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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 12, 1974, Lethbridge, Alberta Wednesday, June 12, 1974 THE LETHBRIDGE HERALD Turn sod Mayor Andy Anderson and Fred Purich, president of Richfield Properties Ltd., of Calgary officially mark the beginning of construction Tuesday of a million warehouse-office complex in the industrial park. Rich- field Industrial Centre, at 9th Avenue and 30th Street N., will be built on 10.4 acres of land and will include three large buildings totalling square feet. Construction is scheduled to begin this month. Farmer cash receipts rise OTTAWA (CP) Farmers harvested S3 22 billion for their products during the first four months this year, an increase of more than 72 per cent from the same 1973 period- Statistics Canada reported Tuesday that total cash receipts to farmers rose in all provinces during the January 1-April 31 period this year. Last year, cash receipts during the four months totalled billion. No deduction has been made for production costs, which also have risen sharply for the country's 360.000 farmers this year. Cash receipts by province with last year's four-month figures in brackets. Prince Edward Island, S43 million Nova Scotia million New Brunswick. million Quebec, million Ontario million Manitoba, million Saskatchewan. million Alberta million British Columbia. S97.9 million Ontario minimum wage hiked 25-cents hourly TORONTO (CP) An in- crease of 25 cents an hour in the general Ontario minimum wage to from effective Oct 1. was announced Tuesday by Labor Minister John MacBeth. Mr. MacBeth. in a statement in the legislature, also announced increases in special minimum wage levels that apply to construction workers and students. The minimum for construc- tion workers will rise to S2.50 from and for students under 1R to from The minimum wage levels were last raised Jan 1. The general wage in- crease will affect between 150.000 to 200.000 wage earners. Minimum wage rate laws do not apply in several areas, in- cluding the fishing and agricultural industries, professional workers and taxi drivers. The increase in the general minimum rate still leaves On- tario behind British Columbia, where the minimum is The minimum hourly wage set by the federal government is In other provinces the min- imum hourly wage is: Alberta and Saskatchewan. Mani- toba. on July U: Quebec. New Brunswick. Scotia and Prince Edward Island. and Newfoundland, FARMS WANTED We have clients wishing to acquire large farms, preferably grain acreage. REAL ESTATE BROKERS interested in co-operating with us please contact; O.K. Mashke, Manager I.C.I. Real Estate Division The Metropolitan Trust Company 353 Bay Street, Toronto Tel: (416) 869-1880 Market recovery predicted VICTORIA (CP) A major stock market recovery was predicted Tuesday by the newly-elected chairman of the Investment dealers Association of Canada. Brian P Drummond of Montreal, president of The Herald Business Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERTY LIMITED specify when the Tel 52.50 would occur, but said it 11.25 be triggered by a lowering 1 Forest 16.00 BC Sugar A 19.50 interest rates and Valley Ind 21.50 that the rate of inflation 1312% CAE Ind 8.87% slowing O'Keefe 2.52 He suggested this combination could NW Land Canada 6.00 Cdn Cellulose 5.12% Cal Power 22.75 evident this fall or Central Credit 3.25 The short-term outlook Gas Pfd 9.00 interest rates