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Lethbridge Herald, The (Newspaper) - May 2, 1974, Lethbridge, Alberta 0-THE LETHBRIDQI May Agriculture secretary Butz boosts U.S. farm income By RIC SW1HART Herald Staff Writer GREAT Mont. A resurgence in the family farm and a growing awareness of the importance of agriculture has been the highlight of the three-year career of U.S. Agriculture Secretary Earl Butz. When named to the post in December 1971 by President Richard Dr. Butz was told to increase rural incomes. The average rural income increased to 92 per cent of urban wages in 1973 from 68 per cent when the Nixon administration first came to power in 1968. aSHANNOUNCEMENTHHH PACIFIC PETROLEUMS LTD. L. Merrill Rasmussen At a meeting of the Board of Directors of Pacific Petroleums Ltd. held on April Mr. L. Merrill was appointed Chief Executive Officer to succeed Mr. Kelly H. Gibson. Mr. a native joined Pacific as Manager of Production in 1959 and was appointed Executive Vice President in 1969 and President in 1970. Mr. Rasmussen has had more than 25 years' experience in the oil in- dustry. Although Mr. Gibson relinquish- ed his position as Chief Ex- ecutive Officer of the Company to Mr. Rasmussen. he will con- tinue as Chairman of the Board. Mr. Gibson is also Chairman of the Board and Chief Executive Officer of Westcoast Transmis- sion Company Limited and holds directorships in several leading Canadian companies. Dr. Butz said the net income from agriculture will reach billion this year up from billion in and while the agriculture imports totalled almost billion last they were billion dollars less than exports. Without the positive balance of payments due to agriculture the U.S. wouldn't have been able to pay for other much needed imported he said. Many people have been critical of rising farm incomes. don't get up early to mess around with steers because they love them. They aren't that queer. trouble today is that people tend to condemn people who go beyond people who want to make He pointed to several socialist nations which now come to the U.S. for their food supplies. These nations have huge corporate farms with all the equipment and knowledge of American but they can't make it he said. because they don't have that secret cement that holds agriculture together in this country and that's the family farm. it rains a farmer in this country makes up for lost time by working longer hours. A worker on a corporate farms won't do it unless he gets time and a half. farmers make the sacrifice because it is their way of he said. Although he doubts farmers can maintain the high incomes in 1974 that were reached in economically farmers will be in a good position. Because of this farmers are taking a new pride in being a CP head urges transportation rate increases MONTREAL -Share- holders were told of a troubled transportation industry Wednesday at a Canadian Pacific Ltd. annual meeting which also witnessed the surprise nomination of two directors. Ian D. Canadian Pacific said the company's net income for the first quarter of 1974 was an increase of million over the year earlier period. He told how- that net first quarter in- come for CP Rail and CP Air was down from the previous with the railway profits lower by million and the airline by million. Calling for transportation rate Mr. Sinclair the authorities move to permit revenues to keep up to the rise in both rail and Ot S ystem 1003 4th Tatophona 328-4426 ervices telecommunications earnings cannot help but fall precipi- tously below their 1973 He said he expects profits of CP Air to be somewhat reduced. The unexpected nomination of Msgr. Raymond Lavoie of Quebec City and Clifford A. Fielding of Copper as directors touched off several heated exchanges between shareholders and company officers. Msgr. who had come to the meeting to propose that