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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 9, 1972, Lethbridge, Alberta ----------------------------Tocjdoy, May 9, 1975 THE LETHBRIDCB HERALD 27 Market prices plunge lower TORONTO (CP) Escalation ot Uie Vietnam war over- shadowed investor reaction lo Monday night's federal budget as prices on the Toronto stock market plunged sharply lower in active mid-morning trading today. The industrial index plunged 1.04 to 197.44. base metals 37 lo 95.24 and western oils to 209.91. Golds, in the wily strong advance climbed 4.20 lo a high for the year. Volume by 11 a.m. was shares, up from at the same time Monday Declines outnumbered a d- vances hv more than Iwo-to-onc, 201 to 100, with 171 issues un- changed. Banking, merchandising, oil refining, real estate, trust and Joan and industrial mining stocks suffered moderate de- clines while steel, communica- tion, beverage and general man- ufacturing issues edged frac- tionally higher. FaJconbridge dropped 3 to International Utilities 1', j to S44U, Ranger to Tara '4 to and Dome Pete 1 lo tt. Texas Gulf Inc. fell Vj lo Chrysler TR lo Numac to Inco 'j lo Imperial Oil 5s lo S31 and iVoranda IN lo Wcstinghou.se Canada gained lvz to 519k. Eleclrohome lo SG3, Dominion Textile lo and Placer '.'i lo S40. Among golds, Campbell Keel Lake rose to and Dome Mines to MONTREAL (CP) Prices tumbled in all sectors today in ]ighL morning trading on the Montreal slock market. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was shares, compared with at the same time Mon- day. On indux, banks, which regis- lasco to 527 and CIL ?i to NEW YORK (AP) Blue chip issues led a rally today after stock market prices had plunged sharply in heavy trad- ing, spurred by news of new military initiatives in Vietnam. Declining issues oulstripped advancing stocks about 8 to 1 on Uie New York Stock Exchange. The noon Dow Jones average of 30 industrials was down 4.59 lo 333.25. Earlier it had been down nearly 17 points. Among Canadian issues on the big board, Dome Mines rose 1% lo S709ij arjd Mclntyre Porcu- pine 111 to 574'i. Distillers Sea- grams was down to On the American Stock Ex- change, Brascan Ltd. was up to S23'i. Scurry Hainbow Oil was down Icred moderate gains Monday, dropped 1.95 lo 2G7.56. Uie com- posite 1.24 in 200.32, iitiimcs 1.24 to 162.is, industrials 1.12 to 200.50 and papers .as to 8-Tao. International Utilities dropped "a to 544-iH, Bank of Nova Scotia Grain prices Winnipeg Grain WINNIPEG (CP) Rape- seed prices were relatively firm at mid-session on Uie Winnipeg Grain Exchange today with local and commission houses taking the bulk of the action. Flax prices dropped off slight- ly in moderate local and commission bouse selMng and Jk'u'dution of the nearby fu- tures. The rest of the market was barely aclive and featureless. Volume of trade Monday bushels of flax, of rapcsecd nnd of rye. Mid-session prices: Flax: May 1 lower 2.72 July 1 lower 2.73 3iA; Oct. l lower 2.74 76A; Nov. 1 lower 2.74 B. Rapeseed Vancouver: June unchanged 262B; Sep. higher 2.58 7s B: Nov. -li lower Toronto mines, industrials (Supplied By Richardson Scciirlllc LAST BID OR SALE a.m. QuolBI) a.m. QUOlesl of Canada) MINGS Acmti Advocate Aib- Akailchu Rrfllorne Droulfln Bethlehem Brunswick Cannda Tung. Casslar Central Pol. Chlmo Cons. Rambler Coin Lake Coihenour