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Lethbridge Herald, The (Newspaper) - May 29, 1970, Lethbridge, Alberta i 'laBI -k? Bill To Strengthen TcirvVilhc! 1 iPiiiniriaiai OTTAWA (CP) JLlJ.gJJ.li3 WJVCI, J :ar or appliance dealer sells a legal challenge by an aggrieved Profit-Taking EDMONTON The federal government's housing Thursday he is hopeful provincial governments will back up new federal legislation with aws to strengthen the rights of consumer recourse against debt a third party, original merchant, he consumer effectively has no The. new amending clause is egal right of recourse and is designed to plug a possible loop-Dbliged to pay the debt regard- hole whereby an unscrupuous ess of whether the dealer lived merchant in cahoots with Fi- Market A TORONTO (CP) The Toronto stock market was mixed ji light mid-morning dvance The Provincial Bank of Canada, steady at 9Vi, reported that revenues for the six have gotten worse rawer nan better in the last year, 3aul Hellyer of Toronto said in an interview here. Mr. Hellyer, rormer federal ransport minister in Edmonton 'or speaking engagements, said hat since his resignation in 1969, housing production has gone down and his w on credit sales. The federal bill, along with a government-approved amend-nent to widen its scope, was ipproved unanimously Thursday by the Commons justice committee and awaits final by Parliament. The bill, which amends to delivery or service agree- nance company could sic, _-p ments. the safeguard. the federal bill, every such promissory note or bill is- HEADS 4-11 CLUBS sued by a., merchant in future WINNIPEG (CP) John E. vould have to be stamped with Moles of Toronto was elected he words "consumer pur- president of the Canadian Coun-diase." The ultimate creditor til of 4-1! Clubs at the close of would be subject to the same the annual meeting here. xiday, as a rally which began Wednesday lost steam. On index, industrials were up 19 to 151.73 and western oils L.35 to 123.80. Golds were down 1.69 to 142.30 and base metals 62 to 89.03. The market posed its largest single-day gain Thursday since 1963, when the Toronto stock exchange began compiling indexes xi a daily basis. Analysts say profit-taking, or seling shares for the gains made during the last two days advance, is cutting into the rally trend. Volume by 11 a.m. was hares, down .from at he same time Thursday. Advances outnumbered declines 198 to 92 with 161 issues unchanged. The market was up fractionally to sharpy in all sectors after the first 10 minutes of trading. Largest gains were in bank, chemical, communication, real Estate and trust and loan issues. Fractional losses were posted n construction and materials, ood processing, industrial min-ng, paper and forest, steel and utility sectors. Among advancing issues, Leigh Instruments was up 1 to 11, Shell Canada to Pe-trofina to and Consumers Gas to 14. TRADING HIGH MONTREAL (CP) The Montreal stock market today maintained gains made in the ast two days. Early trading was light and all sectors moved raetionaly April 30, 1970, totalled up from in the' corresponding period of 1969. Bank of Nova Scotia gamed to and Bank of Montreal Vt to 14te. Among declining industrials, Hugh Russel dipped Bombardier to 10% and Seagrams to 42Vi. Southam Press advanced 1 to 47. Placer Development moved ahead 3 to 32, Asbestos Corp. 1% to Kaiser Resources 1 to 16% and Shell Canada 1 to Falconbridge was off 1 to 133 and Imperial Oil to On index, industrials were off .18 to 152.92, utilities .27 to 121.02 banks .38 to 159.34, the composite .22 o 147.88 and papers .21 to 95.75. Combined volume on the Montreal and Canadian stock exchanges was