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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - March 24, 1971, Lethbridge, Alberta 22 -THI UTHIMDOI HltiMD - Wednesday, March 24,1971 II* MMSS iV ll\V\(K Market lower in light trade TORONTO (CP) - The Toronto stock market was mixed to fractionally lower in light mid-morning trading today. On index, industrials were down .16 to 183.61. Golds rose .71 to 191.18, base metals .18 to 96.02 and western, oils 1.14 to 207.95. Volume by 11 am. was 624,000 shares, down from 662,000 at the same time Tuesday. Gains edged losses 116 to 113 with 185 issues unchanged. Grain prices Winnipeg Grain WINNIPEG (CP) - A tight situation in March Vancouver rapeseed pushed the future up nine cents above the previous close level on the open of the Winnipeg Grain Exchange today. Barley, flax and rapeseed had good buying by shippers. At the open, flax was % higher to Yb higher, May 2.55%; rapeseed Vancouver nine to 1*4 higher, March 3.46; rapeseed Thunder Bay 2Vi higher, April 2.983/4B; Oats V* lower, May 84%; barley % higher, May 1.31%; rye % higher, May 1.16 YiB. Opening prices: Flax: May % higher 2.55%; July % higher 2.53%; Oct. % higher 2.56%; ;Nov. % higher 2.54%. Rapeseed Vancouver: March 9 higher 3.46; May 2 higher 2.98%; July iy4 higher 2.88%'; Sep. not open. Rapeseed Thunder Bay: April 2Vi higher 2.98%B; June, Oct. and Dec. not open. Oats: May Y* lower 84*4; July, Oct. and Dec. not open. Barley: May % higher 1.31%; July, Oct. and Dec. not open. Rye: May % higher 1.16y4B; July, Oct. and Dec. not open. Prices Tuesday for class two wheat for export to countries outside IGA: 1 nor 1.80%; 2 1.78%; 3 1.74%; 4 1.71%; 1 Durum 1.79%; 2 1.76y4; 3 1.67%; 4 1.63; IGA prices: 1 Nor 1.80%; 2 1.78%; 3 1.67%; 4 1.63; 1 Durum 1.79y4; 2 1.76y4; 3 1.67%: 4 1.63. Grain quotes Tuesday (basis Lakehead): High Low Close Flax May 255 254% 255 Jly 253% 253Vs 253% Oct 256% 255% 256% Nov - -- 254% Rapeseed Vancouver Mar 339 328% 337 May 298% 294 296% Jly 289% 286% 287% Sep - - 276 Rapeseed Thunder Bay 296% 293V 263 263 Apr Jun Oct Dec Dec Oats May Jly - Oct - Dec - Barley May 131% Jly - Oct Dec Rye May Jly Oct Dec 293% 290 2627/8 262% 84% 83% 122 115% 109% 130% 122 115 109% 296% 293% 272% 262 263 84% 83% 82 85 131% 129% 122 122% 115% 109% 107% 110 ART DIETRICH DENTURE CLINIC Certified Dental Mechanic Metropolitan Bldg. 328-4095 Asbestos was down % to $36%, Hudson's Bay Oil and Gas % to |44%, Rank % to $19%, Inco % to $45%, Sherritt % to $20% and Kerr-Addison 15 cents to $9.30. Home A was up 1% to 25% and Cygnus B % to $7. Home B was unchanged at $27% and Cygnus A at $5. Energy Minister J. J. Greene said Tuesday the federal government expects that Home Oil Co. Ltd. will be sold to a Canadian company. The federal government has been negotiating with Home President R. A. Brown Jr. for control of the company. Mr. Brown controls Home through Cygnus Corp. of Calgary. Mr. Greene said Mr. Brown is "confident he can put together a Canadian deal." PAPERS UP MONTREAL (CP) - Papers continued to move ahead while prices in most sectors dropped in sluggish trading on the Montreal stock market today. On index, industrials were up .05 to 184.20 and papers gained 44 to 88.00. Utilities were off .25 to 155.41, banks .49 to 193.27 and the composite .06 to 180.20. Falconbridge was up $3 to $144, MacMillan Bloedel % to S and Northern' and Central Gas % to $16%. Up V4 each were Scott-LaSalle Ltd. at $25y4, New Brunswick Telephone at $14%, Dome Petroleum at $89%, Seagrams at $5. and Consolidated Textiles at $16. Quebec Telephone was off % to $13%, International Utilities Vi to'$43% and International Nickel % .to $25. Down % each were QSP Ltd. at $14%, Montreal Trust at $14%, Imasco