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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - October 21, 1974, Lethbridge, Alberta 14 nut Lt-rrtBHiOUfi HERALD Monday, October Gov't takeover of airline hasn't altered PWA policy EDMONTON (CP) It's still business as usual for Pacific Western Airlines ex- ecutives following the controversial takeover of the firm by the Alberta government. Local officers say the change of ownership has not affected the policy decisions emanating from head office in Vancouver and talk enthusiastically about increased traffic and revenues from almost all sectors of their operation. Al Campbell, vice-president of northern operations, said traffic between Edmonton's Industrial Airport and Fort McMurray, in the heart of the Athabasca oil sands, con- tinues to grow rapidly and a third daily flight will be added this fall. Both freight and passenger traffic is growing steadily in almost all other sectors of the domestic system which covers Alberta, British Courn- bia and the Northwest Territories, Mr. Campbell said. The airline recently took de- livery of its eighth 98- passenger Boeing 737, the se- cond bought this year. The budget for 1975 provides for another four 737s to meet pro- jected traffic growth. The airline also operates two Boeing 727s from Calgary and Edmonton each day into the Mackenzie Valley and the Arctic, four Hercules freighters on cargo operations, two Lockheed Utilities firm earnings over million mark EDMONTON (CP) Cana- dian Utilities Ltd. showed net earnings of million or 94 cents a common share during the first nine months of 1974 compared with million or 91 cents a share during the same period of 1973. The utility company, in a report to shareholders, also said an additional or four cents a share also was reported in 1974 as non- recurring gains from the sale of certain distribution facilities. Revenues from natural gas during the nine-month period increased million up 10 per cent over the same period in 1973 to almost million. "Growth is attributed to the addition of new customers in the last 12 months which raised total customers to ---------ONLY DOWN--------- Newly completed spacious bi-level apartment unit featuring private entrance and yard area, balcony, colored appliances, and-shag carpet throughout. Monthly payments of only P.I. Why pay rent when you can be an owner instead? For particulars, phone 328-5303.______________________________ Electras on scheduled service mainly to northern Alberta, and five Convairs serving the interior of B.C. The firm also has a Boeing 707 operating on internatioal charter flights from Western Canada and a 707 freighter used primarily for inter- national cattle shipments. During the last year, the freighter has hauled head of cattle and calves from Canada to destinations throughout the world, said Harry Herbert, public relations director. After a slight reduction dur- ing the summer in the growth of Airbus traffic between Cal- gary and Edmonton, the run now is expected to show a 12- per-cent growth this year. The one soft spot in northern operations is the lack ness for the Hercules, the air- craft that has become the workhorse of drilling operations, in the High Arctic. Bill Howie, Hercules oper- ations manager, estimates that Hercules traffic will be down by 25 per cent compared with last winter and 40 per. cent down from the peak winter of 1972-73. He said the main reason for this decline is in the number of drilling rigs in the Arctic Islands and that more rig moves are of short distance and made by truck. He said the number of Arc- tic rigs declined to seven this year from nine the previous year and 12 two winters ago, adding that the remaining ngS have months of supplies stockpiled. Mr. Campbell was op- timistic about international freight flights. "There is all kinds of inter- national work if you go after it." Trust Co, may buy U.S. bank MONTREAL (CP) The Royal Trust Co. announced here it has reached an agree- ment in principle with certain major stockholders of the Bank of Lakeland to acquire as much as 100 per cent stock control of the Lakeland, Fla., bank. The bank's market value was placed at million. Kenneth White, Royal president, said "the acquisi- tion is contingent upon Royal Trust acquiring at least 80 per cent of the bank's stock." A smaller percentage would be unacceptable. The agreement would still be subject "to the execution of acceptable documentation, the approval of various government agencies and the satisfaction of certain other conditions." Mr. White expected no dif- ficulties in the transaction and said the Lakeland bank would continue operating with the same directors, officers and personnel. Gov't helps OTTAWA (CP) The federal government will grant million to Burroughs Business Machines Ltd. to es- tablish a new manufacturing plant in Winnipeg, the regional economic expansion department announced today. The plant, which is to manufacture components for data processing systems, is expected to employ about 343 persons by the second and third years of commercial production, the department said. The .Alberta Gas Trunk Line Company Limited NOTICE To the Holders of 7V4% Convertible Sinking Fund Debentures, Series 1 of The Alberta Gas Trunk Line Company Limited NOTICE is hereby given to the holders of7V4% Convertible Sinking Fund Debentures, Series 1 1 of The Alberta Gas Trunk Line Com- pany Limited (the that, subject to market and other conditions, the Company intends to issue to holders of its outstanding Class "A" common shares, purchase warrants evidencing rights to purchase from the Company Class "A" common shares with limited voting rights attached and ranking equally with such outstanding Class "A" common shares. The record date for determining shareholders en- titled to purchase Class "A" common shares is Thurs- day. November 7, 1974 and it is an- ticipated that the Rights will expire on or about December 4, 1974. The price at which Class "A" com- mon shares may be purchased and other terms relating to the issue will depend upon market conditions at the time of offering. A holder of Series 1 Debentures is entitled to convert such Series 1 Debentures into fully paid and non- assessable Class "A" common shares on a conversion basis of 100 Class "A" common shares for each principal amount of Series 1 Debentures so converted all in accordance with the terms and conditions of the Series 1 Debentures. (This conversion basis gives effect to a 4 for 1 split of Class "A" common shares on September 29.1972.) For details of rights of conversion including the manner of conversion reference should be made to the trust indenture relating to the Series 1 Debentures and to the summary of such terms and con- ditions set forth in the certificates for the Series 1 Debentures. A holder who converts such Series 1 Debentures and is a holder of record of Class "A" com- mon shares resulting from such conversion at the close of business on November 7. 1974 will be entitled to Purchase Warrants with respect to such Class "A" com- mon shares. This notice does not constitute an offering of Class "A" common shares and the Company reserves the right, in its discretion, to postpone, or to refrain from making, any offering. It is anticipated that particulars of the Purchase Warrants and the Rights and the price at which Class "A" common shares may be purchased will be available on or about Tuesday. October As the Record Date is November 7.1974. it is suggested that you con- tact your investment dealer or financial advisor prior to the Record Date. The Alberta Gas Trunk Line Company Limited Robert L. Pierce Executive Vice-President and Secretary October 21. 1974. Shareholders Outside Canada Purchase Warrants win not be fu wanted to any holder of Class "A" common snares whose recorded address is outside Canada, but it is proposed that National Trust Com- pany. Limited in Toronto. Canada, will hoW such Purchase Warrants for exercise (except in the case of residents of the United States of America) or transfer upon the instructions of such Shareholder. TheClass common shares win not be offered for sate in the United Stales of America or m any of the territories or possessions thereof, and subscriptions wifl not be accepted from any person or his agent who appears to be, or the Company has reason to bebeve is, a resident of the United States ol America or any of the territories or possessions