Lethbridge Herald, The (Newspaper) - November 19, 1973, Lethbridge, Alberta
Market prices sharply lower Herald- Business billion project TORONTO on Ibe Tomato Mock maitel were sharply ID moderate mid-morninf trodtaf today. Thfhtetriat considered the major indicator of market fell 1.44 wmtt. hue metals M to ltt.ll aid ollr.u to ro.ai. rose Volume by 11 A.m. was MI.WO compared.with at the same time Friday. Declines outnumbered advances 1C to 101 with 111 issues unchanged. Industrial mining. chemical-ana tnmt and loan stocks were among sectors of the recording losses while paper and forest and real estate issues were higher. Kafconbridge Nickel fell Hi Lnco ft to Royal Trust Vt to Chrysler to and Walker- Gooderham A to Shell Canada rose to Gulf Canada to Pacific Pete to Imperial Oil 'A'to Kalcohbridge Copper lost to Hudson Bay Mining to and Placer to 125. Tara Exploration was up to Asamera Oil dropped to CH'j and Pan Ocean to Grant Canadian Oil Sands gained 25 cents to MONTREAL Prices were steady in light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock exchanges at a.m. was 325.700 compared with 249.300 at the same time Friday. Industrials fell 1.28 to 252.96 and the composite .86 to 233.97 Utilities rose .10 lo 144 IS and banks .04 to 282.95 while papers remained unchanged at 141.83. On the Montreal Stock Exhange. Mofiat Communications fell lo ID International and Massey- Kerguson to while Markborough Properties rose JA to i and Melchers Distilleries to On the Canadian Stock Exchange. Mount Jamie Mines rose four cents to 28 cents on 76.500 shares traded. NEW YORK The Stock market resumed its downward phjafe wiping out Friday's law as energy and recessions dominated investor sentinmt. noon Dow Jonts average of 38 In- dustrials was off liSl al 171 U Teleprompter. off H to was the NYSE's most-active issue after a block of 1I9.W traded at that price. Second-most-active Gannett Co. fell to also on a large block at chemicals and oils were all sharply down. The NYSE broad-based index of about listed common stocks was down 1.02 at Among Canadians on the New York exchange. Dome Mines was up IVi at i. International Nickel down al Massey Ferguson down at i and Alcan down W Stocks Miscellaneous Montreal WINNIPEG All com- modities traded at higher price patterns at mid-session on the Win- nipeg Commodity Exchange today. Flax posted strong gains in a moderate trade while barley and rye were fractionally higher. Rapeseed advanced seven to 11 cents higher. Volume of trade Friday was bushels of of of of rapeseed and 000 of rye. Mid-session Nov. 11 higher Dec. 9 higher 10. 19 May 2 higher July not open. Rapeseed Nov. 8V4 higher Jan. higher March higher June higher 5.23ttB. Rapeseed Thunder Nov. higher Dec. 9U higher May higher July 7 higher 4.73B. Dec. not May higher July 2 higher 1.51B. Dec. unchanged May higher July unchanged 2.20B. Dec. Vt higher 2.63 V4 May ft higher July unchanged 2.63B. Livestock Calgcry CALGARY Receipts to 11 a.m. Monday from the Calgary public stockyards totalled about 450 mostly cows. Trade was moderately active Slaughter steers were in very short supply selling steady for quality and condition. There were no slaughter heifers on offer. Cows were mostly in the lower grades selling steady. Few bulls sold steady. Steers AZ 14.80. A3 A4 40-42. Cows Dl and 2 D3 D4 28-30. Good bulls 38-42. Replacements were in short supply being mainly fleshy short-keep steers weighing 800 pounds and up and selling steady. There were insufficient stock calves sold early to establish a market. Good feeder steers more than 800 pounds 43-50. Hogs f.o.b. Calgary to 11 a.m. average base price 52.65. Preliminary slaughter figures for the week ended Nov. Alberta hogs beef Canada hogs beef Hog EDMONTON Average prices to 11 a.m. Monday provided by the Alberta Hog Producers Marketing Board with Friday's average in 52.65 fled 52.60 Calgary. 52.75 Nil Total hogs sold to 11 a.m. 407 total hogs Friday average 53.00 price of sows 40.10. Dollar valuo 11 A.M. WESTERN AND Afton West Cdn Albany A Asamera Yukon 10.25 PIPE LINE Alia East 'Gas BP 1425 Gat. A Ana Gas 68.00 Brenda Mines Can Nat Gas inland Nat 9.50 Cdn Ex Cdn Metro Cdn Ind Gas and C Cdn Long and C B Cdn Super Can Dome Can A Can B Fort Can Giant Gibraltar Trans Gt Gt Cdn OH Lochlel Lytton Noble North Cdn Pancdn Pan .21 Place Varden Scurry Total United West West Acres Intl BC Sugar A Cdn -7.53 Block Cdn 7.99 Cdn Pac inv Cdn 4.04 Com Cap Grow 5.82 Carling O'Keefe A Carling O'Keefe B Invest 5.72 Crestbrook 6.40 CrOwsnest 15.38 Falcon 3.89 F and M 7.13 Global Com Invest S 5.89 Home Fund 12.35 Home 5.31 Hud Bay 3.83 Hud Bay 8.47 Hud Bay A Grow 13.40 Hugh 6.40 Husky 6.91 Husky B Grow 3.81 Husky D 5.67 Husky E 6.29 Hys of -5.34 Inter Prov 5.29 Inter Prov 8.37 Kaiser 7.29 Loblaw C 8.58 5.56 Pacific 9.00 Pe-Ben 7.04 Rainier 7.08 Toronto industrials by Richardson Securities of 11 A.M. MONTREAL U.S. dollar terms or Canadian funds at noon day was down 3-25 at J0.99 