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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 21, 1975, Lethbridge, Alberta Ftbruiry 21, 1975 THE LETHBRIDGE HERALD Profit losses reported by major auto makers DETROIT (AP) Ford Motor Co. has reported profits of {361 million [or 1974 despite a major slump 'in fourth quarter sales. The profits represented a 60 per cent drop from the firm's record million in 1973. Ford showed a million bcfore-laxes loss in the last quarter on sales oi billion. But because of an involved an- nual tax formula, the after- tax quarterly earnings were million, compared to million profits a year earlier on fourth quarter sales of billion. Like Ford, industry giant GM reported a 60 per cent profits decline for 1974 at million. But GM's fourth quarter was its best of the year. However, sales of its big cars plummeted last winter during the Mideast oil em- bargo. Ford, the No. 2 auto maker, with its strong reliance on compact and subcompact models, did relatively well early in the year. But it was hard hit when the recession cut sharply into sales of small cars this fall. Chrysler Corp. had a record loss of million for the year and went million into the red in the final quarter American Motors finished Canadian dollar shows economy OTTAWA (CP) The decline of the Canadian dollar on foreign ex-' change markets demonstrates the strength of this country's economy, not weakness, says Finance Minister John Turner. The Canadian dollar, which had been riding marginally ahead of the U.S. dollar for more than a year, slipped last week Lo just below parity. In New York Thur- sday, for example, 99 and 22-25th cents (U.S.) would buy a Canadian dollar. Expressed another way, it cost ?1 plus 3-25ths of a cent Canadian to buy a U.S. dollar on foreign ex- change markets. In the Commons Thursday, Jack Horner (PC-Crowfoot) suggested the slip in ex- change value means "the world has lost con- fidence in the Canadian economy" and therefore in the buying power of the dollar. Mr. Turner disagreed. He attributed the dollar's decline to Canada's deficit in trade and other finan- cial transactions with other countries. The deficit has developed because Canada is buying more from abroad than it is selling ito foreign buyers. The fact that Canadians can afford to buy imports, while foreign buyers are spending less on Cana- dian goods, dem- onstrates that Canada is better off than other countries, Mr. Turner argued. Asbestos-dust hazard closes mine operation TIMMINS, Ont. (CP) Jim Goodwin, a manager of the Canadian Johns-Manville Co. openpit asbestos mine and mill near here, said Thursday that the operation has been closed indefinitely because the plant is not able to meet asbestos-dust standards. The mine and plant, located 23 miles west of here, employs about 200 persons. Mr. Goodwin said in an interview that company of- ficials will meet today with of- ficials of the ministry of natural resources to seek ex- emption from dust-level stan- dards the government has im- posed on asbestos companies. The company announced the closure and layoffs after the plant was visited by a govern- ment inspector. Mr. Goodwin said the design of the plant and the equipment it uses are not capable of meeting today's standards. He said officials of Local 7627, United Steelworkers of America, have promised co- operation in getting the plant reopened. Concern recently has been voiced in the legislature and by the public and union about the