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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 21, 1973, Lethbridge, Alberta LETHMIDQE i Construction boom to be maintained Market rebounds sharply Steep price declines on TSE ends MONTREAL The current construction boom will continue beyond 1974 kspite material energy scarcities and higher energy the third an- iuaf conference on In- stitutional Investing in Canada was told Tuesday. Three speakers predicted instruction activity will sur- MSS the boom period of 1964- S.C. president of lA. Pitts Engineering Con- itruction said 'I haven't seen so much work m deck in the last 25 md projected that the in- lustry will be working at or capacity until 1980. Both Mr. Cooper and Taylor president of Canada Cement Lafarge Mon- treal said supply problems can be overcome by careful planning. CPCN Sven Ericksen Mr. E. W President ot CFCN Communications is pleased to announce the ap- pointment of Mr Sven Ericksen as a Director of the Company. Mr Ericksen is the owner and op- erator of Sven Encksen's Family bakery and two Kentucky Fried Chicken outlets in Alberta. He was born in Denmark and has been active in the food service industry in Southern Alberta since 1929 David director of economic analysis with the federal finance said the strain on the construction industry's capacity could be eased somewhat by mid-1974 when housing starts and gov- ernment investment should decline. He also said scar- cities and higher prices are not likely to be of an order of magnitude to deter output and employment in Canada. The energy problem would have to be a very large one indeed to be a B.C. railway head resigns VICTORIA Dave president of the British Columbia Tuesday announced the resignation of J. S. Broadbent as general manager and vice- president of the railway. Mr. Barrett said Mr. Broad- bent resigned for health reasons. The premier said Mr. Broadbent will continue to work for the provincial government as a consultant to the department of transport. He will continue to receive the same annual salary in his work for transport minister Robert who is responsible for the said Mr. Barrett at a news conference. SHORTAGE HALTS TEST COPENHAGEN A NATO exercise involving troops from West Britain and Denmark has been cancelled because of the oil the Danish defence ministry announced Tuesday. TORONTO The Toronto stock market rebounded sharply in mid-morning trading today following two sessions of steep declines. Trading was moderate The industrial considered the major indicator ol market was up 1.18 to 218.95 in line with a strong on the New York market. The had lost almost eight points dur- ing the previous two sessions as investors worried over the eff.cts of the energy shortage. The base metal index gained 1.30 to 88 64 and western oils 3 Kt to 265.68. Golds fell .68 to 290 74 Volume by 11 a.m. was 722.000 down from 836.000 at the same time Advances outnumbered declines 179 to 155 with 203 issues unchanged. Oil industrial bank and steel stocks were among sectors of the market to record gains while construction and com- real estate and food processing issues were lower. Gull Canada rose to Pacific Pete Inco to Bow Valley 1 to and Home Oil A 1 toS53'H. Placer Development gained to Kerr Addison to and Hudson Bay Mining to Pamour fell 10 cents to Numac climbed J'i to and United Canso to NEW YORK The itoek market