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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 16, 1974, Lethbridge, Alberta Lower market prices continue TORONTO Prices on the Toronto stock market were fractionally lower in light midmorning trading today. The industrial index fell .01 to golds 3.98 to 454.90 and base metals .34 to 84.17. Western oils rose 1.39 to 187.12. Volume by 11 a.m. was 000 shares compared with shares at the same time Wednesday. Declines outnumbered ad- vances 140 to 92 with 179 issues unchanged. Alcan lost to Domtar to Agra to Market MONTREAL All sectors moved higher in light on the Montreal Stock Exchange today Volume at 11 a m was shares compared with 262.000 at the same lime Wednesday. The industrial index rose .21 to 20011. the composite .17 to 190.92 utilities 15 to 130.19. papers 11 to 121 SO and banks 01 to 243 08 Gull Oil Canada rose to Consolidated-Bathurst 'i to and Algoma Steel to while Canron tell i to S22'. and Calgary Power Vi to Among speculative Macdonald Mines rose rime cents to after trading shares VANCOUVER Prices were down in light trading on the Vancouver Stock Exchange Wednesday Total at the close volume was 1.568.080 shares In the Newmark was up 01 at 18 on 9.100 shares Delta Hotels was at on shares. Imperial Marine was at .15 on 5.000 hhdre.s and dnlerra was down .02 at 55 on 4.500 shares. Thermoplex was up 02 at 30 Block Brothers was unchanged at 30 In the mines Silver Standard was down 15 at 93 on 113.700 shares. Norlliair was down 30 at on 84.200 shares Henrietta was down 02'zal 26 on 74 100 shares and Billy Goat Creek was down 08 at 22 on 61.500 shares Consolidated Fortune Channel was up 01 at 25 on Anglo Bomarc was unchanged at .59 In the oils. Williams Creek was up 05 at .15 on 21.000 shares. Vargas was down 01 at 09 on Augugusl Petroleum was down 04 at 30 on 5 500 and Chapparal was at 06 on 5 000 shares Westernex was down 03 at 02 and Coynex was up .06 at 44 NEW YORK The stock market brightened up a bit today after three straight sessions of sluggish weakness The 11.30 a m. Dow Jones average of 30 industrials was up 3.91 al and advancing issues led declines by about live-tolour on the New York Stock Exchange Trading remained however Pennzoil was the NYSE volume down at Campbell Soup to Federal National Mortgage at American Ship Building to Among Canadian issues. Mclntyre gained one dollar at Seagrams at i Dome fell z to Inco to Alcan to Massey Ferguson was unchanged and Canadian Pacific dl At the American Stock the most active issue was Robmtech. down at Livestock Calgary CALGARY Receipts to 11 a m Thursday irom the Calgary public stockyards totalled about 538 head nude up ol vaious classes and grades 01 cattle lacking condition and qualitv Trade was dull Tlit'ie were no high-yielding Al and 2 steers in early sales Other grades sold under pressure Heifers traded 50 cents lower Light weight steers and heilers were discounted Cows sold generally lower while bulls sold .sk'adv Prices include beef quality piennum Steers A3 50-48 50. Heifers Al and 2 45 50-46 60 A3 44 50-45 50 Cows Dl and 2 31-.I3 D3 27-31 D4 22-27 Good hulls 34-37 Good leeder steers more than 750 pounds 45-48 20 Good feeder heifers more than 551 pounds 38-42. Good stock lu'ik'i calve-s 38-43. Then- were no hogs sold to 11 a m Winnipeg grain WINNIPEG Activity continued light but prices dropped by mid-session today on the Winnipeg Commodih Exchange Rve the only commodity with higher price.s. up several cents a hu.shel irom Wednesday's close volume of trade was 783000 bushels ol flax. 1.02B.OOO of rapeseed and 4B1 000 of rye Mid-session prices Mav 23 lower 9 July 16 lower 9 37A. Oct. 11 lower 9 02B Nov 11 lower 8 73A. Dec 11 lower 8 11B Rjpesecd Vancouver June 2'2 lower 7 29' i Sept 3 lower 6 Nov lower b Jan I lower 6 Rapcsccd Thunder Bay May 20 lower 7 Julv Oct 10 lower 6 29A. Nov 10 lower 6 24A e Mav I-11 higher 2 56A. July 1 uglier 254A Oct 1'2 higher Dec 2 higher Grain quotes Wednesday basis Lakehead High Low Close Flax Way 971 959 959 IlV 963 953 953 3ct 917 807 913 Vov 884 883 884 3ec 822 Rapeseed Vancouver lun 731'j 720 693''2 683 693 Mov 641 633 Ian 620 Rapeseed Thunder Bay Jay 766 Hy 675 639 tov 634 Rye 'lay 254'2 251 ly 252-1-. 