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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 7, 1973, Lethbridge, Alberta 20 THE LE1HBRIDGE HERAID Wednciduy, Worth 7, 1973 TSE gold stocks doivn; others up TORONTO (CP) is- sues on the Toronto stock mar- ket dipped moderately lower while prices in most other ma- jor sectors remained strong in active mid-morning trading to- day The industrial index, consid- ered a major indicator of mar- ket trends, climbed .80 to 224.45, base metals .'.0 to 102.38 and western oils 1.38 to 252.09. Golds were down 1.33 to 228.43. Volume by 11 a.m. was 000 shares, up from at the same lime Tuesday. Advances outnumbered de- to 511% and Nowsco Well Serv- ice Ufe to On the Canadian Stock Ex- change, New Insco Mines was up seven cents to on shares. clines by almost Lwo-to-one, 166 to S6, wi Lh 173 i ssues un- changed. Merchandising, oil refining, pipeline, industrial mining and general manufacturing is- sues led the advance while bev- erage, communiouion, real es- tate and trust and loan stocks turned lower. Falconbridge was up lo Travehvays Ltd. to Mclntyre 1 to 552, Scurry- Rainbow Vs to Sherritt Vi to and Inco to Gulf Oil gained Vs to In- dustrial Adhesives Sklar Manufacturing Vi to Bell Va to and Alcan to Victoria and Grey Trust lost V? to Canadian Superior Oil Vz to United Siscoe Mines 25 cents lo Hayes Dana Va to SlOte and Dawson Develop- ments ?8 tO NEW YORK aid for a winter's supply vould then pay price of electricity might rise 34 per cent by 1978, ncreasing an average monthly bill of by PREPARING NEW POLICY After ignoring years of warn- ings, the U.S. government wakening to the problem. President Nixon is to unveil a new energy policy soon. Informants say Nixon's new policy will make sweeping changes. They predict it wi! call for higher prices for crude oil and crude oil .products, de control of at least some natura gas prices, an increase in im port quotas and a new offshore oil leasing program leading t drilling off the Atlantic coas for the first time. The message is expected t propose opening more govern ment lands to oil exploratio and more funds to develop ne1 energy sources from sue tilings as nuclear, solar an geothermal power. It also is ex per ted to endorse a centralizec authority to manage energy po Quoits) LAST BID OR SALE Quotes) Rapeseed Thunder Bay: May de' In St 6.01 6.M 3.10 5.25 5.75 t.76 7.42 15.4517.20 4.0B 4.48 7.97 8.74 6.40 7.0! u-s> THl 13-J 50.00 43.00 21.25 7.00 8.70 10 00 Husky E Wai 32 Inter Prov Pipe 3.90 Inler Prov Sleel 15.25 10GO Kaiser Res 2.40 Lobfaw C Pfd 30.50 9 00 Magnasorjlcs 14.00 3 ID Pacific Pete 34.25 1.80 P W Air 10.87'A 1.37 Rainier Inc 4.75 Royal Trust 16 75 St Maurice Cap 1.10 1S.37V2 Sandwell 4.SQ 15.00 Teledyne T 40 Weil Cdn Seed 53 West Min 1.30 SS Weslon A Pfd 63.00 47 White Yukon 14.75 Ranger PIPE LINE STOCKS Scurry Rain 15J7Vz Alfa GBS A 16.50 Seibens 14 DO Alta Gas Pfd 73.25 Spooner ,fft Alia Nat Gas 21.25 Total 7.45 Inland Nat Gas 17.00 Ulster 103 N and c Gas Ulster N and C B Plil 2100 West pete 8.37Va Pacific Trans 13.00 V.' Decalta 5 to Gad Melro 5.15 Gai Metro A M ISCELLANEOUS Trans CtJa Pipe Shares Gr Equity Invest Gr F Invest Mutual Mutual Ac Mulual Gr F Nat Res N W Cdn Gr Temp United AC Universal Sav Vanguard 7 CALGARY 12.74 13.5S 5.93 4.W 6.34 6.97 4.12 4.53 8.13 B.B9 5.77 6.34 5.SI 6.09 5.51 7.15 7.44 9.17 10.02 5.53 6.13 fl.35 