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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 21, 1972, Lethbridge, Alberta Moreli SI, W5 THE IFrHBMDGt HERAIO 19 Sett orders force stock prices drop TORONTO (CP) An influx' at sell orders forced prices in most major sectors of the To- ronto slock market starkly lower in moderate mid-morning trading today. The industrial index fell 1.24 10 1S9.M and western oils 2.22 to 220.43, Base metals were un- changed at 93.02 and golds were up .21 to 179.35. Volume by 11 a.m. was shares, up from at the same lime Monday. Declines held a wide margin over advances, 138 to 85, with 226 issues unchanged. Banking, industrial mining, 011 refining, steel, utility and merchandising issues were among 13 of the industrial in- dex's 17 sub-groups which moved lower. Communication, general manufacturing am1 paper and forest stocks edged fractionally higher. Bow Valley dropped to Si Texas Gulf Sulphur sa (o tarnation: i, Numac to SlS'.i, Font declined Seasons Hotels 'A to S18 ami Al bcrla Eastern Gas 30 cents to 56.80. Algoma Central xvas down to Slelco 'i to Northen and Central Gas to Slier ritt to and Asamcra to Peoples Denarlnienl climbed Vi to Dome Pete Vi to Fedora! IMV..I Patino 3i to Impe- rial Oil >s to 5333s and Matta- gami >4 to TRADE MONTREAL dropped sharply in most sectors in light morning trading on the Montreal stock market today. Industrials lost 1.51 to 204.69, the composite lo 202.41, util- ities 1.34 to 1D3.32 and banks .32 to 255.82. Papers remained un- changed at 88.53. Combined volume on the Montreal and Canadian stock hange, Magnetics lost 70 cents o 95 cc'nis, Beigium-Standard SIB and AIS Resources W iLs to S6. Malartic Hygrado ose 20 cents to RICES TUMBLE NEW YORK (AP> Stock narket prices tumbled in heavy rading today against a hack- rop of uncertainty about the in- ernalional currency situation. The noon Dow Jones average of 30 industrials was off 10.5D at 130.70. Declines led advances on he New York Stock Exchange >y nearly 6 to 1. Analysis said heavy profit :aking was partly in response to anxiety about the currency situ- ation stemming from a news re- port that U.S. officials are hinl- of a further delay in dollar devaluation. Among Canadians. Distillers Seagrams advanced to Walker Goodertiam declined -'a to Alcan at and In- ternational Nickel at 533H both Canadian Pacific off ?'s to and Massey ''oiTthe' American Stock Ex- change, Bi-ascan Ltd. declined Vt to Oil sands firm seeks extension EDMONTON (CPP) Great Canadian Oil Sands Ltd. has asked tile provincial govern- ment for an extension of royal- ly remissions for its Athabas- ca sands extraction plant in lorthcastcrn Alberta, Bill Dickie, minister of mines and minerals, told the legislature Monday. The plant, first commercial venture in the sands, has run into probleni.i and the American-owned comoany has lost more than million since 1S87. Investment in HID operation, which is licensed to piB'Utce barrels of syn- Ihotic crude oil a day, has risen to more mil- lion. In 1970, Ihc previous Social Credit government reduced plant's royally rate by 50 per csnt far a three-year to March 31, 1873. The federal government also helped out. by rebating million sales taxes. Mr. DJckie said Great Cana- dian now has asked Ihc prov- ince's new Progressive Conser- valive government lo extent! Ihe royalty remission for two years, starting next July 1. He taid ths company's appli- cation is being investigated ar.d a decision will be made Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied