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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 14, 1974, Lethbridge, Alberta mmj Canadian farm income up 89 per cent in '73 TORONTO Beryl chairman of the Pood Prices Review said Monday that last year net income of Canadian farmers increased 89 per cent over but that not all farmers shared the increase to the same extent. Dairy farmers in all regions IBM loses appeal in Supreme Court WASHINGTON International Business Machines Corp. lost a bid Monday for a United States Supreme Court review of a lower-court order that it turn over some 700 documents.to federal government anti-trust lawyers or face a fine of a day. At the same the court refused to consider the request of IBM's law Swaine and Moore of New for permission to intervene in the case. The appeals arose from an order by U.S. District Judge David Edelstein of New York directing IBM to turn over some 700 documents to government lawyers who have launched an anti-trust suit pound plunge Switzerland The United States dollar and the British pound plunged to new lows on the Zurich foreign exchange market today. The dollar dropped Monday to a 10-month low of 2.7775 Swiss francs from 2.8250 Monday. The pound made an even- more-dramatic plunge to from 6.9350 a four-per-cent drop and the lowest level to which the pound has ever fallen. The West German mark de- clined to 116.73 from 118.15. The French the Italian lira-and the Canadian dollar also though at a lesser rate. An executive of the Swiss national bank said he believes the weakness of the U.S. dollar and the U.S. presidential crisis were the prime factors in the trend. But he said he could not explain the acceleration. Steel price hike under discussion TORONTO The Globe and Mail says that 'federal Industry Minister -Alastair Gillespie met in Monday with officials of the Steel Co. of Canada Ltd. to discuss the company's pending price in- creases. The newspaper says that the minister met with J. P. Stelco H. M. and A. R. vice-president of marketing. Stelco plans to raise steel bar and plate prices by almost 12 per effective Wednesday. The Globe and Mail quotes Mr. Gillespie as saying after the meeting that Stelco feels the increases are justified by increased cost the company has experienced in recent months. The newspaper also quotes Mr. Gillespie as saying Stelco executives suggested that a federal inquiry be held into the proposed price increases. The newspaper says further discussions between the com- pany and the minister are likely to be conducted by but no formal meetings are planned.- against the computer giant. Edelstein refused to let the lawyers intervene on their own saying this would be at odds with their responsibility to represent their client. The fine levied against IBM has been stayed pending the appeals. The government's civil anti- trust suit against the corpo- ration is being prepared for trial before Edelstein. The documents were involved in a private anti-trust suit brought against IBM by Control Data Corp. In the process of that which was settled out of IBM turned over a large amount of documents. In doing the corporation's lawyers they inadvertently included papers which they were legally entitled to keep secret. The judge ruled that because 'IBM inadvertently yielded the documents in the previous it now is required to turn them over to the government also. IBM described this as unjust order affecting fundamental The government opposed IBM's plea for a hearing. Solicitor-General Robert H. the government's spokesman in the Supreme disqualified himself in the IBM anti-trust matters. As a professor at Yale Law Bork wrote an article questioning the government's case. Kuwait takes control of oil firms KUWAIT The Kuwait parliament and cabinet today ratified an agreement that gives the government a 60-percent share in Western oil company operations in the Persian Gulf sheikdom. The vote ended a squabble between militants who wanted 100-per-cent nationalization of the