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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 28, 1970, Lethbridge, Alberta Monday, December 28, 1970 THE LETHBRIDGE HERAID 15 Market higher trade in light TORONTO (CP) The To- ronto stock market edged frac- tionally higher in light mid- morning trading today. On index, industrials rose .15 to 172.90, base metals .22 to 89.50 and western oils 1.07 to 197.21. Golds lost 1.40 to 161.68. Volume by 11 a.m. was shares. Trust firm derelict iii duties TORONTO (CP) A Califor- nia widow, who has "suffered financially" on a income although her bachelor son is a millionaire, was awarded in- creased income here by the Ontario Supreme Court, which also found a London, Ont., trust company derelict in its duty toward her. Mr. Justice Donald A. Keith ruled that Canada trust Co. should have agreed to the re- quest of Virginia Woixhvorlh Smith to reinvest million in Imperial Oil shares in some- thing that would pay higher in- terest. Mrs. Smith, formerly of Mont- real and now of Palm Beach, gets the interest on one quarter of hev late husband's Im- perial common shares under the terms of his will. When her son assumed full control of the estate at age 21, he set up a trust agreement with the London firm, deposit- ing shares with instruc- tion that his mother be paid the interest until her death. He also directed that the stock should not be sold. Dividends from Imperial have been less than three per cent a year, meaning an income of about for Mrs. Smith in 1S68 and 1969. She asked the trust company in 1969 to sell the shares and invest the money in stocks paying higher interest, but the firm honored the son's directive. Mr. Justice Keith ordered re- moval of Canada Trust "for breach of trust" and appointed Canada Permanent Trust Co. as trustee of the trust fund. Hog prices EDMONTON (CP) Hog prices today provided by the Alberta Hog Producers Market- ing Board: Edmonton: Quoted 21.80 to 22.15, selling Red Deer: Quoted 21.75 to 21.80, selling 21.80. Calgary: Quoted 21.85 to 22.15, selling 22.15. Quoted and sell- ing 21.95. No sows sold. Winnipeg Grain NO MARKET TODAY Gains outnumbered losses Gl t'o 49 with 110 issues unchanged. Pacific Pete was up to Aquitaine to Northern and Central Gas Vt to Deni- son Vz to Roman 15 cents to Granduc five cents to Numac 30 cents to and Western Decalta five cents to Hudson's Bay Oil and Gas was down Vz to Seagrams 14 to Abitibi Vt to MacMillan-Bloedel Vt to Federal Grain Va to Mas- soy-Ferguson Vt to Dome Mines 1 to and Hudson Bay Mining to Vi. PRICES STABLE MONTREAL (CP) Prices were stable in light morning trading today on the Montreal stock market. U t i 1 i t i e s and banks were down slightly and papers were unchanged while the other sectors posted small gains. Among advancing issues, Fal- conbridge climbed to Denison Mines 3A to Du Pont to Pacific Petro- leum to Consolidated- Bathurst to Zellers to and Canada Permanent Mortgage to Among declining issues, Hud- son Bay Oil dropped -y8 to International U t i 1 i t i e s to Noranda to and CPR to Among speculative issues on the Canadian Stock Exchange, Dumont Nickel Mines was up five cents to 84 cents, Capri Mining three cents to 35 cents, Pacific Nickel Mines two cents to 28 cents and Mount Jamie one cent to 32 cents while Cadil- lac Exploration fell 10 cents to and Guardian Mines six cents to 37 cents. On index, industrials were up .22 to 175.59 and the composite .13 to 171.59 while utilities dipped .11 to 151.40 and banks .03 to 175.58. Papers were un- changed at 91.26. Combined volume on the Montreal and Canadian Stock Exchanges to 11 a.m. was shares traded. SMALL ADVANCE NEW YORK (AP) The stock market1 early today made