Edmonton Journal from Edmonton, Alberta, Canada • 13

-PACI THIRTEEN. -THI I0M0NTON JOURNAL, THURSDAY, SEPTEMBER 11, ItSI BULLOCH'S LIMITED Burmen Commentary Manitoba Grain Harvest Delayed WINNIPEG (CP) Two weeks of dry, warm weather Is needed to harvest the bulk of the remaining crop In Manitoba, the provincial department of Stakes In Marine Salvage Can Mount Into Millions Coalition Forms Oil Service Firm A new Canadian oil well service company has been formed by the coalition of two Alberta firms. Thorson Oilfield Cementing, and Strata Testers, both with if Policy Of Isolation ore-carrier Cosmic. Marine Superintendent Captain Reginald Fcathcrstone, a Royal Navy-trained salvage expert, ordered $2,225,000 worth of equipment and 100 men into the Job, the company's only Job so far this year. The Cosmic, biggest ship ever to ground on Canada's Atlantic "Impossible11 In Oi 'fx.

i arw '(. 1 Ji 1 the discovery hole is one mile south of the Union Red Earth wildcat abandonment, l'i miles north-northwest of the Union Red Earth dry hole, and 6 'A a T. DONALD BULLOCH agriculture said In Its weekly crop report. Little harvesting was done In the last two weeks due to general rains over the entire province following hot, dry weather during mid-August which advanced the harvest and prematurely rip ened grain in some sections. A bright spot in the report was that yields are surprisingly good in most districts.

Average yields expected are: wheat 19.9 bushels an acre, oata 31.6, barley 24.6, fall rye 15.7, and flax 7.8. The report also said bulk of the wheat marketed to date has graded No. 2 and 3 northern. A marked reduction In weight a bushel and bleaching of the grain following the unsatisfactory harvesting weather tended to lower the grades. Oats is of good quality and satisfactory grade.

The quality of barley ia the highest for the last five or six years. Little flax has been threshed but indications are that the quality will be satisfactory. The Board of Directors of Bulloch's Limited announces the appointment of T. Donald Bulloch as President and General Manager, and Donald J. McDonald as Vice-President.

Donald Bulloch succeeds his father, the late T. Harry Bulloch, who was founder of the firm and president since 1948. Advt. Public Bond Financing '58, Jumps One Billion Dollar Premium Falls; Good For Exporters headquarters in Edmonton, and a leading United States serv ice company, BJ Service, Inc. The new firm will be known as BJ Service of Canada Ltd.

Announcement of the new Canadian operation was made jointly by George M. Davis, Edmonton, president of the new firm, and John B. Merriit, executive vice-president and general manager of BJ Service, Long Beach, California. BJ Service is a Borg-Warner subsidiary. Administrative offices will be in Edmonton, with field stations in oil and gas producing areas.

Mr. Davis, an executive in Canadian well servicing operations since 1952, was born and educated in Edmonton. He is a veteran of the RCAF. A. E.

Thorson, former president of the -firm bearing his name, will be vice-president in charge of the cementing division. Murray Varty, form er president of Strata Testers, will be vice-president in charge of the testing division. Mr. Thorson was born and educat ed in Okotoks. He is a director of the board of governors of the Edmonton Petroleum Club.

Mr. Varty is a native of Provost, Alta. He has been president of Strata Testers since 1956. Producers Drop Copper Deal Plan LONDON (AP) World copper trading countries have dropped negotiations for a price-stabilizing copper commodity agreement. 1 A statement Issued at the conclusion of a three-day United Nations conference of copper con sumers and producers said that no action would be required at this time because the copper situation seemed to be Improving.

July Wheat Flour Production Gains OTTAWA (CF)-Production of wheat In the 1957-58 crop year ended July 31 increased eight per cent to 40,821.000 hundredweight from 37,623,000 for the 1956-57 crop, the bureau of statistics reported today. July output increased two per cent to 3,080,000 hundredweight from last July's total of 3,021,000, while July exports amounted to 1.271,000 compared to 1,701,000 in June. TORONTO Canadian government, provincial, municipal and corporation public bond financing in August totalled $3,855,000 compared with $40,016,500 in August, 1957, according to figures compiled by Wood, Gundy Company Limited. Total Canadian public bond financing during the first eight months of this year amounted to $2.1 compared with $1,416,177,420 for the same period last The Government of Canada conversion loan of 1958, announced in the middle of July, will continue until the middle of September. There are no figures available for the amounts in each maturity.

