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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 27, 1970, Lethbridge, Alberta Brokerage Houses Slash Overhead Wufntuiay, May 27, 1970 THE LETHBRIDGE HERALD 29 MONTREAL (CP) Staff re- ductions and other economic measures are being taken by Montreal securities firms as a result of the longest stock mar- ket slump since 1929. An executive of a major Ca- Waves Pound Dikes VIENNA, Austria (Reuters) Huge waves whipped up by high winds pounded the dikes protecting Romania's industrial ports on the Danube River today as new flooding swept aortas the country. A Radio Bucharest report- er described the floods as the worst in European history. The Romanian news agency Agerpres said the death toll by late Monday night was 144, with 27 missing, but other re- ports said at least 200 had lost their lives. More than residents of low-lying areas have been evacuated from flooded homes. About square miles of fertile farmland were under water and farm animals drowned. Romania's rivers, swollen by torrential rain, burst then" banks two weeks ago and were just beginning to recede when renewed heavy rain and snow- fall raised their level again last weekend. Agerpres said the specially- strengHiened dikes protecting Galati, the country's iron-and- steel centre on the approaches to the Danube basin, were in danger of giving way to the Danube's raging waters. The situation at nearby Braila, a major grain-slapping port, also was described as serious. The floods also hit Hungary, where about acres were inundated by the rain-swollen River Tisia which was report- ed still rising and threatening the southern town of Szeged. nadian investment house said today the industry as a whole is suffering and tte situation could lead to some important adjust- ments, primarily mergers in- volving smaller houses. The executive, who did not want to be named, said "some- thing will have to be done about the shrinking profit 'margins and the high overhead and lack of efficiency" in the operation of the smaller houses1. "My personal conviction is that mergers of this sort are de- A Montreal employment agency which provides staff for brokerage houses said the em- ployment situation has wors- ened noticeably in the last month. The Montreal market, just as the Toronto and other Canadian exchanges, is being affected ad- versely by the decline in trading on the United States exchanges. SALARIES REDUCED American brokerage firms and i n v e s t m e n t houses an- nounced executive salary cuts and layoffs in recent weeks, and a company with headquarters in Toronto cut salaries'Tuesday. Doherty, Roadhouse and Mc- Cuaig Ltd. said it was cutting salaries by 20 per cent for all its employees. The company em- ploys 400 persons in branches from Montreal to Victoria. At the same time, senior part- ners of Doherty, Roadhouse and McCuaig Kave agreed to go without salaries for an indefi- nite period and to reduce by 20 per cent the interest they draw on their invested capital in the firm. Junior partners have agreed to a 50-per-cent salary cut and a reduction of interest on their invested capital. In Montreal, Grant Johnston and Co. Ltd. reported it laid off 31 of its 120 employees last Fri- day. Paul MacDonald, president, said: "We're no different from a lot of other firms. The volume is not there, the revenue is not .there. Nobody has teen making money in the stock busi- ness since the turn of the year." Some other, firms say they may be forced to cut back. Some already have taken action of one kind or another, but are reluctant to say anything. Bache and Co. Inc., a U.S. firm with offices in Montreal and elsewhere in Canada, plans to eliminate a satellite office in Hamilton. It's Decision Time For Owners Of Supertanker ABOARD MANHATTAN (CP) The time hns arrived for owners of the United States su- pertanker Manhattan to decide whether the Northwest Passage is an economic tanker for Alaska oil. The big ship is expected to be back in the United States in two weeks or less. Stan Haas, pro- ject manager of the scientific tests being made for Humble Oil Co., the Manhattan owners, said a decision must be made by this fall. He told a