39-50. Pound sterling was up 16.25 at 12.39 1-10. In New the Canadian dollar was up 3-25 at f 1.00 11-50. Pound Bralorne Broulan Bethlehem 1.70 .39 15.25 2 Valley Ind Cable CAE Ind Carling O'Keefe 16.25 9.25 4.30 5.75 was in 93-NM at 12.39 NW Central Gas Pfd Cdn MONTREAL Monday's Marconi Cdn 16 day loreign exchange nominal supplied by the Bank Vi Australia dollar s Kroner illlH France Iranc financial mark Italv lira commercial ven Switzerland franc i v United States dollar Glen _ ruble 1 Cdn Quotations in Canadian Y WORLD'S LONGEST exten-lion for world's largest Qold Hollinger Hudson Bay Lakes Paper Gulf Oil Cda 12.50 18.00 Actually neither. Phe phone is a prop for Pat LONDON closing gold McGlynn of Wake prices in US dollars an Ex. Iron Bay ISO Joliel Quebec 3.65 1.99 Sid Hiram Walker Huron Erie Imperial 54.25 29.00 43.00 and the cord is self- boiling air pressure hose for Fraakfan-so 95 protection line manu- Anacon Labrador Lake 46.00 2 Nickel Int Pipe Inv Group 23.25 9.25 factured by Scovill. Hmg Beiret-2.928 a Doug ROBINS MITCHELL WATSON intern A 13.50 Architects Engineers 1 West Homes New Ferg McMil 35.00 i wish to announce that A Molsons 23.00 Maurice S. P.Eng. i Pine North 11.25 1 has withdrawn from the firm. Dev. Pax Corp Price i G R B. M.R.A.I.C. Rio Simp G. M. B. M.R.A.I.C. Corp. Sherritt Canada Selkirk 16.00 I Group will continue to be associated in partnership as i United Mtn Pipe Trans Can WATSON i i House Copper Mines Wright Hargreaves Willroy .81 1.10 Gas Union Oil United Siscoe Versatile 5.7S nTCUItCtS W EeHNMBmTft AA- L A West Cdn AND 1 J are pleased to announce that i Steel Atco Ind Cdn Imperial 20.29 C. R. P.Eng. i Ind Bell Scotia 37.50 has become an associate of the firm Mr. Mitchell will continue to be associated with the by RldurdMM Securities of firm until certain are completed after 1 ne may praiCUM consulting ror wi i his own choice. Tel. 222.64 E Mr. Mitchell wishes to express thanKs to his as- Motors 291.20 up 4.15 10 Bate Metale 101.77 1.06 socistes and staff snd to the many Western down E tractors and tradesmen with whom he has had the J pleasure of working since 1946 when he began practice J I In Southern Alberta. i i i Copper Montgomery Ward Std. OH ol N.J. 22.25 B6.37VJ 94.50 1.100000 NEW YORK AVERAGES 20 Industrials 671.23 down 20.09 20 Rails 172.62 down 3.09 15 Utilities 92.72 down Stocks 269.14 down Battle to tap Arctic oil ended ERNEST BOLSENDOLPH New forvke NEW YORK IHe fifoing of the Alaska pipeline Mil by President Nixon hu ended a major battle in the four-year effort by the oil industry to tap the large reserves of Alaska's north but some remain to cloud the future of the billion pro- ST1LL HURDLES Further delays could result from equipment and material challenges to the constitutionality of the bill by or a dis- pute between the consortium that is building the pipeline and Alaska over the state's plans for regulating the pro- ject. Even prior to the oil companies had become restive over mounting construction costs in the face of delays. The projected price of the TO mile line has increased five fold since It was envisioned four years ago at a cost of HWO million. The managers of the Alyeska Pipeline Service .which is owned by the consortium of seven oil companies investing in the asked the companies to authorize million in Oc- tober to prepare for the start of construction next spring. Only two companies the Atlantic Richfield Company and the Standard Oil Company of Ohio responded im- with less than million. The other consortium members are the Amerada Hess the Exxon the Mobil Oil the Phillips Petroleum Company and Union Oil. Even as they hailed the signing of the bill last some companies voiced their concern about potential delays and the need for major and minor permits from the federal government and Alaska before the legal path to construction could be cleared. the right of way permit from the depart- ment of the we aren't certain what kind of restric- tions that may carry or whether it will be acceptable to Peter Alyeska vice president and project said. As described by per hour fee paid money9 clients for consultant's advice TORONTO Harry Schultz is a father figure to the clients who come to him for advice on how to keep and stretch their capital. Advising millionaires what to do with their cash has something to do with Mr. Schultz's own status- as a millionaire. His consultation fee is an hour. about 400 followers from 15 countries attended the. and most elaborate private money conference here It .was put on by Mr. Schultz. Price of admission was a which made it a 000 affair. those who attended the Montreal Mr. Schultz says he believes the majority were of them were multi- millionaries and others just ordinary millionaires like my- The increasing difficulty of preserving the value of money has produced a small group of advisers of the Harry Schultz Pick and Eliot Janeway are familiar North American names. These men have a sense of