turned mixed today after priceii pulled back from sharp morn- ing rally The Dow Jones average.of 10 In- up over 17 points early In toe was down 0.45 to 844.45 at noon. Advances continued to lead declines 724 to 547 among 1.663 traded. Among Canadians on the New York exchange. Mclntyre was up to at H3Vi. International Nickel ''i at Dome Mines Alcan Massey-Ferguson Ht at Canadian Pacific was down Vj to i and Seagram's to to Hiram Walket was unchanged at On the American exchange. Preston was up i to i and Scurry Rainbow to MONTREAL All sectors rose in early morning light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was compared with 273.700 shares at the same time Tuesday. Banks rose 2.01 to 275.66. industrials 176 to 24681. the composite 1.43 to 229 12. papers .24 to 137.07. and utilities 08 to 141.91 On the Montreal Stock Exchange.. Hudson's Bay Oil and Gas rose to Canadian Imperial Bank of Commerce to i. Consolidated Algoma Steel H to i. and Bank of Montreal' i On the Canadian Slock Exchange. Mount Jamie Mines remained un- changed at 25 cents on a volume of OOt shares traded. VANCOUVER Prices took a downward path under light trading on the Vancouver stuck exchange close Tuesday Total volume was 1.Z71SM shares. Neonex International was off .IS on the industrial closing at after trading 57.975 shares. Speculators fund finished at down .05. on 9.100 shares while Colum- bia Brew gained .10 to finish at after a turnover of 3.200 shares. TWA skidd- ed 37' 2 cents to finish at With 3.- 100 shares changing hands. EDP In- dustries picked up .01 at .28 and Inter- national Visual traded at .17. In the mines section. Cutlass gained .OS to close at on a turnover SOS UoM River also added .OS at 8.27 with SO.MO shares traded. Cop- Ex mines gained .01 at .42 on a tur- nover of I7.SW shares. Green Eagle was off .oi'iat on 35.000 shares. 'Cilex mines traded at .10 and Rackla River was up .01 at 36. MoMervy A led the light activity in the oils dipping .05 to finish at .47 after 15.500 shares changed hands. Concept 'Resources moved in the op- posite closing at a gain of .49. on a 11.530-share turnover Seneca Developments was up .02 at on 9.350 while Peace River Explorations dipped .12 to finish at .81 with 9.000 shares changing hands. Stampede traded at 80 and Ballinderry gained .01 to finish at Chicago markets Winnipeg grain More business news on Page 22 WINNIPEG Flax prices rose the daily limit of 30 cents in a good volume of trade today at mid- session on the Winnipeg Commodity Exchange. Rapeseed prices also were on stronger patterns in a heavier volume of business while rye posted slight gains in a lighter demand by locals and commission houses. Oats and barley were relatively un- changed in a dull business. Tuesday's volume of trade was 000 bushels of of of rapeseed and of rye. There was no trading in oats. MID-SESSION Nov. 30 higher Dec. 30 higher May higher July 6 higher 9.46B. Currencies MONTREAL Wednesday's mid-day foreign exchange nominal selling rales supplied by the Bank of Montreal1 Australia dollar 1.49 Denmark Kroner .1730 France franc financial .2280 Germany mark .3920 Italy lira commercial .001740 Japan yen .003610 Switzerland franc .3190 United Slates dollar 1.0010 United Kingdom pound 2 41 U.S.S.R. ruble 1 4039 Quotations in Canadian funds Rapeseed Vancouver- Nov. 12 higher Jan. March 19Vz higher June 19 higher 5.52B. Rapeseed