249'j 2503J 247 250'j Currencies MONTREAL Thursday's nid-day foreign exchange selling rates upphed by the Bank of Montreal- Scrmuda dollar 1.02 franc .2040 Jermany mark 3980 apan yen 003540 franc 3400 Jnited States 9650 Jnitcd Kingdom pound 2 370 JSS.R. ruble 1.2781 Quotations in Canadian funds Hog prices EDMONTON Average prices to 11 a m Thursday provided by Ihc Alberta Hog Producers Marketing Board Wednesday s average in brackeLs Edmonton 36.00 Calgarv Nil Lethbridge Nil Hogs sold to 11 am total Wednesday 4.632. average 35 87 Sows average 20 30 Chicago markets CHICAGO A sharp drop in the cash price ol hogs led to major losses in meal commodity futures on the Mercantile Exchange Wednesday. Best hogs brought only a hundredweight at the Omaha early the lowc.st top price in nearly two years When the futures marl opened selling was strong and buyers were few. Live hog lutures fell the limit of a hundredweight Live cattle futures also fell to limiLs lor the day because of increasing weakness in live steer prices plentiful .supplies and lov.er carcass beef prices Pork belly lutures also fell to limits on reports of increasing storage ligurcs. excessive hog slaughterings and weakness m live hogb On the Board of wheat lutures sparked a rally in all the major pits m the closing minutes on a run-up to 1 cent short of the 20 cents a bushel limit Soybeans rose nearly 7 oats cents and corn nearly 4 cents Silver lulurcs again traded over a wide range and closed with limit 20 cents an ounce gains in New York and Chicago exchanges Coco futures were .sharply lower and selling also dominated world sugar and orange juice futures Wool futures mixed At the close on the Board of Trade. Chicago wheat was 13 to 19 cents a bu.shel higher. May 3 66 Gulf hard red wheat 3 to 9 higher July 3 84 cornP'z to 3'i higher. May 2 70 and Oats 3 to higher. May 1 45 Gram quotes Wednesday Wheat May 3 66. Jul 3 70. Sep 3 77. Dec 3 82. Mar 3.89 Corn May 2.70 Jul 2 66'i. Sep 2 Dec 2 40 Mar 2 46 Oats Mav 1 Jul Sep 1 33 Dec 1 40 Mar 1.38 Dollar MONTREAL U.S dollar in terms of Canadian funds at noon today was down 1-50 at 11-50. Pound .sterling was down 39-100 at 32 37-100 In New the Canadian dollar was up 1-50 at 03 93-100. Pound sterling was down 7-20 at Qold prices LONDON Wednesday's closing gold prices in U S. dollars an ounce 75 29 Zunch-167 00 Hong Kong-161 42 a kilo HAIR Shaped the Way You Want it TOWNE HOUSE Man's Hairstyling 71OA 3rd Avo. South Phono 328-2014 No appointment acroM from Downtown The Herald- Business Inco V4 to and Consumers Distributing to Pamour fell to Bu- lora 10 cents to and Wright-Hargreaves 10 cents to Peyto was off Vfc to Maclaren Power A gained 1 to Falconbridge Nickel to Interprovincial Pipe Line to Husky to and Gulf to United Keno rose to Dickenson to and Con- solidated Marbenor four cents to 64 cents. Great Plains was up to Canadian Superior 1 to and Pan Ocean to JlOVz. Stocks Miscellaneous Montreal by WESTERN OILS AND MINES Alton Mines 5.50 Albany Oil .42 Aita East Gas 5.00 Alminex 5.50 Asamera 9.50 Ashland Oil BP Canada 13.00 Brenda Mines Cda South 3.40 Cdn Ex Gas 2.50 Cdn Homestd 4.35 Cdn Ind Gas Oil 7.00 Cdn Long Is .14 Cdn Super 39.50 Chieltan Dev 7.00 Dome Pete 26 Dynasty Fort Reliance .20 Giant Mascot 1.22 Gibraltar Mines 9.00 Granisle 9.25 Gt Plains 37.50 Gt Cdn Oil S 7.75 Lochiel Ex 1.71 Lytton Mm 1.80 Noble Mines .55 North Cdn Oil 4.15 Numac Oil Gas 1350 Pancdn Pete Pan Ocean 10.25 Petrol 1.66 Pinnacle .37 Vz Place Gas .37 Ponder .47 Ranger Oil 26.50 Scurry Ram 27.25 Seibens 13.25 Spooner .28 Total Pete 7.25 Ulster Pete 1.03 United Canso 1750 Westcoast Pete 4.30 West Decalta 6 00 MISCELLANEOUS INDUSTRIES Acres Ltd 8.00 Aquitame BC Sugar C Pfd 11.50 Block Bros 3.25 Cdn Pacific