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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 4, 1972, Lethbridge, Alberta hursday, May 4, 1972 THE IETHBRIDCE HERA1B 23 much trend evident today Miscellaneous quotations Livestock Vancouver, Calgary, Montreal (Supplied by Uohcrty. Limited) LAST BID OK SALE Alberta MPs critical ll-no Ouotel) a.m. Quotes! si. its report of federal handouts TORONTO (CP) The To- ronto stock market edged frac- tionally higher in quiet mid- morning trading today, erasing declines suffered during the opening minutes of the session. The industrial index was up .01 to 197.30 and western oils .17 to Golds were down .46 to 131.08 and base metals .51 to 93.62. Volume by 11 a.m. was shares, up from at the same time Wednesday. Banking, beverage, industrial mining, real estate and paper and forest issues edged fraction- ally higher while communica- tion, oil refining, pipeline, steel and utility stocks remained lower. Great-West Life was up '.2 to Bank of Nova Scotia Vz to Wiley Oilfield to Cassiar V'e to and Chieftain 20 cents to Inco climbed to Woodward Stores A to Pine Point to 534S, to and Laidlaw Motorways to 526 Falconbridge dropped to S79, Slater, Walker to Harding Carpets A to Ranger to and Trans- Canada Pipelines to DECLINE Place Gas P. Scurry Ra Montreal stock market today as ill sectors but banks registered asses in light trading. On index, industrials were down 38 to 201.18, Utilities .31 to Pelrcl 102.55, papers .01) to 84.44 and .he composite -211 to 200.45. Banks were up .35 to 263.70. Combined volume on the Montreal and Canadian stock exchanges at 11 a.m. was shares, compared with shares at the same time Wednesday. Falconbridge Nickel was off 1 to S79, Asbestos to Peo- ples Stores '.i to Interpro vincial Pipe Line to and Steel Co. of Canada ?s to B.C. Telephone rose to and Simpson's to S2611. TURN UPWARD NEW YORK (AP) Bluechip stocks turned upward today, but the market as a whole was slightly lower. Trading was rel- atively light. The noon Dow Jones average of 30 industrials was up 2.79 at 936.26. Analysts said news of the Communist offensive in South i Vietnam and the recent price j rollbacks ordered by the Price' Commission continued to weigh j on the market. Thte Associated Press GO-stock 5. CO P..80 33 75 31.371; 6 62V, .85 Telcdyne Wist Cdn Seed wnile Yukon WKlHeld CALGARY Vrlnguard v '.i! "s; CALGARY Receipts the Calgary livestock mar-1 487 5.35 ket to 11 a.m. totalled MJ head, mostly slaughter cattle. s j Trade was active. iJ-'J Slaughter steers sold 50 cents no i.i VACOUVER MINES lO.ftn U.sler W. DocaltB J.-o West Pete l.tl' MISCELLANEOUS INDUSTRIES AQUBlalne 21.75 Br nco Cdn Brew A Cdn Brem B Cdn Pacific In Crowsnest Ind Cyqnus A Cyiinus B Falcon Copper Genstar Home A Home B Hud Bay Co Hud Bay Oil safe d Nal Gas H and C Gos N and C B Pfd ]c TranJ Metro A s Cda Pipv 5 cda B caa STOCK? S- 16.mi f g- t Reliance cds War WC Trans wc Trans Wts MUTUAL FUNDS All Cdn Com 8.42 cdn Diu 9.43 27.76V, Masco, ,ZJ5 5.67V, B 72.00 Lyttcn Min 1 O.OO Prjrr.er 41. W, pyramid 80.00 StrJ 1 ,3.62V, Texmcnt Trolan 10.00 Valley Copper 8 cci, rcs. n u Suqar 35.25 cdn Ven fja i.3) B c s 75 26.50 Amr Gr Fd 6.77 7.43 capt 5.75 28.75 AG.p. 3.39 Creslbrook For Ind 4.00 5.50 cdn Fd 4.97 5.45 Hys 310 6.12Va cdlect AAul 6.75 7.40 Brew 360 12.50 Common Int 14.38 15.60 Kev -4'J 14.50 common Lev 3.85 4.24 West Air 30.37Vj corp In 6.01 6.56 stampede Int Res 1.11 33.00 Corp In St F 5.2! 5.70 OILS 17. Fd U.S. 13.20 14.58 Albany Oil .50 40.62V, Gr Income S'n 3.97 4.37 23 s iy" heifers were steady. Cows were mainly In lower grades, all selling steady. In- sufficient bulls on offer to es- tablish quotations. Choice steers 36.50 to 36.80, good 35.25 to 36.25, medium 34 to 35. Choice heifers 34.50 to 35.40, good 33.25 to 34.50, medi- um 31 to 33. Good cows 27 to 28, medium 25 to 2G.50, canners and cutters 24 to 24.50. Replacement cattle were mainly steers weighing 900 to pounds and heifers in the 600 to 700 pound range. Prices were generally steady. Stock calves were scarce but i sold steady. Good feeder steers 750 pounds up 34.50 to 37, good feeder heifers 32 to 35. Good stock steer calves 40 to 45. Good stock heifer calves 34 to 40 depending on weight. No hogs were reported sold lo 11 a.m. said