Lethbridge Herald, The (Newspaper) - October 28, 1974, Lethbridge, Alberta
Monday, October 20, 1974 THE LETHBRIDQE HERALD 15 The Herald- Business Japan's current economy decline growing deeper TSE gold shares gain; other stock prices drop Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERT7 LIMITED. WESTERN West' i ,AND Ben Afton Albany 1 Alta East Ashland BP Canada Brenda Mines Cda Southern Cdn Export Gas Cdn Homestead Cdn Ind 4.05 2.54 2.20 3.15 5.1 A Pfd Whitepass PIPELINE STOCKS Alta Gas A Alta Gas Pfd Alta Nat 6.12% -11.37% 61.00 15.75 Cdn Long Island -Cdn Superior Chieftan Dev Dome 33.00 4.80 Metro Gaz Metro A Pfd Inland Nat Gas N C 51.00 11.25 9.12% Dynasty Nu Ft C B Pfd Tr-Cda 9.37% Giant Mascot Gibraltar TrCda Pfd Tr-Cda B 28.75 i Grt Cdn Oil Sands Lochiel Trans West Trans 1.85 Lytton North Cdn Numac PanCdn Pan Petrol Paloma Place Ranger Scurry Total Ulster United West Pete West 3.00 Copper Acres Aquitaine BC Sugar Petroleum Plains .09 Block Int'l Canbra Cdn Pac A Cdn Can Pac Cdn Carlmg A Pfd arling B Pfd Corn Capital Crest Forest Crowsnest Indus Falcon Copper F M Trust 19.50 1.50 3.10 14.25 8.37% Cdn Ventures Amer Growth Fund A.G.F. Special Cdn Investment Fund Eaton Commonwealth Eaton Leverage Eaton Int'l 3.56 1.82 3.83 11.02 2.49 4.33 Home Oil Invest Stock Home Oil B Hud Bay Co Hud Bay Oil Hud Bay A Pfd Hugh Russell C Pfd Husky Oil Husky B Pfd Husky Oil E War Inter Pipe War Inter S 12.50 24.50 27.00 55.50 14.50 32.00 4.25 2.35 Fund U.S. Grouped Income Shares Growth Equity Invest Growth Fund Investors Mutual Mutual Accum Nat Resources N.W. Cdn N.W. Growth j Principal 2.47 5.04 9.31 4.56 4.97 4.08 4.11 3.41 3.18 Kaiser Kaiser Res War Growth United 3.52- Magnasonics Pac Savings 3.81 TOKYO (Reuter) The Tokyo stock market continued its steep downward slide to- day amid political unrest and a deepening recession in the Japanese economy. Dealers are calling the cur- rent decline the "Bungei Shunju shock" after the magazine which listed in an article what it said were Premier Kakuei Tanaka's private and political financial dealings. The article has set off shock waves in Japan and is threat- ening the political future of the premier, who left .today on a 12-day tour of New Zealand, Australia and Burma. Another reason for depres- sion on the stock market today was the collapse of the Yamato woollen textile manufacturing company, a medium-sized firm. Its has not yet been declared bankrupt but is "Recession here" says auto maker Toronto mines, industrials (Supplied by Richardson Securities of Canada) DETROIT (AP) The head of a major auto maker has agreed with an economic ad- viser to the United States gov- ernment that the country is in a recession, with plant closings and unemployment the possible penalties and easier money a recommended relief. "Recession is here in the automobile industry, reces- sion is here in the building in- Lynn A. Townsend, chairman of Chrysler Corp., told a news conference at which he also said Chrysler may close its big Jefferson Ave. plant here. "I would say recession is here in the country." Paul McCracken, an eco- nomic adviser to the U.S. ad- ministrative, said: "I think we are probably in the early stages of what could turn out to be a V-type recession." That means a recession which is sharp but brief and looks like a V on a graph, in contrast to prolonged declines in economic activity., McCracken said in a Plant expansion sought jj _ Acme Forest Advocate Asb. 1.20 Sugar Bow Valley Ind Ind Bethlehem Power Canbra Foods Brunswick Can. NW Cellulose Carling O'Keefe Canada Tung. Cassiar Central 3.65 Coron Credit CWN Gas Pfd Ind Con Marconi Cons. Vickers Coin Craigmont Dickenson Cons Bathurst Denison Mines D'Eldona Dome .28 Gas Dist Seagrams Dom Bridge Discovery Mines East Dom Textile East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. -Granduc