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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 10, 1974, Lethbridge, Alberta inc Off to make chopper air check Bound for Colorado helicopter pilots Herb Martin of Boulder and Ed Munkres of Denver check over their craft as they gas up their truck in Lethbridge. The two are travelling to Alaska to collect air samples. When they reach the point 75 miles north of Dawson where the Alaska Highway turns from pave- ment to they plan to unload the craft and fly it over the rough stretch. Toronto market prices continue higher trend TORONTO Prices on the Toronto stock market were moderately higher in light mid-morning trading today The industrial widely-based indicator of market rose .32 to 197 base metals 01 to 88 64 and western oils .96 to 213.36. Golds fell 1 67 to 467.10. Advances outnumbered de- clines 137 to 93 with 177 issues unchanged. MONTREAL All sectors moved higher in light trading on the Montreal Slock Exchange today Volumeatllam was3i9 500shares compared with at the same time Thursday Banks rose 73 to 251 42 the composite 31 to 202 industrials 28 to 214 41 utilities 20 to 132 66 and papers 10 lo 126 15 Anglo-Canadian Pulp and Paper rose 'i to Canadian Industries to Algorna Steel to Alherta Gas Trunk to and Banque d Epargne V. lo 'j Among speculative issues Mount Jamie rose three cents to 25 cents on a volume of 42 400 shares traded VANCOUVER Prices were up in moderale trading on the Vancouver Stock Exchange Thursday Volume at the close was shares In the industrials. Canterra was up 02 at 60 on shares Cornatwasup 10 at 80 on 4 900 shares Grouse Mountain was unchanged at 15 on 3 500 shares and Jolly Jumper was unchanged at 80 on shares Newmark was down 02 at and Woodwards was unchanged at In the mines Henrietta was up 02 at Volume by 11 a m. was 000 down from at the same time Thursday Crown Trust rose 1 to Dome Pete 1 to Anglo- Canadian Pulp to Toronto Dominion Bank Vz to and Canadian Tire A Vz to Lytton Minerals gained 13 cents to Camflo V8 to and Kerr Addison Vs to United Canso was up JA to Market trends 24 on 97 500 shares Gladiator Resources was unchanged at on 87 857 shares Billy Goat Creek was up 04 at 40 on shares and Larongp was down 02V2 at 12Vz on shares Anglo Bomarc was down 02 at 58 and Northair was up 07 at 72 In the Payelle was up at 28 on 15 500 shares Coynex was up 05 at 36 on 15 200 shares Chapparal was down one-quarter of a cent at 05Vj on shares and Cop-Ex Mining was unchanged at 36 on 9 509 shares Vargas was down OlVz at 10 and Plains Petroleum was unchanged at 18 NEW YORK The stock market lost ground today after major banks across the nation boosted their prime lending rate to big business to a record 11'A per cent The Dow Jones industrial which shot up nearly 15 points on Thursday was off 2 97 to 862 80 at 11 30 a m Advances and declines ran almost neck-and-neck on the New York Stock Exchange American Medicorp the NYSE s most active stock was unchanged at Consolidated Edison fell to INA Corp rose to Livestock Calgary CALGARY Receipts lo 11 a m Friday from the Calgary public stockyards totalled about mostly replacements Trade was moderately active There were insufficient slaughter Chicago markets CHICAGO Most commodity futures closed on mixed to lower tones on major exchanges Thursday Among the exceptions trading higher were silver futures. Maine potatoes wool and coffee cotton arid orange juice futures were while world sugar closed on a mixed tone Wheat futures were down the limit of 20 cents on the Board of and other commodities on the exchange were generally lower Live hogs and cattle pork bellies and shell eggs all closed on irregular tones on the Chicago Mercantile Exchange The weakness in grams affected trade on the Chicago Mercantile Exchange Live pork bellies and shell egg prices all reflected the selling mood but prices were mixed at the final bell At the close. Chicago wheat futures were down 11 to 20 cents May 3 Gulf hard red wheat Vi September 3 8S. cats 2'i lower to Mav I 28 