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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 4, 1971, Lethbridge, Alberta Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doheny, Eoadhouse and McCuaig) Market continues downward trend TORONTO (CP) The To- ronto stock market was down fractionally in light mid-morn- ing trading today as it entered its third consecutive tossing ses- sion. On inc'ex. industrials dropped .19 to 177.86, golds .44 yo 175.45, base metals .13 to 93.72 and western oils .62 to 203.61. Oudes, WESTERN OILS Alia EaU Gas Almlnex Asamen Banff BP oil Gas Can South Cdn Ex Gas Ashland Cdn Homestd Cdn Home Pfd 5.70 15.75 12.75 5.50 5.20 4.50 7.75 14.00 LAST BID OR SALE a.m. iwoles) nu- Ouowsl Hesk, Oil H.7S Ccrp Investors S.M S.M !So Corp invest SF 4.81 5.26 Thursday, February 4, 1971 THE inHBKIDOE SUN LIFE APPOINTMENT hearing LDn noinc riu Cdn Ind Gas OH Volume by 11 a.m. was shares, compared with at the same time Wednesday. Advances outnumbered de- clines 122 to 113 with 190 is- sues unchanged. Weakest sectors were food processing, steel and bever- ages. Bank, pipeline and utility trade fractional advances. Simpson-Sears dropped ?1 to Noranda to Walker-Gooderham lost to Crush International to Dome Mines to and Mclntyre to Bombardiers rose Hi to Petrofina to OSF Indus- tries to Royal Bank to Dominion Glass to ?15V4 and Ranger >A to HIGH TRADE MONTREAL (CP) All sec- tors moved lower in light early trading today on the MONT- REAL STOCK MARKET. The composite index was off .35 to 174.81. Combined volume on the Montreal and Canadian Siock Exchanges was shares at 11 a.m. compared with at the same time Wednesday. On index, industrials were down .45 to 179.62, utilities .01 to 152.43, banks .29 to 177.18 and papers .19 to 93.95. Dome Petroleum dropped to 86% on volume of 310 shares. The company Tuesday reported lower earnings. Noranda was off to and Texaco to 530. Petrofina rose to Bombardier to B.C. Telephone to and Southam Press to DJA OFF NEW YORK (AP) Profit- taking nibbled away at the stock market today in heavy trading. The Dow Jones average of 30 Industrials was off 4.04 to 872.19 at noon. Analysts said the industrial decline reflected a change in leadership from quality issues in the early stages of the long-market lower quality stocks. Through noon, 9.47 million shares had changed hands on the New York -Stock Exchange, compared with 9.63 million dur- ing the first two hours of trad- ir Wednesday. On the American Stock Ex- change, Canadian Javelin fell to Canadian Marconi was off to Scurry Rainbow Oil was up at Cdn Long Is Cdn Super ten Del Rio Charter Chleftan Dome Pete Dynamic Pete Gt Plains Mill City New Cent North Cdn Oil Numac Permo Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Spooner W. Decalta .70 3B.62V2 6.75 7.30 1.16 1.63 .84 7.20 7.70 .69 1.35 .85 1.33 .62 15.50 23.00 1.83 6.15 MISCELLANEOUS INDUSTRIALS Jcuiel Kaiser Kam Kotla L Ont Port Cerr, MGF Manage Mentor Newconex Pacific Pete Rank Org Selk Held Shell Inv Shell Inv Pfd Shell Inv Wls Sicks Rainier West Cdn Seed White Yukon CALGARY Acroll Ana Pete Barcns Oil North Cent Plains Pete West Warner (Supplied by Canada Department cf Agriculture) On offer to n a.m. 230 cattle. Receipts mostly choice butcher steers and heifers. Cat- 1 tie market active Good and CALGARY (CP) Hearings chclce meeting S-90 28.35 11.25 mui Accum 5.U 5." Mut Grow Fond 5-iJ Nat Resources 7.20 7.E7, N. W. Finance 4.35 4.78 N W. Growth 5.12 Ro'S' s" sfs nadian Western Natural Gas Co. Ltd., to increase rates in iof the Public Utilities Board an application by Ca- Une ccum Universal Grow 7.12 7.82 VANCOUVER i, Sugar Beii Tel Brail I Trac B.C. Tel Burns B.C. Forest B.C. Sugar CAE Ind Cdn Brew Col Cell Chemcell Cal Power Coron Credit C.W.N. Gas Cdn tndust Canada S S Cdn Marconi Cdn Vtckers Chrysler CPR Cominco Cons Bath Cons G3E 01st Sea Dom Bridge Domfar Dom Textile Dom Stores Dome Pete Fam Play Fd of Amer Gt Cdn Oil Gen Motors Gt Lakes Pap Gulf Oil Ca Hakwer Sid Huron, Erie Hiram Wa'k Imperial Oi' Imperial Tob Int Nickel Int Pipe Inv Gp A Int Utilities IntJust Accept Laurentide Kelly Doug A Loeb Loblaw A Metro Stores Massey Ferg McMillan Bloe AAoore Corp Molsons A Moisons B