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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 18, 1973, Lethbridge, Alberta 20 THE LETHBRIDGE HERAJ.D Friday, May 18, 1973 Gold resumes strong advance TORONTO (CP) Golds re- lumed their strong advance but other prices on the Toronto stock 'market were sharply lower in moderate mid-morning trading today. Golds rose 6.67 to 299.68 and base metals .05 to 96.25. The in- dustrial index, considered the major indicator of market trend, was off 1.51 to 206.74 and western oils 7.74 to 214.35, a low for the year. Volume by li' a.m. was 000 shares compared with 000 at the same time Thursday. Declines more than doubled advances. 159 to 74. while 175 issues wera unchanged. Oil refining, industrial min- ing, communication and paper and forest stocks were among sectors of the market to decline while food processing, merchan- dising, real estate and steel stocks were higher. Among golds, Pamour rose 25 cents to 56.10, Camflo 15 cents to and Madsen Red Lake nine cents to Dome Pete fell 3rt to Bow Valley 2 to Texaco l to 358, Pacific Pete 7's to and Hudson's Bay Oil and Gas to Damly's A rose 1 to Fakonbridge Copper slipped to United Siscoe 25 cents to and Gibraltar to SHHi. Pan Ocean was down to and Numac to Houston climbed 10 cents to MONTREAL (CP) All sec- tors were down except papers in light trading on the Montreal stock market today. Combined volume on the Mon- treal and Canadian stock ex- changes at 11 a.m. was shares, compared with shares at the same time Thurs- day. Industrials dropped 2.47 to 224.19, the composite 1.97 to 213.12, banks .93 to 253.44 and utilities .75 to 150.54 while pa- pers remained unchanged. On the Montreal Stock Ex- change, Dome Petroleum fell to Reader's Digest 3% to Imperial Oil iy2 to Montreal Trust to and Falconbridge Nickel 1 to S69V2. On the Canadian Stock Ex- change. Royal Agassiz rose three cents to 75 cents on shares. NEW YORK (AP) The stock market retreated sharply today as th3 Senate hearings into the Watergate scandal pushed on, the dollar weakened abroad, and investors read a re- port that signs of a recession were coming into view. The noon Dow Jones average of 30 industrials was down 11.51 at 9C0.21. Declining issues on the New York' Stock Exchange held a massive lead over gainers, to 197. "This all-enveloping Water- gate situation is obscuring any other point in which the market would be said one analyst. Seaboard Coast Line In- dustries was the most-active is- sues up 7s at Richmond Corp. was off 5i to and American Telephone warrants to Among Canadian issues, Dome Mines rose ]i to while Alcan dropped to S27Ii, Canadian Pacific to and Seagrams to Shipyards busy Public ignores reason for rising food prices TORONTO (CP) The public is not listening to industry ex- planations of why food prices are rising, says Mervyn Booty, new president of, the Canadian Grocery Distributors Institute. People are ignoring the mes- sage that wage costs and the world-wide food shortage are partly to blame for the food price spiral, he says. "They prefer to look for other reasons. But what many of us forget is that wages have gone up much faster and than food prices. "It's only natural that some catching up should take place." Food prices during April jumped 2.6 per cent in, Canada, a rate that would amount to a 35-per-cent increase over a full year. In the last two years the April rate on increase in the food price index was only eight- tenths of one per cent. Mr. Booty believes the federal government's proposed prices review board is a good idea "if its members are knowledgeable and if they have some power Wheat supplies continue decline Heavy demand for tugs and barges ars helping keep British Columbia shipyards working all out with million in orders providing jobs for workers, double the number employed last year. The 250-foot stsel barge shewn under construction at Bur- rad Dry Dock Co. yard in North Vancouver is destined for use on Mackenzie River system in Northwest Territories. New York stocks (Supplied By Richardson Securities ot Canada) Building supply Misceuaneous quotations firm snows _ "11 M ffft n_A I earnings hike Amr T and T 52 50 Montgomery Ward 20.87', Anaconda 1B.E7V2 X-Ron 93 75 Beth Steel 28 Texas Gulf 20 50 Chrysler 27.75 Texas Co 36.25 Comsat