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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 27, 1974, Lethbridge, Alberta Thursday, June LETHBRIDQE HERALD-23 Gas firm export permit receives cabinet okay EDMONTON (CP) The Alberta cabinet has approved a permit to Pan-Alberta Gas Ltd. for the removal from the province of a maximum of 975 billion cubic feet of natural gas during a six-year period beginning Nov. 1. The government announced Wednesday that the permit will carry two conditions: that Pan-Alberta do all it can to ensure an incremental supply of gas to Gaz Metropolitan Inc. of Montreal beginning not later than Nov. 1, and that Pan-Alberta offer its assistance in alleviating shortages being forecast in Ontario natural gas supplies for this coming winter and subsequently. i Open mind stand 1 taken on pipeline I By PETER BUCKLEY WASHINGTON (CP) Interior Secretary Rogers Morton said Wednesday he once favored a trans-Canadian 1975 car prices to be TORONTO (CP) Car buy- ers may expect to pay "hefty" prices for 1975 model cars, David Collier, president of General Motors of Canada Ltd., said Wednesday: In an interview Mr. Collier referred to the rising cost of fuels and the effect they will have on car prices. "The rise in fuel oil is unbe- he said. "Not only has fuel oil risen, but so has coal. Under last year's con- tracts we paid a ton, now we are going to pay "We still don't have a good handle on it, but 1975 (car) prices are going to be quite hefty." Suggests CP Rail takeover REGINA (CP) A former director of the CNR wants the publicly-owned railway to acquire CP Rail. J. B. Sangster of Regina suggested in an interview that the amalgamation should also involve takeover of Air Canada by CP Air. Mr. Sangster, an investor and director of several Canadian companies, was a CNR director from 1957 to 1964. He proposed also that the federal government should provide more than billion to liquidate the CNR's debt, which has made the railway a chronic money-loser. The debt was acquired when the CNR took over several grivate railways. He said the air part of the transfers would give Canada "the largest and finest airline in the world, bar none." Cattle firm fined KAMLOOPS, B.C. (CP) Frolek Cattle Co. was Fined Monday in Provincial Court after pleading guilty on each of three counts of failing to provide enough feed for cattle. pipeline for Alaska's natural gas but now he is keeping an open mind about a rival trans- Alaska route while he weighs which method would be in the United States' best interests. He also said a "lot of preliminary discussions are going to have to be held with Canada to determine the viability" of the proposed route across Canada. In a statement and under questioning at a news confer- ence, Morton said he "must remain absolutely impartial until enough facts are in to permit us to make a judgment." The interior department and the U.S. Federal Power Com- mission are preparing a joint environmental impact study on the rival by a consortium which proposes to bring Alaskan and Canadian Arctic gas south by pipeline through Alberta, the other by El Paso Natural Gas Co. for a trans-Alaska line that would involve liquifying the gas and carrying it by tanker to the U.S. west coast. "In addition, the president has asked me to give him my best thinking on which route would serve the best interest of the nation, over Morton said. "It will take many months to sort this all out, but we will not-let any grass grow beneath our feet meanwhile." VIEW CHANGES The