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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - September 30, 1970, Lethbridge, Alberta 'f7jt I jm i 14 lowered traclor digs in, in a g sport at rural For Cole] COLEMAN (CNP Bureau) -A meeting of the holders of general mortgage five per cent income bonds, Series A and B, of Coleman Collieries Ltd. was held here Tuesday to consider a plan of reorganization between the company and its bondholders. The meeting approved the plan. Main features of the plan are as follows: Holders of Series A bonds will exchange their bonds for 12 per cent debentures, preferred shares of the par value of each and warrants. Holders of Series B bonds will exchange them for preferred shares and warrants. Under the plan, the holder of series A bond will receive in 12 per cent debentures. 666 preferred shares and cash; the holder of Series B bond will receive preferred shares. The conditions attached to the preferred shares will provide for a non-cumulative preferential dividend at the rate of six per cent until March 31, 1981 and thereafter a cumulative preferential dividend at the rate of eight per cent. The preferred shares will be convertible into Class B common shares at anytime up to March 31, 1981 at the rate of one Class B share for 10 preferred shares. Upon the issue of preferred shares, the bondholders receiving such shares will also receive warrants to purchase one Class B share for every 10 preferred shares received, at a price of per Class B share. These warrants will expire March 31, 1976. At a meeting of shareholders f o 1 1 o w ing the bondholders meeting, the authorized capital of the company was increased by the creation a: five millira preferred shares of the Approved man Collieries Ltd. [value of each, to be issued Two individuals attended the pursuant to the plan. bondholders meeting and about The company will now pro- 20 attended the shareholders ceed to implement t h e plan meeting. More than four mil-subject to completion o! the ne- lion bonds were represented hy cessary formalities. proxy. IsL-aBi FAST-GROWING SPORT Rearin' and roarin', a high-f mighty effort to win a Iractor-pulling contest, a 1 ssSsfa5 Stock M, Eases U] TORONTO (CP) The Toronto stock market advanced fractionally i n mid-morning trading today. On index, industrials gained 25 to 1G5.70, golds .58 to 157.31, base metals .64 to 97.32 and western oils 3.67 to 192.57. Volume by 11 a.m. was shares. A comparative figure for ths same time Tuesday was not available because of computer problems at the Toronto Stock Exchange that day. Gains outnumbered losses 146 to 61 wilh 1C6 issues unchanged. Pipelines and steels led advancing sectors. Ten of the exchange's 17 sub-indexes ware higher. Trans Canada Pipe Lines climbed to and West-coast Transmission 1% to ?21V4. They are two of the four 3ward nies granted licences to export additional natural gas to the United States. Among other advancing issues, Dome Pete was up to Shaw Pipe to Alberta Gas Trunk to Hudson's Bay Oil and Gas to Canadian Superior Oil to Canadian Homestead 55 cents to Canadian Export Gas 35 cents to and Chieftain Vt to Aquitaine lost to Sherritt to Dynasty 15 cents to 56.60 and Pyramid five cents to 79 cents. ACTIVE TRADE MONTREAL Montreal stock market moved fractionally higher in moder. ately active trading today. Industrials were up .05 to 168.20, ullities .32 to 140.41, and banks were unchanged, pushing the composite index up .52 to 164. 