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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 21, 1974, Lethbridge, Alberta Wednesday. May 1174 THI LCTHIIIIDOI HMALD -II TSE prices sharply higher TORQNTO Prices on the Toronto stock market were sharply higher in light midmorning trading today. The industrial index rose .91 to golds .91 to 451.88 and western oils 1.42 to 177.38. Base metals lost .28 to 79.84. Volume by 11 a.m. was 000 compared with shares at the same time Tuesday. Declines and advances were the same at 122 issues with 168 issues unchanged. Inco gained 4 to No- randa A Vi to Alcan Vi to Canadian Tire A ft to and Home Oil A Vi to Dickenson rose to Sherritt to Northgate to and Falconbndge Copper V. to Pean Ocean was up to Sunningdale to f6V4 and Asamera to Huron and Erie lost Vi to Jannock special to Pure Silver 10 cents to and Merland 20 cents to Market trends MONTREAL Prices were mixed in light trading on the Montreal Slock Exchange today. Volume at 11 a m. was shares compared with at the same time Tuesday The industrial index rose 1.26 to 192 19. papers .96 to 114 the composite 90 to 184 banks .33 to 238.01 and utilities .05 to 127 54 Falconbndge Nickel rose to and Dome Petroleum to while British Columbia Forest Products to Canadian iiiluinational Power to and Canron to t Among speculative South Dulaull Mines rose 'i cent to 9W cents after trading 220.000 shares. VANCOUVER Prices were down TuesddV in light trading on the Vancouver Stock Exchange Final volume 1.182.847 shares On the industrials board Key was unchanged at 10 on a volume of 11.000 Newmark was unchanged at I IS on 7 500 shares Daon Developments fell 25 to 50 on 6 400 Captain International was unchanged at on shares Kaiser Resources was unchanged at and Block Brotheis was unchanged at S.325 In the mines Henrietta was down hall a lent at on a turnover or 49.500 shares Silver Standard was down 22 at H b8 on shares Coralla fell 20 to SI on 26 500 shares Ardo Mines' was down 02 at 05 on 22 000 shares and Sabma rose 15 to SI 40 Leemac was down 01 at .13'2 Most active issue in the oils was Sonet a Developments up 01 at on 19.28'i Davenport was up 09 at 69 on 18.500 shares Chapparal was unchanged at 06 on 11.000 shares Stampede lell 02 to b4 on 10.700 shares Cop i.x was dow n 02 to 30 and was unchanged at SI.50. Prices were up today in light trading on the Vancouver Stock Exchange First-hour volume was 139 520 shares On the industrials Key Industries was up .01 at 11 on a turnover of shares Ardo Mines led trading in th_- mines and was up .01'-z at 06Vz on shares. In the oils. Coynes was up .05 at 30 on shares NEW YORK An influential congressman's call for lower Capital- gains taxes added some force to a mild technical rally in the stock market today The 11 a.m Dow Jones average of 30 industrials was up 3.28 at and gainers outpaced losers by about five to four in moderate trading on the New York Stock Exchange. Wall Street noted enthusiasm over the proposal by Rep Wilbur D. Ark for a more favorable tax structure on capital gains to encourage investment in stocks Profits on stocks and other assets held over six months now are taxed at half an individual's lax rate on ordinary income United Gas Pipe Line was the most active issue on the down Vs at SSVH Among Canadian issues. Dome Mines fell one and one-half dollars to Inco gained to Massey Ferguson V-i to Canadian Pa- cific i to Seagrams Vi to J3B and Alcan to Motorola was up 1 at m active trading The U S Justice Department gave indications it probably would clear the company's sale of its television set business to Matsushita Electric of Japan. Oils showed