Lethbridge Herald, The (Newspaper) - June 19, 1973, Lethbridge, Alberta
14 THI LETHBRIDGE HERALD Tuesday, June 19, 1973 Industrial stocks up; golds decline TORONTO (CP) Industrial issues on the Toronto stock market recorded moderate gains but golds were down sharply in light mid-morning trading today. The industrial index, consid- ered the major indicator of market trend, rose .87 to 209.19 and western oils 1.57 to 99.53. Golds fell 4.77 to 302.99 and base metasl .07 to 99.53. Volume by 11 a.m. was 000 shares compared with 000 at the same tim3 Monday. Advances outnumbered de- clines 120 to 83 with 157 issues unchanged. Oil refining, steel, paper and forest and industrial mining stocks were among gaining sec- tors on ths market while com- munication, construction and material, food processing and pipeline issues were lower. Cominco rose ss to Impe- rial Oil to S37V4, Texasgulf 3'2 to Chrysler i2 to andlnco to Peoples Department Stores fell to Slater Walker 40 cents to and Mercantile Bank to Kerr Addisin gained to and Goldlund 10 cents to Camflo slipped 50 cents to Agnico-Eagle 40 cents to and Preston to Decca gained 70 cents to North Canadian 25 cents to and Ranger to On the Canadian Stock Ex- change, Royal Agassiz Mines was down 10 cents to on shares. NEW YORK (AP) The stock market drifted lower to- day in moderate trading after failing to sustain an early morning rally. The noon Dow Jones average of 30 industrials, which was ahead 10 points in early trad- ing, was down 1.59 points at 873.49. Among Canadian issues listed on the New York Stock Ex- change, Alcan was up Vt to Canadian Pacific Vs to i and Seagrams to Granby Mining dropped 3's to Dome Mines 3i to and Walkers to MONTREAL (CP) Prices were mixed in light trading on the Montreal stock market to- day. Combined volume on the Mon- treal and Canadian stock ex- changes at 11 a.m. was 244.500 shares, compared with 354.700 shares at tha same time Mon- day. Industrials gained .74 to 226.31, the composite .59 to 215.02 and utilities .42 to 152.11 while banks declined .22 to 254.37 and papers .09 to 116.15. On the Montreal Stock Ex- change. Credit Foncier rose 1 to Rothmans to 113s. Moore Corp. v, to and Hudson Bay Mining and Smelt- ing to while Peoples De- partment Stores dropped J2 to S13. Livestock report CALGARY (CP) Receipts to 11 a.m. today from the Cal- gary public stockyard show sales of 750 head, mostly slaughter cattle lacking qual- ity with the bulk cows. Trade was active. Slaughter steers and heifers sold fully steady and cows were mostly lower grade with all grades selling steady and sales to Steers Al and 2 44.75 to 45.60, A3 43.75 to 44.75. Heifers Al and 2 41.75 to 42.80, A3 40.50 to 41.50. Cows Dl and 2 34.25 to 35.25, D3 32.25 to 34, D4 28 to 32. Replacement cattle were in short supply consisting of steers weighing 800 pounds and up and heifers 600 pounds and over. No stock calves on offer. Replacements sold steady. Good feeder steers more than 800 pounds 43 to 47.60. Good feeder heifers more than 600 pounds 40 to 43.75 with a few light weights to 45.20. Hogs 44.90. Sulphur institute established EDMONTON (CP) A Si- million organization to encour- age the development of new uses for sulphur has been es- tablished by the federal and provincial governments and 22 sulphur producing companies, it was announced today. The organization, to be locat- ed in Calgary, was incorporat- ed as the Sulphur Development Institute of Canada, will a i d commercial development in areas already researched and will work with research organ- izations on projects, a govern- ment release said. The Alberta government said it hopes to establish new indus- tries based on sulphur as a raw material through SUDIC. R. G. Nicholls has been elect- ed chairman of the SUDIC's board and Dr. Donald Muir is president. There is an accumulated stockpile of nine million tons of sulphur in Alberta as world production exceeds demand. The release says that increas- ing consumptoin through new uses will help bring supply and demand into balance. Some of the potential appli- cations are the use sulphur with asphalt in road construc- tion, sulphur in concrete and