a small advance on a broad front that sent the Dow Jones average of 30 industrials above the 13-month closing high reached Thursday. At noon, the indicator of 30 blue-chip stocks was ahead 1.58 at 829.96. Winning issues on the New York Stock Exchange held a 2- to-1 advantage over decliners. Today's advance was an exten- sion of the solid gain of the pre- vious session on Thursday, which lifted the Dow industrial average to 828.38, its best finish sir.ce Nov. 20, 1969. The average stood then at 831.18. The Asso- ciated Press 60-stock average rose 1.0 to 283.3. Among Canadian stocks, Dome Mines fell to and1 Canadian Pacific was off at' SWVs. Alcan added to and Inco Vs to On the American Stock Ex- change, Canadian Javelin dropped to and Jupiter Corp Vt to ArlUacl Sound HUGHTON, Sask. (CP) An Indian medicine wheel has been found near Hughton in west- central Saskatchewan. The boul- der monuments built long ago were constructed to commemor- ate great leaders, to mark bat- tles and a few are associated with romantic tragedies. Sis medicine wheels and 20 other boulder effigies have been found in Saskatchewan. Eye expert dies SOUTHBRIDGE, Mass. (AP) Dr. Edgar D. Tillycr, 89, a developer of lenses for eyeg- lasses, died here. Employed as a research scientist at Amer- ican Optical Corp. for 54 year, Dr. Tillyer held 150 patents for eyeglass lenses and other opti- cal devices. INCREASES SASKATOON (CP) The beet webworm, capable of re- ducing standing crops of rape and other oilseeds to a stubble, has been increasing in this area in recent years. The webworm, which seems to invade in 20- year cycles, last erupted in 1960. today's FUNNY Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Roadhause and McCuaig) LAST BID OK SALE a.m. Quotes, a.m. Quoies) a.m. Quotes) WESTERN OILS Alberta East Alminex Asamcra Banff BP Oil Gas Can South Cdn Ex Gas Ashland Cdn Homcstd Cdn Ind Gas Oil Cdn Long Is Cdn Super Cen pplr Rio Cherter Chicflan Dome Pete Dynamic Pete Gt Plains Mill City New Cont North Cdn Oil Numac Permo Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Spooner W. Decalta .1.95 5.90 13.12V) 5.75 4.75 3.95 8.50 7.00 11.75 .53 38.50 12.12VJ 6.05 7.50 84.SO 1.18 13.00 22.25 1.70 6.35 MISCELLANEOUS INDUSTRIALS Hud toy Co Hud Day Oil Husky Oil Pfd Hugh RUES Husky Oil Husky Oi! B Pfd Husky Oil War Inter Prov Pipo Intl Util Pfd Inter Steel Pipe Jefferson Lake Joulel Kaiser Res Kam Kotla L Ont Port Cem Mentor Ncwconex Pacific Pete Selk Hold Shcli Inv Shell Inv Pfd Shell Inv Wts Sicks Rainier West Cdn Seed White Yuk- CALGARY Acroll Ana Pete Barons Oil North Cont West Warner Madison Rexdale 37.50 53.75 20.50 1-1.00 38.00 7.50 13.62W 34.25 8.00 9.00 1.00 6.50 1.01 2.1S .63 5.65 33.25 33.50 14 50 2.75 3.70 17.00 Amr Gr F 4.77 5.2' Cdn Invest 4.36. -i.ao Crnnw Inter 12-fiO Cmnw Lev 2.8fi 3.13 Corp Invest 5.56 Corp In St F 4.43 464 DreyfUS F U.S. 11.04 12.10 Atco In 9.23 Aquataine Brit Nfld Cdn Brew A Pfd 7.25 Cdn Hydro 16.00 Cdn Pac Inv Pfd 25.50 Crowsnest In Cygnus A Cygnus B Cum Prop Gt Cdn Oil S Gf Cdn Oil S6-75 100.00 Home A 29.25 Home B 29.00- Home Pltfld 1.80 PIPELINE STOCKS Alfa Gas Tr L A 49.25 24.00 10.75 1525 3I.12W 31.00 5.50 2 Alta Nat Gas Inland Na! Gas N and C H and C B Pfd Gar Metro 4.65 Gas Metro Pfd A 61.25 Tr Cdn Pipe 35.25 Tr Cdn P Pfd A dl.62% Westcoast Tr 20.25 Western Pacific 4.B5 MUTUAL FUNDS All Cdn Com 6.96 7.61 All Cdn Divid 7.93 8.7Z All Cdn Vent 3.23 3.53 Gr Equity Invest Gr Invest Mutual Mutual Ac Nat Res N W Fin N W Gr Principal Gr Royfund United Ac Universal Sov 6.6 Temp Gf 22.0 VANCOUVER Anuk Arctic Mining Atlas Explor Beth Copper Bornite Rldgi Block Bros Brenda B.C. Sugar Capt Inter Churchill Copper Coronation Credit Croyden Dynasty