Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 5, 1969, Winnipeg, Manitoba Winnipeg free press tuesday August 5, 1969 business finance takeover bid could spark investigation London up financial broker and former president of observers Here suggested today the Toronto Stock Exchange that a takeover bid for the Ca was in London Early last week Nadian controlled Skyway to after Skyway s annual meeting Tell Ltd. Could come under Cial scrutiny. J published reports say he and the some other Skyway officials1 bid by Fortes holdings Ltd. Met with Charles Forte and companies sent Skyway shares jumping to members of his firm and were i per cent in value on the London to d of a proposed offer of Stock Exchange monday 70 shillings s9.10 a nearly a week of turbulent Trad ing in which their value had in creased by some 25 per cent. Published reports by several City correspondents for leading British papers said the Stock Exchange is almost certain to investigate indications that information was leaked about be share. At the time Skyway was i trading at about 48 shillings. Gardiner who with three other directors controls nearly 30 per cent of the shares is re ported to have refused to com Mit himself until Fortes made a general offer for the Board to consider. Got nations Between Skyway and i trading in the Stock Sharp Edmonton up inter j provincial pipe line company has announced that unaudited consolidated net income for the first six months of 19g9 was or 45 cents a share compared with and Vancouver up the i White pass and Yukon corp. Ltd. Has announced net earnings of for the six months ended june 30 compared to s873.3s1 for the same period last year. L last deliveries of crude Oil and natural Gas liquids averaged 752.249 barrels a Day during the first half of 19g9 compared to barrels a Day last year. A quarterly dividend of is cents a share payable sept. 2 to shareholders of recod aug 7 1969. Was declared by the Board of directors w. P. Wider of Toronto has a a Joni of increase Over last year resulted from an Oul of court settlement in recovering a loss which had been written off previously. The report did not elaborate. Calgary up share carnui8s for Ponder oils Ltd. Of Han for Tlle first half of 1969 compared Fortes. The Stock Exchange said however it had no announcement to make yet. A meeting of the Skyway Board is expected to be held later this week in Toronto Home of chairman George r. Ened on the Exchange. To quieten rumours mean while. Hill Samuel issued a statement last Friday that effectively denied Fortes was making a takeover bid. Monday morning after a weekend of activity tying up proxy votes Fortes offer. The Board s Finan i Bethlehem steel told shareholders to take no action until further notice. Charles Forte head of the l. I c f Pond thousands of tons of super concentrate peruvian Iron Ore Slu reified in the hold of 5.5. Oread Are being pumped into the storage Pond in the foreground at the Portland f Oregon steel Mills. Slurred Ore is reclaimed by dredge on Pond then pumped into Plant Pellet fixed subjected to direct reduction and fed directly into electric furnaces. A new sys tem for Ocean transport of Iron Ore and other minerals features special High pressure water Jet devices and pump ashore the solidly compacted Ore. Under development since 1966 by Marcona corp. Of san Francisco the mining and transportation company claims the system will reduce the Cost of Iron Ore handling by As much As 90 per cent. John Meyer says hotel and catering consortium which is making the bid has said he is being backed by More than 30 per cent of Skyway pledged verbally through a London Stock broker Stephen Raphael on be bumps prices Bethlehem a. A Bethlehem steel corp., second largest steel producer in the United states has announced Price increases on some of its products similar to increases already disclosed by other Large half of himself and several inst companies including . Steel Tut ional shareholders. Effective aug. 6, hot rolled behind the bid is understood j sheets bands and strip will in to be a tangled web of offers i crease a ton cold rolled denials and consultations. Sheets 88, and galvanized sheets Gardiner 52-year-old Stock a ton. Clearing decks for sept. Crisis instances the Rise in rates has seemed More hospitable it one reason Why the govern the intensifying Competition of dancing autumn financing As far ment has advanced the refund foreign interest rates. In most As possible had the Market ing of the million of car Bonds due sept. 15 and made a Start at refunding the million of Canada Bonds due oct. 1 is that september could gone beyond the needs of Domestic policy and Are responding to external require ments. Be a very Chancey month indeed i the fact is that no country group seeks views on military spending new York a a new now is to seek different View Given the International Mone tary fund meeting and the West German elections. Exchange speculation is already beginning to show. Among the major trading a i that purpose. Would be reasonable to have expected a bigger slice of Advance refunding of the oct. 1 Issue. As it is the government might come again