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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 9, 1972, Lethbridge, Alberta ________Tuesday, May 1, 1975 THE LETHBRIDGE HERALD 27 Market prices plunge lower TORONTO (CP) Escalation of the Vietnar.i war over- shadowed investor reaction to 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 to 95.24 and western oils 2.80 to 209.91. Golds, in the only strong advance climbed 4.20 to 194.38, a high for the year fasco to and CIL 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 outstripped advancing stocks about 8 to 1 on the New York Stock Exchange. The noon Dow Jones average of 30 industrials was down 4.59 n Among Canadian issues on the big board, Dome Mines rose to S'0% and Mclnlyre Porcu- pine 1% to Distillers Sea- grams was down to On the American Stock Ex- change, Brasean Ltd. was up to S23U. Scurry Rainbow Oil was down to Volume by 11 a.m. was j to Earlier it had been shares, up from at the same time Monday. Declines outnumbered a d- vances by more than two-to-one, 201 to 100, with 171 issues un- changed. Banking, merchandising, oil refining, real estate, trust and loan and i n d u s t r i a 1 mining stocks suffered moderate de- clines while steel, communica- tion, beverage and general man- ufacturing issues edged frac- tionally higher Falconbridgc dropped 3 to International Utilities Hi to Ranger to Tara 1-1 to and Dome Pete 1 to Texas Gulf Inc. fell Vi to Chrysler 7k to ?33, Numac -k to j at mid-session on Uie Winnipeg Inco to Imperial Grain Exchange today with Oil 5s to and Noranda to local and commission houses taking the bulk of the action. Westinghouse Canada gained prices Cropped off Slight- Toronto mines, industrials (Supplied By Richardson Securities of Canada) LAST BID OR SALE a.m. QuotBl) a.m. Quotes! flliM a.m. Quotes) MINES Acma Advocate Asb. Akaitchrj Brnlorne Broulan Bethlehem Irun wick 1.53 17.00 1.55 1.00 7.D5 .3S a. AS 1.56 32.00 .07 Canada Tung. Casslar Central Pat. Chlmo Con west Cons. Rambler Coin Lake Co'hetiour Cralgmont Dlckenson Mini Denison Mines Deer Horn D'Elclona Dome Mines Aldcna Discovery Mines East Malartic East Sullivan Falconbridgc Frobex Glanl Y.K. Bovh Grantluc Headway R.L. Hollinger Hudson Bay M-5 23.75 Hydra Ex. ron Bay Oslsko .39'A Pine Point 1.75 Placer Dev. .55 P.C. Exp. Quebec Man .25 Rayrock J0.15Vi Rndlnre 4.25 Rio Algom Roman Corp. Sherrltt Gordon Silver Miller Steep Rock 2-01 Tek Corp. Texmont V.5 Upper Canada 2.10 West Mines Wright Hargreaves 1.21 Willroy Windfall -09 Yellowknlfe Bear ?3 Dofasco 3100 Cable 40.00 Ford of Am 3.55 G1 Cdn Oil Gen Motors 1.16 Gl Lakes Pp .31V? Gulf Oil Cda 16.B7VJ Greyhound 8.00 Hawker Sid 14.75 Hur Erie 07 Hiram Walker Oil Irr sea Inv Gr A Int Util Ind Accep Leurentide Kcl Doug A INDUSTRIAl-S Abiiibi Alcan Algomn Steel Atco Ind Allan Sugar Agra Ind ISO Jolief Quebec Kerr Addlson Ksy Anacon Labrador Lake Shore l.angis Silver Madsen R.L. Malartic G.F. Martin McNeely Maclntyre Meta Midrim Intern Mogul Nu West Homes New Athona New Calumet W. Horse Copper Noranda Northgate Norlex Brazil Trac B.C. Tel Burns B.C. Forest Sugar .IBVi Bow Ve! Ind 3.55 CAE Ind Cdn. Brew 3.16 .5B 9-50 lose Cher Col Cel Cal Power Coron Cred C.W.N. Gas -OS Cdn Ind .75 .03 65.25 Cdn Marccnl Cdn Vlckers Chrysler C.P.R. .lOVi Cominco .15 Cons Bath 9.75 Cons Gas 9.25 Cdn West N. .15 Dist Seapram Dom Bridge 2.50 Domtar 37-75 Dom Textile 5.B5 Dom Stores .32 Dome Pele .15 Lcoh Loblaw A 8.75 Met Slores Mas Ferg McMillan Bloe Moore Corp f, Molsons A 13.50 Molsons B 4A 50 North 8. Cent 22.75 Power Corp Price Co 14.5.1 Rolhmons 20.B7VJ St Corp 20.37W Shell CDA 39.62Va Stmpsbn's 7.50 Simp Sears Sleel of Can 4.65 Selkirk A 1.90 Texaco 24 Traders Gp A 1.20 Trans Mtn Pp 11.6-2'A Tracts Can Pp 15.50 Union Gss 3.15 Union Oil 15.50 Vers Mfg 32.50 Westeel 14.75 Union Car 28 B7Vj Weston's B Woodward's A 1B.25 Zenith Elec 