and soybeans 3'A to 1 higher. Mav 5 38 Gram quotations Wednesday Wheat May Jul 335. Sep 3 Dec 3 54 Mar 3 60 Corn May 2 55 Jul 2 Sep 2 Dec 2 Mar 237'j Oats Mav 1 Jul 1 Sep 1 Dec 1 Mar 1 27 Treasury bills OTTAWA New 91-day treasury bills issued Thursday million at average price of 98 065 and average yield of 7 91 per cent Last week million at 98 113 and 7 72 per cent 182-day million at average price of 96 076 average yield of and 8 19 per Lastweok- million at average price of 96 106 and average yield of 8 12 per cent One-year million at average price of 92 270 and average yield of 8 40 per ccnl Last week none sold steers or heifers on offer to establish quotations Cows were mostly in the lower grades selling steady for quality Cows Dl and 2 33-35 D3 29-32 50 D4 22-28 Replacement cattle were mostly light yearling steers m the 576 to 750 pound weight range and yearling heifers weighing 551 to 700 pounds Yearling steers sold lower with yearling heifers selling barely steady Stock calves were mostly in the 400 pound and up weight range with prices barely steady Good feeder steers more than 750 pounds 40-45 Good feeder steers under 750 pounds 45-49 Good feeder heifers 551 pounds and up 38-43 Good Stock steer calves more than 400 pounds 45- 52 Good heifer calves more than 400 pounds 38-43 Hogs fob Calgary to 11 a m average base price 36 25 Hog prices EDMONTON Average prices lo 11 a m Friday provided by the Alberta Hog Producers Marketing Board Thursday prices in brackets Edmonton 3625 Calgarv 3625 Lethbridge Nil Fort Macleod Nil Hogs sold to 11 a m 1 total Thursday 5 752 average 35 90 Sows average 24 .15 Dollar value MONTREAL US dollar in terms of Canadian funds at noon today was down 2-25 at 96 4-25 Pound sterling was down 17-50 at 33 26-50 In New the Canadian dollar Was up 9-100 at 03 99-100 Pound sterling was down 3-20 at 42 17-20 Motels LONDON Closing metals bid-ask in pounds sterling a metre silver in pence a troy ounce futures Tin-spot futures Lead-spot futures 301-301 5 Zinc-spot futures 743-745 Ranger JA to and To- tal Pete Vs to Toronto Star B fell to Inco to Intel-provincial Pipeline Vn to and Moore to East Maiartic lost to Pamour to Falconbndge Copper Vs to and United Siscoe to American Eagle Pete was down four cents to and Dundee Palliser one cent to 45 cents. Among Canadian issues Mclntyre gained two dollars at Dome Mines Seagrams'i Alcan 'K at Hudson Bay fell to Canadian Pacific to Inco was unchanged at MasseyFerguion at and Hiram Walker at Winnipeg grain WINNIPEG The futures market was generally higher in price at mid-session today as activity picked up on the Winnipeg Commodity Exchange Rye which showed mixed prices was the exception Thursday's volume of trade was 409 000 bushels of flax 1 793 000 of rspeseed and 630 000 of rye Mid-session prices Flax May 1 lower 10 24 July 2 higher 10 ISA Oct 2 lower 9 75B Nov lower 9 43B Dec 2 lower 8 61B Rapeseed Vancouver June 19'j lower 7 241jB Sept 173j higher 684V2B Nov higher 6 47'iA Jan 5 higher 6 26B Rapeseed Thunder Bay May 20 higher 723B July 13 higher 6 68B Oct 20 higher 6 Sept 173j higher 6 Nov higher 6 62B Rve May higher 2 48V-iB July 10 higher 2 47A Oct higher Dec higher 2 433jB Grain quotes Thursday basis Lakehead High Low Close Flax May 1025 Jly 1016 Oct 985 975 977 Nov 952 949 Vj 249'A Dec 865 863 863 Rapeseed Vancouver Jun 713 693 705 Sep 657 Nov 642 623V2 Jan 615 619 Rapeseed Thunder Bay May 707 690 703 Jly 655 646 Oct 607 Nov 607 606V2 Rye Mav 239'j 2323.i 237's 239'j 237 Oct 237'2 23034 235 Dec 235 Currencies MONTREAL Friday's mid dav foreign exchange selling rates supplied by the Bank of Montreal Australia dollar 1 4425 Bermuda dollar 1 02 China renmmbi 5275 France franc 2040 Germany mark 4050 Hungary formt 0911 Italy lira 001560 Japan yen 003530 Mexico peso 9800 Spain peseta 0174 Switzerland franc 3425 United States 9670 United Kingdom pound 2 370 USSR ruble 1 2781 Quotations m Canadian funds Gold futures WINNIPEG Gold U S Winnipeg Commodity Exchange close Thursday Jly 74 168 Oct 74 174 OOB Jan 75 178 Apr 