foamed sulphur as a frost in- sulator, as well as increased usage in fertilizers. Canada moving rapidly into a nuclear future VANCOUVER (CP) Cana- dians, whether they like it or not, are moving rapidly into a nuclear future in which much of their electric-energy cluding heat for their homes- will come from atomic-fuel power plants. The nuclear trend, in the view of the new chairman of the British Columbia Hydro and Power Authority, is inevitable and a simple case of economics. "The price of nuclear energy, in terms of fixed dollars, will decrease, says David Cass- Beggs, who took over at B.C. Hydro at the beginning of the year after previously heading the power corporations serving Saskatchewan and Manitoba. "For space heating, as an ex- ample, the prices of nuclear energy and oil and natural gas are about the same, now, in Central Canada and in a very short time nuclear energy will be cheaper. This means electric space heating is going to take over from gas and oil in those regions. "Ontario will be first, perhaps Manitoba and Quebec next, and the gas-producing provinces, in- cluding B.C., will of course be last. The changing price strue- Japan sells labor value not goods At a seminar for executives at the University of Toronto, one of the speakers told Cana- dian businessmen that 97 per cent of Japanese exports are means the Japanese are selling labor value and not materials. Renew pension EDMONTON (CP) The Al- berta Crimes Compensation Board has renewed the monthly pension of Mae D. Wil- son of Edmonton who suffered permanent gunshot injuries more than 13 years ago. The pension, plus to cover medical expenses, was first awarded two years ago and is reviewed annually. She was shot in the face with a rifle and her husband then committed suicide. Mrs. Wilson has undergone several operations, requires constant medication, has lost the use of her left ear and eye and is unable to chew. Whatever happened to "Little Kleen" and how did we get to be Alberta's leading sanitation supplier? tt used to be t'nal "a little Kleen" was enough that was naif a century ago when we first started fighting Alberta's grim-: pollution. Well, the job's a lot bigger pow. but so are we. We've got the largest sales force in Alberta and the largest stock of equipment and supplies. Because, even from the first, our customers have expected more of Kleen. They knew just clean wasn't enough; they needed sanita- tion and odor control and lots more. Now they when clean isn't Kleen is. Call us: KLEEN Limited LETHBRJDGE: 236 12B ST. N. Ph. 328-6073 CALGARY EDMONTON RED DEER VERNON DAWSON CREEK GRANDE PRAIRIE Are you there? The Telephone Society, a group cf collectors of his- torical telephones and related equipment, with 50 mem- bers in Canada and the United States, held a convention on the weekend at Brantford, Ont. Bob Lewis of Montreal tried out a Blake (1883) model telephone which has a grounded circuit and powered by a LeClanche wet cell battery. The demonstration was held at the Bell Home- stead. Winnipeg grain WINNIPEG (CP) Flax and rapaseed prices posted strong gains at mid session on the Winnipeg Commodity Exchange today, pushing pric- es up as much as the 20-cent daily limit. Oats and barley prices work- ed slightly higher in a moder- ate volume of trade while rye made marginal gains in a dull- er business. Grain Prices Gas shortage inquiry started WASHINGTON (AP) Sen- ator Henry M. Jackson Dam. Wash, says his subcommittee on investigations will an inquiry today into whether a "premeditated is behind the reported oil and gasoline shortage in the United States. Jackson, appearing Sunday on the CBS television program Face the Nation, said he feels the energy crisis is real but the investigation is necessary to find out why it was "allowed to develop whether there was a premeditated plan to hold down supplies and drive the prices putting some inde- pendent service stations out of business. Executed MOSCOW (Reuter) One man has been executed and two others have been sentenced to death for economic crimes cost- ing the government millions of roubles, Soviet newspaper re- ports say. Two of the doomed from the