some gains in the wake of House action late Monday defeating a proposal to roll back domestic oil prices to Nov 1 levels Exxon was up I11 at Standard Oil of Indiana to S82. and Kerr-McGee Glamour issues were among the strongest with IBM up at Merck 1 Aetna Life and Casualty 1 at and Texas Instruments at Winnipeg grain WINNIPEG Prices were essentially unchanged from Tuesday's close in the Iwo months open both rapesecd todav on the Winnipeg Commodity Exchange At the open Flax was not Vancouver rapeseed unchanged to '2 higher. June 7 22. Thunder Bay rapeseed wa.s not and rye was not oncn Opening prices Earnings Bj THE CANADIAN PRESS Consolidaled-Bathurst three months ended March 31 1974 SHblTOOO. d share 1973. y2.li28.OIMI. cent-. Dominion Stores ended March 1974. SIS 664.000. SI 64 a .shaie. l'J73 MO 022.000. 21 and Co Lid.. three mnnlhs ended March .il 1974 tf.Ofri.OOO SI .4.1 a share 1973 000. 47 enls Granduv Mines three ended March 31 19711 S.133 144 loss Loblaw Cos. 39 weeks ended Dec 29 S13 678 000 loss. SI 28 a -.lure U weeks ended March 23 1974 loss cents a share. 1973 S52 million. 48 tents Lochabcr Oil Corp. year ended Dec 31 1973 S101.416. 142 cenLs a share 1972 18 cents Market Holdings three months ended March 31 S13 two cents a share 1973. M08.014. 16 tents three months ended March 31 1974. 75 cents a 1M7J. 54 cents Monarch Investments Ltd.. three months ended March 31 1974 22 rents a share. 1973 13 ccnls Northern Telephone year ended Dec 31 1973. cents a share. 1972. 63 cents Palo Consolidated Gold Dredging three months ended Marr-h 31 1974 000 27 cents a slwre. 21 cenLs Shepherd Products nine months ended March 31 1974 367 renl.s. 1973. 37.9 cents Walker of Canada ihree months ended March 3'l. 1974. SI 532 935 41 cents a share 1973. 16 cents Dollar MONTREAL U.S dollar in terms of Canadian funds at noon today was unchanged at 13-50 Pound sterling was up 12-25 at 37-100. In New the Canadian dollar was unchanged at 03 89-100. Pound sterling was up '2 at 41 2-5 Currencies MONTREAL Wednesday's mid-day foreign exchange selling rates supplied by the Bank of Australia dollar 1.4450 Belgium convertible franc 0261 Brazil cruzeiro 1555 Czechoslovakia crown 1900 China renmmbi 5235 Denmark kroner .1705 France franc .2040 Germany mark .3980 Hungary forint .0911 India rupee 1270 Italy lira 001580 Japan yen Mexico peso .0790 Netherlands guilder .3780 Norway kroner 1875 South Africa rand 1 4450 Switzerland franc 3405 United'Slates United Kingdom pound 2.35 USS.U. ruble 1.2781 Venezuela bolivar free .2253 Flax May. Nov and Dec. not open Rapeseed Vancouver June unchanged 722- Sept '2 higher Nov and Jan not open Rapeseed Thunder Bay Oct and Nov not open. Rve Oct. and Dec not open Export wheat prices Tuesday. Thunder Bay. 1CW 13.5 PCT protein 4 7511.. II 5 PCT 4 2CW 13.5 PCT 11 5 PCT 4 3CW 1 Durum 7 13J4. 2 Durum 3 Durum 7.06J i. 4 Durum 7 03J'j lirain quotes Tuesday High Low Close Flax Mav 960 Jly 981 952 Ocl 941 911 925 Noi 911 897 897 Dec 825 Rapeseed Vancouver Jim 725 716 722 Sop 684 674'j 683'2 Nov 622 632-'4 Jan 610 Rapeseed Thunder Bay Mav 609 653-'i 600 Oct 622 Nov 620 Rye Mav 263 U 260 263'z Jlv 249 241'i 249 Oct 246 239'2 246 Dec 245 240 244 Chicago markets CHICAGO Agricultural futures prices suffered sharp declines on Ihe board of trade Tuesdav. before cloMng rallies in the wheat and corn pits The Mav contracts went off the board at noon on the Chicago and oats and soybeans closed out with losses Mav went off at cents above the previous close. Olher wheat contracts came back Irum losses ol about 4 to 7 cents a bushel to advance by several cents at the closing bell It was a similar story in the torn pit. soybeans struggled up from declines of up to 19 cent-s a bushel to regain only about half the dav's loss. Soybean oil touched the limit lows of points on most while meal was down slightly At the Chicago Mercantile pork bellies rallied from new crop lows to close 50 to 133 points higher Closing lower were domestic donn 40 to 100. world sugar. 