Winnipeg Free Press

Winnipeg Free Press (Newspaper) - February 18, 1967, Winnipeg, Manitoba W Canadian business slim pickings for investors As share prices shuttle Down by Larry Dworkin Canadian press staff writer investors had meagre pick Ings on Canadas Stock markets this week As prices declined in most major a Toronto the Industrial in indicator of the markets was off to following the trend at new brokers said the Market was due to weaken after Sharp gains last they said there has been formidable resistance at the 162 level of the Industrial average where there has been a Moder ate Supply of Stock for this Lack of buying pressure was reflected in the trading Fig ures As Only shares changed hands compared with last at Mont volume was com pared with dome Petroleum caught the Market by Surprise at midweek when it Tan wild on rumours of a takeover the Stock jumped 5 to 46 after touching a High of brokers said rumours circulated around Bay Street that two companies cities service and Sinclair Oil bidding to take Over the a spokesman for dome denied the rumours and added that he knew of no Rea son for the stocks sudden Provo which shares bold Ings with dome in Northwestern dipped 10 cents to As a result of domes the Western Oil Index climbed to among other Home b and Canadian Superior added 1v4 each at 25 and Banff at Hudson Bay 1 at 28 while Scurry Rainbow backed off 1 to famous players caused most of the stir among industrials As it moved up 2 to the company announced it had accepted in principle an of Fer from Gulf and Western industries of new York to acquire All remaining outstand ing famous players Gulf and Western now hold about 51 per cent of famous players outstanding famous players also in creased its quarterly dividend 2vi to 30 cents a Falconbridge advanced 3h to 93 and Beaver lumber 3 to 38 after the company announced net earnings for 1966 compared with in Alcan and Bell Telephone dropped 1 to 34 and 48 and Forest 1 to Banks were higher As investors waited for a rash of share splitting by the chartered Banks when the new Bank act conies into Nova Scotia gained 1 to Toronto Dominion v4 to 63 and Montreal to Imperial Commerce eased i to Pine Point highlighted base Metal activity As the Stock jumped 3 to the com pants 1966 earnings were or a share com pared with or in Denison tumbled 1 to Hudson Bay vib to 66a and Noranda to on the speculative Del Dona advanced 25 cents to on shares while pc explorations dropped 11 to 48 cents on on golds fell to and base metals to at industrials were up to utilities were off 1 to Banks to and papers to the Way the cookies crumble new York i biscuit and Colgate Palm i Olive announced thursday i night an agreement in Prin Cipal to the surviving corporation would be known As the a Bisco Colgate i the announcement was made j jointly by Lee president of National and George Board chairman and president of col Gate at the conclusion of secret talks in new York thursday night Nabisco is one of the largest bakery products firms in the while Colgate palmolive is a giant in the soap detergent toothpaste under terms of the merger agreement each share of National biscuit common Stock would be exchanged for one share of common Stock of the surviving each share of Colgate palmolive common Stock would be exchanged for of a share of common Stock and of a share of a convertible preferred Stock of the surviving Pool Man sees new wheat target by Hubert Beyer assuming an increased world improved wheat varieties and favourable climatic con the Prairie provinces could produce one billion bushels of this optimistic statement was made by president of Manitoba Pool Parker presented a Brief on behalf of the Pool to the commons standing committee on agriculture which was touring Western Canada to familiarize Mem Bers with the operations of the Canadian wheat Parker told the hear ing in the fort Garry hotel that any such substantial increase would result in acute handling and storing problems of Grain at term Inal and country a Large percentage of both country and terminal elevators Are becoming of Parker some 75 per cent of All country elevators now in use were constructed prior to and Many of them prior to the trouble was that handling tariffs alone didst permit sufficient return on invested capital to allow carrying out an extensive modernization Parker Manitoba Pool elevators will spend approximately million in the coming year for maintenance and modernization of country and this program would have to continue for several years if the elevator system was to be adequately Parker any such improvements were carried out without assistance from the Federal he said the Pool supported the wheat Board whole the marketing practices of the wheat Board and the Gram grading and elevator handling r e g u 1 a tons of the Board of Grain commissioners made a very efficient system for the foreign importer and the Western Manitoba agriculture min ister Harry Enns told the hearing that his main con Cern was still the Low return Farmers get for their efforts business Auto Industry shimmies after another sideswipe new York a the drooping automobile Industry Bat taken another Jolt sales of Pas infer cars in the earliest 10 Days of february fell 21 per cent from a year earlier to the lowest rate for the period since it was reported this output totalled compared with in the similar 1966 automakers bad expected the decline in sales to from the High 1966 but they said the elide was accelerated by blizzards in some sections of the declines from the 1966 Early february period by companies general motors per Ford motor per Chrysler per and american motors per cent the downturn in car sales be Gan last april at a dealers inventor ies built up to record proper in an Effort to bring sup ply into balance with car makers Laid off workers and closed some Assembly Plant for various production this week was estimated at off 26 per cent from a year the 3 reported profits in 1966 fell 18 9 per cent from the 1965 earnings totalled or a compared with or a in chairman Lynn Townsend blamed the drop on higher costs of material and including increases in cos Tolliv ing allowances granted work ers under with the United Auto workers a sparkling spot in the economic picture was the re port of the Commerce depart ment that Home building Active