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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 10, 1974, Lethbridge, Alberta Thursday, October LETHMIDOI Three-day rally extended in light trading on TSE TORONTO (CP) The To- ronto stock market extended its three-day rally today as all major sectors rose sharply in light mid-morning trading. The industrial index was up 3.10 to 163.30, golds 8.08 to 387.62, base metals .57 to 66.44 and western oils 3.43 to 138.76. The industrial index gained about nine points in the three previous days in response to renewed buying interest on MONTREAL (CP) Prices gained in light trading on the Montreal Stock Exchange today. Volume a.m. was shares, compared with shares at the same time Wednesday. The bank index led sectors, jumping 5.01 to 231.26. The composite rose 2.54 to 166.94, industrials 2.38 to 170.56, utilities 1.87 to 120.36 and papers 1.46 to 101.60. Toronto-Dominion'Bank rose IK to Bell Canada to Bank of Nova Scotia to International Winnipeg grain WINNIPEG (CP) All futures prices were higher at mid-session, 'some reaching their daily trading limits, in moderate activity today on the Winnipeg Commodity Exchange. Rapeseed and feed- wheat were strongest, while flax and oats were un- changed. Wednesday's volume of trade was bushels of feed wheat, of oats, of barley, no corn, of rye, of flax and 000 of rapeseed. Mid-session prices: Thunder Bay rapeseed: Oct. 15 higher 9.95A; Nov. 20higher 9.77; Dec. 20 higher 9.48B; May 20 higher 9.66. Vancouver Nov. 18% higher 10.35; Jan. 20 higher 9.95B; Mar. 12V4 higher 9.70; June higher 9.50. Flax: Oct. unchanged 12.56B, Nov. one higher 12.35; Dec., one 'higher 12.11A; May unchanged 11.93A. Feed wheat: Oct. 10 higher 4.0BB; Dec. 10 higher 3.98B; May1' seven higher 4.07B; July not open. Com- Dec seven higher 4.23A; Mar. four higher 4.26A; May unchanged 419B; July unchanged 4.20B. Barley: Oct. three higfier 3.09UA; ,Dec. 2% higher 3.05KB; May eight higher 3 July three higher 3.21B. Oats- Oct unchanged 210A; May Vi higher 2.02A; Dec. and July not open. Rye: Oct 5Vt higher Dec. 'five higher 3.45; May six higher 3.54; July 2% higher 351 %B. Grain quotes Wednesday basis Lafcehead: High Low Close Flax [Oct 1256 1237 1256 Nov 1234 1204 1234 -Dec 1210 1180 1210 May -1193 1163 1193 Rapeseed Thunder Bay 980 974 980 Nov 957 937 957 Dec 928 May 946 Rapeseed Vancouver Nov 101614 1010 Jan 975 965 975 Mar -940 957% Jnn 9ti% 925 941% Corn basis Montreal the New York market, also up sharply again today. At Toronto, advances out- numbered declines by more than seven to one, 210 to 28, with 112 issues unchanged. Volume by 11 a.m. was 000 shares, up from at the same time Wednesday. Among the largest price changes, Canadian Tire A rose 1V4 to Toronto Dominion Bank 1 to Moore 1 to Market trends Nickel class "A" to 124, Moore to Alcan to Shell Canada to 1AC Ltd. to Steinberg class "A" to and Pan Ocean Oil Vt to Royal Trust class "A" fell to f 19% and Canadian Javelin V4 to Among speculative issues, Oakwood Petroleums fell 99 cents to 74 cents after trading shares. VANCOUVER (CP) Prices were mixed in light trading on the Van- couver Stocks Exchange this morning. First hour volume was shares. There was no trading in the in- dustrials. In the mines, .Grandora was un- changed at .47 on shares. In the oils, Payette was unchanged at .16 on First hour volume on the curb ex- change was Remar was unchang- ed at -05% on In the industrials Wednesday, Ven- ture was down .04 at .10 on shares. Newroark was unchanged at Stelcowasup-.50atf2S.00 on and Canadian Javelin was up at on lonarc was unchanged at .33 on and Athabasca was unchanged at In the mines, Grandora was down .03 .at .47 on shares. Colt was up .07 at .44 on Barrier