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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 20, 1973, Lethbridge, Alberta Gold stocks dip; other issues gain TORONTO (CP) Golds were down sharply but indus- trial issues on the Toronto stock market recorded moderate gains in light mid-morning trad- ing today. The gold index fell 7.07 to 292.12 and base metals .26 to 99.18. The industrial index, con- sidered the major indicator of market trend, rose .44 to 209.21 and western oils 1.33 to 214.75. Volume by 11 a.m. was 000 shares compared with 000 at the sama time Tuesday. Advances outnumbered de- clines 91 to 67 and 120 issues unchanged. Oil refining, general manufac- turing, steel and merchandising stocks were among sectors of the market recording gains while communication. food processing, pipeline and real es- tate stocks declined. Imperial Oil rose to Weldwood to Husky to Vz, Brascan to and Texasgulf to S21Ts. VS Services fell to Microsystems to Har- ding Carpets A Yt to and Shell Canada to Camflo lost 15 lents to and Preston to Gibraltar was dp Vs to and Kerr Ad- dison Vs to Coseka Resourles gained 20 cents to S3.30, Houston five cents to and United Canso five cents to slow trading failing to sustain a rally that began in the last hour of trading Tuesday. The noon Dow Jones average of 30 industrials was off 1.58 points at 879.97. Advancing is- sues on the New York Stock Ex- change held a 674-to-411 lead over decliners. Among Canadian issues listed on the New York Stock Market, Hudson Bay Mining was up Vi to and Mclntyre to Dome Mines was unchanged at ?97 while Canadian Pacific ost y4 to and Inco JA 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 shares, compared with shares at the same time Tues- day. Industrials gained .78 to 227.43, the composite .45 to 215.C4 and papers .11 to 115.53 while utilities declined .29 to 151.18 and banks .28 to 254.84. On the Montreal Stock Ex- change, B.C. Telephone dropped 3 to TransCanada Pipe- Lines 1% to and Redpath Industries 1 to while Teraco Canada advanced to and Moore Corp. to On the Canadian Stock Ex- change, Royal Agassiz Mines was down two cents to on shares traded. NEW YORK stock market turned mixed today in Triinac earnings CALGARY (CP) Trimac Ltd. of Calgary has announced net earnings of for th; year ended March 31. 1973, up 17 per cent from the pre- vious year. A net dividend of cents per share will be payable July 13. Public inquiry ordered EDMONTON (CP) A pub- lic inquiry will be held into the operation of Cosmopolitan Life Assurance Company, P. A. P. Holdings and related compa- nies, Attorney General Merv Leitch announced Tuesday. These companies ceased op- erations in Alberta by the fall of 1971. Cosmopolitan now is being terminated under federal legislation. Charges have been laid in connection with its busi- ness dealings. Mr. Leitch said he felt a pub- lic inquiry was necessary be- cause some of the company's affairs would not be made pub- lic during liquidation and legal proceedings to be carried out. The announcement of the in- quiry was made after officials of the attorney general's de- partment met with Paul Slef- fanson and Jerry Sieben, mem- bers