shares at 11 a.m. compared with at the same time Thursday. MARKET been vindicated by time people can now see the government's relative lack concern for housing and the cities." Mr. Hellyer said his housing task force of 1968 and 19C9 was up against basic economic iroblems and their effects on lousing but were limited from dealing with them in depth by the force's terms of CLEANS CASH For 10 years Arnold Batliner of San Francisco has let millions of dollars slip through his fingers. Operating in a secret room high up in San Francisco's St. Francis Hotel, he spends eight hours a day, five days a week, tumbling thousands of coins through an antique silver washer. His c eaning solution is buckshot and four spoons of silver burnishing, soap and water. The coins are tossed for hours and come out in mint a credit purchaser ight of for non-delivery of the goods, say, or faulty goods or lack of promised aft-ir-sales even when the debt was transferred to a third jarty, such as a sales finance company. Under present law, when QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherty, Roadhouse and McCuaig) LAST BID OR SALE a.m. Quotes) a.m. Quotes) a.m. Quoies) WESTERN OILS In Prov Pipe 7.7S Growth Equity 5.13 5.W Almrtex 3.75 Inter Sieel Pipe 5.00 Grp In Shares 2.71 2.97 Asmera 10.00 Jefferson Lake. 8.00 Invest Grow 8.9B 9.83 Growth Out Of Control E D M 0 N T 0 N (CP) An American scientist told jers of the Oil, Chemical and Atomic Workers Union here that industrial and technological growth is out of control. Dr. Allen .Nadler, executive secretary of the American scien-isls' committee on public South 3.20 Kaiser Res 16.25 AM Acm Fd 4.10 4.S6 Cdn Delhi 3.25 Kam Kotia 1.85 Mut Grow Fd 3.6B 4.0S Cdn Ex Gas 3.15 L Ont Port Cem 3.10 Mut Income 3.92 4.31 Cdn Grlgol- 4.00 MGF Manege 2.00 Nat Resources 6.27 6.85 Cdn Homestd 6.25 Mentor .50 Prtnci Grow ..3.54 3.09 Cdn in Gar Oil. Nawconex 5.30 Provid Mut 5.55 6.07 Cdn Long Is ,.90 Pacific Pete 19.75 Regent Fgnd 2.93 3.05 Prices Winnipeg Grain Prices WINNIPEG (CP) With all U.S. markets closed to mark the Memorial Day holiday, trading was light in all commodities with prices moving narrowly on the Winnipeg Grain Exchange today. May and July futures in rape-seed posted some recovery in light exporter buying interest. Flax had a light local and commission house buying interest with some exporter scale-down buying. Oats, barley and ry? had light trade with prices steady at previous close levels. Export loadings of Canadian Wheat Thursday included bushels to Britain, to China, to Japan, to Peru and Russia. Volume of trade Thursday included bushels of flax, of rapeseed and of rye. Higr Low Close Flax May 279% 276 278 Jly 276% 275% 276 Ocl 272% 272% Nov' 268Vs 267% 268 Rapeseed May 305% SOOVz Jly 302% 306 NOV. 252% 250% 251% Jan 242Vs 242% Oats May, 75 Jly 75% Oct 76% Dec 76'A Barley May 108% Jly 109V4 Oct 110% Dec 110% Kye May 1M Jly 104% 104Vs Oct 108% lOSVs 108% Dec Del Rio 8.50 Seik Hold 9.00 United Acm 4.07 4.A1 Charter 6.75 Shell Inv 21.75 VANCOUVEB Chieftan 7.50 Shell Inv Pfd 23.00 VANCOUVER Pete 4.00 Sicks Ranler .1.00 Arctic Mining .19 Gt Plains 18.75 West cdn seed. 2.10' Atlas Exolor 90 Mill City 1.25 Wiiltepass Yuk 14.00 Bethlehem Copper 13.50 New Cent 81 CALGARY Bornife Ridge .19 Numac 4.85 Acroll 95 Block Brothers 2.80 Permo 75 Ana Pete Brenda 7.60 Petrol 90 Barons Oil OiV2 Brenmac 62. Pinnacle .72 North Cont 04 B.C. Sugar 15.00 Place Gas 1.14 Plains Pete .23 B.C. Sugar Pfd 15.25 Ponder 50 West Warner .45 Captain inter. 