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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 11, 1974, Lethbridge, Alberta 14 THE LETH8RIDGE HERALD Monday, November 11, 1974 TSE gold shares decline sharply TORONTO (CP) Gold shares led a sharp decline on the Toronto stock market in light mid-morning trading to- day. The gold index, which gain- ed last week in response to record bullion prices, was off 17 points to 469.29. The in- dustrial index, widely-based indicator of market trend, fell .59 to 161.97, base metals .29 to 68.67 and western oils .74 to 147.57. Declines outnumbered ad- vances 113 to 60 with 98 issues unchanged. Volume by 11 a.m. was 000 shares, down from at the same time Friday. Among golds, Campbell Red Lake fell 2 to Vz, Sigma 1 to Camflo Vz to Ag- nico-Eagle to and Pa- mour to In industrials, Occidental Pete lost to Royal Bank Vz to Stelco A Vz to Hudson's Bay Oil and Gas to V4 and Pacific Pete to Vs. Reitman's Canada rose to aquitane 'A to and R. L. Grain to Pacific Copper gained 13 cents to 73 cents. Ranger dropped to and oakwood eight cents to 81 cents. Market trends MONTREAL (CP) Prices were lower in light trading on the Montreal Stuck Exchange todjy Volume at 1! 30 a m was 153.700 shares compared with shares dt the same time Friday While utilities rose 10 to 11984, banks dropped 2 37 to 217 39. m- dustnaK 76 to 169 03. the composite 74 to 164 44 and papers 60 to 101 04 CKCiN CommunicMtions Ltd fell 1'4 to Gult Oil Canada V2 to Northern Electric '2 to Bank of Montreal "t to Imperial Oil A "4 to and Shell canada "4 to J12% Alcan rose '4 to Silk's and Inter- national Nickel A to Among speculative issues. Stanford Mines rose five cents to 16 after trading 10.100 shares VANCOUVER (CPi Prices were mixed in light trading today on the Vancouver Stock Exchange Volume in the first hour was shares In the industrials. lonarc was un- changed at 43 on 2 000 shares Sonesta led the mines up 02 at .28 on 18 000 shares In the oils. Plains Petroleum was up 01 at 11 on 3.000 traded Volume for the curb exchange was 500 shares Most active trader was Datatech. unchanged at 11 on 500 shares NEW YORK LAP) The stock market simply marked time today in trading slowed bv observance of Veterans Day in many parts of the countrv The noon dow Jones average of 30 in- dustrial stocks was off 94 at 66622. and losers held a very slight edge over gamers on the New York Stock Ex- change Analysts said uncertainty over how long the nationwide coal strike might last contributed to a general air of cau- tion on Wall Street Occidental Petroleum, the volume leader slipped to in profit- taking after a gain last week On the American Stock Exchange the market-value index fell 04 to 69 76 Control Data was down at 15'z The company said it expected to post a drop in fourthquarter profits because of inflation effects and high interest rates G D Searle. discussed favorably in a Ban-on s magarme article, rcse lu to 1634 Gold stocks fell back in profit-taking ASA Ltd was down 33s at 86. Dome Mines lost 2 to 55'2. and Homestake Mining fell I7i at 52'i The NYSE's composite common- stock index slipped 05 to 39 58 Michigan Sugar was the Amex's most-active issue, up Pi at 1634 Pacific Savings and Loan gamed I5s to on the Amex California Federal Savings and Loan, a mutually owned association, said it was offering 13 a share for Pacific's slock. Among Canadian issues on the NYSE. Dome Mines fell to 55, hiram Walker dropped to and massev Ferguson rose Vi to I43's Alcan remained unchanged at 21 Li while International Nickel fell to Livestock The Winnipeg grain prices, Calgary livestock and hog reports are not available today due to the Remembrance Day holiday Fort Macleod FORT MACLEOD On offer last week by Fort Macleod Auction Market were 2.626 cattle Al and A2 steers met with good de- mand selling 50 to higher than last week. Butcher