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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 21, 1975, Lethbridge, Alberta Tuesday, January 21, 1975 THE LETHBRIDGE HERALD 23 NEW STRATHCONA'PLANT Workers form company to buy old oil refinery CALGARY (CP) In July, 1973, during the Western Eco- nomic Opportunities Confer- ence, workers staged demon- strations to protest plans by Imperial Oil Ltd. to close the company's Calgary refinery. They said a viable eco- nomic opportunity and many jobs would be lost. Imperial, committed to a S200-million program to re- structure its refinery oper- ations in Western Canada, said it would not be possible to continue the. Calgary oper- ation after its new Strathcona refinery near Edmonton went into operation. The workers decided to form a company and buy the refinery. They set up Calgary Refining Co. and elected Bill Dorman, one of the workers, president. The workers were not alone in their assessment that the refinery, built in 1922 and with a capacity of barrels a day, stili is economically viable. Several other parties, in- cluding Mohawk Oil Co. Ltd. of Calgary and Federated Co- operatives Ltd. of Saskatoon, were also interested. Mohawk, which was plan- ning to build a refinery itself American dollar declines sharply in London and an ounce in Zurich today. The five major London deal- ers fixed the price for morn- ing trading at and ounce, up from at the close Monday. Trade opened at Zurich, the second major Eureopean gold market, at an ounce, a gain over- night of LONDON (AP) The United States dollar fell sharply in European money markets today and touched a 14-month low in Paris. Dealers here and on the continent blamed the drop on recent cuts in interest rates in the United States and the prospect of even further cuts. They said dollar selling orders were coming from Switzerland. In Paris, the dollar opened CCLT at 4.3475 French francs down from 4.3675 Francs late Mon- day. In Zurich, the dollar traded at 2.508 Swiss francs, down from 2.5300 Swiss francs late Monday. In Frankfurt, the dollar de- clined from 2.3705 German- marks late Monday to 2.3590 marks today. rebates get response In London, the pound inched up from to re- flecting a corresponding weakening in the U.S. curren- cy. But in Frankfurt the pound fell to 5.578 marks from 5.583 at iMonday's close. The U.S. Federal Reserve Board decision to reduce the reserve requirements for commercial banks was cited in the speculation that U.S. interest rates would decline further. When interest rates are lower in the United States than in Europe, investors find it more profitable to convert their funds from dollars to European currencies. There was no immediate in- dication which clients were dealing through Swiss banks, but Arab governments are known to maintain large ac- counts with them. The price of gold rose by CANADIAN HELP? KUALA LUMPUR (Reuter) Malaysia has requested the assistance of Canadian ex- perts to investigate gold min- ing possibilities in the country, the lands, mines and; special functions minister, Datuk Mohamcd Asri. said Monday. He said there were signs of gold on Kelantan in the east coast and Pahang in central Malaysia and if investigations showed good results, the government might form a national mining corpo- ration. DETROIT (AP) After 13 months of rising auto prices and sagging sales in the United States, some car dealers and buyers are responding to rebate programs by the Big Three auto makers. General Motors, under