Thunder Nov. UVi higher Dec. 15 higher May 20 higher July 14 higher 4.93B. Dec. 1 higher May Vt lower July Ito lower 1.52V4A. Dec. higher May 2 higher 2 July not open Dec. higher May 5ft higher July 4 higher 2.72B. WINNIPEG Grain quotes Tuesday basis High Low Close Flax Nov 1056 1026 1056 Dec 1020 1000 1020 May 95714 950 957ft Jly 940 Rapeseed Vancouver Nov 943 Jan 541ft 52914 53914 Mar 540 52614 Jun 534 529 533 Rapeseed Thunder Bay CHICAGO There were sharp contrasts in commodity futures prices closings on major exchanges Tuesday. On the board of farm com- N modities. including corn and oats futures closed with limit gains. Soybeans advanced the 20 cents limit for ope then fell back. Meal and oil were firm to strong at UK close. Pork belly futures slumped the limit or 150 points and egg futures fell their limit of 200 but live cattle and live hog futures losses were con- siderably lighter. World sugar was down. Commercial buying then mostly in corn and on word thai farmers were holding back their newly harvested crops from markets. Corn futures then hit their 10 cents a bushel limit after and soybeans and wheat followed with limit gains of 20 cents. The soybeans was trimmed later. Demand slowed for pork belly and egg futures. The selling in also was linked to concern that consumers might putehase less bacon in the months to come if the Dollar value MONTREAL U.S dollar in terms of Canadian funds at noon -Wednesday was down 2-25 at W 99 37- 50. Pound sterling was down 29-100 at 53-100. In New the Canadian dollar was up 2-25 at Pound sterl- ing was down 1-10 at 39 3-20. Nov Dec May Jly Oats Dec May Jly Barley Dec May Jly Rye Dec May Jiy 487 485 500 480 48114 497 487 485 500 479 162 153 Vi 250 250 226 Metals 269 275 Vt 254 258 LONDON Closing melals in pounds sterling a metric silver in pence a troy futures887- 888 futures 2.368- 2.370 futures 202 5-203 futures 600301 117.9-118. three months 121 2-.3 ISSUE OF NON-CALLABLE GOVERNMENT OF CANADA BONDS DATED DECEMBER 1973 Bank of Canada is authorized by the Minister of Finance to receive subscriptions for a to be issued for cash as year bonds due December 1976 Issue yielding to maturity Interest payable June 1 and December 1 and and year bonds due December 1980 Issue yielding for 7 years Exchangeable at the option of the holder into an equal par value of 7 year bonds to be dated December 1980 and due December 1987 yielding about for the full 14 year period commencing December 1973 Interest payable June 1 and December 1 _____ __ and Bank of Canada has agreed to acquire a minimum -of of the new open as to maturity. Proceeds of the offering will be used to redeem of Government of Canada bonds and of Government of Canada bonds maturing December 1973 and for general purposes of the Government of Canada. The new bonds due December 1976 and the new bonds due December 1980 will be dated De- cember 1973 and will bear interest from that date. Principal and interest are payable in lawful money of Canada. Principal is payable at any Agency of Bank of Canada. Interest is payable at any branch in Canada of any chartered bank without charge. Definitive bonds will be available on December 1973 pay- merit of accrued and thereafter in two bearer form with coupons attached and fully registered form with interest payable by cheque. Bonds of both forms will be in the same denominations and fully