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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 17, 1974, Lethbridge, Alberta July LETHBRIDGE HERALD-3 Officers blamed for collapse of life company EDMONTON Cosmopolitan Life Assurance Co. not so much fail as it was destroyed. .by the im- provident acts of its principal says a report released Tuesday by the provincial government. The report follows a 36-day inquiry earlier this year under District Court Judge Roger Kerans. The inquiry was ordered by Attorney-General Merv Leitch to investigate the collapse of Cosmopolitan and related firms and a loss of about million to shareholders. Mr. Leitch was out of town Tuesday and could not be reached for comment on the report. Losses on insurance oper- ations could only be explained by a failure of said Judge Kerans. most significant fact in support of this conslusion is the lapse rate. In the year 1967 Cosmopolitan sold 414 new but 362 he said. Albert Jaasma of Van- Cosmopolitan for many himself personally responsible for the sale of life is a conflict of inter- est between the best interests of the salesman and the best interests of the management of the company. FIRM WAS EXTRAVAGANT have also heard some evi- dence to indicate that the management of the company was somewhat extravagant in GENERAL FARM Presents The Weather SUNRISE THURSDAY SUNSET H L Pre Lethbridge...... 83 55 Medicine Hat 85 49 Edmonton 69 51 Banff..........70 50 Calgary...... 76 58 Victoria 59 55 .17 Prince Rupert 59 41 .04 Prince George 65 49 .05 Kamloops......69 55 .06 Vancouver.....63 53 .47 Saskatoon......81 53 Regina 91 51 Winnipeg......88 58 01 Toronto......... 65 49 Ottawa 74 50 Montreal 73 52 St. John's 76 59 .35 Halifax........74 53 Charlottetown ...65 48 Fredencton..... 77 56 Chicago 80 65 New York 87 65 Miami.......... 90 77 .20 Los Angeles..... 90 66 Las Vegas...... 96 77 Phoenix 104 86 Athens........99 75 Rome ........88 72 Paris........... 70 57 London........64 55 Lethbridge Medicine Hat Regions Today and Mainly sunny. Highs both days near 80. Lows tonight near 55. Calgary Region Today and A few cloudy periods. Highs both days near 75. Lows tonight 50 to 55 Columbia Kootenay Regions mostly cloudy with occasional rain until noon. Showers and isolated thunder showers in the afternoon and evening. Cool Highs '.n the lower 70s. Lows overnight 45 to 50. Thur- cloudy with showers. Highs near 70. MONTANA East of Continental Divide Fair and warm except for isolated thunderstorms most- ly afternoon and evening to- day thru Thursday. Highs to- day and Thursday 85 to 95. Lows.tonight 55 to 65. West of Continental Divide Widely scattered showers south this afternoon thru Thursday. Highs both days 75 to 85. Lows tonight'50s. POST HOLE AUGERS AND POST DRIVERS Rear's Post Hole Augers Available now 3 point and front mount shaver post driver. 1 used front mount driver. Good selection of fence and corral posts on hand. GENERAL FARM SUPPLIES Coutts Highway Box 1202 Phone 328-1141 PORTS OF ENTRY opening and closing Carway 6 a.m. to 12 Chief Mountain 7 a.m. to 10 Coutts open 24 Del Bonita 8 a.m. to 9 Kingsgate open 24 Porthill-Rykerts 7a.m. to 2 8 a.m. to 9 Rooseville 8 a.m. to midnight. in Mountain Daylight terms of personal expenses and A three-member manage- ment committee including Mr. Jaasma dominated Cosmopolitan's board of most of whom were relatively inexperienced and had little knowledge of the company. Other reasons for demise were inadequate capital and transfer out of the com- pany of assets. .at a cost value of at least Cosmopolitan decided in 1969 to sell most of its business to Seaboard Life In- surance Co. of Vancouver in order to remain viable. But the business'was sold for 433 Seaboard shares instead of and the shares were put up as security on a The entire proceeds of the loan were transferred to a re- lated Canamera En- terprises which defaulted and caused the shares to be lost. the asset acquired by the company in return for the block of business it had developed over seven years was lost in its Judge Kerans said allegations of fraudulent behavior or contractual default made against Allarco Development Co. the Northwest Trust Co the Canadian Bank of Columbia Beneficial Holdings N.W.L. Financial Corp. Seaboard Life Insurance Co. Ltd. and the Royal Bank