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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 2, 1973, Lethbridge, Alberta The 1171 TMI LJTHMNDQI HMALO 77 Business Sunny success Within 48 hours of the last issue of The an evening newspaper that was Canada's fourth-largest daily when it folded in about 60 former Telegram employees put out the first issue of The Sun. two years despite predictions to the the morning tabloid is a success with a paid circulation for weekday editions of about problems at the moment come from says publisher Douglas Creighton South farmers content Harvest season over EDMONTON Farmers were content in the south but frustrated in the north as the harvest season in Saskatchewan and Alberta drew to a close this week With winter on the farmers in central regions completed their 1973 harvest but in areas north and west of Edmonton wet weather left an estimated 30 per cent of the crop in the field It will probably stay there until spring. In combin- ing was complete with the ex- ception of the Meadow St Walburg and Fairholm areas in the northwest where Bank serves lumber town once weekly BC. A mud-splattered half-ton pickup carrying the prov- ince's smallest branch of the Royal Bank of Canada speeds over the rock-strewn road along the Skeena River in northwestern British Co- lumbia each Friday morning you don't make good you're likely to get stuck in the mud and there's no way we want to be marooned out says banker-driver Rick Reid By 10 a m. Mr. his ac- teller and the strongbox full of cash have re- located in a corner of the Kitwanga general store and the bank is open for business from the area's resi- dents The in town only for the carries the payroll for the area's the two mills operated by Kit- wanga Lumber Co and Cana- dian Cellulose Ltd. There is a pretty good-sized pavroll explains Len manager of the Hazel ton branch of the Royal Bank. 35 miles away It was Mr. Schaan who convinced his supervisors in Vancouver to approve the unorthodox mobile banking service to Kitwanga VOT ENOUGH CASH three merchants in town were having to play the role of bringing in enough cash from Hazelton to enable them to cash their cus- tomer's payroll cheques. There often wasn't enough and lOUs for hun- Jreds of dollars were quite Mr. Schaan says both lum- jer mills in the area are plan- ling to expand operations and n the near future antici- pate a strengthening of the lo- The mobile service was be- tun in early October and Mr. tchaan said he would for the first few weeks just to make sure all joes well. Lest anyone try to intercept he bank as it moves over the country in the shadow Roche de adio-controlled logging rucks report the progress of he pick-up to a company dis- tatcher. Hazelton RCMP are alerted when the cash is first placed in a steel box welded to the floor of the pickup. The com- bination lock is padlocked for extra protection and the keys are kept at Hazelton and Kit- wanga but never carried in the pick-up On the first day the bank was in there were 75 accounts and news of the new branch was travelling fast are a lot of people who have probably been hid- ing their savings at home who will welcome com- mented a long-time resident Raw farm products price down WASHINGTON -The price of raw farm products in the United States dropped four per cent in the government reported yester- raising prospects of con- sumer relief at supermarket food counters later on. Agriculture department of- ficials said lower prices for broiler chickens and eggs contributed most to the computed between Sept. 15 and Oct. 15. Higher prices for dry beans and grapefruit were reported dur- ing the the Crop Reporting Board said. The decline continued a farm price drop of eight per cent recorded from Aug. 15 to Sept. 15. That was the sharpest one month drop in more than 25 years. Government officials have predicted that retail food which have soared at record rates during much of will begin to slow down as farmers complete record harvests this fall and begin to turn out more milk and poultry So the evidence compil- ed by the government suggests that consumers have not benefitted to the full ex- tent of recent drops in raw farm prices. 