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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 30, 1973, Lethbridge, Alberta 26-THE LETHBRIDGE October TSE oil, paper stocks pace market prices up A future in the business Gino Empry, one of a few Canadian talent agents, says Toronto is "the most booming and exciting entertainment city in North America." He says it is still hard to make a living as a full-time agent in Canada, but there is a future in the business. Quebecers quit farms to seek factory jobs MONTREAL (CP) Quebec farmers are throwing in the towel in increasing numbers. They know that if they sell their farms, and move to the city for a factory job, they'll have a better chance to earn a steady wage. Perhaps more important, they'll get a day off once in a while. In the meantime, farm economists say production is lagging and official provincial government goals of self- sufficiency for Quebec agriculture seem as far away as when they were announced more than two years ago. The general consensus is that prices on many farm products will continue to rise. NOT ALL BAD There were a few bright spots in Quebec's 1973 agricultural picture. However more than dairy farmers, producers of the province's most important farm item, went out of business in the last 12 months. The figure represented one- sixth of Quebec's dairy farms. "In the next few days we will probably be able to say that the discrepancy between eastern and western grain prices is gone." said Francois Dagenais, economist for the Quebec Union of Agricultural Producers. "The difference between east and west on a bushel of barley now is less thant 45 cents." Mr. Dagenais said. "The normal discrepancy is between 30 and 35 cents." Quebec farmers are willing to pay transportation costs on western grain, Mr. Dagenais said, but it is "exploitation" by the federal wheat board to allow an east-west difference in the base price of vital cereals. Mr. Dagenais lists three main reasons for the bleak farming outlook: crops in 5972 and un- favorable markets combined to produce a 10-er-cent decrease in milk production in the last four months. price of feed grains has doubled in the last year, while farm labor costs rose 15 percent. The price of farm products increased by only 10 per cent in the same period. "People are Mr. Hapcnais said, "and it isn't us; -mall fanners quitting as r'oimerly profitable i.irris are having problems with labor and income. So they are selling out." There seems to be a trend, he said away from the produc- tion of corn which feeds milk cows. This prevents self- sufficiency in grains produc- tion "Farmers believe they can have a more secure crop than prain he said. "The government will have to do something to increase produc- tion." Nor will there be an increase in beef production until the government makes a real effort, he added. The clamor for governmen- tal protection for farmers is getting louder as agricultural unions try to contend with prices they say won't allow small farmers to hire help. Profit margins are scaring many young people into a flight to the city. "The government should realize that agriculture has the greatest indirect effect on the whole Mr. Dagenais added. "In the next five years the number of farmers will prob- ably decrease. The rate will depend on policies of the federal and provincial government. "It will be slow if we have a good credit policy to help farmers and keep youth on the farms. Then we could produce more and rely less on im- ports." Warning issued on trade policy ROME (AP) The United Nations Food and Agriculture Organization (FAO) has cau- tioned against restrictive na- tional trade policies which it says may lead to trade wars. In a report