2.65 Ranger 5.20 Leduc Calmar .07 Churchill Copper 2.65 Scurry Rain 15.50 Madison Li Coronation Credit 1.15 Spooner 1.11 Quinalta 04 Crest Forest Ind 7.00 Triad 3.05 Rexdale 16 Croyden .34 West Decalta 3.55 PIPELINE STOCKS Dolly Varden -30 i nubile Alia Gs Tr L A Dynasty M Nat Gas 9.30 Fort Reliance .45 INDUSTRIALS North-Central Giant Mascot 2.95 Atco Ind 8.50 North-Cent B Pf 23.25 Granlsle 13.25 Aquatalne 15.00 Gas Metro 4.00 Key Indust 40 Brit Nfld d.05 Trns Can Pipe 24.00 'Growers B 1.75 Cdn Brew A Pfd 31.00 Trns Can P Pf 3B.OO Hyt'i 2.50 Cdn Brew B Pfd 34.00 Trns Can P Pf A 49.75 Inter Brew 3.50 Cdn Hydro Car. 10.62Vz Trns Can P War 6.40 Jericho WVi Cdn Pac in Pfd. 22.12V4 Westcoast Trns li.25 Kamloops Copper .OB YOEK (AP) The stock market continued drifting lower in early afternoon trade today. At noon the Dow Jones- average of 30 industrials was off 5.82 to 678.33. Analysts said the decline was due to profit-taking, which they called normal after the market's heavy rise in the previous two sessions. But advances stil; maintained a narrow lead over declines. Among Canadians, Mclntyre Porcupine rose 1, Granby Mining and Genstar Ltd. Inco fell and Dome Mines On the American Stock Exchange, Scurry-Rainbow was1 up Vt. Canadian Javelin was down Sands Scramblii ig To Fix Position the Toronto exchange would be worth The government's remission of royalties will save GCOS another policy conference of the OCAW. "The present day anarchy n economic growth has to le said. Uncontrolled growth amounted to "Russian roulette with our lives and our children's ives" and its effects would be felt for generations to come. Dr. Nadler, who teaches clinical medicine at Stanford University, said workers should push for a pause in any sort of. industrial A 3.85 MUTUAL FUNDS Lylton Minerals 1.75 Cygnus B 3.20 AGF Special ..2.05 2.15 Madrona 27 Cum Prop 8.00 All Cdn Com 8.47 9.26 New Cronin Gt Cdn Oil Sand 3.50 All Cdr, Dlv 7.16 7.83 New Imp Mines 2.19 Gt Cdn Oil S 6-75 76.00 All Cdn Vfnt 3.05 3.30 Okananan Heli 2.75 Home A 11.75 Amer Grow Fd 4.23 4.65 Primer 15 Home B 13.00 Can Grew 4.61 5.07 Pyramid 21 Home Pitfld 2.30 Cdn In Fd ....3.83 4.21 Silver Standard 1.50 Hud Bay Co 13.00 Collect Muf 497 5.46 T.C. Explor 40 Bay OH Pfd 44.50 Cmnwlth Lev 2.79 3.05 Trojan 60 Hugh Pfd. 78.50 Corp Invest ...4.56 4.97 Western Mines 3.75 Husky Oil 8.62'A Drey Fd U.S. 9.4B 10.39 Westcoast Res .28 Husky Oil B Pfd N.W. Fin 3.24 3.56 Western Explor .21 Husky Oil War 3.00 N.W. Growth 3.90 4.29 Utica l.OS TORONTO MINES, INDUSTRIALS Supplied by Richardson Securities of Canada LAST BID OR SALE a.m. Quotes) a.m. Quotes) a.m. Quotes) INDUSTRIALS Molson's 8 13.B7'A Faiconbrldgt 133.M Anltibl 9.00 North, Cent 10.50 Frobex .28 Alcan 22.50 Pembina Pp 17.00 First Maritlmcs 1.15 Algoms Steel 12.25 Power Corp 6.87W Giant Y.K. 7.75 Atco Ind 8-75 Price Co 10.50 Gortdrum 3.75 At en Sugar 5.75 Rothmans 9.00 Gunnar 1.08 Sell Tel 40.50 Shell CDA 22.50 Grsnduc 6.75 Brazil Tree 14.25 Simpson's 14.75 Headway R.L. 10.00 B.C. Tel 36.00 Simp Sears 19.00 Holllngcr 26.75 Burns 7 M'A Steel of Can 21.37Vi Hud. Bay M-S 23.75 B.C. Forest 24.50 Selkirk A 8.50 Hydra Ex. 17 B C. Sugar 15.00 Texaco 19.00 Highland Bell 2.50 CAE IntJ 3.50 Traders Gp A 6.1 Wi Iron Bay 2.55 Cdn Brew fi.B7'A Trans Mtn Pp 14.50 Iso 1.45 Chemcell 6.25 Trans Can Pp 24.75 Jollet Quebec 21 Col Cellulose 5.50 Union Gas 12.00 Kerr Addlson 10.00 Cal Power 20.50 Union Oil 27.00 Key Anacon .40 Coron Credit 7.15 Versatile Mfg 2.75 Labrador 27.00 CWN Gas lO.WA Wasteet 9.00 Lake Short 3.15 Cdn Indust 9.00 Union Car 12.00 Leitch 1.80 Canada 5 S 20.00 ''Western's B Lnnqis Silver -R6 Cdn Marcon! 