heifers were steady. Slaughter cows were under slight pressure Good classes of feeder cattle sold on an active market to higher SLAUGHTER CATTLE Al and A2 steers over 1.000 pounds 49-50 20. Al and A2 steers under pounds 46-48 75. Al and A2 heifers 42- 4260 Dl and D2 cows 20-22. D3 Cows 15- 19. D4 cows 11-14 50, shelling cows down to 4 good bologna bulls 20-24: plains 16-19 Feeder Cattle Top quality ranch yearling steers 750-850 pounds 41-42 90. lighter kinds 37-40 Top quality ranch heifers 625-750 pounds 33-3550. medium and plain quality feeder cattle met with resist- ance and sold 5 to 10 under the top kinds The Wednesday stock cow sale saw a real good class of bred heifers, but very little interest for them as replace- ment females, therefore most of the cattle going on feeder orders Thursday calf sales were steady. Good bred heifers 760-900 pounds S240-285. good RWF and BWF steers 425 to 525 pounds 38-41. Charolais. Simmental and Mame-Anjou crosses 425 to 575 pounds 41-43. heifers 28- 31 50. fancy replacement quality- heifers to 34 20 Rising Cost of Property Property prices rise The Canadian Real Estate Association reports the average sale price of properties sold in Canada during the first nine months of 1974 was This compared with in the first nine months of 1973. 3raph shows average prices for each province the Atlantic provinces are combined for the first nine months of 1974 and 1973. The prices are based on ransactions sold through Multiple Listing Service, the of which are for houses. Heading out to sea Ocean-going tugs tow the Sedco 704 oil rig under the Angus L. MacDonald Bridge linking Halifax and Dartmouth, N.S., on the start of its journey to the oil fields under the North Sea. Halifax is the only Cana- dian shipyard currently building oil rigs and the indus- try has brought stability of employment to the shipyard labor scene. Nov. 15 last purchase day Gov't bond issue nearly sold out OTTAWA (CP) Dealers agree that this year's Canada savings bond issue is im- mensely popular and many are predicting sales will be cut off at the end of this week. "There's no way, to my mind, that it's going to go past the an Ottawa trust company branch official said. Nov. 15 is the last day to buy savings bonds and still receive the full amount of interest for the first year. Interest on the annual savings bond issues is payable Nov. 1 of each year. Interest on this year's issue is a record 9% per cent and many people are cashing in old bonds to buy new ones. New savings bond issues usually go on sale in early year sales began Sept. in most previous years the new issue has been available until Aug. 31 of the following year. DEBT BIG However, if savings bonds are bringing in more money than the government needs sales may be stopped earlier. Latest figures show that savings form of loan made by the federal for about 30 per cent of total government debt. Twice in recent years the government has stopped sales early, cutting off the 1970 issue on March and the 1971 issue on Nov. 26, 11 days after the last date to buy without the interest penalty. The government does not re- lease reports on the progress of sales but dealers surveyed have said there is a strong de- mand and they expect the government will have no trou- ble fulfilling cash needs from the issue. One dealer said a convenient time for an an- nouncement to suspend sales would be in Finance Minister John Turner's budget speech. The federal budget is schedul- ed to be tabled on this evening of Monday, Nov. financial markets are closed. The decision on whether people hold bonds they now Oil rich countries offered way to spend petrodollars New York Times Service BEIRUT, Lebanon. The Export-Import Bank of the United States is offering the oil-rich Middle East countries a new way to invest their surplus funds in credit-worthy projects in developing