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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 25, 1972, Lethbridge, Alberta quotations i Vancouver, Calgary, Montreal (Supplied hy DohcTly, McCunij; Limited) LAST IIID Oil SALE (11-00 am Ouolesl Am. uuolest a.m. Quoles! OILSw iSS3 ST" MSL sa ]s jaa S ff pcl J ,K! con Long Is Teledync i.m; B VANCOUVER Cdn Super mo Wcsl Cdn Seen S.HVi Ch.rlcr 500 While Yukcn 11.10 Anuk ,WA Chloriin CALGARY ArcMC n Domr Pele 3S.OO Acro" M Alias Explor .31 Gt Plains Oil B3lh Hurse 1.31 Gl Cdn Oil S-OS Matron .11 Lnchiel 1.'2 rJorlh Cont m Churchill Copper .75 Norm Cdn Oil Warner .56 Croydon Numac V.tlVl PIPELINE STOCKS DankO! .K p.m-Hn "5! Alia Gas Tr L A 57 00 Dolly Varden .30 nrmn 1300 Alia Gas Tr L Pld BO. M Dynasty 7.70 Pan Ocean Ga! n K M of M Inland Nat Gas 15. B7Vi Giant AAascol fi 00 Pinnacle N and c Gas ;5 Granisle 8iio Place Gas i.ov fj c PM M Kamloops Copper .10 Ponder PadNc 6as 1r Lw B Gaz Mclra Lyllon Minerals 1.88 Scurry Ram 1J.OO Ca; A 70 ra Pfimcr Tr Cdn P .11.75 Pyramid Selbens 9.50 Tr cdn P pld B Hra 5Uver 1.30 Tolal Tr cdn p A 76Ii Ulster 1-45 Tr cdn P War Trcldn .31 Dc-calta 6.85 WC Trani 31 Valley Copper B.90 Pele 11.75 War we Res .OS'A MISCELLANEOUS cuunc INDUSTRIALS INDUSTRIES MUTUAL FUNDS 3 All Cdn Corn B 70 9 57 B C Sunfir 30.00 Aquataine Ctln Div d 9.71 10.61 a.c! Sugar 1..M Bnnc? All Cdn Venl 4.03 J.40 capl Inter i.X Cdn Brew A 31.50 Amr Gr F 6 1M F ,nd 4.50 Cdn Brew B 30.50 AGF Spsc a, 3 u Grcwers D 3.65 Cdn Paciiic Iny Cfln p ioB s SB K lnd 13 Crowsnest Ind 27.50 cd Mutual 673 7.29 310 Cygnus A t.K Cn1rK, in er U.J2 1S.C5 interior Brew 3.75 Cygnus B 51 Cmnw 3.E1 i 21 inler Mariner .68 Falcon Copper 13.7? Corp (nvc-ssf 6.07 fi ii Pacific W Air 15.75 Genslar 15B7ViCorp In SI F 518 5.56 stampede mil Res .92 Home A 3fi-35 Dreylus F U.S. 13021.1.77 OILS Home B 3JOO Gr 11 shares 359 a 39 Albany Oils .41 Hud Bay Co 20.75 Gr Equi y 7.27 7.98 Pole .3.1 Hud Bay Oil 46.00 Invest Gr F 12.15 Exnlor 15 Toronto mines, industrials (Supplied By Richardson Securities ol Canada) LAST BID OR SALE auotes) a.m. Quotes! (11 -OD a.m. Quotes) MINES Ncrlhctate 570 Dam Stores 15.25 Acme 34 Norlex -11 Dome Pele 3500 sir s-'ivr 1 H ir i Ss- sz. as Ka- sss-s. s .'.5 SSS. 588 Cnnwesl B.10 Silver Wl sr CI Oil 31.75 Rambler 170 Sleep Rock 7 Coin Lake .09 Tek Corp. 4 95 lr, NicKa 3275 Cochenour .33 Texmotil pipe 33.00 rrainmonl E.50 Uoper Canfida 3.31 A 10.50 Oicfcenion Wine l.M Wc-slern 3.15 ulililips 4975 Denison Mines 27.00 V.'rin.hl Harnrcavcs 1.15 Accept 21.00 Horn Wil'rcy ,B5 Laurcnlide 12 35 D'FIdcna .09 Kelly Doug A 6.00 Dome Mines 4J.50 Yellowknile Bear 4.50 Loeb 3.70 Donalda 07 Zcnmpc .05 A Discovery Mines .75 INDUSTRIALS Maswy Terq East Malarlic 1.20 Abm'OI f McMillan Bloe 27.75 _ East Sullivan Alcsn Mocre Corp Falconbrldge 82.55 Alooma Slecl A 3 .j7V i FrQKex iq Alco Ind 10 S7' j Molscns R 22.50 FirU 'TO Allan Sugar 700 Ncrlh, Cent 14.25 GianlYK n'm Acralnd ll.E7'i Power Corp 8.50 n l'i? Bcl1 Ttl Pric; Co e-50 2, 1 n Bralil Trac !3-25 Rolnmans 10.50 im O.C.Tel SI. Law Corp 2100 Headway R.L. B sh CDA 37 5Brn t A B'c' !--7i Simcson's 25.35 Hudson Bay M-S 22.75 E c Sllrar 1! 67V: Simn Sears 34 37'.i Brw Va'l-y 30 25 sleelolCan 31.25 Iron Bay 3 65 CAE (nrl 7 c.o Selkirk A 20.25 1.36 cdn Brew 4125 Jollel rjuebec .73V, chemcell Traders Gp A 17.25 Kcrr Addhon B70 coi rdhilcsp 770 Trans Mln Pp 74 Key Anacon .75 Cal Power 2700 Trens Can Pp Labrador 315.00 Cprrn credit 1.30 Union Gas 13.75 Lake Shore 2.70 c Gas Union Oil 44.50 Lanois silver .eg cdn Inclcsl 15 :'5 Mlg 00 Madsen R.L. S S 40 01 21.62V: Malarllc G.F. .70 Maiirc-nl 3 95 Unicn Car lfi.25 Marlin McNeely .09 Cdn Vickers v.'estnn's B IB. DO Maclntyre 73 no Chrysler 33.50 Wccdward's A 28. Mela 17 CPR 15 03 v.'esl Cdn Sd 5.50 Midrim IB Co'iiinrn Elec S.65 Inlern Mogul 10 Con! Poll 9.12'i BANKS New V.'rsl Home 5 171-, Tons C-ss Can Imperial 29.50 Hew Alhnna 