Provincial direct and guaranteed financing during August consisted of two Issues under two years In term amounting to $50,000,000. The Quebgc Hydros-Electric Power Commission guaranteed by the Province of Quebec sold a total of $30,000,000 of 2 deben tures in four maturities, due in 1959 and 1960. The Pacific Great Eastern Railway Company, guaranteed by the Prov Discussing the proposed, conversion of the Montreal refining market from foreign to domestic supply, an editorial In Oil In Canada asserts, "Isolation as a calculated policy of operating the petroleum Industry In any country of the modern world Is Impossible." The editorial further states, "There Is a vast difference between national policy, designed to encourage the most economic development of basic extractive Industries, and regional policy, which may be designed to cover up deficiencies by providing subsidies or other artificial stimulants." With competition for the U.S. oil Import market expected to Increase greatly over the next 20 years, the editorial calls for a Canadian petroleum policy which will be "directed towards enlarging our natural economic markets In the United States deficiency areas, even If we have to continue for a few years to concede some of our own eastern area markets to other producing countries which can supply them more economically than we can ourselves." Union Oil of California reports that one of its exploratory tests In the Red Earth Creek region about 85, miles northeast of Peace River has uncovered a new oil zone for the area. Oilmen rate It as one of the most significant oil discoveries In western Canada in many months.

Oil was found In the Middle Devonian-Slave Point section which gained initial prominence recently In the Virginia Hills -Swan Hills-Kaybob regions, the closest of which Is 120 miles south. Set up as a test of the Granite Wash horizon, the ven ture was carried Into that structure, but after finding It water -laden, a test of the Slave Point was attempted and discovery Indicated, with a pipe recovery of 310 feet of heavily oil-cut mud and 1,410 feet of clean oil. Drilled on lsd 4-20-88-8w5, TRAVEL GUIDE Civtrt 25,000 miles if principally traveled highways in thi 28 Western and Southern States, and peints in Canada. Show mi let between towns nd total mileage bttwttn Itrgsr cities. Covert highways to til principal points of interest, including National Parks.

Explains how certain members of Best Western will honor Credit Cards In payment of room, Contains list of first class Motor Hotels, Lodges, Inns, and Motels. Explains how to make Guaranteed Reservations for your next night's stop. Tier MiOTance el the best mteit fir FREE copy if this valuable Travel Guide, write ti: leek fir I BY IAN DONALDSON Canadian Press Staff Writer HALIFAX (CP) Stakes run into the millions when Foundation Maritime Limited sends its tugs into a salvage gamble against hostile seas and whimsical weather, Yet Foundation's marine division, the only deep-sea salvage company on Canada's East Coast, seldom loses a battle with the elements In saving a foundering ship. Now In Its 30th year, Foundation has saved about 500 ships from Atlantic graves. They totalled about 2,800,000 tons.

The Foundation Company of Canada subsidiary enters a "no cure no pay" agreement when It answers a ship's distress signal, and the normal contract calls for safe delivery of the ship to port. Failure means no payment. "It's all a admits President ard General Manager A. G. Sullivan.

JULY SAW RIG RISK Foundation's biggest risk came in July when the company rescued the grounded 29,500 ton Some federal authorities believe that many Canadian municipalities, provincial bodies and other steady borrowers may be holding off from the money market until the federal government's $6,400,000,000 conversion bond offering is completed next Monday. Banking officials said very little large scale borrowing has taken place in the last 10 days. Once the conversion bond campaign Is mopped up, new offerings may emerge. PREMIUM MAY VANISH Unless there is a sharp upswing in foreign investment in Canada, the premium on the Canadian dollar may remain low or disappear altogether. Meanwhile, Canadian exporters, who have repeatedly urged the government to do something about the high premium, can breathe easier.

The official price of gold is fixed at $35 an ounce in U. S. funds. Last year the gold industry got about $33.20 an ounce; now they may get about $34.30. The price of wheat also fluctua tes with the exchange rate.

As the premium goes down, the price of wheat in Canadian dollars tends to rise. This means a difference of only a few cents on a bushel of wheat, but it can mean a lot when linked to ex ports running to more than bushels a year. PM Supports Provincial Bills WINNIPEG (CP) Prime Minister Diefenbaker said Wednesday that any provincial legislation complementary the proposed federal bill of rights would be all to the good. Mr. Diefenbaker stopped here while flying to Prince Albert for a rest and to visit his constituents.