effects on human health of asbestos dust in the com- pany's plant in Toronto and in surrounding residential areas. Mr. Goodwin said the com- pany is "willing to bring in people as soon as possible to clean up the problem." "It (the plant) is temporari- ly shut down until we find out where we he said. However, J. R. M. Hutcheson, chairman of the board of Johns-Manville, said in a telephone interview from Asbestos, Que., that the firm has no intention of meeting the Ontario regulations. Board extends barley quola WINNIPEG (CP) The Canadian Wheat Board has announced the barley B quota of seven bushels a quota acre has been extended to Calgary, Hanna west and Brooks shipp- ing blocks. its fiscal year in the black on Sept. 31, but reported a million loss for its first quarter, which ended Dec. 31. GM was forced to lower its quarterly common stock divi- dend for the first time since 1946, while Chrysler is omitting its payout for the first time since the Depression. AMC also eliminated its semi-annual payout. Ford is the only maker plan- ning its regular dividend this quarter. While the other makers lost ground in dollar sales 1; year, Ford revenues set record at {23.6 billion, up from billion in 1973 The Ford increase was ac- counted for by price hikes. Unit sales actually were off 10 per cent at million PLANS NOT KNOWN Some of Ford's 000 hourly employees are out of wdrk this week, indefinitely. The firm has not yet announced plans for next week. Chrysler Corp. said Thurs- day it will keep two car assembly factories closed again next week, but will call back 800 workers. That will leave of hourly workers on indefinite furloughs and on tem- porary layoffs. GM's Buick division said it is recalling 120 workers from indefinite layoffs at Flint, Mich. But the parent company still will have on indefinite layoffs out of a total hourly work force of AMC, which halted Gremlin, Hornet and Matador output at three plants and laid off of its workers this week, says all but 450 workers on indefinite layoff will be back Monday. Auto production this week is down 9.4 per cent from last week with 14 auto assembly plants closed and of auto workers on layoffs. Stonehouse irms in liquidation LONDON (Reuter) Six companies associated with runaway British politician John Stonehouse are going into liquidation with debts of more than million, creditors' figures show. Stonehouse now is attempting to remain in Australia where he was found at Christmas living under a false name after faking his disappearance from a Flor- ida beach in November. A creditors' statement issued Thursday shows debts of for three com- panies including a data processing agency founded by Stonehouse. Debts of were dis- closed last week at creditors' meetings for other com- panies, among them a mail- order wine business. Two department of trade and industry inspectors are due in Australia today to interview Stonehouse about his business dealings. HIV III'IUUI Business t iiiiu-ftessiuii iruue prices up si TORONTO (CP) The To- index was up 1.15 to 186.60, fol-ronto stock' market continued lowing a gain of more than a to rally Friday with prices up point Thursday. Western oils sharply in active mid-morning rose .82 to 164.19. trading. The advance was largely in The widely-based industrial response to gains on the New York market where declining interest rates continued Lo en-CniCSgO markets courage buying. CHICAGO (AP) Wheat and Stocks Miscellaneous Vannnnvpr Halnarv 519% and Imasco A Vi