Cralgmont Dlckenscn Mint Denison Mines Deer Horn O'Eltlcna Dome Mines Aldcna Mint Easl Malnrlic East Sullivan Falcon bridge Frobcx Glanl Y.K Bovls Gror.tluc Headway R.L. Hoilinger Hudson Hydra Ex. Iron Bay Iso Quebec Kerr Adclison Ksy Anacon Labrador Lake Share l.angis Silver Madsen R.L. Malartic G.F. Martin McNeely Met a M r'rfrim Intern Mogul Nu West Hcmes New Athonfl New Calumet W. Horse Copper Noranda Northgale Norlex .39'A Pine Point 1.75 Placer Dev .55 Exp. 1 50 Ouc-bcc Man .25 Rayrock 70.15V3 Rndlnre 4.25 Rio AlQom Roman Corp. Sherrllt Gordon Silver Miller Sleep Rock Tek Corp. Texmonl Upper Canada West MI res Wright 1.53 17.00 1.55 1.00 7.DS l.BS 7.10 355 Hnrgreavcs 1.71 wmroy 1.16 Windfall 09 Yellowknin (ll-.OO a.m. Quoteil DofBICO Cable Ford of Am Gl Cdn Oil Gen Motors 1.14 Cl Lakes Pp .31V? Gult Oil Cda Greyhound 8.00 Hawker Bid Hur Erie Hiram Walker Imp Oil I ma sea Inl Nickel Int Pipe .73 JO 00 3.55 14.75 17.DO 66.00 6.25 76.50 "7.50 31.37V, 20 75 31.00 Bear 4 20 .15 INDUSTRIALS 1.35 3.90 77.03 .26 fi.75 1.90 A. CO 7.00 By M-5 23.75 9-50 .77 AbiUbl Alcan Algomn Steel Atco Ind Sugar Agra Bell Tel Brazil Trac D C. Tel Burn; B.C. Forest Sugar r Bow Va! ind CAE ind Cdn. Brew Col Cellulose Cal Power Coron Cred C.W.N. Gas Cdn Ind Cdn Marccnl .75 Cdn Vickcrs OB Chrysler S5.3S C.P.R. -loV'a Cominco .IS Cons Sflfri 9.75 Cons Gns 9.35 Cdn West N. .15 Dist Seapram ,32Vi Dom Bridge 2 50 Domlar 37 75 Dom Textile 5.BS Dom Stores .32 Dome FBle B.75 tnl UMl ind Accep Leurentide Kel Doug A Lceh Lobla _.._ Mel Siores Mas Ferg McMillan Bloe Moore Corp t, Molsons A USD Molsons B 4A.W Ncrin 1 Cent 22.75 Power Ccrp Price Co la 31 Rolhmons 20-F7V3 SI Law Corp 20-37V3 Shell CDA 7 SO Simp Sears Sleel of Can -1.E5 Selkirk A Texaco IA Traders Gp A 1.10 Trans Mln Pp Can Pp 15.50 115 33.50 1J.75 28.87' 9.50 45.00 19.25 13.75 6.00 3.BD 7.00 19.03 2500 -13.00 3135 75 16.62VJ 33.50 Uni Union Oil TB2i Vers Wesleel Union Car Weslon's B WoxiVfird's A Zeniin Elec 2JW) BANKS 54 50 Cdn Imperial Monlreal 23.00 Nova Scolia Royal 33.50 Tor-Dom 4.10 20.00 TA.fO 20.25 ja.oo 21.25 Quotas end The Turner budget une Big boost for business, million available WINNIPEG (CP) The A quota for oats and the C tiuola barley will both terminate on June 9, the Canadian wheat board announced today. The termination date gives iroducers more than five weeks :o complete their deliveries under these quotas. The three- ii.shel n quota for oats and the fire-bushel C quota for barley now are in effect at all de- livery points in the designated area. At the same time, the wheat joard issued a reminder that six other delivery quotas will terminate Friday, May 12. The delivery quotas affected by the Friday deadline are: wheat A, wheat B, durum A, Hercules durum A, soft white spring B and Alberta red winter B. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, McCuaig Limited) LAST BID OR SALE a.m. Quotes) a.m. Quotes! R.m. Guofes) Jan. lower 2.50 2.53 riA. flapeseed Thunder flay: May j not open; July unchanged 2.54 KiR; Oct. U tower 2.52 KB; Nov. nj lower 2.50 Oals: May unchanged 69A; s to Credit Foncicr to j July unchanged 69A; Oct. nol Imperial Oil to open. and CP Ltd. to Barley: May unchanged 1.09 Dominion Textile rose Ui to 3.iA; July and Oct. not open. WESTERN OILS AlmineK Alia Easl Gas Asamora Ashland BP Oil Gas Can Soulh Cdn Ex Gas Cdn Homcsld Ind Gas Oil Cdn