He was asked by a reporter at the airport whether he thought provincial civil rights leg islation was desirable. Such legislation has been mentioned by Premier Frost of Ontario and Premier Roblin of Manitoba. Mr. Diefenbaker said the first step forward in the civil rights field was for the federal government to "clear Its own doorstep" with the 'federal bill. 'If people want to continue along that line so much the better," he said.

DIVIDENDS DECLARED Toronto Savings and Loan Com pany 25 cents Oct. 3, record Sept. 19. Canada Bread Co. Ltd.

class pfd. 624 cents Oct. 1, record Sept. 18. Central Canada Investments Ltd.

com. 23 cents Oct. 1, record Sept. 24, pfd. $2.50 Jan.

2, record Dec. 19. Modern Containers Ltd. class A 25 cents Oct. 1, record Sept.

19. N. Slater Co. Ltd. com.

25 cents Nov. 3, record Oct. 10, pfd. 53 cents Oct. 13.

record Sept. 26. Bowater Paper Corp. Ltd. 4Va per cent of one pound sterling Oct.

31, record Sept. 16. Campbell Red Lake Mines Ltd. 7V4 cents Oct. 28, record Sept.

25. Twin City Rapid Transit Com pany 30 cents Oct. 2, record Sept. 19, pfd. 62 cents Oct.

1, record Sept. 19. seaboard, was stuck and ripped open on a rock shelf near the Magdalen Islands in the Gulf of St. Lawrence, For 11 days, two huge Foundation cranes scooped and dumped 14,000 tons of ore from the Cosmic to lighten her. The ship's hollow sides were pumped full of compressed air, and a flotilla of tugs, headed by the powerful Foundation Vigilant and Foundation Josephine pulled her free.

As the Cosmic slithered off the rock, gale winds threw one of Foundation's cranes against the side of the huge carrier. "If the Cosmic had sunk then and there," Capt. Featherstone said, "we'd have been out of luck." LLOYDS DO CONTRACT The contract is drawn up by Lloyds of London, whose arbiters determine the amount to go to the salvager. Mr. Sullivan said the company's efforts and the amount cf equipment it used are considered when the reward is decided.

The salvage award for the Cosmic Job is still underter-m'ined. Compny President F. G. Rut-ley of Montreal says competition from other operators, hazards of sea and weather, and the long period between completion of the job and collection of the award are among salvage companies' major headaches. Mr.

Sullivan said company tugs spend long idle periods between jobs. The Cosmic was its first contract this year. There has been none since. Dividend Index Tops 1956 Level The index of dividend pay ments which is compiled by Nesbltt, Thomson and Corn-pay Limited, increased to 309.6 in September from the previous month's figure of 309.3. The index is designed to measure the general trend of dividend payments of industrial, mining, commercial, utility and banking companies.

1958 1957 1956 Jan. 317.2 321.9 288.1 Feb 317.3 324.7 291.3 March 317.2 325.5 292.7 April 316.4 326 294.5 May 311.1 329.9 297 June 310.2 328.4 301.5 July 308.8 327.8 301.8 Aug. 309.3 326.2 303.4 Sept. 309.6 326.7 307.8 Oct 326.6 312.5 Nov. 323.3 312.6 Dec.

317.6 316.4 Huge Sears 4 Issue Much Oversubscribed NEW YORK (AP) The $350 000,000 of Sears, Roebuck and Company debentures, biggest un derwrftten debt Issue oL a major United States corporation, has been oversubscribed. Flotation of the gigantic issue constituted a pivotal test of the capital markets which have been in tough shape recently. The debenture 434s were priced at par to yield 4.75 per cent. Dealers reported many big customers liquidated some of their goveraiT.ert bond holdings to buy into the Sears issue. TJ.S.-EGYPTIAN TALKS CAIRO (AP) President Nasser conferred with U.S.

Ambassador Raymond Hare Wednesday. The meeting was at Hare's request. Both sides declined to comment. Large Organization Building NHA Houses Requires man capable of negotiating contracts rfith sub-trades and co-ordinating field operations with home office requirements. Apply stating age, experience and salary required to Box Journal, EXPERIENCED INSURANCE ADJUSTER Desires same or allied position Oct.

1st Box 100 Journal INTERESTED IN PURCHASE or financing of Industrial properties, income, acreage, will build for lease-back. Principals only. Particulars first letter, strictest confidence BOX 60 JOURNAL 1 miles north of the initial Granite Wash oil discovery In the region. The Slave Point sector was topped at 4,184 feet, while the Granite Wash zone Was contacted at 4,680 feet. The strike was made on a petroleum and natural gas reservation issued to Union Oil Feb.

