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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - May 23, 1970, Lethbridge, Alberta 24 - THI LETHBRIDGE HERALD - Saturdqy, May 23, 1*70 liimwiis s LIVESTOCK Lethbridge Livestock Sales Tuesday to Friday 422 cattle; no calves; 1,424 hogs, 37 lambs. Butcher cattle prices unevenly steady to 25 higher in spots. Replacement cattle generally steady. Good and choice butcher steers opened 25 cents higher, most of this gain lost on late week trading. Medium grades closing 1.00 or more lower. Good and choice butcher heifers met good demand, prices fully steady. Medium and good cows scarce and sold steady rates. Bulls weak to 50 lower. Medium and good stocker and feeder cattle met good demand from local buyers at steady rates. SLAUGHTERS Steers, choice, 31 to 31.60; good. 30 to 30.75; medium 27 to 28.40. Meat Packing Top Industry In West CALGARY (CP) - The meat packing industry is the largest in western Canada, the president of Bums Foods Ltd. said here. Meat - packing revenues and payrolls exceed those of oil and gas, A. E. Child told the Calgary Chamber of Com' merce. "In nine prairie cities meat packing is the largest industrial employer. In Saskatche w a n, Burns' sales are greater than the entire potash or oil industries and it is the largest employer. With sales exceeding $1,500/ 000 a year, Mr. Child said meat packing is the third largest industry in Canada. There were 4,000,000 cattle in Alberta, more than twice the number of people. "The meat packing industry provides ready cash for the producer. We never refuse anything delivered to us." MOST MODERN Switzerland has one of the most modern, encompassing railway systems in the world. SPARE TIME INCOME Company requires respon-tibia man or woman to refill inack vending machines with national brand products. Can net dependable person excellent second Income. Applicant mi�f be honest, energetic, have serviceable car, devote 8 to 10 hours weekly and be able to invest $1,500 to $3,000 for inventory and equipment. Routes established. No selling. More info provided If your letter contains details on self. When writing please Include phone number. Sunway Distributing Ltd. Suite 2100, Place de Ville Ottawa 4, Ontario Heifers, choice, 29 to 39.50; good, 28 to 28.75; medium, 26.50 to 27.50. Cows, good, 22 to 23; medium, 20.50 to 21.50; canners and cutters 17 to 19.50. Bulls, good, 26 to 27. REPLACEMENTS Good heavy feeder steers 30 to 33; medium 26.50 to 29.50; good feeder heifers 28 to 30.75; good stock cows with calf at foot $300 to 360 per pair. HOGS, LAMBS Butcher hogs sold this week FOB Lethbridge 29.20 to 30.15, base price. There were 400 butcher hogs sold for export, price converted to 23.60 to 23.70 liveweight. Good spring lambs 30. Perlich Livestock There were 1,138 head of livestock sold this week at Perlich Bros. Auction Market Ltd, Receipts included 327 cattle and 811 hogs. The cattle market was strong' er this week with a good demand for all classes from local feeder and packer buyers. Price quotations were: SLAUGHTERS Choice steers 31 to 31.75; good 30 to 31; choice heifers 29 to 29.80; good 28 to 29; good cows 23 to 23.80; medium 21 to 22.50; canners and cutters 18 to 20.50. Bulls: 25 to 26.90. Heavy feeder steers, 800 to 1,000 lbs. 31 to 33.60; light feeder steers 600 to 750 lbs., 33 to 35; holstein and plain feeder steers 29 to 32. Lightweight stock steers 34 to 37. Steer calves 36 to 40. Feeder heifers, 600 to 850 lbs., 29 to 32.50; stocker and light weight heifers 32 to 35.50. Heifer calves, 34 to 37.50; feeder cows, 20 to 23.50; depend' ing on age and quality; plain to medium quality cows and calf pairs 240 to 335; bred heifers 230 to 260. HOGS, DAIRY The hog market was steady to stronger on some classes Bred gilts and feeders met a good demand from local and out of province buyers. Light weaners met an indifferent demand and sold lower. Price quotations: weaners 18 to 21.25; small weaners 15 to 17.50; light feeders 24.50 to 33; feeders 100 to 140 lbs. 29 to 36.75; good quality bred gilts 110 to 150. Medium bred gilts 75 to 100; young breeding age boars dur-ocs, and hampshdres 150 to 172.