SUflar Cdn Ltjng Is Chieflan Dome C-i Plains Gt Cdn Oil Lcchiel North Cdn D Numac Pinnacle Place Gas Ponder Ranger Scurry Rain Spocner Seltens Ulster Total W. Decalla West Pete Huah Russell 515 Husky Oil 7.15 Husky Oil B Husky oil War 11 Inter Prov 5.00 Inler Prov Steel 6.95 Kais-r Res 3 IS Pacific Pete 6.B5 Rainier 8.62Va Teledyne 39-50 West Cdn Seed While Yukon Mutual Ac Mulual Gr Nat Res .50 9.40 33.50 1J25 157! .59 CALGARY Barons Oil Madison North Conl West PIPELINE STOCKS Alia Gas A 53.7 Alia Gas Pfd 776 Alta Nat Gas 20.0 Inland Nat Gas 15.7 N and C Gas 13.1 and C B Pfd 29.25 15.50 5.00 5 03 N W Fin N w Gr Principal Gr 3.75 Royiund Temp Gr 8.50 Uniled Ac Universal Sav 7.9 6.25 Vanguard NU l3.87Va Cmnw Vent 7.4 VANCOUVER MINES Aflon '1S Alias Explor 'fa Balh Norse Brcnda Brycon 5.67 6.24 710 776 507 557 07 6.67 A.W 5.37 6 41 6.67 7.M 765 5.40 5.93 53 Gaz 5375 Cmyden Djnkoe a.oo 0oNy vardeo Equilorl.l Forl Reliance MBEC01 i-65 8.10 850 1.33 6.10 5.20 9.25 sinner's Glass to Con- i to SlS'.i. Do- ABUST ERASER THATIS CLAIMEP TO EASILY REMOVE RUST AND CORROSION PROM METAL BYSIMPLYRUBBING ITOVERTHESURFACE. IT ALSOREMOVESSCUFFSAND STAINS FROM PLASTICS, WOOD RUBBER, BRICK, ETC. rtye: unchanged 3.W July higher 1.04B; Oct. ti higher 1.02 lk. Grain quotes Monday (basis High LOB- Close Flax May 274 2723i Jlv 276's 274-M Oct 277U 275T8 Nov 274''H 27-J Hanespcd Vancouver Jun 2G3'i 262 2G2 Sep 2G1 25-jn cda Pipe Trans Cda A 78.25 prjmer WCnTrfln5a 2900 PVramld WC Trans Wla Yr'clVn S1flfldflrd MUTUAL FUNDS Valley Copper It AU Cdr, Com S.AJ 9.31 Res -D Cdn Dlvid JO 30 INDUSTRIALS All Cdn Vent i 00 Block Bros 22.12l'j Amr Gr F 6.7B B.C Sunar Brinto 6 12'.b AGF Spscisl 3.37 B.C. Suoar Pfd Cdn Brew A :i.50 Cdn Invest F 4.99 5.48 Capr Inter Cdn Brew B 35.50 Col Mutual 6.BO 7.47 Creslbrook F Ind Cdn Pacific Inv 25.75 mier 14.45 15.BB Hys Cygnus A 5.75 Lev 3.EJ A.It Interior Brew Cygnus B Corp Invest 6.05 6-61 Key Indust Falccn Copper 12.12'.? Ccrp In St F 527 5.74 Pacific w Air U75 Dreyfus F U.S. 13.31 7J 59 Stampede ir.t Res 30.37''] Gr In Shares .1.9B OILS Gr Equily 7.39 8.12 Albany Oil 17.37Va Invest Gr F 12.20 13.34 plains Invesf Mutual E.Oi 8.BI WesT Explor New York stocks MISCELLANEOUS INDUSTRIES Aquataine Home A Home B Hud Bay Co Hud Bay Oil 301J14 15.75 South Korea faces quota on textiles SEOUL (AP) Canada has told South Korea it intends to impose import quotas on acrylic yarn and double knit fabrics from Korea, the loreign minis- try reported today. it said the proposal was laid down by a four-man Canadian delegation to an annual bilateral textile conference here May 1-3. A ministry official said the South Koreans rejected the pro- posal on grounds that export of the two items to Canada began only in the latter half of last year and it has not reached a level which threatens Canada's textile industry- He said the Canadian delega- tion, now in Hong Kong for sim- ilar lexlile talks there, is sched- uled to return to Seoul to re- sume the talks with Soutb Korea Thursday. The list of South Korean tex- tile items already under Can- ada's import quotas includes cotton broadcloth woven fab- rics, woven shirts, blouses, trou- sers, shorts, cotton yarn, sheets, nylon fabrics and polyester fab- rics. These items accounted for about 30 per cent of the total South Korean exports to Canada last year which amounted to million. 