and the Ind 20.75 Cdn Marconi 3.25 market is uncertain, but Vickers 16.50 long term outlook for Lake 16.37% CPR 14 25 is good and the market turnaround may be sudden and drastic, he said. "It is questionable whether interst rates have yet he said, but Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Malartic East 8.25 42.00 .38 4800 1.90 5.00 27 25 Cons Bathurst 27.50 Cons Gas 15.37% Dist Seagrams 38.50 Dom Bridge 44.50 Domtar 25.50 Dom Textile 11.12% Dom Stores 15.25 that he hopes short- Pete 28.25 medium-term interest First 32.50 (Ulnhilo 4 1D will decline by two to 2Vz Y IVIOUIIc lu Grt Cdn Oil 7 50 cent between now and the Motors 50.62% "Long term rates may be Hudson Bay Lakes Paper 20 62% Gulf Oil 29.00 a shade, but probably only 15.75 Sid 5.87% Mr. Drummond said Johet 35 Walker 47.00 Huron Erie 25.50 are some signs now Oil A 28.62% inflation may begin to ease. One is that some Anacon Labrador Lake 34.00 28.25 Int Nickel 27.00 Int Pipe 15.75 which were scarce Grp A 7.12% becoming more plentiful, R.L. Malartic Int'l 13.37% Ind Accept 16.50 2.22 "I am convinced that, Douglas A 4.75 interest rates do peak 9.75 when the end of the tunnel A 6.87% really be seen, the West 12.50 market will reverse itself with an explosion of Athona New Calumet .23% Ferg 17.50 McMill Bloed 27.00 Moore Corp 51.75 A 21.62% B 19.75 6 75 Cent 11.12% Corp 11 25 Co 13.50 Radiore Rio Algom Roman .23 29.00 6.12% Rothmans 12.75 Shell CDA 1437% Simpsons 8 12% Sears 11 12% Can 32.37% Tek Corp. A 7.12% 38.00 Trad Grp A 10.87% Trans Mtn Pipe 13.25 Can Pipe 9 75 Carbide 19.75 Copper Gas 8.50 Hargreaves Oil 10.00 United Siscoe 5.75 Mfg 6.12% EDMONTON The Alberta Bear Zenmac 20.50. Westons 23.00 Woodwards A 23.50 department reports today that Alcan Algoma 27 87% Foods 3.35 Zenith Elec 3.00 BANKS weather Imperial 27.12% Alberta has 17.37% seeding operations Ind Bell 41 Scotia 35 75 Royal 33.75 progress Dom 37.37% Provincially, 95-percent of the wheat, per-cent of the oats and Sec of barley, 65-per-cent the rapeseed and 80-percent of the flaxseed OILS AND MINES Alton 5 75 Teledyne 3 65 Trimac 6.00 been Foods 3.35 Most East Gas Mm 1.00 WestOn A Pfd 52 00 whose crop remained Yukon 7.25 the field all winter STOCKS combining but Canada Brenda Gas A 13.50 Aita Gas Pfd 55.00 varying success On Nat Gas 17.87% weighted average 65-per-cent of the Export Gas Cdn Homestead Cdn Ind 4.60 Metro 6.00 Gaz Metro A Pfd 54 00 Inland Nat Gas 8.50 50-per-cent of the Long C Gas 11.25 and 40-per-cent of Superior Chieftan C Gas B Pfd 20.50 Pacific Gas Trans 9.62% oats and rapeseed Pipe 10.00 recovered. A Ptd 54.00 combined grain Reliance Giant B Pfd 32.62'i Tr-Cda Pipe War 1.25 generally low in Trans 20.50 and bushel Trans War 2.85 Cdn .37 Oils .06 Continental .02 Warner .27 Probe Cdn Oil Numac Oil PanCdn 12.50 MINES Atlas Explorations .23 Norsemines 1.45 2.10 .71 TORONTO (CP) Varden .23 first of what is expected to be a long series of hearings in Ranger Oil Scurry 30.37% Res. .10% Lornex 7 25 Northair Mines 233 federal investigation of .03% prices begins Total 8 .09 Silver Standard V95 Officials of Steel Copper 6.75 ada Ltd. which touched off the inquiry Canso Westcoast Pete Western. 