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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 7, 1970, Lethbridge, Alberta TORONTO MINES, INDUSTRIALS Market Prices Climb Sharply TORONTO (CP Prices continued to climb sharply in light mid-morning trading on the Toronto stock market today. Analysts believe that a reduc- tion in margin requirements to 50 per cent from GO per cent which became effective today is responsible for the firming trend. The Toronto market began to climb Wednesday afler the Fed- eral Reserve Board in the United States reduced margin requirements on Wall Street to 65 per cent from 80 per cent. On index today, industrials were up 1.09 to 169.05, golds J to 154.16, base metals .06 to 102.76 and western oils 1.43 to 147.91. Volume by 11 a.m. was compared with at the same time Wednesday. Gains outnumbered losses 142 to 64 with 1'7 issues unchanged. Kilembe Copper Cobalt, at bid, asked, did not trade. The company said first- quarter net earnings were 32 cents a share, up from 20 cents in the similar period of last year. Stocks Noon MONTREAL (CP) Prices firmed in light trading today on the Montreal stock market fol- lowing a cut in margin require- ments by major. Canadian ex- changes in response to a similar move Tuesday by the Federal Reserve Board in the United States. The banking index led the advance with Canadian Impe- rial Bank of Commerce up to 21, Royal to 2iVs and Toronto Dominion to Denison eased 1 to 31 and In- dustrial Acceptance to On index, industrials were up 1.09 to 173.25, utilities .40 to 128.16, banks 2.47 to 173.51, the composite 1.09 to 16S.06 and pa- pers .59 to 108.13. Wall St. Noon NEW YORK (AP) The stock market climbed steadily on a broad front in slow trading today. The Dow Jones average of 30 Industrials at noon was up 6.73 at 725.12. Among Canadians, Aranby Mining and International Nickel were each up IVa, Dome Mines 1'A and Canadian Pacific Walker .Gooderham and Distill- ers Seagrams fell Va. On the American Stock Ex- change Scurry-Rainbow Oil was up and Canadian Marconi dropped LIVESTOCK Lethbridge Livestock (Supplied by Canada Department of Agriculture) On offer to 11 a.m. 110 cattle. Receipts mostly slaughter cattle. Trade moderately active. and choice butcher steers meeting good demand, prices barely steady. Good and choice butcher heifers fully steady. The few replacement cattle on offer selling no better than steady. Medium and gocd re- placement cattle steady at Ihe week's decline. Choice steers 31 to 31.60; good 30.25 to 31; medium 28.50 to 30. Choice heifers 29.25 to 29.90; good 28.50 to 29; medium 27 to 23. Good cows 21 to 22.50; me- dium 20 to 21; canners and cut- ters 17 to 19.50. Good heavy feeder steers 30 to 32; medium 27 to 29.50; good feeder heifers 30 to 33. Calgary Livestock CALGARY (CP) On offer to 11 A.M.: about 1.425 head, mostly good to choice slaughter steers. Trade was active with both local and out-of-the-prov- ince demand. Slaughter steers were 25 cents lower. Heifers sold about steady. Cows weer steady at the week's decline. Bulls traded unevenly. Choice steers 31 to 31.40, good 29.75 to 30.75, medium 28.50 to 29.50; choice heA'rs 29.50 to 30, good 28.50 to 29.25, medium 27 to 28.25; good cows 21.50 to 22.50, medium 20 to 21.25, canners and cutters 17 to 19.50; good bulls 27 to 28.50. Replacement cattle were scarce and met a moderate de- mand at lower prices. Good feeder steers 30 to 33 depend- ing on feeder hei-. fers 28 to 30.25. There were no stock or slaughter calves on of- fer. Supplied by Richardson Securities of Canada LAST BID OR SALE a.m. Quotes) Quolei) Frobex First Mi Quotes) INDUSTRIALS Norlli, Cent Abltlhl 10.00 Ogllvle Alcan Pemblna Pp Algoma Steel 13.25 Power Corp Atco Inn Allan Sugar Bell Tel Brazil Trac B.C. Tel Burn5 B.C. Fores! 