foreign interests and moderates who said the Kuwaitis lacked the facilities and experience needed to take over all phases of its oil production. The agreement was approved by a vote of 33 to 2 with 19 abstentions and eight absentees. A majority of the 50-man parliament and 12- man or 32 was required for approval of the agreement with the Kuwait Oil which produces 95 per cent of the daily three-million- barrel production. British Petroleum and Gulf Oil are the joint owners of Ku- wait Oil. have been squeezed by increasing she told Food Study a conference organized by the Grocery Product Manufacturers of Canada. of the importance of milk and dairy products in our the unsatisfactory state of the both of production and marketing is of concern to the board as to many She also said that national egg marketing policy has brought disorder to the marketing of eggs. The Canadian Egg Marketing Agency has a which leads to dividing the country into isolated which restricts production in efficient producing areas and which developes surpluses in PAY HIGHEST PRICES One result is that consumers in whose average incomes are lower than those in other continue to pay Canada's highest prices for Mrs. Plumptre said. She said surpluses are reported being sold for powdered eggs to be used in overseas aid programs while penalize consumers in needy provinces and at the same time restrict Mrs. Plumptre outlined the programs of the board and said it has initiated a series of food price reviews for consumers. These consist of statements explaining the reasons for increases in the prices of commodities which are of most concern to consumers contacting us such as shortening and vegetable oils.' The first cross-country check-up of retail merchandising practices was conducted by the board last September and the results a number of illegal operations on which a number of retailers have since been charged in Mrs. Plumptre said. Another study led the government to make illegal the practice of goods on store she said. Stocks take nosedive By THE CANADIAN PRESS Canadian stock prices took a nose-dive Monday and analysts blamed higher interest rates as the major factor. Higher interest rates are bad news for most corporations since it costs them more to raise funds. It could also lead to a slowing of consumer demand. The paper loss of Canadian shares during Monday trading was estimated at about bil- lion. Steel shares were among those hard partly .because of the interest rate move and also because the federal government is looking into higher prices announced by Steel Co. of Canada Ltd Kaiser negotiates hike in coking coal price VANCOUVER Kaiser Resources Ltd. has negotiated a price increase of a long ton for coking coal sold to Japan. Edgar F. president and chief executive announced the price increase here Monday. Base price will effective June to a long ton under sales agreements covering about 4.5 million long tons a year. Under the Kaiser agrees to eliminate a provision in its sales contracts HAIR Shaped the Way You Want it TOWNE HOUSE Men's Hairstyling 710A 3rd Ave. South Phone No appolntmtnt necessary acron from Downtown providing for a price increase of up to 50 cents a long ton effective April 1975. Mr. Kai3er said in a news release that the new price agreement excludes pending adjustments for increased rail costs and British Columbia mineral land both of which are covered under the sales contracts. The company's Japanese customers have agreed to accept coal from expanded surface mining operations at subject to testing. This expansion program is expected to cost million and take years. It will increase production by long tons for six years. Mr. Kaiser also announced that the company has agreed in principle to conduct a joint study to determine coal reserves on part of its property and the feasibility of bringing such reserves into production. The study will be done with Mitsui Mining Co. Ltd. and Mitsubishi a shareholder in Kaiser. The agreement is subject to governmental approvals