10 to 20 per cent of the wheat and lesser amounts of other crops remained unthreshed. The Saskatchewan Wheat Pool reported that St. Walburg had received six inches of snow Oct. 25 and there was of the harvest being completed in the area The pool also estimated that 50 per cent of the wheat crop across northern areas of Sas- katchewan was harvested in a tough or damp which will mean lower grades and lower returns for the farmer Farm organizations and provincial agriculture departments are starting to assess just how much grain had to be left in the fields from the estimated total wheat production in the two provinces of 506 million bushels POOL MAN OPTIMISTIC think it will be a rather insignificant amount com- pared with the total Saskatchewan estimate of 373 million a wheat pool spokesman said. In Alberta an estimated 39 million bushels remained in the fields of an estimated wheat crop of 133 million bushels. Two weeks ago about 43 million bushels of wheat remained to be harvested The amount of grain that re- mains in the field is of concern to the Canadian Wheat the agency responsible for selling on the 'domestic and world markets. G N. the board's chief says ex- ports during the current crop year may have to be reduced by 100 million bushels from last year's level. He told a recent seminar in Winnipeg that much grain may still remain in Prairie fields and yields may be lower than the estimated figures While still on the wheat is to supply and he adding that even if harvested next grain now lying in fields may not be available in time for 1973-74 exports. are cautious about counting our bushels until they are in the Mr Vogel saiu. The situation is compounded in that the crop may provide considerably less high-quality grain than during a normal crop year Canada's reputation for high quality milling wheat is at stake with world prices at an all-time high. Even though grades may be planted acreage is up and prices are bouyant with indications that grain receipts will reach between IS billion and billion this crop twice as high as in 1972 and three times higher than the average for the 1960s. Hugh Alberta's agriculture said Wednesday he still is op- timistic that more grain can be harvested in the north- western region. we don't get much snow and It freezes we'll be able to get a lot of the crop Stocks Miscellaneous by McQuaig WESTERN 6 25 AND 4 80 Cdn Seed 6 00 Albany 1 40 A Pfd 61 75 Yukon 10 LINE STOCKS Aita East BP Gas Pfd 67.50 Brenda Nat Gas 20.25 Can Nat Gas 9 Cdn Ex Metro 5 25 Cdn -Metro A 67 50 Cdn Ind Gas and C Gas Cdn Long and C B Pfd 23.50 Trans 11.00 Cdn Can Pipe Dome Can A Pfd 63 00 Can B Pfd Fort Can War 7 50 Giant Trans 1775 Gibraltar Trans Wts 3 55 Gt Gt Cdn Oil 71 Oils 05 Lytton Continental Noble Warner 32 Nortn Cdn Pancdn Explor 39 Pan Norse -81 2 20 49 Place Varden 24 Res 18 1325 Scurry .08 Standard 1 37 Total Copper 1150 United Brew 3 65 West Industries 20 W 1 75 ExplOr 97 Acres Pete 27 Explor 86 BC Sugar Intl Res 97 Block FUNDS Cdn Pac Inv 37 Cdn Com 7 43 8 08 Com Cap Cdn Div 7 88 8.57 Cdn Brew A Cdn Ven 936 1030 Cdn Brew B Grow F 5 61 6 16 Crestbrook Special 3 03 Crowsnest Invest F 5 45 5 97 Falcon Mutual 5 32 S 94 F and M Inter 1500 1648 Lever 3 88 4 26 Global Com Venture 743 816 Home Investors 6 72 7 38 Home Invest S F 5 70 6 26 Hud Bay Fund US 11 66 1278 Hud Bay Pacific 5 00 5 46 Hud Bay A Income 3 73 411 Hugh Equity 836 919 Husky Grow F 13.06 14 27 Husky B Mutual 6 18 676 Husky D Accm 6 57 7 22 Husky E Grow Fund 3 89 4 28 Hys of Resources 5 52 6 07 Inter Prov Cdn 610 670 Inter Prov Growth 5 29 5 81 Kaiser Grow 5 20 5 71 Loblaw C Mut 815 692 Magnasonics Pacific 7 36 7 66 Temple Growth 8 52 9 34 Pac West Accum 5 37 5 90 Pe-Ben Sav 8 44 9 28 Rainier 655 719 Royal 6 92 7 56 Toronto industrials. by Richardson Securities of Tel Advocate Forest Sugar Valley Ind Ind Brew Can NW Cellulose Canada Power Credit Central Gas industries Marconi Cons Vickers Com Dickenson Bathurst Denison Gas Seagrams Dome Bridge Discovery East Textile East Stores Pete First Mobile Giant Y Cdn Oil Sands Motors Hollmger Hudson Bay Lakes Paper Gulf Oil Cda Hydra Lines Iron Sid Walker Johet Erie Kerr Oil Key Nickel Lake Shore Pipe Langis Group A Madsen International Malartic G Accept Martin Doug A Intern A Nu West New Ferg New Bloed Corp A B Pine Placer Cent Pax Corp Quebec Co CDA Rio Aigom Roman Simp Sears Sherrm Canada Steep A Tek Grp A United Mtn Pipe Western Can Pipe W House Copper Carbide Wright Gas Oil Siscoe Yellowknlfe Mfg A Cdn Seec Elec Algoma Atco Imperial Agra Scotia Bell Brazilian 5300 1650 2525 1950 37 1700 415 625 825 2450 220 1050 1862VZ 385 17 21 75 1650 3800 3275 17 4325 3900 2600 10.75 41 25 32 860 2800 3375 1700 575 5575 3050 4500 3025 3725 23 9 25.00 19.00 5 11 25 475 525 14 57.75 2575 24 25 1325 1350 1S25 1950 9.25 3300 1675 5475 1800 33 18 1550 