30.75 16.50 450 7.75 6.75 20 25 1.20 10.50 10.00 23.00 3 BO 775 26.00 22.00 9.00 Price Co 6.87'A Roth mo ns 42.25 Shell CDA Simpson's 59.00 Simp Sear Sloll of Can Selkirk A Texaco Traders Gp A Trans Mln Pp Trans Can Pp 27.75 Union Gas Union Oil Versatile Mlg Wesleel..... Union Car WesJon'5 B Woodward's A West Cdn Sd ____ Zenith Elec CPR........ BANKS Comlnco.....26.50 Can imperial Montreal Nova t 48.67 fi Royal....... 13.25 Tor-Dom 15.25 MINES Acme..... 1100 Advocate Asb. 11.50 18.00 750 Glanl Y.K. 11.87'A Gorldrum Gunnar lllmes B.C. Sug CAE Ind cdn Brew Chcmcell Col Cellulose Cal Power Coron Credit CWN Gas Cdn Industries Canada S S Cdn Marconi Cdn Vlckers Chrysler ?J7S Granduc H'js Headway R.L. Holllnger..... 13M Hud. Bay M-S Hydra Ex..... Hlqhlnnd Bell Iron Bay..... Jollet Quebec' Kerr Addlson Key Anacon Labrador Lake Shore Cons Bolh Cons Gas Dlsr Sea Dom Bridge Domlar Dom Textile Dom Slores Dome Pele Fam Play Fd of Amer Gt Cdn OH Gen Motors Gl Lakes Pap Gulf Oil Cda Hawker Sid Huron, Eric Hiram Walk Imperial Oil Imperial Tob Int Nickel Int Pipe..... Inv Gp A In) Utilities Indust AccepI Laurentide Kelly Doug A Loeb....... Loblaw A Melro Slores Massey Ferg McMillan Bloc Moore Corp Molson's A Molson's B 21.00 15.50 10.37ft Area Mines 44.00 Belcher Iron 3-50 Black Bay "-M Bralorne..... Broulan Belhlehem Brunswick Canada Tung. Cassiar...... Cenlral Paf. U62Vz Chlmo....... 4450 conwest Cons. Rambler 6.75 Coin Lake 25.75 cochenour cralgmont 4.00 DIckenson Mlnff Denison iviines Deer i'orn D'Eldona Dome Mines Donalda DIsocvery Mines East Malarlic East Sullivan Fa I con bridge 21.75 15.75 2.00 16.00 14.75 6.50 4.60 6.50 ig.oo 13.50 29.50 33.50 15.75 13.00 38.00 3.25 11.00 ll'SSvi Ei'ngb Macassa ,n Madsen R.L. Malarlic G.F. Marlln McNeely Maybrun..... Maclnlyre Meta Mldrlm 20.00 inlcrn Mogul New Athena .OS'A New Calumet 2.20 New Imperial Noranda Northgate Qpemiska Oslsko....... Pallno....... -2614 Pino Point Placer Dev. 6.30 p.C. Exp...... 2.05 Quebec Man 20.12TA Rayrock 2.52 Radiore Rio Algom Roman Corp. Sllverflelds Sherrllr Gordon Silver Miller Sleep Rock Siscoe Tek Corp..... Trxmonl Upper Canada Western Mines Wriaht Har. Willroy Windfall..... Yellowknlfe Br. Zenmac..... .48 2.28 3.10 1.36 10.00 .94 .15 .45 11.75 1.95 31.25 .07 .79 54.00 1.40 1.15 6.65 15550 .26 1.35 8.00 3.65 1.01 S.JO 9.00 30.00 27.00 .19 2.70 1.81 .23 11.75 .JO 2B.25 3.40 2.00 .10 1.35 1.10 1.00 .12 .23 171.00 .19 .30 11.00 .21 .23 2.60 33.00 ld.00 14.51) .33 41.00 37.00 36.50 .72 .20 1.53 .31 17.75 8.25 2.50 20.25 .09 .58 1.S5 4.70 1.6! 1.61 MISCELLANEOUS QUOTATIONS Calgary, Montreal (Supplied by Doherty, Roadhouse and McCuaig) 3.55 2.80 3.BO 7.00 6.25 I. H. ASPER'S TAX COLUMN APPEARS TODAY ON PAGE ie EQUIPMENT MANAGER Required Applicant must be capable of instituting and supervising a program of maintenance and repair of a fleet of heavy construction equipment. Please submit a personal resume of training and experience. Location in Calgary. All replies confidential. APPLY TO BOX 136, HERALD keep the pilot light in your furnace burning. Why? Because this small flame can perform important jobs for you all summer long. It removes basement dampness protects against furnace