countries. William Casey, the presi- dent of the Export-Import Bank, put the proposal forward during visits to Saudi Arabia and Kuwait in an effort to open new channels for the accumulating "petrodollars" toward productive investments. He returned home during the weekend. Informed sources said the proposal calls for joint investments in which the bank, which has billion in capital, would be joined by an Pipeline project price tag rises ANCHORAGE, Alaska (AP) Worldwide inflation, escalating salaries and the soaring cost of steel have put a new price tag of billion on the trans-Alaska pipeline, a staggering billion more than original estimates five years ago. The Trans-Alaska Pipeline System which was predecessor to the Alyeska Pipeline Service Co. announc- ed in February 1969 that ARCO. British Petroleum and Humble Oil planned to build the pipeline for million FOR LEASE! Square Feet, Sprinklered Available. November 15th Location: 111 11th Street South, Lethbridge Call 328-1705 24 Hours and projected a completion date of 1972. Alyeska Pipeline Service Co.. which is a consortium for the eight oil companies now involved in construction of the 798-mile pipeline from Alaska's north slope to the year-round port of Valdez. to- day announced the revised cost estimate of nearly billion. The new total includes oillion for the project, including forecast inflation, with an additional million added for contingencies. The pipeline is scheduled for completion in mid-1977. The last official cost es- timate was put at "up to 5 billion." All the money is coming from private funds The cost of the big tankers to be used to haul the oil from Alaskan waters is not included m the latest cost estimate, said Alyeska vice-president George Nelson The tankers are expected to cost upwards of billion "This is just the cost of the project, the terminal at Valdez. the pump stations and the pipeline Nelson said Alyeska incorporated in 1970 to design, construct and operate the pipeline The pro- ject is the biggest ever under- taken by man. Nelson emphasized that the project is going ahead on oil-rich country in financing projects that are considered sound investments by the bank's experienced staff. This would re-cycle surplus oil funds, which are now held primarily in short-term bank deposits and western govern- ment securities, into medium- term investments of five-to- seven years, in projects that are productive, such as power plants, irrigation systems, mines and industries. The eximbank, as the U.S. government institution is pop- ularly called, was created in 1934. Its role has been primarily to finance exports of U.S. equipment. During the post World War II period, as the United States became more involved in financing projects in developing countries, eximbank became a major source of develop- ment loans and balance of payments aid. The major Arab oil countries, plus Iran and Venezuela, plan to set up or expand development funds that would make loans to poorer developing countries. In most cases, however, these countries have little ex- perience in this type of len- ding. Eximbank, on the other hand, has considerable ex- perience and a specialized staff to analyze projects and draw up loan agreements. The bank operates on commercial banking principles, and has a good record of getting its borrowers to meet their obligations The oil countries are looking for investment opportunities abroad, in addition to the billions that they are investing in their own development, and they want a return that will provide future financial in- come from their current sur- plus income Many developing countries, now faced with balance of payments problems and limited domestic capital, want to borrow for financing not only equipment imports, but local currency costs. Such as construction own or cash them in to buy the 1974 issue likely involves the