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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 26, 1974, Lethbridge, Alberta Stock prices drop in light trading TORONTO (CP) Prices on the Toronto stock market tended lower in light mid- morning trading today. The industrial index, consid- ered the main indicator of market trend, was up .02 to 220.25. Golds fell 13.5 to 556.99, base metals .91 to 104.94 and western oils .68 to 256.39. Volume by lla.m. was shares, up from at the same time Monday. Declines led advances 198 to 127 with 208 issues unchanged. Communication, real estate, chemical and steel sectors of the market were among those to decline while construction and material, paper and forest, general manufacturing and bank groups were among gainers. Crown Life fell 1 to Dome Pete 1 to 139, Hugh Russel A Vz to Cambridge Leaseholds Vt to and First City Financial to Camflo was off to Hudson Bay Mining to and Lake Shore Mines Vz to Alberta Eastern slipped to Voyager and Ram Pete fivecents to Royal Bank rose to Alcan V8 to and Canadian Imperial Bank V8 to Tara added to Roman to Canada Northwest Vi to and United Canso to The Hcwid- March LETHBHIOQE HERALD-19 Business hogs from Lethbridge area Japan, Cuba to buy Alberta pork Stocks Miscellaneous Market trends MONTREAL (CP) Prices were generally higher in light trading on the Montreal Stock Exchange today. Volume at 11 a.m. was 457.000 shares, compared with.598.440 shares ill the same time Monday Banks rose .68 to 284.15, utilities .49 to 147.39 and the composite .13 to 228.59 while industrials fell .07 to 243.16 Papers remained unchanged at 138 95 International Paper rose to and Gulf Oil Canada to 134% while TransCanada Pipe Lines fell 3% to Texaco Canada Hi to and Slelco to Among speculative issues, Gaspe Quebec Mines dropped one cent to on a volume of 24.600 shares traded VANCOUVER Prices were down in light trading Monday on the Vancouver Stock Exchange. Volume at the close was shares. In the industrials. Jolly Jumper led trading, closing .30 up at on volume of 21.300 shares Newmark Resources was down .09 at on 12.100. lonarc Smelter was unchanged at .80 on 4.000. Captain International was unchanged at .40 on Lancer was down .05 at 50. and Canterra Developments was unchanged at '.25. In the mines. Consolidated Coast Silver was up .02 at .44 on Colt Resources was up .04 at .75 on Geo-Dyne Resources was unchanged at ..21 on 38.000. Brendon was down 01 at .45 on 32.000, Alice Lake was up .03 at 33 and Avino was down. .01 at .50. In the oils. Davenport was down .03 at 78 on 36.100, Payette River was down .02 at .33 on Payette Warrants A were Unchanged at .13 'ion 14.500. Vargas was up .02 at .17 on Cox-Ex was down .01 at .39 and Plains Pete was unchanged at .19. NEW YORK (AP) Prices showed little change in the stock market today as the lethargy that gripped the market about a week ago deepened. The noon Dow Jones average of 30 industrials inched up .08 to 881 10 but declines had a small lead over advances in very light trading on the New York Stock Exchange. Trans World down to i. was the NYSE's most-active stock Golds lost ground as bullion prices receded in Europe. Homestake was off to and Giant Yellowknife Mines slipped >4 The NYSE's noon index of all its listed common stocks was up .08 to Among Canadian issues on the NYSE. Alcan rose to Seagrams 'A to and Mclntyre 14 to Canadian Pacific was unchanged at while 'Dome Mines fell 1% to Hudson Bay to and Hiram Walker to livestock Lethbridge There were