rust and corrosion, and keeps your heating plant on standby for instant use on unseasonably chilly days. Just another way that natural gas serves you all-year 'round. Canadian western natural gas company limited SEE US FOR INFORMATION ON ANY OF THE MANY QUALITY GAS APPLIANCES AVAILABLE FOR MORE COMFORTABLE LlVINft. a.m. Quotes) WESTERN OILS Almlnex J.3fl Asm era Banff....... Cdn South Cdn Delhi Cdn Ex Gas Cdn Grigol Cdn Homesld Cdn In Gas Oil Cdn Long Is Cdn Super Csn Del Rio Charier chierran Dynamic Pele French Pele Gt Plains Mill City New Cont Norlh Cdn Oil Numac Permo...... Petrol Pinnacle Place Gas Ponder .56 Ranger....... 5.60 Scurry Rain Spooncr 1.30 Triad 3.30 West Decalla 4.25 MISCELLANEOUS INDUSTRIALS Atco Ind 8.75 Aquatalna Brit Nfld Cdn Brew.A pfd Cdn Brew b pfd Cdn Hydro Car Cdn Pac Inv Pfd CPR Pfd Cygnys A Cygnus B Cum Prop Gt Cdn Oil Sand Gt Cdn Oil S 6-75 Home A Homu B 14.25 Horne PIIFId 2.20 Hud Bay Co 15.00 Hud Bay Oil 39.50 Hud Bay Oil Pfd 51.00 Hugh Russ Pfd 21.25 Husky Oil..... 9.15 LAST BID OR SALE a.m. Quoles) Husky Oil War 3.10 Inf Pro Pipe Wt 7.BS T1.62V4 Inter Sleel Pipe 5.50 B.OS Jefferson Lake. 10.25 Joulel...... 1.34 Kaiser Res 10.50 Kam Kota 2.45 L Ont Port Cem 2.35 Mentor a.m Quotes) Grouped Income 3.05 3.3' Investors Glh p.pj 10.81 Investors Mtl Mutual Accum. 4.57 5.03 Mutual Glh F 4.15 4.56 Mutual income 4.4B 4.93 Nalural Res 6.70 7.32 Principal Glh 3.9d 4.32 Regent Fund 7.47 fl 16 Royfund 4.90 5.05 United Accum. J.3! VANCOUVER Anilk Arctic Mining Atlas...... Beth. Copper Borniie Ridgi Block Bros. Brenda..... Brenmac B.C. Sugar B.C. Sugar pfd Capt. Inler. Churchill...... Coronation Credit Newcone fi.OO .85 Pacific Pets 24.87'A !575 Shell Inv 23.12Va 10.25 Shell Inv Wls To 25 750 Sicks Ranter -1.25 7.00 West- Cdn Seed 215 1-53 CALGARY AcroM 1-00 21-75 Ana Pete......09tt 1-76 Barons Oil .07 !-13 North Confr .03 a'05 Plains Pete .29 fi'95 Wast Warner Leduc Cal mar Madison......17 -'2 Quinalta .......05 1-20 Rexdale.......16 PIPELINE STOCKS Alta. Gas Tr. A 39 Dynasty Alta. Gas Tr. 68.75 Endako Alta. Gas (Nat.) 20.00 Fort Reliance Cdn. W.N. Gas ld.75 Futurity Inland Nat. Gas 9.25 Giant Mascot North, Central 11.25 Granlsle Norlh, Central B 26.1 VA Key Ind...... Gaz Metro......-1.25 Growers' B Trans Can Pipe 27.75 Trns Cn Pipe 2.30 3B.OO Trans Can. Pipe A 54.50 Trans Can Pipe w 7.7S Westcoast Trans. 18.75 Western Pacific 4.35 o.J7'A MUTUAL FUNDS ..__ A.G.F. Special 2.23 2 30 Madrona All Cdn. Camp, fi.dfi 7.06 New Cronln Cdn. Dlv. 7.59 fl 3D New Imp. Mines .25 .29 1.15 KM 4.55 12.25 .96 16.62'A 15.00 3.25 4.25 1.20 4.35 10.25 8.37'A Crestbrook......7.75 Croyden.......-16 Dolly Varden 33 9.10 .65 .25 3.10 15.00 7.00 3.50 .10 .10 B.OS 2.39 .10 .30 -10'A 2.5S Hy's int. Brew..... Jericho........ Kamloops..... Lornex Lytton Mlns ML Washington 3 50 All Cdn. Venire 3.51 3.84 Okanagan Hellcop. 3.00 '7.00 Amer. Glh F 4.64 5.10 Primer........IS Canada Growth 5.13 564 Pyramid.....29 Cdn. Invest. F 4.13 4.53 Silver Standard 1.65 Collect Mtl ....5.60 6.15 T.C. Ex.......50 Commonweallh 11.68 12.80 65 Com'wealth Lev 301 3.30 Western Mines 4.70 Corp. investors 5.14 5.61 Westcoest Res .20 Dreyfus F U.S. 11.OB 11.05 Western Explora .24 Growth Equily 5.38 6.41 Utica .........1.07 NEW YORK STOCKS Supplied by Richardson Securities of Canada Amer. T. and T. Anaconda Belli. Sleil Chrysler...... Duponr General Molars Gulf...... Inf. Harvester Kenn. Coppir ___ J7.M Montgomery Werd 46.SO 27.00 sears..... 