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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 1, 1972, Lethbridge, Alberta Wednoidny, 1, W2 THE LETHBRIDGE HfRALO Stock prices dip in active trade TORONTO (CP) Base metal issues on the Toronto Klock market edged fractionally higher while prices in other sec- tore moved lower in active mid-morning trading today. The industrial index was off .30 to 203.30, golds 2.38 lo 173.57 and western oils .21 to 227.02. Base metals were up .14 to 92.45. Volume by 11 a.m. was shares, compared with 372.000 at (he same time Tues- (iay. Advances led declines H7 to JO! with 176 issues unchanged. Banking, beverage, oil refin- ing, steel, chemical and pipeline issues moved moderately lower. Communications, general manu- facturing, real estate and utility issues edged bigher. Walker-Gooderham fell 1 to S45, Bow Valley to Bank of Montreal to Patino to and Francana Oil and Gas 15 cents to Imperial Oil was down to Abitibi to SaVa, Busii- nell !'s to Dawson Develop- ments to and Fruehauf Trailer It to Passengers Royal Trust was up lo Wcstcoast Pete to S12, International Utilities Mattagami 'i to and Canadian Southern Pete no cents to 1'IUCKS MONTREAL (CP) Pi-ices moved lower in light trading on the Montreal stock market today. Industrials gained .24 to 207.68 but utilities lost .40 lo 165.37, banks 2.11 lo the compos- ite .13 to 205.92 and papers .22 to 91.23. Combined volume on Hie Montreal and Canadian stock exchanges was shares at 11 a.m., compared with at the same time Tuesday. receive free ride LONDON (CP) About 100 Canadians were being flown back to Vancouver free of charge today after British au- thorities questioned the validity of their originally-planned charier flight to and from this country. The Canadians, due to arrive in Vancouver this afternoon, landed in Britain last month on a plane chartered from Edmon- ton-based Wardair. Alan Gaunt, director of Euro- pean operations for Wardair, said today lhat on arrival the flight was checked by officials of the British department of trade and industry. "They concluded that (here was a substantial majority of the passengers, they believed was ineligible to travel on the Gaunt said. In view of this the charter group's flight back lo Canada was cancelled and Wardair "promised to return the passen- gers home at our expense." RBFUJVD HALF THE FARE Eventually, British officials agreed (o a Vancouver-bound Wardair flight provided the line refunded to passengers half of their over-all fare for the Irip to this country and back. "This Ls in fact what we are said Gaunt shortly be- fore a Wardair jetliner took off from Gatwick Airport near Lon- don for Vancouver. damage in Calgary fire CALGARY (CP) Damage was estimated at more than fofl.COO in a fire which dam- aged a business college and a ballroom in the city's south- Michael Hussey, owner of the Modern Business College, and his iiifc were trapped on the second floor by Ihe fire and had to be rescued by ladder from the roof. They were unin- jured Others who had arrived early for a bingo game in the gar- dens ballroom were evacuated safely. Kaiser insiders Consumers Glass rose 1 to Vclcro Industries 34 to Imperial Oil -Ve to S32'e, Asliestos Corp. to Inter- national Utilities '.i to Credit Foncier !i to and Ivaco V2 to Canadian Javelin declined 1.90 to SS.35, Bank of Nova Sco- tia tt to and Siclco Vi to On the Canadian Stock Ex- change, Canada Southern Petro- leum was up 25 cents to PRICES IIP NEW YORK (AP) Prices rose on the stock market today on a wide front in brisk trading. Advancing slocks were ahead VANCOUVER (CP) The board ot directors of Kaiser Re- sources Ltd., announced Tues- day thai several officers and employees ot the company who profiled from trading in com- pany stack through KKL Invest- ments Ltd. have voluntarily agreed to pay their profits to Kaiser Resources. At the same time, the board released a report prepared by a special committee established by Kaiser Resources last monlh after newspapers reported insi- der trading. Tho committee, composed of