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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 28, 1973, Lethbridge, Alberta Market price rally ended TORONTO (CP) Prices on the Toronto stock market ended their upward rally today, recording moderate losses in most sectors in ac- tive midmorning trading. The industrial index, consid- ered a major indicator of mar- ket trend, was off .32 to 223.58, golds 1.50 to 263.86, base metals .62 to 105.50 and western oils .23 to 245.49. Volume at 11 a.m. was 1.03 million shares compared with 1.10 million at the same time Thursday. Declines held a slight lead over advances, 143 to 134, while 179 issues were un- changed. Among sectors of the market showing the largest declines were beverage, merchandising, steel and bank issues while oil refining, pipeline, trust and loan and chemical stocks were gen- erally higher. Alcan was down to Chrysler Vz to Falcon- bridge Nickel 1 to Vi, Inco Vi to and Husky Oil to Vj. Consumers Distributing in- creased to Inter- provincial Pipeline to Shaw Pipe Vz to Conduits National V2 to and Noranda A Vz to Rio Algom lost to Vi and Tara Exploration Vi to Vi while Chemailoy rose 15 cents to MONTREAL (CP) Prices were mixed in light trading on the Montreal stock market to- day. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was New investor can buy into crown company EDMONTON (CP) First- time investors, "people who don't even know what a stock broker will be a primary target for the Alberta Energy Co.. says R. G. McFarlane. interim chairman of the recently-formed company. The company was formed by the provincial government last week to give Alberta residents a share of resource developments in the province, including the Syncrude Canada Ltd. extrac- tion plant in the Athabasca oil sands. It will be owned 50 per cent by the government, with Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Friday from the Calgary public stockyards show sales of about 600 head, mostly slaughter cattle and stock calves. Trade was active. Slaughter steers met a good demand at prices of higher. Heifers were scarce selling steady for quality. Cows sold unevenly steady and bulls sold steady. Steers Al and 2 42.50 to 44.50, A3 41 to 42.25. Heifers Al and 2 40.25 to 41.90. A3 38.50 to 40. Cows Dl and 2 34 to 35.25, D3 32 to 33.50, D4 27 to 32. Good bulls 39 to 41.50. There were insufficient replacement cattle sold early to establish quotations. Stock calves on offer were mostly in the 300 to 400 pound weight range. A few good, stock steer calves in the 300 to 400 pound range sold at 55 to 58. Hogs sold fob Calgary to 11 a.m. average base price 55.15. the remainder of shares available to the public. Mr McFarlane said Alber- tans will be able to buy the company's initial-issue snares on an instalment plan directly from the government, which is considering forgiving interest payments on out- standing balances during the first 10 months after the date of issue. Instalment purchase plans would be made available through employers, Provin- cial Treasury Branches, chartered banks and other financial institutions. Mr. McFarlane said com- pany shares would be made available in other provinces only after Albertans have had first crack at the initial issue. If Albertans over-subscribed the initial issue of between million and million, shares would be pro-rated on a per- capita basis. The government has an- nounced that enabling legisla- tion will be passed during the spring session of the legislature to transfer the government's assets in the field gas block in southeastern