Mascot Key Indust Hys Interior Brew Jericho Kamioops Copper H. 51 5.75 6.30 5.32 5.92 6.47 7.OS 4.83 5.31 6.99 7.64 3.90 4.29 4.54 3.61 5.17 5.33 .22 .13', .55 14.00 .11 3.70 7.60 16.00 4.25 .BO 1.05 .21 5.60 3.75 .30 2.25 5.10 .08 Lorne Madrona New Cronln Pyramid Silver Stand Trojan West Mines Westcoast Res West Explor UUca 6.50 Golden wedding CARDSTON (HNS) Mr. and Mrs. Bruno Sommerfeldt of Cardston recently celebrated leir golden wedding annivers- ary. They were honored at an cpen house at their home. A family gathering was held at the home of their son, Rex, in lardston. All members of the family were present except six jrandchildren. Mr. Sommerfeldt was born in Stettin, Germany. His entire lamily immigrated to Canada in 1905 when he was six years Mrs. Sommerfeldt (Sarah Velson) was born in Mountain View. They were married Dec. 1, 1920 and homesleaded near Del Bonita. They farmed there until 1955 when they moved to Cardston where Mr. Sommer- feldt went into the garage business with his sons. They have 10 living children, of Nelson, B.C.; Mrs. Reece (Veda) Jensen, Barn- well; Mrs. Lynn (Velma) Haynes, Edmonton; Mrs. Ross (Pearl) Reed, Glenwood; Aaron; Hex; Airs. Bert (Norma) Wiley; Mark, Ted and Glen of Cardston. They have 44 grandchildren and one great grandchild. Canadian business revieiv Spectre of Inflation still haunts business By IRVING C. WI1YNOT Canadian Press Business Editor The spectre of inflation still haunts most Canadian business men as they look into 1971. All hope for increased eco- nomic activity after a sluggish 1970. But this will require expan- sionary policies and the warning is that this must be accom- Western Canadian Seed Processors Ltd. Require a PURCHASING AGENT Duties include purchasing of supplies, maintaining an Inventory of supplies and supervising accounts payable. This is on ideal opportunity in a rapidly growing company wild excellent salary and employee benefits. Applicants should apply stating all qua I if ica lions, ex- perience and indicated expected salary to P.O. BOX 99, IETHBRIDGE RON W. TODGHAM Sees upturn plished without restarting the inflationary spiral. Here are some comments from leading businessmen for ls71: A. G. Sinclair, president, Canadian Manufacturers' Asso- ciation: A faster pace of eco- nomic activity with a real in- crease in gross national product CERTIFICATE COURSE IN MANAGEMENT DEVELOPMENT Lethbridge Program Spring Semester (January to April, 1971) COURSE: Business Organization and Administration INSTRUCTOR: Mr. Ralph Thrall, Jr., B.A., M.B.A. LECTURES: Each Monday evening, from 7-10 pm. commencing January 1971 PLACE: Room 209, Science Building FEE: payable wilh registration FURTHER INFORMATION: Office of Community Relations University of Lethbridge Telephone 328-7577 of about five per cent. But much of the impact of the eco- nomic upswing will be delayed and employment will fall short of desirable levels. Inflation is not a dead duck and recent wage settlements will work their way into prices in the months ahead. The key problem will be to keep inflation in rein while accelerating the rate of growth. A. R. Nielsen, chairman, Ca- nadian Petroleum Association: Federal government policies and the attitude of the Canadian people to foreign investment will be the key to development of Canada's crude oil and natu- ral gas potential in_the Arctic and offshore areas. By creating a hospitable investment climate and workable regulations, in- dustry activity in these areas could double the size of existing producing areas. S. Eric Johnson, president, National House Builders Asso- ciation: Residential Construction should aim at a record starts. Indications are that home ownership will become