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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 18, 1975, Lethbridge, Alberta February 18, 1975 THE LETHBRIDOE HERALD 23 Over the side A load of logs slides from the deck of the Haida Monarch into a log pond at MacMillan Bloedel's Powell River, B.C., division. The new million self- propelled, self-dumping log carrier first of its kind in the world utilizes a system of ballast tanks and pumps to tilt log loads over the side. Price tag on Arctic gas pipeline near OTTAWA (CP) The newest price tag on a Western Arctic pipeline to bring Alaska and Mackenzie Delta natural gas to southern markets is about billion, the National Energy Board was told Monday. Vernon Horte, president of Canadian Arctic Gas Pipeline Ltd., which has applied for permission to build the mile line, said the cost of the main line now is about billion "in inflated dollars." New lines and extensions of others needed for the propos- ed project account for the rest. When Arctic Gas applied to the energy board in February, 1974 for permission to build the main line, it set a cost in excess of billion in 1974 dollars. Mr. Horte was giving evi- dence before the board Mon- day on the availability of natural gas in Canada and the Canadian needs in the future. Mr. Horte said Canada can expect a gas shortage over the next several years. Other forms of energy could not be developed fast enough to meet the increased demand. Gas resources in frontier areas such as the Arctic were needed. He also said "maximum economic incentives are urgently required" if both frontier and conventional gas and oil resources are to be harvested. Mr. Horte said he saw no disadvantage for Canada in that the majority of the com- panies owning Gas Arctic were non-Canadian. Car dealers seek rebate extension DETROIT (AP) Car deal- ers in the United States want the auto industry to extend cash rebates on new models into the spring because, they say, the program is helping sales. Car buyers can save to on some cars until the end of the month in what is believed to be the first full- scale clearance sale in in- dustry history. In an Associated Press sur- vey, U.S. dealers said the re- bates, scheduled to end Feb. 28, have provided the only bright note in an otherwise gloomy year of tumbling business. And there is fear that deliv- eries may drop sharply in March if Detroit doesn't con- tinue the popular rebate plans. "The rebates have caused a business said Dick Balch, a Chevrolet dealer in Seattle. "The rebate program is ex- he said. "I don't think there is any program as strong as the cash rebate. When the world is run by money, it's the strongest incentive." A Detroit Buick salesman said: "You could shoot a can- non in here before the rebates, and now we're moving pieces. The rebates are bringing peo- ple in, and when rebates end I don't see what will take their place." Dealer pressure for contin- uation of the rebates and dis- counts on a broader range of plans cover mostly small models cause extra problems for Detroit automakers. The companies say the sales slump has eaten into most of their profits and the rebates are costing them dearly. Some estimates put the cost through the end of the month at up to million, not including millions of dollars for advertising. In addition, while the rebates have increased the selling tempo since the record low set in early January, sales remain sharply depressed because of the economic recession. Sales in early February, when cars were sold, .were at a 13-year low. But the rebates, primarily on small cars, apparently did the. desired job of clearing the small cars from dealer lots. A 130-day supply of small cars Jan. 1 was cut to an 83- day supply Feb. 1, Automotive News reported. Despite the program, finan- cial analysts expect the four major companies in aggregate to wind up in the red this quarter, an industry first. Dealers say, however, Detroit has no other choice but to extend and expand rebates or cut prices. "We want