million in company profits be funnelled into low-income was not allowed to stand for election because he does not hold the required shares. A more determined effort was made on behalf of Mr. a former Canadian Pacific director who in 1971 over a dispute on handling of the company's preferred shares. Several backers forced a ballot election with Mr Fielding's name added to the six proposed by management. In the the backers objected to a warning from Mr. Sinclair that management controlled 28 million voting enough to defeat'any candidate. Mr. Fielding received 2.8 million substantially less than the other candidates. Fair catch Prince Edward Island fisherman Clarence Gauth- ier of Rustico displays some of the open- ing days catch of the lob- ster Wednesday. The first days catch was considered as light in P.E.I. CDC stock prospectus delayed TORONTO Canada Development Corp. has delayed filing a prospectus for its planned public issue of shares because of uncertain market conditions. The prospectus had been planned for April 30 and the shares were to be sold during May. think it is a good idea to wait and see how things go in the market in the next little and also what is in the federal president H. Anthony Hampson said. He said there are no changes in the approach to the issue. is purely a question of The issue for the federally- funded corporation is expected to be the largest in Canadian topping the of convertible preferred shares of TransCanada PipeLines Ltd. issued in early 1972. Review oil sands EDMONTON The mines and minerals department is reviewing leases held in the Athabasca oil sands in northeastern Alberta. Bill mines and minerals said Wednesday the review may be in his hands by next month. But it will probably be fall before the government reveals any he told the legislature. Premier Peter Lougheed said the current system of leases issued by the former Social Credit government seriously options the government has in oil sands management. The government began reviewing leases last year after world energy demands created high interest in oil sands developments. The province quickly discovered it was in a poor position to bargain because leases in the most attractive areas had already been sold. Prince Igor has no taste. Prince Igor is vodka. Pure vodka. without a flicker of taste or color or scent. A prince of a vodka. Have the over tonight. Dtatllton Ltd.... wt MHI quality. The Herald- Business Stocks Miscellaneous Montreal by WESTERN OILS AND MINES Afton Mines 6.75 Albany Oil .18 Alta East Gas 6.75 Alminex 6.25 Asamera 10.25 Ashland Oil Gas 10.50 BP Canada 14.25 Brenda Mines 6.1214 Cda South 4.10 Cdn Ex Gas 3.05 Cdn Homestd 5.50 Cdn Ind Gas Oil 8.25 Cdn Long Is .15Vi Cdn Super 47.25 Chieftan Dev 8.1214 Dome Peta 32.75 Dynasty 9-37 'A Fort Reliance .18 Giant Mascot 1.47 Gibraltar Mines 9.50 Granisle 9.50 Gt Plains 37.12V4 Gt Cdn Oil S 8.62V4 Lochiel Ex 2.49 Lytton Win 1.85 Noble Mines .84 North Cdn Oil 4.90 Numac Oil Gas 15.25 Pancdn Pete 11.12Vi Pan Ocean 12.25 Petrol 1.90 Pinnacle 38 Place Gas 43 Ponder .49 Ranger Oil 30.75 Scurry Ram 26.25 Seibens 15.75 Spooner Total Pete 8 75 Ulster Pete 1.30 United Canso 18.25 West Pete 5.00 West Decalta 7 00 MISCELLANEOUS INDUSTRIES Acres Ltd Aquitame 26.75 BC Sugar C Pfd 12.00 Block Bros 3.35 Cdn Pac Inv A Pld Carhng O'Keete A Pfd 21 50 Carhng O'Keefe B Pfd 25.75 Comm Cap Corp 2.60 Crestbrook Forest Ind 8.00 Crowsnest Ind 26.00 Falcon Copper 11.25 F and M Trust Co 4.75 Genstar Home Oil A 46.00 Home Oil B 42.00 Hud Bay Co 18.00 Hud Bay Oil 38.75 Hud Bay Oil A Pfd 42 00 Hugh Russell C Pfd 70.50 Husky Oil Husky Oil B Pfd 36.50 Husky Oil D War 3.00 Husky Oil E War Interprov Pipe War 4.30 Interprov Steel Pipe Kaiser Res 3 90 Kaiser Res War 1.75 Loblaw CO C Pfd Magnasonics 2.65 Pacific Pete 25.50 Pacific West Air 7.25 Pe-Ben Oilfield Serv Rainier Inc 4.00 