at $17%, Interpro-vincial Pipe Line at $28, Crush International at $187, Dominion Glass at $14% and Algoma Steel at $15%. SHARP DIP NEW YORK (AP) - The stock market slid downward in moderately active trade today. The setback was on a sharper scale than in the three previous sessions. Analysts said profit-taking continued to weigh on the market, and that investors were concerned that the U.S. economy was not making a stronger recovery. The noon Dow Jones average of 30 industrials was off 5.96 to 902.93. International Nickel lost % at $44% and Hudson Bay Mining % at $23%. Distillers Seagrams advanced % to $55%. Walker-Gocderham was up % at $39. On the American Stock Exchange, Scurry Rainbow Oil was up % at $24%. Off % were Molybdenite Canada and Preston, at $3.38 and $9%, respectively. Asamera Oil was up % to $20%. Hog prices EDMONTON (CP) - Prices to 11 a.m. provided by the Al berta Hog Producers Market ing Board: Edmonton: Quoted 19.75 to 19.80, selling 19.80. Average Tuesday 19.62. Calgary: Quoted 20.05 to 20.15, selling 20.15. Average Tuesday 19.82. Red Deer: Quoted 20.05 to 20.15, selling 20.05. Average Tuesday 19.59. Lethbridge: Average Tuesday 19.79. Lloydminster: Average Tuesday 19.34. Total hogs sold 494. Total sold Tuesday 9,147. Provincial average 19.63. Sows at all points 13.09. ANNOUNCING UNRESERVED AUCTION APRIL 26th, 1971 AIRDRIE, ALBERTA This sale is being held for Heights Construction Ltd. of Calgary and consisting of: CRAWLER TRACTORS, MOTOR SCRAPERS, PULL SCRAPERS, TRUCKS, CAMP EQUIPMENT GRADERS, LOADERS, BACKHOES, DITCHERS, etc. ARRANGED BY STEWART EQUIPMENT CO. LTD. For Further Information Contact: HEAD OFFICE: 1243 McKnight Blvd., Calgary, Alberta. - Phone 276-8991 CANADA'S EQUIPMENT AUCTIONEER Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, Roedhouse and McCuaig) LAST BIO OR SALE ill.-00 a.m. Quotes* WMTIRN OILS Alta East CM Almlnex Atamtra B. P. Oil Can Southern Cdn Exp Gas Ashland Grid Cdn Heme. Cdn Home Pfd Cdn Ind Gas Cdn Long Is Cdn Superior Cent Del Rio Charter Chleftan Dome Pete Dynam Pete Total Pete Great Plains Lochlel Mill City New Cont North Cdn Oil Numac Permo Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Spooner West Decalta MISCELLANEOUS INDUSTRIALS 4.7S 6.15 30.1214 4.45 5.05 4.30 10.87 7.90 15.00 10.75 .73 38.25 12.75 �.30 7.75 89.75 1.05 i.80 33.50 T.2S 1.60 .75 7.75 7.50 .64 1.34 ,70 1.30 .58 14.00 24.50 1.68 6.35 01:00 a.m. tMatesi 20.87% 17.62V3 44.00 8.60 13.37�A 48.62VS 8.25 11.75 .82 6.50 . 1.10 2.60 1.90 1.15 5.55 29.50 19.25 12.25 34.75 35.00 14.75 3.37VJ 3.85 15.62VJ Agra Atco Indus Aquatalne Brit NfId Corp Cdn Brew A Cdn Brew B Cdn Hyd Carb Cdn Pac Inv CPR Pfd Crowsnest Ind Cygnus A Cygnus B Cum Prop Gt Cdn Oil Sds Gt Cdn Oil Sds Home Oil A Home Oil B Home and Pit Hud Bay Co Hud Bay Oil Hud Bay Oil 8.25 7.B7VJ 25.12Va 5.25 31.75 36.50 17.25 25.75 9.62'/a 27.00 4.95 7.00 17.00 6.00 100.00 25.75 26.12'/i 2.05 17.871/s 44.50 56. 35 1.66 .74 .28 3.65 .13 .23 .63 Toronto mines, industrials Supplied by Richardson Securities of Canada LAST BID OR SALE (11:00 a.m. Quotes) MINES Acme .06 Advocate Asb. 2.30 Akaltcho � .53 Area Mines 1.62 Bralorne 1.86 Black Bay .06Vi Broulan .25 Bethlehem �  16.75 Brunswick 6.15 Canada Tung. 2.69 Casslar 23.62V4 Central Pat. 2.57 Chlmo 1.45 Conwest 10.621/4 Cons. Rambler 2.34 Coin Lake .16 Cochenour .43 Cralgmont 8.95 Dlckensln Mines 1.37 Denlson Mines 27.00 Deer Horn .06 D'Eldona .76 Dome Mines 69.00 Donalda .16 Discovery Mines 1.15 East Malartlc 1.05 East. Sullivan 3.65 Falconbridge 143.50 Frobex .25 First Marltlmes 1.22 Giant Y.K. 10.50 Bovls 2.20 Grandue 7.65 Headway R.L. 10.00 Holllnger 38.75 Hudson Bay M-S 23.621/x Hydra Ex. .24 Highland Bell 3.15 Iron Bay 3.60 ISO 1.69 Jollet