The Gazette from Montreal, Quebec, Canada • 11

1 The GAZETTE, Montreal, Thur, May 4, 1972 11 1 Sinclair new Canadian Pacific chief i jr NT. J. B. DONALDSON V. J.

HOUSEZ By PATRICK DURRANT of Thi Cazotto Canadian Pacific Montreal, earned $13.5 million, equal to 17 cents per ordinary share, in the first quarter 1972, shareholders were told nt yesterday's annual meeting. This compares with $11.2 million, or 14 cents per share, before extraordinary items in the same period last year. Including these extraordinary items the bulk of which comprised a net gain of $1.8 million on sale of land in Vancouver CP's first quarter 1971 earnings were $13.4 million or 17 cents per share. Ian D. Sinclair who was named as chairman and chief executive officer yesterday, succeeding Norris R.

Crump said that full year 1972 earnings are expected to surpass 1971 results by more than the 10 per cent. On this basis, CP could be expected to earn upwards of $1.03 per share this year, excluding extraordinary gains. Net railway earnings of $7.2 million were $238,000 higher than in the first quarter last it, Sinclair said, and a basic framework for the future has been established. BRIEF ADDRESS In a brief address to shareholders, Crump described his career with CP as "exciting and rewarding." Sinclair noted that formal recognition of Crump's service to the business community and Canada as a whole came earlier this year when he was invested with the insignia of a Companion of the Order of Canada, "for outstanding merit of the highest degree." Following the meeting, the board of directors elected Frederick S. Burbidge as president of the company, succeeding Sinclair.

Burbidge, 53, was born in Winnipeg, where he graduated from the Manitoba Law School and was called to the Manitoba Bar in 1946. He joined CP's law department in 1947, becoming assistant general counsel in 1960. He subsequently held executive positions in the traffic, rail administration and marketing and sales departments. In May, 1971 he was named senior executive officer, CP Rail, and vice-president of Canadian Pacific. A shareholder asked what CP planned to do as a result of the Supreme Court of Canada ruling that upset a Canadian Transport Commission decision rejecting an application by the Kootenay and Elk Railway to transport coal from the southeastern British Columbia fields.

year. Freight revenues were up eight per cent, but were substantially below the level expected for the latest quarter. CAR SHORTAGES Sinclair said that heavy snowfalls and avalanches in the Rockies disrupted traffic movements and created car shortages across the system. The adverse effect of this on net revenues was offset to some extent by inclusion in revenues of one-quarter of amounts received from the federal government in March. These amounts represent partial compensation for the excess of claims over the amounts already received in 1970 and 1971 for unprofitable passenger train services and branch lines, Sinclair said.

Container ship operations were better than a year ago and the discontinuance of steamship passenger service also contributed to improved results. Telecommunications' earnings recovered well from the low 1971 level, Sinclair said, while CP Air was able to reduce its loss for the quarter despite the adverse effects of the air traffic controllers' strike in January. Net income of CP Investments Ltd. amounted to $10 million, 25 per cent more than a year earlier. Sinclair reported that the increase was attributable largely to strong demand and improved prices for logs and lumber, gains in real estate operations, better prices for lead and zinc and increased oil and gas production.

Standard Brands Limited appointments F. Ross Johnson, president and chief operating officer of Standard Brands Limited, is pleased to announce the following executive appointments: Vern J. Housez is appointed vice-president and general manager, grocery Prior to joining the company Mr. Housez was general manager of Ontario stores for a nationally known major retailer. Mr.

Housez is a graduate of the University of British Columbia. C. Marc Robert is appointed vice-president and general manager, confectionery division. Until his appointment, Mr. Robert was group executive vice-president of Standard Brands Limited.

Mr. Robert is a graduate of the University of Montreal. J. Boyce Donaldson is appointed vice-president and general manager, bakery and food services division. Mf.

Donaldson was previously vice-president, company services. Mr. Donaldson is a graduate of the University of Syracuse. Messrs. Housez, Robert and Donaldson each have complete responsibility for production, sales and marketing of products within their respective divisions.

They are located at the company's executive offices in Montreal. Trading highlights Viet truce denial nips C. M. ROBERT indicator had lost 18.97 points in the two previous sessions. On the local market the industrial average slipped from a mid-day gain of 0.66 to close 0.73 lower at 201.56.

Individual locses topped gains by about two to one. Falconbridge, which edged up Vi in the previous session, resumed its recent decline and closed with a loss of lVb at 80. The stock has lost 17 points jn the last 10 sessions and is now at only slightly more than half its high last year of 155. 1 The big nickel producer on Tuesday reported a first-' quarter loss of $36,000, exclud ing a special gam of ,000, as compared with a "profit of $3,922,000 in the comparable 1971 period. International Nickel, the third most active senior stock, dropped 'to'31 as nearly 25,000 shares changed' hands.