26.00 BANKS Cdn imperial Montreal 23.00 Nova Scoiia Royal 33.50 Tor-Dom uotas end The Turner budget une Big boost for business, million available WINNIPEG (CP) The A quota for oats and the C quota for harlcy will botli terminate on June 8, the Canadian wheat board announced today. The termination date gives producers more than five weeks to complete their deliveries under these quotas. The three- bushel a quota for oa'us and the five-bushel C quota for barley now are in effect at all de- livery points in the designated area. At the same time, the wheat board 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. 2a.oo 21.25 38.75 Grain prices Winnipeg Grain WINNIPEG (CP) Rape- seed prices were relatively firm IVi to Electrohome JVz to S05, Dominion Textile -li to and Placer U to S40. Among golds. Campbell Red Lake rose ?4 to and Dome Mines to MVz. moderate local and commission house selling and lipu'dation of t h e nearny fu- tures. The rest of the market was barely active and featureless. i Volume of trade Monday was MONTREAL (CP) Prices flaXi QQO tumbled in all sectors today in of rapcsecd and 304 000 of rye_ ]ight morning trading on the Montreal stock market. Combined volume on the Montreal and Canadian stock exchanges at H a.m. was shares, compared with at the same time Mon- day. On indux, banks, which regis. tcred moderate gains Monday, dropped 1.95 to 267.56, the com- posite 1.24 to 200.32, utilities 1.24 to 162.18, industrials 1.12 to 200.58 and papers .83 to Mid-session prices: Flax: May 1 lower 2.72 July i lower 2.73 2-iA; Oct. 1 lower 2.74 !SA; Nov. 1 lower 2.74 B. Rapeseed Vancouver: June unchanged 2.62B: Sep. Vj higher 2.58 7s B: Nov. -li lower 2.53 Jan. lower 2.50 Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, McCuaig Limited) LAST BID OR SALE a.m. Quotes) ClliOO a.m. Quotes) a.n WESTERN OILS Huph Russell 29.25 Mutual Ac Iminex 515 Husky Oil 15-50 Mutual Gr EasI Gas 7.15 Husky Oil B 5.00 Nal Res .urn 19 IZ'A Husky Oil War 5.03 N W Fin 11.50 Infer Prov 14.B7Vi N VJ Gr 5 00 Inter Prov Steel 695 Kaiser Res 3.15 Pacific Pele 6.85 Rainier S.ttVa Teledyne 39-50 West Cdn Seed 50 White Yukon Asai Ashland BP Oil Gas Can South Cdn Ex Gas Cdn Hnmcstd Cdn Ind Gas Oil Cdn Sufjar Cdn Long Is Chieftan Dome Pels Gt Plains Gt Cdn Oil Lcchiel Norfh Cdn Oil Numac Pancdn Pets Pan Ocean Petro Quotes) 5.78 6.3S 5.67 6.24 7.10 7-76 5.07 5.57 6.07 6.67 4.B9 5-37 6.41 6.67 7.00 7.65 9.40 33.50 31.50 fi.30 1.53 5.45 14.25 15.75 ll.W'A Hapeseed Thunder Bay: May not open; July unchanged 2.54 Oct. Vi lower 2.52 Nov. ?i lower 2.50 "iA. Oats: May unchanged 69A; International Utilities dropped to Bank of Nova Scotia to Credit Foncicr V2 to j July unchanged 69A; Oct. not Imperial Oil to OP60- and CP Ltd. to Barley: May unchanged 1.09 Dominion Textile rose 1V4 to 3M; July and Oct. not open. Pinnacle Place Gas Ponder Ranger 16 Scurry Rain 16 Seibens -5 Ulster 1. Total t, W. Decalta 5 West Pete 9 MISCELLANEOUS INDUSTRIES Aquataine Brinco Cdn Drew A Cdn Brew B Cdn Pacific Inv Cygnus A Cygnus B Faiccn Copper Genslar 1.50 Dupont 1U to Con- sumer's Glass to SlBtt. Do- By Gone Fawcette FOR ARUSTERA9ERTMATIS CLAIMED TO EASILY REMOVE RUST AND CORROSION FROM METAL BYSIMPLY RUBBING ITOVER THE SURFACE, IT ALSO REMOVES SCUFFS ANP STAINS FROM PLASTICS, WOOD, RUBBER, BRICK, ETC... wmfINFINITE serrtNosf GOODERHAM'S APPOINTMENT Rye: May unchanged 1.04 July IB higher 1.04B; Oct. Vi higher 1.02 Grain quotes Monday (basis High Low Close Flax May 274 27234 Jiy Oct 277Vi 275Ta IS'OV 274'H 274 275 Rapeseed Vancouver .Tun 2G3Ife 262 262 Sep 261 258a4 Nov 2541'2 Jan 251 Rapeseed Thunder Bay Principal Gr 3.75 Royfund 31.37V3 Temp Gr 8.50 United Ac 5.40 5.93 i.25 Universal Sav 7.99 B.73 6.35 Vanguard NMi 11.46 Cmnw Vent 7.49 8.23 1.42 VANCOUVER MINES Afton 5.25 15 Atlas Explor V.6 02 Bath N'orse -C5 c-, Brcnda 4.70 Brycon .33 Churchill Copper .71 