kindled by easing credit jumped per cent during up for the third straight new privately owned housing starts increased to an annual rate of in the highest level since last junes the Commerce department reported that retail sales in Jan uary remained at about the de Cember reflecting continued sluggishness in a consumer i the january volume of was virtually in 1 changed from decembers level i of but was up one i per cent from the inflation always near economist Ottawa inflation needs to be tackled from Many sides but it cannot be eradicated from the Canadian David Slater of Queens said in three hours of testimony to the Senate commons prices in the economics professor repeatedly emphasized a need for sharpened National and International Competition and improved productivity in Canadian but he said there always will be an upward Drift in and governments will have to provide increased benefits for pensioners to keep their fixed incomes growing with the even in periods of unemployment and economic prices Rose because of pressure Points and bottlenecks in the Slater urged multinational Tariff reductions and Peter chairman of the Board of the Canadian indemnity company and United Canadian shares limited announces the election of Peter As Vic president of the Board of directors follow ing the annual meetings of the companies held on february Curry is president of Peter Curry chair Man of the Board of greater Winnipeg Gas Vic president of investors Trust director of the Canadian Perial Bank of the great West life Assurance com the investors group and a number of other Canadian Cor in Curry it chairman of the Board of University of Mani and Board of the Winnipeg Gen eral reports record profits new York Telephone and Telegraph the worlds largest corporate reports record 1966 profits of or a this compares with or a for operating revenues Rose to a record from in Board chairman rom in his first report to share said the Bell sys tem experienced exceptional made important advances and earnings in at the end of the and had More than 000 telephones in com pared with in net investment in facilities totalled up More than Over net some of it applicable to shares and does not own in Bell Rose to from 1965s amendments to anti combines legislation to Sharpen compete he also proposed More in training and education Ito improve economists generally were much less worried about creeping inflation now than they were some years when they All thought creeping inflation would inevitably Start to walk and then to and to say you can control prices by Law or supervision is kidding you have got to go to the a i Price review Board is not going to do senator David Croll l on co chairman of the com asked what can be done to limit Price increases in cases in which manufacturers or other producers have a discretionary Power to set any Price they Slater said anti com Bines legislation needs to be re designed to improve compete there Are twists and Wrin Kles that can be applied through the Industry and to promote Competition actively by various he there could not be parity be tween Canadian and wages and salaries until the productivity Gap is it could not be closed Slater said he favored Canadian free a wider free Trade grouping of North America and Western eur and a still wider Multi National lowering of he was asked by Auguste Choquette what he thought about the possible separation of Quebec from can i believe be All our Diversi ties and essential differences can be he separation would have of but people Are some times willing to pay the Cost of the things they the dec costs Are not nearly As Large As some people Canadian commodity exports soared to a record High of in per cent higher than 1965s record of and Well above total of during december sales climbed per cent to from in december business starts Down new York a the number of new businesses incorporated in the United states in 1966 dipped to from a record in 1965 says Dun and this marked the end of a yearly uptrend prevailing for four straight Money Supply Down but up Ottawa Ftp the Public Money Supply dipped by during the seven Days prior to the Bank of Canada reported the total of currency and the Public chartered Bank deposits stood at on together with government of Canada deposits of the total Money Supply at that Date was this was higher than the corresponding Day a year on Long term government the yield at is on seven issues due or callable in 10 years or More was per compared per cent a week at thursdays auction of government of Canada Treasury the downward trend of i yields the average i for both 91day and 182day Bills was per compared i with per cent for both a a week and their investment As food producers for the we have a Host of policies a piece Here a piece there but we have never come to grips with the income problem in a total Enns bits and pieces of agricultural policy Are not Good turning to the marketing the minister said that although the wheat situation was a favourable there were a number of deficiencies in the marketing of other we Are concerned about the supplies of feed grains in this province As it relates to our expanding livestock and poultry we dont have a surplus of feed Grain and our livestock feeders Here Are very much in Competition with those elsewhere who would like to use our feed construction starts in centres of population and Over declined to in november from during the same month of bringing the cumulative total to units a drop from 1965s to 6 to 3211z All out town shoppers for Sosoo Sale exquisite Diamond rings Salt off love is forever and so Are Diamond rings from the we offer you a wide collection of exquisite diamonds in glamorous settings of White or yellow engagement rings in Multi Diamond and Marquis styles or anniversary and cocktail mens Diamond rings in bold masculine easy credit terms on your Sample rings off an elegant collection of Sample rings in choose from a wide selection of signets and wedding in mens and women genuine and synthetic take advantage of these savings now Dubai watches Sale Sale exclusive to the Dubai watches feature a lifetime of fashion and precision time keeping As Well As a Complete Range of mens and women All Are Swiss made jewel levered movements and Are backed by the Bays one year guarantee Joy main shop monday til ;