u.uu North, cent 22.25 Pembina Pp Power Corp 9.12W Price Cc 7 37V-> Rothmans 4S.62V3 St. Law Corp 17.42V6 Shell CDA 67.00 Simpsons 10 37'A Simp-Sears 23.62V2 Steel of Can 17.87% Selkirk A 5.50 Texaco 7 87V4 Traders Gp A 6.75 Trans MIn Pp 5 62'A Trans Can Pp 26.12V2 Union Gas 1.30 Union Oil 11.50 Versatile Mfg Westeel Union Car Wesion's B Woodward's A West Cdn Sd Zenith BANKS 11.50 29.00 3.65 8.75 26.00 (19.50 22.12V'z 15.75 16.00 23.00 5.50 8.50 14.75 19.00 34.37V5 18.50 23.00 27.37VJ 11.25 30.00 9.75 20.62% 33.75 15.50 42.00 16.50 19.25 3.65 1.30- Can tmoerlal 20.00 Montreal 51.87'6 Nova Scotia 19.75 Roys' Tor-Dom 14.50 9.75 88.50 11.50 56.50 4.50 MINES Advocate Asb. Area Mines Black Bay Bralorne Broulan .....h Bethlhem 21.00 Brunswick 20.87'A Canada n. J. 2-60 Cassiar Central Pat. Chimo Conwest Cons. Rambler Coin Lake Cochenour 20.25 39.50 18.75 17.00 JS.M 26.25 8.75 Craigmont ,7 m Dickenson Mine 390 12 50 37 so 34.75 Denison Mines Deer Horn D'Eldona Dome Mines Donalda Discovery Mines East Malartic East Sullivan Falconbridge Frotex First Maritimes Giant Y.K. Gunnar Granduc Headway R.L. Holllnger Hudson Bay M-S Hydra Ex Highland Bell Iron Bay Iso Joliet Quebec Kerr Addison Key Anacon Labrador Lake Shore Leitch Langls Silver Madsen R.L. Malartic G.F. Martin McNeely Maybrun Maclntym 1450 Midrim 22.15'A Intern Mogul Athona 19.50 New Calumet New Imperial 2.20 Noranda 1.60 Northgate -06V4 Opemiska l.EO Osisko .24 Patino u nn pine Point Placer Dev. P.C. Exp. 23 so Quebec Man 2 33 Rayrock ,.55 Radiore Rio Algom Roman Corp. Silverfields Sherritt Gordon Silver Miller Steep Rock Slscoe Tek Corp. Texmont Upper 62.fi2Vi western Mint.; .18% Wright Har. 1.05 Willroy 1.10 Windfall 3.25 Yeilowknife Br. 140.25 Zenmac Tax pain exceeds award pleasure 5.20 2.38 9.75 .82 .13 .45 8.25 1.38 .30 1.11 9.75 1.65 700 15.00 38.55 21.50 3.55 1.55 10.25 35.50 3.15 1.48 .81 .85 10.00 .14 134.00 .32 13.00 '.26 1.29 30.75 8.85 9.50 27.75 29.00 34.00 .91 .20to 1.60 Si 17.75 7.10 1.75 17.50 .07 1.70 5.45 M 1.B2 3.35 1.25 1.10 .15V 5.65 .12 Neiv York stocks Supplied by Richardson. Securities of Canada Oil price deadline ultimatum issued COMPUTER ACCOUNTING AND MANAGEMENT LTD. Data Processing Services 507 CANADA TRUST BUILDING TELEPHONE 328-7883 Amr T and T Anaconda Bth Steel Chrysler Comsat Dupont Gen Motors Gulf Int Harvester Kenn Copper 53.25 23.00 21.73 25.75 53.75 1.13.50 B1.5 AAontgom Ward Sears Std Oil of N. J. Texas Gulf Texas Co. Woolworth Westinghouse El 32.121A U.S. Steel TORONTO AVERAGES 39.75 20 Indust 177.86 off .19 3300 20 Golds 175.50 off .39 80.12'A 10 Base M ?4.05 up .20 70.00 15 West 0 203.53 off Volume 33.fi2'ANEW YORK AVERAGE 39.50 30 Indust 872.19 off 4.04 72.00 20 Rails 191.25 off .21 32.75 15 Utilities 123.69 off .26 65 Stocks 287.69 off .23 Volume The conventional wisdom that it is better to give than re- ceive has more than usual val- dity under our tax system, here it translates rather free- y into "it is necessary to give hen you receive." That was the message de- vered by the Tax Appeal oard recently in two separate ases heard by Appeal Board lember Maurice Boisvert, Q.C. oth cases dealt with holiday .rips given to or won by em- loyees, and had the result of ampening their memories of ther wise pleasurable vaca- ions. These two tax cases and icir result should be commu- nicated by employers to all of heir employees who may be n similar circumstances. The first case dealt with a district sales manager for SUi- lebaker cars. The company ponsored a contest in which hose who achieved'certain ales quotas would qualify for an expense free trip to the iahamas, {or them and then- wives. The day before the tour was o leave, this particular sales manager was advised that his .argets had been met and he and his wife qualified to go. Since it was the Christmas sea- son, they were unprepared as Jiey had made other plans for ie holidays. At the last min- Hog prices TEHRAN (AP) Ten oil pro- ducing countries today gave Western oil companies until Feb. 15 to accept their demands for higher prices. H the de- mands are not met, the coun- tries said they will adopt legis- lation to raise prices unilater- ally. The oil companies expressed their readiness to reopen