Royal Trust 22.62V4 Sandwell -Teledyne Tnmac Canbra Foods Westfield Mm Weston A Pfd White Yukon PIPELINE STOCKS Alta Gas Trk Line A Alta Trk Pfd Alta Nat Gas Gaz Metro Inland Nat Gas N and C Gas N and C Gas B Pfd Pacific Trans Trans-Cda Pipe Trans-Cda. Pipe A Pfd Trans-Cda. Pipe B Pfd Trans-Cda War WC Trans WC Trans War CALGARY Acroll Barons Oils N. Continental Western Warner VANCOUVER MINES Atlas Explorations Bathurst Norsemmes Dankoe Davenport Dolly Varden Equitorial Res. Lornex Northair Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Columbia Brewing Key Industries Wardair OILS August Petroleum Plains Pete. Ponderay Explorations Stampede Int'l Res MUTUAL FUNDS All Cdn. Compound All Cdn. Dividend All Cdn. Ventures Amer Growth Fund A.G.F. Special Cdn Invest Fund Collective Mutual Corp Investors Corp. Invest Stock Fd Dreyfus Fund U.S Great Pacific Grouped In Shares Growth Equity Invest Growth Fund Investors Mutual Mutual Accum Mutual Growth Fund Nat Resources NW Cdn N.W. Growth Principal Growth Royfund Templeton Growth United Accum Universal Savings Univest Vanguard 6.50 3.80 6.10 3.40 1.09. 7.62 Vi 59.00 18.75 5.50 21.00 9.75 30.25 56.00 3250 4.00 20.75 2.70 46 .09 .02 .30 .32 1 50 2.70 .65 .31 .11 8.50 2.95 .06 .10 249 7.00 2.75 09 1.85 45 .18 .92 .71 5.88 6.71 6.17 6.71 3.14 3.42 4.44 4.88 2.26 4.61 505 4.79 5.25 5.77 6.34 4.54 4.89 1022 11.20 4 38 4.76 2.83 3.12 6.48 7.12 11.13 12.17 5.29 5.79 5 67 6 24 2.90 3 19 444 4.88 5.05 4.35 3.98 618 747 4.19 7.57 5.54 5.64 5.55 4.73 4.37 6.44 8 19 5.60 8.33 6.09 618 Toronto industrials by Richardson securities of MINES Acme .11 Advocate Asb. 1.05 Akaltcho 1.85 Bralorne 1.70 Broulan .52 Bethlehem 13.25 Bovis 1.68 Brunswick 4 55 Con. NW Land 625 Canada Tung 3.75 Cassiar 8.00 Central Pat .93 Chimo 1.04 Conwest 3.95 Cons. Rambler 2 67 Com Lake .25 Cochenour 1.70 Cralgmont 5.75 Dickenson Mines B.12V4 Denison Mines 43.37V4 D'Eldona .44 Dome Mines 146.50 Discovery Mines 2.50 East Maiartic East Sullivan 2.75 Falconbridge 54.00 FrObex .24Vi First Mantimes .51 Giant Y.K. Granduc 2.51 l._llmger 3600 Hudson Bay 21.12V4 Hydra Ex. .78 Iron Bay 4.40 Iso 1.52 Joiiet Quebec Kerr Addison 12.25 Key Anacon 30 Labrador 34 00 lake Shore 5.25 Langis Silver .11 Vz Madsen R.L. 2.42 Maiartic G.F. Martin McNeely .40 Maclntyre Meta .20 Midrim .16 Intern Mogul 7.8714 Nu West Homes 10.25 New Athona .32 New Calumet Noranda Northgate 6.62Vi Norlex .24 Pine Placer Dev. 20.75 Pax Exp. 1.66 Quebec Man .19'A Rayrock 1.33 Radiore .28 Rio Algom 29.50 Roman Corp. Sherritt Gordon 11.25 Steep Rock 1.85 Sunningdale 7 25 Tek Corp A 3.80 Texmont .24 United Canso Western Mines 3.00 WH Copper Mines 3.75 Wright Hargreaves 1.75 Willroy 1.91 Yellowknife Bear 3 80 Zenmac .08 INDUSTRIALS Abitibi Alcan Algoma Steel Atco Ind 16.25 Jannock 7.75 Agra Ind 7.75 Bell Tel 40.75 Brascan A BC Tel 52.50 Burns BC Forest BC Sugar A Bow vahey Ind Cable CAE Ind Carhng O'Keefe Chemcell Can Cellulose Cal Power Coron Credit CWN Gas Cdn Ind Cdn Marconi Cdn Vickers Chrysler CPR Commco Cons Bathurst Cons Gas Dist Seagrams Dom Bridge Domtar Dom Textile Oom Stores Dome Pete Dofasco Glen Mobile Grt Cdn Oil Gen Motors Grt Lakes Paper Gulf Oil Greyhound Hawker Sid Hiram Walker Huron Erie Imperial Oil A Imasca Int Nickel mt Pipe Inv Grp A IU Int'l Ind Accept Kaps Kel Douglas A Laurentide Loeb Loblaw A Metropolitan Massey Ferg McMill Bloed Moore Corp Molsons A Molsons B Nachurs North Cent Power Corp Price Co Peyto Rothmans Shell CDA Simpsons Simp Sears Steel Can Selkirk A Texaco Trad Grp A Trans Mtn Pipe Trans Can Pipe Union Carbide Union Gas Union Oil United Siscoe Versatile Mfg Westeel Westons Woodwards A West Cdn Seed Zenith Elec Can Imperial Montreal Nova Scotia Royal Tor Dom BANKS Market prices sharply higher TORONTO Prices on the Toronto stock market were sharply higher in light midmoming trading today. The industrial