9.M Vatican asked to give up profit Norlh Ccnttnenlal West Warner VANCOUVER HJ" MINES Atlas Explor IJ7S Bath Norse Croydeti Danlcae ;rt .01V? .32 9.75 .33 .20 INDUSTRIES Tuesday 40.43. Lcthbridge: Tuesday 49.86. average N i 1, average Fort Macleod: Nil, average 50.00. Total hogs sold 5M, total sold Tuesday average 48.98. Sow's average 35.90. Livestock Macleod livestock FORT MACLEOD On offer at Fort Macteod Auction Mar- ket last week were cattle and calves. Dry fed steers and heifers re- mained steady with good de- mand in all classes. All classes of stockers and feeders remain- ed strong. Choice steers 4142; choice hefiers 37.75-38.30; good cows medium cows 28-30; good bologna bulls 33-3G. Good siiort keep steers (900- pounds) 4244; good short keep heifers (825-925 pounds) 35-39. Good steers (650-825 pounds) 48-51.50; (500-600 pounds) 50- 53; (400-500 pounds) 55-59; good heifers (600-700 pounds) 35.7540; (400-500 pounds) 45- 49. Top quality ranch heifers and cows medium to light- er kinds Calgary livestock CALGARY (CP) Receipt's lo 11 a.m. leday from the Cal- gary public stockyards show sales of 900 cattle and calves, mostly slaughter cattle and r.eavy feeder steers. Trade active. Slaughter steers sold, 25 cents higher. There were insufficient Acres Lid Aqultaint BC Susar Pfd Block Bros Brlnco Cdn Brew A Cdn Brew B Cdn Brew B Tr Cda A Pfd 17 75 Tr Cda B Pfd Tr Cda 1500 WC Trans WC Trans Wfi 3SS i.CO 77.25 32.50 32.50 VJ.OO 40.00 10.00 4.15 Fcuiiforial Res Lornex Primer Pyramid Silver Slaodard Valley Ccgper INDUSTRIALS Capt Infer 2.60 ColumbJ.i Brew 3.00 Hys Cdn 6-00 Key indust .37 OILS Albany Oils MUTUAL FUNDS Albany Oils All Cdn Corn 7.9B fl.72 Plains Pele .26 All Cdn Divid 3.W 9.JO STampfide Intl Res .W All Cdn Vent West Explor .07 Toronto mines, industrials (Supplied By Richardson Securities of Canada) Qustes) LAST BID OR SALE r.m. auoles) (11 LOO a.m. Quolei) By EVERETT IIOLLIS New York Times Service VENTURA, Calif. Small, faniily-built industrial firm here, to learn that the Vatican has quietly acquired an interest of nearly one-fifth of its stock, is trying to persuade papal authorities to surrender the short-term profits of their speculative splurge. Carl F. Huntsinger, president of Vetco Offshore Industries, Inc., reports that negotiations have been opened with the Vati- can's legal representatives seeking to recover "short swing" profits realized from the church's heavy dealings in Vet- co stock and call options. The Vatican's speculation in Vetco stock over a two-year pe- riod was brought to light this lest week when the securities and exc h a n g e commission cracked down on Irving Bisen- berger, a former Los Angeles liquor salesman turned finan- cial adviser, who handled the Holy See's acquisitions with broad discretionary power. Vetco's claim is being pur- sued under section 16-B of the securities and exchange act o 1934 which regards as an "in sider" anyone controlling more than 10 per cent of a corpora tion's stock. Profits from short term trading by such insiders must be returned to the com pany. ESTIMATOR for General Contractor Developer In Calgary Preference will be given fo applicants con demon- strate successful experience in varied general conslruc- tion Including light engineering work. Written application complete resume, references, salary expected and availability should be sent to; CASCADE BUILDERS LIMITED 2nd