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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 2, 1974, Lethbridge, Alberta Saturday, February t 1f74 TNI LCTHMIDOE HERALD 25 Era of growth stocks ended By SANDRA INGALSBE TORONTO (CP) Part of the prevailing investment wis- dom these days is that the era of growth stocks is over Growth stocks is the com- mon label placed on those companies that grew about 10 per cent a year, held domi- nant positions in their in- dustries and commanded lofty price-earnings ratios. Canadian Business Service says in a recent investment letter that since all the evi- dence is not yet in, it is diffi- cult to say whether the growth stock concept is in fact dead But, judging from the year- end earnings reports just re- leased by a number of U S growth 'companies, there is January VSE trade most active VANCOUVER (CP) Jan- uary was the most active trading month at the Vancouver Stock Exchange since June, 1972. A volume of 63.1 million shares was traded in Jan- uary, an increase of 85.5 per cent over the 34 million shares traded in December. A volume of shares was traded in June, 1972 Preliminary figures released by the exchange Friday gave the value of shares traded last month as million compared with million in December, million in January, 1973, and 1 million in June, 1972. Last Tuesday a total of shares were traded in the most active trading session since June 14, 1972, when shares changed hands The average daily volume of the Vancouver Stock exchange in January was 28 million shares compared with a monthly average of 2.3 million shares for 1973. IN EDMONTON Stay At the RIVIERA THE HOTEL WITH MORE TO OFFER AND WE NOW HAVE COLOR TV For Your Convenience in Making Reservations CALL AND ASK FOR LONG DISTANCE ZErrith 0-7255 M no COM H you IVIERA MOTOR BOTBL 5359 Calgary Trail Edmonton, Alberta Phone: (403) 434-3431 Telex: 037-2510 reason for real doubt, the service says IBM reported earnings of 79 a share compared with a year earlier, Xerox 80 compared with 16 and 3M 62 compared with "What should be kept in mind is that in other recent market declines the growth stock concept has come into question, and secondly growth stocks justifiably command a premium for earnings relia- bility IBM, for example, sells at a price earnings ratio of 23, one of the lowest in years, but it has declined more than 25 per cent from its J973 high TAKE CLOSE LOOK "Generally speaking, we think investors would be wise to take close looks at a num- ber of such companies which seem to us to be in temporary disfavor Among its recommended Canadian growth stocks are Moore Corp., Thomson News- papers, Imasco and Canadian Tire New investors who found the 1973 market nerve-wrack- ing might take some comfort from the fact that the last 15 years have been turbulent but also profitable for the long- term investor Rosmar Financial Report says the Dow Jones average of 30 industrials has risen about 200 per cent during the last 15 years, an increase not "terribly exciting considering the rate of inflation." The Toronto industrial in- dex fared better, rising about 208 per cent. Golds gained 370 per cent and the western oils group 400 per cent But indexes are only a measuring device. Some is- sues have turned out well, others have not Dome Mines, the No. 1 gold stock, returned a gain of more than per cent during 20 years but was beaten out by an unromantic manufacturer of business Moore Corp, with a gain of about per cent. Alcan has gained about 90 per cent to a recent price of but had been more than in 1966 Massey-Ferguson has slightly more than doubled but was also higher in 1966. Alberta's oil, gas revenue up EDMONTON (CP) The Alberta government's revenue from its oil and natural gas rights totalled million in the fourth quarter of 1973 compared with million in the same period of 1972, it was announced Friday. Oil royalties climbed to million in the last quar- ter of 1973 from million the previous year while gas royalties totalled million against million. Gas products royalties were million, against million. Total revenue from sale of crown reserves, including oil and natural gas leases, was million in the fourth quarter of 1973, compared with million in the same quarter of 1972. The total acreage involved increased to from Petroleum and natural gas rentals amounted to million, up from 3 million. Registered Retirement Savings Plan