Hollinger A Hudson Bay A Hydra Ex. Iron Bay 31.00 .13% .40 14.37% 1.85 23.50 15.25 .68 4.65 1.00 Stores Dome Pete Dofasco Glen Mobile Grt Cdn Oil Gen Motors Grt Lakes Paper Gulf Oil Greyhound Hawker Sid Hiram Walker A Joliet Quebec Kerr Addison Key Anacon .20 Erie Imperial Oil A Imasca A Int Nickel Lake Shore Langis Pipe Inv Grp A Madsen R Intl Malartic Ltd Martin Maclntyre Kel Douglas A Midrim Intern Mogul NuWest Homes Mew Athona New Calumet -Noranda fNorthgate TNortex tPine .20 .15% 32.00 3.75 .17% Loblaw A Metropolitan Massey Ferg McMillBloed Moore Corp MoteonsA MobonsB i Placer Dev. Pax North Cent 'Quebec Man (Rayrock 1.00 Power Corp Price Co 'Rio Algom J Roman Corp. ,Srterritt Gordon Steep Rock Sunningdate Corp. 10.25 6.75 1.06 4.20 Z85 SneaCDA Simpsons Simp Sears Steel Can A Selkirk A Texaco United Canso Western Mines .WH Copper Mines i Wright Hargteaves WSfXJ'wl Bear 2.45 230 150 1.70 .13% 2.22 Grp A Trans Mtn Pipe Trans Can Pipe Oman Carbide UntonGas Union Ofl United S49CQ0 versatile Mfg A Ataoma Steel i Moo tod Agra 19.00 4.75 41 Can Imperial Montreal i Brascan Scotia Own 11.00 19.00 9.00 7.00 18.50 2.50 4.05 4.55 1.50 8.00 17.12% 3.15 12.00 9.75 13.25 25.25 24.12% 13.12V4 36.00 36.00 20.12% 750 1450 19.50 24.00 1.90 5.25 31.00 17.75 24.50 13.25 4.90 37.75 21.25 24.62% 22.75 22.75 13.37% 5.75 9.75 17.00 525 2.30 450 7.12% 2.45 4.75 925 13.87% 2250 38.12% 15.00 1450 650 9.12% 2.81 8-37'A 1255 9.12% 13.00 5.87% 9.37% 25.62% 10.25 2950 9.75 1237% 9.12% 1750 8.00 7.87% 3.00 4.80 1825 21.00 1850 21.62% EDMONTON (CP) Calgary Power Ltd. announc- ed today it will seek permis- sion from the Energy Resources Conservation Board to expand the com- pany's Sundance Power Plant at Lake Wabamun, about 40 miles west of Edmonton. President M. M. Williams said expansion would delay for one year the need to es- tablish a major new power plant in the province. Washington interview Wednesday. He indicated he thought the worst would be over by mid-1975. v McCracken said U.S. unem- ployment could approach seven per rent and the decline in economic output about four per cent next year. PROBLEMS CHANGED Townsend said that reces- sion and slack demand have superseded inflation as the auto industry's key problem. have been in a program here where apparently the opinion has been that we can control inflation by dampen- ing down consumer he.said. "I think it has gotten to the point that we should direct our efforts at stimulating the economy through consumer purchasing, rather than further depressing it." The news conference came one day .after Chrysler, No. 3 in the U.S. auto industry, an- nounced an loss on third-quarter sales. Chrysler showed an profit in U.S. and Canadian vehicle sales, but that was offset by a 519.2-million loss in overseas sales. Townsend confirmed that Chrysler is considering clos- ing its Jefferson Ave. plant, which builds full-sized and luxury models and employs 000 workers, as an economy move. He said a final decision on the 67-year-old plant's fate would be made within a month. Townsend said Chrysler does "not need all of its assembly plants in operation when sales are off or 30 per cent." The firm's auto sales are down 18.4 per cent so far this year. Industrywide sales were off 28 per cent in mid-October from levels a year ago. For the year, sales are off 21 per cent. seeking court permission to reconstruct itself under a cor- poration rehabilitation a potent indicator of the seriousness of the current slump ifi the textile industry and also the over-all recession afflicting the country. Losses on the stock market were spread over a wide front, with the market average fall- ing 99.98 to close at The U.S. dollar continued to advance on the Tokyo foreign exchange market, rising to the 300-yen mark for the first time in six weeks