5 to 100 down 380 to and down slightly At the close on the board of Chicago wheat was 2 to 9'a cents higher. May 3 46. gulf red wheat 5 cenb lower. Sept. 3 72. corn 10 cents lower to 4'z cents higher. May. oats the limit 6 cents lower to2-'j cents higher. May 1 and soybeans 5 to 14 cents a bushel lower. May 5 30 Gram quotes Tuesday May 3 46. Jul 3 45. Sep 3.53. Dec 3 Mar 366 Corn May 2 58-11. Jul 2 65. Sep 2 57. Dec 2 42. Mar Oats May l 41. Jul 1 Sep 1 Dec 1 33. Mar 1 34. Beef futures WINNIPEG Live beef futures1 Mav Jlv 49 Sep 49.49A. Nov 49 OOA Friday's volume Six contracts Gold futures LONDON Closing gold prices in U S dollars an London 16974 Paris 161.25. Frankfurt 161.55. Zurich 16450. Hong Kong 157.34. Beirut a The Herald- Business Stocks Miscellaneous Montreal WESTERN 3.85 AND 5.50 Afton Foods 3.40 Albany Min .97 Alta East A Pfd 50.00 Yukon 7.25 STOCKS Ashland Gas Trk A 11.75 BP Gas Trk Pfd 55.00 Brenda Nat Gas 17.75 Cda Metro 5.75 Cdn Ex Metro A Pfd 56.00 Cdn Nat Gas 9 00 Cdn ind Gas and C Gas Cdn Long and c Gas B Pfd 19.75 Cdn Gas Trans 9.50 Chieftan Pipe 29 25 Dome Pipe A Pfd 54.25 Pipe B Pfd 30.50 Fort Pipe War 2.90 Giant Trans 19.75 Gibraltar Trans War 2 40 Gt 37 Gt Cdn Oil Oils 09 Lochiel Continental .02 Lytton Warner .30 Noble North Cdn Numac Oil Explorations 26 Pancdn Norsemines 1 20 Pan 2 50 .64 Varden .22 Place Res. 11 7 30 Ranger Mines 2 05 Scurry 05 .08 Standard 1.75 Total Copper 7.00 Ulster United Industries 11 West 1 62 West Petroleum .32 Pete. .14 Acres Explorations 75 Int'l Res 61 BC Sugar C FUNDS Block Cdn Compound 5.41 5.89 Cdn pac inv A Cdn Dividend 5.68 6.23 Carlmg O'Keefe A Cdn. Ventures 3.00 326 Carlmg O'Keefe B Growth Fund 4.22 4 64 Com Cap Special 2 12 Crestbrook Invest Fund 4 27 4 69 Crowsnest Mutual 4.55 5 00 Falcon Comnwlth 5.24 F and M Trust Leverage 2.89 Int'l Venture 2 75 Home Oil Investors 5 38 5 91 Home Oil invest Stock Fund 4.06 4 46 Hud Bay Fund US 9.60 10.52 Hud Bay Pacific 4.19 4 58 Hugh In Shares 2.68 2.95 Husky Equity 5.84 642 Husky Oil B Growth Fund 1038 1125 Husky Oil D Mutual 5 02 5.49 Husky Oil E Accum 5.33 5.86 Interprov Pipe Growth Fund 2.77 3.05 Interprov Steel Resources 3.91 430 Kaiser W. Cdn 4.74 5 21 Kaiser Res Growth 4 08 4 45 Loblaw Co 2 40 C Growth 3 63 3.99 Mutual 654 715 Pacific 5.87 6.12 Pac West Growth 7.32 803 Pe-Ben Oilfield Accum 3 34 4 33 Rainier Savings 7 06 7 77 Royal 5 45 5 99 5 39 5.91 Toronto 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. Coin Bathurst Dickenson Gas Denison Seagrams Bridge Dome Mines Discovery Textile East Stores East Pete Mobile First Cdn Oil Giant Y Motors Lakes Paper Oil Hudson Bay Hydra Sid Iron Walker Erie Joliel Oil Kerr Key Nickel Pipe Lake Grp A Langis Int'l Madsen R Accept Malartic Martin Douglas A Intern Nu West Homes A Ferg New Bloed New Corp Noranda A B Pine Cent Placer Corp Pax Co Quebec CDA Rio Roman Sears Sherritt Can A Steep A Tek Corp. Grp A Mtn Pipe United Can Pnje Western Carbide WH Copper Gas Wright Oil Willroy Siscoe Mfg Yellowkmte A Foods Algoma Elec Atco Imperial Agra Bell Scotia Brascan BC Dom 11.50 1637V4 1700 17.75 1200 850 2.45 5.50 5.00 22 230 925 18.50 300 16.50 15.12V4 1375 25.00 37.87Vz 38.75 22.87'i 9 37 1425 23.75 28.50 4.25 725 4450 2250 2575 1575 44.75 20.00 26 2550 27.25 6.87Vz 14.50 220 4.80 7.75 