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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 21, 1973, Lethbridge, Alberta 24 THE IETHBRIDGE HERALD Thursday, 21, 1973 TSE prices mixed in light trading TORONTO (CP) Prices on the Toronto stock market wer mixed in light mid-morning trading today. The industrial index, consid ered the major indicator o market trend, fell .39 to 209.29 Golds, however, rose 2.08 to 294.81, base metals .33 to 99.19 and western oils .44 to 214.58. Volume by 11 a.m. was 478, 000 shares compared with 391, 000 at the same time Wednes day. Advances outnumbered de clines 120 to 81 with 164 issues unchanged. Construction and material communication, merchandising and bank stocks were among declining market sectors while beverage. Chemical, oil refining and general manufacturing is- sues were higher. Trading was resumed in shares of Major Holdings and Development Ltd. after a halt at the opening Wednesday. The stock was up 40 cents to Fruehauf Trailer fell to Chrysler to Con- sumers Distributing to S22, G and H Steel to and Royal Bank }4 to Hayes-Dana gained 38 to Vulcan to Inter-City Gas Vt to and Shell United Siscoe climbed 30 cents to and Giant Yel- lowknife 25 cents toj United Mindamar slipped 10 cents to Coseka Resources was up 15 cents to and Canada Southern five cents to Al- minex lost 45 cents to MONTREAL (CP) Prices were down in all sectors except industrials 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 Wednesday. Utilities were down .48 to 150.36, banks .31 to 254.00, pa- pers .16 to 114.59 and the com- posite .07 to 215.81 while indus- trials rose .10 to 228.05. On the Montreal Stock Ex- change, Zeller's gained Vz to Du Pont to and Consolidated Bathurst to while Montreal Trust dropped to and Chrys- elr to On the Canadian Stock Ex- change, Royal Agassiz Mines was up five cents to SI.26 on shares. NEW YORK (AP) The I stock market dropped lower in light trading today as investors j showed very little interest in' economic news. The noon Dow Jones average of 30 industrials was down 2.56 points at 882.15. Declining is- sues on the New York Stock Ex- change edged out advances 582 i to 456. Among Canadian issues on the New York exchange, Dome, Mines was up to and' Canadian Pacific to i Inco dropped to and Mclntyre to Turbo returns After two years off the rails for modifications, CN turbo trains return June 22 ith two runs daily between Montreal and Toronto. Averaging more than 80 miles per hour, a turbo will make a one-way trip in four hours and 10 minutes, compared with six hours en the diesel-powered Rapidos. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, McCnaig Limited) LAST BID OR SALE (11 a.m. Quotes) (11 ill a.m. Quotes) WESTERN OILS MINES Security net thrown around osprey birth billion offered for oil leases NEW ORLEANS CAP) Oil- men offered billion for 104 tracts of sea bottom Tuesday in an offshore lease sale speeded up by President Nixon's effort to boost gas and oil output from the Gulf of Mexico. It was the third offshore sale in nine months. Another one is expected in the fall involving offshore areas south of Mississippi, Alabama and Florida. And one for Cali- fornia offshore areas is tenta- tively slated for December. The president adopted a pol- icy of speedy offshore drilling despite objections from environ- mentalists concerned about the danger of oil pollution from wells drilled at sea. Five of the tracts offered Tuesday lie off the Louisiana coast. The rest are in the Texas offshore area. Ninety per cent of them were more than 