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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 23, 1970, Lethbridge, Alberta 1C I SIM Stock Prices Dip In Light Trade TORONTO CP) were fractionally lower in light mid-morning trading today as the Toronto stock market en- tered its sixth successive losing session. On index, industrials were down .48 to 164.49, base metals .25 to 95.23 and western oils 1.53 to 177.47. Golds advanced .66 to Volume by 11 a.m. was shares, compared with at the same time Thursday. Losses outnumbered gains 104 to 88 with 151 issues unchanged. Hudson's Bay Oil and Gas fell to 136. Continental Oil Co. of New York said Thursday it plans to reduce its holdings in Hudson's Bay Oil through a pro- posed exchange of up to two million Hudson's Bay Oil shares for Continental shares. Incb was down to Tnterprovincial Pipe Line to (23% Rank Organization Vi to Cannon to Cana- dian Superior Oil to 34% and Brameda 10 cents to Falconbridge was up 1 to Koman 40 cents Gram- sie to 12% and Leitch 10 cents to PRICES LOWER MONTREAL (CP) The Montreal stock market contin- ued its downward trend today, with prices lower in all sectors in light trading. The industrial index was off .46 to 167.30 after falling 1.44 Thursday. -Utilities fell .32 to 137.59, banks .38 to 173.25, pa- pers .79 to 84.53 and the com- posite index declined .43 to 162.72. At one p.m., shares had changed hands on the Mont- real and Canadian Stock Ex- changes, compared with the shares at the same time Thursday. Highlighting the losses, Scott LaSalle slumped to CPR to Canron to Falconbridge to Inter- Provincial Pipe Lines to MacMillan Bloedel to In other declines, Interna- tional Nickel dropped to Shell Canada tt to Toronto Dominion to Central-Del Rio 94 to and Gulf Oil Canada to Among gaining issues, Dome Petroleum advanced to QSP Ltd. to Royal Trust to Northern and Cen- tral. Gas to Distillers- Seagrams to Placer >4 to and Trans Mountain Pipe Lines to DJA UP NEW YORK (AP) Si0ck market prices edged upwards in slow trading this afternoon after erasing some early-session MONTREAL (CP) A jan banker said Thursday the rate of the Canadian dollar should be pegged some- here around the current level of 98 cents ih relation to the nited States dollar. R. M. Macintosh, deputy chid manager of the Bank of vjova Scotia, said, however, the pegging of the dollar should not B immediate. "There is a general dfepod- on in the country to accept the dea that we should delay (or ome time in arriving at a slit- hie peg." Mr. Macintosh was of bout 20 top. executives and t-conomists who examined the msiness outlook for next year t a meeting of the Conference Board Inc., formerly known as he National Industrial Confer- ence Board. The day-long meeting was p o n s o r e d by the Canadian council of the board and at- tracted nearly 500 delegates. Its mrpose was to assess the At noon the Dow Jones aver- age of 30 industrials was up 2.06 at 759.93. Some analysts attributed the firming trend to short covering buying of stock to replace securities borrowed and sold earlier. At noon, the Associated Press 60-stock average was up 0.5 to 259.3. Prices included Natomas, up 3% to Burroughs, up 1% to Continental Oil, up to and Memorex, up 4% to Among Canadian issues Dome Mines rose to and Walker-Gooderham to Canadian Pacific was .off