to Bank of Nova Scotia gained to Massey-Ferguson to and Pacific Pete lo Agnico-Eagle lost to Lost Chimo i and Bankeno 10 cents to Brokerage firm wins appeal VANCOUVER (CP) A company and three men have won appeals in County Court against convictions under the provincial Securities Act. Alvidon Holdings Ltd., Alex Semeniuk, Matt A. Ryan and Ivan Todd were convicted in provincial court on charges of failing to file true and plain disclosure of all securities lo be issued in connection with an underwriting of shares of Citation Silver Mines Ltd. The alleged offences oc- curred in December, 1889, and March, 1970. Citation at the time was fin- ed Alvidon Holdings and the three men each CP Air's'74 net income down VANCOUVER (CP) Despite an increase of nearly 50 per cent in operating revenues, escalating costs reduced CP Air's 1974 net in- come to million from million in 1973. John C. Gilmer, president, said operating revenues increased to million in 1974, compared with million the previous year. He attributed the increased revenue to the introduction of two Boeing 747 planes on the north Pacific and transcon- tinental routes. He said in a news release the percentage of seats oc- cupied decreased to 61.4 com- pared with 62.7 in 1973, but the number of passengers carried increased to Z.3 million from 1.8 million. Mr. Gilmer blamed inflated fuel and labor costs, which ac- count for nearly 60 per cent of the airline's operating ex- penses, for the increased operating costs. He said fuel costs Increased to 37 cents a gallon from 20 cents in adding nearly million to the airline's expenses. The 1974 operating revenue derived million from passengers, increased from million; million from cargo, increased from million; million from mail, increased from million and million from charters, decreased from million. Mr. Gilmer said Orient route revenues increased 33.4 per cent, and the Polar route, of Vancouver Calgary Ed- monton Amsterdam, increased 45.8 per cent. The company found the North Atlantic 'route was un- profitable, but the Canada Hawaii route introduced more flights in December and Janu- ary. Mr. Gilmer said the South Pacific service use increased 59 per cent from 43 per cent in 1973. He attributed this to pooling with another airline and some reduction in service offered by competitive air- lines. 0 modity futures closed on irregular or Moore FOS6 to Shell Asamera Oil W3S Up to a] WESTERN OILS Pe-Ben lower lones on lhe to Dofasco .Vz and Voyager Vt to AND MINES Allon Trusl 410 rose cenls a to J26, Du Pont of Canada Vzto Pan Ocean felly, to D- Albany and soybeans 4 cenls. bul Alia East Gas 1S 14 Traders Srp Pld 5.50 Trimac 11 50 Wosttiold were Market ci Ashland Oil 3L BP Weslon A Pld 10.B7V4 While hog (ulures declined jusl over SI per hundredweighl, and live catlle Investors were down in light Irading on lhe SI Brenda PIPELINE were down 70 cenls with news of a prime rale cut Slock Exchange Fridav a Cda South Cdn Ex Gas m Cdn Homestead Cdn Ind Gas Oil Cdn Long Is c" Cdn Alia Gas Trk A 3.20 Alia Gas Trk Pld 3.50 Alia Nat Gas 7.50 Gaz Metro .13 Gas Metro A Pld 3231V, Inland Nal hundredweight. Pork bellies lost up lo al a major Uniled Stales bank Friday, reported an early volume of 191 100 56.00 150 poinls or 1 cenls a pound, while and prices on the Montreal Slock En- shares. she11 lu'uros were mixed. change responded with a solid gain. Uncle Ben was active in Ihe in-5000 A' lhe close grain lrade' wheal First Nalional Cily Bank of New and was unchanged al .60; 1100 futures were Z U) 514 rents a bushel York, the Uniled States' second Pegasus was off .05 al .45 in the S Chiellan N S C March 3.89Vz; soybeans 2 lo joined other U.S. banks in and Seneca Development lost gSlT Nuforl Ros Gianl Mascot Gibraltar Mines N C Gas B Pld Trans-Cda Pipe .1214 TransCda A Pfd .61 Trans-Cda B Pfd 4.35 Trans-Cda War 12.50 WC higher, March 5.56; corn VI, lo 11. 