50 miles from land, in water rang- ing from 100 to 300 feet deep. Only nine were rated likely to produce oil. The rest were listed as gas-prone. A bid of million was the high mark of the session. It was offered for acres 70 miles south Of Galveston by a com- bine of Mesa Petroleum, Cana- dian Occidental and California, Quintana Offshore Inc. and Bur- mah Oil Exploration. That's an acre. Officials said it would be a day or two before final deci- sions were made on which bids would be accepted. INVERNESS. Scotland (Reuter) A massive secur- ity operation around a lonely Scottish pine tree involving the use of electronic detection devices, barbed wire and nine guards was crowned with suc- cess the birth of a baby osprey. The operation was launched six weeks ago when the baby's parents set up house in the tree with the obvious in- tention of rearing a family. The osprey, otherwise known as the fish hawk, is Britain's rarest bird of prey. Ornithologists from the Royal Society for the Protec- tion of Birds mounted the se- curity cordon to make sure egg thieves did not get through. AND Albany Oils Alta East Gas Alminex Asamera Ashland BP Canada Brenda Can South Cdn Ex Gas Cdn Homestd Cdn Ind Gas Oil Cdn Long Is Cdn Super Charter Chieftan Dome Pete Dynasty Fort Reliance Giant AA3SCCT Gramsle Gt Plains Gt Ccin Oil S Lcchiel Lytton Mm Noble Mines North Cdn Oils Numac Pa-cdn Pete Pen Ocean Petrol Pinnacle Place Gas Ponder Ranger Scurry Rai- Spconer Total Pete Ulster West W Decalta MISCELLANEOUS INDUSTRIES Acres Ltd Aquitame BC Suaar Pfd Block Bros Cdn B'ew A Cdn B Cdn Pacinc Irv Crestbrook Ind Crowsnest Ind Cygnus A 1.1S 7 45 720 900 11 00 1500 550 305 3 10 625 6.75 30 4650 400 Cyqnus B Falcon Copper F and M Trust Genstar Home A Home B Hud Bay Co Hud Bay Oil Hud Bay A Pfd Hugh Russell Husky Oil Husky B Pfd Husky D War Husky E War Hys cf Canada Inter Prcv Pips a.m. Quotes) VANCOUVER MINES 7.7S 1325 6 25 Afton 15 Atlas Explor 42 00 Bath Norse 38 00 Croyden 18 25 Dankoe 41 Davenport fOO Dolly Varden Equitcnai Res 21 Lornex 42 25 Primer 7.00 Pyramid 8 25 Silver Stan 4 65 Valley Copper 920 INDUSTRIALS 7.80 .49 .70 04 200 .49 11 37'j inter Prov Steel 13 Cot Brew 1 00 815 30 3 15 8 10 2775 8 10 201 1 50 1 00 7 10 15 00 1300 13 1 22 32 M 32 16 15 '3 '9 670 1 00 87' 5.15 13 00 22 CO 15 00 255 24 50 2900 27 )7i' 750 Kaiser Res Loblaw C Pfd Maqnasonics Pacific Pete P W Air De-Ben "Oilfield P.ainier Ire Poyal Tri'Sf St Maurice Cap Sand.-ell Teledyne West Cdn Westfield Mm We'tcn A pfd Wl- te Yukon PIPE LINE Alta Gas A A'ta Gns Pfd Alta N-t Gos "sat Ccs N1 and C Gas N rrd C B Pfd Pac fie Trans Gaz Metro Gaz Metro A Tr Can Tr Can A Pfd Tr Can B Pfd Tr Can War WC Trans WC Trans War CALGARY Acroll Barcr.s 0 290 75 1000 26 Mi; 950 650 475 24 91 3.75 4 10 5 1 10 62 CO 1400 STOCKS 1350 11 12Va 1900 Key Indust Wsrdair OILS PRP Explor Plains Pete Pond Explcr Starn Int'l Res 1 80 .15 72 9.50 2 90 .20 230 1 18 .21 ,90 1.20 MUTUAL FUNDS All Cdn Com All Cdn Divi All Cdn Vent Amer Gr Fd AGF Spec Cdn Inv Fd Coll Mutual Comm Inter Comm Lever Comm Vent Corp Inv Corp Inv St Fd 762 a 16 3.62 570 North Cent 7 75 West Warner 11 1'i'j Drey Fd U.S. 1000 Gr Pacific Gr In Shares Gr Equity Inv Gr Fd Inv Mutual Mut Accum Mut Gr Fd Nat Res N W. Cdn 19 12V2 N W. Growth 3.90 Prin Growth Royfund Temp Gr Un Accum .04 Univ Sav Umvest .37 Vanguard 21 C0 1200 425 65.00 3150 62.50 4000 670 6.98 7 47 3.50 5.19 2.52 4.9? 