Azerbaujan capital of sentenced to death for selling large amounts of adulterated fruit drinks. They and their accomplices mixed plain water with a lemon-flavored acid which gave the liquid a bubbly appearance and a taste of citrus fruit. Money provided regularlv by the state bank to buy fruit for the soft drinks in Baku alleg- edly was pocketed by plant di- rector T. Ahmedov, chief ac- -i i rr UUUUldlll. naruiuuv aim uwr- ers. The Baku Worker, a Commu- nist party daily newspaper, says both were condemned to death by firing squad and oth- ers in the plot were sentenced to long prison terms. The Armenian newspaper Kommunist says that A. Me- kertchyan, director of a home appliances store in Armenia, had been shot for system- atically defrauding the govern- ment. Others involved were jailed for 13 and six years, the paper says. It gives no details Volume of trade Monday bus'rels of flax, 000 of rapeseed and of rye. MID-SESSION7 PRICES: Flax: July 18'i higher 7.05; Oct. 20 higher 6.55B; Nov. 20 higher 6.45B; Dec. 16'z higher 6.09B. Rapsseed Vancouver: June 20 higher 5.72'26: Sspt. higher 5.68-iA: Nov. 18 higher Jan. 18 higher 5.50B. Rapeseed Thunder Bay: July 12'i higher Oct. 18 hichsr 5.41B: Nov. 8 higher 5.27B; Dec. 10 higher 4.09A. Oats: July higher 1.427S; Oct. 3-1s higher Dec. higher 1.331'sB. Barlsy: July "'j higher 2.031.1 A; Oct. higher 1.9312; Dec. 4 higher 1.86A. Rye: July -7s higher Oct. 138 higher 2.01-lsB; Dec. I3.a higher Grain quotes Monday (basis High Low Close Flax Jly 686Va Oct 635 624 635 Ncv 625 613 625 Dec 592 'A 580 59212 Rapeseed Vancouver Jun 5521s 546 552'i Scp 549 549 Nov 53SVi 517 53612 Jan 532 51214 532 Rapeseed Thunder Bay 535 528 535 Oils Alta East Gas Alminex Asamera BP Can Brcr.ca Mines Can South Cdn Ex Gas Cdn Homestd Cdn Ind Gas Cdn Long Is Cdn Super Charter Oils rniEftan Dorre Pete Dynasty Fort Reliance Gient Mascot Granisle Gt Plains G' Cdn Oil S Lochiel Lyltcn Win Noble Mines North Cdn Oil Pancdn Pete Pan Ocean Petrol Pmnacle Place Gas Ponder Ranger Oil Scurry Rain Seifcors Total Pete Uistpr West Pete W. Dccalta Oil 1.16 7 65 675 8.60 11 12''j 1500 555 3 75 305 6.10 675 17 4659 4 00 1075 31 00 8.20 .29 5.95 8 00 2SIX1 8 65 7.03 1 1 00 7.00 1475 13.25 Cdn Inv Fd Coll Mutual 16.12V2 Comm inter 4? 00 Comm Lever 3S.50 Ccmrn Vent 18 87 "A Corp Invest 4250 Corp In St Fd 52.00 Drey Fd U S. 40.00 Gr Pacific 21 00 Gr In Shares 42 Gr Equity 710 Inv Gr Fd Inv Mutual g 05 4 45 Mut Mut Accum Gr Fd N.W. N.W. Prin Cdn Growth Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, McCoaig limited) LAST BID OR SALE (11 a.m. Quotes) (11 a.m. Quotes) (11 a.m. WESTERN OILS Cygnus A 775 Amer Gr Fd AND MINES Cygnus B 7.75 AGF Spec Falcon Cooper F ard M Trust Genstar Home A Home B Hud Bay Co Hud Bay Oil Hud Bay A Pfd Hugh Russell Husky Oil Husky B Pfd Huskv D War Husky E War Hys of Canada Inter Prov Pipe Inter Prov Steel Kaiser Res Loblaw C Pfd Maqnasonics Pacific Pete PW Air Pe-Ben Oilfield Rainier Inc Royal Trust st Ma'Tice Cap Sandwell Teledyne West Cdn Seed 13 WestMeld 1 is Western A Pfd '73 Whits Yukon PIPE LINE 3l'50 Alta Gas A 16.37V2 Alfa Gas P'd 12 oo Alta Nat Gas Inland Nat Gas N and C Gas N and C B Pfd Pacific Trans Gaz Gaz Metra A Tr Can Pipe Tr Can A Pfd Tr Can B Pfd Tr Can War WC Trans WC Trans War MUTUAL FUNDS 300 2o'oo 10 oo 26.1212 Royfund 9 5P Temp Gr 6 50 Un Accum Umv Savings Vanguard 52 6.85 1.05 650 4 80 CALGARY Acre 11 Barons Oil North Conf West Warner VANCOUVER MINES Afton Atlas Explcr Bath Norsemines Croyden Dankoe Davenport o'gTii Dolly Varden Equitorial Res 12 00 4.30 Quotes) 5.18 5.69 251 4.97 545 5.32 5.84 1473 16.19 3.71 4.08 6.97 7.66 6.02 661 4.83 5.31 10.70 11.73 4.53 4.55 3.54 3.92 7.65 8.41 12.11 13.24 5.73 6.27 5.87 6 45 3.46 3.81 7.54 8 29 5.42 5.96 4.95 5.15 4.20 4.61 6.45 6.72 850 9 29 4.92 5.41 752 8.26 5.91 6.48 .91 3.95 .105 5.50 1.12 6200 STOCKS 13.75 11.25 .4516 .04 .37 Primer MISCELLANEOUS INDUSTRIES Sil Stan Acres Ltd Aouitame BC Suaar Pfd Block Bros Cdn Brew A Cdn Frew B Cdn Pscitic Inv Crcstcrco' 30.75 Nova Scotia Royal 10.37V2 63 00 Jl.OO 33 37V2 19.00 4.35 2850 51.50 3700 30.50 27.75 25 121 2 8.87Vi 23.50 17.00 7.37V2 11 50 625 