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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 1, 1974, Lethbridge, Alberta TSE gold shares rally; other stocks record drop The Herald- Friday, March 1, 1974 THE LETHiftlDQE HERALD 23 Business TORONTO (CP) Gold shares rallied strongly in re- sponse to higher gold prices in Europe, but other sectors of the Toronto stock market were lower in active mid- morning trading today. The gold index was up 14.5 to 525.40. The industrial index, considered the main indicator of market trend, was off .92 to 222.00, base metals .02 to 105.66 and western oils 3.37 to 263.19. Volume by 11 a.m. was 1.75 million shares compared with 1.76 million at the same time Thursday. Declines outnumbered ad- vances 165 to 138 with 206 issues unchanged. Food processing, merchandising, industrial mining and chemical stocks were among sectors of the market to decline while oil refining, beverage, general manufacturing and communication sectors were higher. Trading in shares of a num- ber of companies with interests in the U.K. sector of the North Sea were delayed at the open due to an imbalance of orders. At mid-morning Ranger Oil was off 4% to to and Canada Northwest Land 1 to Trading in class A shares of Life Investors International was halted at the open at the request of the company, pending a release of information. Among gold shares, Dome mines rose 3 to East Ma- lartic to Pamour to and Quebec Sturgeon Vt to Home Oil A was off to Vt, Alcan 1 to Bank of Nova Scotia to Westburne International Vz to and Cominco V2 to Canadian Cablesystems was up to V2 and Maple Leaf Mills to Stocks Miscellaneous Vancouver, Calgary, Montreal (Supplied by Doherty, McQuaig Ltd.) 'MONTREAL (CP) All sectors moved lower in light trading on the Montreal Stock Exchange today. Volume at 11-00 a.m was shares, compared with at the same time Thursday. The industrial index fell .75 to 244.58, the composite .58 to 229.47, banks .41 to 284.84. utilities .12 to 146 59 and papers 10 to 132 60. The Bank of Nova Scotia fell JA to Alcan Aluminum to Gulf Oil Canada to and Cominco Ltd. to while Costain (Canada) Ltd Richard rose JVz to Among speculative issues, Royal Agassiz Mines rose six cents to on Beef futures WINNIPEG (CP) Live beef futures close Friday. Mar 47.00A. May 52.00B; Jly 51 70B; Sep 52 50A volume. Two contracts. Winnipeg grain WINNIPEG (CP) Flax futures shot up the limit and all other commodities continued to gain strength through mid-session on the Winnipeg Commodity Exchange today. Although trading was improved from the open, activity was still not heavy as various dealers were buying nearly everything offered Exporters and commission houses were busy in flax and rapeseed with domestic shippers and exporters active in rye. Thursday's volume of trade was 434.000 bushels of flax, of rye and of rapeseed Mid-session prices. Flax: May 30 higher 11.96B. July 30 'higher J1.54B: Oct. 30 higher 10.89: Nov 1 higher 10.23B Rapeseed Vancouver- March 5 higher 762B: June 10 higher 7.14B: Sept. 15 higher 7.07A: Nov l higher 6.42B. Rapeseed Thunder Bay. May 13'A July 15 higher 6 96: Oct "and Nov notopeit. Rye- May 11% higher 3 July higher 3 41'4B: Oct 8 higher 3 Dec. unchanged 3.07B. Grain quotes Thursday basis Lakehead- High Low Close Flax May 1168 1160V4 1166 "Jly 1126 1120 1124 Oct 1059 1055 1059 Nov 1022 Rapeseed Vancouver Mar 760 748 757 Jun 710 692 704 Sep 691 Nov 641 Rapeseed Thunder Bay Market a volume of 55.366 shares traded. VANCOUVER (CP) Prices were up in heavy trading on the Vancouver Stock Exchange Thursday. Volume at the clcse was shares In the industrials, Newmark Resources led trading, down .01 at 48 on shares. Captain International was at .59 on shares. International Century was at .20 on shares. Weston was at on shares. All-Can B was down .15 at and Cornat was unchanged at In the mines. Consolidated Coast silver was up .05 at .46 on shares. Brendan was up .05 at .83 01. shares Colt rose .06 at .63 on 113.000 shares Arcadia was unchanged at .53 on shares. Northair was unchanged at and Consolidated Fortune Channel was down .01 at .50 In the oils. Seneca led trading, up 14 at on Vargas was up .02% at .22 on Cop-Ex was unchanged at .55 on shares. Western Exploration was unchanged at .04% and August Petroleum was unchanged at 51. NEW YORK (AP) The stock market lost more ground today in light trading. The noon Dow Jones average of 30 industrials was down 8.92 at 851.61, and declining issues outnumbered advances by three to two on the New York Stock Exchange. Twentieth Century-Fox was among the volume leaders, rising 1% to On the American Stock Exchange, the market-value index was down 0.24 at 97.11. Other issues traded actively included Coca Cola Bottling of New York, down at Texaco dipped to Companies with energy interests and related operations in the North Sea were among today's sharpest losers Phillips Petroleum was off 2% at and Ranger Oil of Canada slumped to on the American Stock Exchange. On the Amex, the volume leader was Syntex, up at The NYSE noon index was off 0.32 at 51.24. Among Canadians on the New York exchange, Alcan lost to Hudson Bay to "i, Mclntyre to Massey-Ferguson Vt to Canadian Pacific Vi to and In- ternational Nickel to Dome Mines gained 1 to Seagrams was unchanged at On the American exchange, Scurry Rainbow dropped 1% to Brascan was unchanged at WVt. Livestock Hog prices CALGARY (CP) Receipts to 11 a m Friday from the Calgary public stockyards totalled about 130 head, mostly replacements. Trade was active. There were no slaughter steers or heifers on offer A few cows and bulls sold steady for quality. Cows Dl and 2 31.50-33. D3 30-31.50, D4 25-30. Good bulls 37-41. Replacement cattle on offer were mostly yearling steers in the 600 to 750 pound weight range. Replacements met a good demand at generally steady prices. Good feeder steers under 750 pounds Good feeder-pheifers 600 pounds and up Good stock steer calves 400 to 575 pounds 45-51.75 Good stock heifer calves 400 to 550 pounds 38- 42. Hogs f.o.b. Calgary to 11 a.m. average base price 45.50. Chicago markets EDMONTON (CP) Average prices to 11 a.m. Friday provided by the Alberta Hog Producers Marketing Board, Thursday prices in brackets: Edmonton: 47.30 Calgary: Nil Red Deer: Nil Lloydminster: Nil Lethbndge: Nil Fort Macleod: Nil Hogs sold to 11 am. 870, total Thursday. 5.595. average 45.39. Sows average 33.05. WESTERN 5.75 AND 4.90 Afton 6.87% Albany Cdn Seed 3.55 Min 1.30 A Pfd 59.12% Ashland Yukon 9.00 Alta East LINE STOCKS BP Gas A 13.25 Brenda Gas Pfd 63.00 Can -Nat Gas 18.50 Cdn Ex Nat Gas 9.75 Cdn Metro 6.25 Cdn ind Gas Metro A Pfd 64.00 Cdn Long and C Gas 12.62% and C B Pfd 24.37% Cdn Trans 10.37% Dome Can Pipe 32.75 Can A Pfd 60.75 Fort Can B Pfd 36.75 Giant Can War 4.80 Gibraltar Trans 23.75 Trans Wts 3.95 Gt Gt Cdn Oil Lochiel .76 Lytton Oils .14 Noble Continental .02% North Cdn Pancdn Pete Pan Explor .34 Bat hurst Norse 1.42 3.60 .85 Place Varden .47 .18 Ranger Oil Scurry 9.10 Northair Mines 3.45 .09 Spooner Total .12 Silver Standard 2 39 Ulster Copper 8.50 United West Brew 2.90 W Industries .16 1 .51 Acres Pete .51 Pete .19 BC Sugar A Explor 1.16 Block Intl Res .77 Cdn Pac Inv A FUNDS Com Cap Corp Carling O'Keefe A Pfd Carling O'Keefe B Pfd Crestbrook Ind Crowsnest Ind Falcon Copper F and M 23.50 28.12% 8.75 27.00 12.62% Cdn Compound 6.55 7.12 All Cdn Dividend 6.86 7.46 All Cdn Ventures 8.52 8.83 Amer Grow F 4.75 5.22 AGF Special 2.53 Cdn Invest F 5 01 5.50 Collect Mutual 5.23 5.75 Inter 13.91 Global Com Leverage 3.24 Home Ventme 5.84 Home Investors 6.46 7.10 Hud Bay Co Hud Bay Invest S F 4.96 5.45 Dreyfus Fund US 10.96 12.01 Hud Bay A Pfd Hugh Russell Husky Oil Husky B Pfd Husky D War Husky E War Hys of Canada Inter Prov 66.00 22.37% 40.00 7.00 9.50 3.50 Pacific 