no cattle sales Monday due to the weekly sale of weaner and feeder hogs. Sales 975 hogs All- classes of weaner and feeder hogs met an indifferent demand. Prices to lower in spots. Weaners to Light feeders under 100 ibs. 21.50 to toJ30Ubs. Calgary Heavy feeders over 130 Ibs. 31.75 to All prices per head. Light feeders under 100 Ibs. sold from 30 to 36.25 cwt. Heavy feeders over 100 IBs. 25 to 28.25 cwt. Bred sows and gilts 55 to per head. Bores 65 to per head Butcher hogs sold Monday at the Lethbridge yards 41.55 to 42 10 base price.' CALGARY (CP) Receipts to 11 a.m. Tuesday at the Calgary public stockyards totalled 1.150 head practically all slaughter steers and heiferjs Trade was dull with a narrow demand. Slaughter steers, sold 50 cents or more lower. Heifers were steady for quality.. Cows'., were scarce, selling fully steadjrtostrong. Steer arid heifer' prices included the beef quality premium. Steers. Al. A2: 48.50 to 50.10. A3: 46 50 to 48.50. Heifers. Al. A2: 47 to 48.50. A3'45 to 47. Cows. Dl. D2: 3650 to 38. D3: 34.50 to 36. D4: 2B to 34. No replacement cattle or stock calves were on offer Hogs fob to 11 a.m 40.65. J Vancouver, Calgary, Midland Dougherty j, WESTERN OILS Sandwell AND 4.75 3 Afton TrimSc 7 50 Albany West Cdn Seed 4 20 Westfield-Min 1.34 Western A Pfd Ashland White Yukon 9.12ft 1 Alta East PIPE LINE STOCKS BP Alta Gas A 13.00 Brenda Alta Gas Pfd 6325 Can Alta Nat Gas 19.50 t Cdn Ex Inland Nat Gas 9 75 Cdn Gaz Metro e'25 Cdn Ind Gas Gaz Metro A Pfd 64 50> Cdn Long N and C Gas 1225 N and C Gas B Pfd 23 50 Cdn .Pacific Trans 10.75 Dome Tr-Canada Pipe 31 50 Tr-Can A Pfd 5825 Fort Tr-Can B Pfd 37.75 Giant Tr-Can Pipe War 445 i Gibraltar WC Trans WC Trans Wts 3 60 Gt Plains Gt Cdn Oil CALGARY 10.12ft Acroll Aft Lochiel Barons Oils 09 Lytton N. Continental '02 Noble Mines i North Cdn Oils 1 Western Warner 40 500 VANCOUVER 17.50 MINES Pancdn Pete Pan Atlas Explorations .32 13.62ft iBathurst Norsemines 1 31 Dankoe 330 Pinnacle Place Davenport 75 .43 Dolly Varden 37 Ponder Ranger Equitorial Res! [13 36.75 Lornex 8 50 Scurry Rain Northair Mines 16.50 Primer. 08 Pyramid n Total Pete Ulster Pete United Canso West Pete West Decalta Silver Standard 2 39 1.13 Valley Copper 825 INDUSTRIALS 6.00 Columbia Brewing 270 7.12ft Key Industries .15 Wardair i 35 Acres Ltd Aquitaine BC Sugar A Pfd Block Bros Cdn Pac Inv August Pete 48 29.12ft Plains Pete "13 13.00 Ponderary Explorations .95 3.65 Stampede Int'l Res .80 Com Cap Corp Carling O'Keefe A Pfd Carting O'Keefe B Pfd Crestbrook Ind Crowsnest Ind Falcon Copper Fand M Trust Genstar Global Com MUTUAL FUNDS 22.50 All Cdn. Compound 654 711 27.50 All Cdn. Dividend 686 745 9-50 All Cdn. Ventures 346 27.00 Amer Growth Fund 4 69 515 12.25 A.G.F. Special 2.46 5.75 Cdn Invest Fund 504 552 Collective Mutual 5.24 575 30.00 cmhwlth Inter 1382 Home A Home B Hud Bay Co Hud Bay Oil Hud Bay A Pfd Hugh Russell C Pfd Husky Oil Husky B Pfd Husky D War Husky E War Hys of Canada Inter Prov Pipe inter Prov Steel Kaiser Res Kaiser Res Wts Loblaw C Pfd Magnasonics Pacific Pete Pac West Air Pe-Ben Oilfield Serv .Rainierjnc 'fioyanrust Cmnwlth Leverage 3.29 48.00 Cmnwlth Venture 603 lnvestors 6.40 7.03 43.00 Corp Invest St Fund 4.80 5.27 7? en Dreyfus Fund U.S. 10.80 11.84 01 en Great Pacific 4.70 5.14 Grp Income Shares 309 340 40.37ft Growlh Equity ?51 825 Invest Growth Fund 12.27 1341 Investors Mutual 5.82 6.37 ieS Mutual Accum 6.12 673 6.50 Mutual Growth Fund 3.17 349 "at Resources 4.94 5.43 3-40 N.W. Cdn 5.56 6.11 1.46 N.W. Growth 