27.rs 275 Anaconda Bc'h Sleel Chrysler Comsat Duponl GM Gulf Int Harvester Kenn Copper (Supplied By Richardson Securities of Canadi) md T i Sears i Sid Oil of N J. Texas Gulf 111.75 31 50 33.fill 62.37V3 Wlckcs Corp 161.25 Woolworlh 7fl50 plec M Rails 351.fa off T.96 U.S. Sleel 31.ITh 15 Ullliliej 109.09 off .M 21J7V3 TORONTO AVERAGES 65 Slocki 317.39 off 1.64 20 Golds 195.75 up 4.97 ._ 10 But Mel 55.43 of! .78 117.00 15 W Oils 711.57 ofl 1 30 25.75 Volume NEW YORK AVERAGES 30 Indusl 933.25 off 4.59 Mcnloomery Ward 77.Wi 20 Jndust 79875 us .30 Volume Jan 254 251 Livestock report LefhfaricJge Livestock- I Replacement calUe were 258 253'4 GOODERHAM'S APPOINTMENT May Jly Oct Nov May Jly Oct liarlr May Jly' Ocl Hyp May 1041 Jly 104 Oct I Thunder Bay 250 '2; 22 lll'z 11IU !04 102 '.t 251 70 104' Monday sales 650 hogs. Weaner and feeder hogs met good demand. Weaners and light feeders under 100 Ibs sold steady. Heavy feeders over 100 Ibs per head I higher. Weaners 11 lo 17; light I feeders under Ibs. 19 to 22.50; heavy feeders 100 to 130 j Ibs 27 to 31.25: heavy feeders over 130 Ibs 2S lo 37.25. All prices per Head. Li.eht feeders under 100 Ibs sold from 26 lo per cwl; heavy feeders over 100 Ibs 22 lo 26.50 per cwt. Imtcher hogs sold Monday at I yards 29.25 (o base price. There were 150 butcher hogs sold for ex- port, price converted to 23.P.O livewcight. Calgaru liveslock CALGARY (CD Receipts in 11 on Hie livc- lODMONTON (CP1 Funcr- stock market were 750 head, al services will he held sixers and dny for Pliilip Mclson. 57, di- cows. was aclive. rector of Mie mines division of i Slaughter steers sold steady. Hi? Alhpru Mines and Miner- als department. Mr. Melson died in Calgary Sunday of Leu- kaemia. nm> aim-alert in Dram- heller. Alia., he was a mine manager until 1050 when he was appointed assistant dislrict iiispeclor of mines for Blair- more. In he became assis- tant director of the provincial mines division. in short supply, selling at steady prices. There were insufficient slock calves on offer lo eslab- lish quotations. Good feeder steers 750 pounds up 34.50 to 37.50, good feeder heifers 32 lo 34.35. Good stock and feeder cows 25 lo 30 Hogs 15. Hog; prices Mill closes in Manitoba WINNIPEG (CP) Colum- bia Forest Products Ltd. Mon- day closed its mill al Sprague, Man in the face of a ?4.G mil- lion court action by the Mani- toba Development Corp., the provincial government's lend- ing agency. By JOHN MKYP.R Herald Ottawa Bureau OTTAWA Finance Minister Turner has done rather belter for manufacturers than Iliey could have expected. The 50 pel- cent write-off is effective imme- diately. The tax a maximum of 40 per cent on manufacturing income earned in effective al the beginning of 1973. The two mea- sures together will inject about 5500 million into manufacturers' cash fiov.s. Mr. T u r n e r 's critics will argue he is giving away too much to business. Not so. The manufacturers will have lo put up, in terms of investment in expansion and innovation, to collect. That's the weakness o[ using accelerated depreciation as an incentive to growth. The following tax reduction is in- tended as an offset. All manu- facturers will have the tax cut in 1973; those who put their money now into growth receive an added advantage. Consider how this applies to the forest industries. Newsprint producers have bsen arguing, with cause, that they can no