widely-based indicator of market rose 1.02 to golds 1.85 to base metals .26 to 90.39 and western oils .61 to 226.08. Advances more than doubled 153 to with 161 issues unchanged. Volume by lla.m. was 000 up from at the same time Wednesday. A trading halt ordered Mon- day in shares of Greb In- dustries was lifted at the open today and Greb B was up to flSVs. Warrington Products 18.00 20.75 12.50 9.50 3.05 5.75 22.75 2.30 9.25 3.10 17.50 16 1500 2800 25.00 40.00 25.25 10.75 1400 4.65 47.00 23.75 31.00 16.25 28.50 31 25 17.75 7.25 14.75 16.00 3.15 525 9.50 355 5.75 12.25 17.50 49.50 21.25 7.50 11.25 13.75 6 62VS 12.75 17.50 13.00 30.25 18.00 9.25 12.00 7.50 6.87 Vt 21.62V4 21.50 22.00 3.40 300 27.25 1800 34.25 34.75 New York by Rfchardton Securities of Arm. 49.00 Woolworth Anaconda Westinghouse Elec 18.25 Beth Steel 32.50 U.S. Steel 44.25 Chrysler 1700' Gen Tel Elec Comsat 32.50 TORONTO AVERAGES Dupont 172.75 20 Industrials 2 06 up 1.22 General Motors 49.00 20 Golds 465 7 up 3 75 Gulf 22.25 10 Base J0.54 up .41 Inl. Harvester 15 Western Oils 225.99 up .52 Kenn Copper 3875 Volume Montgomery Ward 24.50 NEW YORK AVERAGES Sears 82.00 20 Industrials 858.41 up 4.53 Exxon 20 Rails 177 30 up 85 Texas Gulf 15 Utilities 78 22 up .92 Texas Co 27.75 65 Stocks 261 75 up 1.58 Wl. CornorAtion 1400 Volume 6.340.000 said it plans to offer a share for Greb shares. Class which has not traded by closed previously at Graf ton Group rose IVfc to Royal Bank 1 to Home Oil A 1 to Slater Walker to and Moore to Bethlehem Copper gained Vi to Pamour to and Agnico-Eagle tt to Ranger Canada added to Numac to and Pan Ocean Vt to Mercantile Bank lost to Monarch Investments to Maple Leaf Gardens Vt to Falconbridge Copper to Vs and Scurry-Rainbow Oil to J26V4. Market MONTREAL All sectors moved higher in light trading on the Montreal Stock Exchange today. Volume at 11 a.m. was shares compared with at the same time Wednesday. Papers rose 1.82 to in- dustrials 1 00 to 223 the composite .91 to 209 banks .76 to 258.68 and utilities .19 to 135.28 Abitibi rose 'A to Aquitaine to Alcan to and Microsystems International 'A to while Bank Canadien National fell to Among speculative issues. Consolidated Imperial Minerals rose two cents to 24 cents on a volume of 40.000 shares traded VANCOUVER Prices were up on moderate trading on the Vancouver Stock Exchange Wednesday Volume at the close was shares In the Canterra was up 04 at .54 on shares Grouse Mountain was up .40 at 30 on Newmark was up .10 at on 4.400 shares and lonarc was up .03 at 73 on 3.500 shares. B.C. Trust units were down 25 at 25 and Block Brothers was up .15 at 40 In the Anglo Bowmarc was up .02 at .58 on shares. Vantreal was down at on shares. Northair was up 1 at on 44.300 shares and Arcadia Explorations was up 04 at .64 on shares. Yukon Gold was unchanged at .45 and Silver Standard was up .05 at In the Davenport was up .06 at .67 on 15.000 shares Cop-Ex mining was up one-hall a cent at 42 on shares. August Petroleum was up .06 at 47 on 7.858 shares and Payette was up 02 at .35 on 7.000 shares. Galveston was up .04 at 16 and Seneca was up 01 at NEW YORK The stock market leveled off pausing after Wednesday's strong advance. The 11'30 a.m Dow Jones average of 30 industrials was down .39 to 853 but gainers maintained about a five-to- four lead over losers on the New York Stock Exchange. S S Kresge was up Vs at U.S. Leasing was the NYSE's volume unchanged at Among Canadian Alcan gained to Seagrams to Massey Ferguson Vi to Mclntyre fell to Canadian Pacific Vi to International Nickel Vi to Hudson Bay was un- changed at Livestock Calgary CALGARY Receipts to 11 a.m. Thursday from the Calgary public stockyards totalled about 900 mostly slaughter steers. Trade was active on steers and cows c-nd active on heifers. Slaughter steers met a good demand selling steady at Wednesday's close. There