to be submitted at its conference next month, the FAO says national trade policies have become more aggressive in recent years and "there are strong grounds for fearing that a continuation of such policies could, in fact, lead to trade wars." The study also criticizes governments for a persistent unwillingness to take inter- national action to place the world's food supply outside the mercy of weather con- ditions. The FAO study is a prelude to deliberations on a world food security plan which would call for the building up of grain stocks to be made available to any country stricken by natural disaster. The plan was developed by FAO Director-General Addeke Boerma. In an introduction to the FAO report, Boerma said: "If international consultative machinery on adjustment had been in position and function- ing the difficulties of today would haver reached their present dimensions." FAO statistics show that wheat stocks are at their lowest levels in two decades and that the world's agricultural production ore per cent las', year. Meanwhile, the world's population is estimated to have gone up by two per cent. The Boerma plan for food sharing will lack universality, however, since the Soviet Union and some other Eastern European countries are not members of the world food organization. Newsprint shortage postponed VANCOUVER (CP) The predicted slowdown of the Tlnitprf states economic boom has postponed a newsprint shortage in North America for two years, said Ian Barclay, president of British Columbia Forest Products Ltd. He said the situation in 1974 will be very tight but if there are no labor problems and the weather is good the supply of newsprint should equal demand Mr. Barclay predicted Canada's newsprint produc- tion in 1974 will be about 10 million tons, up around tons from 1973. But in 1976, he said, the de- mand is expected to exceed the supply of newsprint as it did briefly this year during strikes in eastern Canada. Mr, Barclay said the problem is that no new major production centres are being ir America. DUNLOP FORD'S Exhibition Pavilion November 6th to 10th Bloedel'sj group vice president, agreed with Mr. Barclay's assessment but warned "if the U.S. economy stumbles, the whole situation could change in the other direction. The market is very finely balanced." SHOWS TRADE SURPLUS PARIS (AP) France recorded a gross trade surplus of 107 million francs in September, compared with a deficit of 219 million francs in August and a surplus of 74 million francs in September, 1972, provisional figures released Monday by the fi- nance ministry show. TORONTO (CP) Prices on the Toronto stock market were fractionally higher inac- tive mid-morning trading today. The industrial index, consid- ered the major indicator of market trend, rose .11 to 238.10, golds 1.36 to 280.51, base metals .40 to 112.66 and western oils 4.00 to 286.92. Volume by 11 a.m. was 1.27 million shares compared with 1.01 million at the same time Monday. Advances led declines 216 to 111 with 230 issues unchanged. Oil refining, paper and forest, construction and material and pipeline stocks were among advancing sec- tors of the market while beverage, chemical, com- munication and industrial mining issues were lower. Hudson's Bay Oil and Gas rose 2 to Imperial Oil IVfe to Dylex Vz to Shell Canada Va to and Husky to Crestbrook Forest fell 1 to Distillers Corp. to Inco Vz to Alcan V8 to and IU Inter- national Vs to Hollinger Mines gained to Vz. Upper Canada Resources 60 cents to and Brenda 60 cents to Dome Mines lost Vz to Vz and Dynasty 'A to Siebens climbed to and United Canso V2 to Sunningdale slipped Vj to MONTREAL (CP) Prices were generally higher in light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was 