75 184 75-189 59B Wednesday s volume 619 contracts WINNIPEG Live beef futures close Thursday May 49 Jly 51 Sep Nov 50OON Wednesday's volume Four contracts The Herold- Business wet weather delays crop seeding operations Stocks Miscellaneous Montreal by WESTERN OILS AND MINES Alton Mines 6 62Vi Albany Oil 46 Alta East Qas 6.00 Almnex 5 75 Asamara Ashland Oil 9 BP Canada 13 S7Vt Brenda Mines 6 00 Cda Southern 3.75 Cdn Export Gas 2 90 Cdn Homestead 5 Cdn Ind Gas 7 75 Cdn Long Island 17Vi Cdn Superior 44 00 Chieftan Dev 8 00 Dome Pete 31 37Vi Dynasty Ft Reliance 20 Giant Mascot 1 42 Gibraltar Mines 9 Granisle 9 50 Great Plains 35 25 Grt Cdn Oil 8 25 Lochiel Explor 2 20 Lytton Minerals 1 90 Noble Mines 63 North Cdn Oil 4 45 Numac Oil 1500 PanCdn Pete 11 37 Pan Ocean 11 62Vi Petrol 1 86 Binnacle 37 Place Gas 40 Ponder 45 Ranger Oil 32 Scurry Rain 26 50 Seibens 1600 Spooner 29 Total Pete 8 25 Ulster Pete 1 19 United Canso 19 West Pete 4 90 West Decalta 6 62Vz MISCELLANEOUS INDUSTRIES Acres Ltd 8 50 Aquitame 25 00 BC Sugar C Pfd 11 00 Block Bros 3 45 Cdn Pac Inv A Pfd 31 00 Carting A Pfd 20 00 Carting B Pfd 24 50 Commerce Cap 2 50 Crest Forest 7 25 Crows 26 50 Falcon Copper 1050 F M Trust 5 25 Genstar 19 62VZ Home Oil A 41.25 Home Oil B 39 00 Hud Bay Co 1825 Hud Bay Oil 34 Hud Bav Oil A Pfd 47 00 Hugh Russell C Pfd 7400 HuSKy Oil 17 75 Husky Oil B Pfd 36 25 Husky Oil D War 1 90 Husky Oil E War 7 25 Inter Pipe War 3 85 Inter S P Kaiser Res 3UO Kaiser Res War 1 64 Loblaw 2 40 C Pfd 25 75 Magnasonics 2 50 Pacific Pete 24 Pac West Air 7 Pe-Ben Oilfield 6 50 Ramer Inc 4 00 Royal Trust 23 SandweN Teledyne Trlmac Canbra Foods West Minerals West A Pld White Yukon 650 360 625 335 1 05 5200 775 PIPELINE STOCKS Alta GaS A 1250 Alta Gas Pfd 57 00 Alta Nat Gas 1875 Gaz Metro 6 00 Gar Metro A Pfd 59 00 Inland Nat Gas N C Gas 11 00 N C B Pfd 21 25 Pac Gas Trans 9 Tr-Cda Pipe 30 75 Tr-Cda A Pfd 57 Tr-Cda B Pfd 31 50 Tr-Cda War 4 10 West Trans 20 25 West Tr War 2 75 CALGARY Acroll 45 Barons Oils 09 N Continental 02 Western Warner 30 VANCOUVER MINES Atlas Explorations 32 Bathurst Norsemmes 1 42 Dankoe 2 80 Davenport 67 Dolly Varden 29 Equitonal Res Lornex 8 05 Northair Mines 2 65 Primer 06 Pyramid 10 Silver Standard 2 34 Valley Copper 7 00 INDUSTRIALS Columbia Brewing 2 70 Key Industries 09 Wardair 1 60 OILS August Petroleum 37 Ponderay Explorations 80 Stampede Inil Res 73 MUTUAL FUNDS All Cdn Compound 5 85 6 36 All Cdn Dividend 614 6 67 All Cdn Ventures 315 342 Amer Growth Fund 4 46 4 90 A G F Spec'al 2 28 2 88 Cdn Invest Fund 4 57 5 02 Collective Mutual 4 73 5 20 Comnwlth Inter 5 61 Comnwlth Leverage 3 05 Comnwlth Venture 2 97 Corp Investors 5 70 6 26 Corp Invest Stock Fd 4 39 4 81 Dreyfus Fund US 10.32 1131 Great Pacific 4 34 4 74 Grouped In Shares 284 312 Growth Equity 6 39 7 02 Invest Growth Fund 1097 1199 Investors Mutual 5 23 5 72 Mutual Accum 561 616 Mutual Growth Fund 290 318 Nat Resources 4 37 4 74 NW Cdn 510 560 N W Growth 4 35 4 78 Principal Growth 317 436 Royfund 616 641 Templeton Growth 7 49 8 21 United Accum 4 18 459 Universal Savings 7 50 8 25 Univest 5 53 6 08 Vanguard 561 615 Toronto industrials by Richardson Securities of MINES Acme Advocate Asb Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can NW Land Canada Tung Cassiar Central Pat Chimo Conwest Cons Rambler Com Lake Cochenour Craigmont Dickenson Mines Denison Mines D Eldona Dome M'nes New Discovery Mines East Malartic East Sullivan Falconbndge Frobex First Maniimes Giant Y K Granduc Hollmger Hudson Bay Hydra Ex Iron Bay Iso Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R L Malartic G F Martin McNeely Maclntyre Meta Midnm Intern Mogul Nu West Homes NewAthona New Calumet Noranda Northgate Norlex Pine Point Placer Dev Pax Exp Quebec Man Rayrock Radiore Rio Alaom Corp Sherntl Gordon Steep Rock Sunningdale Tek Corp A Texmont United Canso Western Mines WH Copper Mines Wright Hargreaves Willroy Windfall Yellowknife Bear Zenmac INDUSTRIALS Ahihhi Alcan Algoma Steel Atco Ind Jannock Agra Ind Bell Tel Brascan A BC Tel 10 