to ;61, International Nickel down to and Hudson Bay Mining lower at On the American Stock Ex change, Scurry Rainbow Oil ad- vanced Vt to and Brascan Jd. was up at Cana- dian Javelin slumped 1% points to Wheat Before Quota Long OTTAWA (CP) Manpower Minister Otto Lang, minister responsible for the Canadian wheat board, told the Commons he thinks it will be possible "before very long" to open a first quota for general grades of wheat. Hog Prices EDMONTON (CP) Prices to 11 a.m. today supplied by the Alberta Hog Marketing BOARD: Producers Edmonton. No sales, Thurs- day average 23.53. Red Deer: No sales, Thurs- day average 23.25. Calgary: Quoted 23.30 Thurs- day average 23.34. Lethbridge: No sales, Thurs- day average 23.M. Lloydminster: No sales, Thursday average 23.13. Sows at all points 14.31. Tola' hogs sold to 11 a.m. 70. Tota hogs sold Thursday 7.307. Pro vincial average 23.43. WORLD LEADER Canada leads the world in the production of nickel, asbestos platinum and platinum metals. Livestock Lethbridge Livestock AFTERNOON SALE Calgary Livestock CALGARY (CP) Receipts to 11 head, practic ally all replacement cattle and1 stock calves with a large per cent being calves. Trade was active. Slaughter cattle on offer soli to line with mid-week sales. Good to low choice steers 26.SO to 27.50 medium 25.50 to 26.25. Good to choice heifers 25.50 to 27.10, medium 24.50 tc 25.25. Good cows 21 to 21.80 medium 19.50 to 20.50, canner and cutters 15 to 8.50. Replacement cattle a n r stock calves met a good de- mand and fully steady fe strong prices. Early sales wer practically all stock calves There were no yearling steers sold. Good1 feeder heifers 27 fx 29.40, good stock steer calve, under 400 pounds 38.50 to 41.25 400 to 500 pounds 37 to 40, 50 pounds up 35.50 to 39. Gorx stock heifer calves under 35 pounds 31.50 to 34.50, 350 pounds up 30 to 34. Hogs base price 23.30. Beef Futures WINNIPEG (CP) Trad was active Thursday on th Winnipeg beef futures marke with prices on stronger pa terns. Contracts were execute in the November and Jammi futures at 50 points over pn vious close levels. Open High Low CIos Nov 29.25 29.35 29.25 29.35 Jan 29.75 29.75 Mar 29.50 Sub-Contractor INSTALLERS Required by S SIMPSONS-SEARS For DOORS and WINDOWS DRAPERIES and RODS ROOFING ALUMINUM SIDING EAVESTROUGHING Contact Mr. J. Able 328-9231 Favors Dollar Peg At 98 Cents (nods that likely to affect business in Canada in 1971. Mr. Macintosh said the argu- ment for pegging the leased from its peg at 2% cents June political rather than economic. "As a member of the Interna- tional club, we have to accept at some point the club rules, iven if we think them inad- quate. At the same time, there is no reason why we should not work to change the rules." CANADA LAGGING Mr. Mclntosh saM Canada has not done as much as it should have done to work for reform and improvement of the international monetary rules of the game. Millions at Canadians have benefited as a result of the un- pegging of the dollar through lower costs of imported foods or materials or machinery, he said. "The real Incomes of those employed have experienced a considerable improvement since MISCELLANEOUS QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherty, Hoadhouse and McCuaig) LAST BID OR SALE a.m. Quotes) Almlnex Asamera Banff a. P. Oil can South Cdn Exp