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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 5, 1975, Lethbridge, Alberta 22 THE LETHBRIDGE HERALD Ftbruiry 5, 1975 Alberta Socreds, NDP not impressed Mixed reaction to Syncrude aid EDMONTON (CP) The Syncrude oil sands project re- ceived new life Tuesday with the infusion of million by the Alberta, Ontario and federal governments. But reaction to the assistance was mixed. Announcement of the three new investors in Syncrude came two months to the day after Atlantic Richfield Canada Ltd. withdrew its 30- per-cent interest in the four- company consortium. Ottawa has agreed to com- mit million, Ontario million and Alberta million to the project. Revival of the project was greeted with enthusiasm by Syncrude president Frank Spragins and other oil in- dustry officials. Mr. Spragins told a news conference that 'as of Tuesday, all Syncrude's "TRY AND STOP US" Coming to 1090 CHEC orders for equipment and supplies were released and the project was "now in a full- jo position." He said he does not an- ticipate any problems living with the three sometimes- warring governments that agreed to invest in the ven- ture. Leaders of Alberta's political opposition parties, however, were less im- pressed. Bob Clark, Social Credit house leader, said he would have preferred Alberta to de- cline an equity position in Syn- crude. Mr. Clark said he was pleas- ed Syncrude was going ahead but warned that similar crises over rising costs could materialize within five years. Syncrude's costs have more than doubled since an es- timate of million, a fac- tor cited by Atlantic Richfield in its withdrawal from the project. NDP Leader Grant Notley said the consortium had "just sold us the Brooklyn Bridge for the 15th time." Mr. Notley, the NDP's only representative in the Alberta legislature, said he feared that because Syncrude had received "all it wanted" Canadians would become bystanders in the decision- making process. Hans Maciej, manager of economic affairs with the Canadian Petroleum Association, said the CPA was delighted the Syncrude pro- ject has been rescued. But he added that the struggle which Syncrude has gone through "is an indication of the problems which will have to be faced by other com- panies proposing oil sands projects." Maurice Paulson, president of the Independent Petroleum Association of Canada, said the project is a "positive development." "It is necessary for Canada's energy supply that this and other oil sands pro- jects go ahead." Officials of Shell Canada Ltd., Petrofina Canada Ltd. and Home Oil Co. Ltd., all of which have proposed oil sands olants, welcomed the Syncrude go-ahead but said their own proposals will have to be assessed independent of it. A spokesman for Great Canadian Oil Sands which runs the only plant currently extracting oil from the sands about 260 miles northeast of here, said com- pletion of the Syncrude pro- ject will avert what might have been hardships on residents of the Fort McMurray area on the fringe of the oil sands. January sales up For Sale or Lease! sq. ft. building Located in Phase Two of proposed Downtown Lethbridge Development Scheme. Call 328-1705 Lethbridge or 253-7155 Calgary! (24 Hours) RICHFIELD DETROIT (AP) Cash re- bate plans pushed late January car sales dramatical- ly above mid-month levels, but deliveries for the entire month still are expected to es- tablish