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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 29, 1973, Lethbridge, Alberta 20 THE LETHBRIDGE HERALD Tuesday, May 29, 1973 Market prices hit lower trend TORONTO (CP) Prices on the Toronto stock market moved moderately lower in fairly active mid-morning trad- ing today. The industrial index, consid- ered the major indicator of market trend, fell .50 to 211.45, base metals .49 to 97.15 and western oils .84 to 213.33. Golds, however, rose .49 to 274.46. Volume by 11 a.m. was 000 shares compared with 000 at the same time Monday. Despite the market decline, advances outnumbered losses 152 to 85. while 181 issues were unchanged. Steel, industrial mining, oil refining and merchandising stocks were while bank, food processing, general manu- facturing and paper and forest issues were higher. IU International iell to Inco ;s to W4. Canadian Tire A Vz to and Alcan ]s to B.C. Forest rose IU to WCI Canada to To- ronto Dominion Bank to Canadian Imperial Bank to and Moore to Placer slipped j to S27. West- ern Mines 15 cents to and Gibraltar 't, to SIHs. Agnico- Eagle gained 25 cents to and Camflo 25 cents to Asamera lost Ji to while Scurry-Rainbow was tip Vz to shares, compared with shares at the same time Mon- day. Industrials declined .83 to 230.00, papers .60 to 113.36, the composite .31 to 218.19 and utili- ties .01 to 152.12 while banks ad- vanced 2.82 to 260.60. On the Montreal Stock Ex- change, Credit Fonder fell to Dome Petroleum 1 to and Texaco Canada T'g to while Andres Wines gained 1 to and Hollinger Mines 7s to On the Canadian Stock Ex- change, Empire Minerals wa off l12 cents to seven cents on shares. NEW YORK (AP) Stock market prices moved lower to- day in what analysts said was a technical reaction to recent gains. The Dew Jones average of 3C industrials at noon was off 4.44 at 926.40, after having risen some 44 points in the previous four sessions. On the New York Stock Ex- change, advances led declines by 664 to 564. Among Canadians on the New York exchange, Alcan lost Vs to Inco V> to S29ii and Mas- sey-Ferguson 3s to Seagrams was up to S38, Dome Mines to Hud- son Bay Mining and Smelting to and Genstar to s. MONTREAL (CP1 Prices down in all sectors except banks 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 277.900 INFANT DEATHS LOW BONN (Reuter) Infant mortality in West Germany reached a new low last year with 22.5 deaths in births, says the federal statis- tical office. Grain prices Miscellaneous quotations Winnipeg grain WINNIPEG (CP) Oilseeds advanced the newly estab- lished limit of 20 cents in all months by mid session today on the Winnipeg Commodity Ex- change. Barley and rye prices were hovering around their upper trading limit of 10 cents, while advances in oats prices were about four cents. Monday's volume of trade was bushels of flax, of rye and of rapeseed. MID-SESSION PRICES: Flax: May 20 higher 6.10B; July 20 higher Oct. 20 higher 5.59B; Nov. 20 higher 5.48B. Rapeseed Vancouver: June 20 higher Sep. 20 high- er Nov. 20 higher Jan. 20 higher 4.29VsB. Rapeseed Thunder Bay: May 20 higher 4.41B; July 20 higher 4.36B; Oct. 20 higher 4.24B; Nov. 20 higher 4.17B. Oats: May 4 higher 1.36A; July 33A higher 1.36A; Oct. 4% 1.36A: Dec. not open. Barley: May 89s higher July 3% higher Oct. 9Y4 higher Dec. 10 higher Rye: May 10 higher July 9% higher Oct. 8% higher 