Gas Ashland..... Cdn Home Cdn tnd Gas Cdn Super Cent Del Rio charter chieftan Dynam Pete Gt Plains Mill City New Conf North Cdn Oil Numac..... Permo Petrol Pinnacle Place Gas Ranger Scurry Rain Spooner West Decal MISCELLANEOUS INDUSTRIALS Atco Indus Aquatalne Brit Nild Cp Cdn Brew B Cdn Hyd Car Cdn Pac Inv CPR Pld Crows Nest Inl Cygnus A Cygnus B Cum Prop Gt Cdn Oil Sd Home Oil A Home Oil B Home and Pit. Hud Bay Co Hud Bay Oil a.m. Quotes! ll.WVil Gr Equity 6.21 35 50 Gr In Shares 3.04 3.34 4.25 Invest Gr 9.75 10.66 9 Invest .Mutual 4.90 5.36 1.24 Mutual Ac F 4.70 5. Mutual. Gr F 4.06 4. Mutual In N W Fin N W Gr N W Equity 8.00 1.20 1.80 .42 6.15 Principal Gr JS Pro" Mutual United Ac Lit 5.04 3.53 3.88 4.3? 4.75 4.65 5.11 3.5! 3.93 6.07 t. 4.23 4. Anuk Arctic Mining Atlas Explor Beth Copper Bornite Ridga Block Bros Brenda B.C. Sugar Capt Inter Churchill Copper Col Cell 15.25 .13! 3.35 9.50 3.25 1.90 6.00 Coronation Credit 1.25 WESTERN OILS Int Pro Pipa 5.75 Int Util Pfd Inter Steel 12.12'A Jeff Lake 5.05 Joutel 3.95 Kaiser Res 4.60 Kam Kotig B.75 Lake out Pt 6.80 Mentor 10.37W Newconex 34.37'A Pac 1050 Rank Organ 6125 Selkirk Hold 9.75 Shell Inv 12.5 Shell ;nv Md 30.00 J7.50 Shell Inv Wts 14.25 202 Sicks Rain..... 3.75 93 West Cdn Sd 2.45 west Warner .46 725 Madispn.......27 81 Rexdale.......14 1.37 CALGARY .79 Acroil........ 1.25 Anac Pete.....09 13.75 Barons Oil.....06 22.25 North Cent "5 PIPELINE STOCKS Alia Gas Tr L A 46.00 Alt. Gas (Nat) 22.75 Cdn W Nat Gas 14.25 10.50 inland Nat Gas 10.25 24.00 N C 13-25 4.95 N ond C B Pfd 24.50 34.25 Tr Cdn Pipe 31. 14.87W Tr Cdn r Ffd ,meno 22.37Vi Tr Cdn P..Pld A 59.00 8.75 Tr Cdn P War 11.25 Kamloops Copper 47.08 WatcMSt Tr JO-JK4 Lornex Western Pacific 4.85 Minerals MUTUAL FUNDS Madrona Al Cdn Com 4.60 7.21 New Cronin All Cdn Divld 2.64 8.35 New Imp Mines I.QU All Cdn Vent 3.29 3.59 Okanagan Hellcop 3.10 Amr Gr F 4.50 4.94 Primer.........21 Cdn Invest F 4.16 4.56 Pyramid .55 Col Mutual 5.28 5.80 Silver Standard I.j5 Cmnw Inter 11.39 12.48 Trojan Cmnw Lev 2.B9 3.17 Western Mines Corp Invest 4.93 5.39 Westcoast Res Coro In St F 4.41 4.82 Western Explor Dreyfus F U.S. 10.44 11.44 Utica Crestbrook F Croyden Dolly Varden Dynasty Endako Giant Mascot Granisle Key Indust Growers B Hy's Interior Brew 5.25 11.50 3.85 20.50 20.50 1.90 13.75 Bay on. 36.00 Hud Bay Oil 39.00 Hugh Rus Pfd 20.00 Husky oil 12.00 Husky Oil War. 6.30 .33 .50 5.50 14.25 3.QS 12.25 .37 5.BO 2.85 .4.85 .08'A .16 2.6H .33 .08 1.83 3'.75 .63 una of the exchange ate, and thii should be taken count of by the trade unions their bargaining with the rest the community." But it must be admitted, said Mir Macintosh that the higher level of the dollar poses a "sub- stantial threat to our automo- ve tat the over-all picture may jot be as good as it has been recently." TOCKS RECOVERING Nicholas S. Takacsy, vice- president of Greenshields Inc., aid stock prices in North merica currently are in the early stages of a recovery. The decline from the Decem- ber, 1968, peak-May, 1969, In the May, 1970, rough had been prolonged and ntirely out of proportion with le modest adjustment in the economy which the United ates and Canada have been experiencing since July, 1969 and February, 1970, respec- vely. The severity of the April-May the final 25 per cent oss on the major resulted from fears of