Forest 1 Sugar A 1 Valley Ind 1 Ind O Keete 1 Cellulose 6 Power 4 Credit 7 Gas Ptd Ind 1 Marconi Vickers 1 S 62 Bathurst Gas Seagrams Bridge Textile 5 Stores Pete Mobile Cdn Cil Motors Lakes Paper Oil Sid Walker 1 Erie Oil A Nickel 31 Pipe Grp A Int I Accept 1 Douglas A 39 A Ferg Bloed Corp A 5 B Cent Corp 1 Co 1 CDA 27.1 Sears 10 87 Can 1 A Grp A Mtn Pipe Can Pipe Carbide Gas I Oil 1 Siscoe Mfg A 11 Cdn Seed 32 Elec 7 62 Imperial 41 Scotia Dom 1225 17 21 00 22 12Yi 1250 975 298 575 575 2250 230 925 1950 315 17 37 Vi 1612VJ 14 27 12V4 2475 3850 4025 2675 11 00 31 75 3050 430 825 4725 23 87 Vi 28 87V4 1625 2200 3350 28 12 2950 1700 7 12Vi 1375 290 500 825 355 600 1225 17 5C 2825 50 22 2075 700 11 00 11 00 1350 6 1250 1575 7 30 37 Vi 3900 1375 3075 18 875 1050 750 700 21 20 21 75 335 300 2675 1775 3400 33 62 3700 New York by Richardson Securities of Woolworth Amr T T Westmghouse Elec 16 50 Anaconda 27 US Steel 45 Beth Steel 33 75 Gen Tel Elec 23 75 Chrysler TORONTO AVERAGES Dupont 17850 20 Industrials 19712 up 31 Gen Motors 48 25 20 Golds 468 50 down 27 Gulf 2125 10 Base Metals 8868 up 05 Int Harvester 27 25 15 Western Oils 211 94 down 46 Kenn Copper 38 25 Volume Montgomery Ward 26 00 NEW YORK AVERAGES Sears 84 87 20 Industrials 862 17 down 3 59 Exxon 78 20 Rails 174 28 down 03 Texas Gull 26 00 15 Utilities 76 28 down 60 Texas Co 26 65 Stocks 261 35 down 96 Wix Corporation Volume OTTAWA Cool wet weather has held back farm planting operations in most parts of the country this delaying what is considered of the most vital growing seasons on record. Statistics Canada said in the Higher bank interest rate move started TORONTO A move toward .higher bank interest rates started Thursday as two of the major chartered banks moved their prime rate up one-half percentage effective Friday. Canadian Imperial Bank of Commerce was the first to jumping its rate for loans to its most credit-worthy customers to 11 per cent from 10.5 per cent. Toronto Dominion Bank followed with a similar increase within two hours Banks normally fall into line quickly on interest rates so the indication is that the rate will be general throughout the banking system by next week. The move means that these loans now cost almost double the interest they did little more than a year ago. The increase comes less than a month after major chartered banks moved to the 10.5-percent level shortly after the Bank of Canada increased the bank rate on loans to chartered banks by one percentage point to 8.25 per cent Thursday's move by the Commerce is the ninth upward ad- justment of the prime rate since last April when it was raised to 6.5 per cent from six per cent. R Donald executive vice-president and chief general said the demand for loans in a pattern of rapid and sustained growth the same sharp rate increases have persisted in short-term money markets in Canada and most other coun- tries The combined effect of these continued trends makes the announced increases The bank said it will increase the interest paid on savings accounts to 8.75 per cent from-8 25 per cent but did not specify the effective date Toronto Dominion made a similar move on its interest on retroactive to May and also announced that the base rate for small business loans will be increased to 10 per cent from 9 5 per cent Allen chairman and chief executive said the increases were caused by upward pressure on the cost of funds at home and increased competition for savings and continued heavy loan demand Car insurance rates to climb EDMONTON Car insurance rates will climb this summer because of a 31-per- cent increase in property damage costs from Change na'me Western Canadian Seed Processors in Lethbridge has changed its name to Canbra Foods the company's H.H. Michael announced today. Mr Michael's said the name change will fully reflect the diversified operations of the and reduce some of the misconceptions of the type of processing being carried Canbra Foods is a Canadian- owned with a majority of its shares held by Western Canadians. It markets a