000 shares, compared with shares at the same time Monday. The industrial index, consid- ered the major indicator of the market trend rose 1.59 to 269.86, the composite 1.19 to 248.16, utilities .83 to 148.46, and oaoers .65 to 158.69 while banks fell .96 to 291.94. On the Montreal Stock Ex- change, Husky Oil gained to Corpex to Consoli- dated Bathurst Vz to and Brascan to while Moore Corp. dropped to On the Canadian Stock Ex- change, Copper-Man Mines rose Vz cent to 17 cents on 500 shares traded. yANCOUVER (CP) Prices were down Monday in light trading on the Vancouver stock exchange. Final volume was shares. On the industrials board, speculators fund was up .20 at on a volume of shares. Webbeknap was at .48 on shares, Block Brothers was up .15 at on shares, Adera was at .25 on 10.000 shares and Thermo Plex was unchanged at In the mines, Cutlass was down .03 at on shares. Silver Standard rose .10 to on shares, Kalco was unchanged at .10 on 40.000 shares, Texal Developments was unchanged at .10 on shares, Gold River was up .02 at and Lexington was up .01 at .21. In the oils. Whistler was up .01 Vz at .31 on shares. PRP Explorations was up .03 at .88 on 11.600 shares, Chap- paral was up .01 at .11 on 500 shares, Coseka was up .23 at on 8.800 shares, Rose Pass was up .01 at .37 Vz and Futurity was at .13. Calgary livestock CALGARY (CP) Receipts to 11 a.m. today from the Calgary public stockyards head mostly slaughter cattle and replacements. Trade was slow nn slaughter cattle but active on Slaughter steers traded on a narrow demand at lower with sales to 46.50. Heifers also traded on a narrow de- mand at lower. Cows were lower. A few bulls were traded at steady prices. Steers A-l. A-2, 44.50-46. Heifers A-l, A-2, 41-42. Cows D-l. D-2, 32-33, D-3, 30.50- 31.50, D-4, 25-30. Bulls good 39- 41. Replacement cattle were ,'lcsliv .-Jeers a-i'1 heifers' in the tb. range, selling at stoady prices. There were insufficient stock calves sold to establish quotations. Good feeder steers more than 850 Ibs. 44- 46. Good feeder heifers more than 800 Ibs. 41.50-43. Hogs f.o.b. to 11 a.m. 52.95 to 53.05. Hog prices EDMONTON (CP) Prices to 11 a.m. provided by the Alberta hog producers marketing board with Mon- day's average in brackets: Edmonton 53.15 51.95, 52.95, Red Deer 53.15, 53.00, 53.00 NEW YORK (AP) The stock market continued to ad- just to strong gains it made earlier this fall and slipped lower again today. The Dow Jones industrial average was down 7.08 to 977.72 at noon. On Monday the blue-chip indicator lost about two points. Declines outpaced advances today by more than two to one in fairly active trading on the New York Stock Exchange. The composite index was off .37 to 59.40. Among Canadians on the New York exchange, Hiram Walker was up to Canadian Pacific up to and Genstar also up to Dome Mines dropped to and Hudson's Bay to International Nickel was down to On the American exchange, Canadian Marconi was up Vs to Winnipeg grain WINNIPEG (CP) Thunder Bay rapeseed traded firmly in a moderate volume of trade today at midsession on the Winnipeg Commodity Exchange, but Vancouver rapeseed remained well off previous close levels in a lack of offerings. Rye regained earlier losses on good exporter buying strength and oats and barley were relatively steady in a duller domestic shipper business. Volume of trade Monday was bushels of flax, of rapeseed, of rye, of oats and 000 of barley. MID-SESSION PRICES: Flax: Oct. 6 lower 9.04B; Nov. lower 8.99V2B; Dec. higher 8.78V2; May lower 8.40 Rapeseed Vancouver: Nov. 11 Vz lower 5.15V2A; Jan. 9V2 lower 5.06A; March 10 lower 4.93A; June 7 lower 4.88A. Rapeseed Thunder Bay: Oct. 2 higher 4.53A; Nov. Vi lower 4.52A; Dec. higher May