495 7.00 20.00 18.50 29.00 48.75 2725 7.75 10.35 14.00 11 19.75 17 12.25 30 16.75 57.50 15.75 20 25 33.75 14.00 7.40 6 11.00 1600 20 550 2.65 29.621; 31.62V2 The Japanese import the raw materials and tha energy to >rocess those materials, then hey sell the finished products abroad. In Canadian trade with Ja- pan, the percentages are just about reversed. Why, asked one of the exeeu- ives cif Toronto, consulting economist W. Allen Beckett, do not Canadians process more of heir raw materials and sell :heir labor instead of their re- sources The question was off the topic of Mr. Becketts presentation and he answered it briefly by saying Canada needed an indus- trial strategy. The question is a variant of one being asked by many Deople, from radical economists o estranged Liberal ministers. :t is curious that the question came from a corporate execu- tive since it is the executives ,vho presumably make in- vestment decisions that deter- mine allocation of human re- iources and raw materials. The answer, from a man in ;he planning business, implied that better planning is what Ca- nadians need. REASONABLE ANSWER That is not an unreasonable conclusion given the current sit- uation in Canada. Unemployment is higher here ;han in most industrial coun- tries. Mr. Beckett had said that Canada has more potential for ixpansion than any industrial nation, in proportionate terms, >arty because of this large la- sor pool. One of the main arguments used against economic nation- alists has been that access to British and American capital markets has been a significant factor in Canadian growth. Be- cause of the special relationship with the U.S. now, financing is available and ths continentalists argue that altering this special relationship likely would stunt Canadian growth. Canadians have the money, the idle labor and the raw ma- terials and certainly govern- ments would prefer that fewer of those workers were idle. A high unemployment rate has persisted for some time now and federal government members have said that Can- ada may have to revise up- wards its definition of an ac- ceptable level of unemploy- ment. One of the ingredients in a healthy economy is first-rate managerial expertise. Does the situation raise some questions about the quality of entrepre- neurship in Canada? "There's one variable you're forgetting, and that's limited production said John Crispo, dean of the faculty of management studies at the Uni- versity of Toronto. There are both tariff and non- tariff barriers to developing large production runs to sell in export markets. The Japanese have overcome these barriers and while have had to make some adjustments lately because of changes in currency values economists inside and outside Japan still predict a bright future. New York stocks WANTED! INDUSTRIAL PROPERTY LEASE BACK targe, responsible Western Canada Company would like to lease a warehouse and office building of approximately square feet in Lethbridge area. Would be prepared to sign long term lease. New cost of land and buildings es- timated to be in to range. Who would like to own this type of property and lease it back to us? Apply To BOX 125, LETHBRIDGE HERALD Amr T and Anaconda Beth Steel Chrysler Comsat Dupont Gen .Motors Gulf Int Harvester Kenn Copper Mont Ward (Supplied By Richardson Securities of Caowta) 20 Golds 303.13 off 4.43 94.75 10 Base Met 99.21 cff .35 21.62V4 15 West Oil 213.67 off .16 3.1.25 Volume 50.75 17.75 22.75 23.75 159.50 Sears X-Ron Texas Gulf Texas Co Wicks Corp Woolworth 63 West Elec 22.25 U.S. Steel 26.25 Gen Tel Elec ____ 24 00 TORONTO AVERAGES 18.25 20 Ind 208.23 off .09 NEW YORK AVERAGES 34.50 20 Ind 871.39 cff 3.68 29.37V2 20 Rails 158.07 off .77 28.00 15 Util 104.93 off .31 65 Stacks 269.25 off 1.12 Volume Student to board of regents HELENA, Mont. (AP) Gov. Thomas Judge has nam- ed a Montana Tech student to the board of regents for high- er education. The governor appointed Wayne O'Brien of Butte, to the seven-member panel that will make policy for the state's uni- versity system after July 1. O'Brien was an intern for Lt. Gov. Bill Christiansen during the 1973 legislature. Also appointed