a 14-year low. Sales from Jan. 21 through Jan. 31, the first period measuring the full effect of rebates the auto makers are offering on some new were estimated at They were up 42 per cent from mid-January, but down 10 per cent from the same period in 1974. The total includes figures reported Tuesday by three of the four major car companies and an estimate for Ford Motor Co., which was to release its results today. Financial analysts said the auto makers are losing on ev- ery car covered by the rebate program in order to clear record inventories of unsold cars. The latest figures marked the second straight gain in 10- day sales. Deliveries in rnid- January, when the rebates started, wers up 41 per cent from early January, when sales were the lowest for'the period on record. Sales normally increase in each successive period of a month as dealers' bargain harder to meet end-of-month bills. But the normal gain is no more than 10 per cent. Total January sales were estimated at cars, off 17 per cent from a low in January 1974, when fuel shortages sent sales tumbling. The January estimate would put sales of U.S. cars at their lowest level for a January since 1961 and mark the. 16th consecutive month that deliveries have lagged behind year-earlier totals. Analysts say sales will im- prove gradually during the re- mainder of the year. INSTALLATION FURNACES rv 1709-2nd Ava. S. Phone 328-5973 Some days we don't sell insurance. any That may seem a bit strange, but then, we offer a lot of things other than life 327-5914 insurance. For instance, we offer some excellent financial planning program's. We can show you how to minimize taxes through income averaging annuities. We'll show you how the capital gains provision of income tax legislation affects you. We'll show you how to take the right steps to protect your capital. And we can custom- tailor a Registered Retirement Savings Plan to meet your specific objectives. And that's just a part of our financial planning services for individuals. We can also offer a comprehensive Business Planning Service, including employee benefit programs, to the businessman. In short, we do a lot more than sell life insurance. So maybe it's time you started thinking of us as something more than just life insurance men. You'll be surprised how helpful we can be. Herald- Business The Manufacturers Life Insurance Company Thinking with you. To: The Manufacturers Life Insurance Company Suite 310, Ave. S., Lethbridge, Alberta I'd like to know more about: Income averaging annuities, I___I Business planning services. How to protect my capital. D n Deferred profit sharing plans. Capital gains Mxes. Flexible Registered Retirement Annuity. Life insurance j 1 (yos, wo sell that, too.) I___) D n n ADDRESS________ POSTAL CODE Stocks Miscellaneous Vancouver, Calgary, Montreal Midland DohertyLimited WESTERN OILS AND MINES Afton Mines Albany Oil Alia East Gas Almlnex Asamera Ashland Oil BP Canada Brenda Mines Cda Southern Cdn Export Cdn Homestead Cdn Ind Gas Cdn Long Island Cdn Superior Chieftan Oey Dome Pete Dynasty Nufort Res Giant Mascot Gibraltar Mines Granisle Great Cdn Oil Lochiel Explor Lytton Minerals Numac Oil PanCdn Pete Pan Ocean Petrol Paloma Place Gas Ponder Ranger Oil Scurry Rain Seibens Spooner Total Pete Ulster Pete United Canso West Pete West Dec-alta MISCELLANEOUS INDUSTRIALS Acres Ltd Aquitaine 80 Sugar C Pld Block Bros Canbra Foods