as Japanese banks continued purchases to cover the country's oil bills. The Bank of Japan sold an estimated million out of official reserves to hold down the level of the dollar, which closed at 299.96 yen after reaching 300.05 yen. The political turmoil in the country has led to speculation that Tanaka might be consid- ering his resignation before the end of the year. Sales ended WINNIPEG (CP) The Board of Governors of the Winnipeg Commodity Ex- change has announced an end, with several exceptions, of sales of October 1974 wheat futures contracts. The move, effective today, does not apply to sales of futures contracts already purchased, or to feed wheat which has actually arrived in a delivery terminal. The board also announced purchase of October 1974 wheat futures can not be made if it results in an increase of the buyer's gross long position. Embargo on livestock, other meats requested 3450 2750 33.75 i i i t T T I Anaconda Beth Steed Chrysler Duport General Motors f M Harvester Copper Morflgomery Sears Exxon Texas-Gulf lexas Co CoTporaflcm New York (Supplied by Kkkarfeoa Senritic 44.75 Woolworlh 10.37% 1600 WesBnglvwse Bee 9.00 26.75 U.S. Sleel 38.87% 9 75 Gen Tel Bee 18-37% 2450 TORONTO AVERAGES 10075 20 Industrials 16f47 down V88 3ZOO 20 Golds 463.03 up 21.80 18.12% 10 Metals 67.02 up .45 18.87% 15 Western 144.10 down 1.27 31 00 VcAume 955.000 00 NEW YORK AVERAGES 4500 20 industrials 628.13 Oown 8.06 64 75 20 Rats 144.77 down 151 2600 15 UtflfWS 66.62 down .67 22 87% 65 Stocks 201.46 down Volume SOUTH ST. PAUL, Minn. (AP) Central Livestock Association, Inc., today urged U.S. corn reserves decrease WASHINGTON (AP) A quarterly grain inventory snows the United States has more corn than officials had thought but the stockpile still is the smallest since As of Oct 1, the agriculture department said today, corn supplies totalled 481 million bushels. Although that was 53 million bushels more than had been estimated, the reserve still was down 32 per cent from last fall, and the smallest Oct 1 level since 123.5 million bushels on hand 26 years ago. Gel. 1 is the beginning of the new corn marketing year and the reserve then represents grain left over from previous crops. The report also indicated there is more wheat than previously thought. Total use, including exports and domestic use, was down from a year earlier during July, August and September, and so the Oct 1 wheat supply was neatly 1.55 trillion bushels, up six per cent from a year ago. Officials said the Oct 1 inventory of the four feed grains corn sorghum, oats and short tons, down 25 per cent from a year earlier. TORONTO (CP) Rising bullion prices in Europe helped gold shares to a strong gain on the Toronto stock market today. Other prices were generally lower in light mid-morning trading. The gold index was up 24.1 to 465.59 in a continuation of the sharp upward trend last week. Base metals were up .67 ,to 67.24. However, the industrial index, widely-based indicator of market trend, was off 1.25 to 162.10 and western oils .45 to 144.92, largely in response to a decline on the New York market. Among golds, Dome Mines was up 3 to Campbell Red Lake to 138, Pamour to Dickenson to and Camflo to Canadian Imperial Bank fell Vz to Hudson's Bay Co. to to Moore to and Distillers Corp. to Vz. Niagara Wire B rose 1 to and Shell Canada V4 to Pan Ocean was off to Asamera ft to and United Canso to Total Pete gained to Livestock Lethbridge Sales Monday to Friday: 289 cattle; calves; bogs; 806 lambs. SUMMARY Butcher cattle prices strong to as much as higher in spots. Trade ac- tive. Slaughter steers and heifers met good demand, prices unevenly strong to higher. All classes of cows met very good demand, prices higher as compared with last week's low close. Medium and good stacker and feeder steers and stock calves