3G. Papers declined .01 to 67.59. Oil companies generally experienced significant gains in reaction to the announcement by the Nixon administration Tuesday that the U.S. would take modest actions to avert the threat of a U.S. fuel crisis this winter, including a possible increase of barrels a day in imports of Canadian crude oil. Dome Petroleum jumped to 572, Pacific Petroleum to Shell Canada to French Petroleum 20 cents to aud.BP Oil and Gas 10 cents to Among other advancing issues, Crush was up to Bombardier Ltd, Vi to and Consolidated Bathurst Vt to Among declining issues, Aquitaine dropped to and CPR to Combined volume on the Montreal and Canadian Stock Exchanges was shares traded at 11 a.m. compared with shares at the same time Tuesday. DJA CLIMBS NEW YORK (AP) Stock market prices continued their barely perceptible upward drift in fairly aclive trading today. The Dov Jones average of 30 industrials had inched up 0.76 points to 761.64 by noon. Advances held a 7-to.4 lead over declines on the New York Stock Exchange. Among Canadian issues, Distillers Seagrams dropped Va to Dome Mines was down at Massey lost Ya to and Mclntyie Porcupine picked up 1% to On the American exchange, Brascan lost to Canadian Javelin was off a like amount at while Scurry Rainbow rose to QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherly, Roadhouse and McCuaig) LAST BID OR SALE a.m. Quotes) a.m. Quotes) a.m. Quorcs) WESTERN OILS KaUcr Res 11.67V4 Dreyfus F U.S. 11.61 Almlnex 6.20 Kom Kolla 141 rr caujitf ii> Lake Ont P Ccm 1.95 Gr shvare, ios 3J6 Barm 12.50 Menlor 4B fir 9 7A In fi7 B P Oil and Gas 5.20 Ncwcomcx 4.00 IpS Sdn Soulhsrn pacilic Pec 30.00 ns Vent 327 357 Cdn Exporl Gas 5.00 Rank Organ zallon 15.62'A Mutual Ac F 1 78 1 26 Cdn Horn 8.B5 Selkirk Hold 10.25 JJJ g' p Jg Cdn Ind G and 0 10.75 Shell llv 31.25 JMJ! F J'S Cdn Lonq Is .70 shell Inv Pld 29.7J i.. in Cdn Superior V.75 Shell Inv WIs 14.25 Kw 3M Cenlral Del Rio 12.75 Sick's Rainier 3.62Vi M lA In Charter fi.25 W Cdn Seed Pro 2.40 prinrinql rr" 1 5A AM Chlellan 10.75 While and Yukon 17.75 F 782 855 Dynamic Pete 1.40 CALGARY Roylund l'm i'.as plats Pele '-j" ta Mill City H 2.13 0% VANCOUVER New Conllnonlal 1.03 N continental .02'.': Anuk .i21i Plains Pete .a Arctic Mining .30 Lethbridge Livestock (Supplied by Canada Department of Agriculture) On offer to a.m. 230 cattle. Receipts in all classes of slaughter and stacker cattle, trade aclive. All classes of slaughter steers meeting good demand selling steady to strong. Good and choice butcher heifers selling at steady rates. Medium and good Market were meeting a good demand at strong prices. Good replacement steers and heifers were meeting good demand from local buyers selling at firm prices. Choice steers 27 to 27.00; good 2C to 26.75; medium 25 to 26. Choice heifers 26 to 26 40. Good cows 21 to 21.90; medium 19.50 to 20.50; good stock-cows 21.50 to 22.70. Good light stock steers under 700 Ibs. 32.50 to 33.60; good feeder heifers 27 to 28.10. Butcher hogs sold Tuesday f.o.b. Lethbridge 25.50 to 22.65 base price. Calgary Livestock CALGARY (CP) On offer to 11 a.m., about head; mostly good and choice slaughter steers. Trade was Slaughter steers were generally 25 cents lower with heavier kinds discounted 50 cents; heifers were in short supply selling at steady prices; cows were scarce md steady and bulls were unchanged. Choice slaughter steers 27.50 to 28.10, good 20.50 to 27.25, medium 25.75 to 26.25. Choice heifers 26.50 to 26.80, good 25.50 to 2625, medium 24.50 to 25.25. Good cows 21.50 to 22.40, medium 20.23 to 21.25, earners and cutters 17.50 lo 20. Good bulls 24.50 lo 26. Replace ment cattle were scarce with most offerings heavy, short keep