thereof, ft is anticipated that such shareholders may be able to sell their Rights m Canada. The Alberta Gas Trunk Line Company Limited NOTICE To the Holders of Cumulative Redeemable Convertible Preferred Shares Series D of The Alberta Gas Trunk Line Company Limited NOTICE is hereby given to the holders of Cumulative Redeemable Convertible Preferred Shares Series D Shares Series of The Alberta Gas Trunk Line Company Limited (the that, subject to market and other conditions, the Com- pany intends to issue to holders of its outstanding Class "A" common shares, purchase warrants evidencing rights to purchase from the Company Class "A" common shares with limited voting rights attached and ranking equally with such outstanding Class "A" common shares. The record date for determining shareholders en- titled to purchase Class "A" common shares is Thurs- day, November 7, 1974 and it is an- ticipated that the Rights will expire on or about December 4. 1974. The price at which Class "A" com- mon shares may be purchased and other terms relating to the issue will depend upon market conditions at the time of offering. A holder of Preferred Shares Series D is entitled to convert such Preferred Shares Series D into fully paid and non-assessable Class "A" common shares on a conversion basis of 11.20 Class "A" common shares for each Preferred Share Series D so converted all in ac- cordance with the rights, restrictions, conditions and limitations attached to the Preferred Shares Series D. (This conversion basis gives effect to a 4 for 1 split of Class "A" common shares on September For details of rights of conversion including the manner of conversion reference should be made to the provisions attached to the Preferred Shares Series D. A holder who converts such Preferred Shares Series D and is a holder of record of Class "A" common shares resulting from such conversion at the close of business on November will be entitled to Purchase Warrants with respect to such Class "A" common shares. This notice does not constitute an offering of Class "A" common shares and the Company reserves the right, in its discretion, to postpone, or to refrain from making, any offering. It is anticipated that particulars of the Purchase Warrants and the Rights and the price at which Class "A- common shares may be purchased will be available on or about Tuesday. October As the Record Date is November 7.1974, it is suggested that you con- tact your investment dealer or financial advisor prior to the Record Date. The Alberta Gas Trunk Line Company Limited Robert L. Pierce Executive Vice-President and Secretary October 21, 1974 Shareholders Outside Canada Purchase Warrants wM not be towded to any hoMer of common shares whose recorded address is outside Canada, but ft is proposed that National Trust Com- pany, limited in Toronto. Canada, will hoW such Purchase Warrants for exercise (exoapt in the case of residents of the United States of America) or transfer upon the instructions of sucH shareholder. The Class "A" common shares wM not be offered for sate in the United States of America or in any of the territories or possessions thereof, and subscriptions will not be accepted from any person or his agent who appeals to be, or the Company has reason to believe is. a resident of the United States of America or any of the territories or possessions anticipated that such shareholders may be abte to sen their Rights in Canada. Loop line completed Workers make final weld in pipe near Jellico, Ont., 150 miles east of Thunder Bay, which completes TransCanada Pipelines second natural gas pipeline from Winnipeg to Toronto through northern Ontario. Completion of the loopline was made 16 years after the original line was welded near Kapuskasing, Ont., on Oct. 10, 1958. TSEprices mixed in light trading TORONTO (CP) Prices on the Toronto stock market were mixed in light mid- morning trading today. The industrial index, wide- ly-based indicator of market trend, was off .45 to 165.39 and base metals .09 to 65.54. Golds rose 7.36 to 362.65 and western oils .30 to 147.86. Advances edged declines 81 to 79 with 127 issues un- changed. Volume by 11 a.m. was 000 shares, down from at the same time friday. Imperial