Reef was down .02 at .96 at and Green Eagle was up .01 at .12 on Consolidated Beaumont was up .06 at .26 and Whars Resources was up .10 at .75. In the oils, Princess was down .01 at .10 on snares.. Seneca Develop- ment was down .01 at .72'on Bison Petroleum was unchanged at on and Galveston was un- changed on Coseka was nn- chaaged at OB the curb exchange, total volume ,was Ryslo was down .01 at .35 on Tapin copper was unchanged at .57 on Dasher was down .01 at Gulf Canada 1 to 124% and Huron and Erie Vt to Inco A gained to Aquitaine to Bell Canada to Price to and Bank of. Nova Scotia to Agnico-Eagle was up to Canada Tungsten 15 cents to and Camflo Vi to United Canso increased to and Siebens to MICC Investments fell Wio and Vestgron to .46 on Thor Explorations was up .06 at on and Green Bluff' was unchanged at .53. Geor Mining was down .01 at .32. NEW YORK (AP) The stock market recorded its second powerful advance in a row in heavy trading today, with the aid of good news on both the inflation and interest-rate .fronts. The noon Dow Jones average of 30 in- dustrials was up 15.73 at 646.75, and gainers held about an 8-to-l lead over losers on the New "York Stock Ex- change. The market, already riding the momentum of Wednesday's 28.39 ad- vance in the Dow, got further en- couragement from cut by a small St. -Louis" bank and the govern- ment's report-today that wholesale prices rose in September at their slowest rate in 11 months. The Dow, at its best level this mor- ning, was up more than 20 points, increasing its rise since the start of the week to more than 65 points. .At that stage, some profit-taking appeared and it looked as If the rally was embarking on the first test of its longevity. Individual sectors of the market con- tinued to benefit from specific points in the economic, plan proposed by President Ford Tuesday afternoon. Utility issues and capitalgoods producers posted gains linked by analysts' to Ford's call for tax measures to ease capital-raising problems. The NYSE's noon composite index of listed common stocks -was up 1.04 at 36.73. N Among Canadian issues on the NYSE, Dome Mines was up 1% to Mclhtyre 1 to Inco Vt to Massey Ferguson to Hiram Walker Vi to and Alcan V. to Livestock Calgary Dec Mar May Jly Rye Oct Dec May ily Barley Oct Dec May Jly Oats Oct Dec May 340% 340% 350 349 30914 305% 318 215 197 203% Tetd Wheat bet 409 396 May 402 337 334 343% 347 302 29S 309% 316 210 193% 201% 398 388 382 416 422 419 420 337 340 348 349 306% 303 313% 318 210 196 201% 202 398 388 400 '400 CALGARY (CP) Receipts to 11 a.m. Thursday from the Calgary public stockyards totalled head, mostly slaughter cows with a light run of finished slaughter steers and heifers. There were good local and eastern demands in moderate trading on all classes of steers and heifers, selling steady. Dl and D2 cows sold lower, with and D4 cows lower. Bulls were steady. Steers, Al, A2: 46-18. A3: 44-46. A4: 42-44. Heifers, Al, 42. Cows, Dl, 40-15. Bolls, good: 25-27. There were insufficient' replacements or calves sold early to establish a market. No hogs were sold to 11 a.m. Good Iambs: 37. Beef futures WINNIPEG (CP) Live beef futures close Wednesday. Nov. 47.00N; Jan. 47.20A; July 48.75. Tuesday's volume: No contracts. Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon today was down-1-50 at S0.97 49-50. Pound sterling was down 1 59-100 at 73- 100. In New York, the Canadian dollar was up 1-50 Pound sterling 'was down 1 3-5 at 24. M, C. Slavich, C.LU. Representative LETHBRIDGE Tel: 327-5514 E. Mayeske Representative LETHBRIDGE Tel: 327-5514 Did you know you can buy a policy that not only gives you lire insurance protection but is linked to investment in common stocks? We call our plan the ManuLife variable insurance policy backed up by our Canadian common stock fund, real potential growth with guaranteed minimum values. Remember the name: ManuLife Investor. And call us today Tor a look at the future. Hhe Msoutectuws InMivmcc Cofnpjmy Hog prices EDMONTON (CP) Prices to 11 a.m. Thursday provided by the Alberta Hog Producers Marketing Board: Wednesday's prices in brackets: Edmonton 54.20 Calgary nil Red Deer nil Lethbridge Nil Fort Macleod nil Hogs sold to 11 a.m. totalled 102! Wednesday's hogs totalled for an average price of 55.05. Sows average 33.20. Chicago markets CHICAGO (AF) Commodity futures turned around sharply Wednes- day on major exchanges in the United States. Prices were mostly higher, with many limit advances, after .aysof sharply lower prices, limit declines. Farm commodities, in particular, were in great demand. On the Chicago Board of Trade, soybeans advanced the limit of 20 cents a bushel, soybean meal hit its limit of a ton and soy oil gained its limit of 100 points, or one cent a pound. Corn -futures were up 10 cents a bushel, hot oats fell from a limit six cents high and closed a shade tower. Wheat futures closed at 18 cents above the previous dose, just two cents short of a limit move. Commodity futures on the Chicago Mercantile Exchange also forged ahead to limits. These included S1.SO per hundredweight in live hogs, in five cattle, ISO points in pork bellies and. 200 points in shell eggs. The strength in grains strongly influenced the gains. At the close, soybeans were five cents a bushel lower to 20 higher, Nov. 9.04; Chicago wheat was IS to 18 cents higher, Dec. 5.20; Gulf wheat was not traded; corn was Dec and oats were 3% to 3% higher, DCC.L90U. Grain quotations Wednesday: Wheat: Dec SMr Mar May 5J1; Jnl Sep 5.03. Corn: Dec Mar 3J1; May Jnl 3J6: Sep 3.72: Dec 3.32. Oats: Dec. Mar. May Feed prices WINNIPEG (CP) Wheat boon) domestic feed grain prices Wednesday: 3 CW red spring wheat MB; No. 1 feed oats MO; No. 1 feed barley Gold futures WINNIPEG (CP) GoM Wares. 13.S. fands. Winnipeg Commodity Ex- 4W0CNCE CONTRACTS: Oct 74 IS7.75B; Jan IS 16UPB; Apr 75 -ISB.OOBt Jly 75 -175.08; Ocl 75 180.408. Tuesday's votanw: 222 contracts. MMHOTCE CONTRACTS: Nov 74 191.79, 75 VKHf. May 75 I7LSOB; Ang 75 176JOB; N0V75-WO.JB. i 77 Gold prices LONDON Wednesday's dos- ing gold prices to VS. doBars w The HeraU- Business Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHBRTY HMTffiD WESTERN Trust 20.00 AND 5.25 Alton 4.05 Albany 3.50 Alta East Min .55 A Pfd 45.00 Yukon 6.25 Ashland STOCKS BP Gas A Brenda Mines Gas Pfd 60.00 Cda Nat Gas 16.50 Cdn Metro 5.25 Cdn Metro A Pfd 46.00 Cdn Ind Nat Gas 10.25 Cdn Long Island C Gas 9.00 Cdn C B Pfd 16.00 Gas Tr 8.12% Dome Pipe 9.50 Dynasty A Pfd 52.25 Nu Ft B Pfd 28.25 Giant Pipe .90 Gibraltar Trans 16.00 Trans War 1.70 G.t Cdn Lochiel .33 Lytton Oil .04% North Cdn Continental .01 VS Numac Warner .22V4 PanCdn VANCOUVER Pan Paloma Pete Norsemines .72 Place Resources .41 2.15 Ranger Oil .40 Scurry 5.00 Mines 1.49 Ulster ,03 United .05% West Standard .89 West Decalta Copper 5.25 INDUSTRIALS Industrie .07 Acres 1.38 BC Sugar C Petroleun. .18. Block Pete .09 Canbra Int'l Res .60 Cdn Pac A FUNDS Cdn Pac Cdn. Compound 4.77 Carting, A Cdn. Dividend 4.92 Carling B Cdn. Ventures 2.16 Com Cap Growth Fund 3.39 Crest Special 1.74 Crowsnest Invest Fund 3.85 Falcon Comnwlth 10.85 M Leverage 2.41 Iht'l Venture 4.29 Home Oil Investors 4.88 Home Oil Invest Stock- Fund 3.63 Hud Bay Fund U.S. 8.14 Hud Bay Pacific 3.53 3.86 Hud Bay Oil A In Shares 2.41 Hugh Russell C Equity 4.79 Husky Growth Fund 8.94 Husky Oil B Mutual 4.44 Husky Oil E Accum 4.86 Inter Pipe Resources 3.40 Inter Cdn 4.08 Kaiser Growth 3.38 Kaiser Res Growth 2.99 Loblaw C 