and approval of the boards of the rnmnanies The Herald- Business TSE market prices dip in mid-morning trade Stocks Miscellaneous Montreal by WESTERN 6.50 AND 3.60 Afton 6.00 Albany Foods 3.40 East Mln 1.05 A Pfd 51.50 Yukon 7.50 AsNand STOCKS BP Gas A 12.00 Brenda Gas Pfd 55.00 Cda Nat Gas 18.25 Cdn Export Metro 5.50 Cdn Nat Gas 9.12V4 Cdn ind C Gas 10.87V4 Cdn Long C Gas B Pfd 21.00 Cdn Gas Tr 9.25 Chleftan Pipe 30.25 Dome Pipe A Pfd 56.12V4 Dynasty Ft Pipe B Pld 32.50 Tr-Cda Pipe War 3.75 Giant Tr 20.00 Tr War 2 55 Grt .46 Grt Cdn Oils .09 Lochiel Continental .02 Lytton Warner .30 Noble North Cdn Numac Explorations .30 PanCdn Norsemines 1.43 Pan 2.80 .64 Varden Place Res. .11 8 05 Ranger Mines 2.45 Scurry .06 .03 Standard 2.18 Total Copper 7 00 Ulster United Brewing 2.90 West Industries .09 Western 1.70 Petroleum .36 Acres Explorations .90 Int'l Res .67 BC Sugar C FUNDS Block Cdn. Compound 5.66 6.15 Cdn Pac A Cdn. Dividend 5.95 6.47 Carling A Cdn. Ventures 3.11 3.38 Carling B Growth Fund 4.36 4 79 Commerce Special 2 21 Crestbrook Invest Fund 4.48 4.92 Crowsnest Mutual 4.72 5.15 Falcon Inter. 5.53 F M Trust Leverage 3.02 Venture 2.93 Home Oil Investors 5 63 6.19 Home Oil Invest Stock Fund 4.28 4.70 Hudson Bay Fund U.S. 10.03 10.99 Hud Bay Pacific 4.26 4.65 Hugh Russell C In Shares 2.81 3 09 Husky Equity 6.27 6.90 Husky Oil B Growth Fund 1104 1206 Husky Oil D Mutual 5 26 5 75 Husky Oil E Accum 555 610 Inter Pipe Growth Fund 2.87 3.15 Inter S Resources 4.20 4 62 Kaiser 5.03 5.33 Kaiser Res Growth 4 26 4 68 Loblaw 2.40 C Growth 3 88 4.26 Mutual 6.88 7.52 Pacific 6.16 6.42 Pac West Growth 7.45 8.17 Pe-Ben Accum 415 456 Rainer Savings 735 813 Royal 5 38 5 90 Toronto industrials by Richardson Securities Forest Advocate Sugar A Valley Ind Ind O'Keefe Cellulose Can. NW Power Canada Credit Gas Pfd Central Ind Marconi Vickers Cons. Com Bathurst Dickenson Gas Denison Seagrams Bridge Dome Mines Discovery Textile East Stores East Pete Mobile First Cdn Oil Giant Motors Lakes Paper Oil Hudson Bay Hydra Sjd Iron Walker Erie Joiiet Oil A Kerr Key Nickel Pipe Lake Grp A Langis Int'l Madsen Accept Malartic G Martin Douglas A A Intern Nu West Ferg New Bloed New Corp A B Pine Cent Placer Corp Pax Co Quebec CDA Rio Roman Sears Sherritt Can Steep A TeK Corp. Grp A Mtn Pipe United Can Pipe Western Carbide WH Copper Gas Wright Hargreaves Oil United Siscoe Mfg Yellowknife A Cdn Seed Elec Algoma Atco Imperial Agra Bell Scotia Brascan BC Dom 12.25 17 19.75 9.00 2.91 5 62 550 22.50 2.30 9.25 3.15 1700 1412VJ 24.50 1525 38 40.00 25.50 14.00 29.50 2950 425 45.25 23.75 27.50 16.00 5.25 46.25 30 28 16.00 14.75 2.85 5.00 7.75 3.50 6.00 12.50 49.75 20.00 11.00 13.50 12.50 37.50 30.25 18.00 10.25 6.25 20.00 3.40 3.00 26.00 17.25 3225 3200 36.25 New York by Richardson Securities of Amr. T T WOOlworth 17.00 Anaconda Westlnghouse Elec Beth Steal US Steel 46 50 Chrysler 16.75 Gen Tel Elec Comsat 36.00 TORONTO AVERAGES Dupont 176.25 20 Industrials 192.35 down .54 General Motors 47 25 20 Golds 463.77 down 5.91 Gull 21.25 10 Base Metals 87.31 down 37 Int Harvester 15 Western Oils 200.07 down 1 92 Kenn Copper 36.00 Volume Montgomery Ward NEW YORK AVERAGES Sears 20 Industrials 851.92 up 633 Exxon 20 Rails 170.14 up 1.27 Texas Quit 25.50 15 Utilities 76.24 down .79 Texas Co 2650 65 256.96 up 1.29 TORONTO Prices on the Toronto stock market were lower in light mid- morning trading. The industrial index was off .18 to golds 5.53 to 464.15 and base metals .43 to 87.25. Western oils fell .90 to 201.09. Volume at 11 a.m. was shares compared with at the same time Monday. MONTREAL were mixed in light trading on the Montreal Slock Exchange today. Volume at 11 a.m. was shares compared with at the same time Monday. Banks 2.73 to 247 60. papers .24 to 124 22 and utilities .08 to 131 88 while industries rose 71 to 207.61 and the composite .22 to 196.95 Algoma rose 3-8 to Bell Canada 14 to 1-2 and Celanese Canada 1-4 to 3-4 while Cominco fell 1-2 to J26 3-4 and Canadian Imperial Bank of Commerce 1-2 to