senior board members, said in its report: "We believe that as a result of Ihe undisclosed transactions their belated exposure has caused considerable hnrm to the image of the company and that it i.s not desirable in the circum- stances that any iasider partici- pant should emerge with a profit on his share dealings. "We therefore recommend that such profits be paid volun- tarily to the company by such insider participants even though from our investigation and in the opinion of our special coun- sel there is no liability to do so." Hie board, whicli said it had adopted Ihe committee's repokt in full, said "Ihe insider partici pajits in KRL. Investments Ltd who realized a profit have nrl- vised us that they voluntarily agreo to implement the commit tec's recommendation by pay- ing their profits to Kaiser He- sources." KRL is an investment firm registered in Halifax and a sidiary of Kaiser Resources The committee report said it "was formed for the purpose of enabling certain employees and officers of Ihe company to par- licipate as share purchasers in the 1969 Canadian share offer- ing, notwithstanding lhat these individuals were U.S. residents and thai, the issue had not been qualified for sale in the U.S." The committee noted that the decision to permit the participa- tion was mad" by the senior j management of the company. j In January, 3C executives of Uie parent Kaiser Sleel Corp. of Oakland, Calif., confirmed they had purchased stock in Kaiser Resources through KRL. The shares began a decline after a large number of shares bought through KRL were sold at a substantial profit. billion price lag placed on proposed gas pipeline ATTACKS FEDERAL GOV- KKNMK.VT British Colum- bia general LrsLie Peterson said the province will challenge Ihe federal gov- ernment's equalization pay- ments program in conrl. He told the H.C. legislature, Hie In gill aclion is being taken lo demons (rale Hint the province is "fed up" with the treat- ment accorded lo H.C. by 01- taivn and lo convince ihe fed- eral government that we do mean business." liy PMTKH BUCKLEY (CP) A billion price tag, almost double was estimated years ago, was placet! Tuesday on a projjosccl to carry natu- ral gas from nort hern Alaska and (he Canadian, northwest to markets in the soulh. Wilbcr II. Mack, chairman of a Calgary-based consortium I tli e Northwest Pro j c c I Study Group, blamed delays in start of construction, inflation and other cost escalations, and design changes for boosting (he estimated price .so far above the original billion. Two inevitable results, he said, would bo substantial diffi- culties in raising the money needed to bulk! ;s pipeline and steep costs for the gas coil- sinner, perhaps twice as hign a the present cost for piped gas pud equal in cost to liquified or synthetic gas. Mack said a copy of his stak menl and olher details of the group's studies were carried si- multaneously lo Ottawa Tues- day by Ijce Hurd of Calgary, project for the group, VST.S lo meet wifh "key members of the government'1 and Canadian regulatory agen- cies on the matter. If eventually approved, Ihe from Prudhoc Hay on the North Slope of Alaska to the United Stales foor- dcr at Emerson, Man., would be fhc largest .such project ever built. It would involve a 4R-Lnrh pipeline capable of 3A biOion cubic feet of a dav. 1 Start of gas delivery mw M i projected for 1 on U.S. government approval o) the controversial trans-Alaska oil pipeline. J-'ull capacity ex j pec ted by irso. Application? would be filed with Canadian i and U.S. agrncies by next Janu- a'T- Mack announced details of Ihe j group's plans to a meeting of a j subcommittee on U.S.