steers. Prices were steady. Good feeder steers more than 750 pounds 27 to 28.50. No stock or slaughter calves ottered. Hogs base price 25.50. Lambs were a dollar higher Tuesday with lots of good and choice 23.50 to 23.70. Portland Livestock PORTLAND, Ore. Cat-tie early sales slaughter classes steady to strong. Some cows 50 cents higher. Slaughter steers indivi dual, standard and good 23 to 26; slaughter heifers choice and prime 850 to Ibs. Mon-tanas sold in small lots 27 to 29, these largely yield grade good 000 to Ibs. 23 to 25.30. Slaughter cows utility 18 to 21.50; cattle cutter 16 to 19.50; slaughter bulls commercial and good 25 to 29; feeder steers several lots good to Ibs. Holsteins 23.80 to J'S Madison 30 Bclh Copoer 16.50 pS rV !'S! Rwdalc 10 Bornile Hidgs .M 'i! PIPELINE STOCKS Kda Bros Ranger Alia Gos Tr L A 47.00 H Suoar ?s Scurry Rainbow Alia Gas Tr L PI 7100 Surir p'w Spooner 1.E9 Alia Gas Nal) J1.7S 3 Western Decalla !0 Cdn W Nal Gas 15.00 Churchill Ccppcr 2'S MISC. INDUSTRIALS Inlland Nal Gas 10.50 coronalion Credit l'rj Alco l-dust N Dn.d 'Ji75 Crcslbrook F [nd Aquaialne is.x N and C B Pfd 22.00 Crovden .3, Br New Corp 5.35 Sal .fSVl DollV Varilcr1 5! Cdn Brew A Pld Dynssly f. ra Cdn Hydro Car 15 nv, Jr Cdn 32.00 Endilko Cdn Pacific Inv P 21.50 Jr Cdn P Pld 40.2S Gian, Ma. :t 2 ,5 CPR Pld 3.50 Tr Cdn P Pfd A 57.75 Key ,ndus, _ Cr Nest Indus! 44.75 Tr .p Growers B Cyqnus A 537'.7Tr Pipe 13.00 Hv.5 r-, CraSSs BA t25 Tr a.M Brew V. 1.4 Cum Prop 11.25 Western Pac.l.c 5.00 c, Gt Cdn Oil Sands 4.00 MUTUAL FUNDS Kamiccps Copper Home Oil A 21.75 AGF Special 2.22 Lcrnex E n Home OH B 22 All Cdn Com fi.57 7.18 Madrona M Home and Pit All Cdn Divld 7.60 3.31 Hew Imp Mines 2.D5 Hudson Bay Co 14.00 All Cdn Vent 3.33 3.64 Primer 17 Hudson Bay oil 43.00 Amr Gr F 4.55 5.00 -d 75 Hud Bay Oil p 41.25 Cdn Gr 5.09 5.59 Silver stand 1 Husky Oil Cdn lives! F -1.2J 4.66 T C Explor .42 Husky Oil War 6.65 Col Mulual 547 5 95 Troian .53 Inler Prov P WIs 12.62'A Cmnw Inler 11.2612.34 Woslcrn Mines 351 Inlerprov s and P 7.00 Cmnw Lev 2.93 3.21 Wcslcoasl Res .13 Jefferson Lake Corp Invest 5.03 5.46 Western Explor 23 Joulcl 1.14 Corp In S F 4.54 4.96 Ulica 75 TORONTO MINES, INDUSTRIALS Supplied by Richardson Securities of Canada LAST BID OR SALE a.m. Quotes] a.m. Quuies) a.m. Quotes) INDUSTRIALS Molsons B Falconbrldge 141 DO North, Cent 14.75 Frobex 24 Pembina Pn 22.37yi First Marllimcs 1.01 Power Corp 5.75 Glanl Y K 7.75 Algoma SlMl 1112ft price Co B.OD Gunnar 1.38 A" Roihmans 11 H Granduc 8.00 Alan Sugar 7.25 s, Law Lmp _ _ Headway R.L. 12.00 Bell Tel 43.75 CDA 31.25 Hollinger 33.00 Braill Trac I5.B7V4 Simpson's 15.00 Hud. Bay MS. 20.371 j -c- Tel Simp Sears 20.50 Hydra Ex. 21 01 Can Highland Bell 2.76 B.C. Fores! 2250 A mio B-C. Sugar 15.25 Texaco 25.25 1.86 "E 'nd Traders Gp A 10.00 Joliet Quebec "n 7.6Wi Trans Mln pp KErf KMKtn _ 1037.2 r i 1m Trans Can Pp Key Anacon .30 Col Cellulose 5.00 Sis Lafrador 3! in Cal Power 24.50 Unon Oil 3500 Laki- Shore" "S Coron Credit 1.10 Versalile Mfg. 4.ob GjK 10.50 9.J214 Silver' 07 Jig ''g Cdn Marconi 3.75 Woodward's A 16.00 MVarllc 6 F 70 S BANKS Maclnlyre 151. m f SI? 10M Can imperial Mela U'i Cons Balh 10.25 1550 Midrim 35 Si lain Nova Scolla Intern Mogul 9.50 n Royal New Alhona .16 Domtar 1337'A New Cslumet .26 n Tnvi-i_ 11 "rift MINES New Imperial 2.05 Snm I'SS Acme Norand. nnm.pi.iV 71 -7JA Advocate Asp. 2.00 Norlhgale '11.00 Fam 1000 Opemisko Fd of Amer 5100 Area Mines 1.95 oslsko 30 G? Cdn 01? 