J26. Among speculative issues. Massval Mines fell one cent to 64 cents on a volume of traded VANCOUVER Prices were down in light trading on the Vancouver Stock Exchange Monday Total volume was shares In the Great National Land was down 01 at .83 on 6.300 shares Canterra was down .02 at .55 on shares. Captain International was up 02 at 40 on shares and Newmark was down 05 at 20 on shares. Block Brothers was down Currencies MONTREAL Tuesday's mid-day foreign exchange selling rates supplied by the Bank of Montreal Australia dollar 1.4450 Bermuda dollar 1 02 China renmmbi .5275 Denmark kroner .1730 France franc 2060 Germany mark 4090 Italy lira 001590 Japan yen 003540 Mexico peso 0790 Spain peseta 0174 Switzerland franc .3485 United States .9650 United Kingdom pound 2 370 USSR ruble 1 2781 Quotations in Canadian funds Dollar valui MONTREAL dollar in terms of Canadian funds at noon today was down 1-25 at 9-50 Pound sterling was down 24-25 at 32 19-25 In New the Canadian dollar was up 1-25 at 97-100. Pound sterling was down 9-10 at Gold prices LONDON Tuesday's closing gold prices in U.S. dollars an ounce London 166 50 Pans 180 93 Frankfurt 16 Zurich 167 00 Hong Kong 161 91 Beirut a kilo. Dividends By THE CANADIAN PRESS Dividends are quarterly unless otherwise noted Amerada Hess U.S. funds. June 29. record Jane plus 2.5-percent stock one share for each 40 held. Canada Steamship Lines pM July record June 12. Debhold Canada 6'i-percent pfd 56V.I. June record May 22. Economic Investment Trust 10 June record June 12 Gibralter Mines 25 June record May 24 Harding Carpets class A. 7 class B. 6 class 7 class 6 all payable July record June 14. Indal Canada 20 an increase of 5 June l. record May 20. Kerr-McGee U S. July record June 7. Laurentide Financial I2'i June record June 7 Robert Morse pfd. series pfd series 683'j both payable June record May 24 Standard Industries 12vz August record July 22. Traders Group class 25 class B 25 cents. pfd. A. 5-percent pfd. 50 5-per-cent pfd. series A. pfd. series 54 all payable July record June 7. Union Acceptance Corp. 6'j- per-cent pfd. series per-cent series 78'4 6-per- cent pfd series C. 75 all payable Aug 1. record July 15. Mindustrlal Corp. cents. June 28. record June 14. North Canadian Oil 5'2-per- cent pfd June 1. record May 17 Rockwell International SO cents. U.S June 10. record Mav 21 Declines outnumbered ad- vances 175 to with 199 issues unchanged. Traders A fell to Bank of Nova Scotia to Canadian Imperial Bank Vz to BP Canada to and Sifton to Sigma lost Vt to Camflo Vz to Dickenson to and United Siscoe V4 to Market trends .20 at and International Hydrodynamics was unchanged at 60 In the mines. Henrietta was unchanged at 25 on 67.500 shares. Billy Goat Creek was down .04 at .35 on Carolin was unchanged at on and Arcadia Explorations was down 02 at .56 on shares. Northair was down 12 at J2.51 and Anglo Bomarc was unchanged at 60. In the oils. Alaska Kenai was unchanged at .30 on shares Coynex was up 03 at J1.39 on 8.000 shares. Rand resources was down .05 at 05 on and Chapparal was down 01 at 05 on 4.500 shares. Payette was down 06 at 22 and Seneca Developments was up 01 at 20 NEW YORK Bargain hunting boosted some blue-chip and glamour stocks but the rest of Lhe market showed little spark. Thell 30am Dow Jones average of 30 industrials was up 6 88 at 852 47. reflecting the buying m some of the high-priced issues. Gainers barely outnumbered in light trading on the New York Stock Exchange. Livestock Hog prices EDMONTON Average prices to 11 a m Tuesday provided by the Alberta Hog Producers Marketing Board Monday prices in brackets Edmonton Calgary 3600 Red Deer- 3605 Grand Prairie Nil Lloydminster Nil Fairview Nil Lethbridge Nil Fort Macleod Nil Hogs sold to 11 a m total Monday 11.445. average 3587. Sows average 21 80 Earnings By THE CANADIAN PRESS Automotive Hardware year ended Dec 31 46 a share. 1972. 06 Burns Foods three months ended March 30. 23 cents a 1973. 20 cents Canadian Reynolds Metals three months ended March 31 1974. 