2.09A; Dec. IZA high- er 2.07B. Grain quotes Monday (basis High Low Close Flax May 590 Jly Oct 539 Nov 528 Rapeseed Vancouver Jun Vancouver, Calgary, Montreal (Supplied by Drterty. McCaalg Limited) LAST BID OR SALE a.m. GuoMt) a.m. a.m. Quoits) WESTERN OILS AND MINES Albany Oils Alia East Gas Alminex Asamera Ashland BP Canada Brenda Mines Can South Cdn Ex Gas Cdn HomesM Cdn Ind Gas Oil Cdn Long Is Cdn Super Charter Chieftan Dome Pete Dynasty Fort Reliance Giant Mascot Granisle Gt Plains Gt Cdn Oil S Locniel Lytton Noble Mines North Cdn Oils Numac Pancdn Pete Pan Ocean Petrol Pinnacle Place Gas Ponder Ranger Scurry Rsin Seibens Spconer Total Ulster West Pete W. Decalta MISCELLANEOUS INDUSTRIES Acres Ltd Aquitaine BC Suaar Pfd Block Bros. Cdn Brew A Cd; Brew B Cdn Pacific Inv Crestbrook Ind Crowsnest Ind Cygnus A Cyqnus B 1.40 Falcon Copper 7.90 F and M Trust 6.00 Genstar 10.25 Home A 11.50 Home B 16.00 Hud Bay Co Hud Bay Oil 4.15 Hud Bay A Pfd 3.45 Hugh Russell 4.95 Husky Oil 7.50 Husky B Pfd Husky D War 45.00 Husky E War 4.00 Hys of Canada 4.75 11.00 Inter Prov Pipe 9.65 31.00 Inter Prov Steel 12.75 8.10 Kaiser Res 3.20 .29 Loblaw C Pfd 2.98 Macrasorylcs 8.00 Pacific Pete 28.25 P W Air 8.10 Pe-Ben Oilfield 2.34 Rainier Inc 1.5Q Royal Trust 24.50 1.15 Maurii.e Cap .94 6.80 Sano'well 3.35 14.75 Teledyne 4 25 14.37V4 West Cdn Seed 5.75 13.00 Westfield Mir, 1.17 Westfield War .04 .23 Weston A Pfd 62.00 .60 White Yukon 14.75 7.75 Western Warner 7.75 VANCOUVER 13.37Vi MINES 4.75 Afton Atlas Explor 40.50 Bath Norse 37.50 Croyden Dankoe 43.00 Davenport S4.12V4 Dolly Varden 46.00 Equitcrial 20.50 Lornex 42.62Vj Primer 7.10 Pyramid Silver Standard Valley Copper INDUSTRIALS Columbia Brew Key Indust 29.42VJ Wardair 10.75 OILS 29.00 Prp Explor 10.62Vi Plains Pete 6.50 Ponderay Explor Stampede Intl Res .35 7.65 .48 .75 .04Vi 1.77 .45 .30 .17Vi 8.75 .13 .12 .70 8.25 2.95 .7) 2.40 1.46 .22 1.01 .88 PIPE LINE STOCKS 14.50 70.50 19.50 10.75 10.00 22.50 Tl.75 4.50 65.00 28.25 Alta Gas A 16.25 Alta Gas Pfd 11.75 Alta Nat Gas .41 Inland Nat Gas 7.CO N and C Gas 1.08 N and C B Pfd 6.00 Pacific Trans 5.20 Gaz Metro Gaz Metro A Trans Can Pipe 35.75 14.25 Tr Cad A Pfd 66.50 23.00 Tr Can B Pfd 41.75 15.00 Tr Canada War 7.80 2.85 WC Trans 26.25 WC Trans War 32.50 CALGARY 27.75 Acroll 8.00 Barons Oil 29.50 N Continental MUTUAL FUNDS All Cdn Com 7.08 7.74 All Cdn Divid 7.65 8.36 All Cdn Vent 3.54 3.87 Amr G F 5.37 5.90 AGF Special 2.60 Cdn Invest F 5.04. 5.53 Col Mutual 5.53 6.07 Cmnw Inter 14.91 16.38 Cmnw Lev 3.79 4.16 Cmnw Vent 7.24 7.56 Corp Invest 6.11 6.71 Corp in St F 4.97 5.46 Dreyfus F U.S. 11.16 12.26 Gr In Shares 3.67 4.04 Gr Equity Invest Gr F Invest Mutual Mutual Ac 18.25 3.25 .40 Mutual Gr i N-at Res N W Cdn N W Gr Principal Gr Royfund Temp Gr United Ac .02Vs Universal sav ,mVt Vanguard 7.81 8.58 12.10 13.29 5.73 6.27 5.91 6.50 3.46 3.SO 7.71 8.43 5.46 6.00 4.94 5.43 4.33 4.75 6.53 6.80 9.41 10.28 5.09 7.75 5.5: 6.35 6.96 Real estate speculator explains markup profit TORONTO (CP) A Toronto real estate speculator bought 200 houses for about million last year and resold them within days or weeks at mark- ups averaging about 30 per cent. However, David McGoran, head of David McGoran Ltd., said that while the gain was about million on the houses, the company's net profit has fsn only about in the last 12 months. On the average, Mr. McGoran bought a house for