Floor, 912 6th Avenue Calgary, Alberta, T2P OV6 ATTENTION: Mr. R. N. Jack. Arfvocale Asb. Akaltcho Broufan Bethlehem Can. N.W. land Canada Tung. Casslar Central PaT. Chimo Ccnwest Cons, Rambler Coin Lake Ccchenour Craigmont Dickenson Mines Danlson Mines Deer Horn D'Eldona Dome Mines Donalda Discovery Mines Easf AAalartlc East SuljEvan Falconbridge Frotex First Maritime: Giant Y.K. ivls 2.65 .34 16.75 4.90 2.00 17.75 l.M 1.37 7.05 3.40 .13 .50 A.50 3.15 33.TO .06 Ncrthgate Norlex Oslslco Pine Point Placer Quebec Man Rayrock Radiore Rio Algom Roman Corp. Sherritf Gordon Sleep Reck Tek Corp. Texmonl Canada .33 .23 DoFasco Gleodale Gr-t Cdn Oit 55.75 Gen Motors ,17 Gt Lakes Paper ).13 Gulf Oil Cda ,35 Greyhound Hawker Sltf 8.35 Hurcn Erie Hiram 3-00 Imp Oil 4.35 Imasca .M Int Hicke] Upper Canada 7.E.O Int Pipe Western Mines 7.84 Inv Grp A Wright Hargreaves 1.10 Int Util Willroy 1 10 Ind Accepf Windfall .GBV? Kaps Yellowknlfa Bear 3.70 Lsurentlffe Zenmac .03 Doug A INDUSTRIALS Abitibi slaughter heifers on offer to grades of Bulls were 7.60 2.85 Algoma SI eel A1co Ind Atlantic Su Aora Ind Bell Tel Brazil "irac B.C, Tel ar Granduc Hollinger Hudson Bay M-S 33.75 Hydra Ex. .17 Bay 3.75 2.71 11-35 Mel Stores 25.00 Massey Ferg McMillan BJofl 11.75 Moore Corp 6.15 Molsons A 12.62'A Molsons B 44.37V? North v Cent Power Corp 54.25 price Co 19.75 Rothmans 3150 st. law Corp Shell CDA 33.12V; Sfmpson's 11.00 Simp Sears steel of Cda 'irk A quote prices. All cows sold stcaciy. steady. Steers AL and 2 41 to 42 with the odd sale higher, A3 40 to 41. Heifers Al and 2 38.25 to 38.90, A3 37 to Cows Dl and 2 to 33.25, D3 to D4 27 to 31.50, D3 31.50 to 32.25, 39.50. Replacement cattle were mainly heavy feeder steers sell- ing to local and export orders at 41 to 42.50. Good feeder steers more than 750 pounds 42 to 47. Good feeder heifers more than 750 37 to 43, A few stock steer calves more than 400 pounds 52 to 57. A few stock heifer calves more than 400 pounds 46 to 50. B.C. Forest B.C. Sugar Bow Vel Ind CAE Ind Cdn Brew ChemcGlI Jollet Quebec .27 Col Cell ,Kerr 11.75 Calgary Power Tracfers Grp A Key Anacoo Ccron Credit >.7S Trans Mtn Pp 42.00 Gas Pfd 3.15 Cdn Ind .05 Cdn Marconi .67 Cdn Vfckeri .B? Chrysler C.P.R. 51.50 Comlnco .10 Cons Bath .13 Cons Gas 14.75 Disr Seagrams 10.50 Dom Bridge .18 Domlar Labrador Lake Shcrc Lanqls Silver Madsen R.L. rUalarNc G.F. Martin McNeely Madntyre Mela Midrim Tntem Mcguf Hu West Homes New Athona New Calumet Horse Copper Noranda ll.UV 17.00 4.35 3i.75 Trans Cda Pp Union Union Oil Versaflle Mfg Union Carh 17.62V2 Weslon's B 31.00 Woolward's A 70.25 West Ctfn Seed ZenHh Elet 41.00 BANKS 3.1.00 Crfn Imp 20.00 Montreal IB. 50 12.00 7.00 21.SO 4.00 32.00 37.11! fa 11.50 w.oo 8.00 4.70 SI .12% 27.75 28.M 16.M 19.50 32.50 32.10 14.00 M.75 TO.un- 21.75 3T50 17.3S 7.50 IS. 00 22.00 20.JO A.SO 2.S5 Hereford sales break new ground CALGARY (CP) Hereto sales at the Calgary bull sal broke new ground this yea with the highest average in 7 years. Three hundred and forty on horned Herefords sold for 25 or an average price of 01.54 each. Last year 314 horn- A Herefords soM for an ave age of each. An Irish government buyin earn bid successfully on sr Alberta bulls. The bulk cam rom the farms of Gordo Church and Stan Jones of r.j zac, Hanson, of Calgarj Teter Rosgen and Will Evans of Three Hills and Bob Collins of Fenn. Heaviest buyer at the