point blank I that if the Canadian taxpayer i was to get a fair return for his dollar the department should be pouring money into British Col- umbia. Jean Marcharid's controversial it is, British Columbia gets program of industrial incentive j only a small percentage of in- liy PAUL JACKSON' Herald Ottawa Bureau OTTAWA Two Alberta MPs have suggested that Regional Economic Expansion Minister grant handouts is not adminis-1 dustrial development incentive tered as well as it could lie. j grants. One of them. Jack Horner kowskl, said It appeared to him that many grants were handed out to industries to expand in one location only to see a seg- ment of the industry fold In an- other location. This didn't help cut unemployment at all, ha contended. _ Toronto mines, industrials (Supplied By Richardson Securities of Canada) LAST BID OR SALE Quoted n.tn. Quotes! MINES m-.m a.m. Quotes) Norlhgate Rayrock MONTREAL (CP) Prices j average was off .1 at 330.2. declined fractionally on the Rapeseed oil rates wrong says Peacock SASKATOON (CP) -Rape- seed oil and meal should travel to eastern Canada at the same low rate as unprocessed rape- seed. Fred Peacock, Alberta's minister of industry and tour- ism, said Wednesday. He told a Canadian transport commission hearing into freight rates that traditional transportation policies force the West to have its raw mate- rials processed in the East. Current freight rate struc- tures encouraged economic growth in a few metropolitan areas "while the remainder of the West will be an economic wasteland characterized by the absence of opportunity." The growth of the rapeseed- Noon prices on the New York Stock Exchange included Alaska Interstate up IVi at S42VB, Seaboard World Airlines off at and Whittaker off '1 at Among Canadians, Interna- tional Nickel added Vs to Walker Gooderham to 542% nd Canadian Pacific to Losers included Mclntyre Por- cupine off 3 at Dome Mines down j at and Granby Min- ing off at On the American Stock Ex- change, Brascan was off at and Scurry Rainbow Va at New branch based in Alberta TORONTO (CP) Canadian General Electric Co. Ltd. an- nounced yesterday the forma- tion of a new Alberta-based processing industry in the West: c o m m u n i cations subsidiary could help counter this trend Mr. Peacock said that ini- tially, the West lacked people, capital and technical knowl- edge and its only capability was the production of raw ma- terials. In that s'.ltiriioa, low freight rates for moving raw materials out of the West were of b e n e f i t of both West and East. However, a policy which charges a higher rate for pro- cessed goods is no longer in the best interests of the country, he said. DRUG CAUSING CURRENT OPTIMISM IN THE TREATMENT OF PARKINSON'S DISEASE.HAS A NEW AND POSITIVE SIDE EFFECT. OVER HALF OF THE PATIENTS TESTED HAVE HADIHEIRINTEUISENCE INCREASED BY10 POINTS AFTER A5T013-MONTH TREATMENT. called Genelcom Ltd. The new company, which will be based in Edmonton, will as- semble and test standard mo- bile two-way radios currently manufactured in Toronto. The operation for re-conditioning used two-way radios, now in Vancouver, will also be trans- ferred to Edmonton. The company said the 15 em- ployees who previously mar- keted the equipment have been transferred to the new subsidi- ary. A spokesman said addi- tional employees would be hired, but for competitive reasons would not say how many or reveal productions rates. THEORY fS IHCffUseO HOPfFVLHCSS. Hog prices EDMONTON (CP) Aver- age prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board. Edmonton: 29.25, average Wednesday 29.45. Red Deer: 29.25; average Wednesday 29.33. I Calgary: 29.20, average [Wednesday 29.38. Lethbridge: Nil, average j Wednesday 29.10. j Lloydminster: Nil, average j Wednesday 29.45. Grande Prairie: Nil. average Wednesday 23.75. Fort Macleod: Nil, average Wednesday nil. Total hogs sold Wednesday, average "9.41. Hogs sold to 11 a.m., Sows average 21.75. BrilnSWICK noyi Tung. '.52 Greyhound IB.75 Hawker Sid 265 Cassiar 16-75 Rio Huron, Eric 30.121': Central Pat. MS Roman ,c Hiram Walk 42.t2'i Chimo 1.00 Sherritt 14 Ward 28 25 50 Indust 197.22 off .07 Volume Grain price unchanged 69A; Oct. not open. rflNNIPEG (CP) -Rape-seed prices dropped off as much as two cents at mid-session