inter- changeable as to denomination form without charge to Government transfer requirements where To enable the Government of Canada to establish six months in advance the amount to be redeemed for cash on December 1980 and thus plan my retired the option permitting holders to exchange their 7 year bonds due December 1980 into an equal par vine of 7 year bonds one December 1987 may be exercised only owing the six month period commencing December and ending May The new bonds are authorized pursuant to Act of the Parliament of Canada and both principal and interest are a charge on the Consolidated Revenue Fund of Canada. Animations for the new bonds may be subject to through any Investment dealer to act a primary dUributor or ttrongh bank In Canada. Finance Finances MV4 economy softens. The economy also was a in selling of hog and cattle futures on the mercantile exchange. quotations Tuesday. Wheat- Dec. Mar 4.58. May Jul Sep 3.70. Dec Mar May Jul Sep Dec Mar 2.47. Oats- Dec Mar 1 May Jul Sep 1 Livestock Calgary CALGARY Receipts to 11 a.m. Wednesday from the Calgary public stockyards totalled mostly cows and replacements lacking quality. Slaughter steers were scarce during early selling at fully steady quality and condition con- sidered. There were insufficient heifers sold early to establish quotations. Cows were mostly in the lower selling steady. Bulls sold fl higher. 45.50 to 46.90. 41 to 45. 31.50 to 33. 30 to 31.2S. 25 to SO. 40 to 43.20. Replacement cattle and stock calves on offer were of plainer quality. There were insufficient good replacement cattle or stock calves sold early to es- tablish quotations. Hogs fob to 52.65. Lambs were steady. Tuesday's good 32. Hog prices EDMONTON Average prices to 11 a.m. Wednesday provided by the Alberta Hog Producers Marketing Board with Tuesday average in 5260 Red 52.65 52.65 Nil Nil Grande Nil Nil Total hogs sold Tuesday average 53.13. Sows average 40. Dividends By THE CANADIAN PRESS Dividends are quarterly unless otherwise noted. Block Bros. Industries four semi-annual. Jan. 2. record Dec. 14 T.G. Bright aad Co. Class A. 10 cents. Class B. both payable Dec. record Dec. 12. Great Lakes Power Corp. 22 cents. Nov 30. record Nov Great Plains Development Co. of Canada 90 increase of 10 annual. Jan 7. record Dec. 7. Hamilton Group seven Jan. record Dec. five-per-cenl pfd.. tl.25. Feb. 15. record Jan. 1. Imperial Oil 20 plus an extra of 10 cents. Dec. 27. record Dec Molson Companies Class 28 Class 20 both payable Jan. 1. record Dec 3. Skyline Hotels cents semi- annual. Jan. 21. record Dec. 31. Superior Acceptance Corp. Class A. 3 4-10 Class four both payable Feb. 28. record Feb. 15. Earnings By THE CANADIAN PRESS Carlfng O'Keefe three months ended Sept 1173.1845.000.1.4 cents a 1972. J2.517.000. 9.1 cents. City Savings and Trust nine months ended Sept 1973. 99 cents a share. 1972. J78B.OOO. 902 cents. CochraM-Dulap Hardware nine months ended Sept. 1973. a share. 1972. Richard Costain Canada nine months ended Sept 30- 1973. 63 cents a 1972. 58 cents McCill Co. nine months ended Sept 1973. a share. 1972. 84 cents. First City Financial Corp. nine months ended Sept. 1973. 70 cents a 1972. 60 cents Fow Settoni Hotels nine months ended Sept. 1973. 40.6 cents a share. 1972. cents G and H Steel nine months ended Sept. 1973. .67 cents a 1972. .59 cents. liter-Provincial Diversified Holdings nine months ended Sept. 30. 