents. Coffee and orange juice futures closed on mixed tones as demand eased. Cocoa and World sugar futures gained as shorts were forced to cover amid new buying. On the Board of Trade, wheat futures gave up all the gains of the previous session, falling 15 cents a bushel. Soybeans were down 60 cents, while corn and oats closed mixed. Soy oil lost almost the limit of 100 points, while meal was down aL out S3 a ton. Pork belly futures on the Mercantile Exchange closed on an uneven tone on selling linked to a lower spot market. Cash bellies at noon were at their lowest levels in 25 months. Live hog futures fell up to 75 cents a hundredweight while live cattle declined their allowable limits for one day. as the June contract hit a new low for the year. Shell eggs eased up to 65 points in very slow trade. At the close. Chicago wheat was 13 to 15 cents a bushel lower. July 3.60, Gulf hard red wheat down 13 cents. July 3.85: corn 3'j lower to 2'i higher. July 2.75J-i: oats lower to higher. July and soybeans 3 to 6 lower. July 5.37'i. Grain quotes Thursday: Wheat: Jul 3 60: Sep 3.64. Dec 3.77: Mar 3.82: May 3.84. Com: Jul 2.75'2. Sep 2.58: Dec 2.38'2. Mar 2.43'z: May 2.47 Oats- Jul 1.36'a: Sep 1.35: Dec 1.38: Mar 1 HOUSING STARTS rrrrrrr rrrrrr rrrrrrrn r r rrrr r rrr r TTTT'rrrrrT 1969 1970 1971 1972 1973 1974 Thousand Starts 100 120 140 160 180 200 220 240 260 280 300 i i No slowing down Figures released by the Central Mortgage and Housing Corporation for the first quarter of 1974 show the number of housing starts in Canada were running at an annual rate of This is despite the fact that mortgage interest rates have risen about two per cent in the last year. The number of housing starts in 1973 was MUtals LONDON Thursday's closing melais bid-ask in pounds sterling a metric ton: silver in pence a troy ounce Cojiper Spot futures "Tin Spot 3.860-3.3S5. futures 3.W5- 3.900 U-ad Spot 24M48. futures 253-254 Hnr Spot S30-fi32. irtorcs WMXC SiUxr Spot 207-208.3 rnrmthp 212 5- 233 INSURANCE HOME FARM We Cm Save You Money SEE US SOON! 706 3rd. S. Phone FOR SUMMER PRIVACY IMMEDIATELY. CALL 327-1308 [JENCE LTD.