3'90 Belcher Iron .42 Pallno 32.50 Gen T Motors' 7400 31 It Lskes Pan 1925 Bralorne l.ffl Placer Dev. 35.25 oil 1750 Broulon 29 P.C. Exp 76 Hawker Sid 2.10 BelWehem 16.00 Quebec Man 25 Huron Erie 17 12'A Brunswick 4.55 Rayrock 1.30 Hiram WafkV. fiM Canada 201 Radiore .39 Imperial OH 1350 Cesiiar 21.00 Rm Algom Job'. U.SQ ccnlral Pat. 2.75 Roman Corp. 6.53 Inl Nickel 43i7iA Chlmo 1-20 Silvcrfields 200 Inl Pine 3500 Conwesl Sherrlir Gordon Ipv Gp A Cans- Rambler .B5 Silver Miller .07 Int Ulililies 29.75 Coin Lake .16 Steep Rock 2.7S Indust Accepf 1S.M Cochenour 54 Slscoe 2.30 Laurentlde 5.12Va Craigmonl Tck Corp 6.45 Kelly Doug A S.SQ Denlson Mines 26.00 Texmont Loeb Deer Horn .08 Uooer Canada 1.72 Loblaw A S-OO D'Eldona 1.18 Western A.lines 3.80 Metro Stores 34.00 Dome Mines 54.00 Wright Har. 1.35 Massey Ferg 975 Donalda McMi'llan Boe 25.13% Discovery Mines 1.30 Windfall izi', Moore Corp 32.09 East Malarllc 1.30 Ycllowknlfe Br. 5.90 Wolsons A 14.00 East Sullivan 5.40 Zenmdc 10 NEW YORK STOCKS Supplied by Richardson, Securities of Canada Canada Gives Wheat OTTAWA (CP) Canada will supply Turkey with about tons of wheat valued at million under the Canadian assistance plan to the Asian country. Ins an Sabri Caglayangil, Turkish minister of foreign affairs, made the announcement at a news conference Tuesday Following a three-hour meeting with External Affairs Minister Mitchell Sharp. It was the first time a Turkish government representative lias made anofficial visit to Canada. Mr. Caglayangil said Turkey, with a population of about 35 million, needs roughly tons of wheat annually. The United States supplies about tons per year while the Common Market countries supply about tons. The Turkish official gave no details on delivery Prices Winnipeg Grain Prices WINNIPEG (CP) Light trade prevailed through the close of the Winnipeg Grain Exchange today with most commodities m a i n t a i ning steady prices. Rapeseed had the most action with substantial exporter buying offsetting light hedge offerings' in both Vancouver and Thunder Bay positions. Heavier hedge offerings developed in flax with some commission house liquidation pressure that exporters couldn't absorb. Barley had some domestic shipper buying and commission house selling. Oats had extremely light trade. Commission house liquidation pressure was evident in rye with some heavy hedge offerings also developed. Tuesday's volume of trade was bushels of rye, of flax and of rapeseed. Export loadings of Canadian wheat Tuesday included bushels to Britain, to China, to India, to Italy and to Peru. Prices for class two wheat for export to countries outside IGA: 1 Nor 2 1.7SW; 3 4 1 Durum 2 3 4 1.63: IGA prices: 1 Nor 1.77'A 2 3 4 1 Durum 2 3 4 1.63. The daily grain table, supplied by The Canadian Press, was not available at press time Earnings Decline TORONTO (CP) Canadian Breweries Ltd. reported 1070 net earnings of or 41 cents a share down from or 60 cents a year in the comparative J969 fiscal year. The 1970 figures represent the 12 months ending June 30, while the 1969 figures are for the 12 months ending April 30, 1969 because of a change in the company's fiscal year, Chairman John H. Devlin said. Profit for the 14-month period ending June 30 was or 54 cents a share. Sales during the same period were Total sales for the 12-month period to June 30, were up about two per cent from in the 1969 fiscal year. Mr. Devlin said sales of the company's United States subsidiary, Carling Brewing Co. Inc., are higher than those of Canadian Breweries in Canada, but earnings per barrel are lower this year due to "lower margins and higher fixed costs as a result of surplus capacity in some Holds Line MONTREAL (CP) Montreal