1] Di'.IS'-a 73.12' j Montreal 21.50 Mew Alhona .13 Bd 7i New Calumel .22 Royal 33.62V: Noranda 3B 50 Dom Textile 23.50 Tor-Dom 34.00 New York stocks (Supplied By Richardson Securities ot millio] eased By VICTOR MACKIE Herald Ottawa Bureau OTTAWA Former finance minister Edgar Benson explained Thursday thai the losses incurred by the Great Canadian Oil Sands Limited in its operations to extract oil from the Alberta oil sands was a genuine hardship case." The minister, who now occupies the post of defence minister, told this correspondent he was the minister of finance who reviewed the position of the Great Canadian Oil Sands following its request for a remission of sales taxes. The decision was made by Cabinet on his recommenda-ion, that a remission of million be made to GCO5. This was a portion of the sales tax included in the price of the production machinery. It was paid back to the company on the grounds of undue hardship, the minister said. A report of the order-in-council was published in the Ottawa Journal Wednesday under the heading "hard luck story nets million." II was raised later in the House of Commons during the question period by David Lewis, national leader of the New Democratic Party. He noted the news story and asked treasury board president C. M. Drury, one of the two ministers who requested (he order-in-council 'whether he can tell us the reasons (or this generosity toward this corporation or whether he will make a statement explaining these reasons on an early Mr. Drury said he could nol recall the details. He promised Lo obtain them and report back to the House later this week. Paul Yewchuk Athabasca) asked if Mr. Drury would be willing to table the report on which the government based its decision to remit sales tax to the company. He asked if Mr. Drury would table the report in the house. Mr. Drury said he did sales ta nuine hai Ihink there was a report in a form which would enable il to be tabled. He promised to find out. Mr. Benson pointed out that the company had conlracled for much of ils production ma-chinei-y before the imposition Ihe sales lax on such machinery. There had been delays in delivery and other holdups aril the machinery, when il was remissic 'dship' E nally delivered, was subject lo Ihe newly imposed sales tax. That tax was made applicable to production machinery by Waller Gordon in his first bud'-get brought down during the government of L. B. Pearson. As a result the company had to pay sales tax that il had not taken into its calculations. Mr. Benson said careful and long consideration had enson given lo Ihc submissions of tha Greal Canadian Oil Sands Company for special consideration under the Financial Acl. Under certain sec-lion, he said, the government has (be authority to order remission of the sales tax. The order-in-council passed last December slates the remission was made pursuant (o Section 17 of Ihe acl. Western post ach TORONTO (CP) Western oil issues continued the most active sector on tlic Toronto stock market today, poking strong advances following Ihe announcement hy Panarctic Oil Ltd. of an oil discovery in the Canadian Arctic. Trading was delayed in some members of the Panarctie consortium duo to an influx of orders. The western oil index soared 7 01 points lo 220.02, industrials .98 lo 202.84, base metals .52 to 89. OG and golds .83 to 177.16. Volume was 1.21 million shares, up from at the same time Thursday. Trading was delayed at the opening in shares of Canada Southern Pete and Bankeno Mines, both members of the Panarctic group. Rankeno closed Thursday at S7.20 and Canada Southern at S7.GO, Among other western oil issues. Great Plains was up 2 to .535, PanCanadian Pele 1 to BP OH and Gas 45 cents Ir S6.2; and Dome Pete 2'i to 535. Among industrials, oil refining, beverage, real estate, chemical and utility issues moved higher while food processing, general manufacturing, slecl and paper