longer earn enough after taxes to attract the investment needed to retain their share of market. They proposed an investment allowance of up lo one-third of their taxable income which, they said, would put afler-tax return on a basis competitive with U.S. and Scandinavian pro- ducers. The accelerated write-off, if they move now lo take advan- tage of it, should give them an added edge which, taken in con- junction with the 40 per cent rate next year, when that new capital inveslment is produc- tue, could put them in possibly a better position than their own proposal might have done. Tho key consideration, however, it: still that to obtain full advan- tage, the manufacturers must make the first move. The other consideration is that this approach gives an im- mediate stimulus to the produc- ers of capital goods. They, too, wanlod a stimulus to capital in- vestment. They get it now, in the form of the orders that the accelerated write-off should in- duce, with the advantages of the tax cut following in 1973. Possibly more persuasive than the tax relief measures is I Mr. Turner's tacit recognition I that the weight of taxes can be a heavy drag on business growth. None of his recent pred- ecessors would accept this. The case for relief for manufactur- ers, however, has been alto- gether loo apparent to have ig- nored much longer, not with their potential, once back on the trend line, of upwards new jobs. Manufacturers, as Mr. Turner notes, have paid more taxes, relative u, the value of their output, than olher industries. The consequences have been ap- parent in a decline in their ca- padly to provide jobs, relative to the whole labor force, and the absence of any significant in- crease in the volume of their prcducD'oi? condi- tion which was bound to worsen as the full impact of DISC and olher U.S. las measures was fell. The way to redress this has not been, as Eric Kierans and others have argued, to withdraw the tax advantages other indus- tries, notably lhe extractive in- dustries, have enjoyed. That only increases the tax drag on growth. The way to redress is Mr. Turner's way: lighten the lax burden on manufacturing until it becomes compelilive wilh other jurisdictions. Parity of U.S. reduced WASHINGTON' (neuter 1 fund, to make a change In the The International Monetary Fund lormally announced Mon- day the reduction in the parity initial par value not exceeding 10 per cent, the announcement said. of the United Slates dollar to The Uniled states nolified lhe 0.818513 grams ot fine gold from j rund Friday ol the reduced offi- I cial parity of the dollar as part The initial par value of of the genera, of 0.8CBG71 grams of (me gold was major world cun.cncy vajucs established with the fund Dec. IB, 1946, and the present change is being made under the provi- sion of the arlicle of agreement which entitles a member con: try, after consultation with the agreed Dec. J8. The dollar was effectively de- valued in December by an ijj' agreement among lhe Group of I Ten leading non-Communist in- Gas plants not blamed for pollution EDirON'TO.V (CP) N'atur- al gas processing plants do nol cause hazardous levels of mer- cury pollution, the Albcrla ener- gy- resources conservation board reported today. A board study followed public hearings last August ivlien Uie Alberta Fish and Game Asso- ciation showed concern over mercury