news conference aboard the Manhattan off Baf- fin Island, >'We have all the data we need to make it and the de- cision time is here." He said he is still optimistic about year-round tanker use of the Northwest Passage to bring oil from Alaska's North Slope to eastern U.S. markets. He disclosed for the first time that the giant tanker suffered an eight-foot gash in'a stern hull plate May 12.while trying to go astern into heavy ice off Bylot Island. The mishap was not serious, he said, and may have been due Mennonite Pensions Discussed OTTAWA (CP) Pensions for Mennonites, grants fof men- tal health research and for anti-drug clinics, a national nu- tritional survey and hospital ad- mission practices all were dis- cussed here with Health Minis- ter John Munro. Mr. Munrq told the Commons health committee that spending estimates of for 1970-71 are up from the current year but remain at a comparable 28 per the over-all na- tional budget. Marvin Howe (PC--Welling- ton-Grey) asked the minister and his department to "look again" at the compulsory as- pects of the Canada Pension Plan, which Mennonites in his riding found objectionable on traditional and religious grounds. Mr. Munro said the depart- ment had "reluctantly" con- cluded the plan would be eroded by exceptions.. The Mennonites recently were told they could not be excluded. K CLOTHING SHOE STORE CLOSE-OUT SALE! WE ARE CLOSING OUR DOORS FOREVER SATURDAY, MAY 30th AT P.M. FINAL THREE DAYS Choose from our entire remaining stock TREMENDOUS SAYINGS UP TO 70% OFF GIRLS' SAVAGE CLASSMATE and BRAVE SHOES 6 different ttykrt for school or Retail up to 7.00. BARGAIN TABLE, PAIR GIRLS' 2.6C SLIMS MADE BY GWG and HOWICK BOYS' BRAVE SHOES AND OTHER BRANDS Sii. la 4 ant Vh lo Reg. Retail to SALE PRICE 2-Qo LADIES SLACKS AND WESTERN JEANS Reg. 4.95 to 6.95. NOW 3" BOYS' JEANS by GWG and HOWICK Retail 5.99 to 8.95. NOW ONLY BOYS' CANADIAN MADE RUNNERS Sixet 1 to 5 one) Morn 6-12 FOR ONLY 1.75 OPEN THURS. AND FRI. TIL 9 P.M. SATURDAY 'TIL P.M. K K CLOTHING SHOE STORE S46 13th STREET N. IETHMIDOE to a faulty steel plate. The since patched, did not compare in seriousness to two hull rips suffered by the Manhattan (lur- ing her first Arctic voyage last year, he said. STUCK TO BAY Manhattan confined her Arc- tic foray this year to the area around Baffin Bay. Mr. Haas said the waters in this area are perfect for the kind of tests Humble required for data. The project manager said he believes the use of submarine tankers carrying oil under Arc- tic ice is at least three or four years away. Given the go-ahead Humble would expect its first hew Arctic tanker to be ready by late 1973 and has firm plans for a loading harbor off Alas- ka's North Slope, Mr. Haas said submarine tankers would cost about each and surface carriers could do the job much more cheaply. At the news conference, with Northern Development Minister Jean Chretien and several of his officials present as observers, Mr. Haas said he foresees no difficulty tied to the question of Canadian authority over Arctic waters. "I can't anticipate we would not be. allowed to send commer- cial ships through Canadian ter- ritorial he said. ASSUMPTION RIGHT Humble had assumed Canada would, want to exert some con- trol over ships coming into the Arctic. That assumption had been borne out by Canadals an- nounced decision to set up pollu- tion control zones within 100 miles of her Arctic land areas, A bill setting up such control zones has been presented in Parliament. It would require ships planning to enter1 Arctic waters to meet certain safety and anti-pollution requirements. Mr. Haas also referred to an- other Canadian bill that would proclaim a 12-mile territorial limit off Canada's coasts. France Link Stays PARIS (Reuters) Quebec Premier Robert Bourassa has assured French Premier Jacques Chaban-Delmas that For Men Only CINCINNATI (AP) Appeals Court Judge Otis Hess has ruled that the city's indecent exposure law applies to men only. He overturned the conviction of a gago dancer who went topless on a downtown street. Palti Wayne, 22, was convicted of in- decent exposure and indecent behavior Oct. 31 after she was arrested for strolling along the busy