unchanged 4.67B. Oats: Oct. Vz higher 1.60V2A; Dec. 4 lower 1.52; May and July not open. Barley: Oct. not open; Dec. 2 lower 2.19A; May 1% lower 2.14V4A; July not open. Rye: Oct. 5 lower 2.20B; Dec. 1% higher May 3% higher July 4% higher Grain quotes Monday basis Lakehead: High Low Close Flax Oct 910 Nov 902 899 901 Dec 880 870 876 May 852 Vz 838 Vz 841 Vz Rapeseed Vancouver Nov 527 Jan 515 Vz Mar 505 Vz 503 503 Jun' 495 Rapeseed Thunder Bay Oct 451 Nov 452 Vi Dec 466 456 456 May 467 Oats Oct 160 Dec 162% 156 156 May 151 Vz 150V2 150Vz Jly" 133 Barley Oct 226 Dec 225 Vz 221 221 May 222 V4 216 216 Jly' 220 Rye Oct 225 Dec 222 Vz 215% 215% May 226 218 218 Jly" 221 214 Vi Earnings By THE CANADIAN PRESS Algoma Steel Corp Ltd., nine months ended Sept. 30: 1973, a share; 1972, Brenda Mines Ltd., nine months ended Sept. 30: 1973, profit, a share; 1972. loss, 43.8 cents. CFCN Communications Ltd., nine months ended Sept. 30: 1973, 43.6 cents a share; 1972, 42.6 cents. Cambridge Leaseholds Ltd., six months ended Aug. 31: 1973, 27.8 cents a share; 1972, 17.1 cents. Canada Packers Ltd., 26 weeks ended Sept. 29; 1973, a share: 1972, Central Trust Co. of Canada, nine months ended Sept. 30: 1973, 58.4 cents a share; 1972. 51.3 cents. Consolidated-Bathurst Ltd., nine months ended Sept. 30: 1973. a share; 1972. 31 cents. Consolidated Pipe Lines Co., nine months ended Sept. 30: 1973, 45 cents a share; 1972, no comparable figures. Delta Hotels Ltd., nine months ended Sept. 30: 1973, 64 cents a share: 1972, 52 cents. Fidelity Trust Co., nine months ended Sept. 30: 1973, 36 cents a share; 1972, 21.5 cents. Great Plains Development Co. of Canada Ltd., nine months ended Sept. 30: 1973, a share; 1972, Hudson Bay Mining and Smelting Co. Ltd., nine Chicago grain CHICAGO (AP) Limited declines were posted in nearly all of the major farm com- modity futures on the Board of Trade Monday. Soybean and wheat futures were down 20 cents a bushel, corn 10 cents a bushel, oats six cents, .-oybrnn moai SIC a Inn OPR soybean oil option, the nearby Derember, was down 100 points, or one cent a pound. Several factors led to the bearish mood of the trade. A record soybean harvest has just about been brought in by farmers in the United States. The wheat yield is a record and when the corn harvest is completed it will be a record. Grain quotations Monday: Wheat: Dec. 4.25Vz; Mar 4.14; May 3.96'A; Jul Scp 3.53. Corn: Dec Mar May 2.43'xz; Jul 2.44; Sep2.42; Dec 2.19; Mar 2.23. Oats: Dec 1.16'Xi; Mar May 1.21 Vz; Jul months ended Sept. 30: 1973, a share; 1972, Quebec-Telephone, nine months ended Sept. 30: 1973, a share; 1972, Shell Canada Ltd., nine months ended Sept. 30: 1973, 60 cents a share; 1972. 57 cents. Standard Brands Inc., nine months ended Sept. 30: 1973, U.S. funds, a share; 1972, 12.23. Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Tuesday was down 1-50 at Pound sterling was up 9-20 at 27- 100. In New York, the Canadian dollar was up 1-50 at 8-25. Pound sterling was up Vi at 1-20. Beef futures WINNIPEG (CP) Live beef futures close Mon- day. Nov 46.50A; Jan 51.SOB; Mar 51.60A; May 51.60A. Friday's volume: 12 contracts. Dividends By The CANADIAN PRESS Allied .Chemical .Corp., .33 cents, U.S. funds, Dec. 10, record Nov. 6. Canadian Tire Corp. Ltd., seven cents; class A, seven cents, both payable Dec. 1, record Nov. 9. Consolidated Pipe Lines Co., six cents, initial, Dec. 31, record Dec. 14. Mobil Oil Corp., 70 cents, U.S. funds, Dec. 10, record Nov. 5. Panhandle Eastern Pipe Line Co., 50 cents, an increase of cents, Dec. 15, record Nov. 16. Pine Point Mines Ltd., semi-annual, an increase of 25 cents, Dec. 21, record Nov. 30. Shell Canada Ltd., class A. 15 scmi-apnufll; class Ft, CO cents, semi-annual, both