meeting reasonably good demand, from local and Eastern buyers at strong prices. SLAUGHTER CATTLE Steers Al and 2 Heifers Al and 2 Cows Dl and 2 D3 20-23 D4 18-20. REPLACEMENT CATTLE Good feeder steers over 750 Ibs. Good feeder steers 600-700 Ibs. Good feeder heifers 600-730 Ibs. 28-32. Good stock steer calves 400-550 Ibs. Good stock steer calves 300-400 IDS. 32-36 odd sale higher. Good stock heifer calves 400-500 Ibs. Good stock heifers 300400 Ibs. 22-26. Dollar value MONTREAL U.S. dollar in terms of Canadian funds, at noon today' was unchanged at 9-25. Pound sterling was up 3-25 at 47-100. HOGS AND LAMBS Butcher hogs sold this week at the Lethbridge Yards 49.10-50.05 base price. Good lambs 34. Calgary CALGARY (CP) Receipts to 11 a.m. Monday at the Calgary public stockyards totalled about 500 head, practically all cows and feeder stock. Trade was moderately active but there were insufficient slaughter steers and Jieifers sold early to es- tablish a market. All grades of cows sold steady. Cows Dl, D2 20.50-22.50, D3 17.50-20.50, D4 14-10. Feeder cattle consisted mainly of feeder steers and heifer calves of mix- ed quality selling at generally steady prices. Good feeder steers over 750 pounds 4042. Good stock heifer calves 27-31. Good butcher weight calves 26-28.50. Hogs base 39.45. Hog prices EDMONTON (CP) Prices to 11 a.m. Monday provided by the Alberta Hog Producers Marketing Board. Friday's prices in brackets. Edmonton: 49.40 Calgary: 49.40 Red Deer: 49.35 Hogs sold to 11 a.m. Hogs sold Friday, average 49.92. Sows average 32.50. Market trends MONTREAL (CP) Prices moved lower in light trading on the Montreal Stock Exchange today. While papers rose .33 to 101.24, banks fell 1.69 to 217.20, industrials 1.14 to 169.25. the composite 1.12 to 164.47 and utilities .77 to 119.30. Dominion Textiles fell to Imperial Oil class "A" Vt to Alcan to Bank of Nove Scotia to Dofasco to Canadian Pacific Ltd. Vt Ronalds- Federated class "A" Vt to Bell Canada V, to Canadian Javelin tt to and IAC Ltd. v. to Noranda Mines class "A" rose 1 to and Total Petroleum to VANCOUVER (CP) Prices were mixed in light trading' on the Van- couver stock exchange today. First- hour volume was shares. In the industrials, Cornat was up .05 at on 756 shares. In the mines, Colby was down .03 at on shares. In the oils. Rio was unchanged at .50 on shares. NEW YORK (AP) The stock market dropped back in slow trading today amid recession worries ap- parently heightened by a barrage of gloomy news from the auto industry. The noon Dow Jones average of 30 in- dustrials was down 8.06 at 628.13, and losers led gainers by more than 2-to-l on the New York Stock Exchange. Winnipeg grain WINNIPEG (CP) Rye was the only consistently bright spot among general losses in light activity at mid- session today on the Winnipeg Com- modity Exchange.' Hie rapeseeds posted the heaviest losses.'.. down as much as the 20-cent- a-bushel daily trading limit. Rye gain- ed between one cent and 4% cents. Mid-session prices: Thunder Bay Rapeseed: Oct. 20 lower 8.91B; Nov. 17 lower 9.02A; Dec. 1V4 lower 8.87A; May 4% lower 8.83A. Vancouver rapeseed: Nov. 14V< lower 9.01B; Jan. 6V4 lower 8.91B; Mar. seven lower 8.72'AB; June 8% lower 8.53V4B. Flax: Oct. unchanged 11.45; Nov. un- changed 11.45; Dec. five lower 11.20; May one lower 11.08A. Feed wheat: Oct. nine lower 3.77; Dec. lower 3.57; May V4 higher 3.61; July not open. Corn: July four lower 4.09A; Dec., Mar. and May not open. an immediate embargo clos- ing U.S. borders to the impor- tation of slaughter livestock and meats of all kinds. The organization of livestock breeders, producers and feeders urged the action because of what it called the serious financial crisis facing American Livestock producers. Norman Christiansen of Roberts, Wis., association president, is in Washington