Oil a fell to Texasgulf Canadian Pacific Investments to IAC V4 to and Canadian Imperial Bank to T. G. Bright A rose to Na-Churs to Woodward A to Bank of Nova Scotia to and Canadian Industrial Gas five cents to Dome Mines was up to Camflo Vt to and Pa- mour to Hudson Bay Mining A lost Vt to and Gibraltar to Alberta Eastern gained 10 cents to while Pan Ocean dropped to Market trends MONTREAL (CP) Prices fell in light trading on the Montreal Stock Ex- change today. Volume at a.m. was shares, compared with shares at the same time Friday. Imperial Oil class "A" fell to Canadian Javelin V to Among speculative issues, Con- solidated Tacbe Mines and Investments Ltd. rose six cents to, 21 'A cents trading shares. VANCOUVER (CP) Prices were mixed in light trading on the Van- couver Stock Exchange today. First hour volume was shares. In the industrials, Canterra was down .01 at .30 on 500 shares. In the mines. Consolidated Beaumont was down one half cent at .32% on shares. In the oils Seneca was down .02 at .74 on 500 shares. There was no trading on the curb ex- NEW YORK (AP) Stock prices slipped marginally lower in slow trading today as companies reported third-quarter earnings and several commercial banks announced cuts in their prime rates. The noon Dow Jones average of 30 in- dustrials was off at 653.32, recovering from earlier lows when the index was down almost 4 points. Earnings reports for a number of companies fell short of year-earlier levels during the third quarter and in- dicated further softening of the economy, brokers said. Still, they noted, investors were heartened by continued declines in short-term interest rates. Several large banks announced prime-rate cuts to 11V4 per cent and U% per cent Some banks moved to 11 Vt per cent last week. Transamerica Corp. topped the New York Stock Exchange's volume list, steady at followed by Holiday Inns, off Vt to Ki, and General Motors, down 1 to Among Canadian stocks on the NYSE, Alcan was up to Cana- dian Pacific rose ft to Dome Mines gained Hi to 43% and Inter- national Nickel was unchanged at 24H. Imperial Oil A was the most active Amex issue, down 14 at Livestock Calgary CALGARY (CP) Receipts to 11 a.m. Monday from the Calgary public stockyards totalled 300 head, mostly slaughter cows. All classes of cows met a moderate-to-good demand. Cows sold fully steady with Friday's market Cows, Dl, D2: 19 to 22. D3: 16 to 19. D4: 13-16. There were insufficient feeder cattle and calves sold early to establish a market Hogs f.o.b. to 11 a.m.: 50.35. Winnipeg grain WINNIPEG (CP) Prices moved slightly lower and were mixed at mid session today on the Winnipeg Corn- modify Exchange. There were no big losses or gains in the generally light activity. Friday's volume of trade was 000 bushels of feed wheat. 1.230.000 of oats. 2.015.000 of barley. 20.000 of corn, 1.123.000 of rye, 309.000 of flax and of rapeseed. Mid-session rpices: Thunder Bay rapeseed: Oct. Slower Nov. unchanged 9.45B; Dec. unchanged 9.15B: May unchanged 9158. Vancouver rapeseed: Nov. 12% lower 9.45A; Jan. four higher 9J6A: Mar. fit higher 9.12B: June 7fe higher 8.92WB. Flax: Oct. IVt lower 12.06A: Nov. un- changed 12.05A; Dec. one higher 1I.78A: May unchanged 11.64B. Feed Wheat: Oct. two higher 3.75B; Dec. four higher 3.73B: May snchang- ed 3.74A; July unchanged 3.80A. Corn: Dec. unchanged 4.13A: Mar. three lower 4.21A; May bra tower 42JA: July Dot open. Barley: Oct. tower 3 MA: Dec. 3% tower May 1% tower July IVi tower Oats: v. tower Dec. one tugber 1 96B; May one lower IJK'AA: July cidunged 2TOA. Rye: Oct. one tower 34WHA. Dec. ttfc Sower 3.31 May higher 34MB; July tower Fort Macleod FORT MACLEOD At Fort Macleod Auction Market bead of cattle were sold with the bulk of the receipts being made up of yearling steers mostly of lighter weights. The market was steady on slaughter classes with feeders somewhat easier. It appeared in talking to feeder buyers, that the recent U.S. govern- ment threats against the import quota system being used by the Canadian government is causing a great deal of concern. If the boarder were to be opened without limit, it would drop our fat market several dollars per hundredweight. Slaughter Classes Al and A2 steers 47-17.60; Al