2.95 Woodward's A 15.00 Macassa 1.35 Cdn Vickerfi 6.25 West Cdn 3d 2.15 Madsen R.L. .99 Chrysler 21l2Vb Zenith Elec 1.4D Maiartic G.F. .85 CPR 55.50 BANKS Martin McNeely .U Cominco 2J.50 Can Imperial 16.50 Maybrun .20 Cons Bath Montreal 74.62VJ Maclntyre 147.00 Cons Gas 14.03 Nova Scot a Meta IBVi Fights Pay Increases EDMONTON (CP) An Edmonton businessman says he is arming a taxpayers' group to ight against "exorbitant" re-eent increases in the salaries at senior public school administrators. Bill Tiffin, manager of Unity Engineering Ltd., said the salary increases recently awarded administrators by Edmon-on public school board trustees are completely out of line with he six-per-cent voluntary restraints urged by Ottawa. The trustees recently granted public school superintendent yr. Holland Jones, a salary increase of bringing his annual income to Deputy superintendent T. D. Baker vas raised to and secretary-treasurer Tom Meen to Canadian Oil Sands Ltd. Invested more than in a plant to extract oil from Alberta's northern oil .sands, the company was taking a calculated gamble. The stakes were huge. The risk was in a commercially untried extraction process. But the pot at the end of the rainbow promised to be the oil sands near Fort McMurray, Alfca., contain one of the largest oil reserves in the world. Now, almost two years after commercial production commenced, Great Canadian has reaped mostly losses' on the risk side of the ledger and is scrambling to reorder its financial position. This week, the Alberta government and Sun Oil Co. of Philadelphia, 'which! controls GCOS, mounted a rescue operation. The provincial cabinet announced that it would .cut by 50 per cent the royalties which GCOS pays to the people of Alberta on its production. June 22, GCOS shareholders will be asked to approve a change in the company's capital structure which will enable it to issue Sun Oil common shares for That number of GCOS shares at Wednesday's closing price Holiday Idea Hit OTTAWA (CP) The Mining Association of Canada told the Commons finance committee today that the government's-white paper taxation proposals would take away the industry's "pot at the end of the rainbow." The association disagrees with the government's plan to end three-year tax holidays for new mines and for the automatic 33-per-cent depreciation allowance to be replaced by earned depreciation, based on exploration. Pat M a h o n e y (L-Calgary South) suggested that while unearned depreciation is an incentive for the. industry it does not encourage exploration as such, as the white paper concept would do. K. E. Steeves, a member of the association's tax committee, said the mining companies don't need any incentives to explore. Exploration was a way of life with them. The best incentive, he said, is to make sure there is a reasonable rate of return if a venture is Lethbridge Livestock No Sale Calgary Livestock CALGARY (CP) On offer to 11 a.m., about 980 head; mostly feeder steers1 and stock heifers. Trade was active. All classes of slaughter cattle sold steady with closing prices Thursday. Choice slaughter steers 32 to 32.50, good 30.75 to 31.75, medium 29 to 30.50. Choice heifers 29 to 29.40, good 28 to 28.75, medium 27 to 28. Good cows Z to 24, medium 21.75 to 22.75, canners and cutters 19.50 to 21.50. Good bulls 27.50 to 29. Replacement cattle were mostly yearljng steers and stock heifers meeting good demands from local buyers ai steady prices'. Good feeder steers more than 700 pounds 30 to 33, less than 700 pounds 33.50 to 36.50 Good feeder and stock heifers 28.50 to 34.50. Good stock steer calves 37 to 39.50. Good stock heifer calves 33.50 to 36. Hogs were not Ends o At One Hole In Arctic TORONTO (CP) Imperial Oil Co. Ltd. says it has abandoned drilling one Arctic er ploration well but work continues at two others. The