3.40 6.00 11.75 26.00 47.12V4 19.50 10.62V4 11.75 550 11 75 7.00 10.25 12.50 3650 925 13.12Vi 2925 18.25 7.87V4 10.25 550 550 19.00 20.25 3.40 3.00 2425 16.75 31.50 34.75 New York by Richardson Securities of Amr. T4T 45.62V4 Woolworth 1625 Anaconda 23.25 Westmghouse Elec 16.25 Beth Steel 30.25 U.S. Steel 40.75 Chrysler 15.87V4 Gen Tel Elec 22.50 Comsat 33.50 TORONTO AVERAGES Dupont 166 75 20 Industrials 183.22 up .77 General Motors 46 50 20 Golds 453.91 up 2.94 Gull 10 Base Metals 79.71 down .41 Int Harvester 25.50 IS Western Oils 17692 up .96 Kenn Copper Volume Montgomery Ward 22.25 NEW YORK AVERAGES Sears 81.00 20 Industrials 809.99 up .46 Exxon 73.75 20 Rails 163.84 up .07 Texas Gulf 15 Utilities 74.86 down .06 Texas Co 65 Stocks 246 17 up 08 Big job Howard Smith takes a tour of his winter home- four ships owned by Hall Corp. Shipping of Montreal. He was ship- keeper for the four ves- sels tied up at Sarnia and had three months in which to clean out the ships from bow to stern. License proposal Amoco suspends operation Peacock assures petro climate good Herald Legislature Bureau EDMONTON Calgary MLA Art Dixon called for an emergency debate Tuesday night on the suspension of endorsed Production EDMONTON Consumer Affairs Minister Bob Dowling acted Tuesday on a year-old proposal to license automobile salesmen and housing contractors in Alberta. Mr Dowling signed a ministerial order that not only requires provincial licensing of automobile salesmen and home but also provides for bonding the car dealers and contracting companies. The plan was first proposed a year ago by Mr. Dowling as a method to curb abuses in both the car sales and home construction as well as affording some measure of security to the legitimate operators. Mr. Dowling said in an interview outside the legislature that he was hot sure of a date by which licensing and bonding would be required. Food store has profit TORONTO Dominion Stores a major food reports profit for the fiscal year to March 23 of up about 36 per cent from a year earlier. Per-share earnings were against The company said the two years were not exactly comparable because the current fiscal year had 53 weeks against 52 a year something that happens every five or six years. Sales for the year to March 23 totalled up from billion a year earlier. The company says earnings in relation to sales were tremely at only one cent on every dollar of A year earlier the figure was nine-tenths of a cent on a dollar of sales. Dominion says in a report to shareholders that the super- market industry is a chief vic- tim of inflation but are expected by government and the public to be the foremost fighter of Dominion said its position is that food price increases originate not within the retail segment of the but in segments of the food industry which supply retailers and in the economy generally. Compensation for crops EDMONTON Alberta farmers who lost crops due to flooding and snow should not expect to receive compensation payments until late June at the Agriculture Minister Hugh Horner said Tuesday. More than million in compensation will be paid by the province to farmers. report CALGARY Liquid petroleum production in Alberta averaged barrels a day during the week ended.May the Alberta Energy Resources Conservation Board has re'ported. Production in the previous week averaged barrels a .day. Daily production in May was expected to average barrels. Volume of oil carried by major pipelines in barrels a Federated Pipe Lines Judy Judy Creek Swan Swan Hills South. Virginia Rainbow Pipeline Co. Imperial Pipe Line 267.289 Acheson East. Fairydell- Bon Golden Texaco Exploration