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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 5, 1973, Lethbridge, Alberta 12 THE LETHBRIDCE HERALD Wednesday, September 5, 1973 Price restraints on gas Oil stocks drop sharply TORONTO (CP) Oil issues! shares at the same time Tues- f NEW YORK (AP) Stock led the decline as all sectors of' day. I market prices were lower today the Toronto stock market j Industrials declined 2.92 to in sluggish trading as profit moved lower in moderate mid- 246.94, the composite 2.00 to morning trading today. i 228.68 and banks .28 to 209.24 while papers advanced .94 to 130.60 and utilities .33 to 142.21. On the Montreal Stock Ex- change, Rio Algom Mines de- clined 1% to Dome Petro- leums to Aquitaine Co. of Canada to and BP Canada to while Great Lakes Paper rose to MacMillan Bloedel to 532% and Royal Bank J8 to On the Canadian Stock Ex- change, Western Quebec Mines declined one cent to 23 cents on The western oil index was off 5.18 to 250.15, following the gov- ernment's announcement of price restraints on gasoline and fuel oil. The industrial index, considered the major indicator of market trend, fell .74 to 215.90, golds .24 to 262.72 and base metals .03 to 100.86. Volume by 11 a.m. was 000 shares compared with 000 at the same time Tuesday. Declines led advances 14 to 85 with 181 issues unchanged. The oil refining index recorded the largest loss among industrial sub-groups, down 8.99 to 317.33. Industrial mining, trust and loan and utility issues- were also lower while pipeline, food processing and chemical stocks gained. j Home Oil A fell I5i to Gulf Oil l1 4 to S367s, Imperial Oil Us to Shell 1 to and Dome Pete to S34-8. Husky Oil was off 7s to S25'.i, j Texaco 34 to S65 and Hudson's j Bay Oil and Gas 3, to S50. Canadian Superior dropped 1 to Ranger 12 to United Canso to S13, Xumac 5 Western' DeeaUn 30 cents to S6.0Q. a volume traded. of shares takers moved in after gains in six of the past eight trading ses- sions. The Dow Jones average of 30 industrials, which closed up more than seven points Tues- day, at noon was down 3.23 at 892.16. Declining issues on the New York Stock Exchange had a slight edge over advances. Among Canadian issues on the NYSE, Dome Mines was up to and Canadian Pa- cific gained Vt to International Nickel slipped to 32% and Massey Ferguson to Farmers expect top ivheat price long MONTREAL (CP) Prices were mixed in light trading on the Montreal stock market to- day. Combined volume on the Mon- treal and Canadian stock ex- changes at 11 a.m. was flat a year one' beginning of what is expecte to be the most valuable whea harvest here in history. The crop will not be th largest; mediocre weather an acreage make this average year for Canada shares, compared with 281.000 Livestock Calgary livestock CALGARY (CP) Receipts to 11 a.m. Wednesday from the Calgary public stockyards show sales of about 350 head, mostly slaughter steers. Trade was moderately active. All classes of slaughter cattle sumes. might ease some of the about half a billion bushels wheat. But the world marke price is already more thar I twice the level of a year ag i with urgent new orders stl coming in from all over th world. Not too many months ago there was some thought in Ot tawa and Washington that thi year's harvest in Canada, a country that produces four timss as much wheat as it con sold steady. Steers Al and 2 49-50.10, A3 47.4S.75. Heifers Al and 2 48- 49.40, A3 43.50-47.50: Cows Dl and 2 33-34.30. D3 29.50-33. Good bulls 40-45.50. Replacement cattle were in j short supply and sold at steady rates. Feeder steers more than that it caussd on ths world iSO pounds 4o-49.30. Stock steer j commodities markets. calves all weights 57-78. Hogs fob Calgary to 11 a.m. adai maily other pro. average base price 51.50. Good ducers, both have enough grain lambs 2. j for their own use, but their hard pressed consumers cer- tainly cannot look