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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - June 22, 1970, Lethbridge, Alberta Monday, Jvn� 22, 1970 - THE LETHBRIDOE HEIAID - 13 Market Drops In Light Trade TORONTO (CP) - The To-ronto stock market dropped sharply in light mid-morning trading today, under pressure from a steep decline at New York. On index, Industrials were down 1.31 to 155.32, base metals .12 to 92.34 and western oils 2.07 to 134.04. Golds advanced .45 to 150.98. Grain Prices Winnipeg Grain Prices WINNIPEG (CP) - Flax showed some strength on light trade and a lack of offerings on the Winnipeg Grain Exchange today. Rye had a fair demand from shippers', with prices fractionally higher in all futures. Rapeseed' prices were moving in both directions and trading was slow. Oats and barley were practically neglected as prices stayed at previous close levels. Volume of trade Friday included 291,000 bushels of flax, 729,000 of rapeseed and 419,000 of rye. Export loadings of Canadian Wheat Friday included1 640,266 bushels to China, 28,000 to Germany and 418,000 to Japan. Prices for Class Two wheat for export to countries outside IGA: 1 Nor 1.74%; 2 1.71%; 3 1.63; 4 1.52%; 1 Durum 1.55; 2 1.72; 3 1.621/s; 4 1.55%; IGA prices: 1 Nor 1.74%; 2 1.71%; 3 1.63; 4 1.52%; 1 Durum 1.55; 2 1.72; 3 1.62y8; 4 1.55%. High Low Close Flax Jly 2.84 Oct 272 Nov Dec Rapeseed Jly1 314V4 310% 310% NOV 261% 257% 257% Jan 248% 246 246 Mar 243 241% 241'A Oats Jly Oct Dec Barley Jly Oct Dec Rye Jly Oct Dec 281% 282% 269% 269% 267% 265 265 262% 262% 262% 75V4 76% 75Vt 75V* 76% 76% - 76V4 109V4 109'A 109V4 - -110% - -110% 99% 103V4 98% 98% 102% 102% 104% 104% 104"% Hog Prices EDMONTON (CP) - Prices to 11 a.m. today supplied by the Alberta Hog Producers' Marketing Board: Edmonton: Quoted and selling 29.50. Friday average 29.46. Red Deer: Quoted and selling 29.50. Friday average 29.68. Calgary: Quoted and selling 39.55. Friday average 29.54. Lethbridge: No sales. Friday overage 29.65. Lloydminster: No sales. Friday average 28.75. Total hogs sold to 11 a.m. 1,866. Sows 21.21 at all points. Total hogs sold Friday 2,650. Average 29.52. TIM FILUK We are pleased to announce the record achievement of Tim Filuk of our Commercial Real Estate Department who has surpassed the $2,600,000.00 sales mark in his first year of employment with our Company which is the highest sales figure ever attained by a Real Estate representative in the 43 years of our Company's history. Tim is married and has two lovely little girls and has resided in the City of Lethbridge for the past seven years. Needless to say we are are most proud and pleased with his integrity and performance. Congratulations. ^djniariz <&�i,e�trira ?Jth. College Mall LETHBRIDGE The move downward interrupted two consecutive sessions of advance. Volume by 11 a.m. was 316,000 shares, down from 389,000 at the same time Friday. Losses outnumbered gains 95 to 62 with 139 issues unchanged. Heaviest losses were in communication, industrial mining, oil refining and steel sectors. Among declining stocks, Fal-conbridge was down 1% to 138%, International Utilities % bD 22, CPR l'A to 54%, Inco % to 41%, Calgary Power % to 21%, Imperial Oil % to 16y4 and Alcan % to 22.*/*. Placer fell % to 30%, Canadian Superior Oil % to 24% and Ranger 35 cents to $8.10. Toronto Dominion Bank and Royal Bank were unchanged at 18% and 2VA respectively. The banks announced reductions in prime lending rates to 8 per cent from 8% per cent effective July 1. A reduction in interest paid to non-chequing accounts to 6 per cent from 6% per cent was also announced. EARLY DECLINE MONTREAL (CP) - The Montreal stock market moved downward in early trading today following a decision by three major banks to reduce their prime lending rate. The Royal Bank of Canada, the Toronto Dominion Bank and the Canadian Imperial Bank of Commerce announced a reduction in the rate to eight per cent from 8% per cent, effective July 1. The move follows a similar reduction on June 15 by the Bank of Montreal. The Royal was steady at 21'A and Toronto Dominion at 18% while the Bank of Montreal eased % to 15%, Bank of Nova Scotia % to 17V4 and the Commerce % to 19%. Highlighting early declines, CPR dipped 2V* to 53%, Denison 1% to 24, Pacific Petroleum 1 to 21 and Imperial Oil % to 16y4. Falconbridge was up 2 to 139 and Rio Algoim % to 17%. On index, industrials were off 1.67 to 156.92, utilities 1.46 to 124.44, banks 1.19 to 166.31, the composite 1.62 to 152.07 and papers .84 to 86.35. SLOW TRADE NEW YORK (AP) - The stock market's sharp early slide, attributed to the Penn Central bankruptcy action, levelled off by mid-day in slow trading today. At noon, the Dow Jones average of 30 industrials was down 5.21 at 715.22. Among Canadiansonthe NYSE, Canadian Pacific was down 1, International Nickel % and Hudson Bay Mining V*. Dome Mines gained % and Distillers Seagrams advanced %. On the