of a shareholders steering committee. The committee has alleged that shareholders were the vic- tims of a stock manipulation swindle imrolving five million dollars. Shareholders of seven firms, including Cosmopolitan, P.A.P., Seaboard Life Assurance Co.. Sioux Holdings Ltd., Balmoral Developments Ltd., Canamera Enterprises Ltd., and Rocky Holdings Ltd., have voiced alle- gations a million stock mani- pulation may have taken place. The matter was raised in the Alberta legislature during the sitting and the share- holders repeatedly called for government inquiry. The attorney general said a commission for the hearing has not yet been decided on and that it is unlikely the hear- ing could be held before mid- August. Pemberton wants you to know about this unique new form of investment.., Real Estate Investment Trusts A choice of these "REITS" offer you: O HIGH INCOME Q GROWTH Q SECURITY D LIQUIDITY Pemberton believes that now "REITS" are a superior form of investment. For additionaJ information phone or write: ucmbettcn LIMITED 920-335 8th Ave. S.W. Calgary, Alberta, T2P 1C9 Phone 265-9710 Please send me the Pemberton Review of Real Estate Investment Trusts. Name. Address. Spirit of London P. and O.'s newest cruise ship, the Spirit of London, glides smocthly into Vancouver harbor as a flotilla of 150 vessels came to greet her on her maiden voyage. A fireboat sprays a cascade of tinted water be- fore 700 cruise passengers, who were greeted on shore by a pipe band; Highland dancers and Mayor Art Phillips. Stanley Park and Vancouver's West End is in the back- ground. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty. McCnaig Limited) LAST BID OR SALE (11 a m. Quotes) WESTERN OILS AND MINES Cll a.m. Quotes) (11 a m. Quotes) Albany Oils Alta East Gas Alminex Asamera Ashland BF Can Brenda Mines Can South Cdn Ex Gas Cdn Homeild Cdn Ind Gas Oil Cdn Lonq Is Cdn Super Charter Dili Chieftan Dome Feet Dynasty Fort Reliance Giant Mascor Granisle Gt Plains Gt Cdn Oil S Lochiel Lytton Win Noble Mines North Cdn Oils Numac Pancdn Pete Pan Ocean Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Seibens Spooner Total Pete Ulster West Pete W. Decalta MISCELLANEOUS INDUSTRIES Acres Ltd Aquitaine BC Suaar Pfd Block Bros Cdn Brew A Cdn Brew B Cdn Pacific Inv Crestbrook Ind 1 10 7.60 6.80 8.90 11 00 Crowsnest Ind Cygnus A Cygnus B Falcon Copper F and Trust Genstar Home A 14 Home 5 Sit Hud Bay Co 3 KO Hud Bay O'l Hud Bay A Pfd 25 Hugh Russell 6MVJ Husky Oil 20 Husky B Pfd 46 50 D War 40g Husky E War 11 25 Hys of Canada lnler Prov p'Pe e 05 Inter Prov steel 29 Kaiser Res C Pfd elo Maanascnics Pete B25 p W Air 2Q4 Pe-Ben Oilfield Rainier Inc oj Royal Trust 7 05 St. Maurice Cap lJ62VzSandwel1 Tinn Teledyne West Cdn Seed Westfield Wm Weston A Pfd White Yukon 26 West Warner 7.75 775 12.75 625 16.00 41 75 JtiU IS 75 am 5200 41.37' 21.25 4225 660 S.15 t 65 1 25 1300 290 20.75 1000 VANCOUVER MINES Afton Atlas Explor Bath Norse Croyden Dankoe Davenport Dolly Varden Equitorial Res Lornex Primer Pyramid Silver Stan Valley Copper INDUSTRIALS Col Brew Key Indust Wardair OILS PRP Explor 7.75 47 .72 .04 1.70 .49 .30 Va -16V2 10.00 11 .15 75 9.50 26 Plaains Pete 9 