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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 28, 1974, Lethbridge, Alberta Oil sands progress aim of research authority EDMONTON The prime concern of a million research authority sponsored by the Alberta government will be the deep mining of the Athabasca oil Bill minister of mines and said Monday. The proposed Oil Sands Technology and Research Authority still has no assurance of major breakthroughs in developing the technology for this kind of he told the legislature. But the government wanted to make sure that present research and progress is accelerated. Mr. Dickie was speaking during second reading of the act creating the authority. He said 90 per cent of the oil from the saturated sands in northeastern Alberta is recoverable by the deep or methods only. Considerable research had been done in the but as there were no commercially feasible processes for it. The company now operating at the oil sands and the others planning to operate there would use only strip- mining techniques to gather the oil under present plans. Most of the oil sand lies too deep for such techniques. Mr. Dickie said he does not expect commercial in-situ plants to be in operation at the sands until the early 1980s. Bob Social Credit House said he would have liked the Alberta Research Council to assume the function of the authority since it already has considerable research in this aea to its credit. He also warned the government to make sure that its efforts do not result in a slackening of private research. After he million of the public's money is at stake. Smaller gasoline shortage expected start feed WASHINGTON It may take another month for United States oil imports to recover fully from the Arab embargo that ended last March. Once they the Federal Energy Office hopes they keep on growing. Even the outlook in the U.S. this summer is for small gasoline shortages similar to those last and for the same reason a chronic shortage of refinery capacity to process crude oil no matter where it comes from. Last October. U.S. crude oil imports averaged 3.6 million barrels a day. After the Arab embargo was imposed crude-oil imports fell to about 2.1 million barrels a day in February. crude-oil imports started increasing at just about the same gradual pace. In the last four they have averaged about 3.4 million barrels a day. The big question What happens Having lifted their oil embargo in the Arab countries have scheduled a meeting June 1 to review their policy. While experts consider it unlikely that the Arabs will reimpose an they wonder whether the Arabs will permit continual increases of oil production to meet inceasing U.S. demand. An FEO team recently visited the Middle and FEO administrator John Sawhill said it brought back the impression that Arab oil production will be increased beyond pre-embargo levels. A second cause for FEO optimism lies in the fact that the plunge of U.S. oil imports was reversed in February before the embargo was lifted March 19. An FEO data expert said the reversal was brought about by substantial increases in crude- oil shipments from non-Arab countries especially Nigeria and Indonesia. The FEO believes the increased imports from non- Arab countries will continue. Alaskans won't play dead for Texas oilmen Alaska time is long gone when Alaskans have to fall over and play dead to a bunch of Texas Senator Ted said Monday in explaining why he hasn't endorsed either proposed route for a natural gas pipeline. Stevens was reacting to concern expressed by El Paso Natural Gas Co. executives Gold price tumbles LONDON A general selling wave in Western Europe sent the price of gold tumbling today on the London bullion market. During the after opening at gold was being quoted at an ounce. On Friday it was Brokers said selling began in Zurich Monday. There was little support for gold there since credit restrictions and high interest rates prevented banks from bolstering the free-market gold pool.. In brokers sa'id sell- ing of gold began with the in- stallation of the new Valery Giscard d'EsLaing. Dealers said the French selling wave indicated a return of confidence. The price of gold was last at this level March when it fluctuated between and an ounce. Brokers said steady South African and Soviet selling of gold also helped push prices down. They said there may have been some Italian selling as well. about the lack of support from the state congressional especially Stevens for the company's all-Alaska route. Both Stevens and Congressmen Don Young expressed reservations last week about both pipeline proposals under consideration. El Paso wants to transport the natural gas from the north slope across Alaska and then ship it to the lower 48. Alaska Arctic a consortium of 27 oil proposed a Trans-Canada route. 