on the Winnipeg Grain Exchange May imchangei July not open; Oct. Vi higher 1.11-HA. Rye: May not open: July Vs lower Oct. Vs higher Trading in that commodity was sloppy, mostly liquidation and local and commission house selling with limited Grain quotes Wednesday (basis High Low Close Flax er interest. Flax sold moderately on a scale-down price pattern 275 TiVk Z74'.i Jly 277 Oct 277 276 276'.8 rye prices fluctuated in a 275 local and commission Vancouver 2S7 2C3Vi 263'i The rest of the market 202 25G'i featureless and 258 '.s Volume of trade 2S2 was bushels of Thunder Bay 1. of rapcseed and 259'i 258' s of 251) 25512 257 253 i 251 '.2 257 FBI chief praised at funeral WASHINGTON (AP) Presi- ent Nixon paid tribute today to Edgar Hoover, calling him a iant, a legend and an Ameri- an institution. Nixon said the Federal Bu- eau of Investigation, which [cover spent 48 years building nto a world-renowned law-en- orcement institution, will stand s a living memorial to Hoover. And he called on Americans live Uie spirit of law and rder as a continuing tribute to loover. "J. Edgar Hoover loved the aw, his Nixon said. "He oved the law, his country. And le richly earned peace through SIMPSONS-SEARS CORRECTION! The ilem, Elegant 2-pcc. Traditional Suite, pictured in our full page advertisement on Page 34 of yester- day's Herald was priced at This price was incorrect, and shoud have appeared a> Sorry for tiny tnconvDnicncR to our customeri Flax: May lower July lower 2.75'iiB: Oct. '2 low'er Nov. lower Rapcseed Vancouver: June 1'i lower 2.62; Sep. 2'.j lower Nov, 1 lower 2.53'.iB; Jan. K lower 2.SOU A. Rapeseed Thunder Bay: May Us lower 2.56; July lower Oct. 2 lower Nov. I'.l lower Oals: May unchanged 69A; Nov Oats May Jly Oct Barley May Jly Oct ll Rye May Jly Oct 1033i lll'i 102's 101'a 11H4 103'i 102 AUTOMOBILE SALESMAN Progressive dealership handling complete line of Ford cars and trucks, invites applications from com- petent professionals to fill two vacancies on their small, well-trained soles force. BY PROFESSIONAL, WE REFER TO A STATE OF MIND, RATHER THAN EXPERIENCE If you havo o solid record of accomplishment, and 'mo chollcnfjod by tho concept of conlribuling lo the furlhor growth of a 300 to 400 now cor operation, In excellent facilities which dominate; their rural location, we offer unique opportunilies above average earning potential. Reply giving complete resume lo BOX 8, LETHBRIDGE HERALD Valgardson plan rejected By ROSS GIBB Herald News Service TABER Town council turned thumbs down on a ver- bal request presented by coun- cillor Bruce Milliken, that a portion of William E. Valgard- son's property west of 50th St. and south of 44th Ave. be zoned industrial to accommodate his transit-mix concrete business. Mr. Valgardson will be told that there is adequate space in the industrial park for his busi- ness enterprise. Council tabled for study, af- ter considering favorably, a re- i quest by V. Jerome Platt that -pre serviced lots be sold on a I two-instalment plan, though his suggestion of a 10 per cent down payment was considered too low. all eternity." Nixon delivered a eulogy to he FBI chief at the National 'resbyterian Church, where Joover had been a deacon. Hoover was found dead at his home Tuesday. The church was illed with presidential aides, cabinet members, members of ongress, diplomats and public mourners. Mr. Marchand, who has come under severe criticism from The other MP, Don Mazan- E0me Opposition MPs for thrt ----------------------------------------way millions of dollars are ham'ed out under the DREE program, denied the conten- tions. Ontario New Democratic Party MP Ed Broadbent has al- ready told the standing parlia- mentary committee on regional development that over almost a two year period British Colum- bia's share of the grants ranged from 0.5 per cent to three per cent. Mr. Horner couldn't under- Mr. Platt was representing a n d D Construction (Ken- neth and Delynn Leavitt, who I stand this at all. propose development of three residential lots. The proposal was that the fi- nal payment service lots the prepaid made when Sounded out for CBC position OTTAWA (CP) A new ele- ment has been added to spec- ulation about a successor to CBC President George David- son. While most discussion has