75 Pond Explor 450 Stam Int'l Res 2 '0 .25 2 25 1.10 .21 95 1 26 13 50 70 .27 .61 40 3200 PIPE LINE STOCKS 670 1 02 600 5.00 Alta Gas A IS Alta Gas Pfd 12 Naf Gas '49 Inland Nat Gas N and C Gas N aid C 8 Pfd Pacific Trans MeJro Gaz Metro A Trans CaT Pipe Tr Can A Pfd 12 Tr Ccn B P'd 21 Tr Can War 15 CO WC Trars 2 60 WC Trans War 24 62'-7 CALGARY 2912ij Acroll 2650 Barons Oil 7 50 North Cont 4.75 MUTUAL FUNDS 2450 All Cdn Com 6.97 7.61 .90 All Cdn Divi 7.46 8.15 350 All Cdn Vent 3.49 3.81 4.10 Amer Gr Fd 517 567 550 AGF Special 2.52 1 10 Cdn Inv Fd 4.98 5.46 62 00 Coll Mutual 5.37 5.83 1475 Comm Inter 14.7416.20 Comm Lever 3 71 4.08 1375 Ccmm Vent 6.9? 7.68 72.15V2 Corp Inv 602 461 Corp Inv St Fd 4.65 5.32 11 25 Drey Fd U.S. 10.71 11.74 9 Gr In shares 3.5S 3.91 21 25 Gr Equity 7.64 S.39 12.00 Inv Gr Fd 1202 13.14 425 Inv Mutual 5.62 6.22 64 00 Mut Accum 5.B4 6.45 33 Mut Gr Fd 3.46 3.81 63 00 Nat Res 7.56 8 31 Jl n N.W. Cdn 542 5.96 6 SO NW Gra.vth 470 5.16 19 DO Prm Gr 4 21 4 63 3 95 Rcyfund 6.47 6.73 Temp Gr 8 47 9.26 45'i Un Accum J.9B 5.42 .04 Univ Sav 7 55 8.30 Vanguard 5.92 6.49 Toronto mines, industrials (Supplied B; Richardson Securities of Canada) LAST BID OR SALE (11 a.m Quotes) (11 Quotes) MINES Acme Advocate Asb, Akaitcho Aldcna Bralorne Broulan Bethlehem Bovis Brunswick Can. N.W. Land Canada Tung. Cassiar Central Pat. Chime Ccnwest Cons. Rambler Coin Lake Cochenour Craigmont Dickenson Minos Denison Mines Deer Horn D'Eldona Dome Mines Discovery Mines East Malarlic East Sullivan Falcon bridge Frotex First Giant Y.K. Granduc Hollinger Hudson Bay M-S Hydra Ex. Iron Bay Isq Joliet Kerr Key Anacon Labrador Lake Sho-p Langis Silver Madsen R.L Malarlic G.F. Martin McNeely Maclntyre Mela Midrim Intern Moqut Nu West Homes New Athena New Calumet Noranda Norlhgalc Norlox OiisKo .23 13 Pine Point 30.75 1 20 Placer Dev. 1.18 Pax Exp 2.75 37 Quebec Man .12 2 05 Rayrcck 1 40 '2 Radiore .28 1375 R.o Algom 27 50 2.10 Roman Corp. 7.15 4 45 Sherritt Gordon 16.12Vj 7 00 Sleep Rock 1 55 1 60 Tek Corp. 4.15 10 JO Texmont .21'2 1.20 Upper Canada 2.90 1.53 Western Mines 300 6.50 W. House Ccp. 290 325 Wright Hargreavesl.CS .19 Willroy 1 D3 1 21 Windfall .15 645 Yellowknife Bear 340 395 Zenmac .14 30.25 INDUSTRIALS Abitibi 41 Alcan ?8 87V3 1650 Algoma Steel 1675 1 21 Afro !nd 11.12V4 4.CO Atlantic Sugar 650 2 66 Anra Ind 71 Tel 42 25 .23 Brazil Trac 19 75 .42 B.C. Tel 50.00 7.65 Burns 1600 3 25 B C. Forest 15.75 44.75 B.C. Suqar 19 2275 Bow Val Ind 57.12Vz 35 Cdn Ind 14.50 3 6S Cdn Brew 4 30 710 Che-rrrll 100 Col Cell 380 11 Calgary Prwer 24.25 Corbn Credil 1 50 4250 C.W.N. Gas Pfd 11.00 3.00 Cdnlnd 1450 .M''2 Cdn Marconi 3.70 1.59 Cdn Vickers 11.00 I.OB Chrysler C P.R 17.621-i 52.50 Cominco 29 IWj 12 Cons Bath 2025 .15 Cons Gas 16 37Vj 11 Dist Seagrams 38.00 800 Dom Bridge 34.50 .18 Domtar .27 Dom Textile 7 75 cn ic Dom Stores 1425 Dome Pete ?0.62'4 515 Dofasco 27.12i'2 28 Cable 14.12VJ (11 a.m. Glendale Grt Cdn Oil Gen Motors Grt Lakes Pp Gulf Oil Cda Greyhound Hawker Sid Hur Erie Hiram Walker Imp Oil Imasca Int Nickel Int Pipe Inv Grp A Int Util Ind Accept Kaps Laurentide Kelly Doug A Loeb Loblsw A Met Stores Massey Ferg McMillan Bloe Moore