Lethbridge Herald (Newspaper) - March 2, 1973, Lethbridge, Alberta
Gold stocks up at mid-session TORONTO (CP) - Prices on, tba Toronto stock market were lower despite sharp gains by gold issues in active mid-morning trading today. The industrial index, considered a major indicator of market trends, was off 1.96 to 21J.46, base metals .16 to 102.53 and western oils 3.48 to 244.73. Golds, however, rose 3.16 to 230.32. Gold opened on the London market today $1.30 higher. Volume by 11 a.m. was 946,-000 shares compared with 943,-000 traded by the same time Thursday. Declines outnumbered advances 198 to 81, while 153 issues remained unchanged. Among sectors of the market recording losses were beverage, oil refining, merchandising and communication stocks while chemical and utility issues showed gains. Imperial Oil lost 1% to $37%, Bow Valley 1% to $32Vb, Canadian Tire A 1 to $59, Dome Pete Ti to $39% Systems Dimensions % to $225/s, and Bow Valley 1% to $32%. NSI Marketing rose 25 cents to $3.25, Reality Capital % to $6%, New Providence one cent to 31 cents and Orlando Realty Vi to $10%. Falconbridge Copper was off *,k to $14, International Mogul % to $14 and United Siscoe 20 cents to $6.30. Craigmont Mines gained 15 cents to $6.50 and Gibraltar % to $11%. Ranger Oil lost 1% to $28%, Canadian Superior % to $52 and Numac % to $14%. On the Canadian Stock Exchange, New'Insco Mines was down four cents to $1.56 on 22,-900 shares. NEW YORK (AP) - The stock market continued to respond uncertainly today to the dollar crisis abroad as prices fluctuated for the second straight session. The noon Dow-Jones average of 30 industrials was up .15 to 949.80 after plummeting more than 10 points an hour earlier. Canadian stocks generally were weak. On the NYSE, Dome Mines dipped 1 to $81%, Seagrams % to $45%, Gramby Mining % to $18% and Alcan % to $23.% Mclntyre rose 2% to $51%. On the American exchange, Quebecor dropped % to $15, Ca radian Javelin % to $7% and Scurry-Rainbow % to $15%. MONTREAL (CP) - All sectors declined in heavy trading on the Montreal stock market today. Combined volume on the Mon> treal and Canadian stock exchanges at 11 a.m. was 531,400 compared with 411,400 at the same time Thursday. Industrials dropped 3.31 to 233.74, the composite 2.77 to 221.98, banks 1.80 to 262.21, utilities 1.33 to 156.90 and papers .25 to 116.73. On the Montreal Stock Ex-change, Dome Petroleum dropped 2 to $40, Imperial Oil 1% to $37%, Distillers Corp.-Seagrams 1 to $41 and Bank of Nova Scotia 1 to $33% while Placer gained 2 to $56. LIVESTOCK REPORT Calgary livestock CALGARY (CP) - Receipts to 11 a.m. today from the Calgary public stockyards show sales of about 1,000 head, mostly replacement cattle and calves, trade was strong and .active. The few slaughter cattle on offer sold steady for quality Quotation given are Thurs day's closing prices. Steers A 1 and 2 40.75 to 41.30 A3 39.50 to 40.50. Heifers Al and 2 38.25 to 39.20, A3 37 to 38 Cows Dl and 2 32.25 to 33.25, D3 30.50 to 32, D4 27 to 30. Good bulls 37 to 39. Replacement cattle were mainly steers weighing under 750 poun/s and heifers in the 550 to 700� pound weight range. Stock calves were mostly in the 400 to 550 pound weight range with all classes of replacements selling at fully steady to strong prices. Good feeder steers under 750 pounds 46 to 53, over 750 pounds 40 to 46. Good feeder heifers 36 to 42. Good stock and feeder cows 25 to 33. Good stock steer