com- petitive pressure applied last week by Chrysler Corp. and Ford Motor Co., entered the discount arena Monday with its first rebate program since the Second World War. The Big Three discounts range from to on se- lected models, and some deal- ers said the sales trend is be- ing reversed, at least for this week. Sales figures were unavail- able from Ford and Chrysler, but spot checks of dealerships found sales increasing. The auto companies hope spring feyer will take over to boost sales in March, although some dealers say they believe the rebates will provide only short-term relief. GM's rebate plan matches Ford's, with discounts of up to S500 for purchasers of new small cars, which are stock- piled in more than three month's supply. GM officials in Canada said they are studying the plan an- nounced by the U.S. head of- fice. GM rebates are on compact and subcompact models in its Chevrolet, Buick, Pontiac and Oldsmobile divisions. GM and Ford will end their discount plan Feb. 28; Chrys- ler's program will end Feb. 16. American Motors has not discounted car prices, although AMC sales are off about 50 per cent from last year. in Edmonton, subsequently formed a partnership with the workers. If Calgary Refining is successful in acquiring the Mohawk will own 60 per cent and the workers 40 per cent. Mr. Dorman, who has since left the Imperial refinery and now works as a real estate salesman, said of the 130 workers employed at the re- finery in July, 1973, 120 ex- pressed interest in becoming shareholders of Calgary Re- fining. "We have done a feasibility study which says with a million investment the re- finery can be upgraded to meet new-product and envi- ronmental-control require- ments." Mr. Dorman said his group apparently now is the only party seriously interested in the refinery. The Calgary refinery will be one of the four existing refineries on the Prairies which Imperial will eliminate when the Strathcona refinery is ready. The new refinery, largest in Canada, will have more ca- barrels a the existing refi- neries in Edmonton, Calgary, Regina and Winnipeg, a com- pany spokesman says. When it announced its re- finery restructuring program in 1971 Imperial said it would be more economical to build a new refinery in Edmonton, than to upgrade the existing ones. Strathcona refinery prod- ucts will be moved by pipe- line to terminals being built in Calgary, Regina and Winni- peg to replace local produc- tion. The existing Edmonton refinery will be absorbed into the Strathcona refinery. Imperial said its Calgary refinery "will be sold to the highest bidder" if and when it is ready to sell it. The Strathcona refinery was supposed to be ready in the fall of 1974 but labor and material problems have de- layed its completion, now scheduled for the spring of 1975. Sign gas contract OTTAWA (CP) U.S. com- pany agreed to pay at least 61 per cent above the going rate for imported natural gas to make up shortages in supply, National Energy Board of- ficials said Monday. The company, Northwest Pipeline Corp. of Salt Lake City, has signed a contract to import Canadian gas at a cost of between and a thousand cubic feet. Current price for other ex- ports from the western prov- inces is a thousand cubic feet. Higher prices under the Northwest contract are need- ed to cover costs of new pipeline facilities, energy of-, ficials say. A spokesman for Energy Minister Donald Macdonald said the gas provided under the contract will help make up for shortages created