question of whether they use the bonds for current income. This year's issue pays 9% per cent interest each year for nine years, but unlike previous issues there is no compound interest feature. Current interest rates on outstanding bonds are as low as 5V2 per cent but compound interest boost the investors. Because savings bonds did not compare favorably with other forms of investment the government moved to boost the yield to lOVz per cent from Sept. 1 by paying a bonus at maturity. For bonds maturing after 1979 there will be an interim bonus payment in that year. The latest available break- down shows that of 13 out- standing issues, more than one-third of the money was in the 1969 issue', which matures in 1978. One dealer said many holders of this issue may prefer to keep the bonds for the higher yield. A bank branch spokesman here said a large proportion of the people trading in old bonds, for the new issue were people over 60 who use the annual in- terest for income. The latest Bank of Canada report on total government debt showed savings bonds ac- counted for billion out of billion in outstanding government securities. New oil sands test planned CALGARY (CP) Shell Canada Ltd. is planning a major sur- face mining test on its oil sands lease in northeastern Alberta, says R. J. O'Brien, vice- president of exploration for Shell Canada here. The test, over a one- year period at a cost of million, is to deter- mine if draglines are feasible for mining the oil sands deposit, 270 miles northeast of Ed- monton. The test dragline is similar in size to one used by Syncrude Canada Lid. two years ago, but water and soil conditions vary between the two company sites, Mr O'Bnen said Shell plans to have a J2-cubir yard dragline operating by early and to test its operation and stabili- ty m both winter and summer. Both Shell and Syncrude propose to use draglines with 80-yard capacities for commer- cial operations. The Herald Business Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited WESTERN OILS AND MINES Alton Mines 3 30 Albany Oil .23 Alia East Gas 4.80 Almmex 4 80 Asamera 7.75 Ashland Oil 650 BP Canada Brenda Mines 415 Cda Southern 2 46 Cdn Export Gas 2 26 Cdn Homestead 3 05 Cdn Ind Gas 5 62'A Cdn Long Island 13 Cdn Superior 3300 Chieftan Dev 5 50 Dome Pete 20 00 Dynasty 7 50 Nu Ft Reliance 14 Giant Mascot 62 Gibraltar Mines 6 00 Gramsle 11.50 Grt Cdn Oil 6.25 Lochiel Explor 1.11 Lytton Minerals 1.40 North Cdn Oil 3 75 Numac Oil 11 PanCdn Pete 8 Pan Ocean 7.50 Petrol 1.16 Paloma 1 00 Place Gas 22Vz Ponder .48 Ranger Oil 19 50 Scurry Ram 17.00 Seibens 6 Spooner 19 Total Pete Ulster Pete 66 United Canso 8.12Vi West Pete 3.10 Western Decalta 3 80 MISCELLANEOUS INDUSTRIALS Acres Ltd 6 12V4 Aquitame 16.25 BC Sugar C Pfd 11.00 Block Bros 3.60 Canbra Foods 2.50 Cdn Pac A Pfd 27.00 Cdn Pac Inv Carlmg A Pfd 1675 Carlmg B Pfd Com Capital 1 50 Crest Forest 2.60 Crowsnest Indus 1350 Falcon Copper 8 50 F M Trust 3.45 Genstar 14.25 Home Oil A 23 00 Home Oil B 20 00 Hudson Bay Co Hud Bay Oil 23 75 Hud Bay A Pfd 27.00 Hugh Russell C Pfd 57.50 Husky Oil 15.25 Husky Oil B Pfd 32.00 Husky Oil E War 4.80 Inter Pipe War 2 42 Inters 1300 Kaiser Res 4 30 Kaiser Res War 1.90 Loblaw C Pfd 22.00 Magnasonics 1.75 Pac Pete PeBen Oilfield Serv Royal Trust Sandwell Teledyne Traders Grp Pfd Tnmac Westfield Weston A Pfd Whitepass Yukon PIPELINE STOCKS Alta Gas A Alta Gas Pfd Alta Nat Gas Gaz Metro Gaz Metro A Pfd Inland Nat Gas NSC Gas N 8 C B Pfd Tr-Cda Pipe Tr-Cda A Pfd Tr-Cda B Pfd Tr-Cda Pipe War West Trans West Trans War CALGARY Acroll Barons Oil N Continental VANCOUVER MINES Bathurst Norsemmes Cima Resources Dankoe Davenport Lornex Northair Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Key Industries Wardair OILS August Petroleum Plains Pete Stampede Int'l Res MUTUAL FUNDS All Cdn Compound All Cdn Dividend All Cdn Ventures Amer