474 521 I'S! Principal Growth 4.55 S.OO Royfund 6.90 7.18 Templeton Growth 7.81 856 United Accum 4.60 5.05 Universal Savings 802 882 9717.x. 5.85 6.43 27.37 A Vanguard 6.18 6.77 Herald Legislature Bureau EDMONTON A huge sale of pork to Japan by Alberta producers and Canada's first major sale in recent years of pork to Cuba were announced in the legislature Monday. Agriculture Minister Hugh Homer said a deal for hogs to be-supplied to Japan over the next two years was sealed Monday. The hogs would be shipped as "boneless pork." About of the hogs will come from the Lethbridge area. Meanwhile, Canada Packers closed a "very substantial" spot sale to Cuba. The details were not disclosed. Some of the fresh frozen pork has already been shipped to the socialist Caribbean Island and the balance should be on its way by the beginning of May, Bruce Robertson, Edmonton area manager for Canada Packers, said. "To my knowledge it, is the first major sale from Canada or he said in terming prospects for future sales as good. Ed Schultz, general manager of the Alberta Hog A Iberia gov 9t has power to delay pipeline project EDMONTON (CP) The Alberta government has the power to delay work on a proposed pipeline to transport gas south from the Arctic, Environment Minister Bill Yurko said Monday. Applications to construct the pipeline were submitted last week to Ottawa and Washington but Mr. Yurko told the legislature Alberta too has a voice in the project. Public hearings will be held on the environmental effects of the pipeline, as required by the Land Surface Reclamation and Conservation Act, he told Walter Buck (SC Clover "It will have to meet every aspect and requirement of that act." The proposed pipeline would also have to satisfy an "environmental impact assessment" that all necessary measures are being taken to prevent damage to land and water, he said. In addition, the social effects of the massive project would be assessed and would likely be the subject of numerous briefs at the public hearings, the minister said, Mr. Yurko added in an interview that Alberta does not have the power to stop the project, if it wanted to, but Warning issued on oil price rises Toronto mines, industrials (Supplied by Richardson Securities of Canada) Winnipeg grain WINNIPEG (CP) Prices continued to tumble at mid-session today on the Winnipeg Commodity Exchange. Some buyer interest was expressed in rye. but actual sales were few and far between. Rapeseed and were quiet.' Flax was spread wide in prices, from unchanged to down the 30-cent-a- hushcl trading limit. Rapeseed also showed a wide spread, from unchanged to I3'z cents lower. Rye was easier By between three cents and IP, cents a bushel, with most losses centred on early months. Monday's volume of trade was 48 000 bushels of flax. 610.000 of rapeseed and 589.000 of rye. Mid-session prices: Flax: May 30 lower 10.73'iA- July 29 lower 10JIB: Oct. 20 lower 957B- Nov. unchanged 9.40A. Rapeseed Vancouver: March I3'i lower June 2'z lower 6.42'iB: Scot Pi lower 608B: Nov. 9'z lower S.IKr'dB: Jan. 8 lower 3.81. Rapeseed Thunder Bav. .May 10 lower July 13 lower 6.10A- Oct unchanged 6.0BA. Nov. 13 lower S 85A-' Dec. 3 lower 5.82A Rye- May llai lower 2.72- July ll'a lower 2.63: Oct. 8 lower 2.51 A: Dec 3 lower 2 50A Grain quotes Monday basis Lakrhead: High Lmr dose Flax May _ _ 1060 1050 1050 Oct Nov m Hamted Vaacomr Mar 660 615 645 Sep 617 WB'i Nw 616 598 998 389 Tfcaoder Bay May 660 643 613 Jly SB 623 S3 Ort 606 __ :VM Dec 385 301 jKia, 2S2 Otl 277 Z89 JSS On- 253 Hogprlcts EDMONTON (CP) Average prices to 11 a.m. Tuesday provided by the Alberta Hog producers Marketing Board Monday prices in Brackets: Edmonton: 40.70 (42.77) Calgary: 40.65 (42.84) Red Deer: 41.20 (42 53) Grande Prairie: 3975 (41.67) Lloydminster: Nil (41.101 Fairview: Nil (41.75) Lethbridge: Nil (41.89) Fort Macleod: Nil (41.55) Hogs- sold to 11 a m. 682. total Monday. 