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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 15, 1973, Lethbridge, Alberta Prices on TSE record drop The Herald- TORONTO (CP) Prices on the Toronto stock market were off sharply in active mid-morning trading today. The industrial index, consid- ered the best gauge of market trend, fell 1.04 to 232.52, golds 1.66 to 261.70, base metals .10 to 108.96 and western oils .42 to 257.01. Volume by 11 a.m. was 000 shares compared with at the same time Friday. Declines led advances 176 to 110 with 215 issues unchanged. Oil refining, steel, commu- nication and industrial mining stocks were among declining market sectors while bank, beverage and trust and loan issues gained. Imperial Oil fell to Shell Canada Vt to Simpsons-Sears Vs to Texaco Vz to and Westinghouse to Texasgulf rose Vs to Sla- ter Steel V8 to Walkers A to Abitibi to and Bank of Nova Scotia to Camflo fell 35 cents to Campbell Chibougamau 15 cents to and Chemalloy 15 cents to International Mogul gained 1 cents to Pan Ocean fell "A to and Peyto 10 cents to MONTREAL (CP) All sectors except papers declin- ed in light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was 200 shares, compared with shares at the same time Friday. Industrials fell 1.01 to 262.90, the composite .87 to 241.58, banks .79 to 279.81 and utilities .39 to 145.85 while papers rose .08 to 154.25. On the Montreal Stock Ex- change, International Nickel fell to Pan Ocean Oil to Mercantile Bank Vz to and Distillers Corp.-Seagrams to while Denison Mines rose to On the Canadian Stock Ex- change, White Star Copper Mines rose one cent to 34 cents on shares traded. NEW YORK (AP) Profit taking bit into the stock mar- ket's recent gains and sent prices tumbling today. The Dow Jones industrial average had dropped more than 12 points in midmorning, then recovered and was down 9.79 points to 968.84 at noon. Among Canadians on the New York Stock Exchange, Alcan was down Vz to International Nickel down Vz to and Mclntyre off one to 53Vz. Gains were shown by Seagrams, up Vg to Dome Mines, up Vt to88V2, and Walk- ers, up Vg to Stock exchanges need facelift NEW YORK (CP) Leaders of the world's major stock exchanges are generally agreed that a facelift is urgently needed in their way of doing business. The main problem is how to effect change in an industry that is rapidly crossing national boundaries but still operating under national systems. Perhaps a worldwide linkup of stock exchanges providing a 24-hour market for investors may be the answer. But a whole new code of inter- national as well as national rules would have to be set up for such a system to work. Representatives of stock ex- changes in 19 countries met for three days here, and concluded after Wednesday's closing session: Adjust we must. The stock exchanges are members of the Federation Internationale des Bourses de Valeurs Inter- national Federation of Stock Exchanges. The Paris-based organiza- tion held its general assembly for the first time in the United States and elected as its new president, Pedro Rodriguez Ponga y Ruiz de Salazar, chairman of the Madrid Stock Exchange. He succeeds Friedrich Priess of West Ger- many. Chairman James Needham of the New York Stock Ex- change was elected vice- president. CANADIANS PRESENT Canada, which is a voting member of the federation, sent three delegates representing the Toronto Stock Exchange president, J. R. Kimber, and J. Christopher Barron and J. Peace Bunting. Kimber called the federa- tion a "significant group" and said Canada had an important part to play in it. The stock exchange presented a paper on automa- tion to the assembly, saying: "With significant inter- nationalization of securities markets only two to three years in the future, there are ,some important questions which could well be con- sidered now in order to avoid hasty action in the face of future stress." Questions specifically cited in the discussion included whether a security should be traded in different places at different times "or, to avoid market fragmentation and to ensure fair execution and maximum liquidity, should all orders for any given security be placed in a designated ex- change trading Te Canadian paper also touched on the provision of clearing facilities by ex- changes for settlement of international transactions between exchange members. STUDY REQUESTED In an interview, Kimber said the Toronto Stock Ex- change had been asked to do a study on automation of various exchanges. Many questions were raised in the discussion, he said, dealing with the more philosophical problems. For instance, he said, traders are used to dealing "eyeball to eyeball." What would happen if they were automated into private of- fices? Would it work? "We were asked to study the questions further and corne back with some Kimber said. Delegates to the assembly noted that the rapid growth of international business and fi- nance had posed new challenges for the industry and these challenges must be given the highest priority. A special group of experts was formed to study the crucial issues facing stock ex- changes. "Adjustment to these new conditions is an imperative step, taking the highest prior- the federation said. East oil talks start Wednesday KUWAIT (Reuter) Oil ministers from the Arab states will open their emergency meeting on oil as a weapon in the Middle East conflict Wednesday, not Tues- day as planned, it was an- nounced today. The new schedule was given by Dr. Ali Attiya, Libyan secretary-general of Oapec the Kuwaiti-based organiza- tion of Arab petroleum ex- porting countries. The Kuwaiti oil minister, Abdel-Rahman Al-Atiqi, said all the Arab producers will be represented at the meeting. The independent Kuwait newspaper Al-Seyasseh says measures will be discussed to halt oil shipments to the United States and any other country whose support for Israel can be confirmed. But this step would not be sufficient on its own, the paper says, because that Kuwait's exports to the U.S. constitute only two per cent of U.S. oil needs, while all Arab oil exports to the U.S. total only 18 per cent of consump- tion there. "Consequently, it is believ- ed the oil ministers will take a supplementary step by reduc- ing current production rates whereby oil exports to Japan and Europe will just satisfy their own needs without allow- ing re-exports of surplus oil to the the paper says. Halfway house topic Salvation Army plans for the establishment of a half- way centre will be explained to members of the John Howard Society at a monthly meeting Tuesday, said Dave Rodgers, executive-secretary of the society's board of direc- tors. The society passed a motion last May to investigate the possibility of setting up a half- way house or residential centre which would be used as temporary accommodation by former prisoners who have served their sentence. Business Toronto mines, industrials (Supplied by Richardson Securities of Canada) 11 A.M. QUOTES MINES Acme .11 Advocate Asb. 1.25 Akaitcho 1.12 Bralorne 1.90 Broulan .40 