stepped- p military activity in Southeast Asia, a corporate liquidity crisis and a major run on mutual unds, none of which material- zed on the scale anticipated. Mr. Takacsy said that in any vent, North American market verages during the last five months have regained about alf of the ground lost in one of te steepest slides of the post- war period. The current economic scene in the United States indicates an upswing in he said. Both lie monetary and fiscal authori- ties in the U.S. are embarked on an expansionary course with he over-riding policy objective leing the re-expansion of output and employment. In Canada, said Mr. Takacsy, he impact of expansionary fin- ancial stimulating he housing, consumer durable and government of TORONTO MINES, INDUSTRIALS Supplied by Richardson Securities of Canada LAST BID OK SALE a.m. QuoTM) Quotes) a.m. Quotes) INDUSTRIALS 3.25 6.25 24.75 62.50 20.37W Abltlbi Alcan Algoma Steel Atco Ind Allan Sugar Tel Brazil Trac B.C. Tel Burns B.C. Forest B.C. Sugar CAE Ind Cdn Brew Cnemcell Col Cellulose Cal Power Coron credit CWN Gas Cdn Indust Canada S S Cdn Marconi Cdn Vlckers Chrysler CPR Comlnco Cons Bath cons Gas ........17.50 Dlst Sea 46.75 Dom Bridge 15.75 Dotntar..... Dom Textile Dom stores Dome Pete Fam Play Fd of Amer Gt Cdn Oil Gen Motors Gt Lakes Pap Gulf Oil Cda Hawker Sid Huron Erie Hiram Walk Imperial Oil Imperial Tob Int Nickel Int Pipe Inv GP A Int Utilities. Indust Accept Laurentide Kelly Doug A Loeb...... Loblaw A Metro Stores Massey Ferg Molsons A 7 S7'A Molsons B 7'87A North, Cent 21.50 Rernblna Pp 13.00 Power Corp 9.75 Price Co 7.12'A Rothmans 43.37'A St Law Corp Shell CDA 60.00 Simpson's Simp Sears 24.75 steel of Can 15.50 Selkirk A 4.45 Texaco 7.37'A Traders Gp''A -J.30 Trans Mtn Pp 6.25 Trans Can Pp 24.50 Union Gas 1.20 Union Oil 11.12'A Versatile Mfg 9.50 Wesfeel Union Car Weston's B Woodward's A West Cdn Sd Zenith Elec BANKS Malartlc 12.25 East Sullivan Falconbridge Frobex First Giant Y.K..... 13.25 J2.25 5.50 8.00 12.00 19.00 Granduc..... 32.12'A Headway R.U 16.50 Holiinger 22.00 Hud. Bay 22.75 Hydra Ex. 10.50 Highland Bell 26.75 Iron Bay B.75 ISO......... 18.62'A Jollet Quebec Kerr Addison Key Anacon Labrador Lake Shorn Leitch....... Langls Silver Macassa Madsen R.L. Malartic G.F. assey F cMillan Moore Corp 9.87VJ Cdn Imperial Montreal Nova Scotia Royal 13.62'A Tor-Dom 11.87W MINES Acmft 70 00 Advocate Asb. 9.75 Akaitcho 53.00 Area Mines 3.85 Belcher Iron 72.87'A Black Bay 17.00 Bralorne 18.62V2 Broulan 1.90 Bethlehem 17.75 Brunswick 40.75 Canada Tung. 18.62'A Cassiar 14.00 Central Rat. 44.50 Chimo 23.50 Conwest 7.37'A Cons. Rambler Coin Lake 15.25 cochenour craigmont Dtckenson Mines 4.75 Denison Mines 5.37'A Deer Horn 26.75 D'Eldona 9.87'A Dome Mines 23.50 Donalda 31.37'A Discovery Mines 14.50 40.00 3.05 9.75 13.00 22.00 15.25 2.65 1.40 _____ Mayb....... 19.75 Maclntyre 15.25 Mela 19.1214 Midrirn 22.25 Intern Mogul 19 75 New Athena New Calumet New Imperial Noranda 1.40 5.60 144.00 .26 .91 9.75 1.23 7.60 11.00 34.75 21.50 .22 3.00 3.05 2.12 .21 11.37 .32 33.00 3.55 1.99 .09 1.20 .69 .75 .45 .071 1.60 1.81 22.75 3.00 1.35 .16 .55 9.90 1.32 24.00 Martin McNeely 12.50 .24 iy.00 .16 M 9.75 .17 .31 1.90 27.75 9.45 11.50 .32 30.12 29.75 .64 .22 1.30 .30 14.00 4.15 2.05 18.00 .07 2.50 1.85 6.40 1.95 3.85 1.55 .15 5.15 .11 .07 2.15 .53 Northgate 2.00 Opemiska Osisko Patino Pine Point .29V4P.C. Exp 15.25 Quebec Man Rayrock Radiore Rio Algom Roman Corp. Silverfields 12.12'A Sherritt Gordon .77 Silver Miller Steep Rock Siscoe Tek Corp Upper Canada ___ Western Mines Wright Har. 1.06 Wilfroy 64.75 Windfall 23.50 Yellowknife Br. 1.20 Zenmac NEW YORK STOCKS Supplied by Richardson. Securities of Canada Amr T and T Anaconda Bth Steel Chrysler Comsat Dupont- Genera! Motors Gulf Int Harvester Kenn Copper 43.25 Montgomery Ward 26.62'A 20 Golds 180.49 up 1.78 20 62V4 Sears 70.00 10 Base Met 95.3! off 21 Std Oil of N.J. 69.6214 15 W Oils 177.7? olf 1. Texas Gulf 116.37V2 Volume Texas Co 32.62'ANEW YORK AVERAGE 117.75 Woolworth 33.75 30 Indust 759.45 up 1.58 Westlnnhouse Elec 63.12V1 20 Rails 149.57 off .43 29.00 U.S. Steel 15 Utilities 106.85 up .5 2412'A TORONTO AVERAGES 65 Stocks 243.22 up ,3f 37.8714 20 Indust 164.40 off .57 Volume LABOR CLUB COR. 2 AVE. and 13 ST. N. Weekly Entertainment In The Clubrooms Friday Oct. 23 "THE JUST US" MEMBERS AND INVITED GUESTS continuing buoyant external de- mand should lead to accelerated economic growth as 1971 prog- resses. FrW.y, Octotwr 1970 THI UTHMIOOI HMALD ft Rapeseed Switch May Be Dropped Grain Prices Winnipeg Grain WINNIPEG (CP) Trade was light to the close of the Winnipeg Grain Exchange to- lay with moist action in rape- seed futures at both the Van- couver and Thunder Bay tions. Oats and barley had domestic shipper interest and lax was on an easier pattern with light commercial interest. Thursday's volume of trade included bushels at flax, of rapeseed and 000 of rye. Prices for class two wheat or export to countries outside IGA: 1 Nor 2 1.7814; 3 1.73WJ 4 1.68; 1 Durum 2 3 4 1.63V4 IGA prices: 1 Nor 2 4 1.68; 1 Durum 2 3 High Low Close Flax Oct 264% 263% 264 Nov 261% 260V4 261% Dec 245. 242% 245 May 255 251% 255 Rapeseed Vancouver Nov 274% 269Va 274% Jan 273 265% 27Crti Mar 262'A 257 May 254y8 259% 253 Rapeseed Thunder Bay Oct Dec 243% 239 Apr 252% 24; Oats 86% Potato Futures WINNIPEG (OP) The Marl- :ime potato futures market lursday was inactive with only moderate buyer interest. Open High Low Close Nov 2.23N Mar 2.57I1 Apr 2.65N May 3.07N Oct Dec May Jly Barley Oct 128 Dec May Oct 103% Dec May Jly 87 85% 128'A 128V4 100% 113 86% 85% 127% 127% 127% 102y4 105% 112% 271% 243% 251% 86% 87 127% 127% 128% 127% 103% 106V4 113 113% BUSY POINTS Annual traffic through Cana dian ports of entry totals mor than 70 million persons, abou half returning Canadians. OTTAWA (CP) The govern- ment ie having second thoughts about a costly plan to switch anners to new varieties of rapeseed, one of the country's jiggest export money-earners. In the wake of fears of a health hazard, the agriculture department planned to shift 'armers, mainly i n Western Canada, to new varieties. This was to be completed by 1972. Rapeseed is crushed to make a variety of food oils. Now, however, a full swit- chover may not take place. Ag- riculture Minister H. A. Olson said Thursday in an interview, 'I am not prepared to say it is going to be a complete swit- chover." The new rapeseed varieties are to be free of erucic acid. This is the ingredient in current rapeseed that was blamed in some scientific data for the ap- pearance of fatty tissue around the hearts of laboratory rats.. One set of data came from the