547 5 31 5 83 14.79 1625 3.72 409 704 774 6.00 659 487 535 1075 11.78 4 50 4 91 3 56 3 92 7.66 8.41 12 04 13 16 570 6.24 446 381 8.35 598 588 347 760 544 4 73 5 20 420 4.61 6 48 6 75 8.49 9.28 4 94 5 43 754 831 5.77 6.24 S.93 650 Exchange notes BONN, Germany (AP) Chancellor Willy Brandt's gov- ernment took two toward removing steps today decades of hostility with neighboring East Germany and Czechoslovakia. In a double triumph for Brandt's East-West peace pol- icy, Bonn exchanged notes with East Berlin to implement their normalization treaty, and ini- tialed a friendship pact provid- ing for diplomatic relations with Prague. The normalization treaty en- visages the two states joining the United Nations and provides for greatly increased govern- ment co-operation and more in- dividual contacts. It will enable the two states to swap per- manent representatives. Beef futures WINNIPEG (CP) Live beef futures close Wednesday. Jly 45.50N; Sep 45.50A; Nov 45.00A; Jan 45.30N. Tuesday's volume: No con- tracts. Toronto mines, industrials (Supplied By Richardson Securities of Canada) LAST BID OR SALE (11 a m. Quotes) (n a m Pine Point 31 25 Glendale Placer Dev. 27 50 Grt Cdn Oil Psx 270 Gen Motors Quebec Man 12 Gt Lakes Pp Rayrock 1 55 Gulf Oil Cda Radiore .29 Greyhound Rio Algom 28 00 Hawker Sid Roman Corp 7.30 Hur Erie Sherritt Gordon Hiram Walker Steep P.ock i 54 Imp Oil Tek Corp. 420 Imasca Texmont Int Nickel Upper Canada 2 81 Int Pipe Western Mines 2 96 Inv Grp A W. House Cop 3 00 int Util Wright Hargreaves 1.50 Ind Accept Willroy 1 02 Kaps Windfall Laurentide Yellowknife Sear 340 Kelly Douq A Zenmac .13 i_ceb INDUSTRIALS Loblaw A Livestock report Calgary livestock CALGARY (CP) Receipts to 11 a m. today from the Cal- gary public stockyard shows sales of head, mostly slaughter steers and cows. Trade was moderately active. Slaughter steers sold 75 cents to SI lower with sales to 44.70. Heifers were in short supply and sold a full 25 cents lower. Lightweight steer? and heifers were discounted 50 cents to Cows sold barely steady with good kinds scarce. A few bulls sold steady. Steers Al and 2 43.75 to 44.50. A3 43 to 43.75. Heifers Al and 2 41.50 to 42.40, A3 40.25 to 41 25. Cows Dl and 2 34 to 35, D3 "2 to 33.75, D4 28 to 3150. Good bulls 38 to 40 50. Replacement cattle were scarce being practically all shortkeep steers weighing 800 pounds and up and haifers 600 pounds and up selling barely steady. There were insufficient stock calves on offer to estab- lish a market. Good feeder steers more than 800 pounds 43 to 45 70. Good feedei heifers more than 600 pounds 40 to 43.50. No hogs on offer. Northern gold prospecting may become popular again YELLOWKNIFE, N.W.T. gold prices may make prospecting popular again, but there's little in- dication here of another gold rush. The bush-wise prospectors who find the gold and the min- ers and eingineers who blast it out of the rocks are taking a cautious approach to news that prices have cracked the mark on Europe's free bullion mar- kets. "Well, there's not really much difference between gold and shrugs resident geologist Bob Hornal. Mr. Hornal, however, predicts there will be a slow gathering Oil sands plant shutdown costly EDMONTON (CP) A first- quarter profit of more than million reported by Great Ca nadian Oil Sands Ltd. will be lost in the following quarter President Kenneth Heddon says. Mr. Heddon told an annua shareholders' meeting that a scheduled shutdown "to bring equipment back to optimurr operating condition" lowera production during April anc May to an average of barrels a day from the first- quarter average of bar- rels. i "And of greater significance j to our financial results has j been the