to see people keep right on buying said Joe Mayo, a dealer in Wichita Falls, Tex. "And if it takes a price cut on the cars that are not moving, that's it." What the companies will do is unclear. Ford has indicated it has no plans to continue rebates beyond Feb. 28. American Motors has ex- pressed displeasure with the present plan, which it adopted only after the Big Three did so. GM and Chrysler, however, have left the door open a crack for extending rebates into March if sales remain de- pressed. Mr. Horte said the company was split into three groups: Canadian non-producing com- panies, American non- producing companies and a mix of Canadian and American producers. He said it would require a 62-per-cent majority among all three groups in decision making. Asked whether companies such as'Shell and Imperial had not sold their share of gas to U.S. markets, Mr. Horte replied that any agreements dealing with Delta gas are subject to approval of the National Energy Board. Given the situation today, Mr. Horte said he doubted whether any of the Delta gas would be considered as sur- plus to Canadian needs. DELIVERY DELAYED Mr. Horte said Gas Arctic had hoped to deliver Arctic Gas to the south by 1979 but added that failure to get necessary permission from the board now probably meant first deliveries would not be until at least 1980. Board chairman Marshall Crowe interrupted to note that Gas Arctic still was filing evi- dence and had, in fact, made a filing in late January. He said he hoped Mr. Horte was not suggesting the board should have given its permission for the line between the January filing and now. Mr. Horte said that was not his intention. He was asked whether per- mission to build an all-Canada line could not be granted sooner than permission for his line requiring approval of several U.S. bodies. He replied that an All- Canada line, as proposed by another group, was not economic. A Mackenzie line would re- quire carrying Alaska gas to make it an economic project. Offshore well joint Toy-making company receives new financing HAWTHORNE, Calif. (AP) Mattel, Inc., the financially troubled toy-making com- pany, says it has established new long-and short-term credit arrangements. The company also announc- ed Tuesday it has permanent- ly shut Mextel, a wholly own- ed subsidiary of the toys division, because of labor problems. The Mexican plant in Baja California had employed as many as full-time and seasonal workers In recent years. The company said mil- lion in debt formerly due this year and next has been res- tructed to provide payments through 1980. The banks also established a million revolving line of credit through April 30, the company said. The toy-maker has had de- clining sales recently and was further hurt by the disclosure that 1971 profits had been massively overstated. venture CALGARY (CP) Mobil Oil Canada Ltd. of Calgary and Gulf Oil Canada Ltd. of Toronto will jointly drill the first oil and gas exploratory well in the Bay of Fundy later this month. The well, Mobil Gulf Chinampas 0-37, located 35 miles southwest of Saint John, N.B., will be drilled to a depth of feet, a Mobil spokesman said today. Drilling, will be done by Mobil's semi-submersible rig, Sedco J, now operating northeast of Sable Island, he said. Sedco J is expected to move to the site later this month and will remain there for about two months. Full cost of the drilling operation will be paid by Gulf for a 75-per-cent interest in the well. Mobil, the permit- holder in the area, has a 25- per-cent interest. Cost of the well is not dis- closed but "it will certainly be Hi excess of Mobil said. The Mobil-Gulf team has been one of the more success- ful operators off the east coast and Sedco J now is the only drilling rig active in east coast offshore. HcraUI- Business Moderate mid-morning trade TSE priee drop continues Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Uoherty Limited WESTERN OILS AND MINES Atton Mines Albany Oil Alta East Gas Alminex Asamera Ashland