Bonanza in oil dollars for nation OTTAWA (CP) Higher prices charged for oil by Middle East governments will help pro- duce trillion in revenue for Canada, petroleum industry representatives said here. H. C. Van Rensselaer, vice- president of finance for Bow Valley Industries Ltd., told re- porters there could be 300 bil- lion barrels of oil recoverable from tiie Alberta oil sands over a 40-year period. To date the cost of extracting the oil in usable form has been too high to be profitable. But the oil-rich Middle East states were jacking up their prices and in a few years it would he economic to begin large-scale commercial extraction. Mr. Van Rensselaer predicted that the selling price of oil in the U.S. now about a bar- rel, would rise to His comments came at an in- formal news conference held at the end of a two-day closed meeting of the Independent Pe- troleum Association of Canada. Mr. Van Rensselaer is a past director of 1PAC. Carl Nickle. publisher of the Daily Oil Bulletin and a past president of IPAC, said by 1976 the Middle East countries wil" j be. able to exert tremendous pressure on the non-Communist j world by threatening to cut off their oil supplies. If the Western countries die not develop other sources of oi the oil sands and Macken- zie River delta oil would be at the mercy of the Middle East stales. By 1976, he said, the Middle I East states would have amassed enough cash from oil sands to stop all sales for a minimum of Iwo years and slill finance all their spending. The tlii'led Stales, he said, has only 60 to 70 days of oil re- serves at any one time. centred on top French-speaking executives in the CBC or gov- ernment agencies, it was learned today thai Toronto law- yer Richard Rohmer has been approached indirectly. In a telephone interview from his Toronto office, Mr. Rohmer confirmed reports circulating icre thai he was sounded out by source close to the cabinet about the CBC job shortly after Mr. Davidson submitted his res- gnation to the government April 10. Mr. Davidson is taking i top United Nations post Aug. I. Mr. Rohmer is a top adviser o the federal cabinet on north- ern affairs and also heads the Ontario royal commission on book publishing. The 48-year-old lawyer said he "would be prepared to consi- der" a formal offer of the job. Mr. Rohme.- said he is famil- iar with broadcasting matters from his years as counsel for the CHUM Ltd. radio and televi- sion group in appearances be- fore the Board of Broadcast Governors. The BBC was re- placed as federal regulatory body by the Canadian Radio- Television Commission in 196S. mortgage money is available. The sticker is that the prop- erty title must he in the hands of the mortgage company be- fore money is paid on fte de- velopment Initially announced as Heri- tage Inn and later as Majestic, Taber's first motor hotel devel- opment passed another green light when council voted "no objection" to the development plan presented by developer Norman A. Long. Council's action was in re- sponse to correspondence from the Oldman River Region Plan- ning Commission which pre- sented a subdivision proposal for some 14 acres of formerly California Standard property on which the motor hotel wil! j be built. I It was Indicated at the meet- ing that the plan will now be registered so that the develop- j ment may proceed the prop- erty is owned by Mr. Long. The developers were unable to register the "Heritage Inn" name hence the change to Ma- jestic Inn. The new name re- flects a former use of the land, for it was here that the Majes- tic mine was located. Mr. Long will be making ap- plication to the town for water and sewer connections by which the services he will in- stall may be connected to the town's service mains on 50th St. at either 44th or 45th ave- Mr. Mazankowskl Vegreville) said from recent ac- tions of the minister's depart- ment it appeared as business- men were encouraged to let their operations get into a run- down shape so as to be eligible lor grants. He also wanted to know whether the department tried to assess (lie impact a new opera- tion, financed partially by in- dustrial incentive grants, would have on similar established companies in other parts of the country. The Alberta MP said he re- called that money was given to