Bethlehem 16.87V4 Bovis 2.40 Brunswick 5.65 Can. NW Land 8.50 Canada Tung. 3.15 Cassiar 13.50 Central Pat. .96 Chimo 1.07 Conwest 4.65 Cons. Rambler 3.35 Coin Lake .12 Cochenour .61 Craigrnont 7.75 Dickenson Mines 3.10 Denison Mines 43.75 Discovery Mines 13.87V: East Malartic 3.40 East Sullivan 2.85 Falconbridge 80.00 Frobex .28 First Maritimes .76 Giant Y.K. 8.20 Granduc 3.50 Hollmger 49.25 Hudson Bay Hydra Ex. .19 Iron Bay 3.60 Iso 2.25 Johet Quebec Kerr Addison 11.75 Key Anacon .35 Labrador 47.00 Lake Shore 2.50 Langis Silver .05 Madsen R.L. 1.08 Malartic G.F. .82 Martin McNeely .21 Maclntyre 54.25 Meta Midrim .19 Intern Mogul 9.85 Nu west Homes 9.00 New Athona .14 New Calumet Noranda 56.12vi Northgate 4.85 Norlex .49 Pine Point 36.75 Placer Dev. Pax Exp. 1.40 Quebec Man .13 Rayrock 1.00 Radiore .28 Rio Algom 29.50 Roman Corp. 11.00 Sherritt Gordon Steep Rock 1.91 Tek Corp 4.10 Texmont .24 United Canso 16.62Vi Western Mines 3.00 W. House Copper Mines 3.15 Wright Hargreaves .90 Willroy 1.06 Windfall .10V4 Yellowknife Bear 4.40 Zenmac 09 11 A.M. QUOTES INDUSTRIALS Abitibi 14.25 Alcan 38.75 Algoma Steel 21.00 Atco Ind 15.37Vz Jannock 6.87Vi Agra Ind 12.12V4 Bell Tel 41.25 Brazilian Trac BC Tel Burns BC Forest BC Sugar Bow Valley Ind Cable CAE Ind Cdn Brew Chemcell Cdn Cellulose Cal Power Coron Cred CWN Gas Cdn Indus Cdn Marconi Cdn Vick Chrysler CPR Cominco Cons Bath Cons Gas Dist Seagram Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Dofasco Glen Mobile Grt Cdn Oil Gen Motors Grt Lakes Gulf Oil Cda Greyhound Hawker Sid Hiram Walker Huron Erie Imperial Oil Imasca Int Nickel Int Pipe Inv Group A IU Inter Indust Accept Kaps Kelly Doug A Laurentide Loeb Loblaw A Metropolitan Massey Ferg McMil Bloed Moore Corp Molsons A Molsons B Nachurs North Cent Power Corp Price Co Rothmans Shell CDA Simpsons Simpsons Sears Steel Canada Selkirk A Texaco Traders Grp A Trans Mtn Pipe Trans Can Pipe Union Carbide Union Gas Union Oil United Sis Versatile Westeei Westons Woodwards A West Cdn Seed Zenith Elec BANKS Cdn Imperial Montreal Nova Scotia Royal Toronto-Dom 53.12% 15.75 23.75 20.87% 17.25 4.25 6.00 7.87% 24.50 2.20 11.00 17.37% 3.85 16.37% 24.62% 16.75 36.25 29.37% 15.62% 45.50 37.00 25.62% 10.25 13.87% 36.25 31.25 10.00 7.80 65.00 29.75 33.75 17.00 5.62% 57.37% 31.62% 4525 28.87% 37.00 24.00 10.62% 28.25 19.00 5.00 5.62% 11.62% 4.90 5.25 14.75 25.62% 39.12% 54.25 25.50 25.00 11.87% 10.25 13.25 17.25 15.37% 19.75 9.25 13.00 34.37% 16.50 56.50 19.50 16.75 32.50 17.50 10.00 15.00 6.90 7.00 19.00 19.50 23.87% 6.00 3.20 30.62% 18.62% 38.25 37.75 36.75 Miscellq neons Vancouver, Calgary, Montreal (Supplied by Doherty, McQuaig Ltd.) 11 A.M. QUOTES WESTERN OILS AND MINES Albany Oils 1.06 Alta East Gas 7.70 Alminex 6.60 Asamera 14.62% Ashland 13.25 Afton 9.50 BP Canada 14.75 Brenda Mines 8.40 Can South 6.40 Cdn Ex Gas 4.15 Cdn Homestd 8.60 Cdn Ind Gas Oil 8.75 Cdn Long Is .23 Cdn Super 55.50 Charter Oils 400 Chieftan 12.75 Dome Pete 37.00 Dynasty 10.50 Fort Reliance .23 Gibraltar 14.75 Giant Mascot 3.25 Granisle 9.50 Gt Plains 28.50 Gt Cdn Oil S 7.80 Lochiel Ex 3.25 Lytton Mm Noble Mines 1.25 North Cdn Oils 7.75 Numac 19.37% Pancdn Pete 13.87% Pan Ocean 20.37% Petrol 1.55 Pinnacle .23 Place Gas .62 Ponder .55 Ranger 32.25 Seibens 1450 Spooner .45 Total Pete 7.50 Ulster .95 United Canso 16.75 West Pete 5.75 West Decalta 7.65 MISCELLANEOUS INDUSTRIES Acres Ltd 14.75 Aquitame 23.75 BC Sugar Pfd 14.50 Block Bros 3.00 Com Cap Corp 3.15 Cdn Brew A Pfd 26.37% Cdn Brew B Pfd 31.25 Cdn Pacific Inv 34 