secretary, just back from a week in Alaska, said that at the time'the U.S. was considering whether to permit construction of a trans-Alaska oil pipeline, "it seemed then that the only really viable route was the Canadian one" for carrying the natural gas to the U.S. Since then, he said, a rival company has spent a great deal of effort and money to develop a proposal for a liquid-natural-gas alternative. He said it is highly doubtful that both pipeline routes could be fully utilized at once because only a limited amount of gas will be produced in the Alaska fields. Asked about reports that the state department is negotiating with the Canadian government about a trans- Canada route and whether this contradicted his statement about being openminded. Morton replied: "I didn't say everybody was neutral. I am. I can't say about the state department." But he added that there are numerous questions about the trans-Canada route that "are going to have to be talked about with the Canadians." "Out of these discussions will come the fundamental criteria which we will need to make our decision." The Alberta government has always agreed "Canadian requirements for "natural gas must be satisfied first, prior to the authorization of gas Bill Dickie, minister of mines and minerals, said in a news release. He added Pan-Alberta reported its offers of Alberta natural gas "to Ontario distributing cempanies were not accepted in 1973. But the Alberta government felt Pan-Alberta should now, "By means of a formal offer, ascertain whether or not circumstances had changed to the point where supply destined for export was necessary to meet an Ontario requirement." WILL DELIVER The arrangement between Pan-Alberta' and Gaz Metropolitan is that Pan- Alberta will deliver provincial gas to the Alberta- Saskatchewan border and there sell it to the Montreal firm, which will deliver the gas through TransCanada Pipelines for consumption ir, the Montreal area. The transaction between the Alberta and Montreal companies is "timely and hopefully the first of many Alberta Quebec trans- Mr. Dickie said. Cabinet approval of the permit to Pan-Alberta was made after the company changed its field purchase contracts to bring them in line with present provincial government pricing policy requirements. The provincial government has been seeking prices of about 60 cents per thousand cubic feet. Mr. Dickie said the Energy Resources Conservation Board has found the quantity of natural gas approved for removal by Pan-Alberta is surplus to the province's present and future requirements. Royal bank won't raise loan rate MONTREAL Bank of Canada said Wednes- day it does not intend to raise its prime lending rate at this time to bring it in line with in- creases announced Tuesday by the Bank of Montreal. As the first Montreal-based bank to respond to Bank of Montreal's action, the Royal broke tradition under which chartered banks match each other's prime rates. The announcement, .attributed to W. Earle McLaughlin, Royal Bank chairman and president, did not specify why the in- stitution decided to hold its prime rate at 11 per cent. The Bank of Montreal said Tuesday it is raising the prime rate to 11.5 from 11 per cent because of continuing strong loan demand. The Royal Bank's prime rate, or the rate accorded most favored corporate customers, rose to 11 from 10.5 per cent last month as part of rising interest rates among chartered banks across Canada. Planning board tables addition to College Mall An application to build a major addition to