federal food and drug direc- torate and was communicated to the agriculture department which began to plan the switch, Then the food and drug scien- tists rechecked and came up with a clean bill of health for erucic acid. PASSED ALONG FINDINGS Dr. Ross Chapman, director- general of the food and drug directorate, says this new infor- mation also was communicated to agriculture and to the rape- seed industry at a special July meeting summoned by the di rectorate. It was outlined a second time in September to an internationa conference in Ste. Adele, Que. attended by export customers domestic purchasers as well as agriculture and industry, am trade and cominerce depart ment representatives. But planning continued in ag riculture to switch farmers tc the new erucic-free varieties. Dr. Chapman said "there is no known health hazard from the varieties that contain erucii add and on. the basis of the results we obtained and Cana dian consumption we do not be- lieve there is any possibility o a hazard to health." Mr. Olson said Thursday no other reasons than health involved in the switchover plan. ;We felt it our responsibility o be prepared il a change to erucic-free rapeseed was re- lured by our customers." He said he agrees there is 'almost no possibility o< lealth hazard." CHANGE 'PRUDENT When the issue was first made public Aug. 12, Health Minister John Munro said in tatement that it was consider- ed "prudent" to accelerate Uw ihange to varieties free of eru- cic add. "This would avoid any possl- jility of harm and improve the acceptability of the oil u rood." Enough new seed was to provided "for the entire crop in he said. As matters now stand, agri- culture is still aiming at pro- ducing two million pounds of seed by spedal winter growing in California. Mr. Olson indi- cated that this may not then be multiplied again to ensure a complete switch to the new va- rieties. About acres have been contracted for near El Centre, Calif., to grow the new varie- ties under supervision of Doug- las A. Cook, Melfort, 9ask., agricultural scientist, and Er- nest Capcara, Saskatoon farm manager, who now are on the spot. TO COST SI MILLION The seed-growing program will cost at least million and Mr. Olson says agriculture hopes to recover this by selling the seed to Canadian farmers at about 50 cents a pound. Planning still is under way. in the department to share out the available seed for next year among an anticipated to farmers who may see extra dollars in prospect in t'n special efforts to grow enough seed to supply all the needs for the following crop year. But that depends on Canada's export customers who buy five- eighths of the 40 million bushel annual Canadian supply. CANADA'S FIBST Canada's first subway opened in Toronto in 1954. WHETHER YOU BUILD A LITTLE OR BUILD A LOT...PLAN AHEAD Office building, housing dsystopmeni, or home, make sure you're allowing for future telephone requirements. The time to contact your AST Architects, Engineers Builders' Consulting Service Is before you turn the sod. They'll help you plan for future growth- everything from cable ducts to telephone equipment rooms, from the type of communications service to the number of phones your growing family will need. Call collect for this free service: Calgary 262-8611 or Edmonton 229-1898; ALBERTA GOVERNMENT TELEPHONES ;