sale was the Rock Creek Cattle Co., of While Sulphur Springs, Mont., who took 50 hulls aver- aging A total of 125 bulls went to United States buyers. Dom Stores Dome Pefe j Royat Tor-Dom 34.00 33.53 Yorfc stocks (Supplied B; Hicliardson Securities of Canada) Amr T end T Anaconda Bclh Steel Chrysler Comsar Dupont Gulf Int Harvester Kenn Copper 50.35 WAlVi Golds 728.33 off l 38-" Texas liro olls "P Texas Co 34.JO Volume SSiSin" NEW YORK AVERAGES 172.M Wcslinghouse Elcc 37.M 11 Indusl H3.M M 5.0 73.55 U.S. Sfeel 31.75 ?0 Raiis 195.4? up 35.75 Gen Tel Elec 29.50 15 Utilities 111.10 off .06 34.62V] TORONTO AVERAGES Stocks 305.10 .74 29.12Vi20 Indust m.M Up .31 Voluma The Vetco linn, which manu- clures offshore gas and oil rill ing equipment, employ bout 900 persons and has had hat Hunfsinger describes as a cy, a task now handled loosely y 65 federal agencies and de- artments, .each fulfilling its wn narrow mission. No one may be completely alisfied. Consumers won't like ligher prices on gasoline, heat- ng and electricity. Environ- mentalists won't like more oft- here drilling and new refi- neries and deep ports for super- tankers. Many oil companies won't like increased oil imports and probably closer government scrutiny oE their operations. White House aide Pcier Flarf- an said the president's mes- sage, still under .development, will be a compromise. "Everylhing must give a security, envi- ronmental quality and Flanigan said. GROWTH THREATENED The alternative might be a deepening energy crisis ham- pering U.S. economic growth. The petroleum industry some congressmen have warned of a possible summer gasoline shortage unless something is done. This prompted govern- ment updating of emergency fuel distribution plans and raised talk of wartime-style fuel Nixon's plan is designed to head off. Natural gas, cleanest and most convenient of fuels, may be the first to be exhausted by the U.S. Since 1968 the country has been using natural gas twice as fast as it has been finding it. The forecast is that unless new reserves are found, the supply will be gone within a few years. Proven U.S. oil reserves. In- cluding the rich Alaskan fields whose production awaits build- ing of a controversial pipeline, are estimated to equal only a lO-lo-12-year supply at current rates of consumption. Potential reserves, including those off the Atlantic coast, might increase dramatic" an an- cipated 60 per cent increase -us year over 1972 revenues of _3 million, The he said, may ave reaped several hundred lousand dollars in profits rom its speculative, quick- umover dealings involving early Vetco shares alued at about million. lose to 6 million shares of the ompany's stock are outstand' ig, distributed among some shareholrlers of record. "We make every effort o achieve an amicable solution and recover for the company jiy short-swing pi-ofits made y the Vatican or by any of he other parties involved if, in act, those profits were realized n violation of federal security Huntsinger said. The S.E.C. accused Eisen- >ETger and a limited partner- ,hip which he Associates of owning more lian 5 per cent of Vclco stock vithoiit .making the required public disclosures of the fact. Eisenberger and Able Assocl- rles were barred by the S.E.C., under a consent decree, from option trading in Vetco or any other stock. From the commission's com- plaint, it developed that Eisen- >erger