Cdn A Pfd Cdn Pac Inv Carting A Pld Carling B Pfd Com Capital Crest Forest Crowsnest Indus Falcon Copper F M Trust Genstar Home Oil A Home Oil B Hud Bay Hud Bay Oil Hud Bay A Pfd Hugh Russell C Pfd Husky Oil Husky Oil B Pfd Husky Oil E War Inter Pipe War Inter S S P Kaiser Res Kaiser Res War Loblaw C Pfd 3.55 .35 5.76 8.87'A 6.75 10.87 V, 3.25 2.17 2.27 3.40 6.87VS .14 26.75 6.12'A 8.37VS 23.75 .13 .72 4.70 12.62Vi 7.75 1.15 1.20 11.00 10.1214 9.25 1.30 .62 .25 .43V4 19.25 13.50 8.00 .26 .83 7.75 3.80 4.35 18.25 12.00 3.10 3.40 29.00 14.75 19.75 21.75 2.00 3.80 21.00 7.87V4 4.55 17.75 23.37'A 21.50 15.50 24.75 31.00 57.00 16.50 32.37V4 5.12V4 2.10 15.50 7.00 4.10 26.75 Magnasonics Pac Pete Pe-Ban Oilfield Royal Trust Sandwell Teledyne Traders Pfd Trimac Westlield Min Weston A Pld Whitopass PIPELINE STOCKS Alia Gas A Alia Gas Pld Alia Nat Gas Gaz Metro Gas Metro A Pfd Inland Nat Gas N C Gas NS C B Pfd Tr-Cda Pipe Tr-Cda A Pfd Tr-Cda B Pfd Tr-Cda Pipe War West Trans West Trans War CALGARY Acroll Barons Oil N. Continental Western Warner VANCOUVER MINES Bathurst Norsemines Cima Resources Oankoe Davenport Lornex Northalr Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Key Industries Wardair OILS August Petroleum Plains Pete Stampede Int'l Resources MUTUAL FUNDS All Cdn. Compound All Cdn. Dividend All Cdn. Ventures American Growth Fund A.G.F. Special Eaton Commonwealth Eaton Leverage Eaton Int'l Venture Corp. Investors Corp Investors Stock Fund Dreyfus Fund U.S. Grouped Income Snares Investors Growth Fund Investors Mutual Nat. Resources N.W. Cdn. N.W. Growth Principal Growth Royfund Tompleton Growth United Accumulative Universal Savings Vanguard 1.26 .66 2.43 .75 4.75 2.15 .13 .0514 1.21 5.50 .06 1.40 ,16 .10 .64 5.07 5.42 2.13 3.74 2.00 12.03 2.74 2.56 5.26 3.95 8.85 2.49 10.43 4.96 3.53 4.43 3.75 3.51 5.10 7.05 3.84 6.98 4.18 Toronto mines, industrials (Supplied by Richardson Securities of Canada) 'MINES Acme .08 Advocate Asb. 1.21 Akaltcho 1.60 Bralorne 1.26 Broulan .37 Bethlehem 9.00 Bovis 1.25 Brunswick 3.80 Can. NW Land 3.35 Canada Tung. 3.40 Cassiar 4.40 Central Pat. .82 Chiino .88 Conwest 2.60 Cons. Rambler 1.60 Coin Lake .18 Cochenour 1.11 Craigmont 3.50 Dickenson Mines 7.50 Denison Mines 43.75 D'Eldona .29 Dome Mines 47.50 Discovery Mines 2.10 East Malartlc 3.60 East Sullivan 1.65 Falcoribridge 29.00 Frobex First Maritimes .36 Giant Y.K. Granduc 1.30 Hollinger A 27.50 Hudson Bay A 15.62V4 Hydra Ex. .62 Iron Bay 4.S5 Iso 1.00 Joliet Quebec .23 Kerr Addison 11.00 Kay Anacon .25 Labrador 32.00 Lake Shore 3.30 Langls Silver .16 Madsen R.L. .55 Malartic G.F. 1.15 Martin McNeely .27 Maclntyre 10.50 Meta .12 Midrim .11 Intern Mogul 3.45 NuWest Homes 7.00 New Athona .20 New Calumet .14 Noranda -31.75 Northgate 3.75 Norlex .16 Pine Point Placer Dev. 16.50 Pax Exp. 1.30 Quebec Man .13 Rayroek .95 fladiore .22 Rio Algom 23.75 Roman Corp. 11.50 Sherritt Gordon 6.25 Steep Rock 1.12 Sunnlngdale 3.75 Tek Corp. A 3.00 Texmoht .18V4 United Canso 7.62vi Western Mines 1.80 WH Copper Mines 1.75 Wright Hargreaves 1.15 Willroy 1.42 Windfall .11V4 Yellowknite Bear 2.32 Zenmac. TORONTO INDUSTRIALS Abltibi 9-.3TA 19.75 29.00 6.75 45.62V4 Alcan Algoma Steel Atco Ind Agra Ind Bell Tel Brascan A 12.6214 B.C. Tel Burns B.C. Forest B.C. Sugar Bow Valley Ind Cable CAE Ind Calgary Power Canbra Foods Can Cellulose Carling O'Keefe Chemsell C.W.N. Gas Pfd Cdn industries Cdn Marconi