calves over 400 pounds 36 to 44. Good stock heifer calves over 400 pounds 40 to 47.50. Hogs sold f.o.b. Calgary to 11 a.m. average base price 46.70 Grain prices Winnipeg Grain WINNIPEG (CP) - Trading was heavy with prices generally higher at mid - session on the Winnipeg Commodity Exchange today. Exporters returned to the flax market with nearby futures up about seven cents but deferred months were still weak. Rapeseed continued strong on heavy commission selling and exporter and commercial buying. Prices ranged from three to seven cents above previous close levels. Domestic shippers were active buyers with locals and commission houses selling in oats and barley. Prices were about one cent higher. Rye was also slightly higher on some commission house buying. Thursday's volume of trade was 778,000 bushels of flax, 892,000 of rye and 3,095,000 of rapeseed. MID-SESSION PRICES: Flax: May 7% higher 5.83; July 1% higher 5.58%B; Oct. unchanged 5.22B; Nov. % lower 5.03B. Rapeseed Vancouver: March higher 4.11%A; June 3% higher 4.15A; Sep. 3% higher 4.12%A; Nov. 4% higher 3.85%. Rapeseed Thunder Bay: May 7% higher 3.92A; July 5% higher 3.89%; Oct. 6 higher 3.71B; Nov. not open. Oats: May % higher 1.20; July 1 higher 1.17%A; Oct. 1% higher 1.10%A; Dec. not open. -Barley: May 1% higher 1.52A; July IV* higher 1.52%A; Oct. 1% higher 1.52%A; Dec. not open. Rye: May % higher 1.55Y4B; July % higher 1.54y4; Oct. 1% higher 1.52%A; Dec. % higher 1.51A. Grain quotes Thursday (basis Lakehead): High how Flax May 575% 569 Jly 557% 555% Oct 526 520% Nov - - Rapeseed Vancouver Mar 413 394% 407% Jun 416 397% 411% Sep 409 389 409 Nov 381 368% 381 Clo�e 575% 557 522 503% Rapeseed Thunder Bay 384% 384 366% May Jly Oct Nov Oats May Jly Oct Dec - Barley May 150% 119% 116% 109 Jly Oct Dec Rye May Jly Oct Dec 152 151% 155% 154% 151% 372% 372 356 119 114% 107 150 150% 150% 149'/4 149 146% 384% 384 365 355 119% 116% 109 108% 150% 151% 151% 150 154% 153% 150% 150% MANAGERESS REQUIRED FOR LETHBRIDGE SELF-SERVE GAS BAR Unique opportunity for lady with supervisory experience to manage modern self-serve gas bar now under construction' in Lethbridge. Request for Application or Information writ* GULF OIL CANADA LTD. S. C. SPEARMAN P.O. BOX 5210 STATION t EDMONTON, AlBERTA LEGAL SECRETARY Required for . . . LAW FIRM IN THE CITY OF MEDICINE HAT, ALBERTA Apply to Box 16, Lethbridge Herald. Friday, March 2, 1973 - THf LETHBRID6I HERALD - 23 IiiiiiSIli: .* "* ,� ' yyyyy.-.y.\y.-.yy.-. .-.-.y.-.-.-s Furniture makers expect good year More office space Construction started this week on a $350,000, three-storey addition to the Professional Building in downtown Lethbridge. The addition, will add 25,000 square feet of office space to the 50,000 square feet in the present two-storey structure. The first floor of the addition is scheduled for completion In June. Precast concrete is ready for erection. Concrete posts now are being erected. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty. McCuaig Limited) LAST BID OR SALE 9.30 5.95 (11:00 a.m. Quotes) WESTERN OILS AND MINES Alta East Gas Almlnex Asamera Ashland BP Canada Brenda Mines Can South Cdn Ex Gas Cdn Homestd Cdn Ind Gas Oil Cdn Long Is Cdn Super Charter Oils Chleltan Dome Pete Dynasty Fort Reliance Giant Mascot Granlsle Gl Plains Gf Cdn Oil S Lochlel Lylton Mln Noble Mines North Cdn Oil Numac Pancdn Pete Pan Ocean Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Selbens Spooner Total