available on a much broader in- come basis than at any time in the past decade, especially for family housing. Interest rales should moderate slightly by mid year and this will stir apart- ment construction. Ron W. Todgham, president, Chrysler Canada Ltd.: North American type passenger cars should regain some of the mar- ket lost to r'tnports. Changes in government thinking regarding economic conditions in Canada indicate tha' perhaps tile econ- omy has reached its low point and is due for an upturn. Jerry McAfee, president, Gulf Oil Canada Ltd.: Canadian production of crude oil and equivalent hydrocarbons should increase about 12 per cent for the second consecutive year. Total exports should show a gain of more than 20 per cent. J. R. Kimbcr, president, To- ronto Stock Exchange: The ground has been prepared for economic growth but expansion- ary movement must be tem- pered with some restraint. An- other spiral of inflation must be avoided but present rates of un- employment cannot be ignored. Charles Neapole, president of the lonireal and Canadian Stock Exchanges: The economy needs expansionary policies and the most effective manner to get the ball rolling would be re- duction in takes. Eastern Can- ada, including Quebec, needs extensive infusion of capital to spark economic development. Ilerve Belzilc, president, Ca- nadian Life Insurance Associa- tion: The challenge for 1971 will be to move forward again with- out unleashing the forces of in- flation. With high unemploy- ment there will be pressure for looser credit, lower interest rates and money for make-work projects. J. C. McCarthy, president, Ca- nadian Gas Association: .Out- look for the natural gas industry in 1971 is good. There will be in- creased demand for natural gas as fuel. High interest rates couid restrict some expansion plans. Cubans aid Americans MIAMI, Fla. The U.S. Coast Guard and two of Fidel Castro's patrol boats co-oper- ated to rescue seven Americans from a partially submerged boat aground off Cuba on Christmas. The Cuban patrol craft, came upon the 85-foot Sea Rover, bound for Nicaragua, soon after it ran aground on a cora! roof three miles off the northwestern tip of Cuba, survivors said after they were flown to Miami. David Edwards. 30, of Stafes- ville, N.C., said the Cubans of- fered their help and when the Americans were unable to free Lhe grounded boat, stood by until the coast guard could reach the converted patrol tor- Kdo boat and the four adults and three children aboard. "The water was only about waist deep inside the boat so we ill scurried up to the Edwards said. The Cubans ar- rived soon after the travellers radioed a distress call. "The Cubans were very help- Edwards said. "Five of them came over asking if they could provide us wilh any as- sistance. They made an attempt to help us get the boat off but failed." A coast guard air- craft reached the Sea Rover a short time later, Edwards said, and dropped a salvage pump "that was too small." A helicopter from St. Peters- 350 miles away- picked up six of the boat's pas- sengers late Friday and the sev- i enth, owner Nikola Ecverdija of i Miami, was taken aboard the Belgian freighter Pontos. Scverdija, 33, his wife Sylvia and their 10, Dean, 8, and Gladys en route to Nicaragua as set- tlers, the wife said. Mrs. Sevcr- dija said they had planned to operate the Sea Rover commer- cially as a Nicaraguan river boat. No-fault car insurance goes into effect soon BOSTON (AP) Tlie first no-fault automobile insurance plan in (he United States goes into effect in Massachusetts Fri- day, and it is apt to get an im- mediate test of its constitution- ality. No-fault, as it will be applied in Massachusetts, provides that