to testify at a hearing called by the office of the special representative for trade negotiations. The association announce- ment said Christiansen would testify: "In view of the rigid, ab- solute and insurmountable restrictions on slaughter livestock and meat imports currently enforced by other principal meat-importing countries, we strongly urge that the U.S. adopt a similar policy of livestock and meat import restrictions and historically-based quotas, such as are employed by all other countries, including the Dominion of Canada.1" The statement said to keep U.S. borders open to meat im- ports while other meat- importing countries have em- bargoes or drastically restricted meat imports "courts complete disaster and threatens the very economic existence of our entire domestic livestock and meat The statement added that thousands of American producers and feeders cook) be forced into bankruptcy if action is not taken. The Alberta Gas Trunk Line Company Limited NOTICE To the Holders of Convertible Sinking Fund Debentures, Series 1 of The" Alberta Gas Trunk Line Company Limited NOTICE is hereby given to the holders of Convertible Sinking Fund Debentures. Series 1 1 of The Trunk Line Com- pany Limited (the that, subject to market and other conditions, the Company intends to issue to holders of its outstanding Class "A" common shares, purchase warrants evidencing rights to purchase from the Company Class "A" common shares with limited voting rights attached and ranking equally with such outstanding Class "A" common shares. The record date for determining shareholders en- titled to purchase Class "A" common shares is Thurs- day, November 7. 1974 and it is an- ticipated 1hat the Rights will expire on or about December 4. 1974. The price at which Class "A" com- mon shares may be purchased and other terms relating to the issue will depend upon market conditions at the time of offering. A holder of Series 1 Debentures is entitled to convert such Series 1 Debentures into fully paid and non- assessable Class "A" common shares on a conversion basis of 100 Class "A" common shares for each principal amount of Series 1 Debentures so converted all in accordance with the terms and conditions of the Series 1 Debentures. (This conversion basis gives effect to a 4 for 1 split of Class "A" common shares on September For details of rights of conversion including the manner of conversion reference should be made to the trust indenture relating to the Series 1 Debentures and to the summary of such terms and con- ditions set forth in the certificates for the Series 1 Debentures. A holder who converts such Series 1 Debentures and is a holder of record of Class "A" com- mon shares resulting from such conversion at the close of business on November 7. 1974 will be entitled to Purchase Warrants with respect to such Class "A" com- mon shares. This notice does not constitute an offering of Class "A" common shares and the Company reserves the right, in its discretion, to postpone, or to refrain from making, .any offering. It is anticipated that particulars of the Purchase Warrants and the Rights and the price at which Class "A" common shares may be purchased will be available on or about Tuesday. October As the Record Date is November 7.1974. it is suggested that you con- tact your investment dealer or financial advisor prior to the Record Date. The Alberta Gas Trunk Line Company Limited Robert L, Pierce Executive VIce-President and Secretary October 21, 1974. Shareholders Outside Canada Purchase Warrants not be forwarded to any holder of Class "A" common shares whose recorded address is outride Canada, but it is proposed that National Trust Com- pany, Limited m Toronto, Canada, win hold such Purchase Warrants tof exercise (except in the case of residents of the United Stales of America) or