Amex, Scurry Rainbow Oil was off % and Brascan Ltd. V*. Continue Probe Of Army Thefts CALGARY (CP) - An investigation into the possible theft of military supply goods from Canadian Forces Base Calgary is still in progress, Denny Ryan, an information officer for the department of national defence, said here. The investigation involves a sergeant who has served at the base for eight years and who first came under suspicion early in May when goods of a military supply nature were found in his possession. The sergeant's house was searched May 7 and about $5,-000 worth of stationery supplies, tools and equipment and items of clothing found in the house are being examined. The sergeant was placed under arrest by military police May 7 and later released. He now is regularly employed at the base while the military police investigation is in progress. Mr. Ryan said civilian police authorities are not involved in the investigation. Arab Chiefs Meet By THE ASSOCIATED PRESS Arab leaders met in Libya Sunday and1 apparently discussed ways of co-operating activities of the numerous Palestinian guerrilla groups who use their countries as springboards for raids against Israel. President Gamal Abdel Nasser of Egypt was among the heads of state who assembled in Tripoli, ostensibly to celebrate evacuation of United States' and British military bases in the North African desert country. The Libyan news agency said "the Palestinian question and the great number of commando organizations" were discussed. Representatives of the joint committee of the Palestinian Guerrilla Organization attended. Yasir Arafat, the chief guerrilla leader, did not attend but he sent a message urging the leaders to intervene to prevent new fighting between the guerrillas and the Jordanian army. "The situation is so grave that a new eruption is likely at any moment," said Arafat, adding that the ceasefire agreement is being "seriously endangered by provocative acts by those who engineered the previous clashes." DISSENSION COMMON Presumably he was referring to anti-guerrilla elements in the Jordanian army. But dissension has also been prevalent in recent months between moderate and radical factions of the Palestinian guerrillas raiding Israel from Jordan and Lebanon. In the fighting in Amman two weeks ago, the extremist Popular Front for the Liberation of Palestine for several days-refused to observe ceasefires agreed to by Arafat and King Hussein, and instead forced the king to dismiss his two top army commanders. During the weekend, one of the former Jordanian com-m a n d e r s, the king's uncle, Sherif Nasser Bin Jamil, flew to London. The guerrillas had demanded the banishment; government-controlled newspapers in Amman said he went to England "for some leave." Hussein also has sent his four children to London, but diplomatic sources there discounted any political significance in the move. The children's mother, British-born Princess Muna, 29, will join them in a few days, the Jordanian embassy said. U.S. Railway Can't Pay Its Bills PHILADELPHIA (A P) - Saying it is unable to pay its bills, the United States' largest railway, Penn Central, received court permission Sunday to reorganize under federal bankruptcy laws. Meanwhile, it continues normal operations. Prices on the New York Stock Exchange dropped sharply at its opening in reaction to the news. One-half hour after the opening bell, the Dow Jones average of 30 industrial stocks plunged 8.15 points to 712.28 and then stayed near that level. "Penn Central is the reason, almost completely," said Newton Zinder, a stock analyst. "The selling is based on fundamentals as much as emotional factors. One company has already fallen, and there is some conjecture which company might be next." Trading in Penn Central Transportation Co. and Penn Central Co. stocks were delayed. The exchange said the delay was caused by a large influx of buy or sell orders. Eastern Finn To Buy Calgary Oil Company TORONTO (CP) - Brascan Ltd. announced here that it has agreed to purchase all the shares of Mikas Oil Co. Ltd. of Calgary. J. H. Moore, president, said the agreement follows previously-announced plans to participate in oil and gas exploration in Canada through a new subsidiary. STORE FOR RENT GOOD LOCATION ON 5th STREET SOUTH Suitable for shoe store or ladies' wear store APPLY: Stan's Men's Wear 321 5th St. S. MISCELLANEOUS QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherty, Roedhouse and McCuaig) LAST BID OR SALE (11 :M a.m. QuotM) O1:00 a.m. Quotes) (11:00 a.m. Quotes) WtSTBRN OILS Int Pro Plpt .. �.� Northwest Fin 1.44 3.7(1 Atmtnex . ... 4.00 Int Utll Pfd ... 23.50 Northwest Gr 4.04 4.44 Asmera ..'. ... 13.12-/3 Int Steel ...... 5.37* Growth Equity S.36 S.8? Banff ........ 7.B5 Jeff Laka ... . t.WVi Gr In Shares 3.90 4.29 Can South ... . 3.10 Joufel ....... l.W Invest �..4.75 �' Cdn Exp Gas . 3.25 Kaiser Res .... 14.00 Invest Mut ,.4.M 5.04 Cdn GrTgol ....