Pete Ulster West Pete W. Decalta MISCELLANEOUS INDUSTRIES Acres Ltd Aqultalne BC sugar Ptd Block Bros Brlnco Cdn Brew A Cdn Brew B Cdn Pacific Inv Crestbrook ind (11:00 a.m. Quotas) (11:00 a.m. Quotes) Power company takeover denied Crowsnesr Ind Cygnus A Cygnus B Falcon Copper 11.37Va F and M Trust 13.50 Genctar 18.00 Home A 5.80 Home B 4.30 Hud Bay Co 3.95 Hud Bay Oil 7.65 Hud Bay A Pfd 9.37>/� Hugh Russell .31 Husky Oil 52.37'/i Husky Oil B 4.00 Husky D War Husky E War Inter Prov Pipe Inter Prov Steel 15.25 Kaiser Res Loblaw C Pfd Magnasonlcs Pacific Pete PW Air Rainier Inc Royal Trust St Maurice Cap Sandwell Teledyne 15.12Vj West Cdn Seed 14.75 Westfield Mln Weston A Pfd White Yukon 16.00 ASF Special 7.75 Cdn Invest 7.75 Col Mutual 14.37Vi Cmnw Inter 7.62'/2 Cmnw Lev 17.87Va Cmnw Vent 38.37Vj Corp Invest 37.25 Corp In S 2.9? F 5.22 5.72 4.68 7.73 15.75 17.31 4.10 4.51 8.11 8.91 6.33 6.95 F 5.35 5.87 19.87'/j Oreyfus F U.S. 11.86 13.00 48 50 Gr I" Shares 4.27 4.70 ao'oo Gr Equity 4,m Invest Gr F 20-87'/i '"vest Mutual 15.00 40.50 9.80 .36 3.70 10.00 32.00 9.05 2.90 2.25 1.35 6.35 16.00 4312% Mu,ual Ac I'nV Mutual Gr F 'OS kl.t Dae 8.55 10.50 1.30 .26 .65 .47 29.00 15.50 13.50 .58 7.00 .99 8.50 5.60 PIPE LINE STOCKS Nat Res N W Cdn N W Gr ,, Principal Gr Royfund M.50 Temp Gr United Ac 33.12'/j Universal Sav 10.87VJ Vanguard �fs CALGARY 1.20 Acroll 150 Barons Oil 475 North Continental 6 37VJ Western Warner V33 VANCOUVER �3.12'/j MINES 14.75 Afton 8,80 9.67 12.76 13.95 5.98 6.94 6.32 6.95 3.98 4.38 8.01 8.75 5.69 6.25 5.42 5.96 4.98 5.47 7.07 7.36 9.40 10.27 5.43 5.97 8.21 9.03 7.43 8.14 Herald Legislature Bureau ' EDMONTON - The Alberta government has no plans to take over Calgary Power, Environment Minister Bill Yurko told The Herald Thursday. However,, the minister said the electricity company was brought totally under provincial jurisdiction last year and 'the possibility exists that we could take it over." Alberta is the only province without a provincially-owned power system. 17.00 26.00 15.00 3.1 S 6.00 Alia Gas A Alta Gas Pfd Alta Nat Gas Inland Nat Gas N anl c Gas N and C B Pfd Pacific Trans Gaz Metro Gaz Metro A Trans Cda Pipe Tr Cda A Pfd Tr Cdn B Pfd Tr Cda War WC Trans WC Trans Wts 16.50 73.25 21.25 12.00 Atlas Explor Bath Norse Croyden Dankoe Davenport h'uia Dolly Verden 24.50 Equitcrlal Res 13.12Vi 5.12'A 68.00 39.25 71.37'A 41.00 9.85 20.50 3.90 Lornex Primer Sliver Standard Valley Copper INDUSTRIALS .71 .04'A .01 Vj .36 8.50 .51 .85 .06 2.05 .55 .36 .22 9.75 .35 .85 10.62V2 Capt Infer Col Brewing Hys Cdn MUTUAL FUNDS ^ ,BdUgIU 27.62'/j All Cdn Com 7.98 8.78 Albany Oils 33.00 All Cdn Dlvld 8.60 9.40 plains Pete 29.00 All Cdn Vent 4.21 4.65 stampede Intl Res 9.12% Amr Gr F 5.86 6.43 west Explor 2.70 3.30 5.62'/a .32 1.30 .26 .76 .06 yj Toronto mines, industrials (Supplied By Richardson Securities of Canada) LAST BID OR SALE (11:00 a.m. Quotes) (11:00 r.m. Quotes) (11:00 a.m. Quotes) 18.62 Va MINES Acme Advocate Asb. Akeltcho Bralcrne Broulan Bethlehem Brunswick Can. N.W. Land Canada Tung. Casslar Central Pat. Chlmo Conwest Cons. Rambler Coin Lake Cochenour Craigmont Dickenson Mines Denlson Mines Deer Horn D'Eldona Dome Mines Dcnalda Discovery Mines East Malartlc East Sullivan Falconbridge Frobex Flrjf Marltlmes Giant Y.K. Bovls Granduc Holllnger Hudson Bay M-S Hydra Ex. Iron Bay Isa Jcllet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langls Silver Madsen R.L. Malartlc