Corp Molsons A B Nachurs North I. Cent Power Corp Price Co. Rothmans S.t Law Corp Shell CDA Simpson's SimD Sears Steel cf Cda Selkirk A Texaco Traders Grp A Trans Mtn Pp Trans Cda Pp Union Gas Union Oil United Siscoe Versatile Mfg Wesleel Union Carb Weslon's B Woodward's A West Cdn Seed Zenith Elec BANKS Cdn Imn Montreal Nova Scotia Royal Tor-Dom Quotes) 10.25 8.10 64.00 21.25 3400 1887V3 4.45 51 00 37.62V2 3025 28.12V2 24 87V3 900 2375 17 2S 7.50 11 50 6.25 5.00 6 871'2 20.00 18 28.50 49 2S 57.50 2725 7 621 2 1025 1225 19.75 950 12.00 31 00 1475 58 00 1575 20.25 3375 11.00 1400 7.80 625 13 no 2025 35.00 5.50 J.55 17.75 32 33.75 31.12V2 Netv York stocks Amcr T end T Anaconda Beth Steel Chrysler Comsat Dupcnt i Gen Motors Gulf Int Harvester Ketin Copper Wont ward (SippUH By RicbarOtoD of Canwta) 94.50 20 Golds 25 Off 5.94 10 Base Met 99.0? off .35 21.62W 15 West Oils 213.47 up .25 Volume 17.00 NEW YORK AVERAGES 30 Ind 880.27 off 1.27 35.00 20 Rails 15B.69 off .34 15 Util 105.06 off .16 5075 18.00 27.00 2400 4400 159.75 64 50 5250 Sears X-Ron Texas Gulf Texas Co Wicks Corp Wool worth wost I'S. Steel 26.62V3 Tele Elec 28.2i TORONTO AVERAGES 20 Ind 20B.SS up .08 Grain Prices Sfocks 271-J1 Winnipeg grain WINNIPEG (CP) Flax prices were up the daily maxi- mum of 20 cents at mid-session on the Winnipeg Commodity Exchange today in a business that started brisk at the open- ing buzrsr. Rapeseed prices at both ter- minal positions were firm to 20 cents higher in a broad trade and rye made marginal gains. Oats and barley prices de- clined slightly in a smaller trade. Volume of trade Tuesday was 833.000 bushels of flax. 176.000 of and 000 of rye. Mid-session prices: I Flax: July 20 higher 7.26V2B; Oct. 20 higher 675; Nov. 20 Livestock report Calgary livestock CALGARY (CP) Receipts to 11 a.m. from the Calgary public stockyard shows sales of head, mostly mixed grades of slaughter cattle. Trade was moderately ac- tive with light weight slaughter steers and heifers selling under pressure and discounted 50 cents to Slaughter steers sold a full 25 cents lower with sales to 45.80. Heifers sold steady. Cows sold steady with good lands scarce. Bulls sold steady. Steers Al and 2 44.50 to 45.50, A3 43.25 to 44.25. Heifers Al and 2 41.75 to 42.70, A3 40.50 to 41.50. Cows Dl and 2 34 to 35, D3 32 to 33.75, D4 28 to 31.75. Good bulls 38 to 40.50. Replacement cattle were mostly short keep steers weighing 800 pounds and up, and heifers 600 pounds end up selling steady. No stock calves were on offer. Good feeder steers more than 800 pounds 43 to 47. Good feeder heifers more than 600 pounds 40 to 43.50. Hogs 40 to 42.25. Lambs steady Tuesday with good lambs selling at 38. higher 6.65A; Dec. 19Vz higher 6.32. Rapeseed Vancouver: June 20 higher 5.92V2B; Sept. 9 high- er 5.78A; Nov. 9 higher Jan. Bis higher 5.607'sA. Rapeseed Thunder Bay: July 7 higher 562A; Oct. 10" higher 5.53A; Nov. unchanged 5.39A; Dec. 10 higter 5.10A. Oats: July lower 1.43T'sA; Oct. IVz lower r.32V2; Dec. Vs lower Barley: July unchanged 2 Oct. 1 lo-.ver Dec. "s lower 1.96niA. Rye: July 7'a higher Oct" higher Dec. Vi hipher 2.03A. Grain quotes Tuesday (basis Lakehead 1 High Low Close Flax Jly 7061-. 