by production problems at a gas field in northern British Columbia. Herald- Business Slump ends in light trade TSE prices rise sharply Stocks Miscellaneous Vancouver, Calgary, Montreal Midland Doherty Limited WESTERN OILS AND MINES Alton Mines Albany Oil Alta East Gas Alinrnox Asamora Ashland Oil BP Canada Bronda Mines Cda Southern Cdn Export-Gas Cdn Hornostoad Cdn Ind Gas Cdn. Long Island Cdn Superior Cnlellan Dev Dome Pete Dynasty Nufort Res Giant Mascot Gibraltar Mines Granisle Grt Cdn Oil Lochiel Explor Lytton Minerals North Cdn Oil 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 Decalta MISCELLANEOUS INDUSTRIALS Acres Ltd Aquitaine BC Sugar C Pld Block Bros Canbra Foods Cdn Pac A Pld Cdn Pac Inv Calring A Pfd Carling B Pfd Com Capital Crest Forest Crowsnest Indus 2.90 4.85 4.85 7.137'A 9.50 3.20 2.20 2.30 2.90 6.25 .16 26.50 5.00 22.25. 7.00 .12 .52 4.10 1.05 1.06 3.10 10.62'A 9.25 8.87'A .52 .27 .46 .14.87V4 12.25 7.37V4 .25 .57 7.37 V, 3.25 3.70 15.25 12.00 3.40 2.50 25.50 21.75 21.50 1.65 3.00 16.75 Genstar Home Oil A Home Oil B Hud Bay Co Hud Bay Oil Hud Bay A Pfd Hugh Russ C Husky Oil Husky Oil B Husky Oil E War In Pipe War Inter ss P Kaiser Res Kaiser Res War Loblaw C Pfd Magnasonics Pac Pete Pe-Ben Oilfield 21.25 18.00 21.50 30.00 54.00 14.50 31.1214 4.35 2.29 5.87 V4 3.00 24.00 1.65 15.50 2.50 Royal Trust Sandwell Tolodyno Traders Pfd Trimac Woslllald Minerals Wdslon A Pld Whltopass PIPELINE STOCKS Alta Gus A Alta Gas Pld Alta Nat Gas Gal Metro Gas Metro A Pfd Inland Nat Gas N 8 C Gas N S C B Pld Tr-Cda Pipe Tr-Cda A Pld Tr-Cda B Pfd Tr-Cda Pipe War West Trans West Trans War CALGARY Acroll Barons Oil N. Continental Western Warner VANCOUVER MINES Bathursl Norsetnines Cima Resources Dankoe Davenport Lornex Northair Mines Primer Pyramid Silver Standard Valley Copper INDUSTRIALS Key industries Wardair OILS August Petroleum Plains Pete Stampede Int'i Res MUTUAL FUNDS AliCdn. Compound All Cdn. Dividend All Cdn. Ventures American Growth Fund A.G.F. Special Cdn. investment Fund Eaton Int'l Venture Corp. Investors Corp Invest Stock Fund Dreyfus Fund U.S. Grouped Income Shares Growth Equity Invest Growth Fund Investors Mutual Accumulating Nat. Resources N.W. Cdn. N.W. Growth Principal Growth Royfund Tempieton Growth United Accumulative Universal Savings Vanguard 4.50 4.40 10.25 3.75 1.05 50.00 6.I2'A 12.00 53.50 15.00 5.37V4 50.00 8.25 9.50 52.50 .68 19.75 1.85 .30 .04% .01 .13 TORONTO (CP) After falling for several days, the Toronto stock market moved sharply higher Tuesday in light mid-morning trading. The industrial index, wide- ly-based indicator of market trend, rose 1.19 to 169.43, golds 5.67 to 359.11, base metals 0.18 to 61.0 and western oils 2.70 to 137.65. Volume by 11 a.m. was MONTHKAI. (U1) All sectors were mixed in light trading un the Montreal Stock K.xclluilKC Tuesday. Volume at a.m. was shares, compared with at the same time Monday. The industrial index jumped 3.00 to 172.57, the composite 2.41 to 169.76, hanks 1.49 to 226.80. utilities 0.72 to and papers 0.06 to 100.33. Dome Petroleum rose to IU' International 3.'u to Bank of Nova Scotia to and Algoma Steel 'A to while Calgary Power fell to Vi. Among speculative issues, Mclntyre Mines Ltd. rose 1 to after trading 14.500 shares. VANCOUVER (CP) Prices were 000 up from shares at the same time Monday. Advances outnumbered de- clines 154 (o 57 with 125 issues remaining unchanged. Imperial Oil A rose to 'k, Canadian Tire A 'A to Howden 'A to Loblaw B to Shell Canada to and