Oil BP Canada Brands Mines Cda South Cdn Ex Gas Cdn Homestd Cdn Ind Gas Oil Cdn long Is Cdn Super Chieftan Dev Dome Pete Dynasty Nufort Res Giant Mascot Gibraltar Mines Granisle Gt Cdn Oil S Lochiel Ex Lytton Mln North Cdn Oil Numac Pancdn Pete Pan Ocean Petrol Palo me Place Gas Ponder Ranger Oil Scurry Rain Selbens Spooner Total Pete Ulster Pete United Canso West Pete West Decalta MISCELLANEOUS INDUSTRIALS Acres Ltd Aqu'taine BC Sugar C Pfd Block Bros Canbra Foods Cdn Pac Inv A Pld Cdn Pacific Inv Garling O'Keefe A Pld Carling O'Keete B Pld Comrn Cap Corp Crestbrook Ind Crowshest ind Falcon Copper F S M Trust Genstar Home Oil A Home Oil B Hud Bay Co Hud Bay Oil Hud Bay A Pld Hugh Russell Husky Oil Husky Oil B Pfd Husky Oil E War Interprov Pipe War interprov Steel Kaiser Res Kaiser Res War Loblaw Co C Pld Magnasonlcs Pacific Pete 3.85 .35 5.87'A 5.62'.', 12.00 7.87'A 3.10 2.18 2.90 3.45 7.37Vi .14 32.00 6.12'A 26.50 8.50 .13 .65 4.50 12.50 7.25 1.08 1.12 4.60 11.25 9.25 1.35 .65 .25 V4 .45 21.25 15.00 .21 6.25 .70 7.75 3.70 4.75 18.00 12.00 3.05 3.10 30.1214 15.25 18.62V4 21.25 2.15 3.75 27.00 6.50 4.65 18.00 23.25 22.50 16.25 26.25 31.00 56.00 33.50 5.00 2.15 16.3714 4.60 25.75 1.85 21.00 Pe-Ben Oilfield Royal Trust Sandweil Tetedyne Traders Grp Pld Trimac Westfleld Mln Weston A Pld White Yukon PIPELINE STOCKS Alta Gas Trk A Alta Gas Trk Pld Alta Nat Gas Gaz Metro Gas Metro A Pld Inland Nat Gas N C Gas N C Gas B Pld Trans-Cda Pipe Trans-Cda A Pld Trans-Cda B Pld Trans-Cda War WC Trans WC Trans War CALGARY Acroll Barons Oil N. Continental Western Warner VANCOUVER MINES Bathurst Norsemines Cima Resources Dankoe Davenport Lornex Northair Mines Primer Pyramid 'Silver Standard Valley Copper INDUSTRIALS Key Industries Wardair OILS August Petroleum Plains Pete Stampede Int'l Res MUTUAL FUNDS All Cdn. Compound All Cdn. Dividend All Cdn. Ventures 'American Growth Fund A.G.F. Special Cdn. Investment Fund Eaton Commonwealth Eaton Leverage Eaton Int'l Venture Corp. Investors Corp Investors Stock Fund Grouped Income Shares Growth Equity Investors Growth Fund Investors Mutual Mutual Accumulating Nat. Resources N.W. Cdn. N.W. Growth Principal Growth Royfund Templeton Growth United Accumulative Universal Savings Vanguard 3.70 25.00 6.00 4.60 10.75 4.75 1.08 50.00 5.8714 13.00 56.00 16.00 50.00 8.3714 11.25 20.75 11.50 63.62V, 33.00 1.05 22.75 2.75 .30 .05 .02 .15 1.18 .60 2.35 .65 4.25 2.20 .11 .05 1.20 6.50 .06 1.50 .1514 .08 .76 5.15 5.50 2.21 3.87 2.09 4.31 12.56 2.87 2.69 5.39 4.01 2.54 5.31 10.51 4.98 5.13 13.85 4.53 3.84 3.56 5.16 7.32 3.90 7.12. 4.29 Toronto mines, industrials (Supplied by Richardson Securities of Canada) MINES Acme Advocate Asb. Akaitcho Braiorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central Pat. Chi mo Conwest Cons. Rambler Coin Lake Cochenour Craigmont Dickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. Granduc Hollinger A Hudson Bay MSS A Hydra Ex. Iron Bay Iso Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver MadserV RIL. Malartic G.F. .Mariin McNeely Maclntyre Meta Midrim Intern Mogul NuWest Homes New Athona New Calumet Noranda Northgate Norlex Pine Point Placer Dev. Pax Exp. Quebec Man Rayrock Radiore Rio Algom Roman Corp. Sherritt 'Gordon Steep Rock Sunningdale Tek Corp. A Texmont United Canso Western Mines WH Copper Mines Wright Hargreaves Willroy Windfall Yellowknife Bear Zenmac .08 Vi 1.35 1.60 1.25 .37 9.50 1.30 3.70 3.45 3.25 4.70 .85 .88 2.75 1.55 .18 1.29 3.70 8.75 46.00 .29 53.50 2.00 4.00 1.74 28.00 .14 .38 12.50 1.15 27.00 15.87 'A .65 4.80 1.10 .24 12.00 .23 24.00 3.95 .15 .65 1.18 .29 Vi 42.50 .10V4 .11 3.30 7.50 .22 .15 31.00 4.40 .14 29.50 14.87V4 1.52 .16 1.02 .20 24.37Vt 13.37VS 6.00 1.10 3.75 2.85 .20 7.62 H 1.79 1.61 1.55 1.66 2.35 .06 TORONTO INDUSTRIALS Abltlbl Alcan Algoma Steel Atco Ind Agra Ind Bell Tel Brascan A 10.26 21.25 28.50 17.3714 6.62V; 46.8714 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 CWN Gas Pfd Cdn Indus Cdn Marconi Cdn Vickers Chrysler CPR Cominco Cons Bathurst