payable Dec. 14, record Nov. 15." Tele-Capital Ltd., class A, six cents, Nov. 15, record Nov. 8. Whonnock Industries Ltd., class A, 10 cents, Nov. 30, record Nov. 1. GOLD FUTURES WINNIPEG (CP) Gold futures, U.S. funds, Winnipeg commodity exchange close Monday. Oct 73 -98.20A; Jan 74 99.35A; Apr 74 101.75; Oct 74 108.80A. Friday's volume: 43 contracts. Herald- Business Stocks Toronto mines, industrials (Supplied by Richardson Securities of Canada) 11 A. M. Trac Tel Advocate Forest Sugar Valley Ind Ind Brew Can. NW Cellulose Canada Power Cred Central Gas Indus Marconi Cons. Vickers Coin Dickenson Bath Denison Gas Seagrams Dome Bridge Discovery East Textile East Stores Mobile First Cdn Oil Giant Motors Lakes Paper Oil Cda Hudson Bay Hydra Sid Iron Walker Erie Joliet Oil Kerr Key Nickel Pipe Lake Group A Langis Internal Madsen Accept Malartic G Martin Doug A A Intern Nu West 37 Ferg New Bloed New Corp A B Pine Cent Placer Corp Pax Co Quebec Cda Rio sEars Roman Canada Sherntt A Steep Tek Group A Mtn'Pipe United Can Pipe Western Carb W. House Copper Gas Wright Oil Siscoe Mfg Yellowknife Zen A Cdn Seed Elec Algoma Imperial Atco Scotia Agra Bell 21.00 16.25 25.50 2025 38.62 Vi 17.50 10.25 4.15 6.00 24.62 Vt 2.20 10.50 18.12'xi 3.80 17.12V4 23.12V4 16.75 38.87 Vi 32.25 16.62% 44.12Vi 38.75 10.75 13.87% 32.75 9.75 8.30 62.75 30.00 34.25 17.37 Vi 5.75 56.25 32.00 46.37 V, 30.00 37.50 25.12V4 525 11.25 4.90 5.12 Vi 14.75 25.50 39.25 57.50 26.50 25.50 11.00 14.00 15.25 20.00 9 62 Vi 13.00 34.25 16.62VJ 54.00 19.12 V, 15.50 3400 18.00 10.50 15.37Vi 7.05 21 62 Vi 23.75 6.00 3.20 20.75 39.75 38.37V4 38.87 V4 M is 11 a n co u s Vancouver, Calgary, Montreal (Supplied by Doherty, McQuaig Ltd.) 11AM Trust 28.50 WESTERN 6.25 AND 5.00 Afton Cdn Seed 6.00 Albany 1.42 A P'd 59.50 Yukon LINE STOCKS Alta East Gas A 11.87Vi BP Gas Pfd 67.50 Brenda Nat Gas 20.50 Can Na! Gas 9.871', Cdn Ex Metro 5.00 Cdn Metro A 65.50 Cdn Ind Gas and C Gas 11.00 Cdn Long and C B Pfd 23.50 Trans 10.87V2 Cdn Can Pipe 34.25 Dome Can A Pfd 63 12% Can B Pfd 39.25 Ft Can War 7.35 Giant Trans Trans Wts 3.45 Gt .72 Gt Cdn Oil Oils .05 Continent 01 Vj Lytton Warner 36 Noble North Cdn Exfjlor .35 Pancdn Norse .75 Pan 2.00 Vard 23 Place Res .17 13.87Vz .09 Scurry Stand 1 49 Copper 11.50 Total Ulster Brew 4.00 United Indust .20 West 1 85 Explor .88 Acres Pete .27 Explor .86 BC Sugar Intl Res 1 00 Block FUNDS Cdn Pac A Cdn Con- 7 49 8.14 CctTn Cdn Div 7.94 3.63 Can Brew A Con vti- 3.98 433 Cdn Brew B Grov. F 5.30 637 Crestbrook SLO 3.12 Crowsnest Invest F 5.43 5.95 Falcon Mutual 6.38 7.00 F and M Inter 15.01 16.49 Lever 3.93 4.32 Global Com Ven 7.46 8.20 Home Invest 6.71 7.37 Home Invest F 5.72 6.29 Hud Bay F US 12.11 13.27 Hud Bay Pacific 4.93 5.39 Hud Bay A Income 3.78 4.16 Hugh Equity 8.37 9.20 Husky Grow F 13.01 14 22 Husky B Mut 6.25 6.84 Husky D Accum 6.58 7.23 Husky E Grow F 3.97 4 37 Hys of Res 5.45 5.99 Inter Prov 6.10 6.70 jn'e- pro" Grew'" J 5f> 6.13 Kaiser Gm.v 6.21 572 l oblaw C MMUBI 812 8 88 7.30 7 60 Pacific Giow 8.50 931 PEC West Accum 5.4S 5.99 Pe-Ben Sav 8.51 9.36 Rainier 6.50 7.14 York (Supplied by Richardson Securities of Canad.t) Amr. T4T 49.00 Woolworth Anaconda 28.75 Westlnghouse Glee 32.12V4 Steel 34.12% U.S. Steel 36.37Vi Chrysler Gen. Tel Elec. 29.25 Comsat 51 TORONTO AVERAGES Dupont 196.25 20 IntHntrinls 238.21 up .22 General Motors 63.12''? 20 fiolos 27979 up .64 Gull 24.00 10 BHSO Metals 11237 up .11 Irt. Harvester 15 Weslein Oils 285.11 up 2 19 Kenn. Copper Voli.rt'o Montgomery Ward NEW YORK AVERAGES Sears 94.50 20 Indtibinais 977.35 down 7.44 Exton 20 Rails 183.57 down 1.62 Texas Gulf 15 Utilities 101.29 down .25 Texas Co. 65 Stocks 297.00 down 2.11 Wlx Corporation 16.00 Volume ;