4.63 5.06 Grpd Income 3.10 3.41 Grow Equity 7.39 8.12 Invest Grow F 12.38 13.53 Invest Mutual 5.86 6.40 Mutual Accum 6.13 6.74 Mutual Grow F 3.23 3.56 Nat Resources 4.97 5.46 Inter Prov Cdn 5.43 5.97 Kaiser Growth 4.67 5.12 Kaiser Res Growth 4.57 5.02 Loblaw C Pfd Magnasonics Pacific 5.12% 32 Mutual 7.60 8.31 Royfund 6.83 7.11 Temple Grow 7.55 8.28 Pac West Accum 4.66 5.12 Pe-Ben Savings 8.18 9.00 Rainier 5.79 6.36 Royal 6.09 6.67 Everybody waits Michael Buchanan of Titusville, Florida, finds that the gas shortage in the town affects everyone as he waits in line at a gas station to get his lawn mower filled up. Lack of long-term policy on agriculture criticized CALGARY (CP) There is no long term, clear defined national agriculture policy in Canada, Fred McGuinness, vice president of the Brandon Sun of Brandon, Man. said Thursday night. Mr. McGuinness, former publisher of the Medicine Hat News, has been credited with helping introduce rapeseed to Canadian farmers by writing widely read articles on what he calls "Canada's Cinderella crop." "I have been collecting material on Canada's agriculture policy for the last six months but I find there really is no national agriculture policy in he told delegates to the Rapeseed Association of Canada's annual convention. But farmers could help make one, he said, by getting actively involved in decision making. A national agriculture policy, Mr. McGuinness said, should include transportation, marketing, export, inventory, land use, production and social considerations. He noted that fanners are facing transportation problems this year. "Why grow it when you can't move He said with the absence of a national agriculture policy, farmers don't know what to believe, as in the marketing field alone, "there are 100 agencies some of them you don't even know that they exist each heading in a different direction." Marvin Moore, Conservative MLA for Smokey River and a rapeseed farmer, represented the Alberta government in greeting delegates to the convention. Mr. Moore, vice chairman of the Alberta Grain Commission, said the recent rapeseed poll indicated that most rapeseed farmers want to retain their open marketing system. .He commended the association for its "determination and will to do their own things with the minimum of government intervention." U.S. dollar Gold futures WINNIPEG (CP) Gold futures. U S. funds. Winnipeg Commodity Exchange close Friday. Apr 74 166.30A: Jly 74 173.30A: Oct 74 179.50A: Jan 75 185.20A; Apr 75 191.00A. Wednesday's volume: 1.043 contracts. Toronto mines, industrials (Supplied by Richardson Securities of Canada) Oil freeze date won't be extended up; pound May Jly Oct Nov Rye May Jiy Oct Dec 712 681 337 332 672 323 315 703% 681 678 '642 335 312 307 HARCOURT DEVELOPMENT CORPORATION LTD. APPOINTMENT CHICAGO (AP) Limit and near- limit declines were posted in commodity futures Thursday for a second straight session. Some of the frenzied selling pressure had eased, but buyers were scarce. Wheat, soybeans, corn, oats, and soybean oil fell to limits early on the Board of Trade, but beans recovered. Soy meal was down early and closed about higher. On the Chicago Mercantile Exchange, live cattle and pork bellies again closed with limit declines, but live hogs and shell eggs were uneven after early limit losses. Nearly all silver and copper options fell to limits in New York, along with cotton, coffee and cocoa. Wool futures were uneven. Grain close: Wheat: Mar May 5.72: Jul 5.28: Sep 5.26: Dec 5.27. Corn: Mar 3.16'i: May Jul Sep 3.19; Dec Mar Oats: Mar May Jul Sep 1.72'4: Dec. 1.73. Earnings Norman Priest BA. S. Richard Hansen is pleased to announce the appointment of Norman Pnest as Genera! Manager of the company. Educated at the Universi- ties of Simon Fraser and Alberta, Mr. Priest has twenty-five years experi- ence in the building in- dustry. Prior to joining Haroourt in