bodily injury claims of up to including medical cxpen- Toronto mines., industrials Supplied by Richardson Securities of Canada LAST BID OK SALE a.m. Quoies) a.m. Quotes! a.m. MINES Acme Advocate Asb. Akaitcho Area Mines Belcher Iron Black Bay Bralorne Broulan Bethlehem Brunswick Canada Tung, cassiar Central Pal. Corwest Cons. Rambler Coin Lake Cochenour Craigmonr Oickenson Mine Denlson MJnss Deer Horn D'Eldona Dome Mines 3.00 .42 l.ai .41 .06% 1.3S Discovery Mrr.es East Maiartic East Sullivan Falconbridge Frobex Firsf Maritir.es Grant Y.K. Gunner Granduc Headway R.L. HoJIinger Hud. Day M-S Hydra Ex. Highland Bell Iron Bay Iso Jolier Quebec Kerr Addison Key Anacon Labrador Lake Shore Leilch Langis Silver Macassa Madsen R.L. Maiartic G.F. Alar I in McNeely Maybrun Maclnfyre Meta Mid rim Intern Mogul New Athona New Calumet New Imperial 9.90 8.62'A .14 .-12 B.8Q 1-25 34.00 .05V2 1.02 57.00 .19 1.02 1.50 4.60 139.00 1 05 9.75 1.20 S.OO 9.00 36.50 20.00 .24 33.00 3.00 1.53 ,70 .30 10.50 144.00 -13'A .30 9.80 Noranda Norlhgate Opemiska Osisko Patino Pine Point Placer P.C. Exp. Quebec Man Rayrock Radiore Rio Algom Roman Corp. Silverfields Sherritt Gordon Silver Miller Steep Rock Siscoe Tek Corp. Texmont Upper Canada Western Mines Wright Har. Wlllroy Windlall Ycliowknlfe 8r. Zenmac INDUSTRIAL Abltibi Alcan Algoma Steel Alco Ind Allan Sugar Bell Tel Brazilian Trac B. C. Tel Burns B. C. Forest B. C. Sugar CAE Ind Cdn Breweries Chemcell Ctfl Cellulose Cal Power Coron Crcdi' CWN Gas Pfd Cdn Industries Canada S. S. Cdn Marconi Cdn Victors Chrysler C.P.R. Cbrninco Cons Esthurst Cons Gas Dist Seagrams Dam Bridge Domtar Dom Textlla Dam Stores 9.50 .33 27. 12 29.75 20. 67 V3 .83 .21 1.16 .16 16.00 6.75 1.85 15.75 .07 .54 1.65 3.90 1.15 1.38 .11 7.75 23.50 14.50 9.12V; 7.00 17.00 64.00 8.50 25.00 16.00 4.40 5.CO 6. S3 27.00 1.40 10.25 11.75 27.50 3.25 9.50 e8.37Va 21.55 10.37'A 19.50 49.00 19.25 Dome Pete Dofasco Fom Players Ford of Amer Gt Cdn Oil SdS Gen Motors Gf Lakes Pap Gulf Oil Cda Grey Lines Hawker Sid Huron and Erie Hiram Walker Imperial Oil Imp Tobacco Int Nickel Int Pipe Inv Group A Int Util Indust Accept Laurentide Kelly Doug A Lneb Lohlaw A Alelro Stores Massey Ferg McMillan Bloe Moore Corp Molsons A Molsons B Noi 83.00 23.25 10.00 53.00 3.75 BO.OO 19.00 50.25 1125 1.G5 19.75 39.25 19.75 15.50 37.75 7.62V3 34.37V; 17.25 600 5.75 3.75 4.75 32.00 70.25 26.37VJ 3.1.75 15.00 1525 Power Corp Price Co Rolhmans St Lav; Corp Shell CDA Simp Sears Steel of Can Selkirk A Texaco Trad Group A Trans Mtn Pipe Trans Can Pipe Union Gas Versatile Mfg Westeel Union Carb Wesfon's B Wood A West Cdn Sd Zenith Elec BANKS Cdn Imperial Atontreal Nova Scot I a Soy a I Tor-Dam 24.37'A 5.5P 8.75 12.25 19.00 33.25 17.00 22.25 27.50 10.50 19.50 35.25 15.75 3.25 9.00 13.87W 18.75 17.00 3.55 1.10 19.75 20.50 52 75 IO.CH1 scs of ui> to will be paid by the motorist's own insurer re- gardlcss of who is to blame in the accident. "Pain and suffer- ing" claims are eliminated. 'Hie object is to unclog the courts and trim legal fees by ending nuisance claims. Claims greater than can bo liti- gated in the usual manner. Only bodily injury insurance, compulsory in Massachusetts since 1927, is affected by no- faull. Property damage liability insurance and comprehensive fire, theft and collision coverage will be unchanged. Should it prove workable, the no-fa tilt concept may be ex- tended to property damage cov- erage. The state legislature tacked two amendments on to its no- I fault bill. One provided a merit rating system which will go into effect in 1972; the other man- dated a 15-per-cent across-the- board rate reduction in all types of auto insurance. The insurance companies did not oppose the