- [Cannda energy supplies orpan- i ized by the National Association of Regulatory Utility Coming sions, a group of American slate public-utility watchdogs. Livestock report Toronto mines) industrials (Supplied By Richardson Securities ol Canada) LAST BID OR SALE Calgary livestock CALGARY (CP) Receipts on the Calgary livestock m ar- ket to 11 a.m., about henrf; mostly steers and cows. Trade was active on a broad demand. Slaughter steers were a full 25 cents higher, heifers were steady with no strictly choice kinds offered; cows were fully of Ihe deciiners on the New York Stcck Exchange by more than 2 (o 1. At noon, the Dow Jones aver- age of 30 industrial? was up lo 933.17. Among Canadians, Granby i Mining advanced >i lo C UUOla Distillers Seagrams slipped ah lo while Genstar Ltd. at International N'ickel at and Massey at all declined On Uie American Stock Ex- change, Canadian Javelin de- clined Hz to Scurry Rain- bow Oil lo SIT'.s and Brascan Ltd. 14 lo Government wants hog sales data OTTAWA (CP) The govern- ment is seeking information from hog producers to ensure that hog subsidies are paid fairly, Agriculture Minister H. A. Olson toM the Commons Tuesday. He was a s ked by DC rek Blackburn if the government is con sid eri n g a method of paying subsidies where hogs are produced and sold by partnerships or similar group arrangements. Mr. Olson said the IS C to all grades WINNIPEG (CP) Tlie wheat C quota of two bushels a quota acre for wheat grading No. 4 northern and higher has been extended to include all grades of wheat in the 2.1 ship- ping blocks in which it was ef- fective. The Canadian Wheat Board, in announcing the chango to- day, said also the wheat C quota of two bushels R quota acre for wheat grading No. 4 northern arid higher has been authorized in three more ship- ping blocks. The three additional blocks are Medicine Hat, N.A.R. west and G.S.L. Railway. The changes all are effective im- mediately. I Hog prices j EDMONTON (CPt Aver- age prices to 11 a.m. provided i by the Alberta Hog Producers 'Marketing Board: Edmonton: 29.05 Tuesday 29.31. average Red Deer: 29.10, average average average Total hogs sold 200, total hogs sold Tuesday, aver- ago 29.14. Sows average 20.65. govern- j Tuesday 28.04. ment wants information on all Calgary: 2010 average circumstances of such sates to i Tuesday 2899 enable fair payments. Leihbridge: Nil, The subsidies provide for a Tuesday 20.13. maximum payment of 55 a hog I Lloydminster: Nil, for n maximum of 200 hogs, or Tuesday altogether. Grande Prairie: Nil, average Without special rules, joint production units such as the 50 producers who have formed a group near Lanigan, Sask., would have only lo spirit among them rather than each. Alt Cleave (NDP-Saskaloon- Biggar) asked whether there would be compensation for per- sons who produce weanlings, but nnl finished hogs, and thus get no subsidy. i Mr. Olson said (here is auto- ma tic compensation because prices for weanlings go up when Ihe price of finished hogs is in- creased through subsidies. steady to strong; Insufficient i bulls offered to establish a market. Choice slaughter steers 34.50 to 35.20, good 33.75 io 34.50, me-1 dium 32.25 to 33.SO. Low choice heifers 32 .SO to 33.10, good 31.25 to 32.50, medium '29 to 31. Good I cows 25 to 25.90, medium 24 to j 25. canners and cutters 20 to 24. Replacement cattle were mainly heavy, two way steers weighing to pounds selling 34.50 to 35.60. NTo stock c alves offered, A few good feeder heifers 30 to 32.30. Hogs base price 29.10, a.m. Quotes) t AKaitcho Brafcrne Broulan Bethlehem Cassfar 1550 Central Pat. l.EO Chimo l.lj Corwtst t> 10 Cons. Rambler t 93 Coin Lake .1C1-: Cocheni KAISER RESOURCES LTD. REQUIRE AN ACCOUNTING CLERK Experienced in Accounts Poyable. A1- troctive salary supplemented by benefits, locality Is wihin cosy access lo B.C., Alberlo, and U.S. urban centres and affords superior leisure time availability in the East Koolenay area. Apply in confidence with complete details lo G. N. CROSSFIEIO, Employmenl Supervisor. P.O. Box 2000, Sparwood, B.C. Beef futures WINNIPEG (CPl Live beef close Tuesday. Mar 35.50; May _ 34.35B; Jly......33.7SE. Monday's volume- ]5 coa- trncls. RyGene Fawcotta A NEW BSAIU.E CHKK-WRmNG SYSTEM ALLOWS AW 8'iiMf) PERSON TO HAN OLE HIS OWJ SW Kl NO WITH THE SWE PRIVACV AS A S! GHTED DEFOS: TOR. HINGED ALUVMNUM PtATES WITH CUTOUTS CORSE- SPONOiNS TO LINES ANDSPACE: ON THE CHECK SERVE AS VJRITINS GUIDES... Gram prices Winnipeg Grain WINNIPEG