here for any Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at neon Wednesday was up 1-25 at SI.00 16-25. Pound sterling was down 1 9-20 at 7-20. In New York, the Canadian dollar was down 1-25 at S0.99 9- 25. Pound sterling was down 1 7-20 at 9-10. Name Brand Product EXCLUSIVE Distribution this area No Selling, Customers come to you! Approximately 10 hours weekly Administra- tion and Service only. or Couple Age no barrier. total investment. Fully secured by equipment. Reply including Phone No. to Box 20, Lefhbridge Herald By WILLIAM BORDERS r exports of wheai, and from the New York Times Service j Soviet Union, where drought LIBERTY, Sask. Canada's necessitated the enormous pur- chases that began forcing the price up a year ago, there were reports this month of crop damage caused by heavy rains. India, whose officials were talking just last fall of self suf- ficiency in grain, recently sent an envoy to the Canadian wheat board in Winnipeg with an offer to buy anything it had to sell, and a high level team came from Tokyo on the same errand. The pressure has driven the international price of wheat to more than a bushel, com- pared with a year ago. And that may cause frenzy in the trading pits and anguish in ths supermarkets, but it is wel- come news out here in the big sky country, where the straight rows of grain seem to stretch out endlessly to a flat horizon miles and miles away. With 24 million acres planted in wheat, and yield of 22 or 24 bushels per acre, the eminent is expecting a crop of around 550 million bushels, about one-third as much as the United States produces. But some Canadian wheat marketers think that all or even more than all of this year's American wheat surplus has already been committed for export. And they point out that this year's Canadian sur- plus cannot possibly equal what this country sold abroad last year, which all adds up to a severe and continusd world shortage. "We're telling; our traditional rustorners western Europe, Sritain, Brazil that they can lave a set percentage of what we could give them a Wheat Board official explained, 'and then to much of the rest if the world, we'll probably just >ay no." Canada could have produced much more wheat. The total acreage that the fanners chose o plant ttus year was well be- ow the highs of the 1960's, artly because bad weather ast spring discouraged the slanting of wheat, and partly >ecause the memory of the re- ent glut is still very strong. pressure on bread and flour prices, which are soaring on both sides of the border. But that was before the ex perts fully appreciated tb magnitude of the internationa grain shortage, which mari_ regard as critical, and be The United States and Can relief from higher prices. The reason is simply that nearly everyone wants to buy. Argentina, which is usually a significant exporter of wheat, reportedly has little to sell this year, and the outlook for Tur- key's crop, also important in world terms, is bad. The European Economic Community has just banned all Profit Major gas firms Compact model ]Oin n EDMONTON (CP) Alber- to participate in the study ta's major natural gas utilities j group, he said. are planning to join Canadian Arctic Gas Study Ltd., pres- ident E. W. King of Canadian Utilities Ltd. said today. Canadian Utilities' sub- sidiaries, Canadian Western Natural Gas Co. Ltd. and Northwestern Utilities L I d., propose to put up 52 million Arctic Gas. investigating the possibility of a natural gag j pipeline up the Mackenzie i River valley from the Arctic j coast to southern markets, now j has 27 members. The group has spent mil- lion on engineering, economic, and environmental studies on the proposed pipeline that would tap reserves on tho Alaska north slope and in the Mackenzie River delta. A baled automobile, painted gold, is causing some quizzical looks among shoppers in Jack- son Square Mall in Hamil- ton, Ont. The idea is to guess