700 775 20 5C 21 00 23 6 BO 320 31 SO 2075 39.25 38.00 37.75 New York by Rlchardton Securities of Amr 48 75 Wodwortfi 21 50 Anaconda 2712Vi Westlnghouse Elec 3100 Betn Steel 3250 us Steel 35 Chrytief 21 75 Gen Tel Elec 28 75 Comsat 49 00 TORONTO AVERAGES Dupont 180 75 20 industrials 235 06 down 1 General 62.00 20 Golds 298 34 up 1 83 Gulf 23 00 10 Base Metals 109 51 down 1 08 Int Harvester 31.50 15 Western Oils 277 14 down 17 80 Kenn Copper 35.62'A Volume 2.107.000 Montgomery Ward 23.00 NEW YORK AVERAGES Sears 9390 20 93791 down 1090 Exxon 93 50 20 181 13 up 34 Gulf 3300 15 Utilities 98 32 down 47 CO 31.00 65 287 34 down 2 14 Win Cornoruian 14 19U Stock market prices record sharp drop TORONTO The western oil index dropped more than 17 points as prices on the Toronto stock market fell sharply in active mid- morning trading today. The western oil index fell 17.3 to 277.63 following the government's announcement of a broad increase in export taxes on Canadian crude oil. The industrial consid- ered the major indicator of market was off 1.72 to 235.33 and base metals .85 to 109 74. Golds rose 33 to 296.84. Volume by 11 a.m. was 1.14 million compared with 113 million at the same time Thursday. Declines outnumbered ad- vances with 164 issues unchanged. The oil refining index led the decline among industrial fell 19 1 to a change of 5 82 per cent in the index. steei and trust and loan groups also were lower while in- dustrial mining stocks gained Among refining shares. Home Oil A fell 3Vt to Bow Valley 2 to Gulf Canada to Shell Canada 2 to Aquitame 1 to and Imperial Oil to In western Scurry- Rainbow was off to Francana to Numac to PanCanadian to and Canadian Homestead 60 cents to 40. Yellowknife Bear Mines de- creased 50 cents to and Northgate five cents to Canadian Imperial Bank was up to Camflo 20 cents to and Upper Canada Resources 10 cents to MONTREAL Prices dropped sharply in light trading on the Montreal stock market today. Combined volume on Montreal and Canadian stock exchanges at a.m. was compared with at the same time Thur- sday. The industrial index fell six points to 265 the composite 427 to papers .71 to 158.75. utilities 34 to and banks 24 to 290 13 On the Montreal Stock Ex- Hudson's Bay Oil and Gas fell to Dome Petroleum 3Vi to Winnipeg grain WINNIPEG Buyers continued to ignore most of the market with selling pressure pushing prices downwards through mid- session on the Winnipeg Com- modity Exchange today. Oilseeds were considerably weaker on pressure from commission houses and elevators while rye was slightly but with only small offerings. Domestic shipper buying kept oats and barley steady to strong Thursday's volume of trade was bushels of 000 of of of rye and of rapeseed. Mid-session prices. Flax Nov 8 lower Dec 10 lower May 11 lower July 12 lower 8.84A. Rapeseed Vancouver- Nov. 12V4 lower Jan. 12V4 Dividends CANADIAN PRESS Dividends are quarterly un- less otherwise noted Barber-Ellis of Canada Ltd 25 cents. Dec record Nov 30. plus an extra of 60 cents. Nov record Nov 6 Canadian Breweries series 20 pfd 55 series B. pfd.. b'611 both payable Jan I. 1974. record Dec 3. 1973 H. Corby Distilleries class A. 50 semi- plus an extra of 50 class 50 semi- plus an extra of 50 both payable Dec. record Nov 9 Metals LONDON Closing in pounds ster- ling a metric silver in pence a troy ounce- futures 834.5-835.5 futures Lead-spot 191 futures 194.75-195 Zinc spot 494-495 3 months 120-120.2 Gold prices Closing gold prices in U S dollars per ounce- Paris 55 75 Hong Kong-100.88 Dollar value MONTREAL U.S. dollar in terms of Canadian funds at noon Friday was down 3-25 at 31-50 Pound sterling was down 39-100 at 57-100. In New York the Canadian was up at fl 00 I9- 60 Pound sterling was down 1- 10 at Gold futures WINNIPEG Gold U.S. Winnipeg Commodity Exchange close Thursday. Jan Apr Jly Oct 107.50A. Wednesday's 31 contracts. Beef futures WINNIPEG Live beef Nov Jan Mar May 52.00N. Wednesday's Nine rvuit lower March lower June 9 lower 4.93A. Rapeseed Thunder Nov. 6 lower Dec 6 lower May 6Vz lower July 4 lower 4.63A. Dec. May unchanged July not open. Barley Dec Vi higher 2 May higher July not open. Dec. lower May PA lower July not open Grain quotes Thursday basis Lakehead. High Low Close Flax Nov 961 Dec 945 914 942 May 910 878 910 Rapeseed Vancouver Nov 518 Jan 522 511 513V4 Mar Jun 502 Rapeseed Thunder Bay Nov Dec May Dec May Jly Dec May Jly Dec May Jly 467 467 133 223 220 230 Livestock Calgary CLGRY LVSTIK CALGARY Receipts to 11 a m. Frjday from the Calgary