Quebec .21 Kerr Addison 9.30 Key Anacon .45' Labrador 37.75 Lake Shore 3.40 Leitch 1.60 Langls Silver .111/4 Madsen R.L. .77 Malartlc G.F. .81 Martin MeNeely 10.00 Maybrun .161/2 Maclntyre 133.00 Meta .131/2 Mldrlm .281/2 Intern Mogul 11.621/2 New Afhona .15 New Calumet .23'/j New Imperial 1.30 Noranda 34.62V2 ni:00 a.m. Quotes) (11:00 a.m. Quotes) Northgate OpemTska Oslsko Patlno Pine Point Placer Dev. P:c. Exp. , Quebec Man Rayroek Radlore Rio Algom  �  Roman Corp. Sllverflejds Sherritt Gordon Silver Miller Steep Rock Slice* �   Tek Cor^s. Texmonl Upper Canada Western Mines Wright Har. Wlllroy Windfall Yellowknife Br. Zenmac INDUSTRIALS 9.15 11.62V2 .29 24.871A 31.871/2 33.25 1.22  .1814 1.65 .35 19.50 6.60 1.90 .071/4 2.50 1.75 6.05 .72 1.84 3.70 1.62 1.10 .13 5.40 .11 Abitlbi Alcan Algoma Steel Atco Ind Atlan Sugar Bell Tel . Brazil Trac B.C. Tel Burns B.C. Forest B.C. Sugar CAE Ind Cdn Brew Chemcell Cot Cellulose Cal Power Coron Credit C.W.N. Gas Cdn Indust Canada S S Cdn Marconi Cdn Vlckers Chrysler CPR Comlnco Cons Bath Cons Gas Dlst Sea Dom Bridge Domtar Dom Textile Dom Stores 6.871/2 23.37V2 15.25 7.871/4 7.50 48.621/2 17.121/2 62.00 11.50 24.00 17.87V4 4.55 7/6214 4.85 5.50 28.00 1.40 11.00 12.75 32.00 3.55 11.50 26.62'/4 66.00 24.371/4 9.87V4 19.50 53.871/j 22.50 14.371/j 15.371/2 11.621/a Dome Pete Dofasco Fam Play Fd of Amer Gt Cdn Oil Gen Motors Gt Lakes Pap Gulf Oil Cda Greyhound Hawker Sid Huron Erie Hiram' Walk Imperial - oil Imperial Tob Int Nickel Int Pipe Inv Gp A Int Utilities Indust Accept Laurentlde Kelly Doug A Loeb Loblaw A Metro Stores Massey Ferg McMillan Bloe Moore Corp Molsons A Molsons B North, Cent Pembina Pp Power Corp Price Co Rothmans St Law Corp Shell CDA Simpson's Simp Sears Steel of Can Selkirk A Texaco Traders Gp A Trans Mtn Pp Trans Can Pp Union Gas Union Oil Versatire Mfg Westeel Union Car Weston's B Woodward's A West Cdn Sd Zenith Elec BANKS Can Imperial Montreal Nova Scotia Royal Tor-Dom 89.50 25.50 9.87Va 60.25 6.00 (3.75 18.75 21.62V4 14.25 2.65 31.50 37.00 20.50 17.25 45.50 28.62V2 9.00 43.50 18.50 8.621/2 5.50 4.35 5.37'A 36.37V2 10.87'/2 26.00 36.25 16.75 16.00 16.50 30.25 5.00 8.00 13.00 19.00 34.75 19.50 24.00 27.50 12.25 31.00 12.00 24.75 33.25 15.37V4 42.00 3.50 9.00 16.25 19.50 20.871/4 3.80 1.35 24.75 15.12V2 24.50 25.37V4 23.00 New York stocks Supplied by Richardson. Securities of Canada Amr T and T Anaconda Beth Steel Chrysler Comsat Dupont GM Gulf Int Harvester Kenn Copper 48.50 21.50 22.00 27.75 68.75 Montgomery Ward 37.37V4 20 Golds 192.68 up 2 21 lt5rs~,. . 8387,/� 10 Bas� "totals 96.20 Std Oil of N.J. 77.12V2 15 W Oils 207.16 up .35 Texas Gulf 120.75 Volume 1,261,000 nn.71/ X6X?S C� 2?� NEW Y0�K AVERAGES 140.871/j Woolworth 51.25 30 Indust 902.93 off 5.96 IZ'A Westlnghouse Elec 78.25 20 Ralls 199.35 off .31 29.J0 U.S. Steel 33.50 15 Utilities 124.07 off ??-^J l0""!47?, AVERAGES 65 Stocks 296.81 0" 37.62'/2 20 Indust 183.79 up .79 Volume 7,320,000 .13 1.28 Livestock Lethbridge Livestock (Supplied by Canada Department of Agriculture) On offer to 11:00 a.m. 573 cattle and calves. Receipts about evenly divided between slaughter and replacement cattle, trade active. Good and choice butcher steers meeting good demand at firm prices. Good and choice butcher heifers also meeting good demand, prices 25 cents higher. Medium and good cows 50 cents to $1 higher with no top quality kinds on offer. Medium and good heavy feeder steers selling at strong prices. Choice steers 32.25 to 32.70; good 31 to 32; medium 28 to 30.50. Good heifers 29.25 to 29.80; good 28 to 29; medium 26.50 to 27.50. Dollar Value MONTREAL (CP) - U.S. dollar in terms of Canadian funds down 1-32 at $1.00%. Pound sterling down 1-16 at $2.43 13-16. NEW YORK (CP) - Canadian dollar up 7-32 at 99 15-32 in terms of U.S. funds. Pound sterling unchanged at $2.41 61-64. Ther.