transfer upon the inductions of such Shareholder. The Class "A" common shares win not be offered tor sate in the United States of America or in any of the territories or possessions thereof, and subscriptions will not be accepted from any person or Ws agent who appears to be. or the Company has reason to taKeve is, a resident of the United Stales of America or any of the territories or possessions thereof, it isanCdpaledthat such shareholders may be abto to Iheir Rights in Canada. The Alberta Gas Trunk Line Company Limited NOTICE To the Holders of Cumulative Redeemable Convertible Preferred Shares Series D of The Alberta Gas Trunk Line Company Limited NOTICE is hereby given to the holders of Cumulative Redeemable Convertible Preferred Shares Series D Shares Series of The Alberta Gas Trunk Line Company Limited (the that, subject to market and other conditions, the Com- pany intends to issue to holders of its outstanding Class "A" common shares, purchase -warrants evidencing rights to purchase from the Company Class. "A" common shares with limited voting rights attached and ranking equally with such outstanding Class "A" common shares. The record date for determining shareholders en- titled to purchase Class "A" common shares is Thurs- day, November 7, 1974 and it is an- ticipated that the Rights will expire on or about December 4.1974. The price at which Class "A" com- mon shares may be purchased and other terms relating to the issue will depend upon market conditions at the time of offering. A holder of Preferred Shares Series D is entitled to cpnvert such Preferred Shares Series D into fully paid and non-assessable Class "A" common shares on a conversion basis of 11.20 Class "A" common shares for each Preferred Share Series D so converted all in ac- cordance with the rights, restrictions, conditions and limitations attached to the Preferred Shares Series D. (This conversion basis gives effect to a 4 for 1 split of Class "A" common shares on September 29.1972.) For details of rights of conversion including the manner of conversion reference should be made to the provisions attached to the Preferred Shares Series D. A holder who converts such Preferred Shares Series D and is a holder of record of Class "A" common shares resulting from such conversion at the close of business on November will be entitled to Purchase Warrants with respect to such Class "A" common shares. This notice does not constitute an offering of Class "A" common shares and the Company reserves the right, in its discretion, to postpone, or to refrain from making, any offering. It is anticipated that particulars of the Purchase Warrants and the Rights and the price at which Class common shares may be purchased will be available on or about Tuesday. October As the Record Date is November 7.1974, it is suggested that you con- tact your investment dealer or financial advisor prior to the Record Date. The Alberta Gas Trunk Line Company Limited Robert L. Pierce Executive VTce-PresJdent and Secretary October Shareholders Outside Canada Purchase Warrants not be forwarded to any holder of Class "A" common shares whose recorded address is outside Canada. but is proposed that National Trust Com- pany, Limited in Toronto, Canada, wM hold such Purchase Warrants for exercise (except in the case of residents of the United States of America) or transfer upon the instructions of such shareholder. The Class "A" common shares win not be ottered for sate in the United Stales of America or in any of territories or thereof, and subscriptions wM rtcfl be accepted from any person or his agent who appears to be, or the Company has reason to befleve is, a resident of the Untied States of America or any of the lenWortes or possessions thereof.lt is anticipated such shareholders may be abte to Iheir Rights in Canada.