hy Dohcrly, McCuaig Limited) LAST UIO (ill SALE B.I WESTERN OILS Ex Gas HcT.esIci Ir.d Gai i.ES 7.00 17.50 -5.60 7-FO j.SO fc.30 Gt Plains G! CJn Oil North Cdn Oil 10.CO 33.50 A 25 Musky Oil Musky Oil B Huiky Oil War Inter Prov Pipe Ir.lcr Prov Kaiser Res tViGT Mnrsagtt Pacific Pete Rainier i Telctlync Cdn E.CCJI VJhlte Yukon 16.50 a.m. Invesf Mutual Mutual Ac Mutual Gr i" Fin Quotei) 581 i.35 5.81 yn 634 7.34 Tiro-price ivheat system payments to start in tl W Gr 31.75 t.CO Gr p Gr 'd Ac cr'al Sav 8.C9 luard 11.48 17.53 ,v Venl 7.3J VANCOUVER MIMES Decaltd PdG 10.3 MISCELLANEOUS INDUSTRIES Aquataine North com .m West Warner 50 PIPE LINE STOCKS Allj Gas F'fd Alta Nat Gai Inland Nat Gas W and C Gas II ar.d C U Pfd F1 Trans GJ! Metro Gai r.'.'Jro A Trcns C'Ja Pins Trans COa B 12.75 70.CO Arctic Mining Atlas Explor Elalh tJortfl Brer.da B rye c.i Ciiurr.liill Crcytien Giant Mascot Grnnislc Lcrncx Lytton Miners .12 .J8 1.21 s.yj .JO War f.'O Drinco Cdn Cdn Pacific Inv Cygnvs B Hom Hom Hud Bay Co Hud Bay Oil Hud Bay Oil Pld Hugh Russell 5 75 35.50 36.50 d.GJ 6 25 19.CO 43.00 52 50 77.371': MUTUAL FUNDS INDUSTRIALS ll OJn Com 8.67 Blcck 3.10 ll CcJn Divid JO.i? D.C. Sugar 71. CO M CJn Vent i. 0' J.45 B.C. EvJgar Pfd 1575 mr Gr F 6.J3 7. .54 Cap! Inter 6 12 GF 3.-! 2 Cre-ilbrwh F Ind '.75 S 01 5.50 Hys 3.CO A'ul al Cmnv Ccrp Ccrp In St Dreyfu 7 51 I l-i.52 15. 9A Inler 3.67 O5 Key 610 6.67 Pacific 5.IJ 5.73 Si.impede Inll 3 E5 F U.S. 13.32 OILS .5 3.45 Albany Oil Gr F.quity 7.39 8.13 Plains Pete Invest Gr F 33.17 V.'cst Explcr Grain prices Winnipeg Grain WINNIPEG (CP) Most commodities were selling high- er at mid-session of the Winni- peg Grain Exchange today. There was a tightness in the nearby futures and buyers were bidding the market up to get Ihe grain. Volume of trade Monday in- cluded bushels of flax, bushels of rye, Vancouver rapeseed anri 000 Thunder Bay rapeseed. Mid-session prices: Flax: May S'is higher 2.87; Asked if Syncrude Canada ___ received per- mission to build a second ex- traction plant in the ares, will get the same break cm royal- ties, Mr. Dickie said Uie mat- ter is bemg rooked into and (iis- cussions v.ill be held wilh Syn- crude. Toronto mines., industrials (Supplied By Richardson Securities of Canada) LAST BID OR SALE e.m. Oucies) (11-03 a.m. O1 MINES Point ,34Vj Plater Dev. P.C. Exp Man Rayrodf 3 Radlprt' Rio Roman' Ccrp. Sherritf Gc.rdcn Silver Wilier Sleep Reck Tck Ccwp. Mr. gested bear Diefentiaker then sug- that distribution might a relationship lo the of "metaphysical musings" Prime Minister Trudcau re- garding (he of the federal election. !le was ruled to order by Speaker Lucien Lamoiircux. By PAUL JACKSON Herald Ottawa fim-caii OTTAWA The federal gov- mnienl should start distnlm- ion of some million under Is two price system for whcal .rogram in April, Justice Min- ster Otto Lang announced Monday. Mr. Lang, minister responsi- ble for (he Canadian Wlieat 1c-ardt also confirmed that Uic: mulli million dollar bonanza ior Western farmers is not likely to be just a one-shot af- fair. The minLster made the an- noimccment in House EDMONTON fCP) Metlv Conr.nons following questions i ods used by the National En raised by John Diefenbakcr! orgy Board (o determine Can Albert, .saitl j ada's natural gas requirements Mr. Larg has said three weeks! arc unrealistic, Rill Dickie, payment m Maximum payment under ttx system will be slightly more than 5500 ami the average slightly more than Payment under (he plan tor the I'irsl. year will be made on ;m