Cons Gas Dial 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 Imperial Oil A Imasca A Int Nickel Int Pipe inv Group A IU International IAC Jannock Kaps Kelly Doug A Laurentlde Loeb Loblaw A Metro Stores Masswy Ferg McMillan Bloe Moore Corp Molsons A Molsons B Nachurs North 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 Westeel Western's Woodwards A BANKS Cdn Imperial Montreal Nova Scotia Royal Toronto-Dom 55.00 11.00 14.00 23.00 13.6214 13.00 7.1214 25.25 3.10 6.8714 2.25 3.75 8.50 17.62V4 3.45 13.75 9.50 16.50 26.75 24.1214 16.25 38.50 19.75 20.3714 6.75 17.75 26.62 Vi 26.00 1.50 7.00 38.00 16.6214 30.00 16.87V4 5.00 42.50 26.6214 27.6214 29.00 24.1214 13.8714 7.25 11.1214 19.00 6.1214 2.37 5.25 8.37V4 3.20 6.3714 14.50 15.1214 23.6214 47.6214 18.50 16.50 7.8714 11.3714 3.60 9.00 13.50 11.25 16.1214 8.37VS 10.50 27.8714 12.50 33.25 12.8714 10.75 11.50 19.25 4.15 26.00 21.50 22.37VJ 26.00 15.00 40.25 31.12VS 39.12Vi New Vorfc (Supplied by Rkkirdtw ScoriUM of Amr. TIT 50.6214 Woolworth 1.4.00 Anaconda 15.37% WettlnghouM Etac Steal 30.00 U.S. Stwl 47.25 Chrysler 9.50 Gen Tel EkK 21.8714 Co.-r.aal 32.1714 TORONTO AVERAGES Dupbnt. 99.25 20 Indultrillt 184.61 down .28 General Motors 37.75 20 QoWl 428.10 down 3.03 Oull 20.1214 10 Mrtlls (7.82 up .61 Int Harvester 24.50 15 WetKrn Olll 165.09 down .43 Kenn Copper 34.3714 Volume Montgomery Wlrd 19.50 NEW YORK AVERAGES Sears M.12Vt 20 Industrials 734.12 up .62 Exxon 73.75 20 160.78 down .41 Texas Gull 27.00 15 Utilities 81.47 down .22 Texas Co 25.00 65 Stocks 234.23 down .13 Wlx Corporation 11.8214 Volume TORONTO (CP) Prices on the Toronto stock market continued to decline in moderate mid-morning trading Tuesday. The widely-based industrial index was off .56 to 184.33. The index closed with a slight loss Monday after strong gains last week. The base metals index lost .45 to 66.56 and western oils .55 to 164.97. The gold index rose .88 to 432.01. Declines outnumbered ad- vances 128 to 93 with 157 issues unchanged. Volume by lla.m. was 000 shares, up from at 'the same time Monday. Trading resumed in shares of Autolec, Unicorp Financial and Douglas leaseholds following announcement of two transactions which would increase Unicorp's interest in Douglas. There were no early trades in the stocks. Douglas last traded at Unicorp at 1.12 and Autlec at Trading was delayed for about 45 minutes at the open in shares of Chrysler Corp. The stock was off 1 to The company reported sharp losses for the fourth-quarter and for the full 1974 year. Among the largest price changes, Canadian Cablesys- tems fell Vi to Cadillac- Winnipeg grain WINNIPEG (CP) With the excep- tion of oats, prices fell as activity pick- ed up through mid-session Tuesday on the Winnipeg Commodity Exchange. While oats made small gains, de- mand was slight. Monday's volume of trade was 000 bushels of feed wheat, of oats, of barley, of corn. 38.000 of rye, of flax and of rapeseed. Mid-session prices: Thunder Bay rapeseedr May three lower 8.76B; July unchanged 6.76A; Oct. unchanged 6.72A; Nov. unchanged Vancouver rapeseed: Mar. IVi lower June lower Sept. 4Vt lower 6.74HB; Nov. 6V to Market trends- MONTREAL (CP) Prices were lower in moderate trading at noon Tuesday on the Montreal Stock Ex- change. Volume at a.m. was Shares compared with shares Monday. Banks were the biggest loser, off 1.06 at 250.48. Industrials dropped 0.82 to 188.36, the composite 0.73 to 185.35, papers 0.66 to 105.71 and utilities 0.29 to 139.86. Chrysler, which reported 1974 losses of million Monday, lost to Alcan Aluminium was off to Imperial Oil A 'A to W-'i and Total Petroleum tt to Among speculative issues, Abitibi Copper was unchanged at five cents on volume of shares. Gold futures WINNIPEG (CP) Gold futures, U.S. funds, Winnipeg Commodity Ex- change close Monday. 400-OUNCE CONTRACTS: Apr 75 183.50; Jly 75 187.60A; Oct 75 I91.60B; Jan 76 195.00B; Apr 76 199.00B. Friday's volume: 604 contracts. 