Guaranty Trust and Inter. 'Utilities lost each, and 55 Utilities 55.86 55.09 55.43 0.05 500 Stocks 107.24 105.44 105.99 0.09 N.Y.S.E. Official Indices Close Change Composite (all stocks) 59.00 0.121 Industrial (all industrial) 64.17 Transportation (76 issues) 52.33 Utility (136 issues) 37.22 0.04 Finance (76 issues) 78.48 0.48 N.Y. Leaders Vol. Close Change Am.

Motors 337,600 8V4 Vfc Sperrv Rand 229,200 35V 1 Gulf Oil 176,800 25Vi I voided But he said "it must be admitted" that important facts that were known to the complainant were not given him. Among these facts, he said, was that there had been a lengthy investigation, still in progress, carried out by the Quebec department of financial institutions into the securities market and Pan American Mines in particular. "Had I been informed of this investigation," he said, "and of its nature I would definitely have examined the complainant under oath before signing the warrants." Pacific Pete, Simpsons and Dome Pete BERNCAM ACTIVE Berncam, the volume leader, stood out among the winners with a rise of Vt to lWz on 38,300 shares. Canadian Pacific moved up to 14 in a turnover of more than 20,000 shares. The company expects to chalk up an earnings gain of 10 per cent or more this year, the annual meeting was told yesterday.

Dominion Stores, which took a drop of in the previous session, bounced back for a gain of at 15Vi. Credit Foncier also added while Molson Financial Collection and Brascan tacked on gains of Placer edged up Vi to 40 in fairly brisk dealings, helped by the company's report of sharply higher first-quarter earnings and its boost in the quarterly dividend to 20 cents from 15. Cdn. Pacific KAPS Transport Brascan AC Ltd. 23,826 23,455 23,339 18,949 16,280 15,655 14,208 12,950 12,500 14 10 23' 19 634 31 30'4 5V Pembina Pipe 'A' Steel Canada' Ve '4 Cadillac Dev.

'a Trends Leaders rally The bond market was quiet with prices steady to a shade softer. The new $15 million Roymor issue was reported moving quite well. The Pro vine of New Brunswick has filed with the Securities Exchange Commission in Washington for the proposed offering, of $35 million of sinking fund debentures due in 1997. It was erroneously reported here in Wednesday's edition that Nova Scotia had filed for the issue. CFCM-TV CKMI-TV appointment The appointment of Rudy C.

Stefanik as general sales manager responsible for national and local sales of CFCM-TV (Teie4), the popular French channel in Quebec City, and CKMI-TV (Tele-5), Quebec City's only English channel, is announced by France For-tin, vice-presidentoperations of Tele-Capitale Ltee. Born and educated in Montreal, Mr. Stefanik had broad experience in the sales field prior to joining CFCM-TV and CKMI-TV in 1962. He has been local sales manager since 1965, demonstrating outstanding organization ability and a flair for innovation. Last year he was named chairman of the retail advisory committee of TvB Television Bureau of Canada.

Mr. Stefanik's enthusiasm, and experience in dealing with all aspects cf television advertising, combined with his awareness of the present and potential market in the greater Quebec area, give him a solid background to service both clients and agencies on a national as well as a local basis Mis RUDY C. STEFANIK 'l By NORMAN CLARKE of The Gazette The stock markets made an encouraging stab at pulling out of their current slump yesterday, but the; effort failed. Prices pushed upward quite vigorously during the forenoon, sparked by a report in the Paris newspaper France-Soir that the U.S., in secret talks with North Vietnam had proposed, a seven-day truce in the Vietnam war. The.

upswing soon fizzled, however, when the state department issued a state ment saying the report was: "totally without foundation fact," The worsening military 'situation in Vietnam has received most of the blame for the recent market weakness. At New: York the Dow Jones industrial index to a noon gain of 8.51 points, but then went into a slide that left it with a loss of 1.73 at 933.47 at the bell. The Montreal Averages I 5 13 7 8 85 Indus. Utils. Banks Paper Ccmo.

Change 1.97 0.26 Close 201.M 142.86 263.35 84.52 200.74' 1972 H. 210.41 167.20 277.17 91.45 207.48! 1972 L. 187.56 156.26 227.56 81.35 185.12. Montreal Volume Wednesday 1,716,000 Tuesday 1,615,000 Montreal Summary Wed.Tue.Mon.Frl. issues iraaea Advances Declines Unchanged New 1972 hiqhs New 1972 lows 325 331 317 333 152 168 158 111 Montreal Leaders vol.

tiose cnange Berncam 38,300 10V2 Simpsons 25 Inter. Nickel 24,873 31 'A Cdn. Pacific 20,045 14Vi Brascan 23Va Power Corp. "7,660 9 A lean 7,506 21 V2, unch. unch.