G.F. Martin McNeely Maclntyre Meta Mldrlm Intern Mogul Nu West Homes New Athona New Calumet W. Horse Copper Noranda Northgate Norlex .17Vj Oslsko 1.25 Pine Point Placer Dev. P.C. Exp. Quebec Man Rayrock Radlore Rio Algom Roman Corp. Sherrltt Gordon Steep Rock Tek Corp. Texmont Upper Canada Western Mines Wright Hargreaves 1.30 Wlllroy 1.11 Windfall Yellowknlfe Bear .93 2.70 .35 16.50 4.70 6.80 1.56 12.75 1.42 1.35 7.50 3.20 .13 .58 6.50 3.35 32.00 .05 .45Vi 82.50 .25 1.05 2.50 2,95 71150 .28 .52 7.75 2.60 4.00 45.00 23.50 .29 3.75 2.75 .25 11.50 .30 42.00 3.20 .05 .73 .86 Zenmac .08 INDUSTRIALS Ablflbl Alcan Algoma Steel Atco Ind Atlantic Sugar Agra Ind Bell Tel Brazil Trac B.C. Tel Burns B.C. Forest B.C. Sugar Bow VeI Ind CAE Ind Cdn Brew Chemcell Ccl Cell Calgary Power Coron Credit C.W.N. Gas Pfd 11.00 Cdn Ind Cdn Marconi Cdn Vlckers Chrysler .17'/, c.P.R. 46.00 Comlnco .11 Cons Bath .12 Cons Gas 13.75 Dlst Seagrams 9.75 Do/n Bridge .21 Domtar .24 Dom Textile 3.75 Dom Stores 49.25 Dome Pefa 6.25 Dofasco .32 Cable .25 Glendale 32.12V1 Grt CDN Oil 55.50 Gen Motors 3.05 Grt Lakes Pp .12 Gulf Oil Cda 1.11 Greyhound .36 Hawker Sid 25.87V4 Hur 8c Erie 7.30 Hiram Walker Imp Oil Imasca Int Nickel Int Pipe Inv Grp A Int Utll Ind Accept Kaps .0BV4 Laurentlde 3.70 Kelly Doug A 16.75 2.05 4.25 .31 2.80 2.95 Loeb Loblaw A '1.25 Met Stores 24.121/3 Massey Ferg s.62'/, McMillan Bice 11.75 Moore Corp 6.00 Molsons A 12.50 Mclsons B 44.37ft North 8, Cent 19.62'A Power Corp Price Co 19.00 Rothmans 25.M St. Law Corp 2I.-2S Shell COA 32.i2'/4 Simpson's 10.75 S/mp Sears Steel of Cda Selkirk A Texaco Traders Grp A Trans Mfn Pp Trans fda Po 17.12V, Union Gas P 4.35 Union Oil Versatile Mfg Westeel Union Carb Weston's B Woodward's A West Cdn Seed Zenith Elec _ BANKS Cdn Imp Montreal Nova Scotia Royal Tor-Dom 5.50 4.20 2.85 29.50 1.75 13.50 33.50 16.75 30.00 19.03 18.00 41.75 33.50 19.00 9.95 14.75 39.50 26.50 11.75 8.80 73.00 21.75 32.12i/a 21.75 4.10 31.50 50.25 36.67'/i 31.75 32.75 26.62V4 11.25 23.50 19.62V4 9.00 12.62V4 8.00 4.70 6.25 24.00 20.25 29.37V 51.37'/, 27.00 28.00 11.12'A 11.50 15.00 14.00 19.50 52.00 32.37V, 48.75 34.00 14.75 65.50 19.62'A 21.75 38.75 11.87V, 17.00 7.50 29.75 18.50 22,12'/, 30.50 6.25 2.60 30.00 19.75 33.75 33.75 32.25 In reply to an opposition request, Mr. Yurko recently tabled correspondence between the provincial government and Calgary Power covering year long negotiations that brought the utility company under provincial jurisdiction last September. Simpsons net earnings increased TORONTO (CP) -Simpsons Ltd. reports net earnings for the year ended Jan. 3 of $22,-937,000 or $1.50 a share compared with $17,231,000 and $1.13 in the previous year. The 1972 figure includes equity in undistributed net earn ings of Simpsons-Sears Ltd., but not a non-recurring profit of $1,' 400,000 which boosts total earnings to $24,337,000 or $1.59 share. Sales increased 17.2 per cent to $392,889,000 from $335,197,000. Simpsons-Sears Ltd. reports net earnings for the year ended Jan. 3 of $26,252,000 or $1.61 a share, up sharply from $18,951,' 000 and $1.21 in the previous year. Net sales rose 16.8 per cent to $894,066,000. Previously the company was responsible in some areas under federal power regulations Calgary power is now entire ly responsible for matters like rate increases, water and land usage to the Public Utilities Board, said Mr. Yurko. There is no thought being given to government control of