full line of soft and regular shortenings and cooking oils salad oils and dressings from coast to Mr Michael's said. CLOSEST TO EUROPE St is the closest city in North America to Europe automobile accidents in the province in Lockie Alberta manager of the Canadian Underwriters said Thursday The Insurance Bureau of Canada said damage costs were pushed up mainly by body shop which have increased in 1973 by 30 per cent in Edmonton and per cent in Calgary Both city's shops charge 50 an hour and another increase of 10 per cent is expected by summer. preliminary study of the figures shows that it will be extremely difficult to avoid some kind of increase in automobile insurance rates this Mr MacNeill said. He said his association plans to apply to the Alberta Automobile Insurance Board for increases by July 1 Board secretary Jim Fisher said he expects several companies to apply for rate increases in June and July. The insurance bureau's statistics showed a Canada- wide increase in property damage costs of 15 per with Alberta's 31 per cent increase in 1973 over 1972 taking the lead Alberta motor vehicle branch officials said the number of accidents reported in 1973 for Alberta was an increase of 6 5 per cent over the 1972 figure of first of a number of reports on crop conditions across the country that few farmers have been able to begin seeding because of the late spring. In its telegraphed to Ottawa from correspondents across Canada Wednesday the statistics bureau said a late spring and heavy winter snowfall on the Prairie grain belt have combined to keep farmers off the land Limited field work had been done in southern parts of Alberta. it warned that if the weather warmed up and remained that way into the Prairies could be faced with a severe grasshopper outbreak The heavy snowfall last win- ter would help young crops germinate quickly and better withstand the onslaught of the bureau said serious problems may still be expected if early hatching occurs as a result of a warm spring followed by a dry Western Canada Prairies Land is too wet to work throughout much of the region Hay and pasture growth has been limited British Columbia The danger of flooding remains in the lower Fraser Valley as a result of heavy snow last winter and wet weather this spring Some crops in the Peace River left out over still remain to be harvested Syndicate purchases farm land CALGARY A German farm syndicate has completed acquisition of more than 2.000 acres of prime farm land in the Wetaskiwin area to be used in the growing and possible export of alfalfa Morley Merrier. Wetaskiwin industrial development said the land acquisition has been shrouded in secrecy There was no indication of the size of the purchase until the sales became public five weeks ago and the name of the syndicate has not yet been revealed. syndicate has quietly bought up four or five of the best farms to the south and east of he said final purchase may even be but we are still pretty much in the dark Mr Merner said the unnamed syndicate will grow alfalfa to be cubed in preparation for sale in Canada and possibly overseas Farmers in the Wetaskiwin area are upset at the purchases because the amalgamation of land will mean fewer jobs for area he said than 10 men will be employed on the larger where 25 or 30 had jobs he said part of the continuing trend towards larger farms replacing old family holdings STILL WOULD INCREASE If U S families averaged only 2 1 children per family for the next 70 thus achieving zero population the population in 2043 would be about 320 million more people than in 1973 SIMMENTAL BREEDERS The Stettler Auction Mart is conducting a sale that may be of interest to you. Twilight Simmental Sale MAY 11 at p.m. This being conducted for Circle 3 Cattle Co. of Lethbridge SELLING WILL BE 106 LOTS 1 Purebread Yearling Bull 10 Open 1973 Heifers Cows with Heifers Calves at foot 15 Bred K Bloods 70 Open 1973 Vfe Blood Heifers to SALE CONDUCTED STETTLER AUCTION MART LTD. C.Q. McKay and P.O. 1231 Alberta Phone 742-2785 ;