community. Mr. Schultz is president of the International Investment Letter Association. The advisers are boosters of a bigger role for gold in the current international monetary system. Under the powerful influence of the United gold's monetary rple in the last few years has been progressively reduced. Gold has gone from a fixed price of an ounce to an un- fixed one of well over in the last five years. The in- vestment letter-writers have been right in encouraging their clients to buy gold shares and futures. Mr. Schultz says that unlike most of his fellow advisers he sometimes advocates the sale of gold to catch short-term swings in the market. His ad- vice is given in the Harry Schultz published in London. Oil industry concerned on price war possibility who was reached by telephone in his problems in- volve time. target is the eartiotpGuiUe date to the'road work and site preparation because of weather .conditions. we have yet- to get commitments for construc- tion cement and DeMay said. we aren't off and running with commitments by around the first of the we can forget about finishing in Although the 48-inch pipe for the line is already stored in other needs are in short he said. the energy shor- tage may worsen the supply shortage and hamper the pipeline in could provide relief. Some dubious consortiftn remembering previous false starts and million in expenditures for pipe and other are reportedly reluctant to proceed until Alaska amends laws passed in 1972 giving the state a portion of the pipeline profits and the right to regulate its operation. This complaint was at least partially met last week. Sitting in special the Alaska legislature changed the law to accept rental along the right of way controlled by the state approximately one-third of the length. This provision coincides with the agreement governing rent along the federally owned right of way. The new costs of completing the which Alyeska managers emphasize is only the have resulted in a higher projected cost for the crude from the Prudhoe Bay area. The latest accepted es- timated range up to a about higher than domestic crude's current price. At this given current Middle East prices of more than a the new price is considered com- petitive. More business VICTORIA British Columbia is producing surplus -gasoline and the oil industry'is concerned about a possible says Berry B.C. Petroleum Association president. He said refineries are going full out to meet a heavy mand for furnace oil. we can't refine furnace oil without producing gasoline at the same time. We are concerned about the situa- tion because surpluses usually lead to price Mr. Sleigh said British Columbians can expect to have sufficient supplies of fur- nace oil for many years and surplus supplies of gasoline during winter months. Petroleum products in short supply are lubricating oils and a possible shortage of heavy bunker oil in the winter of Bunker oil is used as fuel in heavy industries. In an he said in- dustrial fuel oil from Califor- nia was guaranteed by contract for this winter but in- dustries should get contracts for next winder right away because American supplies are uncertain. He said industries could also face a serious problem of maintenance of machinery if lubricating oils become as seems likely. Motorists and are assured of supplies of oil. the British Columbia refineries are unable to meet the we can import products from offshore. If that is not we can import furnace oil'from the where there is a sur- Furnace oil brought by train Rapeseed conference Tuesday WINNIPEG A conference on rapeseed marketing has been set for Nov. 20 to 22 in Winnipeg. The meeting is sponsored jointly by'the Rapeseed Association of Canada and the Winnipeg Commodity Exchange. Gordon an association said the aim is demonstrate the workings of the open market a subject generally misunderstood by the majori- ty of Canadian grain from Edmonton or Calgary would be more expensive than B.C. fuel because of transpor- tation said Mr. a Shell Canada Ltd. ex- ecutive. news page JOSEPH E. SEAGRAM AND SONS LTD. APPOINTMENTS TERRY B. GERLITZ Jack L. Regional Man- ager of Joseph E. Seagram and Sons announces the appointment of Terry B. Qerlitz as Representative for Central and Southern Alberta. Mr. Gerlltz was formerly associ- ated with a well-known food organization and brings to his position a knowledge of the ter- ritory he will represent. He will be based in the Company's Calgary offices. GERALD J. ESOPENKO Mr. Sawchuk also announces the appointment of Gerald J. Eso- penko as Representative for Edmonton and Northern Alberta. Formerly associated with the hotel and catering Mr. Esopenko's past experience will be reflected in his new association. He will be located in the Com- pany's Edmonton offices. ADVT. People love us for number of reasons. Here's just one. Zenith 6-6O14. Call toll-free for reservations from anywhere in Alberta. Downtown Calgary. 9th Ave. 1st next to the Calgary Tower.