Cdn Vickers Chrysler C.P.R Cominco Cons Bathurst Cons Gas Dist Seagrams Dom Bridge Domtar Dom Textile Dom Stores Dome Pete Dofasco Glen Mob Homes Gt Cdn Oil Sds Gen Motors Gt Lakes Paper Gulf Oil Cda Greyhound Lines Hawker Sid Hiram Walker A Huron Erie Imp Oil A Imasca A Int Nickel Int Pipe Inv Group A I.U. International IAC Jsnnock Kaps Kelly Doug A Laurentide Loeb Loblaw A Metro Stores Massey Ferg McMillan Bloc Moore Corp Molsons A Molsons B Nachurs North 8 Cent Peyto Power Corp Price Co Rothmans Shell CDA Simpson's Simpsons Sears Steel of Can A Selkirk A Texaco Trad Group A Tr Mtn Pipe Tr Can Pipe Union Carbide Union Gas Union Oil United Siscoe Versatile Mfg Wesleel Weston's Woodwards A BANKS Cdn Imperial Montreal Nova Scotia Royal Toronto-Dom 53.50 10.62VS 14.50 20.50 13.00 6.75 24.50 3.25 6.75 2.41 3.85 8.00 19.00 3.40 14.25 10.12VS. 15.87V4 27.00 26.50 16.12V4 35.50 21.25 20.00 .6.75 17.37Vb 23.50 25.00 1.55 35.75 16.00 28.50 .14.50 5.00 39.25 25.25 28.00 25.00 13.75 7.00' 10.75 18.8714 6.50 2.28 5.00 7.75' 3.30 6.00 13.25 14.87'A 24.3714 43.00 17.6214 16.50 10.50 3.75 8.75 13.8714 10.50 14.3714 8.00 10.50 29.00 14.00 32.00 10.75 10.37V4 18.87VS 9.25 8.50 3.80 7.00 24.25 23.00 25.00 14.62VS 39.00 30.00 Prices on TSE sharply higher 1.75 18.25 4.05 6.50 5.00 10.75 5.00 1.25 50.50 6.37 Vi 55.25 15.50 6.00 50.00 8.50 20.00 10.50 57.50 37.25 .90 22.75 2.55 .31 .05 .02 .15 TORONTO To- ronto stock market moved sharply higher in active mid- morning trading Wednesday, more than recovering the pre- vious day's losses. Responding to a strong opening on the New York market, the Toronto in- dustrial index rose 1.20 to 180.93. The base metal index was up .37 to 66.93 and western oils 1.16 to 153.80. The gold index eased .39 to 338.78 after a gain of almost 20 points Tuesday. Advances outnumbered de- clines 143 to 84 with 152 issues unchanged. Volume by lla.m. was 000 shares, down from at the same time Tuesday. Dominion Stores rose to Genstar ft to Im- perial Oil A to Moore V2 to and Metropolitan Stores Vz to Nu-West Development A gained Vz to Reichhold Chemicals to Royal Trust A ft to Westcoast Transmission to ?22Vz and Pe Ben Oilfield 40 cents to Northgate Exploration was up 15 cents to Camflo Mines to and Pamour Vn to Dickenson Mines lost Vs to and Mindamar seven cents to 42 cents. Numac added to and Ranger lk to Great Canadian Oil Sands fell Vi to Market trends MONTREAL (CP) Prices began a cautious recovery Wednesday on the Montreal Stock Exchange as advanc- ing market indicators led losers three- to-two in moderate inidsession trading. Analysts said the recent market selloff has left a number of issues at levels investors are beginning to find too attractive to pass up. Volume at a.m. was shares compared with Tuesday. Banks led the gainers with an ad- vance of 1.35 to 244.82, papers added 0.24 to 107.26 and utilities 0.07 to Industrials slipped 0.26 to 181.99 and the composite 0.04 to 179.51. Gulf Oil Canada addedd to Royal Bank to Bank of Montreal to and Pan Ocean Oil M< to Among speculative issues, Gaspe Quebec was up three cents to on turnover of shares. VANCOUVER (CP) Prices were down in light early trading on the Van- couver Stock Exchange today. Early volume was shares. In the industrials, Newmark was off. .05, while in the mines, Cutlass was down .01 at .65 and Davenport was off .03 at .72 in the oils. The curb exchange volume was 17.100. Mark V was off .05 at Prices were mixed in moderate trading Tuesday. Closing volume was shares. In the industrials Venture was down .04 at .31; Jolly Jumper down .07 at .11; EDP Industries unchanged at .09; Newmark down .05 at Inter- national Hydro Dynamics unchanged at .40 and Block Bros, up .10 at Saskatchewan Uranium Prospects such as Thor, Mark V and Anglo Bomarc were holding firm in an otherwise dull session in the mines. Grendora was down .04 at .54; Con- solidated Fortune Channel down .01 at .21; Geo-Dyne unchanged at Dalton up .02 at .40; Cutlass up .10 at .66 and Trimer Group up at In the oils, Payette International down Va at .16Va; Princess up .01 at .22; Stampede down .01 at .64; Bison Petroleum unchanged at Cop-Ex Mining up at .15; Seneca Developments down .04 at 51.03. Curb volume was shares. Mundee Mines up .02 at .30; Petrowest down .01 at .65; Rio Sierra up .02Vz at .20; Mark V up .05' at TRV Minerals up .02 at .47 and Acaploma up Vz at .11. Chicago markets CHICAGO (AP) Commodity futures prices improved on the nation's major exchanges Tuesday. In farm commodity figures, an un- confirmed rumor that Russia was in the market for soybeans and soybean meal sparked a buying spree in the closing minutes on the Chicago Board of Trade. Prices had been firm to strong before the rumor was cir- culated, and improved before a flurry of late profit-taking skimmed a few pennies off the top. Livestock and pork belly futures also trended higher on the Chicago Mercan- tile Exchange. Cattle rose some 100 points, while limited gains were posted in live hogs and pork bellies, although hogs closed a shade under the top. Markets in the east also closed generally higher, although none was outstanding in price moves. The story of Russia's new participa- tion in the United States grain market aroused speculator interest after prices had been in a relatively strong range through most of the session. It created new buying interest and after it failed to stand up following exporter inquiry prices retreated. Pork bellies again moved ahead on the decreasing inventories report as well as a firm cash market. Shell eggs were mixed in very low trade. World sugar futures, lower in recent days on reports of some consumer resistance to prices, improved by one cent in very active trade. Cocoa futures gained about 100 points, while cotton and orange juice futures rose 50 points and silver gained some 4 cents an ounce. Copper was down 100 points. At the close of grain trade, wheat was 9 to 12 cents a bushel higher, March 3.95, corn 2 to 7 higher, March 3.13Vi, oats 3Y4 to higher, March 1.63 and soybeans 6 to 10 cents, March 6.00. Grain quotations Tuesday: Wheat: Mar 3.95; May 3.94; July 3.84; Sep 3.90; Dec. 3.99. Corn: Mar 3.I3Vi; May 3.17; Jul 3.16; Sep 3.02W; Dec 2.84; Mar 2.90. Oats: Mar 1.63; May 1.60; Jul 1.54; Sep 1.48; 'Dec NEW YORK (AP) The stock market was mixed Wednesday, back- ing away froma broad early advance in continued active trading. The noon Dow Jones average of 30 industrials was down 5.24 at 702.83, while gainers clung to a slight lead over advances on the New York Stock Exchange. Sony Corp. was the most active issue on the NYSE, up at At the American Stock Exchange, the market-value index lost .27 to 73.91. Auto stocks showed a slight recovery from their broad losses Tuesday on General Motors' reduction of its dividend. GM was up at Ford. Motor to Chrysler and American Motors