College Mall was tabled Wednesday by the Municipal Planning Commission to give the developers time to consider minor changes to the addition. The one-storey wing would be added to the northeast comer of the mall, adjacent to supermarket. Gary Seher. mall manager, told the commission the expansion is needed primarily to accommodate present tenants who require more space. Bat there have been applications for tenancy from several national and regional IT PAYS TO Uwting Too )nvt contfvct end pvy OME 1 tn IOWO0M. Tern CtiffAMI 9OMI9 KOMBSmilfEOYf lOtpt. BENY CHEVROLET OLDSMOBILE LEASING AND INSURANCE DIVISION 2nd AVE.. 9th ST. S. PHONE 328-1101 stores, he said. "Hie largest outlet in the new addition would be about 5.000 square feet. Tenders could be called within "a month to a month and one-half" after approval by the MFC. Mr. Seher said. He said a firm price hasn't been set, but estimated the wing could cost about There is enough market demand in Lethbridge to jus- tify the mall expansion, he said, and Lelhbridge Centre, now under construction, is expected increase retail sales throughout the city. College Mall is controlled by Trizec Corp.. a British- owned development company which Business Week magazine claimed was one of the largest landowners in the country. Mr. Seher said A. D. Gclmcm Corp.. of Calgary. and Gordon Schwartz, a local businessman, also have shares in the mall company. The Herald Business Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHERTY LIMITED WESTERN OILS AND MINES AHon Mines 4.85 Albany Oil Gas .41 Alta East Gas 4.80 Alminex Asamera 8.00 Ashland Oil 8.00 BP Canada Brenda Mines Cda South 3.10 Cdn Ex Gas 2.60 Cdn Homestd 3.80 Cdn Ind Gas Oil 6.75 Cdn Long Is .17 Cdn Super 39.75 Chieftan Dev Dome Pete 25.00 Dynasty 7.37'A Fort Reliance .16 Giant Mascot 1.01 Gibraltar Mines 8.00 Gt Plains 38.87Y2 Gt Cdn Oil S 7.75 Lochiel Ex 1.66 Lytton Minerals .1.79 Noble Mines .46 North Cdn Oil 3.90 Numac Oil 10.25 Pancdn Pete Pan Ocean 9.75 Petrol 1.40 Pinnacle .30 Place Gas .36 Ponder .51 Ranger Oil 25.50 Scurry Rain 20.62V: Seibens 13.25 Spooner .33 Total Pete Ulster Pete .98 United Canso 17.25 Westcoast Pete 3.30 West Decalta 5.50 MISCELLANEOUS INDUSTRIES Acres Ltd 7.00 Aquitaine BC Sugar C Pfd Block Bros 3.05 Cdn Pac Inv A Pfd Carling O'Keefe A Pfd 17.75 Carling O'Keefe B Pfd 20.25 Comm Cap Corp 2.30 Crestbrook Ind 6.00 Falcon Copper 9.50 F and M Trust Co 4.75 Genstar 18.50 Home Oil A Home Oil B 33.00 Hud Bay Co 15.75 Hud Bay Oil 28.00 Hugh Russell C Pfd 71.00 Husky Oil Husky Oil B Pfd 33.00 Husky Oil D War Husky Oil E War 6.25 Interprov Pipe War 3.10 Interprov Steel Pipe 16.00 Kaiser Res 4.40 Kaiser Res War 1.90 Loblaw CO C Pfd 24.50 Magnasonics 2.15 Pacific Pete 18.50 Pacific West Air 8.00 Pe-Ben Oilfield Serv Royal Trust 23.25 Sandwell 5.75 Teledyne Trimac Canbra Foods Westfield Min Weston (Geo.) A Pfd 4.75 3.35 1.00 51.00 6.75 STOCKS Alta Gas Trk A Alta Gas Trk Pfd 55.00 Alta Nat Gas 17.75 Gaz Metro Gaz Metro A Pfd 54.00 Inland Nat-Gas 12.50 N and C Gas 10.87V2 N and C Gas B Pfd 20.25 Pacific Gas Trans TransCda Pipe 9.75 Trans-Cda Pipe A Pfd 52.50 Trans-Cda Pipe B Pfd 33.50 Trans-Cda Pipe War 1.01 WC Trans 19.00 WC Trans War 2.50 CALGARY Acroll .38 Barons Oils .06 N. Continental .02V4- Western Warner VANCOUVER MINES Atlas Explorations .24 Bathurst Norsemines 1.55 Dankoe 2.20 Davenport .84 Dolly Varden .18 Equitorial Res. Northair Mines 2.10 Primer .04 Pyramid .09Vi Silver Standard 1.85 Valley Copper 6.25 INDUSTRIALS Columbia Brewing 4.75 Key Industries .08 