to Market for tons can afford to expose itself to the heavy outflows of funds there Are of course other considerations. The Issue is revaluation. By formed businessmen s Edu cation fund has started mail Ings to american Busi Ness executives soliciting their opinions on the so called Mili tary Industrial Complex. The common concern of the wealthy Ami prominent businessmen so far aligned with the organization is the militarization of american close to is said to have been pledged so far. The goal of the group which has shunned any publicity until luncheon Ellett s Avo i a pleasure Hill parking 718 Street hotel fort Garry s la Cariole cafeteria is licenced to serve beverages with monday to saturday 12 noon to . And 5 . To 7 . Hotel fort Garry a of hotel in Winnipeg. Points on National Security redefine concepts of Security and redirect National priorities. A letter and an article highly critical of written by Gen. David m. Shoup for Mer . Marine corps com mandant Are being sent to each of 12.500 manufacturing com Pany presidents and As Many corporate directors. Harold Willens of los an Geles founder of be said the purpose of the mailings is to Survey businessmen s opinions on military spending and deter mine whether or not they Are interested in the movement. Later an attempt May be made to involve them actively. Willens president of factory equipment Supply corp. And a real estate Developer said he fears that huge military budgets Are diminishing the country s i resources weakening the i currency retarding productivity i and denying the nation the funds and energies needed for j Domestic Progress. 1 in his opinion. Willens said one cause of military spending is the alleged threat from an aggressive monolithic comm i nist world. Because of Dissen 1 Sion within communist ranks Willens said he believes the concept no longer is valid. Jilin Narh 715 Ellin ave. German Buffet luncheons served Mon. Thru Fri. Noon to 2 . Foi reservations phone 783-6837 earn 11% interest with secured first mortgage investments write or phone for further details of first mortgage amounts. From to Alice realty Ltd. Mortgage dept. 1777 Portage ave., Winnipeg 12 pm. 888-4746 or 888-8598 u l11s1j.l3. J.11c to our 1o position on the Mark s i being advanced As a test of the Lon i Market. No Borrower is going to Laken in this context the i rates generally Aren t song i Hazard All his commitments in approach to the Market now is to recede until stability is such a lest. Actually the basically a defensive move the restored to the Exchange mar logical Extension of the last sets hopefully by late this increase in Bank rate. It too fall. Was million of new Money can be set aside for refunding. The government with balances of Al most billion has no other measure of Protection against those balances can be mis leading of course. The govern ment does t Issue Matching accounts payable and there could be substantial payments to be made against them. Or there could be new programs in the making. Some of the total represents proceeds from Exchange operations and should be segregated. Accelerated tax payments Are a Factor. The balances Are also susceptible to the liquidation of savings Bonds. In the past five weeks s141 million Worth have been cashed. This represents some acceleration of the usual liquidations although still far Short of the rate last year when Bonds were being cashed for the advantages of higher returns elsewhere. The rate Competition in t particularly intense at this time. Bonds Are being cashed rather As an alternative to borrowing and this process seems Likely to continue Given the continuation of the monetary squeeze. Canadians generally Are spending More and saving lets. That has to be taken into consideration too when looking at government balances. For All that it still looks As if the government has come to the Market now largely in anticipation of the Quebec up Price co. Ltd. And subsidiary companies reports net earnings of 000 or 48 cents a share for the first six months of 1969 com pared with or 32 cents in the corresponding period last year. Sales for the six month period i this year totalled s81.415.000, a gain of or 13 per cent i Over the corresponding 1968 be j t. R. Moore president said the gain in profit resulted from considerably higher operating efficiencies in the newsprint Mills after a period in which three new machines were brought into production. The Outlook for the Price group of companies in the full year of 1969 is Montreal up Robert Morse corp. Ltd. Reports net i operating income of j for the six months ended june for Ings of 4.9 cents compared with 1.3 cents for the first half of last year. The company said increases Are due to Oil and Gas develop ments in Texas. H is also proceeding with Mineral developments in Ontario and Western Canada. Toronto up Rio Algol mines Ltd. Had net earnings of or 47 cents a share for the six Mon til s ended june 30 compared with or 44 cents a share in the similar 1968 period. The company said mining Revenue was slightly lower than a year ago but improved sales in the steel division helped boost profits. Vancouver up net earnings of Endako