12% Crestbrook Ind 12.75 Crowsnest Ind 28.00 Falcon Copper 14.50 F and M Trust 5.62% Genstar 18.50 Global Com 42.50 Home A 49.75 Home B 4650 Hud Bay Co 20.62% Hud Bay Oil 4550 Hud Bay A Pfd 55.50 Hugh Russell 55.50 Husky Oil 25.12% Husky B Pfd 42.12% Husky D War 8.75 Husky E War 10.75 Hys of Canada 3 90 Inter Prov Pipe 8.65 Inter Prov Steel 14.87% Kaiser Res 3.75 Loblaw C Pfd 27.50 Magnasonics 7.25 Pacific Pete 31.75 Pac West Air 1025 Pe-Ben Oilfield 7.12% Royal Trust Sandwell Teledyne West Cdn Seed Westfield Weston A Pfd White Yukon PIPE LINE STOCKS Alta Gas A Alta Gas Pfd Alta Nat Gas Inland Nat Gas N and C Gas N and C B Pfd Pacific Trans Gaz Metro Gaz Metro A Trans Can Pipe Tr Can A Pfd Tr Can B Pfd Tr Can War WC Trans WC Trans War CALGARY Acroll Barons Oils N Contin W Warner VANCOUVER MINES Atlas Explor Bath Norse Dankoe Davenport Dolly Vard Equitorial Lornex Primer Pyramid Silv Stand Val Copper INDUSTRIALS Colum Brew Key Indus Wardair OILS PRP Explor Plains Pete Pond Explor Stamp Intl Res MUTUAL FUNDS All Cdn Com All Cdn Div All Cdn Ven Amer Grow F AGF Spe Cdn In' F Col Mut Com Inter Com Lev Com Ven Corp invest Corp In S F Dreyfus F US Grt Pacific Grpd Income Grow Equity Invest Grow F Invest Mut Mut Accum Mut Gr F Nat Res NW Cdn NW Grow Prin Grow Prov Mutual Royfund Temple Grow United Accum Univer Sav Univest Vanguard 2850 5.87% 4.35 6.00 1.13 60.00 10.25 12.00 66.50 20.00 10.12% 10.37% 22.12% 11.25 4.50 65.00 32.75 61.50 39.00 6.60 15.50 2.75 .70 .04% .02 .31 .33 .73 2.05 .48 .23 .19 12.25 .08 .13 2.14 11.50 5.25 .21 1.90 .82 .28 94 1.10 7.52 8.17 7.96 8.65 3.97 4.31 5.91 6.49 3.20 5.40 5.92 6.32 6.93 15.03 16.52 3.98 4.37 7.42 8.15 6.57 7.22 5.50 6.04 12.16 13.33 4.84 5.28 3.77 4.15 8.17 8.98 12.73 13.92 6.18 6.76 6.36 6.99 4.06 4.46 5.30 5.82 6.06 6.66 5.76 6.33 4.95 5.44 8.01 8.76 7.20 7.50 8.33 9.12 5.47 6.01 8.33 9.16 6.42 7.06 7.22 7.91 Monday, October 15, 1973 THE LETHBRIDGE HERALD 17 Money outlook for seaway still unsettled New York (Supplied by Richardson Securities of Canada) Amr. T4T 50.00 Woolworth 23.50 Anaconda Westinghouse Elec. 33.50 Beth. Steel 34.25 U.S. Steel 35.50 Chrysler 24.62V4 Gen Tele Elec 30.37V4 Comsat 5575 TORONTO AVERAGES Oupont 199.00 20 Industrials 232.73 down .63 General Motors 20 Golds 261 86 down 1.50 Gulf 22.75 10 Base Metals 108.94 down .12 Int. Harvester 35.00 15 Western Oils 257.95 up .52 Kenn. Copper 36.00 Volume Montgomery Ward NEW YORK AVERAGES Sears 30 Industrials 970.57 down 8.04 X-Ron 92.62'4 20 Rails 182.25 down .85 Texas Gulf 31.37V4 15 Utilities 102.56 flown .51 Texas Co. 65 Stocks 295.81 down 2.05 Wlx Corporation 17.00 Volume f A ttqck on rising land costs Urban Affairs Minister Ron Basford says the government will suggest new ways to attack rising land costs at the federal-provincial-municipal conference later this month. He said he also plans to discuss imple- mentation of the federal land-banking programs. Winnipeg grain WINNIPEG (CP) Rapeseed prices were down the daily maximum today at mid-session on the Winnipeg Commodity Exchange. Trading in that commodity was moderate. Flax prices also were well off Friday's close, oats and barley posted slight to heavier losses and rye declined nine to Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Monday from the Calgary public stockyards totalled 200 head, mostly slaughter steers and Cows. Trade was active. Slaughter steers sold steady, conditions considered. There were no slaughter heifers on offer. Cows and bulls were steady. Steers, Al, A2: 45.50 to 47. A3: 44.50 to 45.25. Cows, Dl, D2: 35.50 to 37. D3: 34 to 35.50. D4: 30 to 34. Bulls, good: 40 to 43. There were insufficient replacement cattle or stock calves on offer to establish quotations. Hogs fob toll a.m.: 54.05. Preliminary slaughter figures for week ended Oct. 13: Alberta hogs beef Canada hogs 145.765, beef Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Monday was down 4-25 at 7-50. Pound sterling was down 17-50 at 53-100. In New York, the Canadian dollar was up 4-25 at 43- 50. Pound sterling was up 1-20 at 4-5. 