11.990 average 42.56. Sows average 30.70. Chicago CHICAGO (AP) The major commodity futures came under active selling pressure on the nation's major exchanges Monday and many closed sharply lower. On the board of trade, limit declines were posted hi soybeans, com. oats soybean oil. plywood, and silver Wheat prices also were sharply lower at the final bell. Heavy losses also were posted on the Chicago Mercantile Exchange. Nearlv all live cattle options dosed with limits declines, and live hogs were down as much as a hundrcdweichL Pork belly futures fell sharply and shell eggs were down up to ITS points Silver, copper, sugar, cotton and coffee futures appeared to move hi the direction of tendon markets. Copper Ml along with silver and sugar under rather active liquidation abroad Buyer interest was verv light domestically. Grain quotations Mondav Cam. May 2.S3'.. Jal Sen 2S43j. Mar 2 71 Oats May I 36. Jal I Jfc Sep 1.40 I 39' a IXHUOON KAPi Ckwmg in pounds sterling a metric ion. silver jfi pence a tooy ounce: Coaper-Sprt I.U75-J.1W; Wares 1.U2-U13 futures J.J7S- MONTREAL VrnltH Stoics dollar S740 United Kingdom paaag I1SS.R. m Csmarthwi funds 2WS-2W.5. fotorw s 3M f trtares 232-2J3; 3 months Z2Z.S 50 Acme Advocate Asb. ,k Akaitcho BC Forest 1-45 B.C Sugar A z.25 Bow Vallay ind 1.65 Cable Broulan Bethlehem i Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central CAE Ind 4-3IV4 Carting O'Keefe 1-83 Chemcell 5.37ft can Cellulose 7.12ft cal Power 3-50 Coron Credit 10.87ft CWN Gas 1-00 Cdn Ind Chimo Conwest !Cons. Rambler Coin Lake Cochenour Craigmont Dickenson Mines Denison Mines Cdn Marconi 4-75 Cdn Vickers 2.92 Chrysler -26 CPR 2.00 Cominco 5.75 Cons Bathurst Cons Gas 48-25 Oist Seagrams Dome Mines Discovery Mines East Malartic East Sullivan Domtar 2.25 Dom Textile 8.25 Dom Stores 3.40 Dome Pete 59.50 Dofasco Frobex First Maritimes Giant Y.K. Granduc Hollinger Glen Mobile .66 Grt Cdn -Oil 20.00 General Motors 2-85 Grt Lakes Paper 40.50 Gulf Oil Hudson Bay MAS Hydra Ex. Iron Greyhound 1.10 Hawker Sid 4-10 Hiram Walker ISO Johet Quebec Kerr Huron Imperial Oil 15.00 Imasca Key Int Nickel Labrador Lake Shore Langfs int Pipe 6.62ft Inv Grp A ,14ft iu Intl Madsen R L Malartic G.F. Martin McNeety Maclntyre ind Accept 2.37 Kaps .43 Kelly Douglas A 53.50 Laurentide Loeb Midrim Intern Mogul Nu West Loblaw A 9.62ft Metropolitan 11.37ft Massey Ferg New Noranda McMill Bloed -31 Moore Corp 51.12ft Molsons A 8.37ft Molsons B Nachurs Pine Point Placer Dev. Pax North Cent 24.00 Power Corp 1.35 Price Co Quebec Peyto Rayrock Rothmans .28ft Shell CDA Rio Algom Roman Corp. Sherrm Gordon Steep Simpsons 11.75 Simp Sears 73.25 Steel of Cdn 2.88 Selkirk A 8-00 Texaco Corp. Trad Grp A Tdctnont United Trans Mtn Pipe 18.75 Trans Cdn Pipe iWCStCJfl MiftQS WH Copper Mines Wrjght Haigi Union Carbide 3.90 Union Union Oil unite) Sisooe Versatile Mtq 455 Westeel Wessons INDUSTRIALS A West Cdn Alcttn Algoma Bee Atoo. itxS Agra BANKS 6.87ft Cdn imperial 9.62ft Montreal Ben 25 Nova Scotia Brascan Royal BC Tor Dom 15.75 20.00 21.50 29.37'V 15.75 10.25 3.50 6.87ft 23.50 2.30 9.75 19.00 3.50 17.50 18.25 