Co Wizard Bonnie Pembina Pipe Line Carrot Willesden Peace Pipe Line Giroux Lake. Goose Nipisi. Kaybob Sturgeon Lake. Sturgeon Lake Little Smoky. Red Utikuma Auto sales move well in Canada By The CANADIAN PRESS Despite higher gasoline car dealers report standard-size autos are moving well and car sales across Canada are good. John head of a Chrys- dealership in Van- described it as the best year ever. first four months have seen the strongest sales we have ever he said. is the inexorable trend toward the small car but we are still selling the big A survey of other dealers across Canada indicated that where standard-size car sales have much of the busi- ness has gone to the inter- mediates. sales have been very good and there hasn't been any noticeable slackness in the big-car especially in the said John president of a Ford- Mercury dealership in N.S. exploration activities in Alberta by the Amoco Oil Company. But he was told by Fred minister of industry and that the exploration and investment climate in Alberta was not as bad as he made out. a large company employing 700 or 800 people is talking about pulling that's the Socred MLA for Calgary Millican said. The rompany said it would suspend exploration activities until uncertainty about federal policies is cleared up after the July 8 election ''It's a situation of uncertainty created in Canada by governments both federally and Mr Dixon said. industry feels is the let's bring it out The MLA said industry representatives should be invited to meet with the legislature sitting as a committee on public affairs immediately. of whose fault it is. let's get it The industry must be reassured that there is a healthy investment climate in the he said. But not much attention had been paid what was becoming a serious situation because people thought the oil companies crying wolf again and it wasn't going to make any Mr Dixon added. Mr. Peacock said one billion dollars invested in the Syncrude Oil Sands project and million in exploration and drilling by Dow-Dome demonstrated industry was willing to invest. at the growth of new industries coming into Alberta doesn't indicate the situation is as dire as the member he said. Mr Peacock said there was no doubt the petrochemical industry could be hard-tut by new federal measures in the budget But that budget was now void and the province would wait until after the election to make any moves. Nippon-Alcaii form company MONTREAL Aluminum Co. of Canada Ltd. said Tuesday it has entered into a far reaching agreement with the Japanese aluminum Nippon Light Metal Co. to share production of aluminum ingot at Alcan's smelter at B.C. Alcan and NKK will split ownership of a new Canadian company beginning in 1977. will provide enough aluminum for conversion into 100.000 tons of aluminum annually for 25 years. Alcan said. The aluminum will be obtained in equal amounts through the two partners. Alcan said NKK will ship half the ingot to its facilities in while tne remaining half will be used in Alcan's distribution and fabricating systems in Canada and abroad. Alcan will carry out the conversion for NKK in return for a conversion charge and loans through the new company which will amount initially to about million and are expected to be raised from Japanese the company said. Alcan will use the with its own for additons and modernization of its Candian smelting facilities. or 2 year GUARANTEED SAVINGS CERTIFICATES Interest payable eeml-annually or compounded to maturity. Member Canada Deposit Insurance Corporation Depotitora can purchaee Olympic colna FARMERS MERCHANTS TRUST 309 7th Street Lethbrioge Phone 32I4S4I ;