60 grain handlers laid off EDMONTON A shortage of grain deliveries by railways has resulted in 60 grain handlers being laid off at Vancouver a spokesman for Alberta Wheat Pool said Monday. Al Beatty said the 30 at the pool terminal and 30 at the Pacific elevators terminal which is 60-per-cent owned by the were confined mostly to rail-car unloading crews. Half the workers were laid off May 17 and the others May 24. The federal government has passed legislation forbidding either strikes or lockouts in a labor dispute between the elevator companies and their employees until after the July 8 general election. Mr. Beatty said the layoffs were due only to not enough grain cars being made available. NOW LEASING Square Feet from Square Shops grain price quotations WINNIPEG The Canadian Wheat Board has started daily quotations of domestic selling prices for prairie feed grains. The daily listing follows this week's announcement by Otto federal minister in charge of the wheat that the interim policy in effect this year now has been terminated. Up to the board has been setting prices at two- week intervals based on surveys of off-board prices on the prairies that the price at which farmers were selling direct to feed lots or other customers. The new daily quotations will be set by the wheat board in consultation with the Canadian Livestock Feed Mr. Lang regard to competitive levels in the domestic and export markets. Competition from other feed grains available to Canadian such as U.S. also will be taken into account. Last Friday's prices showed a sharp drop for wheat and barley from the last bi-weekly prices set May 6. Compared with previously quoted. No. 1 feed barley was down to from 'A No. 1 feed oats was unchanged at Calves killed MONTREAL A truck carrying 230 calves overturned on the elevated Metropolitan Boulevard early killing 30 of the animals and throwing rush hour traffic into police said. A provincial police spokes- man said the truck flipped over on its side at about 6 a.m. spewing its cargo over the three-lane expressway. The driver was not injured. Traffic on the north-end ex- pressway and connecting service roads leading to it was jammed for several miles around. Roads department workers wielding ropes chased calves between stalled cars in an attempt to round up the the police spokesman added. Call 328-1705 24 Hours Hits inflation Maryon na- tional president of the Consumers' Association of says she is and plain about infla- tion. She also has no use for farm product mar- keting boards and be- lieves that the retail food industry has degree of monopoly in Canada 'that no other country The Herald Business Stocks Miscellaneous Montreal MIDLAND DOHERTY LIMITED WESTERN 6.00 AND 3.85 Afton 5.75 Albany Foods 3.40 Aita East Min .95 A Pld 50.00 Yukon 7.25 Ashland STOCKS BP Gas A 12.25 Brenda Gas Pfd 55.00 Cda Nat Gas 18.12V4 Cdn Export Metro Cdn Nat Gas Cdn Ind C Gas 11.25 Cdn Long C Gas B Pfd 20.75 Cdn Gas Trans 9.37 V4 Chieftan Pipe Dome Pipe A Pfd 55.00 Pipe B Ptd 32.00 Ft Pipe War 3.75 Giant Trans 20.00 Gibraltar Trans War 2.50 Grt Grt Cdn .43 Lochiel Oils .09 Lytton Continental .02 Noble Warner .29 North Cdn Numac PanCdn Explorations .25 Pan Norsemines 1.35 2.20 .58 Place Varden .20 Res. Ranger 7.30 Scurry Mines 2.19 .05 .06 Total Standard 1.85 Ulster Copper 7.25 United West Industries .11 West 1.65 Petroleum .35 Pete. .13 Explorations .71 Acres Int'l Res .62 FUNDS BC Sugar C Cdn. Compound 5.40 5.87 Block Cdn. Dividend 5.67 6.16 Cdn Pac A Cdn. Ventures 2.98 3.24 Growth Fund 4.19 4.60 Carling B Special 2.15 Com Invest Fund 4.42 '4.84 Crestbrook Mutual 4.65 5.10 Falcon Comnwlth 5.40 F M Leverage 2.89 Int'l Venture 2.74 Home Oil Investors 5.52 6.07 Home Oil Invest Stock Fund 4.20 4.62 Hudson Fund U.S. 9.61 10.53 Hudson Bay Pacific 4.06 4.44 Hudson Bay A In Shares 2.71 2.98 Hugh Russell Equity 5.95 6.54 Husky Growth Fund 10.56 11.54 Husky Oil B Mutual 5.06 5.54 Husky Oil D Accum 5.49 6.03 Husky Oil E Growth Fund 2.78 3.06 Inter Pipe Resources 4.05 4.45 Inter S Cdn. 4.92 5.41 Kaiser Growth 4.13 4.54 Kaiser Res Growth 3.65 -4.01 Loblaw C Mutual 6.62 7.24 5.92 6.16 Pacific Growth 7.29 7.88 Pac West Accum 4.07 4.47 Pe-Ben Savings 7.21 7.93 Rainer 5.40 5.93 Royal 5.10 5.59 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 Discovery Textile East Stores East Pete Mobile First Cdn Oil Giant Motors Lakes Paper Oil Hudson Bay Lines Hydra Sid Iron Walker Erie Joliet Oil A Kerr Key Nickel Pipe Lake Grp A Langis Int'l Madsen Accept Malartic 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 Sherritl Can Sleep A Tek Corp. Grp A Mtn Pipe United Can Pipe Western Carbide WH Copper Gas Wright Oil Siscoe Mfg Yellowknife A Foods Elec Algoma Alco Imperial Agra Bell Scotia Brascan BC Dom 11.62 16.75 18.00 8.50 2.55 5.75 22.50 2.30 9.25 19.50 3.25 18.00 15.75 28.50 15.25 37.50 24.67M. 10.25 14.62Y2 27.00 4.15 46.75 21.87V4 26.50 16.00 46.50 27.37 Vi 26.50 16.25 13.50 2.30 4.90 7.75 3.40 6.25 11.50 27.25 49.75 23.12V2 20.50 11.1214 11.50 6.00 14.12V4 30.25 13.00 37.12VJ 10.00 13.50 29.75 18.50 8.00 10.25 5.37 14 19.00 21.00 22.25 3.40 3.00 26.75 16.75 33.25 33.00 36.75 New York by Richardson Securities of Amr. T T 46.00 Woolworth 16.50 Anaconda 24.3714 Westinghouse Elec 15.75 Beth Steel 30.00 U.S. Steel Chrysler Gen Tel Elec 22.25 Comsat 33.75 TORONTO AVERAGES Dupont 165.75 20 Industrials 191.09 up .87 General Motors 48.8714 20 Golds 400.38 down 29.40 Gulf 20.50 10 Base Metals 82.85 up .37 Int. Harvester 15 Western Oils 190.12 down 1.07 Kenn Copper 33.62V4 Volume Montgomery ward 23.8714 NEW YORK AVERAGES Sears 20 Industrials 816.48 down .15 Exxon 72.75 20 Rails 162.45 up .30 Texas Quit 25.00 15 Utilities 74.48 up .09 Texas Co 25.62VJ 65 Slocks 246.68 up .13 First in port for 10 years The first cruise ship to dock in Toronto in a the Greek-owned Stella Maris slips into Toronto harbor early Monday morning. The ship was making the first of 22 stops as part of a series of weekly Great Lakes cruises between Montreal and Chicago. Market prices higher in moderate trading TORONTO Prices on the Toronto stock market were moderately higher in moderate mid-morning trading today. The industrial index rose .69 to 190.91 and base metals .77 to 83.25. Golds fell 30.9 to 398.84 and western oils .82 to 190.37. Volume by lla.m. was 000 shares compared with MONTREAL Prices were mixed in light trading on the Montreal Stock Exchange today. Volume at 11 a.m. was 238.000 shares compared with 143.200 at the same time Monday. The industrial index rose 147 to 200.62. the composite .96 to 191.95 and papers .54 to 120.37 while utilities fell .25 to 130.23 and banks .10 to 249.93. G and H Steel fell 1 to Dome Petroleum Vz to and CP Limited to while Dominion Bridge rose to and Commodore to S5. Among speculative issues. Mount Jamies Mines rose two cents to 25 cents on a volume of shares sold. VANCOUVER Prices were up in light trading on the Vancouver stock exchange Monday. Volume at the close was shares In the Jolly Jumper was up .15 at .95 on shares Canterra was up .01 at .41 on 8.000 shares. Kaiser Warrants were up .13 at on shares and Thermoplex was down .01 at 30 on 4.000 shares. B.C. Sugar A was unchanged at and Neonex was up 03 at 98. shares at the same time Monday. Advances outnumbered de- clines by 162 to 124 with 165 is- sues unchanged. Western Supply A rose 1 to Allarco to Imasco to Canadian Tire A VB to and Guardian Capital 50 cents to Na-Churs lost to Maple Leaf Garden to Market trends In the Consolidated Fortune Channel was down one-half a cent at .35 on shares. Henrietta was up .04 at .30 on Sonesta was unchanged at .35 on shares and Anglo Bomarc was up .05 at .64 on 50.000 shares. Ramco Industries was up at .25 and Arcadia Explorations was up .11 at .53. In the Alaska Kenai was unchanged at .20''z on 60.000 shares. Cop-Ex Mining was-up at .43 on 45.500 shares. Payette was up .10 at .30 on 21.000 shares and Seneca Developments was unchanged at on shares. Delta Petroleum was unchanged at .10 and Texacal was unchanged at .07. NEW YORK The stock market kept last Friday's rally alive but most of the gains were and trading was slow. The Dow Jones average of 30 industrials was up 1.87 at 818.52. while advances outnumbered declines by about nine-to-five on the New York Stock Exchange. Schlumberger was the most active NYSE down at ASA. Livestock Calgary CALGARY Receipts to II a.m Tuesday from the Calgary public stockyards totalled I.IOO mostly slaughter steers and cows. Trade was active. Slaughter steers sold steady. Steers weighing less than 1.000 pounds were discounted SI or more. Heifers traded on an uneven with heifers weighing more than 850 pounds selling steady and heilers weighing less than Earnings By THE CANADIAN PRESS Advocate Mines year ended Dec. 31. 