Bow Valley Industries to Cam-on fell V4 to Marlrat MaiK6I duwn in light (railing on the Vancouver Stock Kxchange Today. ICarly volume was shares. In the industrials. Ventura was up .03 at .34. In the mines. Anglo llomarc was up .02 at In the oils, Seneca Developments was unchanged at .90. Volume on the curb exchange was shares. Cadet resources was up at .31. Prices were down Monday in light trading. Volume was shares. In Ule industrials. Venture was down .03 at .31: lonarcdown .01 at .14: Cana- dian Javelin down Mi cent at Kaiser Warrants up .05 at S3; Cornat up .05 at 54.15 and Sparlings unchanged at .48. In the mines. Grandora down .04 at .48; Dalton up .02 at Bomarc 1.11 .42 2.20 .60 4.15 1.86 .10 .06 1.25 .15 .08 .63 4.84 5.16 2.05 3.54 1.86 4.93 4.42 4.93 3.65 8.42 2.42 4.72 9.70 6.23 4.83 3.37 4.18 3.51 3.24 5.04 6.59 3.60 6.66 3.91 Winnipeg grain Toronto i- j i. n- L j o r n (Supplied by Richardson SecuntleS Of Canada) Forest Advocate Asb. Akailcho 1.45 Sugar Bow Valley Ind Cable Ind Power Bovis Brunswick Can. NW Land Canada 3.75 2.55 Foods Can Cellulose Carling O'Keefe Chemcell Central Gas Pfd Ind Marconi Cons. Vickers Coin Lake CPR Dickenson Bathursl Denlson Gas Seagrams Dome Mines Discovery Mines East 2.05 Bridge Dorhtar Dom Textile East Stores Pete First Mobile Giant Cdn Oil Motors Hollinger A Hudson Bay M6S Lakes -Paper Gulf Oil Hydra Iron Sid Walker A Joliet Kerr Addison Key Oil A Imasca A Nickel Lake Pipe Langis Silver Madsen Grp A ID Inl'l Malartic Ltd Martin Douglas A NuWest A New Athona New Calumet .15 Massey Ferg McMill Bloe'd Corp A Pine Olsons B Placer Pax Cent Quebec Corp Co Rio Roman CDA Sherritt Gordon Steep Rock 2Vi 1.12 Simp Sears Steel Can A Tek Corp. A United Grp A WH Copper Can Pioe Wright Carbide Gas Oil Yellowknife Slscoe Zen mac Mfg Westeel 87 A Algoma Alco Ind Ayra 5.3 Imperial Montreal Bell Scotia Brascan BC Dom 9.75 12.62Vi ,19.00 12.25 10.50 23.50 2.45 4.80 2.27 3.65 2.80 8.75 14.50 25.50 WINNIPEG (CP) Despite a slight dip through mid session, futures prices continued strong Tuesday on the Winnipeg Commodity Exchange, One month of distant rapeseed was up the 20 cent a bushel daily Monday's volume of trade was 391.- 000 bushels of feed wheat, of oats, of barley, of cor- n, of rye, of flax and 269.000 of rapeseed. Mid session prices: Thunder Bay rapeseed: May un- changed 6.96B; July, Oct. and Nov. not open. Vancouver rapeseed: Jan. three Mar. 9Vj higher7.15A; June 11 higher Sept. 20 higher Flax: May two higher 8.12A; July four higher 7.99A; Oct. and Nov. not open. Feed wheat: May nine higher 3.71A; July and Oct. not open. Mar. one May unchang- ed 3.60A; July not open. Barley: May seven higher 2.9IA; July nine higher 2.84; Oct. not open. Oats: May fi% lower July lower Oct. not open. Rye: May WVz higher 2.73A; July eight higher 2.K6A; Oct, not open. Livestock Fort Macleod FORT MACLEOD On offer by Fort Macleod Auction Market last week were 792 cattle, all sold at Hi- Way 52 feeders. There was no sale at Fort Macleod last week. Al, A2 and A3 steers sold from 41.50 to 43.10 depending on weight and tag, while Al. A2 and A3 heifers sold 35.90 to 37. DI and D2 cows 19 to 19.30 with hcifery kinds to 21, while one group of C class heifers brought 28. Calgary 32.50 18.25 6.87Vi 16.37V4 22.00 23.50 1.35 5.75 36.25 15.25 27.25 13.50 5.00 37.00 24.62V4 25.25 26.75 23.25 13.75 6.75 9.87Vi 6.00 1.70 4.70 7.25 2.80 5.75 12.00 23.25 8.00 9.75 2.85 9.12VS 13.50 10.12V4 7.37V, 9.50 26.75 12.37V4 29.50 13.25 10.00 9.50 16.00 8.12V4 