3.90 Columbia Brewing Key Industries .08 announcement of 1.70 increases in May, say OILS will have several pounds of submissions for the INDUSTRIES Acres Ltd Petroleum 35 Plains Pete 15 Ponderay Explorations .70 Int'l Res .63 Sugar C FUNDS Cdn. Compound 5.70 6.19 Inv A Cdn Dividend 593 6.44 Price A Pld Carling B 21 Cdn Ventures 3.02 3.28 Amer Growth Fund 4.35 4.73 Special 224 WINNIPEG (CP) In Forest Crowsnest Invest Fund 464 5.09 Collective Mutual 4 71 5.17 monthly survey of selected ood prices in 13 cities Copper F M Comnwlth 1280 Eaton Leverage 3 04 Eaton 1nt 1 Venture 5 68 Canadian Press reported Oil Investors 571 627 ifl that potatoes were selling n Winnipeg for a Oil B Hudson Say Co Hudson Bay 1700 Invest Stock Fund 4 34 4.77 Dreytus Fund US P 99 10 95 Great Pacific 4 18 4 56 xnind bag. up sharply Bay A Ptd Huah Russell C In Shares 2 75 Growth Equity 623 684 Growth Fund 1128 1233 The price quoted was Oil 8 Mutual 534 585 "aiifomia reds whereas jrevious reports were Oil D War Hus-ky Oil E Wat Inter Pipe 00 Atcum 566 622 Mutual Gtowlh Fund 286 315 Nat Resources 4 22 4 64 in Manitoba Odri 520 571 Manitoba potatoes still Res 2 Gtowlh 432 475 Principal Gtcrwth 398 437 selling at for a c Mutual 691 jag. unchanged from Pacrtic 631 Tempicton Growth 744 s 15 West Accum 427 469 Savings 7 30 8 03 548 642 SEEKS DIPLOMATIC 54D 592 TOKYO (APi China has begun ncgolialions to establish diplomat relations wilh the Philippines. Thailand and Singapore, a Japanese dispatch from Peking said today The Peking correspondent of the Japanese newspaper Asahi Shimbun said China has also started talks with Indonesia on resuming diplomatic relations suspended since 1967. The report said Ihe are being conducted mainly at the United Nalions. York Supplied bv Richardson Securities of Canada) 1612" 1625 00 Ami lit Woolworth Anaconda 2325 WrM'nghouse Elec Belh S1cel 30 00 US Sfec-l Chrysler 17 Gen Elec 30 75 TORONTO AVERAGES Dupon! 17125 20 Industrials 195 75 down 1 52 General Motors 5262'? 20 Golds 440 08 tfcwn S 3" Gull 21 12'.- 10 Base Metals as down Int Harvester 2575 15 Western Oils 19691 down A 17 Kenn Cooper 35 00 Volume 959.000 Montgomery Ward 2650 NEW YORK AVERAGES Seary S76Ti 20 Industrials 6 down 5 24 7650 20 Rails 17467 down 1 73 Texas 27 25 15 73 It down 76 Texas Co 26 75 65 Stocks 256 58 down 1 97 Wix Corporation 14 37 i Volume 5 660 000 Stock market continues on lower price trend TORONTO (CP) Prices on the Toronto stock market were sharply lower in moderate mid-morning trading today. The industrial index was down 1.79 to 195.48, golds 8.39 to 440.73, base metals .47 to 84.19 and western oils 2.79 to 198.29. Volume by 11 a.m. was 623.- VANCOUVER (CPl Prices were down in light trading on the Vancouver Stock Exchange Tuesday Volume at the close was 2.404 285 shares In the industrials. Canterra led trading, off 01 at 41 on 10.000 shares Key Industries was unchanged at 10 on 7.000 shares Cornat was unchanged at 95 on 5 400 shares Tokar Ltd was unchanged at 19 on 3.100 shares Bank of British Columbia trust units was unchanged at 50 and Newmark was unchanged at 05 In the mines. Laura Industries was up 05 at 24 on 331.800 shares Consolidated Fortune Channel was up .05 at .70 on 242.500 shares. Sonesta was up 06 at .93 on 213.800 shares. Sonesta A was up 08 at 55 on 113.800 shares Consolidated Fortune Warrants A were up 06'2at 42 and Gladiator was up one-half cent at 22 In the oils. Cop-Ex was down 07 at 38 on 39.000 shares. Davenport slumped 09 at 71 on 15.908 shares Coynex rose 13 at 70 on 14.300 shares Payette was up 03 at 33 on 10.000 shares Princess was down .04 at 26 and Rand Resources was unchanged at Chicago markets CHICAGO (AP) Most commodity futures fell sharply on the major