expiry, on March 31 1972, of the 50-per-cent remis sion of Alberta crown royalties in effect for the previous three- year period." In 1972, GCOS paid royalties of four per cent on all January production, four per cent on the first barrels pro- duced in each of the following months and 10 per cent on aL excess monthly production. "Since the expiry of the 50- per-cent royalty remission, said Mr. Heddon, "GCOS has Acme AJvccate Asb. Akaitcho Aldona Bralorne Brculan Bethlehem Bovis Brunswick Can N w Land a.m. Quotes) MINES 13 1 20 1 17 37 205 1375 5 10 4 50 6.90 Grain Quotas CHICAGO (AP) Grain quotations Wednesday: Wheat: Jul 2.73y4; Sep 2.73; Dec Mar May Corn: Jul 2.33; Sep 2.17, Dec Mar 2.01; May 1 93. Oats: Jul Canada Tung. Cassiar Central Pat. Chimo Ccnwest Cons. Rambler Ccchcncu' Craigmont Dickenson Mines Oeniscn Mines Deer Horn D'Eldona Dome Mines Discovery Mines East Walartic East Sullivan Falconbndge Frobex First Alarifimes Giant Y K. Granduc Hollmger Hudson Bay M-S Hydra Ex. Iron Bay ISO Joliet Quebec Kerr Addison Key An-ccn Labrador Lake Shore Langis Silver Madsen R L. Malartic G F Martin McNeely MM a M.dnm Intern Woaul Nu West Homes Nevv Athona New Calumet Noranda Northga'e Osisko I 60 10 1 IS 1 50 625 325 19 1 25 655 395 30 25 .05': 40 9700 1.22 395 266 Abitibi Alcar Algeria Steel Atco Ind Atlantic Sugar Agra Ind Bell Tel 71 62ii Brazil Trac 23 B.C. Tel 47 Burns 850 B.C. Forest 3 25 B C Sugar 45 00 Bow Va'l Ind 2275 CAE Ind 36V'2 Cdn Brew 65 Chemcell 2 12 Col Cell Calgary Power 11 37'2 Coron Credit 3T 2 c.W N. Gas Pfd 43 00 Cdn Ind 3 15 Cdn Marconi "8's Cd'i Vickers 1.52 Chiysler 1 08 C P R 41 Ccrnineo 53 00 Can', 12 Cons Gas 16 Dist Seanrams 1? 55 Dom Bridge 8 00 Dorntar .13 Dom Textile 26 Dom Stores 50 25 Dome Pete 510 Dofasco .23 Cable 1037V2 Met stores 29 mi Massey Ferg 17.25 McMillan Bloe 11 12'A Moore Corp 6.50 Molscns A 1050 Molsons B Nachurs 20.00 North Cent 5050 Power Corp 16 Price Co 1550 Rothmans St. Law Corp 2650 Shell CDA 9.75 Simpson's 4 35 simp Sears 395 steel of Cda 3.90 siekirk A 24 Texaco 1 50 Traders Grp A 11 00 Trans Mtn Pp 14 50 Trans Cda Pp 3.80 Union Gas 11 Un'on Oil 23.62V2 United Siscoe 17 37V2 Versatile Mfo 29 37V2 Westeel 20.50 Union Carb 16 Westcn-s B 38.12V2 Woodward's A 34.00 West Cdn Seed 20 62% Zenith Elec 7 BANKS 14 Cdn Imp 3075 Montreal Nova Scotia Rovfl, 14.12% Tor-Dom Quotes) 1025 80S 64.50 21 25 3350 1900 445 2850 51 00 3600 3025 28.75 2475 9.00 73.62' 2 17 7.50 11 50 625 49S 700 2000 1875 2825 49.75 27 SO 2755 1000 Grain prices Winnipeg grain WINNIPEG (CP) advanced in all grains at mid- session today on the Winnipeg Commodity Exchange. Flax and rapeseed were bid up the 20-cent limit early in the session. Oats were as much as three cents higher, while barley was up about two cente. Rye was up as much as five cents. Wednesday's volume of trade was bushels of flax, of rye and of rapeseed. Mid-session prices: Flax: July 20 higner Oct. 20 higher 6.91 %B; Nov. 20 1400 12.50 1950 11.75 30.87V2 1450 56.50 1575 20.25 11 00 14.00 810 6.50 1325 15 37Vj 2025 25 CO 550 245 29.75 3350 31.00 York stocks DEVELOPMENT COMPANY Invites Inquiries property owners Interested In Joint ventures and having land available for development. Reply to Box 123, Lethbridge Herald (Supplied By Richardson Securities o! Canada) Amr T uric] T 51.75 Scar-, Anaconda 17 75 X-Ron Beth Steel 271214 Texas Gulf Chrysler 23.75 Texas Co Comsat 4400 Wicks Corp Dupont 161.50 Woclworth Gen Motors 65 25 West Elec 2250 US. Steel Int Harvester Gen Telp Elec Kenn Copper TORONTO AVERAGES Mont Ward 18.25 