Croyden .12 72.62'A D3nkM .66 20.00 vardefi -31 Equiforial -62 13.12'A Fort Reliance 27 87'A Giant MBSCOt 5-50 Granisie 8.10 42-25 Lornex E-50 78.25 Primer .15 13.00 Pyramid .38 29.00 standard 1.35 9-85 Trojan MUTUAL FUNDS Valley Copper 8.60 AM Cdn Com 8.43 9.21 WC Res -05 All Cdn Dlvid 9.42 10.30 INDUSTRIALS All Cdn Vent 4.00 i.37 Block Bros 3.30 Amr Gr F 6.78 B.C. Sugar 20.1214 AGF Special 3.37 B.C. Sugar Pfd 15.75 31.50 Cdn Invest F 4.99 5.48 CDpt Inter 5.62VJ 35.50 Col Mutual 6.BO 7.47 Crestbrook F Ind 1-40 25.75 Cmnw Inter 14.45 15-68 Hys 3.00 525 Lev 3.B4 4.22 Interior Brew 3.50 Corp Invest 6.05 6.61 Key IndUSt .40 In St F 5-27 5.76 Pacific W Air 13.75 14.75 Dreyfus F U.S. 13.31 14-59 Stampede Int Res 1.02 Home A V'j Gr In Shares 3.9B 4.38 OILS Home B 41.371s Gr Equity '.39 8.12 Albany Oil .42 Hud Bay Co 17 37Vs Invest Gr F 12.2013.34 Plains .23 Hud Bay Oil 41.50 Invest Mutual 8.04 8.81 West Explor .12 New York stocks (Supplied By Richardson Securities of Canada) T CALGARY Barons Oil Madison North Cont West Warner PIPELINE STOCKS Alta Gas A Alta Gas Pfd Alta Nat Gas Inland Nst Gas N and C Gas N and C B Pfd Gal Metro Trans Cda Pipe Trans Cda A Trans Cda War WC Trans WC Trans Wts 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 foreign 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 hah" 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 textile talks there, is sched- uled to return to Seoul to re- sume the talks with South 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 i million. Anaconda Belh Steel Chrysler Comsat Dupont GM Gulf Int Harvester Kenn Coppei Men tool 111.75 2Q Golds 19S.75 up 4.97 71.12Vi 10 Base Met 95.43 off .78 117.00 15 W Oils 211.57 off 1.20 39.75 Volume 42.00 MEW YORK AVERAGES IndUSt 933.35 off 4.59 Elec 49.75 20 Rails 351.60 off 1.96 U.S. Sleel 31.621A 15 Utilities 109.09 off .W TORONTO AVERAGES 65 Stocks 317.39 off 1-84 42.37'i sears Std Oil of N.J. 31.50 Texas Gulf 33.62Vz Texas Co 62.37'A Wlckes Corp 161.35 Woolworth 78-50 2A25 30-25 24.37Vi y Ward 20 Indust up .30 Volume report Leflibridoe Livestock I Replacement cattle were in LIVESTOCK 258 253': May Jly Oct Nov Oats May Jly Oct Barley May Jly Oct Hye May 104 Jly' 104 Oct 102 25G lll'z 111U 104 102U 256 69 70 1095s 104 's 1037s Melsou funeral on Thursday 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 higher. Weaners 11 to 17; light j feeders under 100 Ibs. 19 to i 22.50; heavy feeders 100 to 130 j Ibs 27 to 31.25: heavy feeders over 130 Ibs 28 to 37.25. All prices per Head. Light feeders I under 100 Ibs sold from 26 lo 31 per cwt; heavy feeders over 100 Ibs 22 to 26.50 per cwt. butcher hogs sold Monday at IKD Leihbriclge yards 29.25 to 29.30 base price. There were 150 butcher hogs sold for ex- port, price converted to 23.30 liveweight. short supply, selling at steady prices. There were insufficient stock calves on offer to estab- lish quotations. Good feeder steers 750 Mill closes in Manitoba WINNIPEG (CP) Colum- bia Forest Products Ltd. Mon- day closed its mill at Sprague, Man. in the face of a mil- i lion court action by the Mani- 'toba Development Corp., the provincial government's lend- ing agency. The 200 workers at the plant were told the company was By JOHN MKYER Herald Ottawa Hurean OTTAWA Finance Minister Turner has done rather better for manufacturers than they could have expected. The 50 pel- cent write-off is effective imme- diately. The tax a maximum of per cent on manufacturing income earned in effective at the beginning of 1973. The two mea- sures together will inject about million into manufacturers' cash flows. 