-50. Baby calves sold 53 to 80; dairy cows 235 to 265. Bond Prices Supplied by Doberty RoadhouM and McCuaig Bros. OOVUNMINT OP CANADA SONDS Bid Asked  % Apr. 1 '71 98.90 99.74 4V*% Sep. 1 '72 94.90 95.65 5tt% Oct. 1 '75 89.75 91.25 8 % Jly 1 '78 99.25 100.75 4V4% Sep. 1 '83 69.75 71.25 Perp 3% Sep. 15 39.25 45.25 OVtRNMINT OF CANADA OUARANTIID SONDI U.S. Seen Heading Into Depression VANCOUVER (CP) - Seventy-five long-laced mutual fund executives left the annus! meeting of the Canadian Mutual Funds Association Friday, with Cm. Met. Uwf, lis " % May 15 '77 81.75 84.25 5%% Jan. 1 '85 77.75 80.25 PROVINCtAl Ontario Ont Hyd N.B. Nfld. N.S. Quebec Alberta Man Hy Sask. Nfld. AGT Man Tel 7 % 9 % 9Vi% 8 % 6H% 7%% 8%% 9 % 7y*% 9%% 8 % 8 % '88 81.73 '94 102.25 '90 100.75 '74 94.75 '92 74.75 '74 93.75 '90 99.75 *90 101.15 '88 82.75 '90 100.25 '74 97.25 '74 97.25 84.25 103.75 103.25 97.25 76.25 96.25 101.25 102.75 85.25 101.75 98.75 98.75 INDUITRIAl Abitibi !Vi% '87 Alba. Gas 6%% '80 Alumin. 4%% '73 Bank N.S. 7 % '87 Bell Tel 8 % '77 B.A. Oil 5ft% '77 Cdn Brew 5 % '83 Cdn. Chm C.P.R. Cdn WN Cons Gas Domtar T. Eaton G.M. Ac. Husky Oil Imp Oil I.A.C. I.A.C. Loblaw MacMil B Norcent Nowest U Shell Oil Tor Dom Tor Dom Tr. Can Traders F West 'A* Weston 7 % '80 5 % '83 5%% '83 5%% '82 6%% '87 7%%'87 7 % '86 7 % '87 7%% '88 1Vi% '86 6%% '84 5%% '81 5%% '78 6%% '88 5�/4% '88 5%% '77 6 % '87 7 % '87 5.85% '87 7%% '87 5V4% '88 6%% '87 81.75 80.25 88.25 82.75 85.75 79.25 67.75 83.75 68.75 67.75 72.25 74.75 82.75 77.75 75.75 83.25 83.00 77.62^ 74.75 78.25 73.75 67.75 79.25 71.75 81.25 69.75 73.75 68.75 75.25 84.25 82.75 90.75 85.25 97.25 71.25 88.75 71.25 74.75 77.25 85.25 80.25 78.25 85.75 74.25 83.50 72.25 76.25 71.25 77.25 coNvnrtsiii Cons Gas 5%% '89 79.25 82.25 Dyn Ex 7 % '82 89.75 95.25 Scurry 7V�% '88 81.75 84.25 Tr Cn 5 % '89 69.75 75.25 West C 5V4% '88 80.75 83.25 Sagging Prices Spurs CPR Move MONTREAL (CP) - Canadian Pacific Railway Co. has withdrawn a proposed $30,000,000 debt financing from the U.S. market because of sagging prices, a railway spokesman said here. The offer of equipment trust certificates already had been registered with the Securities and Exchange Commission in Washington. The spokesman said CPR could not speculate on whether the issue would be reoffend if market conditions improved. PLAN TO ATTEND THESE SALES TUESDAY, MAY 26th - 11 a.m. AT THE AUCTION MART REGULAR CATTLE SALE 750 - HEAD - 750 ALL CLASSES OF CATTLE HIGHLIGHTED BY. . . 115 GOOD QUALITY RANGE COWS WITH CALVES From Alberia Ranch, Pincher Creek SPRING HORSE SALE WEDNESDAY, JUNE 3rd--1 p.m. AT THE AUCTION MARKET LAST CHANCE SPRING BULL SALE FRIDAY, JUNE 19th -1 p.m. All SALES CONDUCTED BY fort MACLEOD i 111 mi RlffRW^ RUCTION MARKET^ HUnLOUiVlCD AT TH� OeOSSeOADB OF OAfi IMERNAnONAl SALES MANAGEMENT ion utcuoo - mmi - dmoi ' D tvl b90 f>h�pt4IU/!)4 1JIS AUCTIONEERS KENNETH E. HURIBURT DAVID K. McNAB LIC. NO. 274 LIC. NO. 670 Bonds Down TORONTO (CP) - Prices on the Canadian bond market, following major North American stock exchanges, ware lower this week, with a slight rally Friday. There was only one major new issue during the week. The province of Quebec introduced a new issue totalling $50,000,000 Tuesday. The 9'A per cent issue has two maturing dates, the first June 1, 1977, and the second, a serial issue, ranging front June 1,1871 to June 1,1980. The first issue sold at $99.50 to yield 9.35 per cent while the serial issue sold at $99.34. Dealers report that new issue sold well and that both parts are now available at par. Day-to-day money ranged on the week from 6 to 6V4 per cent, closing Friday at 6 per cent Three-a nd six-month treasury bills traded at 0.45 and 6.46 per cent, respectively, the lowest rate of the week. Hog Prices EDMONTON (CP) - Closing prices Friday provided by the Alberta hog producers marketing board: Edmonton: quoted 29 to 30.15, average 29.55. Red Deer: quoted 29 to 29.25, average 29.56. Calgary: quoted 29.40 to 30.25, average 29.84. Lethbridge: quoted 29.25 to 30.15, average 29.70. Lloydminster: no market. Grande Prairie: no market, Total hogs sold 2,671, average 29.65. Total sows 17, average 22.10. an economist's warning that the United States could be heading into "a deep and severe depression." Dr. Pierre Andre Rinfret, born � Montreal and a former economic adviser to presidents Johnson and Nixon, told the closing session of the CMFA that may be "the be* thing that could happen." He said a recession would nave three major, desperately needed benefits-"easier money, it will break inflation and wage rates will stop going up." There is an alternative-gov-ernment intervention with large injections of