Inv A Pfd 29 00 Carlmg O'Keefe A Pfd 20 00 Carling O'Keefe B Pfd 23.50 Com Cap Corp 2.30 Crestbrook Ind 7.00 Crowsnest Ind 26.00 Falconbridge Copper 10.00 F and M Trust Co 4.75 Genstar 18.75 Home Oil A Home Oil B 31.00 Hud Bay Co 17.25 Hud Bay Oil 29.00 Hugh Russell C Pfd 69 00 Husky Oil Husky Oil B Pfd 35 00 Husky Oil D War 1.20 Husky Oil E War 6.50 Interprov Pipe War 3.50 Interprov Steel Pipe Kaiser Res 4 00 Kaiser Res War 1 75 Loblaw Co 2 40 C Pfd 25 Magnasonics 2 30 Pacific Pete 20 25 Pacific West Air Pe-Ben Oilfield Serv Rainier Inc 4.00 Royal Trust 22 50 Sandwell Teledyne Trimac Canbra Foods Westfield Mm Weston A Pfd White Yukon PIPELINE STOCKS Alia Gas Trk A 11.75 Alia Gas Trk Pfd 55.00 Alta Nat Gas 18.25 Gaz Metro 5.50 Inland Nat Gas 9 25 N and C Gas N and C B Pfd 20.50 Pacific Gas Trans 9.62 Trans-Cda Pipe 30.00 Trans-Cda A Pfd 55.37'A Trans-Cda B Pfd 31.25 Trans-Cda Pipe War 3.55 WC Trans 20 00 WC Trans War 2 50 CALGARY Acroll .42 Barons Oils .09 ISK Continental 02 Western Warner .30 VANCOUVER MINES Atlas Explorations .28 Bathurst Norsemmes 1.39 Dankoe 2 65 Davenport .60 Dolly Varden .26 Res. .11 Lornex 8.00 Northair Mines 1.98 Primer .05 Pyramid .10 Silver Standard 2 05 Valley Copper 7 00 INDUSTRIALS Key Industries .09 Wardair 1.70 OILS August Petroleum .32 Plains Pete 15 Ponderay Explorations 82 Stampede Int'l Res .65 MUTUAL FUNDS All Cdn. Compound 5.58 6.08 All Cdn. Dividend 5.86 6.37 All Cdn Ventures 304 331 Amer Growth Fund 4 37 4.80 A.G.F. Special 2.19 Cdn. Invest Fund 4.38 4.80 Collective Mutual 4.63 5.08 Eaton Comnwlih 5.49 Eaton Leverage 2 98 Eaton Int'l Vent 2.88 Corp. Invest 5 52 6 07 Corp Invest Stock Fund 4.18 4.59 Dreyfus Fund U.S. 10.01 1097 Great Pacific 4.28 4.68 Grouped In Shares '2.77 3.04 Growth Equity 6.06 6.66 Invest Growth Fund 10.73 11.73 Investors Mutual 5.15 5.63 Mutual Accurn 546 600 Mutual Growth Fund 284 312 Nat Resources 4.06 4 46 N.W Cdn 4.94 5.43 N W Growth 4 24 4.66 Principal Growth 5 55 6 06 Royfund S 97 6 22 Templeton Growth 7 39 8 09 United Accum 401 4 41 Universal Savings 7.31 8 05 Univest 5.52 6.06 Vanguard 5.39 5.91 Consumer Price Index Toronto industrials by Richardson Securities MINES Acme Advocate Asb Akaitcho Bralorne Broulan Bethlehem Oovis Can NW Land Canada Tung Cassiar Central Pat Crumo Conwest Cons Rambler Com Lake Cochenour Craigmont Dickenson Mines Demson Mines D'Eldona Dome Mines New Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Mantimes Giant Y K Granduc Hollmger Hudson Bay Hydra Ex. Iron Bay Iso Joliel Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Martin McNeely Maclniyre Meta Midrim Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgate Norlex Pine Point Placer Dev. Pax Exp. Quebec Man Rayrock Radiore Rib Algom Roman Corp Sherritt Gordon Steep Rock Sunnmgdale Tek Corp. A Texmont United Canso Western Mines WH Copper Mines Wright Hargreaves Willroy Windfall Yellowknife Bear Zenmac INDUSTRIALS Abitibi Alcan Algoma Steel JannocK Agra Ind Bell Tel Brascan A BC Tel 10 Forest Sugar A 1 Valley Ind 1 Ind O'Keefe Cellulose Power Credit 7 37 Gas Pfd Ind Marconi Vickers 22 5 37 Bathurst Gas Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Motors Lakes Paper Oil Sid Walker Erie Oil A Nickel 31 Pipe Grp A 11 Int'l Accept Douglas A A Ferg Bloed Corp A B 33.37 Cent Corp Co CDA Sears Can A Grp A Mtn Pipe Can Pipe Carbide Gas Oil Siscoe Mfg A Cdn Seed Elec 25 6.75 5.87 'A 41.00 15.62Vi 5250 Can imperial Montreal Nova Scotia Royal Tor Dom BANKS 12.00 1900 1875 1200 900 272 5.75 2225 230 925 1850 3.10 16.50 14 2600 2500 1500 3875 25.00 14 26 2925 4.25 7.50 44.50 23 37V4 2550 525 20.50 28.25 26.50 27 1575 2.80 490 775 350 6 12V4 1225 16.75 27.25 48.50 1875 7 1075 11.00 13.00 5.75 1200 13 7.25 10.50 29.00 12.00 37.25 9.00 1350 2925 1825 8.50 10.25 6.87 'A 2000 20.50 21 50 3.40 3.00 25.00 1675 31 62 V4 32.35 New York by Richardton Securities of Amr T T 47.25 Woolworth Anaconda 28 00 Westinghouse Elec 16.75 Beth Steel 33.87Vi U.S. Steel 46.12V4 Chrysler 16.50 