2, 1955. Brinkerhoff Drilling has Joined with Canadian Superior Oil of California for a development test In the Joffre area 14 miles east of Red Deer on the southern tip of the Joffre field. Located on lsd 15-l-38-25w4, the well will be drilled as a test of the Viking Sand formation on acreage acquired under a farmout agreement with Canadian Superior. Details of the agreement were not dis closed. Nearest Viking Sand oil suc cess in the Joffre field Is three-quarters of a mile west, while the B-A CPR Large No.

2 Viking Sand oil discovery, drilled In 1956, Is two miles southeast. Drilling operations at the well, which is expected to be taken to a completion depth of approximately 4,700 feet, are scheduled to begin in 10 days. Canadian refineries consumed less crude oil In July and the first seven months of 1958 than In the correspondine 1957 periods, the federal bureau of, statistics reported Wednesday. July consumption fell 1.8 Der cent to 21,978,449 barrels from 22,381,188 in July, 1957, while consumption In the seven-month period dropped 3.6 per cent to 135,276,144 barrels from 140,343,385. Household Grows In Average Size OTTAWA (CP) Canadian families became bigger between 1951 and 1956.

The bureau of statistics said to day the rise in the average fanv ily size In this period to 3.8 per sons from 3.7 indicates a rever sal of a trend of many years There was a sharp increase in the number of families with two to five children and a proportion ate decrease la families with no children or only one child at home. Largest families were In New foundland and the smallest in British Columbia. FIFI BECOMES TAME MIAMI, Fla. AP) The weather bureau-Wednesday pronounced tropical storm Ftfi no threat to the mainland and "pretty much of a flop." Highest winds were an estimated 50 to 55 Fifi is 450 miles southwest of Bermuda in the open Atlantic. ARREST 220 ALGERIANS PARIS (Reuters) Nationwide police raids Wednesday resulted In the arrest of 220 Important members of the Insurgent Algerian National Liberation Front, the Interior ministry said.

OFFICE SPACE Top and lower floor New modern 50 ft. 150 ft. IMPERIAL LUMBER BUILDING, 10018 105 St. Forced air conditioned, divided into large and smaller offices, fluorescent lighting throughout, water, heat, Janitor sup- filled. Presently occupied by tomlnlon Government Department.

Available Sept. 30. Pbone 43131 LET Qrivate iri Donald j. Mcdonald ince of British Columbia, sold a total of $20,000,000 of 2 debentures due November 15, 1959, and March 15. 1960.

Canadian municipal bond financing during August totalled $1,355,000 and consisted of two Ontario municipal Issues amounting to $86,000 and 13 Quebec and Maritime issues totalling $1,269,000. There was a total of $15,116,500 municipal issues sold during the same month last year. New corporation bond financing during August, consisted of one issue of $2,500,000 Holt, Renfrew Co. The total in this category during August, 1957, amounted to $22,250,000 and the total for the first eight months of 1957 was $576,375,000 compared with $615,240,000 for the same period this year. AVAILABLE DIAIEDIATELY 1400 sq.

ft. office and warehouse space for lease or sublet. Ideal location 104 Street -South Side, Phone 338715 OHM HOUSf 6 9 MIAMTtT i wn mm rrTTTHr rT-" i 5P7 AC 0t THIS SENSATIOflA OTTAWA (CP) The premium on the Canadian dollar has dropped to a 19 month low, a shifting pattern that has brought more elation than concern to federal quarters. "The drop is advantageous for our exports," said Trade Minister Churchill in an interview. "It will be particularly welcomed by western farmers in view of the large overseas shipments of Canadian wheat.

Other federal officials said the decline to a premium above the U. S. dollar of less than two cents comDared with a peak of six cents a year ago also will bring more money to Canadian gold shlDDers and exporters of nun dreds of other products that make up Canada's ,000 ,000, 000-a-year export trade. However It could conceivably add oressure on rising consumer prices, adding to the cost of some Imports. Imports have eased during the last few months from last year's record pace.