acreage basis in Ura West, and on a record of previous de- liveries ill the East. Energy board's method on gas exports rapped dales announced shortly. "Naturally, the farmers would be minister of mines and min- erals, said in the Albevta leg- out perial exchanges was siisres compared with at the 2.76. same time Monday. On the Montreal Stock Ex change, Husky Oil lost to ?17, Alcan :-'K ESoel Co. of Canada to SSl'.'i, Pscific Pe- troleum '.b to SSZlj, Imperial Oil H to Distillers-Seagrams July 2U higher Oct. higher Nov. 2'.i higher Kapeseed Vancouver: March "i to and Bell Canada '.'2 to Holluigcr gamed Vz to Pome Petroleum to Laurenlide Finaitee to and Westlnirne to On tha Canadian Stock 1's higher Juna higher Sep. higher Nov. 1 lower Rapeseetl Thunder Bay: May higher 2.5LVi; July un- change d Oct. un- changed Nov. not open. Oats: May tine hanged July and Oct. not open. Barley: May unchanged 1.09Vi; July unchanged i.ODVi; Oct. not opcii. Rye: May 1 hifiher Oct. higher 1.01 Vj. Grain quotes Monday fbasi.s ByGene Fawcette MODERN SCULPTURE IS HELP- ING CLEANSE ENVIRON- MENT. A N.Y. AR1IST IS SET- TINS AFLOAT HIS BUOY-LIKE CREATIONS, WHICH BY DRAW- INS POWER FROM THE WIND AND SUM Will CONTINUE TO FILTER AND PURIFY THE WATER WHILE DR1FTIN3 FREELY... e High Lo Close Flax May Jly Oct Nov Mar Jim Sop Nov May Jly" Oct Nov Oals May Jly Oct May Oct Rye Mnv 282 276 2761; 230 274 'i 274 '.2 275 273s j cKeeil Vancouver 270A, 235' 2 260 '.i 2573i 25Gss s 25'J'.i 265 257 256" 5.i3'. Thinnler Day 252'. i 215 1 i 246 a 2-18 70 109'i Marketing program announced OTTAWA (CP) Agriculture Minister H. A, Olson announced Monday t hat his department plans to start co-ordinating in- formation in the food industry lo encourage better marketing. Mr. OLscn reporters the department will set up a central 22-man body a cost of that" will seek informa- tion from various agricultural producers, trjinaporlcrSj whole- salers and what caji and should b? produced to best meel market demands. The minister said representa- tives of these sectors will be asked to co-operate in achieving whatever the co-ordinating body finds to be tha best over-all for- mula to satisfy domestic and export markets. Most retailers, for instance, might offer advice on how strong tbsy foresaw the beef market being in the future, and what types of beef would bs most in demand. Farmers would indicate wha! thsir production plans were. Re- searchers would offer whatever new possibilities migJit be open to satisfy the predicted demand such as switching to differen breeds or ising different ap pi-oachcs to feeding. The minister said the new de- 4J.nVi sears 18-50 Std Oil Li Texas Gulf 32.37V? Texas Co V.'icKes Cc 165 75 83.37 Ik. CO U.5 23.75 27.37V) d n id Indu !11-00 B.m. Quotes) Fd of Anier Gt Cdn Oil Gen Motors Gt Lates Pap Gulf Oil Cda Greyhountf Hawker Efrf Huron, Erie 17.25 3B.CO IE 25 1.1S IS. CO !nr Nickel Inr Pice Inv Gp A !nl Utilities Indus! Accept Laurentide Kelly Doug A 1-ceb A f.'.elro Stcrcs Wassey Ferp 21.00 McMillan l-i.t2 Corp 11.25 A Motions B NcrJh, Cent po-.vcr Corp Price Co Rolhmans S! Corp Shelf CDA Simpson's Simp Sears 51 ci Con A Texaco Traders Gp A Trar.i Win Pp Trans Can Pp i Gas Ur.icn Verratsle IS 25 Union Car 25.37'': Wcstcn's B 9.1213 A 13.12'j '.Vest Cdn Sd 23.CO Zenllh 1! CO BANKS CO Con Impsrial 14 Wi Mtnlreal S3.50 Nova Scotia IS-IJVa Tro-Dorn 33-37V'a 33 .dO 34.00 10.00 19.50 5.E7VJ 3.85 fi 55 17. CO 13.50 42.151' 1J.O1 10.12'b 7.50 islature Monday. In turning down export appli- Dickie sairl during the budget