Gen Tel Elec Comsat 36.25 TORONTO AVERAGES Dupont 175.25 20 Industrials 188.22 down .74 General Motors 46.75 20 Golds 456.29 down 2.59 Gull 10 Base Metals 84.16 down .35 Int Harvester 15 Western Oils 186.91 up 1.18 Kenn. Copper 35 Volume Montgomery Ward 24.25 NEW YORK AVERAGES Sears 20 Industrials 848.40 up 2 34 Exxon 74.8714 20 Raiib 169.99 up .38 Texas Gulf 25.25 15 Utilities 76.01 up 2.14 Texas Co 26.25 65 Stocks 256.14 up 1.55 Price index up Living costs rose by seven-tenths of one per cent during with transportation and housing the main contributors. The above map by Statistics Canada shows the rise in over-all living costs pushed the consumer price index up to 161.9 from 160.8 in March. U.S. tax law proposals Record price for land VANCOUVER An L-shaped block of property in downtown Vancouver was sold Wednesday for a square a record price for land in the city. The property was sold to Grander Development Ltd. by Ark Developments Ltd. for million. Ark had assembled the land in four transactions between 1967 and for a total purchase price of million. Ark Developments represents Hong Kong money. Grander is a British with a subsidiary in Toronto. The property has frontage on three streets Dunsmuir and Hornby. It was believed an office and hotel development was planned for the property. Economic drop may to hit convention business over NEW YORK David Smart of newly- elected president of the Canadian Association of Convention wants to throw some stones. Trouble he lives in a glass house. How do you fight a proposed change in American tax laws that would hurt convention business from the United he when you have the same type of law in Smart said in an interview Canadian convention business is but he is in a bind when he argues his case. Legislation to end tax deductions to Americans who attend conventions outside the country now is in committee in the House of Representatives. It may go before the. House as part of a tax-revision package in July. Smart said Canadian associ- ations which meet outside their country already lose their tax deduction for that convention. can't fight it U.S. as Canadians unless our government changes its COULD LOSE MILLIONS If the U.S. legislation Canada could lose million in annual convention business from the United Gov 't proposes new land fees VICTORIA Mines Minister Leo Nimsick introduced amendments to the petroleum and natural gas act Wednesday which would double the fees and rentals for land used for the production of oil and natural gas. The minister said outside the House the government felt there was too much land held without any work being done and the new fee schedule would encourage petroleum and natural gas companies to do more drilling. In a news he said a relatively small number of major operators are holding huge acreages of petroleum forcing small independent companies to obtain rights from them instead of the crown. The government was no longer willing to foster this kind of he said. The bill also removes the previous ceiling on royalty Prices paid for farmer products dips OTTAWA The prices farmers received for their products dropped slightly between February and but still were 21.8 per cent higher than those received a year earlier. Statistics Canada said today in a monthly report on farm prices that the index for prices dropped 4.2 from the February total of 215.2. The index is based on 1961 prices equalling 100. That means farmers received in March for the same farm products they sold for in 1961. Between February and prices dropped in On- the largest farm- producing and the four western but they rose in both Quebec rates the government could charge on crude oil which amounts to about bareels a day in B.C. The minister said outside the House the government would be boosting these royalty rates very soon to enable it to acquire 80 per cent of the profits accruing from increases in the wholesale price of crude oil. The legislation also sets up a mediation and arbitration