one packing plant to establish in Lethbridge, Alta. The result was that two packing plants in Cal- gary folded. Mr. Marchand said he under- stood the two plants in Calgary would have closed in any case. The minister said obviously his department tried to assess the impact a new plant would have elsewhere. It was common sense that money wouldn't be given to a company to build one plant if the end result was that another plant would have to close down, throwing men out of jobs. Store requests fingerprints of customers EDMONTON (CP) All Pe- ter Trvnchy wanted to do was ,cash a cheque for gro- ceries. All the food store want- ed was a copy of his finger- prints. Mr. Trvnchy (PC White- Highest-paid firefigliters TORONTO (CP) The city's firemen became the high- est paid firefighters in Ontario as they ratified a two-year con- tract giving them a 13.58-per- cent wage increase. William Goldson. president of the Toronto local of the Inter- national Association of Fire- fighters, said the contract, giv- ing a first-class fireman a sal- ary of this year and 124 next, passed by a good ma- jority. Toronto's firemen, also the highest paid in the province last year at had asked for a 15-per-cent increase. court) related the story to the legislature and asked Attorney- General Merv Leitch if it was legal for a store to request fingerprints of customers want- ing to cash cheques. Mr. Trynchy said he could understand why the store, own- ed by the IGA chain, would bo hesitant about cashing a cheque, but he couldn't under- stand the request for finger- prints. Mr. Leitch said he would look into the matter. SHOW OFF LIGHT The wings of the butterfly are colorful because they arc crossed by many minute ridges which break up the light into iridescent colors. 'As a taxpayer I would like to think that the government gets the best value for my dollar. In doing that do you not think that the government should be look- ing at the area which has tha greatest natural potential devel- opment. Just looking at ths tables that were distributed, ob- viously, British Columbia has the greatest natural potential. But obviously your department has not been aware of it. You are not spending any money there at Mr. Horner told the minister. Mr. Marchand said that was an old argument. He said Brit- ish Columbia is in a much bet- ter economic position than Nova Scotia, Prince Edward Island or Newfoundland. "Who's judging it to be in a much better shot back Mr. Horner. "We judge that in terms of in- come and employment. There are some objective criteria. You know that people are much richer in B.C. than in answered Mr. Marchand. Mr. Horner said it seemed to him that the department was feared to pouring money into re- g i o n s where unemployment was, rather than into areas with the greatest growth potential. "In many cases the unem- ployed are unemployed in a re- gion because of the uneconomic factors in lhat region. Grants. I think, in the 'ong run would be more C( I nomically sound if they were geared a little closer to the development possibilities of the regions. Take Alberta, for example. Southern Alberta is in the region for grant allocation; northern Alberta is not. Maybe there is more development po- tential in northern Alberta than there is in southern he .said. f- i'cccssincj 1003 4th Avenue 5., lohbridgo Telephone oUatc, i-ocesfincj Services Beef fulures WINNIPEG (CP) IJvo beef futures close Wednesday. May 3fi.5fl; Jly 35.50B; Sep :il.ooll. Tuesday's volume: 12 tracts. Salvalion Army raises CALGARY (CP) The Sal- vation Army's blitz for finan- cial support netted a total of Mrs. Ilhoda Mills, blilz chairman, said here. The blitz objective was 000 of a total Red Shield ob- jective of "Tho citizens of Calgary, per capita, fire tho best supporters of the Salvation Army in the whole of Canada." said BriRa-[ con- dior William Shaver, public re- j I lations officer for tho army. SMART EXECUTIVES Lease Their Business and Personal Cars BECAUSE leasing can be loss expensive than buying leasing is timo saving and convenient Leasing simplifies your tax records No cash investment required For the complolo fattl on loosing contocl BORIS KORESHENKOV, leasing onii Iniurtinco Rep. BENY AUTOMOTIVE ENTERPRISES LTD. 3nd AVE. and 8lh STREET S. PHONE 357-3147 ;