public stockyards totalled 600 mostly stock calves and replacement cattle There were insufficient slaughter steers or heifers on offer to establish quotations. A few cows sold steady for quality Cows Dl and 2 30.50-31 D3 29.50-30 D4 25-29. Replacements were mainly stock calves in the 400 pounds and up weight range. All classes of replacement cattle and stock calves met a broad demand at fully steady to strong prices Good feeder steers more than 750 pounds 47-57 Good feeder heifers more than 600 pounds 41-46 10 Good stock steer calves more than 400 pounds 55-64 50 Good stock heifer calves more than 400 pounds 50-57 75 Hogs fob Calgary to 11 a.m. average base price 53.75. Hog prices EDMONTON Average prices to 11 a.m. Fri- day provided by the Alberta Hog Producers Marketing Board with Thursday's average in brackets Edmonton 53 Red Deer Calgary. 53.75. Fort Macleod Total hogs sold Thurs- day average 54.01. No sows. Imperial Oil to Cominco to and Canada Cement Lafarge to On the Canadian Stock Ex- Quebec Uranium Min- ing fell three cents to 46 cents on shares traded. NEW YORK Stock market prices moved lower today and analysts pointed to political concerns and profit taking. The Dow Jones average of 30 industrials at noon was down 9.86 at while declines' led advances on the New York Stock Exchange by about 6-to-5. On the American Stock Ex- the market value index at noon was off 1.69 at while the NYSE index was off .17 at 57.77. Among Canadians on the New York Dome Mines was down 2.to and Mclntyrc to Inco was up to while Canadian Pacific was un- changed at VANCOUVER Prices were up Thursday in moderate trading on the Van- couver stock exchange Volume was 2.319.520 shares On the industrials board speculators lund was up 05 at tl 14 on 21.000 shares Thermo flex rose 03 to 08 on 7.300 shares lonaic was up .06 at 20 on 6.200 shares Com- putrex was unchanged at 46 on 5 750 shares Great National Land was unchanged at 95 and Captain Inter- national was up 01 at 10 In the mines. Balfour min- ing was up 01 at 52 on 67.175 .shares Green Eagle was up 01 at 21 on 61.500 shares Cutlass was up 08 at on 40.600 shares Northair was up 02 at 57 on shares. Brendon Ltd down .02 at' .32 and Dankoe Mines was up .13 at 2_.20 Most active issue in the oils was up 06 at 06 on 41 900 shares. Seneca Developments rose 03 to 17 on 23.400 shares Whistler was up 01 at 31 on shares PRP Explorations was up .02 dl 05 on 13.400 shares Rose Pass was unchanged .40 and Colonial was up 10 at .80 Chicago markets CHICAGO Wheat and soybeans tutures fell 12 cents a bushel under active s-elhng pressure on the Board 01 Trade but recovered in a rally during the last 15 minutes of trade Corn and oats irregular through most of the session also improved Soy- bean down a ton. and .soybean oil. 50 cents lower at one both ended up little changed Selling was strong on the opening and continued through the first hour when the lows were set trade was light with little apparent public involvement Trade in corn and oats was light and prices were general- Iv mixed until the closing minutes when a new buying move and short-covering produced some gains in the two pits Gram quotations Thursday Wheat Dec Mar 4 Mav 3 97. Jul Sep 3.54. Corn Dec 2 Mar 2 May 2 Jul 2 Sep 2 44. Dec Mar Oats Dec Mar 122-1. May l.ZS-fc. July Sep 1 26 The major commodity lutures traded in tight price ranges Thursday and fluc- tuations appeared to be rather nervous Prices as a closed on mostly or tones. Pork bellies advanced the limit of 150 points on the Chicago mercantile exchange and hog futures also closed but live cattle and shell eggs were steady to firm The strength in world sugar contracts was influenced by a Japanese decision to ban saccharin May 1 Strength pork belly hog futures linked to ex- pectations of lighter marketings m the next few weeks as harvesting expands. Improved carcass beef prices influenced buying of cattle futures TENDER NOTICE COMMERCIAL CITY PROPERTY FOR SALE will bt accepted for the following property Municipal 128 North Mayor Magrath Legal description Lot Block Plan 4179 JK being old by the Trustee of the Estate of Plumbing Heating Ltd In to be submitted to W R lord.C A 519-7th St P 0 Box Phone 328-6691 prior to 10 a m November 1973 it which time a meeting win be held at Si9-7tn Si. to open and announce the bidi All tenders are invited to attend the meeting Only sealed will be accepted marked Estate of Paul's Plumbing A Heating Ltd in The highett or any tender not necwtariry accepted. W. ft. Lord. Truttee N3 ;