Wardair 1.65 OILS August Petroleum .30 Plains Pete. .13 Ponderay Explorations .75 Stampede Int'l Res .61 MUTUAL FUNDS All Cdn. Compound 5.41 5.88 All Cdn. Dividend 5.64 6.13 All Cdn. Ventures 2.88 3.13 Amer Growth Fund 4.15 4.56 A.G.F. Special 2.11 Cdn. invest Fund 4.41 4.84 Collective Mutual 4.52 4.96 Corp. Investors 5.44 5.98 Corp Invest Stock Fund 4.15 4.56 Dreyfus Fund U.S. 9.34 10.24 Great Pacific 4.16 4.55 Grouped In Shares 2.62 Growth Equity 5.94 6.53 Invest Growth Fund 10.68 11.68 Investors Mutual 5.12 5.60 Mutual Accum 5.50 6.05 Mutual Growth Fund 2.73 3.01 Nat. Resources 4.04 4.44 N.W. Cnd. 4.96 5.45 N.W. Growth 4.52 Principal Growth 3.78 4.15 Provident Mutual 6.58 7.19 Royfiind 5.07 5.28 Templeton Growth 7.24 7.94 United Accum 4.04 4.44 Universal Savings 7.10 7.81 Univest 5.44 5.98 Vanguard 5.04 5.5? Toronto mines, industrials (Supplied by Richardson Securities oFfloada) MINES Acme Advocate Asb. Akaitcho Bralorne Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central Pat. Chimo 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 Hudson Bay Hydra Ex. Iron Bay Iso Joiiet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L. Malartic G.F. Martin McNeely Maclntyre Meta Midrim Intern Mogul Nu West Homes New Athona New Calumet Noranda Northgate Norlex Pine Point Placer Dev. Pax Exp. Quebec Man Rayrock Radiore Rio Algom Roman Corp. Shemtt Gordon Steep Rock Sunningdale Tek Corp. A Texmom United Canso Western Mines WH Copper Mines WrigW Hargreaves WiTlroy Windfall Yeflowlcnrfe Sear Zenmac INDUSTRIALS Alcan Algoma Agra Ind Jannack Agra Bell Tel Brasoan A BCTel Forest Sugar A Valley Ind Ind O'Keefe Cellulose 5.1 Power Credit Gas Pfd Ind Marconi Vickers 2.60 CPR Bathurst Gas Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Motors Lakes Paper Oil Sid Walker Erie Oil A Nickel Pipe Grp A Infl Accept .29 Doug A Laurentide A 6.75 6.50 Massey Ferg McMiil Bloed Corp A B Cent Corp Co .21 Rothmans CDA 9.12% Sears Steel Can A Grp A Mln Pipe Can Pipe Carbide Gas Off Siscoe A Foods 27 Sec Imperial 41 Scotia Dom 11.37% 15.25 20.00 18.00 13.25 8.25 2.36 5.87% 4.85 22.50 3.00 8.50 19.75 2.80 16.37% 15.00 12.37% 27.75 26.75 15.00 36.87% 44.00 25.12% 10.25 14.87% 25.00 29.50 3.75 7.75 47.75 20.75 25.00 5.62% 45.25 22.75 26.50 26.75 26.75 14.50 7.12% 11.37% 16.12% 2.00 5.00 8.37% 3.25 6.75 11.50 15.76 25.75 49.25 20.75 18.00 6.50 10.75 11.00 13.37% 5.50 12.50 13.12% 7.75 11.00 31.12% 12.75 37.87% 9.75 1275 9.50 19.00 7.75 8.75 5.50 6.00 19.25 22.50 23.00 335 3.00 24.75 16.25 33.75 31.12% 35.00 New York (Supplied by Richardson Securities of Canada) ATTIT. T 7 Anaconda Belli Slesi Chrysler Gomsal Dupoffl General Wloiors Gun Inl. Harvester Kenn Copper Montgomery Ward Exxon Texas Gull Texas Co Wix Corporation 46.87% Woptwortti 14 62% 21.37% Weslmqhouse Else 13.12% 30.37% U S. Sfwl 44.62% 15 62% Gen Tel Elec 22.25 30.00 TORONTO AVERAGES 166 25 20 Industrials 185 76 down 1 05 49.50 20 Galas 411 79 down 5.17 19.75 10 Base Melals 7865 down 1 20 23.62% 15 Western Oils 180.02 down 1 84 34.00 Volume 679.000 26.50 NEW YORK AVERAGES 84.00 20 Industrials 809 76 down 7.19 70.37% 20 Rails 16345 down 1.58 26 25 15 UtiMiss 68 18 down 73 25 OD 65 Stocks 242 down 2 26 12 62% Volume 5 440.000 Sharply lower prices recorded in TSE trade TORONTO (CP) Prices on the Toronto stock market were sharply lower in moderate midmorning trading today. The industrial index fell 1.09 to 185.72, golds 5.42 to 411.54, base metals .92 to. 78.93 and western oils .69 to 181.17. Volume by 11 a.m. was 000 shares compared with shares