Alberta to the company. It will be within the com- pany's terms of reference still to be drafted to acquire shares in other companies, possiblv' on the open market. Beef futures WINNIPEG (CP) Live beef futures close Thursday. Nov 47.SOB; Jan 49.00B; Mar 49.60B; May 51.40N. Wednesday's volume: two contracts. The Herald- Business 700 shares, compared with shares at the same time Thursday. Utilities rose .55 to 142.74, banks .54 to 277.13 an'd the composite .12 to 234.86 while papers fell .11 to 151.65 and in- dustrials .07 to 254.59. On the Montreal Stock Ex- change, Canada Permanent Mortgage Corp. rose to Imperial Oil to and lAC-Ltd. to while Chrysler Corp. fell to and Domtar Vi to On the Canadian Stock Ex- change. Cuvier Mines rose 20 cents to on shares traded. NEW YORK (AP) Stock market prices, sharply lower in early trading today, strengthened by mid-day but still were down for the first time in eight days. The Dow Jones average of 30 industrials was down 6.85 to 946.42 at noon. Falling stocks led gainers by nearly 2 to 1 and trading was moderately slow on the New York Stock Exchange. Among Canadians on the New York exchange, Seagram's was up at Hudson Bay Vi at and Hiram Walker at Alcan was down at Vs; Canadian Pacific at Dome Mines at Vz; Massey Ferguson at and Mclntyre 1 at EARNINGS GROW M (API Spain r.inicd SI IK billion Iroin 11 4 million tourists during the hrst luill oi the govern- ment announced Stocks Miscellaneous Vancouver, Calgary, Montreal (Supplied by Doherty. McQuaig Ltd. OPENING QUOTES WESTERN OILS AND MINES Albany 1 05 Alta East Gas 810 Almmex 6 50 Asamera 1325 Ashland 1200 BP Canada 1450 Brenda Mines 7 60 Can South 5 60 Cdn Ex Gas 3 55 Cdn Homestd a 25 Cdn Ind Gas Oil 8 00 Cdn Long Is 14'2 Cdn Super 54 25 Charter Oils 4 00 Chieftan 11 87V, Dome Pete 33.00 Dynasty 1075 Fort Reliance 24 Gibraltar Mines 13 75 Giant Mascot 3 20 Granisle 1012V; Gt Plains 28 50 Gt Cdn Oil S 8.10 Lochiel 3 05 Lytton Mm 2.00 Noble Mines 1.14 North Cdn Oils 6 55 Numac Pancdn Pete 13 75 Pan Ocean 18 50 Petrol 1.35 Pinnacle .22 Place Gas 60 Ponder 41 Ranger 31 25 Scurry Rain 20 25 Seibens 1450 Spooner 42 Total Pete 6 50 Ulster .88 West Pete 5.87'-4 West Decalta 6 90 MISCELLANEOUS INDUSTRIES Acres Ltd 1337''? Aquitame 20 25 BC Sugar Pfd Block' Bros 3 00 Comm Cap Corp 3 15 Cdn Brew A Pfd 25 12V4 Cdn Brew B Pfd 29 62''? Cdn Pacific Inv 3300 Crestbrook Ind 13.62V2 Crowsnest Ind 28.25 Falcon Copper 14.00 F and M Trust 5 75 Genstar 1737'-i Global Comm 4250 Home A 46 75 Home B 43.50 Hud Bay Co 19 Hud Bay A Pfd 5700 Hugh Russell 55.50 Husky Oil 23 37V? Husky B Pfd 42 12'z Husky D War 8 10 Husky E War 1050 Hys of Canada 4 00 STOCKS Inter Prov Pipe Inter Prov Steel Kaiser Ros Loblaw C Pfd Magnasonics Pacific Pete Pe-Ben Oilfield Rainier Inc Royal Trust Sandwell 850 3.60 2750 7 12': 3025 725 5 12': 25.75 Teledyne West Cdn Seed Westfield Mm Western A Pfd PIPE LINE Alta Gas A Alta Gas Pfd Alta Nat Gas Inland Nat Gas N and C Gas N and C B Ptd Pacific Trans Gaz Metro Gaz Metro A Pfd Trans Can" Pipe Tr Can A Pfd Tr Can B Pfd Tr Can War WC Trans WC Trans War OPENING QUOTES CALGARr Acroll Barons Oils North Contm West Warn VANCOUVER MINES Afton Atlas Explor Bath Norse Dankoe Davenport Dolly Vard Equitonal Res 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 7.31 All Cdn Div 7.74 All Cdn Ven 3 86 Amer Grow F 5 74 AGF Spe 310 Cdn Invest Fund 5 24 Collect Mut 6.12 Com Inter 14.89 Com Lev 3.90 Com Ven 7.42 Corp Invest 6 32 Crop Invest F 5.30 Dreyfus Fund US 11.68 Grt Pacific 4.70 Gr Income 3 59 Grow Equity 7.79 Invest Grow F 12.36 Invest Mut 5 99 .Mut Accum 6.06 Mut Grew F 3 82 Nat Res 5 20 12 62'2 63.00 21 25 1000 1000 21 50 11 25 450 6400 3200 38.00 6.65 1550 265 NW Cdn NW Grow Prin Grow Royfund Temple Grow United Accurn Univer Sav Univest Vanguard Provident Mut 5.81 5.48 479 7 01 8.39 528 803 6.25 6.92 7.81 525 .20 1.93 .86 28 .95 1 10 7.95 841 4.19 631 5.74 6.52 16.36 429 873 695 5.82 12.80 5.74 395 856 1351 6.56 6.67 421 571 6.38 6.02 5.26 7 29 9 19 580 882 6.87 758 8.54 Toronto mines, industrials (Supplied by Richardson Securities oi Canada) Named Salesman of the Month Murray Bullock Beny Chevrolet Oldsmobile is pleased to announce that Murray Bullock has achieved the honor of "Salesman Of The Month" for August, 1973. Murray has has a wealth of ex- perience in the auto- mobile industry. He wel- comes his many friends and customers to come and see the new 1974 cars and trucks. As an experienced transportation expert his advice to you is Deal with BENY-fit Beny Chevrolet Oldsmobile OK SUPERMARKET CAR LOT Phone 328-1101 OPENING Forest Acme Advocate 1 Valley Ind Cable Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can N.W. 1 95 43 1675 220 520 Ind Cdn Brew Chemcell Col Cellulose Cal Power Coron Cred CWN Gas Canada Tung Cassiar Central Pat 15 14.00 .95 Indus Cdn Vickers Chrysler CPR Conwest Cons. Rambler Com Lake Cochenour Craigmont Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Sullivan Falconbridge Frobex Giant Y K Granduc Hollmger Hudson Bay 60 305 .12 .61 7.80 305 3900 42 8737'? 91 2.65 7725 29 825 345 4725 Cons Bath Cons Gas Dist Seagrams 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 Hydra Ex Iron Walker Huron Erie Iso Joliet 10 Tob Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R L. Malartic G F Martin McNeely 25 32 4350 255 .06 1.00 .92 23 Int Nickel Int Pipe Inv Group A Int Utilities Indus! Accept Kaps Kelly Doug A Laurentide Loeb A Midrim Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgate Norlex Osisko Pine Point Placer Dev Pax Exp Quebec Man Rayrock Radiore .Rio Algom Roman Corp Sherntt Gordon Steep Rock Tek Corp. Texmont United Canso Upper Canada Western Mines W House Copper Wright Hargreaves Willroy Windfall Yellowkmfe Bear Zenmac OPENING QUOTES Abitibi Alcan Algoma Steel Atco Ind Atlantic Sugar Aqra Ind Bell 10.75 887'? 14 23 5275 4.85 .35 22 35.00 29.62' 2 1 40 12'z 94 .27 26.75 9.30 16.12'z 1 55 4 15 23 1725 272 3.10 300 .90 1 05 12 480 .08 1375 3587'. 1925 14 75 637'? 11 50 Massey ferg McMillan Bloed Moore Corp Molsons A Molsons B Nachurs North Cent Power Corp Price Co Rothmans St Lawrence 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 Siscoe Versatile Mfg Westeel Westons B Woodwards A West Cdn Seed Zen.tri Elec BANKS Cdn Imperial Montreal Nova Scotia Royai Toronto-Dom 1550 25.00 3500 1600 9 87'-4 4.25 5 37V, 7 2550 2.25 11.00 1650 1600 27 62V, 34.62Vz 28 87 Vz 1525 43.62'-', 3875 24 37V, 8 87V, 1375 33.00 2800 9.00 8.10 67 6214 29.25 34.50 17.50 5 54 25 3025 4550 2950 34.75 23.75 9.62 Vi 27.25 1875 5 5.37'', 11 25 4.35 495 1450 2287' 3825 5075 2325 22.00 825 9 87'2 11.62'4 18 12'2 1425 20 62'', 19.25 8.75 12.75 3075 1600 5900 1900 17 32.00 1725 700 687'; 1650 1350 22.00 6.00 320 30 87'i 1862'j 38 12'2 37.25 3525 New York (Supplied by Richardson Securities of Canada) Amr 1ST 51.87'2 Woolworth 2425 Anaconda 2237'j Westmghouse Elec 3725 Beth Steel 33 00 US Steel 32.25 Chrysler 27 75 Gen Tele Elec 29.75 Comsat 54.50 TORONTO AVERAGES Dupont 182.62'; 20 Industrials 223 58 down 32 General Motors 67.62'2 20 Golds 23686 down 1 50 Gulf 25 12'2 10 Base Metals 105.90 down 62 Int Harvester 3200 15 Western Oils 245 49 down 