Vt to The NYSE's composite index of all its listed common stocks gave up .16 to 41.10. Among Canadian issues on the NYSE, Massey Ferguson was up Vz to Alcan to Dome Mines Vt to and International Nickel Vt to Campbell Red Lake was unchanged at and Canadian Pacific at Winnipeg grain WINNIPEG (CP) Oilseed prices slumped as activity picked up a little through mid session Wednesday on the Winnipeg Commodity Exchange. Rapeseed eased as much as 7% cents a bushel, while flax was down six cents. Other commodities generally were unchanged to slightly lower. Tuesday's volume of trade was 000 bushels of feed wheat, of oats, of barley, of rye, of flax and Slti.OOO of rapeseed. There was no trading in corn. Mid-Session prices: Thunder Bay Rapeseed; May, July, Oct. and Nov. not open. Vancouver rapeseed: Mar. seven lower 7.09B; June 7% lower 7.01'AB; Sept. five lower 6.82B; Nov. not open.' Flax: May five lower 8.31B; July six lower 8.10A; Oct. and Nov. not open. Feed wheat: May one higher 3.80A; July and Oct. not open. Corn: Mar., May and July not open. Barley: May Vz lower July unchanged 2.76A; Oct. unchanged 2.55A. Oats: May un- changed July unchanged I.83B; Oct. unchanged Rye: May 2'A lower 2.70A; July 1% lower 2.66A; Oct. not open. Grain quotes Tuesday basis Lakehead: High Low Close Flax May Jly Oct Rapeseed Thunder May Jlv Oct Nov Rapeseed Mar Jun Spt May Jly Oct May 280K. Jly Oct "May Jly Vi Corn basis Mar May Feed May Oct Hog EDMONTON (CP) Prices to 11 a.m. Wednesday provided by the Alberta Hog Producers Marketing Board. Tuesday's prices in brackets. Edmonton: 54.75 Calgary: 54.65 Red Deer: 54.65 Grande Prairie: Nil Lloydminster: Nil Fairview: Nil Lelhbridge: Nil Fort Macleod: Nil Hogs sold to 11 a.m., 233. Hogs sold Tuesday, average 55.49. Sows average 34.10. New York (Supplied by Richardun Securities of Canada) Amr T S T naconda Steel Chrystor General Motors On" rit Harvester tenn Copper Montgomery Ward Qulf Co Wllf Corpn 49.37M Woolworlh 17.00 Westirighouse Elec 11.6254 31.50 US Steel 10.12V. Gen Tel Elec 21.25 34.00 TORONTO AVERAGES 97.50 20 Industrials 180.01 up .28 36.00 20 Golds 388.92 down 25 20.25 10 Base Metals 66.70 up .14 21.25 15 Wesiern oils 152.46 down 18 Volume 18.8714 NEW YORK AVERAGES 60.00 20 Industrials 702.59 down 5.41 73.25 20 Rails 156.66 down .66 27.00 15 Utilities 80.87 down .19 25.87V4 65 Stocks 226.39 down 1.35 12.00 Volume Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Wednesday at the Calgary public stockyards totalled head, mostly slaughter steers and heifers. Trade was dull on sletrs and moderately ac- tive on heifers and cows. Al steers sold II lower, meeting a narrow demand. Al and A2 heifers regained some of Tuesday's loss and sold to a good demand. Very few cows were on offer and they traded at fully- steady prices. Bulls sold steady. Steers, Al, A2: 37-38.30. A3: 36-37. Heifers, Al, A2: 35-36.50. A3: 34-35 Cows, Dl, D2: 17-19. D3: 16-17. D4: 13.50-16. Bulls, good: 18-21. There were insufficient feeder cattle on offer to lest the market. No hogs were sold to 11 a.m. Gold prices LONDON (AP) Closing gold prices Tuesday in U.S. dollars per ounce; London-174.50 Zurich-174.50 Hong Kong-174.47 per kilo Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at neon Wednesday was up 1-25 at to.M 9-10. Pound sterling was off 33-50 at 33- 50. In New-York, the Canadian dollar was off 1-J5 at Pound sterl- ing was off 11-20 at J2.M 9-10. ;