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 to put up, in terms of investment in expansion and innovation, to collect. That's the weakness oi using accelerated depreciation j 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 1 the forest industries. Newsprint iroducers have been arguing, ,vilh cause, that they can no longer earn enough alter taxes ,o attract the investment needed :o retain their share of market. They proposed an investment allowance of up to one-third of Lheir taxable income which, they said, would put after-tax return on a basis competitive with U.S. and Scandinavian pro- ducers. The accelerated write-off, if they move now to take advan- tage of it, should give them nn added edge which, taken in con- junction with the 40 per cent rate next year, when that new capital investment is produc- tive, could put them in possibly a better position than their own proposal might have done. The key consideration, however, 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, wanted 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 Mr. Turner's tacit recognition that Uie weight of taxes can be j a heavy drag on business growth. None of his recent pred- ecessors would accept this. The case for relief for manufactur- Manufacturers, as Mr. Turner notes, have paid more taxes, relative in the value of their output, than other industries. The consequences have been ap- parent in a decline in their ca- pacity to provide jobs, relative to the whole labor force, and the absence of any significant in- crease in the volume of their production since condi- tion which was bound to worsen as the full impact of DISC and other U.S. tax measures was felt. The way to redress (his has not been, as Eric Kiercns and others have argued, to withdraw the tax advantages other indus- tries, notably the extractive in- dustries, have enjoyed. That only increases the tax drag on growth. The way to redress is Mr. Turner's way: lighten the tax burden on manufacturing until it becomes competitive with other jurisdictions. Parity of U.S. reduced WASHINGTON' (Router) to make a change In the The International Monetary Fund formally announced Mon- day the reduction in the parity of the United Slates dollar to! initial par value not exceeding 10 per cent, the announcement said. The United States notified the 0.818513 grams of fine gold from j Frjtiay 0[ the reduced offi- The initial par value o[ 0.888671 grams of fine gold was established with the fund Dec. 18, 1946, and the present change is being made under the provi- sion of the article of agreement which entitles a member coun- try, after consultation with the Gas plants not blamed for pollution EDMONTON (CP) Natur- al gas processing plants do not cause hazardous levels of mer- cury pollution, the Alberta ener- gy- V e 5 o u r c e s conservation board reported today. A hoard study followed public hearings last August when the Alberta Fish and Game Asso- ciation showed concern over mercury contamination. Tlie s'tudy showed the highest level of mercury contamination by a gas processing plant was {350 times below the danger- level accepted by the United States Environmental Protec- tion Agency. cial parity of Uie dollar as part of the general reshuffle of major world currency values agreed Dec. ]8. The dollar was effectively de- valued in December by an agreement among the Group of Ten leading non-Communist in- dustrial nations, including Can- ada, who subsequently main- ained the new exchange rate 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, temporary official parity rates, are expected to file their new official parity rate with the fund. pounds up 34.50 to 37.50, good feeder heifers 32 to 34.35. Good stock and feeder cows 25 to 30. Hogs average base price 23.15. Hog prices ...thout fmids and if tjiey con- tinued to work, it would be on a voluntary basis. The development corporation filed a statement of claim in Manitoba Court of Queen's Bench claiming million in loans and interest charges to the operation. At the same time, a garnishing order freez- ing in a bank account belonging to the Toronto-bajed Great Northern Capital Indus- tries Ltd., operators of the ers, however, has been alto- gether too apparent to have ig- nored much longer, not with their potential, once back on the trend line, of upwards new jobs. 