4.96 Growth 5.97 Pac Accum 3.32 Pac West Savings 6.47 Pe Ben 5.23 5.75 Rainer 37 Toronto mines, industrials (Supplied by Richardson Securities of Canada; Acme Advocate Asb. AKaitcho Bratorne Broulan Bethlehem Boris Brunswick Can. NW Land Canada Tung. Cassiar Central Pat. Chimo Conwest Cons. Rambler Coin Lake Cochenour Crafgmont Oickenson -Mines Oenison Mines D'Eldona Mines Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Giant Y.K. Granduc Holiinger Hudson Bay A, Hydra Ex. Iron Bay ISO Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Madntyro Meta Midrim Intern Moout NuWest Homes Now New Calumet Noranda Northgate Norlex Pine Point Placer Dev. Pax Exp. Quebec Man Rayrock Radtore Rio Algom Roman Corp. _ Sherritt Gordon Steep Rock Sunningdate Tek Corp. A Tcxroont United Canso Western Mines WH Copper Mines Wnont Harareaves Yn I9 Zenmac mOUSTRMLS man Alcan AlgomsSted Atoolnd Agra Ind Tel Sratscsn A Forest Sugar 1.00 Valley Ind Cable Ind Power Foods _ Cellulose 3.80 O'Keefe Chemcell Ind Gas Rfd Marconi VTckers .14% CPR Bathurst .29 47.25 Seagrams Dom Bridge -Domtar Textile Stores Pete e Mobile Cdn Oil Motors 24.00 Lakes Paper Gulf Oil .45 Hawker Sid Walker A Erie Oil A A Nickel 3.70 Pipe Inv Grp A 25.00 .09 KeJ Douglas A 4.50 A .17 .15 Massey Ferg McMill Bloed 3.90 Corp MolsonsA 27.00 Nachurs Cent SO Corp Price Co CDA 7.00 1.09 Simp Sears Steel Can A A Grp A 2.10 2-35 Mtn Pipe Trans Can Pipe Union CarMde Gas OB Siscoe Mfg A Imperial Scotia Dom 45.00 9.00 11.50 18.00 14.1 2V4 8.37V4- 6.62V4 17.75 250 4.50 2-53 4.50 18.50 8.50 2.80 13.37V4 23.87% 24.50 13.75 30.25 35.00 20.50 8.25 1450 18.62% 23.25 1.85 525 36.00 16.50 2350 13.50 4.65 '3650 19.00 27.37% 23.50 23.87% 13.25 5.62% 10.12% 1650 5.00 2-20 450 6.25 2.60 4.95 9.25 1357% 22.00 37.25 1650 15.25 5.12% 8.87% 3.10 8.25 1250 8.25 12.62% 6.12% 825 2525 10.00 3250 9.37% 1125 1725 7.87% 7.87% 3.10 4.65 17.00 21.00 18.12% 23.75 13.00 35.75 2950 36.75 NewYork Anaconda BethSteeJ OhrysAer Cotnssft Dupont Gem Motors Gum 2650 37 1214 London UftSO Paris C7 Zurich-156 CO Hong Kong 153 74 SjOOS a kflo. Sews Exxon Texas Gtff Texas Co Ward 33.75 18 12% 493TA 6600 23SO 11.25 WOCAworTh Westtncfnouse Bee us Gen Tel Bee 22AO TORONTO AVERAGES 20 industrials 162.47 227 20 GoDds up 978 10 Base Metals 66.97 up 1.10 IS Western OKs 138.68 up 335 Volume 989.000 NEW YORK AVERAGES 20 Industrials 646.74 up 1.52 20 144.15 Up IS Utilities 67.83-up 2-58 65 Stocks 205.23 up 4.82 Volume Wheat council lowers estimate on production LONDON (AP) Estimates of world wheat production, excluding China, were revised downward Wednesday by the Inter- national Wheat Council, due largely to an expected drop in Soviet union production. Production in 1974-75 probably will be about 327 million to 334 million tons, down from estimtes made in June of 342 million to 955 million tons, the council said in its latest report on the wheat market. The harvest now anticipated would be a drop of eight million to 15 million tons from a year earlier, it said. There Rapeseed plant agreement CALGARY (CP) The Alberta Wheat pool and four major Japanese trading and food processing companies have signed a formal agree-' ment to build a million rapeseed crushing plant at Port Saskatchewan, 15 miles northeast of Edmonton. The plant will have a production capacity of 600 tons per day and will employ about 60 workers, some of them Japanese, said G. L. Harrold, president the Pool. The plant will crush nine million bushels of rapeseed annually to produce tons of rapeseed oil and 000 tons of rapeseed meal a year. Mr. Harrold said the Pool has one of the best grain gathering systems in Canada and! sauI le expects no trouble in meeting the raw rapeseed demands of the facility. "Traditionally about