the company, he said because a large proportion of control is currently in the hands of Canadians. "We'd be concerned, though, if Calgary Power were controlled by a foreign corporation." The company owns water systems in towns such as We-taskiwin and other facilities that effect the public interest, said Mr. Yurko. By MIKE WILLIAMS TORONTO (CP) - Canada's furniture makers are faced with a problem most other industries only wish they had - too much success. The furniture industry, one of the fastest growing segments of the Canadian economy, expects sales this year to increase 15-20 per cent. But labor and material shortages, delivery delays and a 40-per-cent increase i n imports indicates that success may be the industry's biggest problem. All manufacturers say wood invetories are critically low and hardwood shortages alone are responsible for delivery delays up to six months. Roger Veilleux, president of the Canadian Council of Furniture Manufacturers, said recently the industry is expanding at full capacity but not rapidly enough to meet market demand. Some experts even predict a serious furniture shortage at the retail level by mid-year. RETURNS GOOD Gairdner and Co. is also optimistic about the industry's future and recommends that investors keep related stocks in mind for profitable returns. 'We are confident that the full earnings potential of selected companies within the Canadian furniture industry are far from being fully met," the investment firm says in an investment letter. It bases its beliefs on several indicators, including the recent Toronto furniture show. "Major retailers from across Canada were placing a flurry of orders not only to replenish inadequate inventories but also in anticipation of fumture shortages in late 1973." Gairdner says new housing starts "are maintaining their record high level of activity and augers well for the furniture industry." "Profit should accrue to b ot h manufacturerjB ' and warehouse-showroom retailers as a result of greater de- mand and quick inventory turnover." FUTURE PROMISING Most industry leaders also anticipate a five-year period of rising sales with factory shipments eaching $1 billion a year by 1978. But one of the major areas of concern for the industry will be a massive increase in imports from the United States. U.S. imports now are limited, but industry leaders are uneasy about the long-term effects of a cut in tariff protection to 10 per cent from 15 per cent as proposed in the recent federal budget. Furniture manufacturing, Canada's 15th largest industry, is clearly being restruc-ured, however, to meet the ever-irpreaBing demand, Mr. Veilleux says the sales boom will continue at least through 1973 'with a continuation of easy money, rising levels of disposable income and high levels of new housing starts." One of Gairdner's rr/am-mendations for investment is Leon's Furniture. Lewie Leon, president of Leon's, says he expects to double 1972 sales of $24 million by 1975. Recommended stocks and their approximate price levels are: Leon's $16.85; Gold Crest $8.75; House of Brae-mere $7.50; Sklar $10.60); Fleetwood $17; WCI Canada Ltd. $20.50; and Westingfaouse $25.50. Gold futures WINNIPEG (CP) - Gold futures, U.S. funds, Winnipeg Commodity Exchange Thurs' day. Apr 73 - 86.80B; Jly 73 -88.40B; Oct 73 - 89.60B; Jan 74 - 91.15B; Apr 74 - 92.35B. Wednesday's volume: 45 contracts. $50,000 grant RAYMOND (HNS) - The Raymond and District