Whiterock (c) 6,200 490 Hiram Walker Genstar 5.941 42 5,700. 14 Vi Mines Oils (Quoted In cents): Williams Creek 207,191 111 4 St. Lucie 129,800 84 15 Pacific Nickel 98,700 60 2 Monteagle 82,900 92 2 Int. Norvalie 69,000 19 4 N.Y. Averages (Standard Poor) Hiqh Low Close Ch'ge.

425 Industrials 119.51 117.48 20 Railroads 45.54 44.82 45.08 0.01 J. L. LACHANCE fc': s- 78 75 78 1251U.S. 95 88 81 97! 12 12 21 48 30 43 41 Eckersley By LEON LEVINSON of The Gazette The arrest warrants issued here last month against Howard Eckersley and Floyd R. Bleak were annulled yesterday by Municipal Judge Herman Primeau, who originally authorized them.

Eckersley and Bleak, both :U.S. residents, are president and vice-president respectively of Pan American Mines Ltd. Judge Primeau annulled the warrants based on private complaints alleging a $260,000 fraud, on the grounds that he had issued them on insufficient information provided by Complainant. Albert Du-puis. He pointed out that the warrants had not yet been.

McNaughton Andrew R. L. McNaughton is seeking $25,000 damages from the Quebec government, alleging that he was wrongfully, accused of forgery and fraud in connection with Pan American Mines Ltd. shares. He is free on bail of $100,000 awaiting preliminary hearing on four counts alleging a $5,000,000 fraud effected by forgery of share certificates.

Charged with him in the complaints laid in January are Stephen I. Schwartz, a securities salesman, and Patrick Brawley, general manager of the company, against whom extradition proceedings have been started in Arizona. McNaughton, who describes Hearing put off A special meeting yesterday of the Canadian Stock Exchange board of management to consider the results of an investigation into the affairs of Holland, Andrews, Perrier Co. Ltd. was adjourned until May 31 at the request of the firm's -lawyer.

An exchange spokesman said that some discussion took place at the session yesterday, but that nothing could be disclosed until the meeting is concluded. GEORGE J. KNEELAND St, Regis Paper Company George J. Kneeland was recently elected chairman of the board and chief executive officer of St. Regis Paper Company, New York.

St. Regis has a wholly-owned subsidiary, St. Regis Paper Co. of Canada, headquartered in Montreal, and also has another wholly-owned subsidiary, Northwestern Pulp Power Hinton, Alberta which operates a 55-ton-a-day pulp mill at' that -location. Mr.

Kneeland, newly elected chairman of the board and chief executive officer, was formerly vice-chairman of the board for finance and administration, a position he assumed in April, 1971. He has been associated with St. Regis since 1939 and has had broad experience in many phases of manufacturing and administration. He was named assistant vice-president in 1957, vice-president in 1963, executive vice-president in 1969, vice-chairman of the board in 1971 and was elected a direc-. tor in January, 1971.

Local man heads Intelsat WASHINGTON (CP) -Ernest Eliasen of Montreal has been elected chairman of the governing body of Intelsat the International Telecommunications Satellite Consortium it was announced here yesterday. Monday to Friday IAN D. SINCLAIR Framework set Commenting on Crump's retirement after more than 50 years service with CP, Sinclair noted that the forrner chairman will remain on the company's board of directors. "The years of Mr. Crump's leadership of Canadian Pacific have coincided with a period of remarkable growth in Canada," Sinclair said.

"Under Mr. Crump's leadership a solid foundation has been laid and farsighted planning undertaken for the future progress of CP," he added. The fundamental changes involved 'in CP's diversification program are now behind warrant executed and he saw nothing in the Criminal Code which seemed to prevent him from annulling them under the In his judgment on the petition by counsel for the accused to annul the warrants, Judge Primeau said that while he had decided to grant the petition he would require Dupuis, who signed the complaints, to appear before him prepared to pro vide testimony in support of them. He said that he did not want to suggest that Dupuis a large shareholder and former Pan American, Mines vice-president and his counsel Mortimer Constan-tine, had "deliberately misinformed him" when he issued the warrants. sues Quebec himself in his Superior Court action as a business and engineering consultant, gives his residence as "near Tijuana, Mexico." He submits in his action that the issuance of the arrest warrant against him at the instance of the Quebec department of financial institutions and companies, has caused damages to his reputation and interests of "well in excess of $1,000,000, and increasing with every day that charges remain in effect." MONT TREMBLANT, P.