705 606M: Oct 655 Nov 645 G44 645 Dec 611 Rapeseed Vancouver Jun 572% Sep 569 555 569 Nov 556% 541 Jan 552 535% 552 Rapeseed Thunder Bay Jly 555 539U 555 Oct 543 526 543 Nov 539 536 Vz 539 Dec 500 490 500 Oats Jly 146J2 140 Oct 140'i 136 140 Dec 134 136% Barley Jly 203% 203 2033i Oct 199' 2 ]93 199% Dec 194 Rye Jly 202'2 20U's Oct 204 200ru 202% Dec 206 202% 2043i Jun. 20, 1973 THE HOTALD 21 fBuy American9 has new meaning LONDON (AP) "Buy American" has a new meaning these days. The stakes are no longer the sale of United States joods. Europeans, particularly the British, are trying to buy entire U.S. companies. Some Europeans say that for most of the last 10 years, the U.S. dollar was over-valued, al- lowing Americans to acquire European businesses cheaply. Now, they believe, the shoe is on the other foot. Dollar devaluations of 8.58 per cent in December, 1971, and 10 per cent last February have given European currencies more buying power in the U.S. One result has been a recent and sudden wave of takeover bids. British financiers appear to be heading the pack. In one day, last Monday, it was disclosed that: Bank of London agreed in principle to acquire 99.5 per cent of First Western Bank and Trust of California from World Airways for million. and Williamson, an American subsidiary of British and American Tobacco, offered more than million for Gim- bel Brothers Inc., the depart- ment store chain. Corp. said it is nego- tiating the sale of a 50-per-cent interest in its bulk shipping services to Peninsula and Ori- ental Navigation of Britain for about million. The American Zapata Corp. Is engaged mainly in offshore drilling for gas and oil and In international shipping. Businessmen are quisk to point out that a takeover bid is a long way from a takeovff. A host of legal and regulatory roadblocks could thwart foreign ambitions. Barclay's Bank of Britain, for example, was stopped by the New York state banking author- ity from taking over the Long Island Trust Co. Liquigas of Italy faces a tough road ahead in its effort to take control of Ronson Corp. for million. For one thing, Ronson runs a helicopter taxi service and U.S. aviation law prevents a foreign company from doing this. KNOW THE GAME Also, American firms went through their own domestic takeover battles in the and developed defensive skills they can now use against for- eign bids. Yet despite the risks, and the threat of rebuffs, foreign firms are clearly keeping a closer eye on the U.S. market. Devaluation is only one reason. Another is the depressed state of the U.S. stock market. Blue chip American companies are selling at what look like bargain rates to many Europeans. Gen- eral Motors, for example, is selling at only eight times earn- ings. In high-flying days, Eu- ropeans were paying 20 to 30 times earnings for American shares. To many European investors, U.S. stocks are a potential path to takeover bids. The stocks look cheap. They can be bought with currencies that now art worth more in the U.S. thanks to devaluation. And they may solve a third problem, trade. Europeans and the are both concerned that protec- tionist sentiment may gain ground in the