3.65 6.00 22.00 20.00 20.25 23.25 13.6214 37.25 27.3714 35.50 CALGARY (CP) Receipts to 11 a.m. Tuesday from the Calgary public stockyards totalled about head with a normal run of slaughter steers, heifers and cows. Slaughter steers and heifers met a narrow demand while all classes of cows met a moderate demand. Steers traded a dollar lower oil a lower demand. A3 and 4 heifers trade steady while all classes of cows sold steady with moderate demand. There were too few bulls offered to establish a market. Steers Al, A2 40.50-42, A3 38.50- 40.50, A4 36.50-38.50. Heifers A3 32.50-34.50. A4 31-32.50. Cows Dl, D2 16.50-18.25. D3 15-16.50, D4 12- 15. There were too few feeder cattle and stock calves sold to establish a market. No hogs sold. EDMONTON ,CP) Prices to U 3-m- Tuesday provided by the Alberta Hog Producers Marketing Board. Mon- day's prices in brackets: Edmonton: 52.10 New York (Supplied by Richardson Securities of Canada) Hogs sold to 11 a.m. 709. Hogs sold Monday. 6.844. average 52.13. Sows average 30.45. Feed prices WINNIPEG (CP) Wheat Board domestic feed grain prices Monday: 3 CW red spring wheat No. 1 feed barley 2.84; No. I feed oats 1.89. Metals LONDON (API Closing metals Monday bid-ask in pounds sterling a metric ton; silver in pence a troy ounce: 510-511: futures 528.5- 529.5 Tin-spot futures 226.5-227 futures 215.5- 216 Zinc-spot 228-39: futures 319-320. Silver-Spot 170.7-171; 3 months AmrTST Woolworth 11.75 Anaconda 16.00 Weslinghouse Elec 1075 Beth Steel 27.75 US Sloel 41.25 Chrysler Gen Tel Elec 20.6214 Comsat 30.371'j TORONTO AVERAGES Dupont 90.50 20 Industrials 169.49 up 1.25 General Molora 36.8714 20 Golds 358.55 up 5.11 Gulf 19.75 10 Base Metals 60.88 up .06 Int Harvester 20.SO 15 Western Oils up 3.85 Kenn Copper 37.25 Volume Montgomery Ward NEW YORK'AVERAGES Sears 20 Industrials 648.86 up 1.40 Exxon 67.75 20 Rails 154.00 up .69 Texas Gulf 24.50 15 Utilities 77.55 up .31 Texas Co 23.75 65 Stocks 213.76 up .66 Wlx Corporation Volume By THE CANADIAN PRESS Harlacn Industries Ltd., year ended Sept, 30: J974. profit, il cents a share; loss. 56 cents. Bushnell Communications Ltd., year ended Aug. 31: 1974, 62.8 cents a share; 1973, ccnls. Grain quotes Lakehead: High Flax May tow 810 795 Oct Nov Rapeseed Thunder Mav Oct Nov Rapesced Jan Mar Jun 694'A Spt May 263 'A Jly 258 Ocl May 284ft Jly 277 Oct Mav 190 Oct Corn basis Mar 3BO 'A May Jlv Feed Mav Jly" Ocl Currencies Bank of Montreal: Bermuda dollar 1.0100 China renminhi .5570 Denmark kroner .1805 France franc .2320 Germany mark .4230 Hungary forint .0414 Italy lira .001560 Japan yen .003350 Mexico peso .0805 Netherlands guilder .4075 Spain peseta .0185 Switzerland franc .3980 United States dollar .9925 United Kingdom pound 2.3600 U.S.S.R. ruble 1.3254 Quotations in Canadian funds. Gold futures WINNIPEG (CP) Gold futures, U.S. funds, Winnipeg Commodity Ex- change: CONTRACTS: Jan 75 175.80B; Apr 75 178.90; Jly 75 I82.70B: Oct 75 186.70B; Jan ?6 191.80A. Friday's volume: 305 contracts. 