capital and wage, price and credit controls-out Dr. Rinfret said the Nixon administration is unwilling to impose such measures. "The government is sanguine, happy and content with the eco-nomic developments. It is pleased with what is going on Nixon's scheduled economic speech will probably say that things are great. If he says that God help us!" REACTION KEY He said crucial factors in the next few months are how the consumer will react, to what ex tent he will "retrench when he sees his assets evaporating" in the tumbling stock market, and if industry will cut back on planned spending for plant ex pension and new equipment "The American economy is out of control. The government has lost control, the Federal Reserve Board has lost control. I can't see any sign that the government will put money into the economy. More and more the odds look like the U.S. will go into a deep and severe depression." Thursday, John M. Godfrey of Toronto, the CMFA's re-elected president and head of the five-fund United Group, Canada's second largest, said fund investors should buy on a long-term basis and forget about day-to-day stock market quotations. Total mutual fund assets were down $57,000,000 to $2,620,504,140 during the first quarter of this year, compared to the last three months of 1969. The $114,479,345 in sales for the 1970 first quarter were less than half the figure of $285,107,400 for the same period in 1969. By ART JOHNSON Canadian Press Staff Writer The pattern of movement of Canadian stock markets is beginning to be an exercise in repetition. During the last two weeks markets have fallen sharply Friday Is Rally Day Order Plants To Clean Air At Toronto TORONTO (CP) - Several Industries have been asked to cut back operations because of a high air pollution index, * spokesman for the department of energy and resources management said today. The spokesman for the department's a i r management branch said the index jumped to 38 at 11 a.m. from 35 earlier in the day. The government can issue advisory notices at index readings of 32 or more, but a level of 50 must be reached before plants can be ordered to reduce operations. The 35 reading was recorded at 9 a.m. and the official warned that "it could remain in the 30s throughought the day." The index is based on sulphur dioxide and floating particles, two of many air pollutants. Beef Futures WINNIPEG (CP) - There appeared to be considerable hedge lifting with prices up to five points above previous levels at the Winnipeg live Beef Market today. The July future had a good volume of trade. Open High Low Close Thur Jly. 31.00-.10 31.15 31.00 31.15A 30.96B Sept. 29.50 29.50B 29.50N Nov. 29.00N 29.00N until the second-last day of each trading week. On each Thursday the decline continued until late afternoon when a moderating trend was noted. A sharp technical rally set in on both Fridays. Analysts predicted last week that the rally would not last. And, true to their forecast erosion set in on Tuesday, when markets resumed trading after the Victoria Day weekend. It's easily explained, they say. Shares are oversold to such extent by the end of the " a quick usually NAMED ATTACHE OTTAWA (CP) - Col. Donald E. Holmes, 49, a native of Hamilton, has been appointed Canadian Forces attache to Poland effective July 17, the defence department announced here. Canadian MPs Tee Off On Israel OTTAWA (CP) - For perhaps the first time, MPs from all four political parties in the Commons have criticized Israel, directly or by implication, for an attack on an Arab state. Real Caouette, Cfeditiste leader, has described the May 12 Israel attack on Lebanon as "scandalous." He has suggested that Canada protest strongly to Israel. The Commons criticism of Israel vas begun May 13 by Ralph W. Stewart, Liberal MP for Cochrane, who said Lebanon had tried to maintain relative neutrality in the Middle East He added that there are 80,000 Canadians of Lebanese origin. The next day, Arnold Peters, New Democrat MP for Timis-kaming, put this question to External Affairs Minister Mitchell Sharp: "In light of the objections of the minister and the repugnance of the Canadian people to the invasion of Cambodia by United States troops, has the minister been able to convey the same feeling to the Israeli foreign minister, who now is in Canada, with regard to his country's invasion of Lebanon?" Mr. Sharp gave a non-committal reply. Mr. Caouette the next