6] 75 Standard Oil NJ. S3 8714 K.ilVi Texas Gulf 115.75 3Z-B7W Texas Cn. 2550 Woolworlh......30.25 dfl.OO Weslingnousa El 65 7S V35 U.S. Sleel 35.00 25.1ZM TORONTO AVERAGES 4B-75 .20 Indust 167.00 up 1 04 20 Golds 15B.57 up 4.50 10 B I02.S9 up .19 15 W Oils 149.19 uo 1.71 Volume NEW YORK AVERAGES 30 Indust 721.75 up 3.34 20 Rails 154.96 up 1.20 15 Ullls 106.34 up .26 {5 Stocks 233.3d up 1.21 Volume All Snowmobile Trails Closed BANFF (CP) -All snowmo- bile in Banff National Park have been closed for the season, park superintendent Steve Kun announced today. Mr. Kun also announced that automobiles are no longer re- quired to use snow tires or chains when proceeding to Sun- shine, Mount Norquay and the Temple ski areas. ATTENTION! FARMERS and STOCKMEN If You Want TOP DOLLARS for your LIVESTOCK Consign lo PICTURE BUTTE AUCTION MART Ideally located in tha centre of large eattU feeding and hog raising area SATURDAY, MAY 9th at 1 p.m. REGULAR CATTLE SALE 350 HEAD 350 Highlighted by 15 COWS WITH CALVES AT FOOT 75 YEARLING STEERS AND HEIFERS FROM ONE OWNER Plus usual run of approximately 300 Fttdtr and Wtantr Hagi. FOR FURTHER INFORMATION CONTACT PICTURE BUTTE AUCTION MART JOE or JIM JURIS Pliant 711-4400 or 732-4441 _ Pictun Grain Prices Winnipeg Grain Prices WINNIPEG (CP) Oilseeds rallied a little near (he close of the Winnipeg Grain Exchange today on increased exporter buying interest, The exporter buying in rape- seed absorbed offers by locals, commission houses and a U.S. house, leaving all futures frac- tionally higher Flax also had a local and commission house trade, with some inter-month spreading. Exporters were active in rye, buying the May-July spread at a three cents differential. Oats and barley were steady in a light domestic shipper trade. Export loadings of Canadian wheat included bush- els to Britain, to Bel- gium, to China, to France, 400 to Jamaica, 000 to Japan, to Ger- many, to The Nether- lands, to Switzerland and to Russia. Volume of trade Wednesday included bushels of rapeseed, of rye and ot flax. High Low Close ..Flax May 274K 274% 274% Jly 277% 276% 277% Oct 277% 276% Nov Rapesccd May 281% 278 281 Sly 285 279'A Nov 246% 243 246% Jar, 240 238 240V4 Oats May Jly Oct Dec Barley May Oct Dec Rye May 101% Jly 104% Oct 108V4 Dec 74'A 76 75 107% 108 108% 100% 103% 108% 101% 104% 108V4 108% Thunday, May 7, 1970 THE lETHBHIDGI HERALD 15 Stock Exchanges Drop Margin Requirements TORONTO (CP) The To- ronto Stock Exchange said Wednesday it will drop margin requirements for its members to 50 per cent from 60 per cent. A similar decision was also taken by the Montreal, Cana- dian and Vancouver exchanges, and in oil cases takes effect today. The move follows a reduction by the Federal Reserve Board at New York Tuesday to 60 per cent-from 80 per cent. New York reduced its margin requirements after Wall Street closed Wednesday with its big- t loss in more than six years. The immediate result of the move at New York was a sharp advance. However, the market dropped back in later trading, EXTENDS CREDIT A margin reduction is, in ef- fect, an extension of credit to investors. The reduction means Cana- dian investors now can buy shares and pay 50 per cent down on the cost of shares, with ,he proviso that they pay ths. balance within a specified pe- riod of time. Margin minimum had been pegged at 60 per cent by the To- ronto Stock exchange since Feb- ruary, 19G9. For several years prior to this, the margin requirement was 50 per cent. The Toronto stock exchange said the