contamination. The s'tudy showed the highest level o[ mercury contamination by a gas processing plant was .150 Limes below (hr danger- i level accepted by the Uniled Stales Environmental Protec- tion Agency. iUelsou funeral on Tlnir.sdav The 200 workers at the plant were told the company was without fluids and if tdiey con- tinued to work, it would be on a voluntary basis. The development corporation filed a statement of claim in avence Insc nrim Court of Queeifs base puce daiming ?4 6 million in loans and interest charges to the operation. At the same time, a garnishing order freez- ing 5SG.OOO in a hank account belonging to the Toronto-based 1 Great Northern Capital Indus- ED5IONTOX (CP) Aver tries Ltd., operators of the age prices to 11 a.m. provided i chipboard and mill in by tho Alberta Hog Producers the soutlic astern Manitoba Marketing Board: i [own, was issued. 29.20. average1 Tnc court action follows sev- NATIVES CANT DO IT ATHENS (Reuter) Foreign- ers are to be allowed to cany out a Greek tradition on plate- smashing in night clubs and res- taurants, but locals will end up in court. The precedent was set by a recent court verdict ex- cused foreigners because they ignored a police order which banned the it said j Greeks should know the law. dustrial nations, including Can- ada, who subsequently main- tained the new exchange rale for the U.S. currency through' market intervention. With the new parity of the dollar now officially established some 30 countries who in De- cember opted to quote central, or temporary official parity rates, are expected to file their new official parity rate with the fund. ROBERT D. KOLESAR The Board of Directors of 51, Patrick's Credit Union ltd, arc pleased la announce the appointment of Robcrl D. Kolesar lo Hie posilion of manager- Mr. Kolesar Jj o life Jims residenl of Southern Alberla, married, with two children. He has an extensive back- ground In the area of con- sumer financing, and in managemenl field. Bob ex- tends his invitation lo every- one to contact him in regards to iheir financing and Invest- ment r needs. Monday 29.24. Red Deer: 29.' i Monday 2B.22. Calgary: 29.: Monday 23.21. Lclhbridge: Nil, Monday Lloydininslcr. Mondav average .average eral hralcd flebalcs, charges and counter charges in the [prouncial lecislature regard- iny ownership of the plant. average; Heifers were steady lor quality Total hops sold to 11 a.m. wilh no choice kinds on offer. 889: Monday average Cows sold 50 cenls higher wilh j Monday 29.10. sales lo 29, bulls steady. Cljwire slews 33.23 in good 35.20 to 3G.25, medium lo 35. Good lo low choice heif- ers 33.25 lo 34.M, medium 31 lo Good cows lo me rtimn 25.SO lo 27, c.inniTS and cullers 20 to li. Good hulls 211 lo 3D. Sows averaged 20.GO. WINNIPEG (CP) Live i beef futures close Monday. May 3G.SO; Jly 35.71; goo 34.ION Friday's volume: Eight ron- 'trncls. DOUGIAS G. IADEIL Whose nppoinlmcnt as Cnlgary tsprc-srinalive is announced by J. f. Mellon, ptnirii? provinces supervisor, Gooclerlioni and Worls limilccl Wilh exlcnsivc experience in the petroleum industry, Mr. larlell ij wi.ll tnoivn southern Alberln. Ho is n mem- ber of tile Cnncitlidn Association ol fclioloum Irmilmen, and B.P.O.E, No. 4 Ellct lodn.0 nnd golf club. SIMPSONS-SEARS CORRECTION On fhe, front page of our automotive flyer tho itom Allstate Tune-up Kit should have read 0.98 Reg. lo