day described the Israelis as "aggressors." Mr. Sharp was not in the Commons to comment. ASKS ABOUT POSITION On Tuesday this week, Paul Yewchuk, Conservative MP for Athabasca, asked for the official Canadian position on Israeli "activity" in Lebanon. Mr. Sharp replied in part: "I do not think it helps greatly ... to be taking positions with regard to particular instances. "I think we ought to be dealing with the conflict as a whole, as well as the interventions made on both sides and the unnecessary violence accompany ing them." On Wednesday, Mr. Yewchuk asked whether Canada supports condemnation of Israel by the United Nations Security Council. Mr. Sharp said Canada is not a member of the Security Coun- cil and he deplores "all these acts on both sides." Mr. Yewchuk: "Can I take it, then, the minister is indicating Ministers Replaced In Norway OSLO (Reuters) - Norway's defence and foreign ministers were replaced today in Prime Minister Per Borten's first reshuffle since his four-party coalition government came to power in 1965. Svenn Stray, 48, a supporter of Western co-operation and Eu-rope an integration, succeeds John Lyng as foreign minister as of today. Lyng, 65, announced earlier this month that he was resigning for personal reasons. 8-Cent Letter Stamp Rate In Offing WASHINGTON (AP) - Senator Gale W. McGee (Dem. Wyo.) said Friday a tentative agreement had been worked out with the Nixon administratiov on United States postal reorganization which would include authority for an eight-cent, first-class letter stamp. It now costs six cents. McGee, chairman of the Senate post office and civil service committee, said he and Senator Hiram: L. Fong (Rep. Hawaii) reached the settlement at a meeting with Postmaster-General Winton M. Blount. The committee agreed to start Monday to put the plan into legislative form. President Nixon originally asked for a 10-cent letter stamp. After this met widespread opposition, he reduced his request to eight cents. The president also has recommended a 48-per-cent increase in second-class rates and 33 per cent in third class. MncjLnJ, Wjereditk (Endurance) jCtd. INSURANCE IS JUST NOT PART OF OUR BUSINESS -IT IS OUR ONLY BUSINESS Phone 327-3009 CONN VAN HORNE JACK WARBURTON 507A 7th STREET SOUTH Defence Minister Otto Grieg Tklemand, 48, succeeds Kaare Wllloch as minister of trade and shipping June 5. The new defence minister is Guimar Helle-sen, 57-year-old former Conservative party legislator. Willoch was elected chairman of the Conservative party earlier this month and is expected to take over from Stray as parliamentary leader of the party. No change in Norway's de-ence or foreign policies are expected as a result of the reshuffle, political observers said. Potato Futures WINNIPEG (CP) - The Mari-tunes Potatoe Future Market was inactive today with some bids near previous close levels, but no offers. Open High Low Close Thur. Nov. 2.10B 2.25A Mar. 2.60N 2.65A that Canada does not support the United Nations decision?" Mr. Sharp: "No." Since the 1967 six-day Israeli victory over the Arab states one or two MPs have questioned publicly the more vigorous reprisals taken by Israel against its neighbors. SET A PRECEDENT But it is believed the first time MPs from all parties have done so in five consecutive Commons sitting days. There is a feeling among some MPs that the lack of Middle East settlement is due in part to Israel's hard-line military policy. There is also some thought that Israel's deep air raids into Egypt caused the growing presence of Russian pilots and missiles in the United Arab Republic. Some Canadian churches, notably the United Church of Canada and the Society of Friends, or Quakers, have undertaken to put the case for the Palestinians. The security for Foreign Minister Abba Eban of Israeli during his visit here last week was the tightest seen for years. At home, Mr. Eban is considered one of the minority doves among the cabinet hawks. On the Montreal and Canadian exchanges, the composite index was off 8.69 to 148.97. Combined volume was 2,675,000 shares compared with 3,578,000 last week. Losses outnumbered gains 291 to 33 with 89 issues unchanged. an week that certainty of profit overrides the dominant pessimism. RUSH TO SELL Then, at the beginning of the next week a rush to sell and get out with a gain starts a price slide, At no time was there any favorable financial news to back up the