23 Kenn Copper 3300 Volume 1 Montgomery Ward 2712'; NEW YORK AVERAGES Sears 9750 30 Industrials 942 35 down 1091 X-Ron 9337'; 20 Rails 175 10 down 1 54 Texas Gull 2700 15 Utilities 10371 down 25 Texas Co 32 75 65 Stocks 288 36 down 2 74 Wix Corporation 15 87'7 Volume 4.910.000 V No plow jockey After officially opening the International Plowing Match -at Alvinston, Ont, Governor-General Roland Mitchener tried his hand at plowing. After travelling about 15 feet Mr. Mitchener buried the plow and 'I give up'. Winnipeg grain prices WINNIPEG (CP) Flax prices continued their upward movement in active trading at mid-session today on the Win- nipeg Commodity Exchange with gains up to the 40-cent daily trading limit. Most other commodities were unchanged or slightly lower in quiet trading. One exception to the general pattern was October rye futures, which dropped 9 Vz cents, while other months of rye were unchanged or down only fractionally. Chicago grain CHICAGO (AP) A wave of late selling again engulfed commodity fugures on the Chicago Board of Trade Thursday and early gains turned into declines. Several options in the major pits touched limit declines in the last 30 minutes as longs took profits on recent positions. Prices were generally weak on the opening with wheat and soybeans down around 10 cents a bushel. Within minutes after the opening, some new buying de- veloped. Local professional, who were short initially, were forced to cover positions in frenzied bidding as prices pushed ahead. Wheat futures rose nearly 12 cents above the previous close and soybeans gained around 8 cents. The buying was attributed to recent heavy rains over wide sections of the country that may have delayed some early harvesting of corn and soybeans. Winter wheat seeding also reported was slowed down. In the closing minutes, new selling developed as proxit- taking set in and prices tumbled. At the close, soybeans were down around 18 cents, Novem- ber 6.42: wheat declined around 10 cents. December 4.74: corn was irregular, December and oats were down cents, December Gold futures WINNIPEG (CP) Gold futures. U.S. funds. Winnipeg Commodity Exchange close Oct 73 101.50A; Jan 74 104.60B: Apr 74 107.80B; Jly 74 111 SOB; Oct 74 114.40B. Wednesday's volume: Ninety-nine contracts. Dollar Thursday's volume of trade was bushels of flax, of rapeseed and of rye. Mid-session prices Flax: Oct. 40 higher 9.32A, Nov. 34 higher 9.12B, Dec. 35 higher 9.00A, May 34 higher 8.99A. Rapeseed Vancouver: Sept. 1 lower 5.73A. Nov. 2 lower 5.47B, Jan. 1 lower 5.40B. March lower Grain quotes Thursday basis Lakehead: High Low Close Flax Oct 892 845 892 Nov 878 832 878 Dec 865 812 865 May 865 799 765 Rapeseed Vancouver Sept 574 Nov 566 Vz 548% 549 Jan 558 Vz 540 541 Mar 551 533 5331'.! Rapeseed Thunder Bay Oct 541 525 527% Nov 538 524 524 Dec 511 May 520 Oats Oct 154 153% 154 Dec 145 May 141'2 Jly 139''z Barley Oct 154 153% 154 Dec 145 May 141 "2 Jly 139'2 Barley Oct 226 225 226 Dec 226% 226'2 226 'z May 223% 223% J'v 224'-2 Rye Oct 342% 337 Dec 305 295 Vz 295 '2 May 305 Vz 296 Vz 296'2 Jly 29H2 Friday, September 28, 1973 THE LETHBRIDGE HERALD 19 Union raps companies on profits By PAUL CARBRAY VANCOUVER (CP) The executive vice-president of the Canadian Labor Congress (CLC) Wednesday attacked Canadian companies for engaging in "an orgy of profit- taking" at the expense of workers. Joseph Morris of Ottawa, in a speech to the 28th inter- national convention of the Internationa! Woodworkers of America, said higher con- sumer prices and continued high unemployment is making workers