WAS $1.06 LAST YEAR Federal experts have long described the premium strength of the Canadian dollar as a reflec tion of world confidence in the Canadian economy. In August last year, for example, it took $1.06 In American money to buy $1 Canadian. Now the Americans can buy $1 Canadian for slightly less than S1.02. Behind this decline, officials said, lies a story of shifting pat terns of Investment, the recession shifting Canada-United States Interest rates and oddly enough the Canadian conversion loan. The flow of foreign Investments Into Canada this year has de clined from the 1957 peak, partly because of the recession and par tly because of stiffening Interest rates In the U.

perhaps discouraging some Canadian borrowers from the New York market. Court To Study Sunday Sports TORONTO (CP) The legality of Vancouver's city sports law, which permits organized Sunday games, is to be challenged In the Supreme Court of Canada. The Lord's Day AEiance executive met Wednesday and lay president Dr. H. L.

Pottle said an appeal will be filed against British Columbia court ruling that the law Is valid. After the law was approved by city council, the B. C. legislature made it a provincial statute, he said. The Court of Appeal of British rniumhia had uoheld Us validity against Lord's Day Alliance pro tests by a 3-2 majority.

"The point at issue Is whether a provincial court has power to enact statute which in effect countermands a federal statute," Dr. Pottle said. He declined further comment. Russian Leads Chess Contest PORTOREZ, Yugoslavia (AP) Mihal Talj of Russia emerged Wednesday as the top player in the International chess tournament. The Soviet champion drew with international master James Sher- win In a last-round game to fin ish the tournament with 13.5 points.

Argentina Hector Rossewo oe- feated Canadian international master Geza Fuster of Toronto. Fuster Is In last place with two points. Bobby Fischer, 15 year old American chess champion from New York drew with Yugoslav in-and master Svetozar Grieovic. That left Grigovlc In second place In the final standings with 13 points, while Fischer held fifth place at least temporarily with a final score of 12 points. Some matches were adjourned until today.

FRENCH REDS BOMBED MARSEILLES, France (Reuters) A bomb exploded Tuesday night outside French Communist party offices here for the second time in 24 hours, police said Wednesday. The building was only slightiy damaged and no oce was hurt. INDUSTRIAL (AMPS roR REST OR SALE aitwrta Trailer Fairs Ltd. 1 t. soa Klnrsway Phone WASHER and DRYER SPECIAL WASHER, regularly $369.00 DRYER, regularly $279.00 Regular Price BOTH FOR ONLY mm I CAREER OPPORTUNITY A large well established western firm Invites an application from an active, responsible, mature man with sales background.

The man selected could continue to reside in Edmonton but would be required to travel throughout Northern Alberta. Applications should contain full particulars on past experience, family status and club affiliations, present employment (the man we want is certainly employed now), and salary range desired. Respond to BOX 91 JOURNAL Plus Your Trade In it Look at These Features: REQUIRED Junior Petroleum Engineer Recent Graduate Preferred, Reply In writing- to PLYMOUTH OIL COMPANY SOS 8rh A remit Calgary. ALL REPLIES HELD CONFIDENTIAL Porcelain inner drain inside and out; speckled white -on-blue porcelain enameled inside and out clothes tub. Aluminum retaining rings keep clothes from cloftging outlet holes: simple controls: exclusive Thor Gyroscopic balancer eliminates spinning vibration; no special Installation required.

Man; other outstanding features. Self cooling; safety thermostat shuts eff when cabinet temperature exceeds safety level: extra large front opening permits easy loading and removal of clothes; no Insulation required: etra laree capacity lint trap; large high speed fan eliminates need for costly dryer seals, ilmj other outstanding features. WASHER: DRYER: 0 Phone Orders Accepled Counlry Orders Accepled PAYMENTS AS LOW AS $1Q MONTHLY WANTED Immediately Experienced Buyer-Manager FOR STREAMLINE PAPE1 WORK CUT DOWN ON UXORS AND OMISSIONS CUT COSTS AND INCEEASE EFFICIENCY Yovr CM-CP co ricofion spedoM wil be glad to anplo Mm eppScotion of PW TeWtype to ysr office oirfOMlkm pioorpwe. TO LADIES' SPORTSWEAR DEPARTMENT IN Large Saskatchewan Department Store Splendid opportunity for advancement. Complete 'employee benefit program including savings and profit sharing, retirement security etc.

Write stating full details of experience, age. marital status and salary expected- Replies be treated as strictly confidential. Box 1C1 Journal. Col your maraet Teiefropk offie. rv 401 HARDWARE and APPLIANCES 12422- 118th Avenue Phones 886839 -558249 SIIVICE ggooegooooooggMoooooosw.