the make of car and year to win a prize. It's all part of the first anniver- sary celebrations of the modern downtown shop- P'ng and business com- plex. Even the government, which two years ago was paying armers not to grow wheat, did ot foresee the latest twist in he highly volatile wheat mar- et. As recently as last fall the rheat board was officially the farmers to "be areful about letting the swing ack to wheat go too far." RSITY OF LETHBRIDGE is now accepting applications for its new MANAGEMENT DEVELOPMENT CERTIFICATE PROGRAM Development course offerings for the 1973 Fall Semester are: ECONOMICS Canadian economic issues in a world the class will be Mondays, from 7 to 10 p.m. in Room E-630 of the Academic Residence Building, start ing Sept. 1C. ECONOMICS to Managerial the class will be held Wednesdays, from 7 to 10 p.m., in Room E-620 of the ARB, start- ing Sept. 12. Development courses are recognized by the Institute of Canadian Bankers and may be applied toward a degree, upon admission to the li of L as a regular credit student. program, designed to assiif students develop their understanding of professional development as a business manager or executive, is open to anyone interested in management. Barley price hike rapped WINNIPEG (CP) Jack Murta, member of Parliament for Lisgar and agriculture crit- ic for the Conservatives, said today he deplores the Manito- ba Feed Grains Marketing Commission move to raise the price of barley to a bush- el. Mr. Murta, himself a Mani- toba farmer, said, ''the new high prices have destroyed the intricate balance between grain production and livestock production." Livestock producers may be j ,1 J forced to buy feed grain from j W OI Oil other provinces and might wen j be forced out of the he said in a statement. :am prices Winnipeg grain WINNIPEG (CP) Price Plans are to file an apphca-1 declined sharply in flax an tjon for ths 2.500-mile pipeline rapeseed futures and showed w 'generally lower trend in th Mr. King said participating in the group would help the utilities take advantage of any opportunities arising from Arc- tic supplies. "One must keep in mind, that as reported by the Energy Re- sources Conservation Board, more than half of Alberta's po- tential gas reserves have al- ready bean discovered. "Consequently, for the long term, Albertans may be look- ing to northern Canada to ob- tain part of their future gas supplies." Grain quotes CHICAGO (AP) Grain quotes Tuesday: Wheat: Sep 4.81. Dec. Mar 4.701-'2, May 4.50. Jul 3.69. Corn: Sep Dec. 2.40V2, Mar May Jul 2.46, Dec. 2.05. Oats: Sep 1.06, Dec. Mar 1.17, May Jul qualify Tor a certificate in Management Development, three compulsory and three optional subjects. a student must complete More, information may be obtained from The Registrar, The Univers-ty of Leth bridge. Phone 329-2231 or 329-2232. Admission and Registration forms may bo completed in person at the Registrar's Office, before the first class, or at the class, one hour prior to the first session. Gold futures WINNIPEG (CP) Gold fu- tures, U.S. funds, Winnipeg Commodity Exchange close Tuesday. Oct 73 106.35B; Jan 74 109.50A; Apr 74 112.50: Jly 74 116.00B; Oct 74 119.80. Friday's volume: 29 contracts experts plan conference PARIS (Reuter) Top oil ex- perts from the major Western industrial powers aiid Japan will meet here next Tuesday to discuss the possible effects of Libya's take-over of controlling interests in all foreign com- US French officials said to- tory, The high-level group repre- senting the oil committee of'the 24-country Organization for Economic Co-operation and De- velopment (OECD) will meet under the chairmanship of M. L. G. Wansink. director-general for energy in the Dutch minis- try of economic affairs. In addition to Holland, the group comprises Canada, the United States. Britain, France, West Germany, Italy, Norway and Japan. other grains in moderate mid- session trade today on. the Win nipeg Commodity Exchange. Flax declines were near th 60 cent level, while rapeseei was down its 20 cent limit in all months. Oats was more than six cents easier, while barley post ed similar losses. Rye was mix ed, with nearby futures show ing small gains and the Maj and July futures lower. Tuesday's volume of trade was bushels of flax of rye nd 01 rapeseed. MID-SESSION PRICES: Flax: Oct. 58 lower. 