suffer while cor- porations ma'ke more and more money. "Corporate business has embarked on such an orgy of profit-taking in the last two quarters of this year that it would be almost comical if it weren't for the tragic fact that it's your money they're salting away." he said. "Our government is desper- ately trying to ignore this gi- gantic rip-off which they set in motion when they retroactive- ly reduced corporate taxes m May. 1972." Profits have risen 30 per cent in the second quarter of this yer as compared to the se- cond quarter of last year because of the tax cuts, but new jobs haven't been created, Mr. Morris said. He said the tax cuts were supposed to create new jobs and keep prices down, "but we can ask ourselves where are the jobs, and where are the moderate 'ARE WORSE OFF' "Wage and salary workers are now worse off than they were a year ago" in terms of buying power, he said. The CLC vice-president said that attacks on organized labor for "holding the economy up to ransom" are not true. "If we are holding the econ- omy up to ransom, it sure isn't the working people or their unions who are getting the payoff." Mr. Morris also attacked "flag-waving national unions who are undermining the un- ion movement." He said unions must be international when they deal with international companies. Mr. Morris said he is not op- posed to Canadian unions in certain industries, "but in in- dustries where the cor- porations have plants around the world, the workers should have the same union." "I see no difference between the worker who works for Ford in Germany, for example, and the Ford' workers in Canada." he said. Hog prices Rapeseed Thunder Bay: Oct. unchanged Nov., Dec., May not open. Oats: Oct. Vz lower 1.53VzA, Dec., May, July not open. Barley: Oct. unchanged 2.25A, Dec. V2 lower 2.25A, May. July not open. R'ye: Oct. lower 3.23A. Dec. Vz lower 2.95A. May lower July unchanged 2.91 VzB. Production of coal on schedule EDMONTON (CP) Coal production is ahead of schedule for 1973 Japanese contracts, mine manager Phil Johnson of the Mclntyre- Porcupine property at Grande Cashe said here. He told a three-man com- mission inquiring into the development of Grande Cache, a mining community about 250 miles northwest of Edmonton, that the national rail strike interrupted produc- tion for only one week The Japanese contracts, negotiated late in 1972. call for Mclntyre to provide 1.25 million tons of low-volatile coal this year. The company has contracts with United States interests that demand another tons this year He assured the hearing that there are ample underground mining opportunities to com- plement underground and strip-mining now going on. EDMONTON (CP) Average prices to 11 a.m. Fri- day provided by the Alberta Hog Producers Marketing Board. Edmonton: 55.40. Average Thursday. 56.11. Calgary. 55.15 Average Thur- sday. 56 34. Lethbridge: No sales Average Thursday, 56.13 Fort Macleod. No sales Average Thursday, 57.00 Total hogs sold to 11 a.m 280 Total hogs sold Thursday 5.419. average 56.21. Sows average 42.00. value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Friday was up 1- 10 at 14-25. Pound sterl- ing was down 4-25 at 17- 20. In New York, the Canadian dollar was down 1-10 at 11-25.Pound sterling was down 2-5 at Annual Income on 5 year Guaranteed Investment Receipts. Fully guaranteed by Royal Trust for term of deposit. No fee or handling charge. Rates subject to confirmation. Guaranteed Investment Receipts. Royal Trust Member Canada Deposit Insurance Corp. 740 4th Ave. S. Lethbridge, Alberta Phone 328-5516 ;