and Able Associates, since April, 1971, had bought up Vetco shares and had acquired interest in another shares on call options, amounting to 27 per cent of the company's stock. Nearly three-fourths of the acquisitions, involving nearly 20 per cent the company's outstanding sLock, pur- the supply lo BO years. Current use is expected to triple by the year 2000. But the U.S. has an abun- dance of one-fifth and one-half of all the recov- erable bituminous coal and lig- nite believed to exist in the world, or about 1.9 trillion tons. Expert say that's enough to supply all U.S. energy needs for perhaps 500 years. COAL HAS PROBLEMS But coal's rolo is severely limited by environmental prob- lems such as strip-mining and by pollution problems caused by its high sulphur content. Tech- nology is seeking ways of low- ering the sulphur content and to extract gas from coal, tut so far the processes tried are too expensive. Senator Henry M. Jackson (Dem. chairman of the Senate interior committee, says that under the circumstances there seems to be no alternative to a sharp increase In oil im- ports. He noted that in 1972 the U.S. imported 27 per cent of the oil consumed in the country. This year it may be 37 per cent and by 1980 the figure may rise to 55 per cent or more. Thus, sizable amounts of oil will be coming from the politi- cally volatile Middle East and North African countries, which now supply only about four per cent of U.S. needs. In addition to political dan- gers, there's the prospect of a S20-billion increase in the U.S. import bill, a huge entry on the debit side of the ments ledger. Import quotas were adopted by presidential decree in 1959 chased for fiduciary investment services A. G. of Rome, acting for the Institute Per Le Opere De Religione, a department of the Roman Catholic Church which manages Vatican Invest- ments in many parts of the world. By the spring of 1971, when Eisenberger began committing Vatican fimds to Vetco stock, its price had nearly doublet! and it continued to rise almost steadily until trading was halt- ed last week. on national security grounds. Unrestricted imports, officials feared, would hook the country on foreign oil supplies and hurt the domestic industry. The ac- ual effect was to keep domestic prices higher by denying U.S. consumers the benefits of lower prices for the impored product. To help ease this winter's energy shortage, Nixon sus- pended quotas on light heating fuel until next April. That may have signalled the beginning of the end of the quola system. Beef futures WINNIPEG- beef futures close Tuesday. Mar 41.80A; May 42.90- N; Jly 42.70N; Sep 41.25N; Nov 39.00A. Monday's volume: Ore con- tract. TOO FAT, SUICIDE3 TOKYO {Renter) A 19- year-old girl, apparently wor- ried about being fat, jumped 161 feet to her death from a hotel here Monday, police said. Gold futures WINNIPEG (CP) Gold fu- tures, U.S. funds, Winnipeg commodity exchange Tuesday. Apr 73 83.10B; July 84.55B; Oct 73 85.80B; Jan 74 87.00B; Apr 74 88.20B. Monday's tracts. volume: 14 con- Dollar Value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon today up 3-50 at 39-50. Pound sterling up 1 1-5 lo 71-100. In New York, the Canadian dollar was down 3.50 at 51.00 11- 50. Pound sterling up 1 1-10 at THE REGULAR MEETING of the Dr. F. H. Mewburn O.B.E. Chapter, I.O.D.E. will be held at the PEMMICAN CLUB Thursday, March 8, at 8 p.m. ;