hole abandoned is Natag nak H-50, seven miles northeast of Imperial's Atkineon Point discovery. Drilling was stopped feet down. Imperial said it is contiiminj exploring at Atkinson M-33" wel and at Blow River, near the Northwest Territories-Yukon border about 120 miles west of AtMnson Bridge 13.00 Tor-Dom 17.42'A Inlern Mogul 9.50 Domtar KOO MINES New Aihona Dom Textile 9.75 Acme 10 New Calumet .22 Dom Stores 1200 Advocate Asb. 2.15 New Imperial 2.11 Dome Pete 4S.50 Akaltcho 43 Noranda 27.25 Fam Play 9.50 Area Mines 2.05 Northgate 12.00 Fd of Amsr 40.50 Belcher Iron .M Opemiska 13.50 Gt Cdn Oil 3.40 Black Bay Osisko .30 Gen Motors 46-00 Bralorne 2.30 Patino 27.50 Gt Lakes Pap 19.00 Broulan -72 Pine Point 30.12Vj Gulf Oil Cda 13.75 Bethlehem Placer Dev. 31.50 Hakwer Sid 2.20 Brunswick 5.35 Exp 65.00 Huron, Erie 14.75 Canada Tung. 1.80 Quebec Man .18 Hiram Walk .39.50 Cajfiar 17.62'A Rayrock 1.24 Imperial Oil 15.00 Cemral Pat. Radiore 28 imperial Tob 14.00 Chlmo 1.28 Rio Algom 16.50 Int Nickel 40.37'A Conwest 8.25 Roman Corp. 6.90 Int Pipe 18.75 Cons. Rambler .80 Silverfields 2.00 nv Gp A 6.42iACoin Lake U Shcrritt Gordon 17.00 Int Utilities Cochenour 3S Steep Rock 3.15 ndust Accept 12.50 Cralgmont 11.25 Slscoe 2.05 Laurentldfl 3.95 Dickenson Mine 1.60 Tek Corp. 5.50 Kelly Doug A 5.75 Denison Mines 25.37W Texmont 4B Loeb 4.30 Deer Horn OB Upper Canada 1.34 Loblaw A 5.75 D'Eldona 66 Western Mines 3.80 Metro Stores 16.00 Dome Mines 51.50 Wright Har. 1.60 Massey Ferg 10.50 Donalds 25 Willroy I.ftS McMillan 56.00 Discovery Mines 1.35 Windfall Moore Corp 29.75 East Maiartic ns Yeliowknife Br. 3.95 Molson's A 13.50 East Sullivan 5.90 Zenmac 11 NEW YORK STOCKS Supplied by Richardson, Securities of Canada Amer T and T Kenn Copper 40.1 2Vi 20 Golds 142.22, off 1.77 Anaconda Montgom Ward 43.00 10 Base Wet 88.18, ofl 1.47 std oil of N.J. 55.25 is wst on 124.43, UP Earnings By THE CANADIAN PRESS Western Canadian Seed Processors Ltd., nine months 'ended April 30: 1970, 15 cents a share: 1969, 10 cents. Rothmans of Pall Mall Canada Ltd., nine months endec March 31: 1970, 72 cents a share: 1969, Canadian Western Natural Gas Co. Ltd., three months ended March 31: 1970, 90 cents; 1969, Crestbrook Forest Industries Ltd., year ended Dec. 31: 1969, loss; 1968, Zenith Electric Supply Ltd.. three months ended March 31: 1970, loss; 1969, Hog Prices EDMONTON (CP) Prices to 11 a.m. provided by the Alberta-Hog Producers Marketing Board: Edmonton: Quoted 28.75 to 28.80, selling 28.75. Thursday average 28.87. Red Deer: Quoted 28.75 to 28.80, selling 28.75. Thursday average 28.90. Calgary: No sales. Thursday average 28.8S. Lethbridge: No sales. Thursday average 23.00. tloydminister: No sales. Thursday average 28.68. Total hogs sold to 11 a.m. 100. Sows at all points 22.26. Total hogs sold Thursday Provincial average Markets Mark Holiday NEW YORK (CP) Many United States markets, including the Chicago Board of Trade were closed today as the coun try began its annual Memoria Day weekend. The New York and American stock exchanges wers open, reversing earlier intentions to give employees a long weekend for the May 30 holiday. The ex changes will be closed instead on July 3. Among markets closed today were potato, cocoa, eottonseei oil. wool, frozen orange .iuice coffee, sugar, cotton and the New York Commodity Ex Futures WINNIPEG (CP) The Winnipeg live beef futures market was right today with offers at five points under the previous close but no buyers. Open High Low Close Thur. Jly 31.15 31.20 Sep 29.25 29.25 Nov. 29.00 29.00 Jan 29.50 BELLE PLAINE, Sask. (CP) Canadian Salt Company Lim-ited's plant here was officiaUy launched, with Premier Ross Thatcher pushing a button to begin production: The plant, located on 17 acres near this community 14 miles east of Moose Jaw, has a staff of about 40. Mr. Thatcher said 10 new industries have located in Saskatchewan in recent weeks. VANCOUVER (CP) Prices WINNIPEG (CP) The Maritime potato futures market was inactive Thursday with offers at five to 15 points over previous close levels, but no buyers. Open High Low Close Weil. Nov. 2.20A 2.20B Mai-. 