16.62ft 32.12ft 27.75 17.00 44.25 42.00 26.75 11.00 14.25 39.00 31.75 6.75 10.12ft 50.00 25.00 34.87ft 17.12ft 6.87ft 52.75 29.50 38.87ft 32.25 35.50 20.87ft 8.50 18.62ft 18.00 4.20 10.12ft 3.90 6.50 14.75 18.37ft 31.75 50.12ft 23.00 22.00 8.62ft 12.25 12.25 7.62ft 14.37ft 8.62ft TORONTO (CP) The world's monetary system might be severely shaken if crude .oil prices continue to Farmers get fuel price aid EDMONTON (CP) A distribution allowance- on marked fuel has been announced by Dr. Hugh Homer, minister of agriculture, to relieve farmers from rising fuel costs. The minister said the distribution allowance of five- cents-per-gallon for fuel used for farm purposes will come into effect May 1. This will result in cushioning farm fuel price increases when and if they occur. 'The allowance will be administered by the fuel oil tax branch of- the treasury department through regular mechanisms of the taxing system. rise, says the latest edition of the Ontario Economic Review. "Already the balance of payments of west European countries, Japan and many developing countries are dangerously the report says. The review estimates that United States oil imports will be 540 million tons in 1980 and 730 million tons in 1985, constituting between 50 and 70 per cent of the total current production of the Persian Gulf area and North Africa. "International competition for Persian Gulf oil will also contribute to further price escalation and it is not totally unrealistic to assume that by 1985 the price of crude oil might be as high as a barrel." it says. But the U.S. and Canada is expected to fare better than western Europe, where the problem is much more immediate, the report says. COLDEST SPOT Snag, Yukon, has been the coldest spot in North America- 81 degrees below zero was recorded there in 1947. could certainly delay construction of the Alberta portion until all the government's environmental conditions have been met. The pipeline proposed by a 27-member consortium of Canadian and United States companies known as Arctic Gas, would move 4.5 billion cubic feet of natural gas a day from the Arctic up the Mackenzie River and then south through western Alberta to the U.S. Mr. Yurko said most of the consortium's environmental studies have concentrated on the effect of the pipeline on the -delicate Arctic environment. Work had still to be done on the effect in Alberta. The proposed line of 48 inches in diameter would be the largest gas pipeline ever built in Alberta, he said. Public hearings were not yet firmly scheduled but would be set within a year and held within two years "to give all Albertans an opportunity to determine the social and environmental effects of such a project." Producers Marketing Board in Edmonton, told The Herald this morning about 130 provincial hog producers are Blocked into the. two-year forward contract for "pork shipments to Japan. This is the second sale of its type. The first sale in 1973 was for hogs over a three- year period involving six producers. Mr. Schultz said the new Japanese deal will mean about million to the producers during the two years. The purchase was made by Gainer's Ltd. in Edmonton. The top price for the contract is per hundred pounds liveweight. A floor price of per hundred pounds was also set to protect the producer. TOP LEVEL PRICE Mr. Schultz said the hog price would remain at the top level as long as feed barley prices remained above per bushel. Barley is now selling at about per bushel. The selling price for hogs would drop