newspapers say the Quebec cabinet decided Tuesday night to hold the line on its proposed medical care plan. The Star and La Presse say the cabinet decided to reject a compromise proposal made by the Quebec Federation of Medical Specialists and turn the medicare dispute over to the legislature's health committee. Premier Robert Bourassa is to announce the cabinet decision at a press conference later today. The newspapers say that if the health committee cannot reach unanimous agreement on the terms of the medicare plan, emergency legislation will be drafted to put the program into effect. The Star says the cabinet set a target date of Nov. 1. It says the medical specialists' two-point proposal to set a celling on doctors' fees in excess of government-approved rates and to provide for payment of some part of the fees of doctor; w'jo opt out of the plan rejected for two reasons. The government felt it could not afford to spend more than the S275 million estimated cost of medicare. It also felt that opting-out and overbiUing by doctors jeopardizes the principle of equal health care for all, regardless of financial Firm Finds Oil In Alberta MIDLAND, Tex. (CP) Tip-perary Land and Exploration Corp., announced here Tuesday what it described as a significant Devonian reef oil discovery in Alberta. Tipperary said the well, Nevis No. 1, was drilled jointly with Calgary Crude Oil Ltd. of Calgary on a 320-acre tract, and that its initial potential is barrels of oil a day based on a six-hour flow rate of 445 barrels of oil. from perforations between and Tipperary says iis net interest in the well and reserves is 34.3 per cent prior to payout and 20.8' per cent Standard Oil Says Charges 'Erroneous' SAN FRANCISCO (AP) -Standard Oil of California says United States government charges that it misrepresents the anti-pollution qualities of its Chevron F-310 gasoline additive are "erroneous and unfounded." The Federal Trade Commission in Washington Tuesday accused the firm of falsely claim-Ing that F-310 significantly reduces air pollution when used in automobiles. 0. N. Miller, board chairman of the company, said the FTC "has issued a false and misleading complaint that blindly ignores overwhelming scientific proof, developed by independent testing lay-oratories, of Hie ex-cspllonal ability of F-310 additive to reduce automobile emissions." He did not specify what action the company planned to take. The FTC, in a proposed order, would require future F-310 advertisements to devote 25 cent of the space to the FTC charges. An FTC statement said pr--2nt ads arc false, misleading and Prices EDMONTON (CP) Weekly egg and poultry report issued by the Alberta Department of Agriculture: Eggs: To producers A large 39; A medium 29; A small 14; B 17; C 5; cracks Prices EDMONTON (CP) Prices to 11 a.m. provided by the Alberta Hog Producers Marketing Board: Edmonton: Quoted 25.50 to 25.55, selling 25.55. Tuesday average 25.58. Red Deer: No sales. Tuesday average 25.57. Calgary. Quoted 25.50, selling 25.50. Tuesday average 25.57. Lethbridge: No sales. Tuesday average 25.61. Lloydminster: No sales. Tuesday average 24.86. 