000. loss Eastern Provincial Airways three months ended March 31 1974 2 cents a share. 1973. 9 cents. Laurentide Financial Corp. three months ended March 31. 24 3 cents a 30 8 cents Maclaren Power and Paper three months ended March 31 76 a 59 cents. Redpath Industries six months ended March 31 97 cents a share. 1973. 74 cents Rembrandt Jewelry three months ended March 31 35 cents a share. 14 cents Selkirk Holdings three months ended March 31 13.7 cents a' share 1973. 11.5 cents Vulcan Industrial Packaging three months ended March 31 18.2 cents a share. 16.1 cents Wardair Canada year ended Dec. 31 1973. 28 cents a share- 1972 no comparable figures available Warnock Hersey Internatonal three months ended March 31- 42 cents a share. 1973. 000 21 cents Whitehorse Copper Mines three months ended March 31. 37 cents a share- 1973. 9 cents Beef futures WINNIPEG Live beef futures close Monday May 49.00A. Jly Sep 50 Nov 49 60A. Friday's four contracts Gold futures WINNIPEG Gold futures. U S. Winnipeg Commodity Exchange close Monday Jly 74 169 00. Oct 74 174 Jan 75 179 35 Apr 75 184 25. Jly 75 190 OOA. Friday's volume1 267 contracts. Total Pete was off Vi to Amalgamated Bonanza 30 cents to and Voyager to Imperial Oil A gained to Pacific Pete to and Algoma Steel to i Falconbridge Copper to Precambrian 11 cents to and Scurry Rainbow V4 to Among the gainers in the blw thifi sector were General up 1' t Du Pont 1' i jt U S Slc.i-1 at and Piucter jnJ at International Telephone Telegraph was the down at meanwhile weaktnid ASA Ltd. was down at i amphei. Red Lake i'z to S70V and HM'U ijU 2 al Among Canadian was up J i at Dome Mires duiw Jj Alcan unclid.'wJ ji and Inco unchanged at Chicago CHICAGO Mott futures advanced shjfjiU in Monday Silver futures rose tin limn of '20 cents an ounce al'hough the May options gained a In tu rm.ie A late flurrv of 'oirunp .in'' short-covering lifted grain of the Board of were up 13 cenls soj beans 8 corn nearly 5 and uats 4 cents oil rose the limit of 100points nr 1 a but soybean meal v.i'i some under the previous cl-w Cattle futures advanced fie limit of per hundredweight wlnlc lue futures were up iis much the limit per hundrrdncJgl I bellies gained up to the limit i' points Shell eggs gained 50 points as feed grains rose in pni v' Cotton futures fell a bale and copper w.is duw n -un.c 400 points while vnol ivnld ir coffee and orange JUKO IUHML- .il cased At the Chicacn ivhi it v.j 0 to 13 cents higher. May 'HIS lu'iii red wheat was not tiaik'J. coin higher. Mav2 GS. oat- lni.'iri May 1.36. and soybrais I to IKT May 5.53. Gram quotes Monrhn Wheat May 348 3 Dec 372. Mar 3 Corn May 2 60 Jul 'Ibi'i Dec Mar 2 Oats- May 1 36 .Jul 1 i 1 Dec I Mar 1 .Ti1- Winnipeg WINNIPEG IIT i MnM with the exception-nil in price at mill-session In l.n i .i.t Winnipeg Commndilv i Flax eased as nuirli tim-. in light aotiviu Mondav s volume of 11 i 268.000 bushels of I .1 rapeseed and 711 000 r i Mid-session prut's Flav Mav 12 limci HI 07 Ju1' lower998A. Get 10 III'.M i 11 lower 9 32A Dec 11 In MT Rape-seed ViincouiLT .luti pinrVr 7.41A. Sept 3 lu-'.f-r 70i il higher 6 62'2A .l.in 2 Rapeiecd Tliurnk'i in higher 740 July Infihi i Ocl 12 higher K 5li Nm J Lii'1 6456 Rye Mav 4 higher I i higher 2 55A. Oft I'lhinlui J i Dec higher 2 1'IH Grain quotes Mond h I.akehead Lu.- Flax May 1050 1020 Jly 1028 1013 Oct 977 367 Nov 948 841 fi.i Dec Rapeseed Vancom cr Jun 740 717 7.0 Sep 706 C77 7w Nov Jan 631 CM 'ill Rapeseed Thunder May 730 718 7.V Jly fi77 Oct s77 Oct C4- Nov fa-1 Rye May 251'1. 25Pi Jly 246'j Oct 249 i Dec 24V i 2-14 i 416-13thSI. N. 327-7449 PIIOTOUIAI'MV FRAMES-PASSPORTS COPYWORK-FILM COMMERCIAL PHOTOGRAPHY Slide sets. TV ads. Newspaper publicity commercial product animals ai-d equipment Call us and lei us how we can help you' business grt IDB provides linanCir by investments or by able to obtain assistance elsewhere oh- reasonable terms and conditions Ask for our free booklet. business 740 4th Avenue t Lethbridge. Alta. TlJ Tel 328-9681 ;