were insufficient good quality heifers on offer to establish a market Cows were mostly in the lower grades selling steady. Steers Al and 2 A3 49 50- 50 50 Cows Dl and 2 D3 30.50- D4 25-30 Replacement cattle were scarce with a few good feeder steers weighing more than 750 pounds selling from 40- 47 50. There were insufficient good stock calves on offer to establish quotations. Winnipeg grain WINNIPEG Heavy pressure from a variety of sources continued to push prices downwards through mid session on the Winnipeg Commodity Exchange today Flax prices were at or near maximum lower levels on increased inter month commission selling and profit taking at the lower levels. Basically the same dealers were active in rapeseed but to a lesser degree with the resulting prices ranging up to 13 cents below previous close levels. managed to maintain its opening levels in nearby months gaining one cent in May and July but continued losing strength in the deferred months where locals and liquidators were quite active The volume of trade Wednesday was bushels of of rye and of flax. MID-SESSION PRICES. Flax May 30 lower 10 July 25 Oct 29 lower Nov. 30 lower 8 98B Rapeseed Vancouver1 June 13 lower Sept. 6 lower Nov. 6Vz lower 6.31 Jan. 9Vi lower 6 22A. Rapeseed Thunder Bay. May 10 lower July unchanged Oct 8 lower 6 Nov. 8 lower 5.99A. Rye- May 3 lower July 1 lower 2 31 Oct. lower Dec. 6 lower 2.29A Grain quotes Wednesday basis High Low Close Flax May 1097 1083 1083 Jly 1037 1020 1020 Oct 969 956 956 Nov 939 928 928 Rapeseed Vancouver Jun 707V4 712 Sep 674 664 Nov 638 Jan 625 63 IK Rapeseed Thunder May 713'A 703 709 Jly 650 643 646'i Oct 618 610 613 Nov 607 Rye May 237 Jly 239'A 232'A Oct 238'A 231 231'A Dec 235 Hogs fob Calgary to 11 a.m. average base price 36 50 Hog prices EDMONTON Average prices to 11 a m Thursday provided by the Alberta Hog Producers Marketing Board. Wednesday prices in brackets- Edmonton. 36.50 Calgary 3650 LeUlbridge- Nil Hogs sold to 11 a.m. total Wednesday average 36.50. Sows average 25 50 Chicago markets CHICAGO Profit-taking on recent long positions as well as apparent speculative liquidation hit most commodity futures on the major exchanges Wednesday. There were some limit but in the closing minutes of the day's dealings prices came off bottoms. On the Chicago Mercantile cattle futures fell to limits for one at per while live hogs fell as much as 43 per hundredweight to set new crop lows and pork bellies were down 41 cents with shell eggs ISO points lower Wheat futures were under heavy selling falling the limit of 20 cents before closing with a loss of 17 cents a bushel. Corn oats and soy oil also posted limit but oil closed on the bottom. Soybeans closed with small but meal gamed. Copper futures fell nearly 500 while silver and cotton futures fell to limits. Cocoa prices were mixed and world sugar and wool gained. Al the Chicago wheat was 12 to 17 cents May 3 Gulf hard red 11 lower. July 3 corn 4 '4 to 8 May oats 3'A to 6 May 1.24. and soybeans 2 to 5 May 5.39. Grain quotations Wednesday. Wheat- May Jul Sep Dec 3 75 Mar 3.80 Corn- May 2 Jul Sep Dec 2 Mar 2 Oats. Jul Sep Dec 1 Dollar MONTREAL U.S. dollar in terms of Canadian funds at noon today was up 3-25 at 2-25 Pound sterling was up 31-50 at 3-5. In New the Canadian dollar was down 13-100 it 2-25. Pound sterling was up 7-20 at 1-10. Gold futures WINNIPEG Gold U.S. Winnipeg Commodity Exchange close Thursday. Jly 7f- Oct 74 Jan 75 186 Apr 75 192 OOB. Tuesday's 106 contracts Allan and Ruby Johnson FARM AUCTION SALE North and East of ALTA. originally for Apr. 27 will now on MAY 4th at 10 a.m. sharp On offer TRUCKS TRACTOR MACHINERY LIVESTOCK GRAIN HOUSEHOLD ARTICLES Antique and MISCELLANEOUS EQUIP- MENT. Sato conducted by DON WALPER AUCTIONEERING Plnehar Craak Phoiw 627-3780 AUCTIONEERS Don Walpar Lie. 010269 Roy Fjordbotton Lie. 010237 ;