-s were 156,300 deaths in Canada last year, the Dominion Bureu of Statistics reports. Good cows 21 to 22; medium 20 to 20.75; canners and cutters 17 to 19.50. Good heavy feeder steers over 900 lbs. 31 to 32.50. Butcher hogs sold Tuesday f.o.b. Lethbridge 20.15 base price. Calgary Livestock CALGARY (CP) - On offer to 11 a.m., about 1,200 head; mostly good and choice slaughter steers and heifers wibh balance of offering mixed grades of cows and a few bulls. Trade was strong and active on all classes with good local and out-of-province demand. Slaughter steers were steady, heifers 50 cents higher, cows generally steady to strong and bulls steady. Choice slaughter steers 32.25 lo 32.70, good 30.75 to 32, medium 29 to 30.50. Choice heifers 30 to 30.60, good 28.75 to 29.75, medium 26.50 to 28.50. Good cows 21 to 21.80, medium 19.75 to 20.75, canners and cutters 18 to 19.50. Good bulls 24 to 25.25. Replacement cattle were in short supply with a few heavy, fleshy, short-keep steers weighing about 900 pounds selling steady. No stock or slaughter calves offered. Good feeder steers more than 750 pounds 30 to 32.60. Hogs base price 20.15. Credit rating lost NEW YORK (AP) - Unsecured corporate notes sold by tile Chrysler Corp. and two of Ha subsidiaries have lost their "prime" rating because of the company's "unimpressive operating results." The National Credit Office, a Dun and Bradstreet division that evaluates issuers of commercial paper, withdrew Monday its rating of the paper sold by Chrysler and its Chrysler Financial Corp. and Chrysler Credit Canada Ltd. No new rating was substituted. Eugene F. Schenk, credit office president, said Chrysler Corp.'s "unimpressive operating results" during the last two years and the company's failure to post a substantial profit in the fourth quarter of 1970 was the reason the rating was withdrawn. Chrysler reported a net loss of $7.6 million for 1970 compared with a $99 million profit the previous year. Sales in both years approximated $7 billion. The profit for the last three months of 1970-when Chrysler's largest competitor, General Motors, was on strike-was $7.6 million. In recent weeks, Chrysler officials have stated repeatedly that the company currently was operating in the black and expected to make a "solid profit" this year. The withdrawal of the credit rating would have no direct im-1 act on the parent company, which has no commercial paper outstanding. But Chrysler Financial on Monday had just over $1 billion in commercial paper outstanding with a weighted average maturity of 64 days. Chrysk Credit Canada has about $110 million in paper outstanding. Errors by Venezuela help Alberta's oil sales problem EDMONTON (CP) - .Alberta's chief competitor may have inadvertently helped the province rid itself of an annoying and costly' problem - finding places to sell extra crude oil. For 20 years, cheap,oil from Venezuela has restricted Alberta crude to an area west of the Ottawa Valley and forced the province's petroleum industry to seek markets in the United States. Also, Canadian oil policy now restricts Alberta crude to market regions west of the Ottawa Valley. Intent on protecting its own, the U.S. threw up a barrier of quotas that.until recently kept Alberta crude production to less than half its capacity of two million barrels a day. A few months ago, Venezuela decided to take a bigger tax slice from its oil industry - a move that G. W. Cameron, manager of the Independent Petroleum Association of Canada, says increases the possibility of selling Alberta oil in Quebec. R. J. Frocklage, secretary-treasurer of the Canadian