margin was raised last year because of growing con- cern over what it termed "ex- cessive credit." Volume of trading on the To- ronto market has been ex- tremely low for several weeks. MARKET ERODED The market has been in a state of erosion, interrupted spo- radically by short-term rallies. Observers have attributed the declining trend to a bleak eco- ALL CLASSES INSURANCE AUTO HOME BUSINESS FARM Phone 327-7793 706 3rd Ave. S. FORSTER AGENCY nomic picture In North Amer- ica, and uncase over United States activity in Indoclrina. A Toronto analyst said he be- CP Rail Profits Dip MONTREAL (CP) The president of Canadian Pacific Railway said Wednesday this would not be one of the com- pany's best 3'ears, announcing a first-quarter drop in over-all profits compared with those of last year. Ian B. Sinclair told the annual meeting that first-quarter earn- ings from railway and miscella- neous sources slumped to or 12 cents a share, a decline from or 32 cents a share for the same pe- riod of 1969. Mr. Sinclair attributed some of the decline to higher costs, higher wages and a continuing decline in subsidy payments re- ceived under the National Transportation Act. He said, however, that freight rate increase have already been put into effect and that others are planned later in the year. 11 e v e s margin requirements were dropped to ease pressure which has been forcing markets down. He said market declines have forced a number of Investors who were on margin out of the market, and added that the credit extension would reduce forced sales. He termed the change "mod- erately encouraging." The Toronto exchange said: "It is felt that the 50 per cent margin rate will not create ex- cessive demands for credit in the securities business. The move is not considered by the exchange to be in conflict with restrictive credit policies which now prevail. Potato Futures WINNIPEG (CP) The Mar- itime potato futures market had a good volume of trade Wednes- day with prices unchanged to 15 points under the market. There was some liquidation in May future. _ Open High Low Close Wed. May 3.50 3.50 Nov 2.00 2.10 March 2.50 2.50 DIRECTOR WANTED For Golden Mile Drop-in Recreational Centre for Senior Citizens Located at 1011 4th Avenue S. To have general supervision onrj charge of programming Hours 10 a.m. lo 4 p.m. Monday through Friday Applications to be in by June 1st FULl PARTICULARS HAY BE OBTAINED FROM ANY EXECUTIVE MEMBER OF THE DROP-IN CENTRE MAKE YOUR MOVE.. BY TRADING UP NOW DURING OUR FANTASTIC FACTORY FRESH 1970 MODELS CHEVROLET MONTE CARLO NOVA CHEVELL! F85 CADILLAC CHEVROLET TRUCKS OP22J BRAND NEW 70 CHEVELLE SEDAN Equipped Irons., whilewall tires and radio. MAKE YOUR MOVE AT OF136 BRAND NEW 70 CHEVELLE 2-DOOR HARDTOP With automatic trans., whilewall lires, radio, tinted WS, block heater, 2 tone finish. MAKE YOUR MOVE AT OP100 BRAND NEW 70 CHEVROLET 2-DOOR HARDTOP 2 tone finish, power steer- ing and brakes, radio, whitewalls, aulomalic transmission. MAKE YOUR MOVE AT OC22 BRAND NEW 70 CHEVROLET Vi-TON TRUCK AT A FANTASTIC LOW PRICE OF ONLY WE NEED YOUR TRADE-INS LOW COST GMAC FINANCING TOP TRADE-IN ALLOWANCES FAST APPRAISALS AND DELIVERIES NO GIMMICKS NO GIVE-AWAYS JUST GOOD HONEST VALUES Puttiiig you FIRST Keeps us FIRST BE NY CHEVROLET OLDSMOBILE MOTORS INSURANCE CORPORATION, CO luloriottfe dimici by over tO.MO Gcruil Molort flolert OK SUPERMARKET LOT Ind Ave. and 9th St. 5. Phone 327-3141 MAIN GARAGE AND SHOWROOM 2nd and 6th St. S. Phon. 327-3147 ;