20 Ind 2C9.14 off .54 95 25 20 Golds 302 52 up 95 10 Base Met 99.11 up 25 21 75 15 West Oils 214.10 up .07 Volume NEW YORK AVERAGES 30 Ind 88214 off 255 20 Rails 157.84 off 1.2J 1S uti 35.00 17.00 2300 3525 AS Stocks 270.82 1.19 Volume 000 DIVIDENDS By THE CANADIAN PRESS Hudson's Bay Oil and Gas Co. Ltd., 35 cents, an increjpe of five cents, July 25, record June 30; Scries A pfd., 62'A cents, July 15, record June 30: Series A pfd., cants, Oct. 15, record Sept. 30. Inland Natural Gas Co. Ltd., 18 cents, Aug. 15, record July 31. Investment Foundation Ltd., 60 cents, July 31, record July 13, John Labatt Ltd., 20 cents, July 15, record June 25; pfd., 25 cents, Aug. 15, record July 27. TD Realty Investments trust units, 40 cents, an increase of five cents, July 31, record June 29. U.S. Dec. 20 highe 6.52B. links Vancouver: Jun< 20 higher Sept. 20 high 6.09B; Nov. 20 higher 5.94B to 20 higher 5.86B. Rapeseed Thunder Bay: JUTJ 20 higher 5.95B; Oct. 20 highei PRINCETON, N.J. (AP) Two-thirds of 1.546 persons surveyed in early June by the Gallup poll said they believed Nov. 20 higher Dec. 20 higher 5.27B. Oats: July 2% higher Oct. 3 higher 1.3916A, ident Nixon was involved in 2V2 higher ther the planning or the July 2 highei up of the Watergate political Oct. 1% higher 2.00A; pionage 3% higher 1.98. In the survey, taken June 1 July 5 higher A 4, 31 per cent of those 4% higher Dec. 4% viewed said they believed found out about the quotes Wednesday (ba- bugging after it took place, tried to cover it up, while 23 Low Close cent said they thought knew about Watergate before 7261-2 718 724% took place, but that he did not plan the bugging 675 650 6711 2 Nov 865 636 655 Dec 632 610 632 Another eight per cent Vancouver the Gallup organization 580 592Vz thought Nixon planned the 589 557 589 tergate bugging from the 574 Jan 572 538 566 Thunder Bay 575 535 '575 563 527 561 Gold 546 Dec 520 491 507 WINNIPEG (CP) 147'i !411? 143 futures, U.S. funds, 141 '4 13fi Dec t.Te-li J327i 133i g C o m m o d ity Exchange 203% 202 "'i 203% Jly 73 120.43; Oct 73 200% 196% 123.50A; Jan 74 126.50A; 194% 74 130.35A; Jly 74 134.45A. Tuesday's volume: 122 Jly 203% 195% Oct 209 204 and Oy stems 1003 4th Avenue S., Telephone been paying the provincial gov- ernment eight per cent on the first barrels of monthly production anr; 20 per cent on all monthly production in ex- cess of that. "Assuming an average of 000 barrels daily over a 30-day period, this adds up to an effective royalty rate of 14 per cent." He said that if total 1972 pro- duction was assessed at the current royalty rate, the com- pany's actual net loss of 000 would have been increased to more than million. GCOS losses in 1971 were million. GCOS has asked the Alberta government to continue the 50- per-cent royalty remission and to increase its authorized out- put to barrels a day from "We will have no problem marketing the increased amount either here, in Canada or the United said Mr. Heddon, adding that the pres- ent oil pipeline from Fort Mc- Murray, Alia., is large enough to carry the increased produc- tion. Mr. Heddon said the com- pany has also asked the prov- ince to consider levying royal- ties on raw bitumen extracted from the sands, 240 miles northeast of Edmonton, rather than on synthetic crude oil which has been processed. GCOS. a wholly owned sub- sidiary of Sun Oil Ltd., report- ed revenue ot million for 1872, up from million the previous year. During its 20 years in exis- tence, GCOS has spent more than million in Canada on goods and services, and paid about million