and forest slocks edged fractionally loivsr. Peel-Elder gained 3 lo S22 fn -lowing a three-day trading Dances Two companies have agreed to purchase shares each o[ Peel-Elder stocks worth about million. Cominco was up 1% to Pacific Pete lo 533, Pine Point to Hudson's Bay Oil and Gas to 544' and Toronto-Dominion Dank ?a to Stelco was down to Bank of Montreal V, to S22VB, Consumers' Gas Va to Du Ponl lo Oshawa A Vi to 513% and Walier-Goodcrham lo FIRMING TREND MONTREAL (CP) Prices in most sectors kept up a firming trend on the Montreal stock exchange today with oil (sues setting the pace. Industrials rose 1.56 to 205.26, utilities .66 to 166.34, and the composite 1.13 to 204.80 while banks lost 1.14 to 270.90 and papers .44 lo 91.84. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was shares, compared with at the same time Thursday. The Panarctic Oils find on El-lesmcre Island stimulated activity in senior oils with interests in the area. Dome Petroleum jumped 2% to Hudson's Bay Oil and Gas to 54614 and Pacific Petroleum Hi to S33. Gulf Oil Canada was also up to S29V2 and Shell Canada Vz to 533. Hudson Bay Mining and Smelting rose to Cominco 1'ii to Canadian Hydrocarbons to Pancan-adian to International Nickel to and Noranda to S38'.i. Du Pont was down to 1, Asbestos Corp. V4 to and Crubh International Vz to On the Canadian Stock Exchange Canada Southern Petroleum gained 1.15 to on a volume of shares. SIIAHP RISK NEW YORK (AP) Prices rose sharply on a broad front today as the stock market responded to encouraging news on the economic front. Trading was moderate. The noon Dow Jones average of 30 industrials was up 9.33 at 922.03. Advances on the New York Stock led declines by more lhan 3 to 2. The upsurge in prices occurred against a backdrop of favorable economic nevrs, including a cut by New York's First National City Bank in its base lending rate and announce men! lliat the U.S. wholesale price index rose last month at a substantially slower rate than in December. A seven-point rise in du Pont lo S1G5U accounted for a large portion of the gain in the Dow average, analysts said. The company said it was developing a new material for contact lenses. Among Canadians, Hudson's Bay Mining advanced to S23'2, Mclntyrc Porcupine was up 1 to and International Nickel was up !i (o Up -Tj were Dome Mines at and Granby Mining at Alcan advanced to On the American Stock Exchange, Scurry Kainbow Oil declined Vi lo loses VANCOUVER (CP) Columbia Cellulose Co. Lid. Thursday reported a million loss in 1971, including a special S32 million charge resulting from the write-off in the net book value of (lie company's Prince Rupert Sulphite mill. However, no immediate closures or layoffs were planned in Prince Rupert. John W. Brooks, president of Celanese Corp. of New York, Colccl's parent firm, said his corporation wants "to sell as soon as possible at the best possible price its interest in Columbia Cellul .8.8 mill Celanese, which invested S35.5 million in Colcel and guaranteed about million in bank loans for a Colcel subsidiary in the last year, plunged to a loss itself in 1371 because of an S82 million charge to cover writing off the British Columbia firm. Mr. Brooks said: "Celanese has now concluded that, in view of the present operating and market conditions, the write-off of the Prince Rupert sulphite mill and the continuing requirement for cash input, it is no longer prudent to assign any current carrying value (o the Celanese investment in Columbia ion William Marx, chairman of the board of Columhia Cellulose, said examination of the 11-year-old sulphile mill's long term viability showed that "'significant capital expenditures" would he needed to cover increasing maintenance and pollution control demands if the mill were to survive. "The mill cannot profitably carry the depreciation of these new capital expenditures in addition to (he depreciation of (he present