board which will have the authority to arbitrate disputes centring around rights to use land for the purpose of developing or producing petroleum and natural gas. Potato chip plant has new owner TABER Nalley's a large multi-product food processing company based in has announced that it has taken through a lease the Taber plant of Southern Alberta Snack Foods Ltd. The built in 1973 to manufacture potato chips under the Mr. Crisp brand has been closed for several months. O. B. general manager of said the plant will commence manufacturing potato chips under the Nalley's brand name' and will employ approximately 15 including the present plant manager James McQuaid. the plant is solidly underway in the production of potato Mr. Walker will consider expanding production to include other types of snack JiJctfatron ing CC Systems 1003 4th Avenue Lethbridge Telephone 328-4426 ervces Smart says. he that is a conservative figure. Smart said if the legislation real will be the delegates of American associations who are used to meeting every third or fourth year in London and other major foreign cities. And organizations like Smart's have to encourage more and people from other to come to would be extremely difficult. This would involve thousands of dollars in additional travel expense for those from faraway countries. There would have to be development of completely new markets and new sales techniques. In fighting the U.S. legisla- Smart said of our prime supporters will be the giant hotel chains that have invested millions of dollars in hotels in Dollar value rises LONDON A rush to buy United States dollars continued to push up the value of the U.S. currency on European foreign- exchange markets-today. In Frankfurt the dollar rose to 2.50 West German increase of 5.75 per cent from a low of 2.37 marks Tuesday. By the dollar had sunk to its lowest levels for a year against some European currencies because of mounting anxiety about the U.S. political situation and world economic conditions. But reports that three of the world's most powerful central U.S. Federal Re- the West German Bun- and the Swiss national poised to intervene on the markets to support the dollar caused a sudden reversal in the trend. In the dollar gained 20 centimes against the Swiss franc in 48 rising to 2.9600 francs today from 2.7650 francs Tuesday. The pound sterling also con- tinued to strengthen today against European although its advance was not as rapid as that of the dollar. WASHINGTON -The United States economic decline resulting from the Arab oil embargo may be about government figures show. Industrial output increased in April by four-tenths of one per the first after four months of the Federal Reserve Board reported Wednesday. Output fell by three-tenths of one per cent in March. The board said the mam reason for the April turn- around was a 14-per-cent increase in auto assemblies. The rate of auto assemblies increased to 7.5 million units a compared with 6.6 million units in March. Government economists interpreted the April increase in output as an indication that the worst effects of the oil embargo on the economy may be although they cautioned against over- optimism. SIGN TRADE ACCORD TOKYO China and the Soviet Union signed a 1974 trade agreement in Peking on the official New China news agency reported. Details were not given. MOLSON BREWERIES APPOINTMENT H. Hollis Brace The appointment of H. Hollis Brace as President of Molspn's Western Breweries Limited is announced by Peter B. President of Molson Breweries of Can- ada Limited. Mr. Brace joined in 1961. Since then he has held a number of senior marketing and general management most recently that of Molson Breweries of Canada. Molson's Western operates breweries in Prince Edmonton and Vancouver. Mr. Brace will be located in the company's head office in Calgary. HEATED WAREHOUSE SPACE sq. ft. first location sq. ft. second location for information cell Ducan Industries Ltd. 321-7765 Extension 31 ;