2.60B C Future OTTAWA (CP) The federal government's proposed grain act "could undermine the very foundation of Western the Commons agriculture committee was told today. George H. Sellars, chairman of the North-West Line Elevators Association, said the proposed act gives the Canadian grain commission authority to "determine which community in Western Canada will live and which community in Western Canada will die." North-West owns and operates country elevators and terminal elevators at the Lakehead and Vancouver. "It is extremely important that the passage of this bill be delayed until all the ramifications inherent in it can be studied and he said. Licensing powers of the I Stake mission out in the bill are so broad that- the industry reek the commission can make arbitrary decisions on the location of elevators, thereby affecting the efficiency of the grain handling system and the destiny of Western Canadian towns, Mr. SeUars said. Management rights were "further usurped" in sections of the act regarding utilization of storage space and supervision of operations. "The removal of these basic management rights is tantamount to (he nationalization of our industry without payment for our assets." Mr. Sellars told committee members to "take a good took at this proposed bill." "This is far too important to be considered impetuously in any way and merits a long and real 21.50 Texas Co. 25.75 -NEW YORK AVERAGES 108.00 Westing Elec 59.75 20 Rails 142.58, off .92 General Motors U.S. Steel 33.00 15 Util 101.51, up .35 Gult 24.25 TORONTd AVERAGES 65 Stocks 223.96, off .67 Harvester 34.50 20 Inds 151.73, off .41 Volume STORE FOR RENT GOOD LOCATION ON 5th STREET SOUTH Suitable for itore or ladies' wear ttor< APPIY: Stan's Men's Wear 321 5th St. S. FRANCHISE AVAILABLE An unusual opportunity to own your own business in the Marathon Development in the city of Lethbridge. Applicants would need approximately cash, must absolutely be reputable and conscientious, with managerial ability, and a desire to conduct an interesting business with a future. Reply Box No. 27 The Lethbridge Herald Telephone 242-4702 (403) Calgary Kills PORT MORESBY (AP) Ptiblic health officials in Australian New Guinea indicated ursofficially Friday that an influenza epidemic "which started here in August, 1969, may have killed as many. as village men, women and children. Officials fear new outbreaks this and Co., Ltd. today announced 1970 first-quarter net profit of or 12 cents a share, compared with or 13.4 cents a share, to March 21, 1969. Company president Victor F. MacLean said the Vancouver-based food and industrial corporation's net sales for the period were compared with for the same period last This Week's Special! ONE ONLY 1969 CHEVROLET 3-TON SPECIAL GVW rating, 366 cu. in 13 S h.p. mater 2 speed rear axle, 5 speed transmission, power steering, HD. frame reinforcement, ply tires, CC9AA 20 x 7" wheels. SPECIAL PKICE-THIS WEEK ONIY 9QCUU TRADES-TERMS-CASH BENY CHEVROLET OLDSMOB1LE Jnd and 8th St. S. Phone SALESMAN We two fulltime men with car. They must bt wlf starters, ambitious and hard workers. Will pay lop commissions to the right men. and Company benefits available. For resume BOX 20 UTHMIDCf ;