Growth Fund A.G F. Special Cdn Invest Fund Eaton Commonwealth Eaton Leverage Eaton Int'l Venture Corp Investors Corp Invest Stock Fund Dreyfus Fund U.S Grouped In Shares Growth Equity Investors Growth Fund Investors Mutual Mutual Accum Nat Resources N.W. Cdn N W Growth Principal Growth Royfund Templeton Growth United Accumulative Universal Savings Vanguard 18 330 1950 4.50 4.60 9.50 3.70 .56 4550 6 10 12V, 5750 1600 5.12% 49.50 11 50 875 1800 875 47.25 28.50 .72 18.37V4 1.85 .27 03 01 81 40 210 55 510 2.16 .05V4 07 1 05 485 06 1 30 11 54 499 5.16 1 2.23 3.28 1.92 384 11 14 256 443 502 372 8.62 2.53 519 4.57 484 498 348 409 3.25 5.07 620 357 653 388 Toronto mines, industrials (Supplied by Richardson Securities ot Canada) MINES Acme 06 Advocate Asb. 1.25 Akaitcho 2.05 Bralorne 1.10 Broulan .41 Bethlehem 10.00 Bovis 1.02 Brunswick 4 30 Can NW Land 320 Canada Tung 3 15 Cassiar 3 60 Central Pat. .75 Chimo .92 Conwest 2.40 Cons Rambler 2 65 Coin Lake 19 Cochenour 1 46 Craigmont 3 70 Dickenson Mines 8 75 Denison Mines 3700 D'EIdona .29 Dome Mines 54.25 Discovery Mines 1.45 East Malartic 4 50 East Sullivan 205 Falconbndge Frobex 13 First Mantimes .41 Giant Y.K. 13.87VJ Granduc 1.70 Holhnger A 2325 Hudson Bay A 1625 Hydra Ex 75 Iron Bay 4 80 Iso 95 Joliet Quebec 16 Kerr Addison 11 75 Key Anacon Labrador 24 00 Lake Shore 5 00 Langis Silver Madsen R.L 67 Malartic G.F 1.45 Martin McNeely 34 Maclntyre 35.00 Meta 10 Midrim 13 Intern Mogul 2 95 NuWest Homes 500 New Athona 21 New Calumet 15 Noranda 30.25 3 80 Norlex 17 Pine Point 31 00 Placer Dev 1575 Pax Exp 1 10 Quebec Man 18 Rayrock 95 Radiore 19 Rio Algom 2250 Roman Corp 9 75 Sherntt Gordon 5 75 Steep Rock 1 09 Sunnmgdate 4 3C Tek Corp A 275 Texmonl 21 United Canso 800 Weslern Mines 250 WH Copper Mines 1 90 Wnqh! Hargreaves 1 76 Wilfroy 1 76 13 Bear 225 Zemnac 06 INDUSTRIALS Abilibi 9 75 Alcan 21 121.- Algoma Sleel 22 25 Albo ind 1250 Atjra 1nd 4 90 Bell 41 50 Brastari A BC 4650 Burns BC Sugar Bow Valley Ind Cable CAE Ind Cal Power Canbra Foods Can Cellulose Carlmg O'Keefe Chemcell Coron Credit CWN Gas Pfd Cdn In Cdn Marconi Cdn Vickers Chrysler CPR Commco Cons Bathurst Cons Gas Dist Seagrams Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Dofasco Glen Mobile Grt Cdn Oil Gen Motors Grt Lakes Paper Gulf Oil Greyhound Hawker Sid Hiram Walker A Huron Erie Imperial Oil A Imasca A Int Nickel Int Pipe Inv Grp A IU Int I IAC Ltd Jannock Kaps Kel Douglas A Laurentide Loeb Loblaw A Metropolitan Massey Ferg McMili Bloed Moore Corp Molsons A Molsons B Nachurs North Cent Peyto Power Corp Price Co Rothmans Shell CDA Simpson Simp Sears Steel Can A Selkirk A Texaco Trad Grp A Trans Mtn Pipe Trans Can Pipe Union Carbide Union Gas Union Oil United Siscoe Versatile Mlg Weslpel Weslrwr; A Can Imperial Monlu-31 News Scol'a TOT OOTI BANKS 8.75 19.75 1475 925 6 1950 250 4.25 220 4.15 1.50 8 300 1200 975 13.62% 25.50 2350 1300 3300 3700 1987'i 700 14.50 20.00 21.50 1 80 1 25 3412'; 1600 24.50 1262% 460 37.75 22.25 25 23 12V? 22 12V, 1275 6.12% 10.12% 17.12% 5.62% 2 10 450 700 250 4.75 10.25 1425 2225 4100 14 12% 1375 7 887% 300 875 1250 975 1275 6 62% 950 2475 1025 2900 1062% 11 25 862% 1762% 825 825 300 5 37% 1950 1925 1875 2200 1137% 3562% 2750 33 371 New York (Supplied bv Richardson Securities of Canada) Amr T T Anaconda Beth Sleal Goms.31 Duponl General Motors Gull In! Harvester Kenn Copper Montgomery Ward Sears Errcin T-eras Gu'f Co W-iulw-ir- h 47 12% Weslmghouse Elec 9 B7% 1787% US Steel 2600 Gc-n TH E IPC 1950 10 00 TORONTO AVERAGES 31 00 'i 20 Influsl'iaK 16228 down 28 10775 20 Golds 466 52 down 19 80 34 12% 10 Base Wlelsls 68 66 down 30 17 75 15 Western Oils 147 23 down 1 tB 19 62% Volume 473 000 34 12% 1737% MEW YORK AVERAGES 51 87% 20 Industrials 66630 down 66 18 25 20 Sails 154 09 Oown Si 2825 15 Utilities 71 09 down 09 21 87% 65 214 08 down 51 1' Vl V il trnt '7'ivri ;