1973. six cents a no share three months ended March 1973. Crown Trust three months ended March 31- 1974. 25 cents a share. 27 cents. Oration Group three months ended April 33.5 cents a 23.1 cents. Investment Foundation year ended March a Irwin Toy year ended Jan 26 cents a 50 cents. La Verendrye Management three months ended March 17 cents a 30 cents. Magnasonic Canada year' ended Dec. 1973. cents a Reeves MacDonald Mines three months ended March 1974. cents a one cent. Stuart House International year ended Feb. 1974. 20.1 cents a 1973. no share figure available. 800 pounds sharply dis- counted. Cows were steady for qual- ity with odd sales to Steers. Al. 49 to 50.40. 47.50 to 49. Heilers. A2. more than 850 iounds 44 to 46 Under 800 pounds 40 to 42 Cows. Dl. D2- to 32. 27 to 30. D4- 22 to There were insufficient replacements sold early to establish a market. Hogs l.o.b. to 11 34. Metals Dividends By THE CANADIAN PRESS Dividends are quarterly unless otherwise noted. Bank of Nova 30 Aug. record June 29. Canadian Cablesysiems seven cents. Jun record June M. Canadian Marconi cents semi-annually. June 28. record June 7. 3 Cassidy's S'.'a cents. June 30. record June 1st pfd. series July record June H. Comlnco an increase of 90 June record June 3. Doman IndcySS five July record June 15. Fraser Companies class 30 class 30 both payable June 28. record June 7. MLW-Worthinglon 20 an increase of five cents. July record June 14. Neonex International cents July record June 14. Northern Tar Chemical and Wood pfd. series 42'i July record June 17. Pennlngion'a Stores eight June record June 15. Vlllacentres five June riwirH 10 LONDON Closing metals bid-ask in pounds sterling a metric ton. silver in pence a troy futures 1.011-1.013 Tin-spot futures 3.640 futures 242-243 655-665. futures 610-611 Silver-spot 3 months 196-196.5 Currencies _ MONTREAL Tuesday's mid- day foreign exchange selling rates supplied by the Bank of Australia dollar 1.4400 Bermuda dollar 1.02 China renminbi .5210 France franc .2030 Germany mark .3900 Japan yen .003500 Mexico peso .0785 Switzerland franc1 .3320 United States dollar .9635 United Kingdom pound 2.34 U.S.S.R. ruble 1.2781 Quotations in Canadian funds. and Dome Pete to Northgate gained V4 to Roman to and Cana- dian Superior 1V4 to Dome Mines fell 3Vz to Camflo to Pamour to and Agnico-Eagle V4 to United Canso was down to Pan Ocean to and Canada Northwest Vz to Ltd. was down at Homestake Mining to Dome Mines 3 at and Rosario Resources was Pi at Among Canadian issues. Mclntyre gained one and one-half dollars to S39Vz Alcan to Canadian Pacific 5i to Seagrams 'j to Inco 'j to Massey Ferguson to Winnipeg grain WINNIPEG Prices drifted lower in light trading at mid-session today on the Winnipeg Commodity Exchange. Rapeseed led the with losses of more than 10 cents in most Vancouver futures. Thunder Bay prices were only a few cents lower Flax was only one or two cents and losses in rye futures ranged from 13A cents to Mid-session prices' Flax- May two lower lower Oct. 1 lower 9 Nov. 1 lower 8.83A. Rapeseed 7'A lower Sept. 103-i Nov. IPi lower Jan. lower 6.19A. Rapeseed Thunder May three higher July two lower Oct. lower Nov. nine lower 6.25A. May I3i July lower Oct. three lower Dec. two lower 2.29. Grain quotes Monday High Low Close Flax May 950 950 950 Jly 962 952 Oct 917 915 915 Nov 884 Dec 805 Rapeseed Vancouver .lun 748'2 743Jj 748'2 Sop 709 709 Nov 639 639 Jan 623'2 628 Rapeseed Thunder Bay May 697 680 Oct 634 Nov 634 Rye May 239'i 239'4 239'. Jly' 234'4 234 Oct 234'i 234'4 Dec 231 Dollar MONTREAL -US dollar in terms of Canadian funds at noon today was up 1-25 at 4-25. Pound sterling was down 1 4-25 to 41-50. In New the Canadian dollar was down 1-20 to 99-100. Pound sterling was down 1 3-10 to 39. Prestige Office Space FOR RENT Phone 327-6747 Canada Trust requires a LENDING OFFICER to assume responsibility for furthering the development of a rapidly growing Personal Loan Department. This position will appeal to career orientated individuals with an appropriate level of Consumer Loans experience. The successful candidate will enjoy a good working environment and rewarding career opportunities. Apply In P. L MORKIN Office 3rd and 7th Street 8. Phone 327-8S81 ;