100-OUNCE CONTRACTS: Feb 75 180.60B; May 75 185.75; Aug 75 189.20B; Nov 75 194.75; Feb 78 199.75. Friday's volume: 169 contracts. Currencies MONTREAL (CP) Tuesday's mid-day foreign exchange selling rates supplied by the Bank of Montreal. Bermuda dollar 1.0100 China renminbi ,5750 Denmark kroner .1850 France franc .2405 Germany mark .4380 Hungary forint .0418 Italy lira .001615 Japan yen .003470 Mexico peso .0815 Netherlands guilder .4193 Spain peseta .0183 Sweden kroner .2570 Switzerland franc .4120 United States dollar 1.0060 United Kingdom pound 2.42 U.S.S.R. ruble 1.3545 Quotations in Canadian funds. VANCOUVER (CP) Prices were up slightly in light trading Tuesday on the Vancouver Stock Exchange. Early. volume was shares. In the industrials, EDP Industries was up .01 at .05. In the mines, Anglo- Bomarc was down .01 at .89. In the oils, Silver Crystal was unchanged at .22. On the curb exchange Matador was unchanged at .06. Prices were uowit in light trading Monday. Closing volume was shares. In the industrials, Canterra was down .03 at .30; Newmark down .03 at Kaiser up .35 at on EDP industrials down .04 at Austin down .03 at .30; Bank of British Columbia Warrants up .05 at In the mines, Jersey was unchanged at .14 on shares. Arodien was up .02 at .35 on San Jacinto was up .04 at .49 on Northern Homestead was up .06 at .23 on Tyee Lake was up .02 at .10 and Gran- dora was up .05 at .42. In the oils, Seneca was down .01 at Galveston unchanged at Payette up .01 at .13; Coseka down .05 at Whistler unchanged at .22. Canadian Hydrodynamics up .05 at Curb volume was shares. Bali Explorations was up .10 at .55; Consolidated Monarch down .04 at .50; Perowest up .04 at .69; Cadet down .01 at .39; TRV Minerals up .01 at .81 and Belmoral down ,02'A at .28'A. NEW YORK (AP) Stock prices headed higher Tuesday in active trading after bad news about some blue chips sent the market into an ear- ly slump. The Dow Jones average of 30 in- dustrials, down about 6 points in the first hour, turned and rose .62 to 734.82 at noon. Advances and declines ran about even and sales were active but fell short of their recent record-breaking pace. The broad-based NYSE composite index was up .01 at 43.22 at noon. On the American Stock Exchange, the market-value index was down .05 at 76.74 at noon. Among Canadian issues on the NYSE, Dome Mines was up 7A to International Nickel was down to' Alcan tt to f21tt and Campbell Red Lake to 'A. Canadian Pacific was unchanged at and Massey Ferguson at Feed prices WINNIPEG (CP) Wheat board domestic feed grain prices Monday: No. 1 feed barley No. 1 feed oats 1.8114. Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Tues- day was up 3-50 at 19-50. Pound sterling was up 11-50 at >2 40 17-50. In New York, the Canadian dollar was off 3-50 atjo.99 31-50. Pound sterl- ing was up 2-25 at 43-100. INTO THE SCOPE OF LEASING Let the Oshawa Connection put you or your entire business on wheels in a flash-for less cash. No bother about maintenance, tags, or insurance. One car or a fleet, the Oshawa Connection can fix you up with any style or model you want 2 door or. 4 door sedans, economy cars, or trucks you name it. There's a leasing plan for you. Contact BORIS KORESKENKOV LEASING DIVISION BENY CHEVROLET OLDSMOBILE 2 Ave. S. 8 Street S. 328-1101 "ITS WHO YOU KNOW THAT COUNTS" Give us 30 minutes, and we might talk youoitfofan How't that for a twitch? While others are probably trying to talk you into P Registered Retirement Savings Plan, why would Metropolitan Life talk you out of one? Because, for many people an R.R.S.P. Is a great Investment. For others. It's not It would take us maybe a half hour to find out your needs. So, before you make a decision, invest 30 minutes with us. We'll analyse your present circumstances, discuss your future prospects, and give you an honest answer. Then, if we don't think an R.R.S.P. is a good idea for you, we'll tell you. Phdne any Metropolitan Life office and arrange to see one of our representatives. He _ _ Metropofitan the future is now R.R.S.P.s. straight (acts. C. .LMtwMpt Mwiw tir-MN ;