Agriculture Society has won a $50,000 provincial government agriculture grant. Dick Kinsey, president, said today the grant will be applied on the Raymond Ice Arena to make it useable 12 months of the year for a multitude of public functions. The arena will receive an artificial ice plant, bleachers and other improvements to make it suitable for fairs, horse shows, rodeos and other events of an agricultural nature. JVew? York stocks (Supplied By Richardson Securities of Canada) Amr T and T Anaconda Beth Steel Chrysler Comsat Duponf GM Gulf Int Harvester Kenn Copper Montgomery Ward 23.00 TORONTO AVMAtttl 108 75 M Indust 218.46 off 1.96 A, 20 Golds 238.32 up 3.1* 88.62V3 io Base Met 102.53 off .04 23.75 15 W Oils 244.73 Off 3.41 �7c Volume 945,000 NEW YORK AVIRAOIS 22-00 30 Indust 949.80 up .15 23.87Vi 20 Ralls 190.89 off .85 Westlnghouse Elec 36.62Vi 15 Utilities 111.23 off .25 U.S. Steel. 29.75 65 Stocks 298.91 Off .40 49.25 22.75 Sears 27.62Va X-Ron 33.87'/, Texas Gulf 53.00 Texas Co 171.00 Wicks Corp 72.8714 Woolworth 25.25 33.00 27.371/4 Gen Tel Elec 27.6216 Volume 8,330/000 Hog prices EDMONTON (CP) - Average prices to 11 a.m. today provided by the Alberta Hog Producers Marketing Board. Edmonton: 45.75, average Thursday 48.00. Red Deer: 47.75; average Thursday 47.19. Calgary: 47.70, average Thursday 47.32. Lethbridge: Nil, average Thursday 47.77. Lloydminster: Nil, average Thursday 47.33. Fort Macleod: Nil, average Thursday 47.90. Total hogs sold 695, total Thursday 7,481, average 47.78. Sows average 36.45. Beef futures WINNIPEG (CP) - Live beef futures close Thursday. Mar - 41.80A; May - 42.90; Jly - 42.70B; Sep - 41.25A. Wednesday's volume: No contracts. WANTED HEAVY DUTY MECHANICS Mechanics with experience on open pit mining equipment or heavy duty machinery are required Immediately for a new open pit mine In northern Manitoba. Permanent employment with excellent opportunities for advancement. Housing available after waiting period. Self and family covered by Manitoba Medi-Care Green Shield Prescription Plan, Dental Plan and Group Life Insurance. Liberal vacation schedules and pay. --'.^ � Apply In writing lo: SHERRITT CORDON MINES LIMITED EMPLOYMENT SUPERVISOR LYNN LAKE, MANITOBA ROB OWO LASSITER KUMA OILS LTD. Lists Shares on the Toronto Stock Exchange The common shares of Lassiter Kuma Oil Ltd. (Ticker Symbol LKO) were posted for trading on the Toronto Stock Exchange, Friday, February 23, 1973. A total of 2,445,876 shares have been listed. Attending the ceremony were from left to right Mr. Harry O'Donnell, director of lassiter; Mr. Lester Lowe, Vice-President, Stock List, The Toronto Stock Exchange and Mr. B. C. Tanner, President of ihe Company. The ceremony was highlighted when Mr. Tanner, an Alderman of Edmonton presented Mr. Lowe with a pair of cufflinks bearing the Coat-of-Arms of the City of Edmonton. The company Is involved In oil and gas exploration In the Canadian Arctic. The company's acreage position, which Is all on land, includes some of the most interesting structures in the Canadian Arctic Islands. These structures are chiefly on lands farmed out to Panarctic and figure actively In the current exploration program. In December 1972, Lassiter Kuma concluded a 4.6 million dollar agreement with Atlantic Richfield involving some 700 thousand acres on the south end of Ellesmere Island. As a result of this agreement, seismic activity is slated In this area during the current year.