100-OUNCE CONTRACTS: Feb 75 176.90; May 75 180.00A; Aug 75 185.00; 'Nov 75 189.00B; Feb 76 193.00B. Friday's volume: 115 contracts. Camflo rose to Sherritt Gordon to Highmont 3 cents to 55 cents and Mindamar 2Vz cents to 23 cents. Coniagas dropped 5 cents to Tonnex 5 cents to and Baryinin 4 cents to 52 cents. Siebens gained to Pan Ocean to .Numac to Total Pete 'Xi to and Sunningdale 20 cents to up .05 at Consolidated Standard up at .08; uncliangedat .16 and Jackpot up .03 at .10. In the oils, Seneca Developments un- changed at .'JO; Hand A up .01 at .77; Bison Petroleum unchanged at ?ii; Davenport down .06 at .58; Galveston down .02 at and August Petroleum down .01 at .16. Volume on the curb exchange was shares. Decade up .02M; at MVz; Junex Resources up .01 at .23; Beermaster up .01 al .49; Acabaca Hrsources up .01 at .41; Consolidated Monarch up .05 at .35 and Consolidated Altair unchanged at .07'a. NEW YORK (AP) The stock market posted a broad but uneven ad- vance Tuesday on the strength of signs of easier credit and slowing inflation. Advances outnumbered declines by a 3-1 margin on the New York Stock Ex- change at mid-day. The noon Dow Jones average of'30 industrials was up Monday basis 1.33 at 048.78, with the blue chip issues that make up the Dow lagging behind Close other sectors of the market. At the American Stock Exchange, the market-value index climbed .72 to 68.60. The NYSE's composite common- stock index was up .12 at 37.99. Among Canadian issues on the NYSE, Alcan was up 'A to Campbell Red Lake to Cana- dian Pacific to and Dome Mines to International Nickel rose to and Massey Ferguson 'A to Mclntyre was down to Chicago markets CHICAGO (AP) Commodity futures moved over wide price ranges on She major United States Exchanges Monday. There were some limit declines in grain futures and limit advances in meat futures. Soybean and corn futures closed with limit declines. Soybeans felt 20 cents a husliel and corn 10 cents. Earlier on the Chicago Board of Trade soybean oil, wheat and oats had fallen to limits, but rinsed off the bottom. Soybean meal closed on a mixed tone. Pork Belly futures fell the limit 150 points, or IVi cents a pound, on the Chicago Mercantile Exchange, then closed with a limit gain of 150 points. Live hog futures fell 51.27 a hundredweight, then closed with a limit gain of Live cattle advanc- ed the limit of S1.50 a hundredweight and shell eggs gained the limit of 200 points, or two cents a dozen. New buying and short covering in grains were noted late in the session. Some trade sources thought grain futures had been oversold recently. When the Board of Trade closed, soybeans were 15 to 20 cents a bushel lower, January 5.81; wheat 6 lower to higher, March corn 7 to 10 lower, March 3.10'Xi, and oats to 5'A lower. March Gold futures again appeared to follow price moves of cash gold on European markets. Cash gold was firm in London on the opening and domestic futures markets improved by under a good demand. Silver futures declined about 10 cents an ounce early, then rose sharply under new buying and short covering to close eight to 10 cents higher. Dollar value MONTREAL (CP) U.S. dollar in terms of Canadian funds at noon Tues- day was up 3-50 at 6-25. Pound sterling was up 7-50 at 3-5. In New York, the Canadian dollar was down 7-100 at 19-25. Pound sterling was unchanged at 2-5. Give us 30 minutes, and we might talk youoitfofan How's that for a switch? While others are probably trying to talk you into a Registered Retirement Savings Plan, why would Metropolitan Life talk you out of one? Because, for many peoplt; an R.R.S.P. is a great inveslmeni. For others, it's not. It would take us maybe a half hour to find out your needs. So, before you make a decision, Invesl 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. Phone any Metropolitan Life office and arrange to see one of our representatives, He _ _ can give you all Ihe facts about Where the future is now R.R.S.P.s. The straight fa< C. Stin Varlinden SUM) South ;