debate, the board found sup- plies of Canadian gas were 1.1 trillion cubic feet sliort oi re- quirements. Tne hoard based its decision, lie said, on the fact that long- term requirements in Sas- who arc approaching spring work are anxious t.o; catioiis iast November, Mr. know when they are going to; get t'w said the Saskatchewan MP. SFr. Lang said Mr, Diefcn- baker was mistaken. The min- ister had simply said the meth- od of payment would be an- nounced shortly as it was. But in any case, said Mr. Lang, ac- tual distribution of the funds "fcr the first lime11 would be in April. "I don't quite understand the meaning of 'distribution for the irsl time.' is the mean- of those asked iMr. Diefenbaker. Replied Mr. Lang: "I p.m talking about this year's pay- ment." tion in Alberta. In the absence of available markets and be- e Ihc costs of carrying a gas inventory were high, fur- ilicr exploration expenses could not ba justified. Alhorlc. gas restricted lo Canadian markets, the bar- gaining position of Alberta pro- ducers had been weakened and prices depressed, Mr. Dickie said Alberta's new Progressive Conservative government would like to see the province become the en- ergy co IT i dor of North Am erica and will assert its lead- ership in promoting such katchewan, Manitoba, Ontario ]jy'sponsoring a pipe 15.03 17-35 27-OD York stocks (Supplied By Richardson Securities of Canada) Gelds 179.35 up .11 10 Baie Mel 9B.7i up .H 15 W Oils Off 111 Volume YORK AVERAGES Ir.dust 930.76 10-39 10 Rails 255.55 oU 15 Utilities IK.ea off .84 AVERAGES i5 320.M off 3.50 cff 1.44 Volume Livestock report Companies delisted CALGARY CCP) Ten com- panift-5 have been delis ted by the Calgary Stock Exchange, six of them for failure to meet exchange regulations, The others were removed at their own request. Exchange manager J. R Thomson said the delisting of the six firms was in line with exchange policy and tight con- trol of regulations. j The six firms had previously suspended from trading for infractions such as failure to supply balance sheets, dis- close facts affecting company husiness or hold annual meet- ings, Tiiose delisted were Aberdeen Minerals Ltd., Barclay Re- sources Ltd., Quaconda Pet- roleum Ltd., Globe Oil (1958J Ltd., Quinalta Petroleums and Pere Marquette Petrol- eums Ltd. Canadian Bonanza Petrol- eums Ltd., which is also listed on the Toronto stock exchange, asked to be removed as did Canadian Tricentrol Oils Ltd., and Edmonton Concrete Block Ltd., which had merged with other firms. Previously suspended Un i- spherc Resources Ud. also asked to be removed. and Quebec amounted to 9.7 trillian cubic feet wliile Alber- ta had a surplus of G.U trillion cubic feet. Bui, Mr. Dickie said, "east- ern Canada has chosen not to h e advantage of the avail- able Alberta surplus." One consequence of the rd turning down applies :ions to export 2.7 trillion cubic feet of natural gas an im- mediate loss of revenue to the Alberta gas industry of million, including ?4 million in royalty revenue to the provin- cial government. LOST ROYALTIES Mr. Dickie said that Al- berta's surplus gas shut in for several years, the potential loss in production revenue is even greater some mil- lion annually, including million in royalties. He said the decision also had an adverse impact on e.xplora- linc conference. WISHING THE MAJOR Hog sale Mnnrtsy hogs. AH classes of weancr and feeder hogs met good demand. Wean- ers steady to sU'ong. Light feed- ers under 100 pounds Mghev; heavy feeders over 100 pounds steady to per head