about and sold it less than two months later for about He said in a recent interview that on an average markup of his company makes about "I don't know where all the money "he said, adding he must pay legal fees, regis- tration fees, fees for arranging mortgages, advertising, staff salaries and commissions, re- Toronto mines, industrials (Supplied By Richardson Securities of Canada) LAST BH> OR SALE Quotti) r.m. auorti) C17-.00 t.m. Jan Rapeseed Thunder Bay 427-i 427Vz 409 CAREERS DRUG STORE OPPORTUNITIES! New drug store group being developed in Cal- gary and Edmonton areas to meet advancing com- petition. Pharmacists interested in obtaining retail lions and joining for group benefits contact Box 101- Lethbndge Herald May Jly Oct Kuv Oats May 132 Jly 132 U Oct 131's Dec 123 Barley May 196 Jly Oct Dec Rye May Jly Oct 200--8 Dec 192U 192 1G4 179 421 418 404 397 132 131 8 196 lS57s 186' 2 Gold futures WINNIPEG- (CP) Gold futures, U.S. fund, Winnipeg Commodity Exchange close Monday. J1V 73 107.00A: Oct 73 110.00B; Jan 74 113.00B; Apr Jly Friday's volume: 23 con- tracts. Beef futures WINNIPEG (CP) Livej beef futures close Monday. Jly 46.00B; Sep 45.00A; Nov 44.00B: Jan 43.20B. Friday's volume: four con- tracts. MINES Acme Advocate Asb. Akaitcho Bralcrne Broulan Bethlehem Can. N.W. Land Canada Tung. Cassiar Central Pat. Chimo Conwesf Cons. Rambler Coin Lake Cccnenour Craigmont Dickenson Wines Denison Mines Deer Horn D'Eldons Dome Mines Donalda Discovery Eost Malartic East Sullivan Falconoridge Frobex First Marltimes Giant Y.K. Bovis Granduc Hollinfjer Hudson Bay M-S Hydra Ex. Iron Bay Iso Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Martin Maclntyre Mela Midrim Intern Moaul Nu West Homes New Athona New Calumet White Horse Cop Noranda Northgate Norlex .14 1.20 1.17 2.40 .42 13.75 4.25 (5.75 1.70 10.75 1.11 1.30 4.20 3.2S .22 1.35 4.40 3.85 31.00 .06 .38 87.30 .36 1.21 3.50 'S 69.00 .21 .39 7.60 2.35 3.20 44.25 22.50 .24 3.75 2.15 .23 11.25 .23 41.25 3.20 .07 .94 1.10 .44 55.00 .13Vi 9.00 .18 3.00 50.12VS 5.50 .32 Osisko .22 Pine Point 30.75 Placer Dev. 27.00 P.C. Exp. 2.95 Quebec Man .lOVi Rayrock 1.25 Radiore .26 Rio Algom 25.00 Roman Corp. 7.CO Sherritt Gordon 15.75 Steep Rock 1.56 Tek Corp. 3.SO Texmont .24 Upper Canada 2.95 Western Mines 3.10 Wright Hargreaves 1.27 Willroy 1.04 Windfall -13 Yellowknife Bear 3.45 Zenmisc .OiV'a INDUSTRIALS Abitibi Alcan Alqoma Steel Atco Ind Atlantic SUE. Agra Ind Bell Tel Brazil Trac B.C. Tel Burns B.C. Forest B.C. Sugar Bow Val Ind CAE Ind Cdn Brew Chemcell Col Cell Calgary Power Coron Credit C.VV.N. Gas Cdn Ind Cdn Marconi Cdn Vickers Chrysler C.P.R- Cominco Cons Bath Cons Gai Dist Seaarams Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Dofasco Cable Pfd 27.87V2 16.50 1075 7.00 10.00 47.00 1 54.75 17.00 17.00 20.00 9.75 4.50 4.20 3.50 1 80 10.75 15.00 4.15 12.25 29.25 28.50 28.50 20.37V2 15.62V3 38.25 3350 8.CO 26.00 14.75 Glendale Grt Cdn Oil Gen Motors Grt Lakes Pp Gulf Oil Cds Greyhound Hawker Sid Hur i, Erie Hiram Walker Imp Oil Imasca Int Nickel Int Pipe Inv Grp A Int Util Ind Accept Kaps Laurentide Kelly Doug A Loeb Loblaw A Met Stores Massey Ferg McMillan Bloe Woore Corp A'tOlsons A Moiscns B Nschurs North f. Cent Power Corp Price Co, Rothmans St. Law Corp Shell CDA S-mpson's Simp Sears Steel of Cda Selkirk A Texaco Traders Grp A Trans Mtn Pp Trans Cda Pp Union Gas Union Oil United