to the regents was Billings architect Lewy Evans Jr. Gold prices WINNIPEG (CP) Gold .fu- tures, U.S. funds, Winnipeg Commodity Exchange clos> Monday. July 73 123.80A; Oct 73 128.00A; Jan 74 1'31.70B; Apr 74 135.10; Jly B. Friday's trade: 55 contracts. ture will be what forces the transition. The transition, he said in an interview, will be gradual but much faster than most Cana- dians realize. "By the year I wouldnt be surprised if most Canadian homes are heated electrically. This would result in a "fan- tastic increase in demand for electric energy that could only be met realistically by large nu- clear power plants. Referring to criticism from some quarters that power util- ity companies do too much ad- vertising encouraging greater use of electricity, Mr. Cass- Beggs said such campaigns should be stepped up, not cut back. "If we maintain the rate at which were converting homes to electric heat today, which is really very slow, we would hardly have converted enough homes to electric heat by the time we're dependent on nu- clear power. If we were se- riously planning an energy use over the next 40 to 50 years, we would, in fact, be accelerating our campaigns in order to get a smooth transition.' ABSURD TO USE OIL With the world possessing only a limited supply of fossil fuels "it really is rather absurd to use oil for heating homes when you can use nuclear power for it." Despite a general nuclear trend, Mr. Cass-Beggs says there still are definite advan- tages in hydro developments for provinces possessing suitable untapped hydro sites. But it was clear such developments would have to take the effect on environment into account in a way never done before, particu- larly in a province with the beauty and ecological com- plexity of B.C. "Ten years ago you could al- most do anything with the envi- ronment; nobody noticed. This day has ter good." This meant future hydro de- velopments wouldn't be pushed to the limit to gain the last foot of power head and reservoir storage area. This would be more-costly but hydro devel- ments still offered "trenemdous from the point of view of environment and eco- nomics. "Once you build a hydro plant you don't really have to worry about it from then on. It isn't poisoning or polluting or doing anything." COST STABLE Economically, the big advan- tage would be stability of cost. "You build a (hydro) power plant. It perhaps costs a lot of money, but once it's built you get energy from it forever. And the price of that energy is es- sentially fixed because it's de- termined almost entirely by the interest rate on the money put into the plant. There is no labor component to be escalated." B.C., rich in hydro potential and natural gas reserves, was in lac fortunate position of being able to sit back and let other tackle the costly ex- perimental work involved in 1 a r g e-scale nuclear power plants. "Nevertheless, in the long run there is no doubt that nuclear energy will take over from other present forms of energy." Tax reimposed on tomatoes OTTAWA (CP) A 10-per- cent tariff has been reimposed on imported hothouse tomatoes to protect Canadian producers, the agriculture department said today. The tariff was removed in February as part of tariff cuts to make imported food cheaper. But Finance Minister John Turner said then that the tariffs would be reimposed if and when imports threatened to harm Ca- nadian producers. An agriculture official said to- day imports of U.S. tomatoes doubled and "prices took an ex- treme downturn about 10 days ago." Ontario hothouse-tomato pro- ducers were most affected by the influx of imports, he said. Grain Quotas CHICAGO (AP) Grain quotations Monday: Wheat: Jul 2.78; Ssp 2.77; Dec. 2.78; Mar May 2.74V2. Corn: Jul 2.22Vi; Sep 2.12; Dec. Mar May 2.03. Oats: July .998. Hog prices EDMONTON (CP) age prices to 11 a.m. today provided by the Alberta Hog Producers Marketing Board. Edmonton: 45.40, average Monday 46.05. Red Deer: 44.95, average Monday 45.82. Calgary: 44.90, average Monday 45.55. Lethbridge: No sales, aver- age Monday 46.10. Total hogs sold to 11 a.m. 450. Total hcs sold Monday Average 45.90. Sows av- erage 35.10.