rallies. Consensus of opinion among analysts is that no lasting strength will be shown until the North American economic picture brightens considerably. First-quarter corporate earnings of Canadian companies, while better than those of the United States counterparts, have nonetheless been discouraging to most investors. In addition, the federal government has continually re-iterated, both verbally and by decisive actions, that it will not loosen up in its campaign to curb inflation. Even President Richard Nixon, who was quoted a few weeks ago as saying he would invest money in the stock market if he were able to, now is more cautious in his comments. MARKET TO GAIN? He said Thursday in Washington that the market would gain strength "in the coming months." He made no forecast of immediate advances. President Nixon's statement about Wall Street approximated opinions that have been expressed about Canadian markets. Moss, Lawson and Co. Ltd., Toronto investment dealers, stated in their latest investment letter: We feel that the market Is now poised for a major turn-perhaps not immediately, but surely within the next six months." And the Toronto-Dominion Bank, in its spring survey of Canada's business climate, said: "Some further improvements in market prices and volume may take place as additional evidence of monetary ease be- Touring Red Army Chorus Smash Hit MONTREAL (CP) - Arms linked in a show of friendship and singing For Auld Lang Syne in English, the Red Army Chorus Wednesday night brought a Montreal audience to its feet, cheering and waving hands. And the male chorus waved back. Nearly 3,000 persons jammed Place dies Arts to listen to and watch the 180 men and 12 women as they ran through a repertoire of roaring Russian folksong, stirring military music interspersed wvth sword-flashing, sparks-flying dancing. But what appeared to be an unprecedented and spontaneous move by an otherwise sophisticated and somewhat reserved Montreal audience was their waving to the performers on the stage. And as the curtain rose for the third time, they were still waving and the chorus was still waving back. Outside the cultural centre two men, wearing black arm bands paraded win signs reading: "Will you applaud murderers -Prague 1968" and 'Red Army out of Czechoslovakia." But inside the theatre the chorus, under conductor Borix Alex androv, received an enthusiastic ovation from the largely French-Canadian audience and held it spellbound through a stirring bilingual rendition of O Canada. The Red Army Chorus will tour 20 cities and give 51 performances during this tour, its third in Canada. It will remain in Montreal until May 31, then move to Sherbrooke, Que., for one day. June 2 and 3 the group will perform at Ottawa and June 4 to 7, at Toronto. comes apparent, although corporate profit prospects continue to inhibit any significant recovery for some months yet." Statistically, on index at the Toronto Stock Exchange this week, industrials were down 9.86 to 151.37, western oils 12#3 to 123.10, base metals 7.98 to 89.31 and golds 4.30 to 153.20. Volume 8,490,000 shares compared with 9,575,000 last week. However, there were only four days of trading this week owing to the Victoria Day holiday. H. H. Smith Ltd.] Customs Broker KINOSOATt 0-M24-MM LITHMtOtta! MM14I coins hone 3444832 PRAIRIE LIVESTOCK LTD. SALE EVERY MONDAY AT 1:00 p.m. Let Us Take the Worry Out of Your Livestock Sales . . . our contacts with professional order buyers, plus your early consignment, means top prices for yowl PRAIRIE LIVESTOCK LTD. (FORMERLY HANOLEY-JENSIN LIVESTOCK ITO.) PHONE 223-3921, TABER DAY OR NIOHT Auctioneer: Sol.i Manager JOHNNY CHARLTON GARY JENSEN lie. 293 THE ST0CKMANS MARKET Join the many farmers and ranchers who market their cattle in our modern facilities. HOG SALES EVERY TUESDAY 1:00 P.M. WIANIR AND MSDER HOOI BROOD SOWS-BOARS BABY CALVES-DAIRY COWS, ETC. REGULAR CATTLE SALES EVERY THURS.-l P.M. Stocker - Feeder and Fat Cattle STAR HAVEN FARM WRENTHAM SWINE PRODUCTION SALE mmhhh^hh Wed., June 3rd e*laa^Bjl^BJB^BBjaB�^B��l 625 HEAD Including 25 BRED SOWS and OILTS. lacembe and Yerh Crest, duo to farrow shortly aftor sale dais. Bred te York or Hampshire boars. 600 WEANER and FEEDER HOGS (TOP QUALITY) Including 10 optn replacement gills LISTINGS INVITED FOR OUR ANNUAL GIGANTIC EQUIPMENT AUCTION Saturday, June 13th at 9 a.m. This Is a specially arranged and advortisod unreserved