mines Ltd. During the first half of this year climbed to from in the same period a year ago reports the company. Share earnings were 99 cents up from 79 cents. Net profit for responding period last year. Net earnings per class a share were 87 cents up from 9 cents and for class b were 82 cents up from Zero. The increase stemmed from record first half sales of up 27 per cent from the corresponding 1968 period. Robert Morse Iii president said orders continued to run at a High level and there Are grounds for a Good measure of optimism for the was s3.800.000. An increase Over last year s in the same Quarter. Sales hit during the first six months an increase of s2.000.000. Montreal up the Royal Trust co. Reports a net operating profit of or 67 cents a share for the six months ended june 30 compared with or 62 cents in the corresponding period of 1968. Workmen lower a Complete Gable end into position when demonstrating an Assembly line system for building Homes in Montreal. New Assembly line system slashes housing costs by Boris Miskew Montreal up a Mont real company has come up with a revolutionary Assembly line system in the building of Homes at a saving of Between 15 and 25 per cent in Cost. Tile technique is being demonstrated by system homemakers Ltd. Which open c i an International housing exhibit in suburban Brossard. The exhibit to run until he end of the year was launched wit i the construe Ion of four single family dwellings and a two Storey townhouse in one Day. Eduard Churchill system homemakers chairman said the eight unit townhouse is the first individually designed factory built two Storey Structure Ever constructed. The company formed in 1967, to Helix solve the housing Short age problem is neither a manufacturer nor a bulkier of Homes but rather will Grant a limited number of franchises to firms wanting to set up manufacture i ing facilities to employ the sys i Tern s method. J a franchise hold or will re j quire a capital investment about s2.000.000. Sufficient to a Nuiry Plant and equipment to. Turn out up to five Homes a shift. Or. Churchill former director of installations at expo g7. Said thai North America needs u. 000.000 new Homes immediately and conventional methods can net Ken up with the expected Weinand. It is inconceivable that urgently needed Homes continue to be built with the Carriage Mak techniques of a couture a50 while modern manufacturing plants turn out million of Auto mobiles a or. Churchill said franchise holders should be to build at least 300 Homes to break even and that it would not be economic to try to gear Lor output of anything less. S. Z. Launcr. The company s president said the exhibit was opened to demonstrate How the Assembly line technique of a fac tory can be utilized Success full to manufacture Quality Homes of different styles costing 15 to 25 per cent less than those erected by conventional meth Between eight and 12 building firms from 43 countries have been invited to visit the exhibit where they will see slides taken at intervals during the construction of the Homes on display. Or. Laufer said his com Pany s method does not employ the outmoded prefabricated House building technique. Instead the Syle of each individual Home is selected and specific orders for the various components Are placed at saw Mills and factories. When the pieces arrive at the factory they Are partly assembled and placed aboard huge trailers and a iacued to the site where final Assembly takes place. Air. Laufer said response from building firms is very satisfactory1 and that three franchise options already have been granted. Since it is possible to vary the dimensions of the Walls floor ceiling and roof panels As Well As the exterior and finishing materials he said an almost unlimited assortment of houses is possible within the Frame work of the system. This tailor made approach will not Only attract potential buyers but make it possible for the franchise holders to meet various municipal building Reg would be most constructive to the Market. Both went immediately to a Premium. Nothing so hearkens the mar Ket As a successful Issue. It becomes immeasurably easier for the government to bring in the next one. It has t always recognized this. It was t so Long ago that two issues had to be reduced because they simply weren t being taken up. The Market had lost Confidence in the government to control its spending. Much of that Confidence has since been restored. The last budget contributed consider ably to the process. There now seems a recognition in the Market that the government is finally determined to accept fiscal discipline a recognition that is strengthened by prime minister Trudeau s willingness to look for savings in such i programs As welfare. J still there is that hurdle to i leap in september when a new i crisis will have broken in the j Exchange markets. The Mark is under valued the franc and. Sterling Over valued. All three currencies have to be brought i i into new alignment before any lasting stability can be achieved. All thai can be in med lately done is to prepare for it As the government seems now to be Meyer managing de Tor of ;