U.S., resulting In new trade barriers against for- eign goods. One way around that is to buy U.S. companies and produce there. This saves jobs in the U.S., making labor unions thsre happy, but the profits go abroad. MAY BUILD PLANTS Even if the current wave of takeover bids proves imprac- tical, foreign firms may still de- cide it makes sense to build ;heir own production plants ia- :he U.S. i This too is already happening, encouraged by governors oE several states who have made European trips in recent months trying to induce foreign firms to locate in then- states. Michelin, the French tire maker, is an example in this category. The company, which has plants in Granton and Brid- gewater, N.S., took 35 per cent of the U.S. radial tire market last year with sales of about million. Akron, Ohio, the traditional U.S. tire-making centre, was alarmed enough to start pressing Washington for restraints of the French tire ex- ports. To get around tills threat Michelin now is planning to build two plants of its own in South Carolina for million. Volkswagen, the German auto manufacturer, is also reported to be considering a U.S. manu- facturing plant. Sony, the Japa- nese electronics firm, opened a plant in California last year to build its color television sets. Hog prices EDMONTON (CP) Aver- age prices to 11 a.m. today provided by the Alberta Hog Producers Marketing Board. Edmonton: 44.10, average Tuesday 45.82. Calgary: 44.23, a v e r a ge Tuesday 45.74. Lethbridge: N11, average Tuesday 45.83. Fort Macleod: Nil, average Tuesday 43.30. Total hogs sold to 11 a.m. 403. Total hogs sold Tuesday 9.472. Average 45.74. Sows av- erage 35.55. Dollar value MONTREAL (CP) dollar in terms of Canadian funds at noon today was up 1-10 at 3-50. Pound sterling up at 2-5. In New York, the Canadian dollar was down 1-10 at 47- 50. Pound sterling up Vt at Grain Quotas CHICAGO (AP) Grain quotations Tuesday. Wheat: Jul 2.84; Sep Dec. Mar May Corn: Jul Sep 2.21; Dec 2.09; Mar 2 07; May 2.07. Oats: Jul Beef futures WINNIPEG (CP) Live beef futures close Tuesday. Jly 45.50N; Sep 45.60A; Nov 45.25A; Jan 45.30N. Monday's volume: No con- tracts. Dividends By THE CANADIAN PRTSS People's Jewellers Ltd., five cents; Class A, five cents, both payable Aug. 15, record July 31; six per cent pfd., June 29, record June 25; six per cent pfd., Dec. 31, record Dec. 17. Simpsons-Scars Ltd.. class A, five cents, Sept 14, record Aug. 15. The Active 20-30 Club of Lethbridge Presents NGO Grand Prize 16' SKYLARK TRAVEL TRAILER FISHING OUTFIT Prizes from TOYOTA TRAVEL CENTRE Prizes from Plainsman Sport 16' CANOE Propane Stove and Lantern Prizes from EATONS of CANADA Prizes from HOYT'S HARDWARE Extra Cards 50c Available at Centre Village Mall 14' CANOE 2 TENTS 10 SPEED BIKE Set of Lawn Furniture Prizes from SIMPSONS- SEARS Prizes from SUPERIOR PROPANE Advance Available at College Mall Deluxe Bar-B-Que WAGON Door Prize 10 SPEED BICYCLE Prizes from Southern Alberta Co-op Prizes from SUNRISE RANCH Advance Tickets for 3 Cards At the Door for 3 cards Or By Phoning 328-7491 or 328-5972 Restricted To 16 years and over Lethbridge Exhibition Pavilion June 22, 1973-8 p.m. Worth of Prizes-10 Games ;