8.33B; Nov 56 lower, 3.20B; Dec. 59 lower, 8.11B; May 59 lower, J8.10B. I Rapeseed Vancouver: Sept. 120 lower, 5.38B: Nov. 20 lower, 5.26y2A; Jan. 1'j lower, 5.24A; Mar. 20 lower, 5.23A. Rapeseed Thunder Bay: Oct. 20 lower, 5.10A; Nov. 20 lower, 507A- Dec. 20 lower, 4.72A; May 20 lower, 4.94A. Oats: Oct. 6'z lower, 1.331! B; Dae. 6n'i lower, 1.30'jB. May not open. Barley: Oct. 4'2 lower, Dec. 7'a lower, 2.16A; 6 Rye: Oct. 5 '2.54A. THE INSTITUTE OF ACCREDITED PUBLIC ACCOUNTANTS offers a complete 5-year educational programme higher, 2.65B; 2.52B; May 4 July 10 lower Grain quotes Tuesday (basis High Flax Oct 957 NOV 940 Dec 938 May 937 Low Close R80 3GS 864 8S7 Rapeseed Vancouver Sept 891 876 870 869 558 Nov Jan Mar 561 SGOli 559V- 544 543 544 543 Rapeseed Thunder Bay in ACCOUNTING, AUDITING and FINANCIAL MANAGEMENT The Content of the programme is as follows: Financial Accounting, Report Writing, Commercial Law, Auditing, Economics, Accounting Theory, Corp- orate Finance, Cost Accounting, Introduction to Com- puters, Financial Management, Taxation, Industrial Relations, Information Systems. Correspondence course available upon request For further information contact the Alberta Secretary: MRS. D. P. ROBINSON 2247 LONGRIDGE DRIVE, CALGARY, ALBERTA T3E 5N5 246-3663 Oct 545 Nov Dec May Oats Oct 148'i Dec 140 May Jly Barley Oct 233 Dec 234 U May Jly Kye Oct 275 te Dsc 271V2 May 530 144% 137 229 260 530 527 492 514 144% 137 137 137 229 224V4 223 222 260 251% 262% 264 Beef Futures WINNIPEG (CP) Live beef futures close Tuesday. Sept 50.SOA; Nov 51.50A; Jan 51.00N; Mar 52.20N. Friday's volume: 29 contracts. Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty. McCnaig ymited) LAST BID OR SALE (11 a.m. Quotes) WESTERN OILS AND MINES Albany oils Alta East Gas Alminex Asamera Ashland BP Canada Brenda Mines Can South Cdn Ex Gas Cdn Homesfd Cdn Ind Gas Oil Cdn Long Is Cdn super Charter Oils Chieftan Dome Pete Dynasty Fort Reliance ianf Mascot Granisla Gt Plains Gf Cdn Oil S Lochiel Lytton Win "Jobls Mines North Cdn Oil Nurnec 'ancdn Pete 'an Ocean "etrol innacle 'laco Gas (11 a.m. Cygnus A Cygnus B 1.09 Falcon Copper 8.10 F and M Trust 6.65 Genstar 11.50 Global Comm 11.75 Home A 16.25 Home B 6.80 Hud Bay Co 4.75 Hud Bay Oil 3.20 Hud Bay A Pfd 7.30 Hugh Russell 7.75 Husky Oil .14 Husky Oil B Pfd 54.75 Husky D War -too Husky E War 11.25 Hys of Canada 34.50 Inter Prov Pipo 9.65 Inter Prov Steel .27 Kaiser 300 Loblaw C Pfd 9.50 Macnasonics an Pacific Pete ".95 Pac West Air 270 Pe-Ben Oilfield 2 Rainier Inc 1.12 Royal Trust '.'0 com Cap Corp lf.00 Ssndwell 14 62V: Teledyne ir.37Vj West Cdn Seed Weslfield Min Weifon A Pfd .61 whltn Yukon Quotes) 7.75 75 50 (11 a.m. Quotes) Western Warner ,3) VANCOUVER MINES CO Afton J.90 Atlas Explorations .40 .00 Bafhurst Norsemines .63 Ranqer u.-ry Rain Seibens Scoorer Total Peta Ulster West W. MfSCELLANEOUS INDUSTRIES Acre1; Ltd Aouitaine C Suaar Pfd ilcck Bros Cdn Brew A Cdn Brew B Cdri Pacific Inv "restbrcok Ind rowsnest Ind LINE STOCK Alta Gar. A 1? 