1214 lower, March 2.8514; and oals 114 61 00 lower lo VI, higher, March 1.658. 33ifi closcli wich a eair nl 2295 aooul aller a session of very the interest rale charged lo in lhe oils-ils mosl credilworlhy corporale On lhe curb exchange shares customers jusl as lhe opening bell were Iraded. Bali Explbralions was off sounded al slock exchanges. Investors '-reacted lo lhe news by snapping up VANCOUVER (CP) Trading Gt Cdn Oil S t Lochiel Ex n Lylton Win North Cdn Oil t Numac Oil t Pancdn Pele Pan Ocean WC Trans War CALGARY Barons Oil J, 5, N. Contmenlal Western Warner ,35 .02 Silver futures rose some 13 cenls an ounce in New York and Chicago in mostly local lrade lhat was influenced, to a degree by lhe slrenglh in gold. Copper futures advanced nearly 200 points un good demand, while analysis said. and prices lower Thursday. Banks chalked up lhe strongest gain arise of 4.14 to 261.17. The com- lading mdnrtnal trader was EDP. posite added 1.15 lo 187.20, industrials Was down to 189.40, utilities 0.64 lo 140.46 and al dowrl -01 aL -M papers 0.03 to 105.36. "Changed at ?6.50; Saratoga down .10 at 60 and MINES P? Balhurst Norsemlnes Clma Resources 2A to Northern Homeslake down 01 Vt al d Ranger Oil Scurry Davenport quotations Thursday: Wheat: Mar 3.8914; May 3. 81 14; and Shell Canada to Leisure down .02 at .16; Grandora down .02 al .40; Barrier down 09 Northair Sep 3.71; Dec 3.81. Corn: speculative issues, JI.96 and Tyee Ijke up a half cent v Total May 2.89; Jul 2.89; Sep Quebec was up nine cenls al J Ulster 2.64; Mar 2.67. Oals: Mar on a volume of snares. Oils leader Charleston was up at G United 7c Silver Standard n Valley 1.5114; Jul Sep I 40; Rand A unchanged West Pele West (CP) Prices were Slampcde down .03 at .72; Key unchanged t INDUSTRIALS Wardair A unchanged at .12 and n Acres AUQUS, Kx unchanged al cn August Petroleum lO.SU Dlainc Dal QFdin Volume on the curb BC Sugar C Pld r Block Bros Canbra Plains nete 3 2Q Stampede Int'l Resources .72 MUTUAL (CP) Prices Tagus Resources was Ihree lower 1 72A Rye- Ma IVj low at -33: up .02 n Cdn Pac Inv A 25 All Cdn. lower in moderate July 1% Iower2 41A' Ocl seven .er unchanged at .38; Cdn Pacific All Cdn. mid-session Friday on Mines down .02 al .33; PeLrowest .03 Carling O'Keefe A Pfd Carling O'Keefe B Pfd d Comm Cap Corp Crestbrook Ind r Crowsnest All Cdn. Ventures 21.25 American Growth Fund 2.15 A.G.F. Special 3.70 Cdn. Investment Fund 26.00 Eaton 3.90 2.12 433 12 Commodity Exchange. Corn and flax boUl suffered heavy losses, while mosl other commodities dropped only 63 and PRV Mining up .03 at .89. Grain quotes -Thursday basis Lakehead: NEW YORK (AP) Slock prices High Low Close got a lift from Bood interest-rate J Falcon Eaton volume of trade was 817 795 8H Friday and F S M Eaton Int'l bushels of feed wheat, 'w) Bla across a wide Gerislar D Home Oil Corp Investors 23.37 Corp Investors Stock of barley, of rye, of flax and i la ilj The Dow Jones ol 30 in-JT duslrials was ahead 4.93 al 750.31 f Home Oil B -Hud Bay Co Hud Bay Oil 5 Hud Bay Oil A Dreyfus Fund U.S. 16.50 Grouped Income