Ssicoe Versatile Mfg Westeel Union Carb Weston's B Woodward's A West Cdn Seed Zenith Elec BANKS Cdn Imp Montreal Nova Scotia Royal Tor-pom 810 69.25 22.00 34.25 19.00 4.25 23.00 51.37V2 29.00 29.12V2 25.25 10.00 17.50 8.25 11.75 7.25 5.25 400 22.50 27.871 j 25.50 25.00 S.OO 10.00 11.B7V2 14.62V2 11 75 19.25 17.50 9.87V2 13 30 25 61 CO 17.00 21 75 10 871 2 14.00 7.95 6.50 13.75 16.25 21.12V2 25.00 575 2.70 18.25 31.75 33.00 DO IT NOW-AT SAVINGS! rTV HOMEfflPHOirEMENT WEATHERPLY PLYWOOD SHEATHING No. 2 grade 4' x 8' sheets thick...................Per sheet 6 .95 60 LB. SELVAGE EDGE ROOFING Color white Per roll ALMATEX PAINTS Discontinued 1972 colors Exterior and Interior Satin Semi-Gloss High Gloss Ots. and Gals. I45 i Per Qt, I Per Gal." Dressed Fir Lumber Random Lengths Utility Grade 20" Per lin. ft.......... VANCE LUMBER CO. LTD. i2nd Ave. and 13th St. S. Phone 328-3301 "YOUR PIONEER LUMBER DEALER SINCE 1925" New York stocks (SappUed By Richardson Securities of Canada) Amr T and T Anaconda Beth Steel Chrysler Comsat Dupont GM Gulf Int Harvester Kenn Copper 5I.62V4 Montgomery Ward 19.00 Sears 29.62VJ Std Oil of NJ. 29.50 Texas Gulf 43.50 Texas Co 177.75 Wickes Corp 68.00 24.00 Westinghouse Elec U.S. Steel 25.50 Geti Tel Elec 2050 TORONTO AVERAGES W.87V2 20 Indust 211.06 off .39 96.37Vi 20 Golds 276.65 up 2.67 22.12V2 10 Base Met 96.43 off 1.21 '5 W Oils 216.80 Off 2.87 Volume 1 18.12iiNEw YORK AVERAGES 22.50 30 Indust 926.JO off 4.44 20 Rails U9.6S off .45 15 Utilities 107.55 up .03 65 Sticks 285.05 off 1.07 Volume 34.75 31.50 28.75 Livestock report Warning issued on strip mining EDMONTON (CP) Alberta will become a poor and de- pressed area similar to West Virginia and Kentucky if _stnp mining is allowed to continue, Dr. Isadore Buff of Charleston, W- Va., said today. Dr. Buff, in Alberta to in- spect strip mining in the Rock- ies, has spent years working with coal miners in his home state and gave strip mining reclamation projects only five years to survive. He said the stripping process removes top soil, humus and the soil sub-structure which "can't be replaced.'' The only advantage of strip mining is that it is a cheaper operation which allows com- panies to increase profits, he said. "But the end result is you destroy that which can't be re- stored. I'd suggest that any Al- bertan who wants to see the end result visit areas of West Virginia and Kentucky where it looks as though an atom bomb had hit it." He said the operation at Lake Wabamurn, 40 miles west of Ed- monton, was similar to one in Ohio where the restoration dis- appeared within three to four years. "If you're just planting grass, it looks good but there is no sub-structure to protect the Dr. Buff said. "Any independent geologist will admit that restoration can- not be done." He said companies are just "giving you a sugar pill when they say they will develop parks and lakes." "They won't last, as soon as the public clamor disappears, they won't spend the money." CALGARY (CP) Receipts to 11 a.m. today from the Cal- gary public stockyards show sales of 975 head, mostly slaughter steers and heifers. Trade was strong and active with good demand. Slaughter steers sold a full higher than last week's close. Heifers were steady with light- weight heifers discounted Cows sold at fully steady prices with sales to 36 or better. Bulls sold higher. Hog prices EDMONTON (CP) Aver- age prices