on a sliding scale down to the per Hundred pound limit as barley prices dropped, to a minimum limit of per bushel. Even if barley drops lower, the hog price won't. Mr. Schultz said everybody benefits from the sale. The forward contract for foreign sale is designed allow for increased hog production in the province without disturbing the domestic market price. The foreign buyer is happy because t he is assured of a stable supply. The Canadian consumer will how escape price competition with foreign buyers of-pork because those buyers won't have to use the daily Canadian market to fill their supplies. Cattlemen to seek gov't change in beef subsidy TORONTO (CP) A delegation from the Canadian Cattlemen's Association will meet Fe'deral Agriculture Minister Eugene Wfaelan in Ottawa Thursday to ask for changes in the government's method of assisting beef producers through subsidies instituted last week. Association manager Charles Gracey said Monday the delegation will reiterate its objection to subsidies and its preference for reciprocal tariffs on United States beef but. if the subsidy program is to be continued, it will ask for changes in the way it operates. One request will be that the subsidies, now a hundredweight on Grade A cattle, be extended to Grades B and C without increasing the total spending. Mr. Gracey said the subsidy to the top grade causes distortion in the market for "lower grades, and producers of these are worse off than before. Grade A cattle account for 71 per cent of sales; Grade B, 3.8 per cent; and Grade C, 4.5 per cent. The association also will ask the government to. eliminate its plans to drop category 4 and category 3 of Grade A beef from the subsidy on April 6 and April 13, respectively. 'This would ruin the marketplace." Mr. Gracey said. The categories are based on relative fatness, and Mr. Gracey said it is impossible to determine them with complete accuracy in live animals. 7 maJr only bcrn accord for filing, hy a srcnritirs anlhonly tit stirh I'lvvinrr. Calgary Power Ltd. First Mortgage Bonds, Series due 1994 April I. 1974 IIMlure Price: 99.75 and accrued interest i, In .her .Nilscujua rfmhidi may be horn die ami oilier dealers as max lawfully offer these securities in thit Merrill Lynch, Royal Securities Limited 30.25 1987% 3850 3687% 4012% A. K. A mew (Jo. Umilrrf Dominion Securities CDornoraliuii Harris Partners Limited N'robitl Thomson Securities Limited Pit field. Mackay, A Itimjlcd Afnr. (StjptfMkyi York Chrysler Otrpont Genevan Motors 26.00 3362ft MONTREAL (CP) VS. dollar in Jerms Csmsfliam funds at won loin was 3-50 al H-W. Pound rterfcru: was op auoo JO 51-WO. In NPW OK Canadian dollar down P nip 24 at S237 1-30 HarvesHer Kerm Copper MwUgwrnery Ward Sears Exxon Texas Gtrtf Texas Co Wox Corporatfori 5175 28.62ft 39.00 ?5.62ft 87.75 83.00 3437ft 89.25 WoolwoTth 1762ft Westm0hoiwe Bee 25.75 US Gen< Tel Elec 53 12ft TORONTO AVERAGES 20 Industrials 250 63 up .40 20 Golds 552 9f down 10 Base 104.74 down 1.11 15 Western Ofls 2S6 17 down 90 Volume NEW YORK AVERAGES 20 industrials 88438 up 20 Rails 192 96 up .74 65 Stocks 276.53 up 89 Volume Rirhaniwn Securities of Canada Incorporated Midland. Dohcrly l.imitrd Bell, Gouinlork (Gardiner, 1 Umitrd Fry Mills Sprncc Uraitrd Braubicn Inr. Tannrr Limiitd Motlgcll Lid. Bonftard. Lid. Mrad C Limited Co. iJmilrri Mcljrod, Youiifr. Urir X l.imitrd linw. and Drnlon Limited Owhran Murray Umiird Inc. GooflTrion, Robert A Cirlinas Ltd. illoiighby and Company Mmilnl Srotia Bond Company l.imilnl ;