Shares 2575 Growth Equity 31.00 Investors Growth 2.57 5.42 MID-SESSION PRICES: Thunder Bay rapeseed: May Thunder 3llVanKS dec'ines by napeseea inunaer bay neary a 2-lo-I marffm on lhe New M1 M York Slock Hugh Russell Investors 6.11A; July, Ocl and Nov. 64a News thai New York's 1 Husky Mutual HHi Nalional Cily Bank had joined Husky Oil B Pld Husky Oil E War Inlerprov Pipe l Inlerprov Steel Pipe Kaiser 00 Nat. Resources 537V4 N.W. Cdn. 1.9B N.W. Growth 16.50 Principal Growth 4.55 3.87 rapeseed: Mar. IV. higher 6.57B; June one lower 6.53; Sep. one lower 6.4IA; Nov. Iwo lower 6.30A. Flax: May 10 lower 8.05; July big oanks in lowering the prime Rapeseed Vancouver ,ending lo n m 1 Kn2 Wa" Slree''s morale. Spt H4 61214 M2 American l8d NYSE Kaiser Res Templeton Ocl. 16lower7.38A; 625 632 Saming to M'A, including a Loblaw Co C United open Feed wheal: May Vj aji.j ws 6J2 share block al Universal July and Oct. nol open. Pacific eight lower 3.20; July 614 lower 3.24A May not open. Barley: May M6'A The NYSE's composile slock index J1> M3 MI% rose 0.19 lo 2.51'AA; July 114 lower 2.48 14A; Ocl. nol open. Oals: May 14 240 Among Canadian issues on lhe NYSE, Massey Ferguson was up July unchanged 1.72V.A; 254'4 251'A 25114 Alcan to J2I, 250 Pacific V4 to and (Supplied by Richardson Securities of 240 Nickel to Oa" Campbell Red Lake was down 175 17314 1747A Advocate B.C. Akaitcho Bralorne B.C. Sugar 1.30 Bow Valley Ind .40 Cable 12.75 Basis Montreal _ 32B Currencies May Bethlehem Bovis Brunswick Can. NW Land Canada Tung. CAE Ind 1.20 Calgary Power 3.75 Canbra Foods 3.30 Can Cellulose 3.20 Carling O'Keefe 4.40 24.75 3.10 2.21 (CP) Receipls lo 11 am. Friday at the Calgary public stockyards lolalled 480 head, moslly slaughter cows, feeder callle and stock calves. Trade was moderately 330i4 MONTREAL (CP) Friday's mid -Feed Wheat day foreign exchange selling rates May 37314 372 37214 supplied by lhe Bank o! Monlreal: Jly 354 Bermuda dollar 1.0200 Ocl 35] China renminbi Central CWN Gas cows and aclive on feeder caltle Cdn an f Conwesl Cons. Rambler Coin Lake Cdn Marconi 1.55 iCdn Vickers Chrysler 1.34 13.50 9.37W were insufficient slaughter sleers or heifers on offer to establish quotalions. Cows of all grades sold mark .4400 Street prices lira -001615 r Japan yen Craig m on t Dickenson Mines Denison Cominco 9.75 Cons Balhursl 45.75 Cons 24.25 Bulls were steady. v Cnws, Dl, D2: 21-23. D3: 17.50-21. D4: H-17.50. Bulls, good: Per bushel street prices Thursday Mexico peso .0815 quoted by Country Elevator Spain peseta .0183 Association Swilzerland franc D'Eldona Dome Mines Easl Malartic East Sullivan Falconbridge Dist Seagrams 53.50 Dom Bridge 4.35 Domtar 1.72 Dom Textile 2B.62H Dom Stores Dome 19.50 2012V4 17.75 catlle and slock calves of good condilion sold to a strong demand Good feeder steers more lhan 750 pounds: 33-36.75. Good feeder heifers more lhan 550 pounds: ICW 7.58, 2CW 7 53, 3CW Uniled Slales dollar 6.08; RYE 2CW 1.94 3CW 1 89 4CW Uniled Kingdom pound Z.42 1 64, Ergoty 1.52; RAPESEED 1 U.S.S.H. ruble 1.3545 Canada 5.9814, 2 Canada 5.7314, 3 Quotalions in Canadian funds. Canada 4 First slock sleer calves Giant Y.K. Glen Mob Homes 1.20 Gl Cdn Oil 32-36.75. Good slock heifer calves 401-550 pounds: grains basis 43 cents CWT Thunder Bay freight rate. Gold Hollinger Gen f.o.b. lo 11 a.m 3CWRS 3.2514, 3 utiiily iwtwi Hudson Bay Gt Lakes OATS 1 feed 1.4014, 2 feed WINNIPEG (CP) Gold Hydra Ex. Iron Gulf Oil Cda 4.B5 Greyhound Lines BARLEY 1 feed 