to 11 a.m. today provided by the Alberta Hog Producers Marketing Board. Edmonton: 43.10, average Monday 43.09. Red Deer: 43.10, average Monday 42.80. Calgary: 43.25, average Monday 42.79. Lethbridge: Nil, average Monday 43.20. Fort Macleod: Nil, average Monday 43.20. Total hogs sold to 11 a.m. total sold Monday average 43.01. Brakes fail LIMA (Reuter) At least 18 persons died and 16 others were badly injured when a truck they were travelling in plunged off a fteep mountain road in south- ern Peru. The driver of the of four persons to furvive the accident uninjured he lost control on a downhill bend when the brakes failed. Steers Al and 2 46.50 to 47.60, A3 45.25 to 46.25. Heifers Al and 2 43.25 to 44.20, A3 41.75 to 42.75. Cows Dl and 2 34.25 to 35.50, D3 32.50 to 34, D4 28 to 32. Good bulls 38 to 41. Replacement cattle were scarce, being mainly shortkeep steers and heifers selling at steady prices. Insufficient stock calves to establish quotes. Good feeder steers 850 pounds and up 42 to 46.50. Good feeder heifers 600 pounds and up 41 to 45.75. Hogs 43.25. Quotas extended WINNIPEG (CP) The Ca- nadian wheat board announced today that the open quotas for feed wheats, Alberta red winter and soft white spring have also been extended to all shipping blocks. Hog sale There were no cattle sales Monday due to the regular sale of weaner and feeder hogs. Sales 1225 hogs. All classes of weaner and feeder hogs sold readily at prices up to high- er in spots. Weaners 18 to 32'A. Light feeders under 100 Ibs. to Heavy feeders 100 to 130 Ibs. to Heavy feeders over 130 Ibs. 47 to 55 All prices per head. Light feeders under 100 Ibs. 35.60 to 65 cwt. Heavy feeders over 100 Ibs. 29V4 to 40y4 cwt. Bred sows and gilts 80 to 153 per head. Boards 60 to 132.50 per head. Butcher hogs sold Monday at the Lethbridge yards 43 to 43.40 base price. Two lots of hogs sold for ex- port at 33.60 to 33.65 live weight. Royal Trust COMPANY Because of our huge expansion program WA require Two Real Estate Sales Consultants ore the largest real estate company in Canada. Our record is one sale every 44 minutes in one of our 77 offices across Canada. We trade houses from coast-to-coast. We have a monthly magazine showing our listings anywhere in Canada. If you ore a self starter and want to join a company with better than average benefits. Call JACK C. HICCINS at 328-7761 for an tnterview. pair and upkeep expenses, in- terest on mortgages and loans until he resells a house, as well as general office overhead. At his peak volume last year, Mr. McGoran employed 40 salesmen. "Some made more than I said Mr. McGoran, who paid himself a salary of "I paid about in taxes, enough for eight or 10 families on welfare." He said salesmen are paid a wsekly much as a flat fee commission on each sale. He said the com- mission was about a deal. PAYS CASH He buys the houses with cash and sometimes fixes them. He sells the houses at what- ever "the market will bear" and the market he seaks is people who can afford only a low down payment. In one case, the down payment was He said he now has stepped advertising houses for down. way the market has gone up, it's not economic any lie said. Joseph Sidor, who bought a house from Mr. McGoran, said he was pleased with the pur- chase and has recommended Mr. McGoran to friends. He paid for it, more than Mr. McGoran bought it for. "I don't doubi that he made