July of 1973, he was employed as pro- ject manager with Tech- wan ltd, a division of Marmix Construction Co. Projects with which he has been associated are: Cal- gary Convention Centre, Athabasfca University, Red Dew Junior College, Cal- gary Hall University of Cateary, and the Chevron BuiWmg, Calgary. In addition, Mr. Pnest is a member of the Engineer- ing Institute of Canada and a director of Norel Projects Ltd. Harcourt OevelopiuenJ Corporation Ltd. specializes in the deveJopment of multi-family apartment pro- jects, and active prifldpaHy m the cities o1 Red Deer, LetWbridge, Medicine Hat, and Calgary. MONTREAL (CPt -US. dollar in terms of Canadian funds at noon today was up 7-50 at Pound sterling was down I 29-50 at 47-50. In New York, the Canadian dollar was down 3-ZO at 9-100. Pound sterling was down 197-100 at 28 4-5. Currencies MONTREAL (CP) Friday's mid day foreign exchange selling rates by the Bank of Montreal: Australia dollar 1.46 Bermuda dollar 1 01 China renminbi France franc financial .2060 Germany mark ,XT5 Italy lira commercial .009530 Japan yen OTOWO Mexico peso 0790 Switzerland franc .3150 Crated Stales dollar .9720 By THE CANADIAN PRESS Algoma CeMral Railway, year ended Dec. 31: 1973, 42 a share: 1972. Anglo-Canadian Pulp and Paper Mills Ltd., year ended Dec. 31: 1973. %Z.n a share: 1972. 39 cents. Bartaco Industries Ltd., three months ended Dec. 31: 1973. loss: 1972. loss. Barns Foods Ltd.. year ended Dec. 29: 1973. a share. 1972. Bovis Corp. Ltd., year ended Dec. 31: 1973. cents a share: 1972. 16.8 cents. CoroutioB Credit Corp. Ltd.. year ended Dec. cents a share: 1972. 25 cents Corp. Ltd.. year ended Dec. 31: 1973. 1972. Electrobome Ltd.. ended Dec 31: 1973. a share 1972 Home Oil Co. Ltd., year ended Dec. 31: 1973. a share: 1972. 96 cents. Oil Ltd.. year ended Dec. 31: 1973. million. a share: 1972. million. MarkbortwKh Properties Ltd.. three months ended Jan. 31: 1974. 34.7 cents a share: 1973. loss. 8 cents Mclntyre Pompinc Mines Ltd.. year ended Dec 31. 1973. million. 29 a share: 1972. million loss Peoples Departinem Stores Ud.. six months ended Dec. 31: 1974. 41 cents a share: 1973 38 cents. PanCnudiai Petroleum Ltd.. year ended Dec. 31: 1973. million. 78 cents a share. 1972. 2 million. 49 cents. Reeves MacDmaM Miles LM.. year ended Dec. 31: 1973. profit, I cent a share. IS72. loss. S cents. Ltd.. year ended Jan 2 1974. SO 5 cents a share 1973. 54 How's the time to buy SILVER and GOLD Silver and gold are widely recognized as among the most reliable and promising types oJ investment in the world today. We offer fully guaranteed, registered bars of .999 fine silver in tO, 25, 50 and 100 troy oz. also .999 fine one-ounce bars. Govern- ment certified assayer certificate with every bar. It's a great way to fight the effects of inflation on your _inyestmenjs._______________________ DELTA SMELTING ft REPINING CO. LTD. 1104 CamMe Road, Richmond, B.C. Phone Z73-t737 Please send me your monthly newsletter on precious metals. Name Address MINES Acme Advocate Asb. Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central Pat. Chimo Conwest Cons. Rambler Coin Lake Cochenour Craigmont Dickenson Mines Denison Mines D'Eldona Dome Mines Disco' r Mines East Vialartic East Sullivan Falconbridge Frobex First Mantimes Giant Y.K. Granduc Hollinger Hudson Bay Hydra Ex. Iron Bay ISO Joiiet Quebec Kerr Atfdison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Martin McNeely Maclntyre Meta Midrim Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgate Norlex Pine Point Dev. Pax Exp. Quebec Man Rayrock Radiore Rio Roman Corp. Sherrifl Gordon Steep Rock Sunningdate Tek Corp. A Texrnont United Canso Western Mines WH Coppei Mines Wrtgw Hargreaves Wfllroy Windfall Yelkjwkrtfe Bear Zenmac INDUSTRIALS Atean AtDOIHwS Agra Ind Bell Te1 Brascan A BCTel Forest Sugar A Valley Ind ind O'Keefe Cellulose Power Credit Gas Pfd Industries