1973. eight cents a share. 1972. 16 cents. Maritime Telegraph u4 Telephone Co. nine months ended Sept. 30. 1973. a 1972. 45. McGraw-HtD RyeritM nine months ended Sept. 44.3 cents a share. 1V72. cents. MM Mmtrlet Explorations nine months ended Sept. 30- 1973. 4.2 cents a NW Financial Corp. nine months ended Sept. 1973. cents a 1x72. 12 COM futures. U.S. fMMfo. Winnipeg Commodity Kx- chaiuv close Tuesday. Jnn 74 Apr 74 Jly 74 Oct 74 Jan 75 102 40 Monday's volume. 65 contracts. The Herald- Business Montreal by McQiulK 11 A.M. QUOTES WESTERN OILS AND MINES Aflon Mlnoa 7.SS Albany Oil .87 Almlnex 7.25 Aaamera 12.75 Athtond Alta EMI Gas 7.55 BP Canada 14-00 Brende Mines 8.05 Can South 5.40 Cdn Ex Gas 3.90 Cdn Homesld 7.35 Cdn Ind Gas OH 9.25 Cdn Long Is .20 Chtaftan 11.00 Cdn Super 57.50 .Dome Pete 37.25 Dynasty 11.25 Fort Reliance .23 Giant Mascot 2.85 Gibraltar Mines 11.75 Craniate 9.00 Gt Plains 29.00 Qt Cdn Oil S 10.25 Lochiel 2.95 Lytton Min 1.40 Noble Mines .96 North Cdn Oils 6.50 Numac 16.25 Pancdn Pete 14.25 Pan Ocean 17.12V1 Petrol 1.80 Pinnacle .20V4 Place Gas .56 Ponder .57 Ranger 31.00 Scurry Rain 21.25 Seibens 15 50 Spooner .35 Total Pete 6.65 Ulster 1-20 United Canso 21.25 West Pete 6.25 West Decaita 7.30 MISCELLANEOUS INDUSTRIES Acres Ltd 11.25 Aqultaine 25.00 BC Sugar A Pld Block Bros 3-25 Cdn Pac inv Pfd 32.00 Com Cap Corp 2.75 Carling O'Keefe A Pld 25.50 Carting O'Keele 30.00 Crestbrook Ind 9.25 Crowsnest Ind 30.25 Falcon Copper 12.87Vi F and M Trust Genstar 18.00 Global Com Unit 44.00 Home A 53-25 Home B 47.75 Hud Bay Co 19.50 Hud Bay Oil 44.75 Hud Bay A Ptd 53.00 Hugh Russell 52.50 Husky Oil Husky B Pld 42.25 Husky D War 11.12V4 Husky E War 12.50 Hys of Canada 3.80 Inter Prov Pipe 8.00 Inter Prov Steel 13.25 Kaiser Res 4.40 Loblaw C Pfd 27.25 Magnasonlcs 7.50 Pacific Pete 33 Sff Pac West Air B.37Vi Pe-Ben Oilfield 6.50 Rainier Inc Royal Trust SitidwDll West Cdn Seed 5.25 WMtfMd Mln 1-16 Weston A Pld 60.00 White Yukon 10.25 PIPE LINE STOCKS Alta Gas A Alta Gas Pld M-00 AIM Nat Gas 17-50 Inland Nat Gas 9.50 Gaz Metro Gaz Metro A Pfd 67.50 N and C Gas N and C B Pfd 22.25 Pacific Trans Trans Can Pipe 33-J5 Tr Can A Pfd 6S'S'4 Tr Can B Pld 38.25 Tr Can War WC Trans 20-50 WC Trans Wls 3 90 CALGARY Acroll .65 Barons Oils -01 N Continental .01 Vi West Warner .30 VANCOUVER MINES Atlas Explor .31 Vi Bath Norse .79 Dankoe 2.06 Davenport .35 Dolly Vard -20 Equitorial Res Lornex 10.50 Primer .09 Pyramid .13 Sllv Standard 1.07 Val Copper 9.50 .INDUSTRIALS CcHum Brew 3.00 Key Industries .15 wardair 1.75 OILS PRP Explor .84 Plains Pete .24 Ponderay Explor .76 Stamp Intl Res .80 MUTUAL FUNDS All Cdn Com 6.63 7.21 All Cdn Dlv 7.03 7.64 All Cdn Ventures 3.86 3.87 Amer Grow F 5.04 5.54 AGF Special 2.56 Cdn Invest F 5.06 5.55 Collect Mutual 5.48 6.02 Com Inter 13.74 15.10 Com Leverage 3.40 3.73 Com Venture 6.37 6.99 Corp Investors 6.29 6.91 Corp Invest S F 5.12 5.63 Dreyfus Fund US 10.61 11.63 Grt Pacific 4.70 5.13 Grpd Income 3.31 3.64 Growth Equity 8.15 Invest Grow F 12.20 13.34 Invest Mut 5.82 6.36 Mutual Accum 6.07 6.67 Mut Grow F 3.28 3.61 Nat Resources 4.95 5.44 NW Cdn 5.49 6.03 NW Growth 4.59 5.04 Principal Grow 4.56 5.00 Prov Mutual 7.83 B 34 Royfund .6.78 7.05 Templeton Grow 7.72 8.40 United Accum 4.87 5.35 Unlver Sav 7.98 8.78 Unlvest 6.24 6.86 Vanguard 9.99 6.56 Toronto industrials by Richardson Securities of i 11 