'Sows at all points 16.25. Total hogs sold to 11 a.m. 154. Total hogs sold Tuesday Provincial average retailers A large 51 to 52; A medium 40 to 41; A small 25 to 26; B 31 to 32: C 20 to 21; Cracks 23 to 24. (Two cents extra in To consumers (in cartons) A large 55 to 56; A medium 45 to 47; A small 33 to 35. Poultry To producers live No. 1 chicken broilers, under 4, 5. Turkey under 12, Wk; 12 to IS, over 18, 24. Live No. 2 chicken broilers, 17 Turkey under 12, 12 to 18; 23% over 18, Price Hikes Lowest DETROIT (AP) Chrysler Corp. completed its list of price hikes for its 1971 models Tuesday, which are the lowest among Big Three suto-makers. Chrysler., said its increases in manufacturers' suggested retail prices for all 1971 models average or 3.7 per cent. Chrysler announced its price hikec for its 1971 intermediate and standard-size cars of or 2.7 per cent over 1970 models. Coupled with its earlier announced price hikes for its compact cars, Chrysler said the average is Like General Motors and Ford, Chrysler left the door open for a further price hike when new-contract negotiations are completed with the United Auto Workers. GM's production lias been shut down for two weeks by a UAW strike. Chrysler said that except for disc brakes, which were made standard on three models, it had made no equipment changes from optional to standard. Like GM and Ford, Chrysler discontinued the i 1 e, 'ive-year warranty 'on power trains and left new models with only a 12-month warranty on the entire car. 21 .SO Sears 60.75 10 flaie Mel 97.04 up .33 Texas Gulf 117.62V3 Volume Comsat 45.12VJ Texas Co 31.W16NEW YORK AVERAGES Duponf 119.50 WoolwoMh 33.25 30 Indust IGl.a off .i} General Molors 72.75 Wcsllnqtiousc Elec 63.75 20 Rails 1S3.26 up .12 Gull 27.75 U.S. Sleel 15 Ulllltics 108.48 off .03 Int Harvester TORONTO AVERAGES 45 Stocks 245.56 off .0-1 Kenn Copper 20 Indust 165.50 up .05 Volrr.e Futures WINNIPEG (CP) Trade Now in Lethbridge Businessmen requiring term loans for sound business purposes are invited to discuss their needs at the recently opened IDB office in Lethbridge... IDB can lend to almost all types of business-agriculture, tourism, professional services, wholesale and retail trades, turing, etc. INDUSTRIAL DEVELOPMENT BANK TERM FINANCING FOR CANADIAN BUSINESSES LETHBRIDGE, ALTA., 740-4lh Avenue, South Tflephont: 328-9661 Winnipeg beef futures market Tuesday was moderately active wim contracts executed in all futures at prices 20 points below to 15 points over previous close levels. Open High Low Close Nov 29.10 29.10 28.80 28.80 Jan 29.20 29.20 29.10 29.10 Mar 29.15 Surplus TOKYO (Reuters) Japan lad a million surplus in her balance of international payments lor August, the finance ministry announced here. It was Japan's largest surplus this TEETH Americans consume about pieces of candy Prices WINNIPEG (CP) Prices were steady in light trade Tuesday on the Maritime potato futures market. Trade in the May future was at prices about even with previous close. Open High Low Close Nov 2.25N Mar 2.55B Apr 2.73N May 3.20 3.20 3.18A FOR SALE by OWNER Large executive 1330 iq. ft. Bungalow with 4 bedrooms. Each floor fully dtvcloped, beared iwimming pool, garage. Will take imaller home in trade. TERMS AVAILABLE 1050 18th STREET S., LETHBRIDGE Phone 328-6084 for appointment to view this lovely FOR SALE vtt 3 bedrooms, bath up and down, new wall lo wall carpels, recenlly decorated, complete willi drapes. Buill-m vacuum cleaner, air cooler, new double oven stove, built-in disb washer, basement finished wilh bedroom and rumpus room, double garage insulated, finished with work bench, fluorescent lighting and forced air furnace. This home is completely fenced and landscaped. Call Bill At 327-1296 Days 328-1318 Nights ASKING PRICE Robbed ANDOVER, Mass. AP) Richard Morse came home Tuesday after being held hostage three weeks by Palestinian guerrillas in the Jordanian desert and found that his home Nad been broken into and looted. The break-in occurred while Morse's family was in New York to meet him after his ;