2.1414, Z US. funds, Winnipeg Commodity" Ex-Teed 2.1014. chance clow ISO Joliet Quebec Kerr Addison Key Anacon Labrador Lake Hawker Sid .2414 Hiram Walker A 1200 Huron Erie .23 Imperial Oil A 26.00 Imasca A 3.95 Inl 43.1 2V, 26.50 27.75 29.25 prices LONDON (AP) Closing gold prices Thursday In U.S. dollars per wheal board selling prices 400-OUNCE CONTRACTS-basis Thunder Bay. Apr. 75 1B7.70B; Jly 75 191 80A' WHEAT 3 ulilily 4.05% OATS 1 Ocl. 75 196.00; Jan. 76 199 HO- Apr' feed 2 feed BARLEY- 76 202.40B. teed 2.60, z feed 2.5814. -Wednesday's volume: 378 Lang is ml Madsen R.L. Malartic Inv Grouo A 1 56 IU 1 1 183.75 75 185.40B: Mav 75 Martin McNeely IAC 44.00 hillo Aug. 75-193.208: Nov. 75-197008; i reasury DIIIS Feb. ?e volume: 113 Kelly Doug 5858 per (CP) New Intern bills issued Thursday: NuWest Homes New Alhona New Calumet Noranda Loeb .25 Loblaw A .16 Metro Stores 32.37V, Massey Ferg 4 10 McMillan 7.25 15.00 al an average price of 96.445 Dnllar ualllA and an average yield of 6.34 per cenl. "VIISI VMIUV Last week: million at average MONTREAL (CP) U.S. dollar in yield of 6.41 per cenl. terms of Canadian funds at noon Moore (CP) Wheal 165 million al an average day was unchanged at 11. 00 1-50. Pine Molsons feed grain prices of 96.960 and average yieldof6.29 sterling was up 1-20 al 52 40 Placer Molsons 1 feed barley 2.51V.; No. 1 cenl. Lasl week: (65 million al In New York, the Canadian Pax Exp. Quebec Man Rayrock Nachure .16 North Cent .96 Peyto .20 Power 11.3714 3.70 9 1.75. j price of 96 938 and average was unchanged at W.W 49-50. Pound yield of 6.34 per cent. sterling was up 1-20 al 12 40 Rio Algom Roman Corp. Sherrilt Gordon Steep Price Co 12.75 Rolhmans 6.12V4 Shell CDA 1.05 10.50 By THE CANADIAN PRESS British Amcricii Bail Note Sunninadale Tek Corp Simp Sears 2.80 SOel of Can A .19 Selkirk A 7.75 28.67'A 12.50 22.5 rents, March 15, record Feb Z8. Richard .Coflall Western Mines WH Copper Trad Group A 1.60 Tr Mtn cents, plus an extra of five cents, April 17, record March or Wright Hargreaves Willroy Windfall Yellowknife Tr Can Pipe 1.71 Union Carbide .10Vi Union Gas 2.32 Union 18.8714 8.25 Motor Co. ol Cuadi Lid., March 17, record Feb. 28 aad Owen Co. Lid., pfd., 40 cents. April 15, record March Mfg 7.25 Grocers Ltd., pfd., 37.5 cents, April 1, record March OF TORONTO INDUSTRIALS Weston's Abitibi 10.12'-; Woodwards A Alcan 21.25 BANKS Algoma Steel c.dn 21.62 V, 27 Cora, of Cauda Lid., 10 cenls. March Z7, record March 5; flrsl pfd., 59.375 cents, April 15, record March -14th SI. N.W. Calgary T2N 2A1 PhOM Alco 15 cents, May 15, record April Agra Nova ..Aemaace -Prodtm Lid., Bell Iwo cenls, March M, record Feb 26 Brascan NattawMe Traaiport cents, interim, March UflDII C UflUC CAI IfiPC MUHILt HUMt NALVARp (Supplied by Richardion Securlllei ol Ciuda) Amr T S 13.: Elec 12.! Belh Steel 49.1 Tel Elec 21 AVERAGES Industrial! 186.75 up 1.30 General Golds 449.46 down 7.03 Bise Metal! 67.07 down .54 Inl Western Oils 164.00 up .71 Kenn Montgomery YORK AVERAGES Sears Exxon Texas Gull Texas Co Wix P Induslrisls 760.23 up 4.M 20 Rlils 162.52 up .53 15 Utilities up .31 65 up 1.25 Volume By THE CANADIAN PRESS Biy Mllb LM., six months ended 11.03. Dnne Prinfcmi LM., year ended Dec. 31: 1174, CT.zno.OCW, a share; Gill Oil Dec. 31; __, three months ended Jin. )l: X.t cenu a 1174, 17.1 cents. Carton. Him, McKmi Mjwtin LM. 3rd Avmut South, Are receiving bids on the salvage of a 1969 Detro Her 10' x 50' For further Information 7-S7M during Houra ;