at the same time Wednesday. Declines outnumbered ad- vances 125 to 40 with 128 issues unchanged. Hudson's Bay Co. lost to Slater Walker Canada Vz to Stelco A Vz to Cominco lfc to and Canadian Pacific Vz to Pamour was down to Dome Mines Vz to Market trends VANCOUVER (CP) Prices were up and trading light at the close of the Vancouver Stock Exchange Wednesday. Volume was 1.883.351 shares. Among industrials. EDP Industries was down .02 at .12 on 16.000 shares traded. Canterra was unchanged at .42 on 6.000 shares. Block Bros, unchanged at on 4.738 shares and MacMillan Bloedcl down .25 at In the mines. Consolidated Fortune Channel was up .02 at .72 on shares. Sonesta was up .02 at on 94.200 shares. Exeter Mines was unchanged at .20 on shares. Silver city was up .04 at .38 on 74.900 shares. Skaist up a half cent at .27Va and Kalco Valley unchanged at .16. In the oils. Cop-Ex Mining was up .01V2 at .38V2 on 95.000 shares. Payette was up .06 at 57 on fjfi.Snn shares, Davenport was up .05 at .85 on 21.401 shares and Princess was up .02 at .26 on 14.000 shares. Seneca Development was up .01 at .98 and Payette Warrants A were up .02 at .28. Winnipeg grain WINNIPEG (CP) Vancouver rapeseed continued its upward trend at mid-session on the Winnipeg Commodity Exchange today, but rye worked steadily lower in an uneven trade. Thunder Bay rapeseed was still not open and flax struggled to maintain Wednesday's close levels. Volume of trade Wednesday was bushels of flax, 1.299.000 of rapeseed and of rye. Mid-session prices: Flax: July three cents higher 10.35. Oct. unchanged 9.85. Nov. no price. Dec. unchanged 9.12B. Vancouver Rapeseed: June no price. Sept. five higher 7.12A. Nov. four higher 6.33A. Jan. three higher 6.11A. Thunder Bay Rapeseed: July. Oct.. Nov. and Dec. no prices. Rye: July 3% lower Oct. tVt lower 2.9SVzA. Dec. lower May five lower 2.91. Grain quotes Wednesday basis Lakehead: High Low Close Flax Jlv 1032 1008 1032 Oct 985 958 985 Nov 935 Dec 917 892 912 Rapeseed Vancouver Jun 769 Sep 733% 707 707 Nov 640 629 629 Jan 626 60S 608 Rapeseed Thunder Bay Jly 740 Oct 630 616 618 Nov 621 Dec 573 Rye Jly 318 300 304 Oct 314 298'2 302% Dec 308 292 293 May 296 Currencies MONTREAL (CP) Thursday's mid-day foreign exchange selling rates supplied by the Bank of Montreal: Bermuda dollar 1.01 Bulgaria lev .5985 China renminbi .5100 Denmark kroner .1670 France franc .2030 Germany mark .3860 Japan yen .003470 Mexico peso .0793 Spain peseta .01715 Switzerland franc .3270 United States dollar .9720 United Kingdom pound 2.3300 U.S.S.R. ruble 1.30 Quotations in Canadian funds. Livestock Calgary CALGARY iCP) Receipts to 11 a.m. Thursday on the Calgary public stockyards totalled about 550 head, nearly all slaughter cattle. Trade was moderately active with a fair demand. Slaughter steers weighing over 1.000 pounds discounted SI to There were insufficient heifers sold early to establish a market. Good cows met good demand at prices about SI higher. Other grades were unevenly steady to strong. Bulls were lower for the week. Steers AI-2 4850-50.70; cows Dl-2 28.50-31.50; D3 23-27: W 18-22. Bulb good 31-34. No replacement cattle were sold early. No hog market was established and the market will be closed Monday. July 1 However, the usual facilities lor handling of livestock will be provided Hog prices EDMONTON Wfi Tin Spwt .1.7tlM.711 Julorcs 3.770- Sprt 227-22D Julinrs Zmr SpM -i.OT-.S32. Ifltwrs Silvrr Spitl JJHMM J! months 1517 futures Ti'1 brrf ,lnh SfiR Sfpl 43 -SOB. 44 fsdaj s volume Bighl MONTREAL (CP) All sectors moved lower in light trading on the Montreal Stock Exchange today. Volume at 11 a.m. was 199.800 shares, compared with at the same time Wednesday. Banks fell 1.85 to 241.84. industrials 1.27 to 196.47. the composite 1.23 to 186.94. utilities .81 to 124.05 an'd papers .48 to 119.94. Gulf Oil Canada fell 1% to Ashland Oil ''2 to International Nickel to S263j and IU International 'i to Sim while I AC Ltd. rose H to Among speculative issues. Abitibi Copper Mines rose three cents to 11 cents on a volume of shares traded. NEW YORK (AP) Rising interest rates spelled another gloomy day for stock market prices today. The a.m. Dow Jones average of 30 industrials was down 4.54 at 81.2.42. and losers more than tripled the number of gainers on the New York Stock Exchange. Trading was light. As an per cent prime lending rate continued to spread in the banking industry, many Wall Streeters were speculating that the key short-term rate on loans to large companies was poised for a further jump to a record 12 per cent. Westinghouse Electric, NYSE volume leader, was down at Gillette fell 3% to after company president Edward Gel- sthorpe resigned. Moore McCormack Resources lost Hz to Real estate investment trusts generally showed weakness. Dickenson V hundredweight lor the fifth straigli day. and pork bellies posted a 150-poin' limit rise for the fifth straight day Shell eggs also moved to limits m, the Chicago Mercantile Exchange on gain of 200 points. The advance attributed to the strength in red futures as well as in grains. Limits also were posted on the of Trade. Soybeans rose the limit m cents a bushel, corn 10 cents. cents, and soybean oil 100 pom'. Wheat was up 18 cents a bushel at time and soybean meal a ton. U tl. close, however, only corn and nj, retained the limit gains. Silver futures advanced about cents an ounce, moving independent of gold prices for a time on gnu.: demand. Copper also advanced, alonj with coffee, cocoa and cotton. Oranm juice and world sugar were mosth lower. At the close, soybeans were 9 to 11 cents higher. July 5.78: Chicago wheat 5 lower to 1 higher. July 4.52; Gulf hard red wheat unchanged to 1 higher. Julv 4.74: corn to 10 higher, July 3 00; oats 5' i to 6 higher. July 1.49. Grain quotes Wednesday: Wheat: Jul 4.52. Sep 4.53. Dec 4.59. Mar 4.66. May 4.66. Corn: Jul 3.00. Sep2.913i.Dec2.781 a. Mar May 2.88. Oats: Jul 1.49. Sep 1.51. Dec 1.52-... Mar 1.54. Mav 1.57. y stems 1003 4th Avenue South, Lethbridge Telephone 328-4426 p rocessng J. DOUGLAS WALTERS A.I.I.C. (Formerly the Insurance Manager at Schwartz) is pleased to announce the OPENING of... te 201-535 13th Street North LETHBRIDGE, ALBERTA Phone: Bus. 329-3441 Res. 328-5446 SALES MEETINGS Ensure a stimulating and successful sales meeting by planning everything at the Calgary Convention Centre. A huge choice of accommodation enables you to plan your event in any style. Complete audio- visual facilities and capability for closed circuit and cable TV are just part of the services offered. No matter what event you have in mind large or small we can help you. Why not call us now? P.O. Boi2110. Calgary. Alberta Calgary Convention Centre LH COME KLEEN INTO 1271-2nd Avenue South For your cleaning needs, see the people who supply the professionals. KLEEN Limited supplies a complete line of equipment and supplies for industrial, commercial and household use. SEE KLEEN Limited 1271 2ND AVENUE SOUTH, LETHBRIDGE TELEPHONE: 328-6073 Lethbridge Calgary Red Deer Edmonton Vernon Oawson Creek Grande Prairie ;