exchanges in the United States Tuesday Limit declines were posted in live cattle and live hog futures on the Mercantile Exchange along with a limit loss in shell eggs On the cash market, the top price for hogs at Peoria's stockyards, was S26 a hundredweight, the lowest in two years and down SI 50 Silver futures posted a turnabout failing the limit of 20 cents an ounce in New York and Chicago While cotton also fell the limit of a bale, and copper tell 500 points Coffee futures were down 70 points, and world sugar, orange juice and cocoa futures were mixed at the close On the Board of Trade, wheat futures ran up to a limit but corn futures were lower and oats and soybeans mixed Sovbean meal and oil futures also declined Hog receipts at the 11 major markets in the U S totalled 70.000 head, an unusually heavy run that produced widespread selling ip hog futures and later, live cattle futures Pork bellies then fell to limits, with the nearby July option falling to its lowest level since September. 197! Shell eggs reflected the weakness in allied markets and in lower cash egg prices Corn, oats and commodities m the soybean field were sharply lower but improved later when wheat turned strong Soy meal lost about S3. and oil 40 points At the close. Chicago wheat was 19 to 20 cents a bushel higher. July 3 80 but gulf hard red wheat was not traded. corn V2 to 3 lower. July 2 77: oats 2'2 lower to 1 higher. July 1 39. and soybeans 3 lower to higher. July 5.34 Grain quotes Tuesday Wheat Jul 3 80. Sep'3 85. Dec 3 95. Mar 4.03. May 4 05 Corn Jul 277. Sep 261. Dec 239. Mar 245. Mav 248'z. Oats- Jul 139: Sep 1 3434: Dec 1 37' Mar 1 37 Currencies MONTREAL iCP) Wednesday's mid-day foreign exchange selling rates supplied by the Bank of Montreal Australia dollar 1 4400 Bermuda dollar 1 02 France franc Germany mark 3935 Japan yen .003480 Mexico peso 0789 Spain peseta 0171 Switrerland franc 3310 United Slate? dollar 9690 United Kingdom pound 2 3450 USSR ruble 1 273! Quotations in Canadian funds controls William A. Johnson, above, a federal energy official who is leaving the government, says the Nixon administration al- lowed political wheeling and dealing in crude oil price controls. 000 shares compared with shares at the same time Tuesday. Declines outnumbered ad- vances 192 to 60 with 162 issues unchanged. Dome Pete fell to To- ronto Dominion Bank to Imperial Oil A to Royal Bank to and Pacific Pete to Vz. Market trands MONTREAL (CPl All sectors moved lower m light trading on the Montreal Stock Exchange today Volume at 11 am was 211.000 shares compared with 153.100 at the same time Tuesday The industrial index fell 2 74 to 206 92. the composite 2 43 to 197 78. banks 2 23 to 259.30. papers 1 87 to 121 84 and utilities 1 40 to 132 50 Abitibi fell 'z to Bell Canada to Alcan 3i to Canadian International Power to S103i and Algoma Steel 'j to S28'.i Among speculative issues. Lignens Mines rose one cent to SI 16 after trading 19.250 shares Winnipeg grain WINNIPEG (CP) moved higher but oilseed futures drifted downward in moderate trade at mid- session today on the Winnipeg Commodity Exchange Prices in all futures moved in a narrow range volume of trade was 2.013.000 bushels of rye. 781000 of flax and 2.860.000 of rapeseed Mid-session prices Flax July three cents lower 9 48A Oct six lower 9 25A. N'ov seven lower 9 03A Dec three lower 8 37A Rapeseed Vancouver June higher 8 30. Sept 10 lower 6 84. Nov one lower 6 02. Jan one lower 5 