25 Alta C-BS Pfd 71 m Alta N't Gsi TO Inland Nat Gas 7 H and C Ga- 75 .88 N and C B Pfd 6.00 Pacific Trans 11 "i 165 Mstro 4.30 Gaz Metro A 64 00 Can Pipe 13 87'3 Tr Can A Pfd 22.75 Tr Can B Pfd 3" 2' pn Tr On War 60S 70 WC Trans ir (X> 2J.OO WC 370 CALGARY Acrcll .so 900 Bar-is Oil? Nonh Continental Dankoe Davenport .53 Dolly Varden .27 Equitorial Res .22 Gioralter 13.75 Lcrnex Primer .03 Pyramid .13 Silver Standard 243 Valley Copper 885 INDUSTRIALS Brewing 350 Wardair 1.95 OILS Prp Explorations 1.07 Plains Pete .27 Pcnderay Explcr .86 St mt I Pes 1.02 MUTUAL FUNDS All Cdn Com 6.96 7.54 All Cdn Div 7.37 8 01 All Cdn Yen 3.49 4 01 Amer Gr Fund 530 604 A G.F. Special 2.90 Cdn In Fund 5.03 552 Coll Mutual 5 82 6.39 Cmnw Inter 14.70 16.15 Cmnw Leverage 3.83 4 21 Venture 7.27 7.99 4600 iriso 5050 57.00 5209 25.50 45.00 9.00 11.03 425 8.75 ?.20 27.75 7.50 5 12V'.' i '0 f.0 1 Corp Invest 6.22 6.84 Cr In St Fund 515 566 Dreyfus F U.S. 10.92 11.97 Great Pacific 4.68 512 Gr In Shares 3 43 3 77 Gr Equity 7.71 8.47 In Gr Fund 12.12 13 25 In Mutual 586 641 Mutual 5.97 6.55 Mutual Gr Fund 3.66 4 02 Resources 4 98 5.47 56 so N.W. Cdn 3" 21 N.W Growth 6 05 Prin Growth IT (X> RcyfurH C.70 i emp Umted Accu .60 Uri Savings .01 Vs Vanguard 5.70 510 560 .445 4.68 6.70 697 8.44 9.25 520 5.71 7.95 8.74 6 01 6 61 6.45 7.07 Toronto mines, industrials (Sapplied By Rlcfcsrosoa Securities of Canada) LAST BID OR SALE (11 a.m. Quotes? MINES (11 a.m. Ouotes) Acme Advocate Asb. Akaitcho Bralornc Brouian Bethlehem Bovis Brunswick Can N W Land Canada Tung. Cassiar Central Pat. Chimo Conwest Cons. Ramb'er Coin Lake Cochenour Craigmont Dickenson Mines Danison Mines D'Eldona Dome Mines Discovery Mines East Malartlc East Sullivan Falconbrldge Frobey First Gianf Y.K. Granduc Hollinger Hudson Bay M-S Hydra Ex. Iron Bay I so Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Mslartic G F. Martin McNeely Maclntyre Meta Midrlm Intern Nu West Homes New Athona New Cnlumet Noranda iiOTtliycite Norlex Oslsko U1 a.m. Quotes! Glendsle Mobile 9.00 Grt Cdn Oil 7.85 General Motor 65.00 Grt Lakes Paper 25 00 Pine Point 3S 25 .12 Placer Dev. 26 50 1.35 Pax Exp. 2.25 1.15 Quebec Man .11 2.05 Rayrcck 1 2T .40'3 P.adiore .32 T 75 Rio Algom 2.00 Roman Corp. Sherntf Gordon Steep Reck Tek Corp. Texrront Upper Canada Western Mines W H Cop Mines Wright Hargreaves Willrcy Windfall Kelly Doualas A Yellowknife Bear 4 40 Laurentida" Zenm-ac .09 Loeb INDUSTRIALS Loblaw A SCO 7.85 244 11.00 .98 1.10 4.75 3.50 .13 94 7.70 3.25 38.25 .43 86.00 1.20 3.70 Gulf Oil Cda Greyhound 26 62V3 Hawker Sid. E 65 Hiram Walker Huron Erie in-perial Oil Imasca Int. Nickel Int Pipe Inv Group A Int. Utilities Accepf Kaps 16.00 1 53 3.95 .27 7.70 291 3.20 .90 1.05 36.75 1825 S.12V4 54. CO 27.50 32.37V3 23.25 25.00 AbitL. Alcan Algoma Steel Atco Ind. 7.66 Atlantic Sugar 75.00 Agra Ind. .34 Bell Tel. .65 Brazilian Trac. 855 B.C. Tel 3.65 Burns 4r oo B.C. Forest 25.00 B.C. Sugar .21 Bow Valley Ind 3.60 Cable 2.06 CAE Ind. Cdn Brew H.371'3 Chemcell .31 Col Cellulose 43.12Vi Cal Power 2 65 Crniion Credit .05 OWN Gas Pfd 1.21 Cdn Industries .95 Cdn Marconi .58 Cdn V'ckers 53.00 Chrysler CPR .13 Corn'ncn 13.37V; Cons. Bathurst 8 Cons Gas .14 Dist Seagrams .24 Dom Bridge Domtar 5 75 .30 .22 Do Dom Dome Pete Dofasca Metropolitan 33 50 Ferg 1E.75 McMillan Bleed 12.75 Moore Corp Molsons A 11.62'3 Molsons B 41.00 Nachurs Northern Cent '5 Power Corp 15 Price Co 18.75 Rothmans 21.00 Sr Lawrence 3D 75 Shell CDA 16.00 SimpscTis IC.Oii Simpsons Sears 4.41! Steel Canada 4 60 Sslkirk A 5.50 Texaco K 75 Trans Mtn Pipe 2 10 Trans Can Pipe 11.00 Union Carbide 15 12'2 Un'on Gas r Union Oil 17 CO United Siscoe 24.57''- Versatile Mfg. 165n Westeel Westons B 26 00 Woodwards A 15 Cdn Seed 41 JS Zenith Elpr T' T) BANKS Cdn. Imperial Nova Scotia 7S Royal 2E.OO Toronto-Dorn 5.25 11.25 4.30 5 17.00 23.12VJ 3250 48 23.SO 24.00 7.87' 'j 9.621'j 11.12' 15.37' 3 '450 ?M2'3 2? W 11.25 3P50 15.07'A 6300 19.50 2900 16.75 9 87' 2 1562'a 6.6? 67J 21 23.PQ 5 '0 315 30 7eth Steel Duponf General Motors 3ulf nt. Harvester lenn. Copper (Snppfitd By Richardson Securities of Canada) T -17.75 22.00 2625 24 25 51.75 163 75 Sears X-Rcn Texas Gulf Texas Co. Wix Corporation Woolworth _____ M.tll'i Westinghouss Elec. 35 SO Steel 23.00 75 20 Golds up 6 15 86 75 10 Met 100.63 off .21 W 15 West Oils 249.84 off 5 47 25.17'i Volume lo 75 NEW YORK AVERAGES Iflduit 69155 off 383 20 Rails 161