of Canada the basis of the evidence before un- P.A.P. Holdings a con- glomerate formed along with Sioux Holdings Ltd. by the Jaasma group to hold con- trolling interest in Cosmopoli- lived and died in a maelstrom of lies and said the report. the time when its subsidiary Cosmopolitan desperately needed new P.A.P. was raising new but this money was spent on conglomerate activities and not to keep Cosmopolitan P.A.P.'s congolomerate in- ranging from a Red Deer radio station to a Grande all failed. is significant that most of the conglomerate investments made by P.A.P. at this stage were with direc- tors or principal shareholders of P.A.P. committed in an attempt to gain control of N.W.L. a British Columbia but was unable to complete payments for the shares and forfeited the amount. Albert Jaasma's initial suc- cess in forming Cosmopolitan was partly attributed to the mood of the early when the public believed life insur- ance companies were in- said the report. real victims were the investors who had no part whatever in the management of the company. But it should be observed that the basic appeal to these investors was the prospect of great profit at little risk. They were the vic- tims of their own ig- norance or misplaced in the early of local XI Commonwealth Games Edmonton 1978 Official logo This is the official logo for the 1978 Commonwealth Games in Edmonton. Edmonton parade salutes aviators and Mounties EDMONTON The usual Gay '90 theme of the Klondike Days Exposition will be topped this year with a special salute to frontier air- plane pilots and the RCMP. The parade which opens the 10-day celebration was to salute the inauguration of an aviation hall of fame and Alberta's century-old relationship with the RCMP. A tiny two-seater yellow fleet Finch which appears on Klondike Days promotion was to be one of 89 entries in the parade. The plane was restored after being rescued three years ago from a barn where it was deteriorating in Saskatchewan. Other floats will recreate scenes from the days when bush pilots launched their flimsy little planes into wilderness from Edmonton when it was still a frontier community. Stuart com- missioner of the Northwest who was chosen to be honorary marshal of the will officially open the exposition tonight. PROMOTE EVENT The Edmonton Klondike Days Association has promoted the event for several offering cash and travel prizes to people who wear Klondike costumes frilly spats and handlebar mustaches The belle of the 10-day Klondike is Lisa Stevens of who will appear at official functions and street hoe-downs. Events to celebrate the Klondike theme include raft a beard-growing con- square marching band a bathtub race and store decorating. Local hotels and restaurants are gearing their entertainment to gold-rush nostalgia to include such un- like'ies as fidgety fingers Fred on honky-tonk piano and Monro the original evil villain of a melodrama entitled Work at the Officials at the parade will include Premier Calgary Mayor Rod Sykes and special guest singing star Tommy Hunter and his family. Banner year for ducks predicted for Alberta EDMONTON The Alberta manager of Ducks Unlimited said Tuesday the province likely will have banner produc- tion for ducks because of heavy spring runoff from winter snowpacks. Fred Sharp said in an inter- view production should equal the records set in 1969 in almost all of Ducks Unlimited's 400 Alberta waterfowl land projects. means we will have great duck hunting this said Mr. Sharp. looks good particularly so in the southern portions of the province near Brooks and He said biologists are con- ducting detailed field surveys on production in all Ducks Un- limited projects but that the outcome of the detailed surveys it looks like a banner year for the production of ducks in Ducks Unlimited provides waterfowl habitat across the prairie provinces and in the Maritimes and British Colum- bia. The organization monitors the production of ducks and geese through sur- veys and banding. Games symbol unveiled EDMONTON A white and bue abstract maple leaf design was unveiled Tues- day as the logo for the 1978 Commonwealth Games. Michael an Ed- monton free-lance artist who designed the was pre- sented with a cheque from the Commonwealth Games Foundation. feel a great sense of per- sonal