12 cents on limited demand. Friday's volume of trade was bushels of flax, of rapeseed and of rye. Mid-session prices: Flax: Oct. 21V2 lower 8.49A; Nov. 17Vz lower 8.41A; Dec. 22V4 lower 8.09A; May 22Vz lower 8.03A. Rapeseed Vancouver: Nov. 20 lower 5.14A; Jan. 20 lower 5.07VzA; March 20 lower 5.00A; June 20 lower 4.96V2A. Rapeseed Thunder Bay: Oct. 20 lower Nov. 20 lower 4.98A; Dec. 17 lower 4.77A; May 20 lower 4.84A. Oats: Oct. V4 lower Dec. 3% lower 1.33A; May and July not open. Barley: Oct. Vz lower 2.19VzA: Dec. 10 lower 2.10A; May 10 lower 2.09A; July not open. Rye: Oct. 9 lower 2.68A; Dec. lOVz lower 2.35A; May llVz lower July 12 lower 2.33B. Hog prices EDMONTON (CP) Average prices to 11 a.m. Monday provided by the Alberta Hog Producers Marketing Board with Friday average in brackets: Edmonton: 54.10 Red Deer: 54.05 Calgary: 54.05 Lethbridge: Nil B.C. Railway shut down VANCOUVER (CP) A British Columbia Railway spokesman said today the government-owned railway was shut down as its four shopcraft unions walked off the job after contract negotiations broke down. By BOB DOUGLAS OTTAWA (CP) The St. Lawrence Seaway Authority is changing helmsmen at a time when business is brisk but the financial outlook still is unsettled. The inland waterway handl- ed a record 53.6.million cargo tons last year and government officials have predicted 55 million tons will pass through this year. But, the authority still is saddled with a million capital debt and rising labor and maintenance costs while toll charges remain at 1959 levels. Dr. Pierre Camu, outgoing authority president, says he favors writing off huge interest charges on the capital debt. His successor has not been named. Shipping interests have Op- posed any toll increase since the government made public a report recommending a 27.5 per cent boost in tolls over five years. MINISTERS CHANGE The report was submitted in early 1971 and has been under study since. There also has been a change of transport de- partment ministers with Jean Marchand succeeding Don Jamieson last year. Shipping companies have argued that a big jump in tolls would seriously affect the economy, discouraging seaway traffic and hurting Canada in the world wheat market. Dr. Camu sees validity in this argument. "I was always afraid about how much traffic Submarine base to be mothballed KEY WEST, Fla. (AP) The last submarine to be bas- ed at the United States nava'l station here will be decom- missioned next week and the base will be mothballed early next year. "It's a sad feeling, the end of an said Lt.