Petroleum Association, said the gap between the price of traditionally chaper Venezuelan offshore oil and Alberta-produced crude is rapidly dwindling. Before the tax increase, Alberta crude cost $3.52 a barrel in Toronto while Venezuelan crude cost $3.35 a barrel in Montreal. INCREASE PASSED ON - W. O. Twaits, chairman of Imperial Oil Ltd., says raw-material costs amount to about 80 per cent of refinery operating costs and because of tms, much of the Venezuelan increase will be passed on to the customer. "It's part of the entire picture of rising prices for offshore oil and will have an effect in Eastern Canada," Mr. Cameron says. "It's another example of the instability of offshore supplies. We will have to find more reserves in the West." Bun Patrick, Alberta's minister of mines and minerals, agrees that the increase in Venezuelan prices will expand markets for Alberta crude, but doubts that new outlets will emerge in Quebec. This would require a pipeline Egg prices EDMONTON (CP) - Weekly egg and poultry report issued by the Alberta department of agriculture: Eggs: To producers - A large 39;  A medium 35; A small 21; B 19; C 6; cracks 6. To retailers - A large 50 to 51; A medium 47 to 48; A small 32 to 33; B 32 to 35; C 20 to 21; cracks 20 to 21. (Two cents extra in cartons). To consumers (in cartons) A large 56 to 57; A medium 47 to 50; A small 38 to 41. Poultry: Live No. 1 chicken -Broilers, 20. Fowl - Under 4, 5. Turkey - Under 12, 25%; 12 to 18, 26%; over 18, 24. Live No. 2 chicken - Broilers, 17%. Turkey - Under 12, 22%; 12 to 18, 23%; over 18, 22. Net earnings By THE CANADIAN PRESS Western Decalta Petroleums Ltd., year ended Dec. 31: 1970, $1,218,000, 17 cents a share; 1969, $916,000, 14 cents. Numac Oil and Gas Ltd., year ended Dec. 31: 1970, $1,100,000, 28 cents a share; 1969, $803,800. 19 cents. Dividends By THE CANADIAN PRESS John Labatt Ltd., common 18 cents, April 15, record March 26; Series A, 25 cents, May 15, record April 30. Laurentlde Financial Corp. Ltd., 6V4 per cent pfd., 30 cents, April 30, record April 8; $1.25 pfd., 3iy� cents, June 1, record May 10, to Montreal, Mr. Patrick said, and it is unlikely the petroleum industry will deem it wise to finance such a pipeline while the possibility of finding oil in the Atlantic off Nova Scotia exists. DRILLING INTENSIVE An intensive drilling program is in progress off Nova Scotia, and if a major discovery is made, Alberta oil again would have to take a back seat because of price. The Alberta government, which has earned $3,000 million from oil and natural gas in the last 23 years, has estimated that royalties will increase by $50 million in the 1971-72 fiscal year to $170 million. A sign that things are looking up came Feb. 10, when Syn-crude Canada Ltd. announced it intends to file an amended application with the Alberta oil and gas conservation board asking that its authorized production from the Athabasca oil sands be increased to 125,000 from 80,000 barrels a day. of "synthetic crude" oil. Synthetic crude is the result of treatment of a raw product, bitumen, which is taken from the oil sands. The product of this treatment is a mixture of highly-refined fuel oils which are fed as a raw material to refineries through pipelines. Beef futures WINNIPEG (CP) - The Winnipeg live beef futures market Tuesday had a light trade. Open High Low Close Mar 32.15B May 32.10B Jly 31.10 31.10 Potato futures WINNIPEG (CP) - The Maritime potato futures market was mostly inactive Tuesday. Open High Low Close Apr 2.18 2.18 2.15 2.15 May 2.80A Nov 2.40A Get together with the easy-going flavour of Molson Golden. It's the great get-together beer for good company and good times. Molson Golden ...the great get-together beer! ;