said Mr. whose graphic was selected from 78 submissions by 49 Edmonton artists in a design competition. The logo was to be flashed Tuesday night on national television during the Olympic lottery draw. earnings improve VANCOUVER Kaiser Resources Ltd. Mon- day repoi ted consolidated net earnings of in the second quarter of including an extraordinary in- come tax credit of from application of tax losses carried on sales of million. Edgar F. presi- dent and chief executive of- said the improvement in earnings for the second quar- ter over the comparable period last year is attributable primarily to higher coal prices under the company's long-term sales contracts and reduced interest costs resulting from debt repayments. The price the company receives for coking coal shipped to Japan increas- ed by per long effective June 1. Dateline Alberta Measles are rampant CALGARY City health authorities advised parents Tuesday to take their young children to immuniza- tion centres without delay in view of an epidemic of red measles rampant in Calgary. Cases of red measles have been reported since February and it reached epidemic proportions last week when more than 100 cases were reported. Most of the cases reported to date are from children between six and eight years old. The last outbreak of red characterized by runny nose and bleary occurred in Calgary from to 1970. Power knocked out PEACE RIVER Radio Station CKYL in Crews were working to Peace River was forced off restore power Tuesday in the air at Monday night many Peace country com- after lightning blew out munities that were hit by a several transformers at a sub- severe electrical storm Mon- station. The station resumed day night. broadcasting Tuesday after- There was no immediate es- timate of how many persons were without power and how About three-quarters of an long it would be before power inch of rain fell during the would be restored. causing some flooding. Suicides on upswing CALGARY About once a day someone in Calgary tries to commit suicide. And nearly once a week someone actually does it. Last 44 people in the city committed suicide and 366 attempts were reported to police. family drugs and alcohol are some of the fac- tors which can create crisis situations and drive people to says Ron La executive officer of the Canadian Mental Health Association in Calgary. Calgary is one of the few major cities in Canada without a comprehensive crisis intervention program. he said in an interview. Three killed in park RCMP Tuesday identified two Los residents and a Calgary woman as the resort community Killed were Robert three persons killed Monday 72. and Lillian in an automobile accident on Kronick. both of Los the Banff-Jasper Highway and Betty Ghitter. north of this Rocky Mountain of Calgary. Victim identified BOYLE RCMP of as the person killed in a weekend two-car collision near 75 miles northeast of Edmonton Alarm foils break-in CALGARY Reginald Ingvar of. pleaded guilty to breaking and entering a city branch of the Canadian Imperial Bank of Commerce when he appeared in provin- cial court Tuesday. who was arrested early Sunday when the alarm was triggered off at the was remanded to July 24 for sentencing. Nothing was reported stolen from the bank. Jensen also pleaded guilty to an April 16 theft of from a woman's purse while at a party at her home. Strikers ordered back CALGARY The Provincial Board of Industrial Relations Tuesday ordered 240 striking workers at Firestone Tire and Rubber Co. to return to work by the beginning of next week. It ordered management to reinstate two workers who were one before and the other after the declared illegal by the board. It also ordered the lifting of the suspension of 32 other workers. The board ruled the strike illegal on grounds that the members of Local 635 of the United Rubber are under until 1975 Banff workshop unique BANFF The Banff School of Fine Arts of the University of Calgary has initiated an eight-week workshop in advanced playwritiag described by Neil associate director of the as in North Seven participating playwrights will work with playwright in residence Tom Hendry and a company of professional actors under the direction of Douglas artistic director of Alberta Theatre and Joyce Doolittle of the Univer- sity's drama department. ;