he said. "However, there is no inlen-.ion (o close any of Columhia's Cellulose's m i 11 E. although there may ho shutdowns from time to time as a result of cx-ciips jnve.niories." The Pnncu Rupert sulphite mil) a sustained basic capacity of DOO tons a day, Colcel also operated a kraft mill which adjoins the sulphite mill, now running at 750 ol its 850-ons-a-day capacity, and a 590-tons-a-dav kraft mill at gar, B.C" Even excluding the million special charge, the 1971 loss was a record one for Col-col. The previous record loss, in 1B37, was SlO.7 million. Ex-cent for a SI .4 million profit in IGfifl. the company has lost money since pri Winnipeg Grain WliWLPEG (CP) A week-long trend of exlremely quiet trade continued to mid-session on the Winnipeg Grain Exchange today, Moil prices remained slightly Jower as scaltered bids were met by hedge offerings. Flax was cent lower ir all positions while rapsseed ranged from higher to below previous close levels. In oats, barley and rye, prices were steady or down fractionally. Volume of trade Thursday totalled only 605.000 bushels of rapeseed, of rye and of flax. MID-SESSION Flax: May Vi lower July Va lower Oct. '.i lower 2.05B; Nov. nol open. Rapeseed Vancouver: March Vi lower 2.4914B; Jure lower 2.49B; Sep. higher Nov. not open. Rapeseed Thunder Bay: May 'i lower 2.3HiB; July '.i lower OcL and Nov. nol review Oals: Ifay unchanged 633iA; July not open; Oct. unchanged 70. Barley: Mav unchanged July lower Oct. not open. Rye: May unchanged July 14 lower Ocl. '.i lower WINNIPEG (CP) Grain quotes Thursday (basis High Low Close Flax May 265 205 Jly 2C2-1i 261 -i Oct 2BVi 265U Nov Rapeseed Vancouver Mar 25P'n 250 250 Jun MS's Sep 248va Nov 249 Rapcsewl Thunder Bay May 235" j 2.1 !'i Jly 23G 2-Wi Oct 2'ju .2 Nov 210 Oats May G8'i 6BH Jly 68' i CS'i Oct 7C Barley Afay im-'i Jly 1091.2 IE "a Ocl Rye May 9M MVi Jly 95 93'i Ocl By Gene THE UNIQUE, BUIIT-1N-TV6WA11 NTERCOM INTRODUCED RECENTLY NOW HAS A'LITTLE BROTHER" AT BUDGET PRICES. THE SYSTEM -THE WORLD'S FIRST-PROVIDES UPTD 20 SPEAKER LOCATIONS, PLUS ROOV1-TO-ROOW INTERCOM AND DOOR-ANSWERINS CAPABILITY. WJTfOiDs plans new sub-compact station wagon ST. THOMAS, Ont. (CP) Ford of Canada Ltd. announced Thursday a new sub-compact station wagon and other product changes aimed al recapturing part of the small-car market now held by imports. W, L. Hawkins, vice-president and general manager of Ford's Canadian sales division, announced addition of a Pinlo station wagon starting March 17. It will be built at Ihe company's St. Thomas planl. The new Pinlo wagon will be a hvo-door mode] almost 10 inches longer than the current models. Cargo capacity is 900 on sales of P83.5 million. Sales in 1971 were also million. LOANS FROM A COMPANY YOU KNOW B will NOT be asilgncd G "i on IIP assured of Fair and E Nn hn-uics- No hidden com O I ur.n lo aa.fin. Rood si to 32.25, medium 29 lo .to. 75. Good cows 2J.25 lo '15, medium 23.50 lo 21. c.inner.s and cullers 20 lo Good bulls 20 lo 27.50. Replacement cattle were moslly sleers and heifers 575 to 750 pounds and slock calves from ion lo pounds. All classes and pradcs sold fully steady lo slronp. Good feeder steers less than 75f) pounds lo '11, more than 750 pounds 31 lo 37. Good feeder heifers .11 lo Good slock and feeder cows 21 lo 23. Good slock strer calves 311 [o '1.1.70. Guild slock heifer calves 33.50 lo 37.50. base 1971 HERITAGE MOBILE HOME 12'x68' Damaged by Wind Can be Inspected at Marshall Auto Wreckers, 1 mils east of Lethbridge SUBMIT OFFERS TO: F. F. Stewart Co. Adjusters Ltd. 1201 3rd Avenue South Telephone injury EDMONTON (CP' A single cnpincd nirplave made an emergency landing in a field iust soulh of Uie city's down-oivn ,iirporl lod.-iv. Pilot W. A. Mclfean of and n passenger, Art Wil-iams of Ardrossau, were not njnrerl. The aim-ad, a I'renrh built Avion ouncd by Mr. MeHean, vas not extensively iii- 'im nlSnriJ Nniih Limitrd is ;