92B Rapeseed Thunder Bay July unchanged 730B. Oct two lower 602B. unchanged 5 94 Dec not open Rye Julv five higher Oct higher 273'i.B Dec higher Mav not open Grain quote1; Tuesday basis Lakehead High Low Close Flax Jly 951 945 951 Ort 931 927 931 910 905 910 Dec 840 Rapeseed Vancouver Jun 825-j 812 825Ji Sep 702 694 694 603 587'i 603 Jan 593 576'2 593 Rapeseed Thunder Bay Jlv 730 723 730 Oc-t 604 Nov 594 Dec 585 580 580 Rye Jly" 27P4 27F; Oct 262'2 269'; Dec 266'i 261'2 266'-i Mav 265 Hog prices EDMONTON (CPl Average prices to 11 a m Wednesdav provided bv the Alberta Hog Producer? Marketing Board prices in brackets Edmonton Nr 13500' Calgary Nil (Nili Red Deer 3500 (3500i Hogs sold to 11 a m 1.350 hogs sold Tuesday. 3266 ax crape 3500 sow; average 18 50 Gold futures WINMI'KC; 'CP> (.old future i i400-ouncc contract1.', I'S I Winnipeg Ooinmodit> Exchange Tuesday Julv 74 Ort 74 Jan 7S IfiSSOA, 7i 17350-V JliK 7S' Mondav ".olumc 135 rontr.HN Camflo lost to United Sicoe Vz to East Malartic 37172 cents to and Quebec Sturgeon 34 to United Canso was down 'a to Total Pete 'j to and Sunningdale to Maclaren B rose 1 to Gibraltar 'K to Strathearn House A seven cents to S1.G7 emu Chib- Kavrand two cents to 27 cents NEW YORK i.APi Stock market prices dropped back amid doubts mcr the prospect1, for am further declines in interest rales The 11 '30 a m Dow Jones average of 30 industrials was down 1 50 at 84K and declines more than tripled the number of advancfs in relativeh slow trading on the Neu York Stock Exchange Corp the NYSE volume leader, was up i at S19''i Golds slipped a little as bullion prices pulled back in Europe Ltd declined 1 and Hompstake and Campbell Red Lake was fracUonallv lower Among Canadian issues. Dome Mines fell one and three-eights to Alcan to Inco '2 to S27'2 Seagrams '-i to ?40'2. Massey Ferguson i to Hiram Walker to S483i Calgary CALGARY ifpi Receipt-; to 11 am liom the public totalled about 750 head mosth slaughter steers and heifers with the majonU being heifers Trade was moderatelv active on all classes Slaughter stt-ers .-.old fulh steach with sale-- to S51 Hollers sold to SI lower in spots quality considered Light-weight steers and heifers sold under pressure at discounts m y. Beef qualitv premium was included in steer and heifer prices Cow.- sold 75 cents to SI higher and a few bulls sold easier Steer? A! and 2 49 to 50 80. -V) 47 to 48 50 Heifers Al and 2 43 to 44 90 Cows Dl and 2 :tl to 33 80. D3 23 to 30 it1 D4 22 to 27 Good bulls 32 to 36 Replacement cattle were -sdirte being all steers weighing more than 750 pounds and selling steadv for Good I coder sti-ors more than 750 pounds 40 to 44 fiO There were no hogs sold CP Ships Appointment Beef futures WINMI'KC 'O'> I.ue ht-t-f closr Tut'sdav Julv 4f. 00 Sept 43 W No-. 70 Jan 45 10-V s xolumr TV" (cnsracis G. HOGAN The appointment of Geoffrey Hogan as manager, sales and service. Western Canada is announced by W J. Ryan, regional manager. CP Ships. Mr Hogan. who has been with CP Ships since 1972. has had extensive experience in the shipping industry. He will be based in Calgary. 3000 SQUARE FEET FOR RENT Downtown Commercial Space Phone 328-1520 or 328-5309 (1-3 Year Term] GUARANTEED SAVINGS CERTIFICATES Interest payable monthly, quarterly, semi-annually or compounded to maturity- Member Csnsda Deoosil C Depositors can purchase Olympic coins FARMERS MERCHANTS TRUST _____Depositors Fm 309 7th Street S., Lethbridgc Phone 328-5548 ;