-Cmdr. Stuart Merriken, skipper of the submarine USS Amber- jack. "I hate to be the last one." The Amberjack, which saw Pacific duty in the Second World War, is one of a handful of diesel-powered subs left on the East Coast. "We are not only seeing the last of the subs in Key West; it's sort of the death knell for diesel said Rear Adm. J. H. Maurer, base com- mander. The other diesel subs are scheduled for decommission- ing as soon as the navy moves to an all-nuclear force. The 150-year-old base hous- ed navy personnel dur- ing the Second World War. It now has only a few hundred. During the First World War inventor Thomas Edison worked at the base to help develop depth charges used in antisubmarine warfare. The Momsen Lung, a submarine escape device named for its inventor, Lt. Charles Momsen, was perfected in the warm waters off the base. I might lose if I raised he said in a recent interview. Still, he had twice recom- mended "modest increases" to the cabinet but was turned down. The 50-year-old executive speaks from eight years ex- perience as seaway authority president years altogether as a member of the organization. He stepped down to become president of the Canadian Association of Broadcasters Oct. 1. Despite regular annual operating profits, the authori- ty winds up with a deficit because of the interest charges. INTEREST CAUSES LOSS The authority had an oper- ating surplus of million in 1972 but million in interest charges turned this into an over-all deficit of million. "You have to consider you will never be able to pay the interest so forget about Dr. Camu said. The United States already had lifted the financial burden from its St. Lawrence Seaway Development Corp. which operates two of the 15 locks on the international waterway. Dr. Camu does not favor the report's suggestion that Canada press the U.S. to assume a share of the costs of operating Canadian seaway facilities. "I'm very nationalistic on Dr. Camu said. "I prefer that Canadians operate and maintain what has been built and developed by Canadians." Dr. Camu said a toll increase is likely within five years even if the government writes off the interest on the capital debt because maintenance and labor costs are rising constantly. The seaway authority's last annual report backs him up. While income dropped to ttiillion in 1972 from mil- lion in 1971, expenses rose to million from million. Workers are near starvation COLOMBO (AP) Sri Lanka's plantation workers, mainly of Indian origin, are near starvation with just three ounces of food a day, the country's biggest trade union organization charged today. In an urgent letter to Plan- tation Minister Colvin De Silva, the secretary of the Ceylon Workers Congress, S. Sellasamy, said that these workers were virtually starv- ing since the tight rationing of rice, flour and sugar became effective Oct. 1. The union claims membership of more than estate workers. Sellasamy said plantation workers could not obtain sub- stitute foods and many were forced by hunger to stay away from work The pro-government Demo- cratic Workers Congress, also representing plantation work- ers, called for estate manage- ments to purchase and dis- tribute food to workers. :iohang-yps... with an electric Wet wash is a hang-up. In more ways than one. So drop those clothespins and THINK for a minute. Weigh the value of your time and energy. Then consider the powerful advan- tages of the electric dryer-washer duo! fidsthc job done or night. 01 rain, at N Ot'R convenience No fading In sunlight, soiling SIKH, smoke 01 dust New machines u uh e.isv lo-use. vaiiahlc comrols ,110 designed to handle todav's tahjics with maximum gentleness and ellicicncv Get rid of your hang-ups. See your appliance dealer Automatic lumhlc-drjing is easiei on clothes, keeps them sottei and fiulller. On an electric drver will save ahout 156 hours a Go on. Vine a novel' ironing lime to minimum I 'nmhle-dijed clothes eineice with Ipvei tinkles ELECTRIC SERVICE LEAGUE OF ALBERTA ;