to municipal, provincial and federal govern- ments including crown royal- ties of about million. Synthetic crude oil made from the bitumen extracted from the oil sands is used in making gasoline, jet fuel, kero- sene and number two fuel oil Recent tests using it as an al- ternative diesel locomotive fuel have been unsuccessful be- cause of wax in the crude. Dollar value MONTREAL (CP) U.S. dollar in terms cf Canadian funds at noon today was down 1-25 at 9-10. Pound sterling down 3-20 at 1-10. In New York, the Canadian dollar was up 1-25 at 1-10. Pound sterling down 1-20 at 7-20. of interest in gold prospecting which once drew thousands of people to the North and led to the creation of the two major gold mines which started this city. "It is safe to say that gold prospecting is coming back into its he said. "There has been no vast increase in pros- pecting permits since April 1, but the prospectors with li- cences will certainly be think- ing carefully about what they are looking for. "It used to be gold ex- clusively. Then gold fell off and everyone was looking for base metals. "Now they'll be looking for gold along with the base met- als." INTEREST SECONDARY Bob Spence, superintendent of exploration at Giant Yellow- knife Mines, says the real hope of prospectors working out of Yellowknife is a deposit of base metals "sweetened" with enough geld to pay for the min- ing and milling of the other ore. The rise in gold prices has been impressive, but the price itself hasn't kept pace with worldwide inflationary trends, said Mr. Spence. You must remember that the price of gold is still only three times what it was 30 years ago. "It was fixed at an ounce for years while the cost of ev- erything else was going up three times at least and gener- ally more. When we come to con- template a large investment in a new operation we have to think very, very carefully about it." he said. "We've examined most of the old prospects and at the moment we're a little short of ideas about where we should look next." The jumip in prices has re- sulted in activity at Cominco's Con Mine, Canada's oldest con- :inuously producing gold mine. "We're proceeding with plans for a new said Alex Richardson, manager of the mine. Meanwhile, Con Mine will go along with the general trend of returning attention to gold. GEOLOGIST SOUGHT "We are bringing in a resi- dent geologist for a year to evaluate our gold belt here, and ve are planning to increase our xploration Mr. lichardson said. Bill Knutsen of Precambrian ilining Services said rising prices have caused no real rush or gold. "Sooner or later it's going to come but right now, in all hon- esty, there is nothing happening n gold exploration in the Yel- lowknife he said. "I hope it's just around the corner. "I have egg all over my face already because I predicted six months ago that the magic fig- ure for a boom would be or SflO gold." Mr. Knutsen said the bigger mining concerns are dragging their feet over gold prospects. "We're getting a pretty poor reaction, especially from the bigger companies. "We've staked what we con- sider to be some of the best properties around, and several of them look very attractive with this gold, but to date we've sold nothing." M. C. Slavich, C.L.U. Representative LETHBRIDGE Tel: 327-5514- E. Mayeske Representativa LETHBRIDGE Tel: 327-5514 The Government said you could keep more of your income tax dollars. Why didn't you? We can help you keep more of this year's income. Call us today for a look at the future. Maniifjclurrrs Lifr Insurance Company ;