lower. Wcnncrs 8-15.75; light feeders under 100 pounds 16.75 23; heavy feeders 100-130 pounds heavy feeders over 130 pounds 26-34.25. All prices per head. Light feeders under 100 pounds sold from 23.75-27.25 per cwt; heavy feeders over 100 pounds 18.25-23.50 per cwt. But- cher hogs sold Monday at the Lelhbridge yards 28.35 bnse price. Washer W.T. or down and per month Dryer W.T. or down and per month SMITH'S VISITO11S A tourists visited Spain in the first 10 months of 1971. Caloiary livestock CALGARY (P) Keceipts ion's ?n part mental system will be tried on the Calgary livestock mar- lii-st in three commodity ket to II a.m., about groups: Beef, oilseeds and head; mostly choice slaughter high-energy grains. j steers. Trade was active on all dresses of slaughter and re- placement cattle. Slaughter steers met a good demand from local buyers at steady prices; heifers were scarce but steady; cows were generally steady as were bulls. Choice slaughter steers So to rcliased a controlling in- 35.50 to 34. Choice hsifers M to Winery sold i CALGARY (CP) Imasco j Ltd. of Montreal, a food product subsidiary of Imperial 'Tobacco of Ijonclon, England, feeder heifers 31 to 34. Gcocl stock steer calves 40 to 42.50. Hogs base price 28.15. Hog prices EDMONTON' (CP) Aver- age prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board. Edmonton: 28.10, average Monday 28.17. average Monday leresi. in Chalet Wines L'.d. ol 32.50 to 31. Choice heifers 33 lo i Calgary: average Calgary. STAN KR1STJANSON has the car for you, at a price that's just right! -A 1972 Buick Skylark 4 door, 350 CID, 3 speed lurbohydromatit, power slscring, power brckci, radio, remola control mirror. Snndolwood color, wilh a strafomisl blue top. RETAIL PRICE S4925. SAOftrt DISCOUNT PRICE -A 1972 Buick Centurion A door hardtop. Sierra 1on and Nutmeg in color, with air condilioning, oil power equipment and many convenience options to make motoring o pleasure. RETAIL PRICE DISCOUNT PRICE............. .12 to 33, inodiiim 23.50 lo 32. Goal cows 25.50 to 26.50, meriiuni 24 to 25.50, can- ners and cutters 21 to 24. Good buHs 26 to 2fi. i A replacement cattle ucre slcntly. i Good feeder steers marc, Hi an i 730 pcnnds ?.l to 36.50. Good Nil, Nil, Monday 26.26. Lcthbrklge: Monday 28.25. Lloyd minpfrr Monday 27.57. Total" to Monday 11.-197, avoracc 2JJ.45. average average 11 a.m. average Stan hoi been wilh Enenon'i for 22 years and holds the General Motors Master Salesman award. He is a member of Masonic lodge. Slan ana" his wile, Msry have 2 children and 2 grand children and their ion, Gran I is Service Manager ot Enersons. Homo phone 328-1586. Call STAN KRISTJANSON at Enerson's Doaler for Ponliac, Buick rnnreo Opc'r Firenia course C.M.C. Trutkl Plione 377-5705-Downtown on 4th Ave. 5. Norlhwesf Nitro-Chemieals Ltd. Medicine Hat, Alberto, requires a STEAM ENGINEER This is a stoff job wilh nil the accompanying benefits. Salary SI Cl.OOO-S per annum, depending on experience. Send resume of qualifications and experience to: Personnel Manager, Northwest Nitro-Chemicals Ltd. P.O. Box 30, Medicine Hat, Alberta business We can lend lo nearly every type of enterprise: manulacturing wholesale and retail trade... tourism and recreation construction agriculture transportation and storage. II you need financial assistance to start, expand, or modernize a business anywhere in Canada, we invite you to discuss your requirements with us business loans I anywhere INDUSTRIAL DEVELOPMENT BANK LETH BRIDGE. Ave. South-Tel.: 328-0681 Ask for this folder ;