a big said Mrs. Sidor. "We are a family, one child, with a low income. My husband is an exterminator and last year made a gross of "Without people like Mr. McGcran (who will accept a very low down payment) we would never have bought a home we don't think we'll ever be able to pay off the mortgages, but pur rent won't go up and we gain as the house rises in value." Mrs. Sidor said they paid as a down payment and two mortgages carry for a month. Before, they had paid a month for a two-bedroom apartment. Raw materials spending boom is foreseen By BUD JORGENSEN TORONTO (CP) A Toronto economist said today world de- mand for raw materials over the next few years will be so great that Canada is bound to come up a winner. W. Allan Beckett said, there will be "an espcit-based capital spending boom" and a strong growth period for possibly six or seven years. Mr. Beckett, a consulting economist, wss speakin? at a seminar on industrial relations sponsored by the University of Toronto. He was a professor at the University of Toronto and also worked for the Saskatchewan and federal governments. Mr. Beckett presented a series of rosy predictions to the group of cftout 40 corporate in- dustrial relations executives, in- cluding these: during 1973 will in- crease by 17.1 per cent; will not increase as fast as exports, thus creating an international trade surplus situation: of plant capacity in Canada will approach 90 per cent during 1973, after having passed the 85-per-cent level late last year; and equipment spend- ing during the current year will be up by 12 per cent and there will be a 16-per-cent increase for the first half of 1974; increase in gross na- tional producing during 1973, adjusted to discount the effect of inflation, will be between 6.25 and 6.5 per cent, and will be more than six per cent for the two subsequent years. Mr. Beckett said the potential GNP increase on average in Canada is about 5.5 per cent, but Canada has a greater ca- pacity to exceed potential for an extended period of time than any other industrial country. The major reason is that Can- ada has the fastest growing la- bor force, ana another current 1 factor is the high rate of unem- ployment, he said. His predictions for a boom during the next few years are based on demand for raw mats- rials. The capital spending boom could be extended for six or years if the James Bay hydroelectric project or the Mackenzie Valley pipeline proj- ect are realized. He said any corporations that do not make plans to expand now will miss out on a major growth period and he was criti- cal the track record of corpo- rate executives. "I don't think that long-range planning is done very well in he said, but he added that the Canadian economy is a difficult one to manage. The difficulty for the Cana- dian corporation is that export markets for raw materials are volatile and subject to sudden swings in demand. Dollar Value MONTREAL (CP> U.S. dollar in terms cf Canadian funds at noon today was up 2-25 at 43-50. Pound sterling up 1 13-20 at 9-20. In New York, the Canadian dollar was down 3-25 from Fri- day at 7-50. Pound sterling ip 2 11-20 at 4-5. There was no trading on the New York market Monday be- cause of the Memorial Day holi- day. 'PURCHASING FREEHOLD MINERAL RIGHTS Reply to Box No. 110, Lethbridge Herald If you Blow the whistle on a riot Of rip-roaring bargains from an inventory 2 days ;