Marconi Vickers Bathurst Gas Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Sands 20.50 Motors Lakes Paper Oil Cda Sid Walker Erie Oil Nickel Pipe Grp A Infl Accept Doug A A Fern Bioed Corp A B Cent Corp Co CDA Seats Canada A Grp A Mtn Pipe Can Carfcide Gas Ofl Slscoe A 13 Cdn Seed 33 Sec Imperial Scotia 1900 21.50 26.37% 16.50 10.25 3.60 5.62V, 6.75 24.62% 2.30- 10.00 18.75 3.50 16.62V4 17.37V4 16.12% 30.75 26.75 17.87% 44.50 41.25 25.25 10.25 14.37% 42.0G 33.00 7.37% 10.00 48.75 24.25 33.62% 17.87% 6.00 52.25 29.00 39.00 30.12% 37.50 20.87% 9.50 18.00 19.00 4.30 5.50 11.50 3.80 6.25 12.75 17.87% 29.75 51.75 22.62% 22.00 7.75 1275 1150 15.00 8.75 13.00 19.37% 8.62% 1250 32 87% 13.62% 47.00 15.87% 16.00 32.75 17.12% 10.00 13.12% 8.87% 7.25 21.50 23.25 3.60 2.60 3050 20 12% 3875 3750 39.62% OTTAWA (CP) The current national freeze on petroleum products will not be extended past March 31, Prime Minister Trudeau said Thursday. Sawlogs supply plentiful CRANBROOK (Special) Logging nearly doubled to cubic feet of sawlogs from the February, 1973. scale, the Nelson Forest District reports. The district extends from the Monashees to the Rockies. It brings the tally for the first two months of 1974 to 38.103.650 cubic feet, compared with for the same period last year. Weight restrictions on defrosting highways make log hauling uneconomic and are followed almost immediately by woods closure for logging to prevent terrain damage by heavy equipment, which sometimes runs into Jans at high altitudes. The big companies in the Kootenays try to yard inventory enough logs to maintain'operation of their sawmills and continuous employment through the runoff when logging can be resumed. Wheat sale pact made with Iraq "The answer is he told Opposition Leader Robert Stanfield who raised the subject in the Commons. A published report earlier in1 the day said that the freeze might be extended to June 30. Mr. Trudeau said the freeze will end as scheduled but the country will still benefit from "a freeze in the sense that" Canadian prices will be held below world levels. Ottawa and the 10 provinces agreed at the national energy conference in January to keep domestic oil prices below the current high levels on inter- national markets. Federal provincial negotiations are under way now to find an acceptable oil pricing policy. Mr. Trudeau said the cabinet is looking at various- measures but the Opposition leader would have to wait with "his usual patience" for anything to be announced. "No doubt this will unfold as the universe unfolds." Mr. Stanfield said. in retreat LONDON (Reuter) Sterling was in retreat on the London foreign exchange today, reflecting concern over the inconclusive general election results. The pound slipped to U.S. in the first hour of trading from Thursday's close of Prices tumbled on the London stock market. The price of gold jumped an ounce to Millions of pounds were wiped off the market values of stocks during the first half hour. The United States dollar made sharp gains on the Paris foreign exchange market today and dealers said this reflected Britain's uncertain political outlook. Against the dollar the franc climbed 19 4.8750-8850 compared with the opening level of 4.8500-8600. Sterling stayed at about 11.000 although dealers expected the rate to change later. Amr TAT Anaconda BMh Steel Chrysler Comsat Oupont General Gufl New York (Supplied by fUchxrdmi Sccerittes of MINES Kcnn Copper W0rd Sears Exxon Texas GtM Tews Co Win Corporation 2775 3450 1800 3650 2675 41 25 2400 S275 3500 2750 1437% Wesltnghouse 6Hsc 2362% US Steel 4362% Gen Tel Elec 2575 TORONTO AVERAGES 20 Industrials 221 92 down 1 00 20 Golds 525 27 up 14 40 1C Base Metals 10559 down 09 15 Western Otis 262 45 down 4 11 Volume 2.136.000 NEW YORK AVERAGES 20 Industrials 850 S3 down 9 69 20 Rate 195 72 down 158 15 Utnmes9301 down 38 65 Stocks 27399 down 257 Volume WINNIPEG