and A2 heifers 4240-43 10; Dl and D2 cows 18.50-20; D3 cows 14-1750; M cows 8- 13. Good Bologna bulls 18-2359. Feeder Classes Good ranch yearlings 750450 pounds 3950-11: good ranch yearlings 650-725 pounds 35-37. Plainer kinds of steers 3045; good yearling heifers 3042. On Wednesday at the calf sale 654 bead sold, on Thursday 1.029 bead sold. Top quality ranch calves 425 to 500 pounds 38.SO-W50: with Charoiais and Simmental corsses 41-4250. Good calves 375 to 450 pounds top brifer calves 400 to 500 pounds 26- 29: lighter kinds 350 to 400 pounds 23- S. Extreme pressure on all medium quality and light calves with prices in the to SB range for both steers and betters. Dollar value MONTREAL VLS. dollar in terms oT Canadian foods at noon today was unchanged at 90JB 7-25. Pound starting was In New York, Che Canadian dollar was unchanged at Pound sterl- ing was down 1 1-5 at O.SZVi. UFEWSUMIICE UfHTiniOptiM (MTMr ANNUAL PREMIUMS Age 2S.1MM 40-3TUM KEN BELSHER OCCIDENTAL LIFE TUDAY miMME The Herald Business Stocks Miscellaneous Vancouver, Calgary, Montreal MIDLAND DOHEHTY LIMITED WESTERN West AND Oilfield Anon Albany Alta East Ashland (Geo.) A BP Brenda Cda Gas Trk Cdn Ex Gas Trk Cdn Nat Cdn Ind Gas Cdn Long Metro A Cdn Nat Chieftan C Dome C Gas B NuFort A Giant B Gibraltar Gt Cdn Oil Trans Lochiel Lytton North Cdn Numac Pancdn Pan Place Ranger Oil Scurry Norsemines Cima A Total Ulster United West West Acres BC Sugar C Block Canbra Cdn Pac Inv A Int'l Cdn Pacific Carting O'Keefe A Cdn. Carling O'Keefe B Cdn Comm Cap Cdn Crestbrook Growth Crowsnest Falcon Investment F M Trust Home Oil Int'l Home Oil B Hud Bay Co Hud Bay 13.50 Investors Corp Invest Stock Fund Grouped In 3 2 Hud Bay Oil A Hugh Russell C Growth Husky Husky Oil B Husky Oil E Interprov Pipe Interprov Steel Pipe Kaiser Growth Principal 3 Kaiser Res Loblaw Co C Pacific Toronto mines, industrials (Supplied by Richardson Securities of Canada) MINES Acme Advocate Asb. Akaitcho Bralome Broulan Bethlehem Bovis Brunswick Can. NW Land Canada Tung. Cassiar Central Pat Chimo v Conwest Cons. Rambler Coin Lake Cochenour Craigmont Oickenson Mines Denison Mines D'Eldona Dome Mines Discovery Mines East Malartic East Sullivan Falconbridge Frobex First Maritimes Giant Y.K. Granduc Hollinger A Hudson Bay MSS A Hydra Ex. Iron Bay Iso Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Langis Silver Madsen R.L Malartic G.F. Martin McNeely Madntyre Meta Midrim In tan Mogul NuWest Homes New Athena New Calumet Noranda Northgaie Nortex Pine Point Placer Dev. Pax Exp. Quebec Man Rayrock Radiore Rio Algofli Roman Corp. Slwifitt Gordon Sleep Rock Swiranodato Tek Corp. A Texroont United Canso Western Mines WM Copper Mines Wright Hargnssves tnrxurfu.i vrraTtjy YefBowKnffe Bear Zenmac INOUS7WALS Abffib) Atean Atoo In0 Agralod Ben Tel Srascan A BCTefl Forest Sugar Valley Ind Ind Power Foods Cellulose O'Keefe Credit Gas Pfd Ind Marconi Vickers Bathurst Gas Seagrams Bridge Textile Stores Pete Mobile Cdn Oil Motors Lakes Paper Oil Sid Walker A Erie Oil A A Nickel Pipe Grp A Intl Ltd Douglas A A Ferg Bloed Corp A B Cent Corp Co CDA Sears Can A A Grp A Mtn Pipe Can Pipe Carbide Gas Oil Siscoe Mlg A Imperial Dom 8.7J 11.7E 18.87 9.0C 7.1J 18.62 2.5C 4.3S 2.65 4.60 1.40 8.75 17.50 3.15 12.00 10.50 13.37 26.00 24.37 13.00 31.12 35.00 20.62 8.25 14.62 20.62 24.00 1.96 5.25 3425 16.75 24.25 13.25 5.12 37.25 20.50 27.00 23.87 23.62 13.75 5.87 9.75 17.37 5.00 4.55 7.50 5.00 925 14.62' 21-75 38.75 15.75 15.00 5.75 9.50 2.80 8.62' 13.50 8.87' 12.75 6.37' 9.75 25.371 10.50 31.75 9.62', 11.121 3.00 18.00 7.871 7.75 3.05 4.80 17.75 21.00 1825 24.121 13.75 36.75 2925 36.75 Amr. T 4 1 Anaconda Beth Steed Cferysfler Comsat 1100 9.75 _ Oonoral Motors own IM HWWBSIW Copper Ward Exxon Texas GtOI Texas Co New York hardMB Securities of Canada) Wootwortti 1625 Westtnghouse Bee 27.12% U.S SJeel 10.75 Gen Tel Bee 2125 26.75 TORONTO AVERAGES 20 Industrials 16559 down ,25 34.87% 20 Gates 365 96 up 10.60 1825 10 Base Metals 65.48 down .15 20.00 IS Western Oils 146.20 up .64 3250 Volume 15.75 NEW YORK AVERAGES 49.52% 20 Industrials 853.31 down 1.S6 66.87% 20 Rails 14952 up 50 26.00 69.46 down .73 23.00 65 Stocks 20921 down .43 10.62% Volume S.640.000 ;