street, going topless except for pasties. Franco-Quebec co-operation will be continued and reinforced in all fields, the Quebec delegation here said Tuesday. Bourassa, replying to a mes- sage of congratulations on his election as premier, said in a telegram dated May 21: "Our government, I can as- sure you, wishes to pursue and develop Franco-Quebec co-oper- ation in all fields. We at- tach the highest price to this be- cause it corresponds to the very nature of things." The French premier's tele- gram, dated May 14, said: "Quebec and France, linked by a common-origin language and ideals are engaged in a task of co-operation to which the French government at- taches the highest price." Chaban-Delmas said he wishes that Franco-Quebec co- operation "is pursued and de- veloped in our mutual interest." Both messages were released Tuesday, on the eve of the de- parture to Ottawa of the French deputy defence minister, Andre Fanton. It is the first visit by a French cabinet minister since Gen. de Gaulle's cry of "Vive le Quebec libre" (Long live free Quebec) in Montreal in July, 1967. French diplomats here inter- preted the messages as indicat- ing France's will to pursue co- operation with Canada's French-speaking province within Canadian federal sover- eignty while trying to restore relations between Paris and Ot- tawa on a normal footing. This did not appear to affect Bumble's plans, he said, be- cause he assumed ships would still be allowed the right of in- nocent passage. The "J.S. government has pro- tested both the proposal for tiie Arctic pollution protection zone and the declaration of the 12- mile territorial limit. When the Manhattan hored near Pond Inlet on the northeast coast of Baffin Island, she flew the Canadian flag for the first time during this north- ern voyage. "I'm glad you noticed Mr. Haas told Mr. Chretien and tho reporters. He said the Manhattan exhib- its the Canadian flag whenever she is in a Canadian port. There was no real requirement to fly it on this occasion since the ship was not in port but it had been streamed U.S. JET DOWN HONG KONG (Reuters) Laotian pro-Communist forces shot down a U.S. jslfighler May 19 over tbs Plain of Jars, rais- ing the total number of U.S. planes downed or destroyed on the ground since 1964, to Uie Pathet Lao news agency re- (ported today. MANAGER AWAY SALE! SPECIAL House Paint: EXTERIOR-WHITE OIL BASE MANAGER AWAY -4 PRICE 3.99 GALLON While Manager Ken latimer is away, Reg Summach and Doug Arnold are going to give you prices you never dreamed of. We invite all our good friends and customers to come in and give us a hand. SPECIAL i 24" Motorized Bar-B-Que MANAGER AWAY PRICE With Cordless Motor On Spit MANAGER AWAY SOFT TOP TRAILER Reg. MANAGER AWAY PRICE 349.95 18" DELUXE POWER MOWER MANAGER AWAY PRICE 78.88 SPECIAL Suncot With Mattress Regular 26.95 MANAGER AWAY t PRICE 22.95 5-PIECO TENT OUTFIT 9W TENT 2 AIR MATTRESSES 2 SLEEPING BAGS MANAGER AWAY PRICE 69.98 SPECIAL 'Lawn Chaise Regular 10.59 MANAGER AWAY PRICE 9.49 SPECIAL Ice Cold Cooler With Handle MANAGER AWAY PRICE PATIO SET UMBRELLA TABLE WITH COVER PATIO BASE MANAGER AWAY PRICE 59.95 2.79 PORTABLE BAR-B-QUE MANAGER AWAY-PUCE SPECIAL 3. HOOVER WASHER AND SPIN DRYER Regular 199.95 MANAGER AWAY PRICE 149.95 SPECIAL Shag Rugs 3 Colors to Choose Regular 49.95 MANAGER AWAY PRICE 24.95 SPECIAL 5-PISCE KITCHEN SUITE Regular 89.95 MANAGER AWAY PRICE 54.95 Redwood Picnic Table With 2 Benches. MANAGER AWAY PRICE I I I SPttlAL 19" Kettle Bar-B-Que Avocado MANAGER AWAY PRICE 30.95 COLONIAL CHESTERFIELD AND CHAIR Regular 484.95 MANAGER AWAY PRICE 374.95 1 SPECIAL CRUSHED VELVET CHESTERFIELD AND CHAIR Regular 339.95 MANAGER AWAY PRICE 229.95 ROGER MAJESTIC 20" BLACK WHITE TABLE MODEL TV i Regular 289.95 MANAGER AWAY PRICE 189.95 1 A A. A I SPECIAL Steel Lawn Chair Regular 6.49 MANAGER AWAY ONE GALION THERMOS PICNIC JUG Regular 4.49 MANAGER AWAY PRICE SPECIAL 3.77 Mowers 5 MANAGER AWAY PRICE il Bar-B-Qoe Lighter Fluid; Regular 59c MANAGER AWAY PRICE SAVE NOW AT MARSHALL WELLS 318 6th STREET SOUTH-LETHBRIDGE PHONE 327-6727 OPEN THURSDAY AND FRIDAY TILL 9 P.M. SPECIAL 7-PIECE Golf Set 1 WOODS 4 IRONS 1 PUTTER MANAGER AWAY PRICEj ;