Q. -CANADA Year round Early Canadian village type resort IDEAL for conventions of 10 to 300 people Tel. 819-425-2711 Mil, 861-6165 SYSTEMS GVPSum .....74,600 30 IV3 Gulf Sta. Ut. 166,600 19V Sfe Am.

Tel. Tel. 129,200 42 Va Itrst 114,900 407 3 Gen. Motors 114,000 77 unch. Mines Oils (Quoted in cents): Brunswick Mng.

27,064 415 Acme Gas 25,500 43V'2 Ang. Un. Dev. 23,400 132 Chesterville Mines 21,000 12'j Camfio Mines 17,550 385 10 Vi 2 Vi 5 N.Y. Averages (Dow Jones) Open High Low Close Ch'oe.

30 Indus. 934.60 947.32 927.90 933.47 1.73 20 Trans. 253.77 256.58 251.99 253.20 1.32 15 Utils. 109.76 110.33 109.09 109.50 0.35 65 Stocks 318.77 322.46 316.56 318.23 0.99 30 Ind. 20 Trn.

15 Util. 65 Sfks. 1971-72 H. 968.92 275.71 234.01 333.74 1971 72 L. 797.98 169.70 108.48 270.18 N.Y.

Volume Wednesday Tuesday 15,900,000 15,370,000 N.Y. Summary Wed.Tue.Mon.Frl. Issues traded 1,752 1,762 1,745 1,742 Advances 505 501 403 831 Inter. Nickel 111,800 31'A Dieooid 108.6JO 43'a 2Vb Toronto Averages 156 12 Indus. Golds 29 is Base M.

W.Oii "Ifhannft 10 a in TiiiDeclines 918 980 1,060 586 Unchanged J29 281 282 325 1972 highs you're driving a rusted wreck that's ready for the scrap heap? Vi r'iSl Close 197.29 781.54 1972 H. 204.63 .188.39 98.31 232.38 TO, I lL.7f 1972 L. 181.66 140.58 79.15 211.23, Toronto Volume Wednesday 1,746,000 Tuesday 1,864,000 Toronto Summary Wed.Tue.Mon.Frl Issues traded 761 805 750 Advances 223 180 191 Declines 284 359 317 Unchanged 254 266 242 New 1972 highs 12 16 29 New 1972 lows 26 31 15 2571 36! "I Toronto Leaders Inter. Nickel Vol. Close Change 36,924 31 G.

F. EDGETT 283! 12 21 24 97 new iy2 lows 101 102 London Financial Times Average May 3 2 1 Apr.28 27 Com.sh. 535.3 S36.7 540.3 531.4 533.3 1971-72 High 540.3 1971-72 Low 305.31 W. M. RAY fr i '-r If Better get rid of it before it gets rid of you.

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Inquire today. Call, write or apply. St. Lawrence Stevedoring Co. Ltd.

Colin W. Webster, chairman of the board, St. Lawrence Stevedoring Co. Ltd. announces the election of J.

L. Lachance as president of the company replacing L. Stuart Webster, who is retiring after 43 years of active service. L. Stuart Webster will continue to serve as vice-chairman of the company and will also remain president of St.

Lawrence Stevedoring (Western) Co. which operates under the name of Seaway Terminals in the Great Lakes area. Mr. Lachance has been associated with stevedoring activities for the past 25 years, latterly as vice-president of St, Lawrence Stevedoring Co. Ltd.

responsible for company operations in the Quebec City area. A graduate of Lava! University he is also president of SAS3 Inc. and of St. Lawrence Tankers Limited, and a director of the Compagnie d'Assurance du Quebec Mr. Lachance is pleased, in turn, to confirm the position of G.

F. (Fred) Edgett as vice-president responsible for operations in the Montreal area. Well known in stevedoring and traffic circles. Mr. ii also executive vice-president of Sorel Dock Stevedoring Co.

Lt Mr. Lachance also announces fee appointment of William (Bill) Ray to the position of vice-president, responsible for company operations in the Quebec City area (Quebec and Chicsuiirai). A graduate of the University of New Brunswick, Mr. Ray is also highly experienced in all phases of the stevedoring industry. Come onoverand you'll see that Well get along fine together! LPS Montreal, 878-2S21, Floor PLACE EOWAVENTURE LPS Quebec, 529-0331, 4th Floor S0C, GRANDE ALLEE EAST THE MONTREAL CITY AND DISTRICT SAVINGS BANK Dhritfont of: LANGUAGE -POWER Institutions rscognizedby the Department of Education open til 6 p.nt,.