half of Canada's rapeseed has been produced in he told a news conference. "About of the producers in Alberta are members of the Pool. "Therefore we think it is reasonable to assume that many of our members have been producing rapeseed. If current prices continue, or if they remain anywhere near their present levels, we ex- pect little problem in convinc- ing producers to produce rapeseed for this plant." The four Japanese com- panies are C. Itoh and Com- pany of Tokyo, Ajinomoto Co. of Tokyo, Showa Sangyo of Tokyo, and the Fuji OiLCo. are about 33 bushels to a ton. Adverse weather conditions were blamed for the lower es- timtes. First assessments of the world crop, excluding China, pointed to a substantial increase from the record 342.1 million tons reaped in 1973-74. The report said the size of the Soviet wheat harvest was uncertain but looked like be- ing between 90 million to 95 million tons, down about 15 million to 20 million tons from the previous year's record crop. Despite better weather in some key regions and incen- tive for higher output because of higher prices, drought and rains have lowered estimates of this year's crop in the United States from 59.1 million to 48.8 million the report said. Estimates of the Canadian crop have1 dropped from planting intentions of 17 million 20 million tons to an expected harvest of 14 million. Poor weather also has forc- ed India to increase its wheat imports. Bank predicts inflation rate reduction in 975 TORONTO (CP) The To- ronto Dominion Bank predicts a reduction in the inflation rate next year, coupled with-a slowdown of economic growth. ,.-.In its fall forecast on business climate, released this week, the bank suggests that 12-per-cent inflation this year will be reduced to nine per cent in 1975, but this will go hand in hand with a reduc- tion in real-economic growth. HOPES PROVE FALSE WASHINGTON (AP) Ex- pectations that there would be a slight increase in world grain reserves by the fall of 1975 have evaporated, the United States government said yesterday. The effects of Severe drought in the U.S. grain belt and some weather damage to new crops in the Soviet Union have cut world wheat carry-over ex- pectations by metric tons since July 15. The proj- ected feed-grain carryover has been cut 9.1 million tons. The bank's forecast said that this year's estimated real growth of four per cent will drop to about 3% per cent in 1975. There were indications that some sectors would continue to expand rapidly, but that overall growth would slow. The report says the tighten- ing of credit markets, "although not as severe as that experienced in the United States and some other will have a detrimental effect on some in- dustries. BANK of MONTREAL Announcement MR.JACKBURT Mr. Neil Tail, Southern Alberta District Manager 7or the Bank of Montreal, is pleased to announce the appointment of Mr. Jack Burt as Manager of their north side iranch, Lethbridge. Mr. Burt attended school in .ethbridge and commenced his janking career in 1962. He has served in a number of branches hroughout Alberta, and im- nediately prior to his recent ap- pointment was the manager at Sold Bar Branch, Edmonton. He looks forward to renewing ac- juaintances with the Lethbridge ind district residents. Or 1003 4th Avwnw South, Lcthbridge Tvtopbone 329-4426 roeesstns Jervtces Young people don't go in much for talking. They'd rather be doing. And when they find themselves with nothing to do, they could begin looking for action in the wrong place. Yes, it is .important that young people have something constructive jto do and that just could be a newspaper route. A route gives them a chance to earn money while they learn the fundamentals of busi- ness. OoMact: lie 3284411 ;