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- j 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 Greeks should know the law. ROBERT D. KOLESAR The Board of Direclors of 51. Patrick's Credit Union ltd. are pleased to announco the appointment of Robert D. Kolesor to ITie position of manager. Mr. Kolesar is a life time resident of Southern Alberta, married, with two children. He has an extensive back- ground In the area of con- sumer financing, and in management field. Bob ex- tends his invitation to every- one to contact him in regards to their financing and invest- ment needs. EDMONTON (CP) Aver____ age prices to 11 a.m. provided i chipboard and the Alberta Hog Producers tn 11 a.m. on the Calgary Hvo- KDMO.N'TON (CP) Funer- stock market 730 head, al services will be held Thurs- mostly slaughter steers and day for Philip SU-lson. 57, cli-1 cows. Trade was active, rector of the mines division of j Slaughter steers sold steady, the Alberta Mines and Mirer- Heifers were steady for quality als department. Mr. Melson died in Calgary Sunday of Leu- Marketing Board: Edmorton: 29.20. average Monday 29.24. Red Deer: 29.20. average Monday 29.22. Calgary: 29.15, average Monday 23.21. Lethbridpse: Nil, average Monday 23.2U. Lloydminstcr: Nil. average Monday 28.78. Total hogs sold to 11 a.m. with no choice kinds on offer, j 889: Monday average Manitoba Calgary livestock i CALGAKY (CP) Receipts i the southe astern town, issued. The court action follows sev- eral heated debates, charges and counter charges in the provincial legislature regard- ing ownership of the plant. Cows sold 50 cents higher with kncmia. I sales to 29, bulls steady. Born and educated in Drum- i Choice steers 33.23 to 36.80. heller, Alta., he was a mine good .15.20 to 36.25, medium 34 manager until 1950 when he i lo 35. Good to low choice heif- Monday 29.18. Sows averaged 20.60. Beef I'nlures WINNIPEG (CP) Live beef futures close Monday. May _ 36.90; Jly 35.71; Sep 34. ION Friday's volume: Eight con- tracts. was appointed assistant disfrict inspector of mines for Blair- more. In 196fi he became assis- tant director of the provincial mines division. ers 33.25 lo 34.RO, medium 31 to Good cows 27.50 to me- (limn 25.50 to 27, ranners and cutters 20 to 25. Good bulls 211 to 30. DOUGLAS G. lADELL Whose appointment as Calgary fspresfMitalivfi is announced by J. E. McLean, prnirir; provinces supervisor, Goodorhom and Worn limited With extensive experience in the petroleum industry, Mr. Lafldl is well known throughout southern Alberta. Hn is n mem- ber of tile Confidian Association of Peti oleum Inndrnen, and B.P.O.E. No. i lodoo and golf club. SIMPSONS-SEARS CORRECTION On the. Front page of our automotive flyer tho item Allstate Tune-up Kit ihould have read Reg. lo to Wo are sorry for any Inconvenience caused Wanted Immediately QUALIFIED FORD PARTSMAN Steady employment with opportunity for advancement to right applicant. Salary commensurate with experience. All company benefits. Apply to D. G. REEKIE SERVICE AND PARTS DIRECTOR UNIVERSAL SALES SERVICE LTD. 5lh Avonuo and 1st Street S.W., Calgaty Telephone 266-5611 EMPLOYERS! Do you have a problem filling your staff requirements during the busy Spring and Summer period, plus ar- ranging staff vacations? Solve your male and female staff vacancies HIRE A STUDENT! HOME OWNERS! Do you have a hard time finding the hours needed to get your home and yard into proper condition? Are you not a handyman or green thumb en- thusiast? Solve your problem HIRE A STUDENT! MAY 8 TO 14 IS HIRE-A-STUDEN! WEEK FOR YOUR EMPLOYEE REQUIREMENTS CONTACT THE CANADA MANPOWER CENTRE FOR STUDENTS 323 7th ST. S. (FORMER ROYAl TRUST OFFICE) PHONE 328-8164 ;