rate reduction in compulsory liability but filed suit in the state Supreme Court contesting the reduction in prop- erty and physical damage rates. The court ruled in favor of the companies in both cases. Legal associations continue to oppose the no-fault law. They contend the law is so poorly written it will result in more claims and increased litigation, therefore raising costs. New York stocks Supplied by Richardson. Securities of Canada 1EW YORK Amr T and T Anaconda Bth Steel Chrysler Dupont General Motors Gulf Int Harvester Kenn Copper GA Montgomery Ward 5S.7S Sears 74.75 20.37Vi Std Oil of N.J. 71. GO 21.50 Texas Gulf 117.00 27.75. Texas Co 50.37% Wool worth 3S.50 73! Westinghouse Elec 67.00 79.62VJ U.S. Steel 30 Gilds lfil.73 off 1.35 10 Base Met 69.56 up .28 15 W Oils 197.19 up 1.05 Volume 30 Indust 829.96 up l.SB C1.B7V2 20 Rails 163.79 up 1.20 1S 120-d3 UP -51 57 ww TORONTO AVERAGES 65 stocks up .78 36.75 20 Indust 172.78 up .03 Volume kid day Reierson to attend cermnoy EDMONTON (CP) Ray Reierson, Alberta's labor and elephones minister, flew to Washington today to be present or the signing of the American iccupational and safety health bill. Mr. Heierson was invited be- :ause he is president of the In- ernational Association of Gov- ernmental Labor officials, a "forth American organization. The bill will he signed Tues- lay by President N5xon. The bill allows for the United itates government to partici- late in safety standards in such Livestock Lefhbridge Livestock NO SALE Calgary Livestock NO SALE areas as machinery, radiation, noise levels, heat hazards and pollution. Mr. Reierson will return to Edmonton Wednesday. GRANTS FOR FOOD VANCOUVER (CP) The Unemployed Citizens Welfare Improvement Council of Van- couver is using a grant from the University of British Columbia student society to start a co-operative cut-price food outlet. EDMONTON mink breeders are in trouble, the victims of tight money and world over-production. "The last thing you think of buying in tight times is said Ken Montgomery of Wet- askiwin, whose Montgomery Fur Ranch Ltd. has almost ex- hausted its reserves in the last two or three bad years. Mr. Montgomery said it costs almost ?12 to raise a mink but pelts are bringing only to at auctions. "It's a case of survival of t'ie he said in an in- terview. "The ones that didn't bother to put away reserves in the good years are already out." He will have to go out of busi- ness after next year's crop un- less prices improve. Bob Gilles, supervisor of the Alberta agriculture depart- ment's fur farms section, said the number of producers has dropped substantially in the last few years. This year the 95 remaining breeders raised mink, down from 000 last year. Gilbert Pearson, past presi- dent of the Lesser Slave Lake Mink Breeders Association, has gone out of business because of losses. ELECTRICIAN REQUIRED The Canmore Mines, Limited requires an Industrial Electrician for their surface operation at Canmore, Alberta. Duties t'o include maintenance and installation large moton, motor control centre and plant. Wiring experience in line work an asset. Voltages range from 220V to 2300 V primary. Applicants please write A. V. Maschio, Safety and Per- sonnel Supervisor, The Canmore Mines, Limited, Box 280, Canmore, Alberta, stating experience, qualifications Agt Status and telephone number, Happy Neic Year To Our Many Friends and Customers We Wish To Extend a Happy New Year! We will close New Year's Eve, Dec, 31st at 7 p.m. and will be closed New Day, January Isf, Re-opening Saturday, January 2nd at 7 a.m. BEST WISHES FROM THE MANAGEMENT AND STAFF OF THE LETHBRIDGE HOTEL COFFEE SHOP 5th Sfreef and 2nd Avenue South Phone 327-1049 ;