A.M. QUOTES MINES' Acme Advocate Asb. 1.25 AKaltctio 1.08 Bralorne 1.60 Broulan .36 Bethlehem 15.00 Bovls 2.05 Brunswick 5 35 Can. NW Land 7.50 Canada Tung. 3.00 Cassiar 11.00 Central Pat. .90 Chlmo 1.02 Conwest 4.60 Cons. Rambler 2.90 Coin Lake .12 Cochenour V. .67 Craigmont 6.90 DicKenson Mines 3.00 Denison Mines 46.25 D'Eldona Dome Mines 10200 Discovery Mines .92 East Malartlc 3.45 East Sullivan 2.53 Falconbrldge 70.75 Frobex .23 First Maritlmes .71 Giant Y.K. 8.25 Granduc 3.65 Hollinger 45.62 Vi Hudson Bay Hydra Ex. .25 Iron Bay 3.55 Iso 1.83 Jollel Quebec .22 Kerr Addison 11.25 Key Anacon .30V4 Labrador 45.00 Lake Shore 2.73 Silver .05 Madsan R.L. 1.12 Malartlc G.F. .60 Martin McNeely .18 Maclntyre 56.50 Meta Midnm .16 Intern Mogul 9.15 Nu West Homes New Athona .11 New Calumet Noranda 50.75 Northgate 4.80 Pine Point 36.00 Placer Dev. 23.75 Pax Exp. 1.30 Quebec Man .13 Rayrock .95 Radlore .28 Rio Algom 32.12VJ Roman Corp. 12.50 Sherrltt Gordon 15.62Vt Steep Rock 1.93 Tek Corp. 3.70 Texmont United Canso 20.50 western Mines 3.00 W. House Copper Mines 3.05 Wright Hargretnws .81 Wlllroy 1.06 Windfall .11 Yellowknife Bear 4.75 Zenmac .08 INDUSTRIALS Abitlbi Alcan 35.37ft Algoma Steel 20.12U Atco Ind 15.25 Jannock 6.62ft Agra Ind 12.12ft Bell Tel 40.25 Brazilian Trac 16.00 BC Tel 53.50 15.50 BC Forest BC Sugar Bow Valley Ind Cable CAE Ind Carting O'Keele Chemcell Cdn Cellulose Cal Power Coron Credit CWN Gas Pfd Cdn Industries Cdn Vickers Chrysler CPR Comlnco Cons Bathurst Cons Gas Dist Seagrams Dom .i -idge Domtar Dom Textile Dom Stores Dome Pete Dotasco Glendale Mobile Grt Cdn Oil Sands Gen Motors Grt Lakes Paper Gulf Oil Cda Greyhound Hawker Sid Hiram Walker Huron Erie Imperial Oil Imasca Int Nickel Int Pipe Inv Group A IU International Indust Accept Kaps Kelly Doug A Laurentide Loeb Loblaw A Metropolitan Ferg McMil Bloedell Moore Corp Molsons A Molsons B Nachurs North Cent Power Corp Price Co Rothmans Shell CDA Simpsons Simp Sears Steel Canada Selkirk A Texaco Traders Grp A Trans Mtn Pipe Trans Can Pipe Union Carbide union Gas Union Oil United Slscoe Versatile Mfg Westeel Westons Woodwards A West Seed Zenith Elec Cdn Imperial Montreal Novt Scotia Royal Toronto-Dom BANKS 20.50 18.75 31.12ft 4.20 5.25 5.87ft 23.25 2.15 1025 17.87V4 16.37ft 16.00 15.25 36.00 26.25 15.75 42.00 35.50 22.62ft 8.75 13.75 36.50 29.50 8.62ft 10.25 50.75 23.62ft 32.00 23.62ft 4.85 53.25 30.00 42.12ft 29.00 33.00 23.00 9.12ft 21.12ft 17.75 5.00 5.T2ft 10.75 4.35 5.37ft 12.87ft 20.00 34.62ft 52.50 23.50 23.12ft 12.62ft 10.75 12.37ft 15.50 15.12ft 19.62ft 8.25 11.00 30.00 15.50 50.00 16.50 16.12ft 33.62ft 16.12ft 9.87ft 15.37ft 5.40 6.25 18.00 20.25 21.25 5.25 3.20 29.00 19.62ft 38.12ft 36.29 35.50 WIINNII'KU Live beef liilurcs close Tuesday Nov May 52.WH. New York by RiduirdMw Seearitles of Ainr. T4T 46.62ft Woohvortl. 19.00 ArwcoMa 24.50 WMtlnghouM Elec. 32.12ft Bern. Steel 28.00 U.S. Steel 32.12ft Chrysler 16.80 Gen. Tel. Elec. 26.00 Comsat 45.12ft i TORONTO AVERAGES Dupont 160.25 20 644.90 U.C. General Motors 1S.SO 20 Golds 167M dewn .23 Gulf 20.76 10 Melals 90.61 up .00 Int. Harvester 26.00 18 Wentern Oirs 281.29 up .18 Kaon. Copper 34.78 Volume Montgomery Ward 21.25 NEW YORK AVERAGES Soars 65.78 20 Industrials 217.77 U.C. Exxon 66.75 20 Rails 290.79 down .63 Taxes Gull 27.28 IS UtHltlea 97.00 up .86 Texts Co. 26.50 68 Stocks 263.91 up 2.06 iinn i Ann ;