talks NEW HOUSE BUILDING COMPANY requires a top calibre. SALES REPRESENTATIVE with management ability. Must be fully conversant with all aspects of home building from the development stages to the implementa- tion of marketing programs. He will supervise the place- ment of sub-trade contracts, quality controls and cost controls. Experience in real estate sales with contracting and development background beneficial but not essential. Write in confidence giving complete background. Salary, commissions, etc, to be negotiated. Box 88, Herald Serving you with INTEGRITY STABILITY EXPERIENCE For over 60 years We write all kinds of INSURANCE HOME-BUSINESS-FARM- AUTO-and LIFE and can save you MONEY SEE US SOON- A continuous family enterprise for over 60 years 706 3rd Ave. S., lollibridge Phone 327-2793 on the producers' price re- quests. "We are quite hopeful that ne- gotiations can start said John Collins, a spokesman for the companies. "We are willing and our doors are wide open." The six Persian Gulf produ- cers and their four other nations of the Organization of Petro- leum Exporting Countries ended their two-day meeting today with the adoption of two resolu- tions aimed at achieving higher prices for the oil. A commu- nique said hte resolutions would be published Feb. 8. EDMONTON (CP) Prices to 11 a.m. provided by the Al- berta Hog Producers Market- ing Board: Edmonton: Quoted 21.80 to 21.85, selling 21.85, average Wednesday 21.89. CaJgary: No sales. Average Wednesday 22.26. Red Deer: Quoted 21.75 to 21.80, selling 21.75, average Wednesday 22.08. Lethbridge: No sales. Aver- age Wednesday 22.20. Lloj'dminster: No sales. Av- erage Wednesday 21.20. Grande Prairie: No sales. Total hogs sold Wednesday Beef futures WINNIPEG (CP) Trading was light Wednesday on the Winnipeg live beef futures mar- ket today with several trades in the May future at current levels. Tuesday's volume of trade was 16 contracts. Open High Low Close Mar 32.50N May 32.50 32.50B Jly _______________31.75 Ration gasoline LONDON (AP) Service sta- tions in southeast England began rationing gasoline to mo- torists Wednesday because of a wildcat strike of delivery driv- ers. ute they decided to accept the award. As is usual with many of these "expense paid" trips, the amounts paid rarely cover the employee's actual out-of-pocket costs. In this case, the sales manager spent about more than the studebaker allow- ed him. On the way back from Nassau he tried to mix a little business with pleaure and con- tacted a former sales man in New Jersey in ord.er to per- suade him to return to Canada and resume work as a com- pany salesman. When the Tax Assessors dis- covered the situation a few years later, they claimed that the valus of the trip, the paid by the company, was tax- able income because it was re- ceived as a non cash benefit given by an employer to an employee as compensation for his services. The tax law clearly provides for this, although there are many employees, as well as who don't realize it When the taxpayer objected, the case came to trial where Mr. Boisvert ruled that one- third of the company's contri- bution to the trip could be class ified as a business expense be- of the negotiations the employee had undertaken will the New Jersey salesman. Bu the remaining plus paid by the company toward the cos of the trip was ruled to be tax able as part of the employee' income derived from his job. There's little doubt that to Appeal Board's interpretatioi of the law is correct, but tha is little comfort to the em ployee who put out of his own money plus the tax on th rest hi order to take a trip h wasn't keen about in the firs place The second case was on a si lilar point. There, the employee worked or a brewing company in Hali- ax. The company engaged an agency to promote .s sales using television and newspapers as the main media, n 1967 the television station sponsored a trip to Spain and, as a gesture of goodwill toward ts own customers, gave away ree travel tickets to key ad- vertisers. The brewery company was given two tickets, worth Since they were received in appreciation of advertising bus- ness given by the company, he sales manager was offered them. He declined. Rather than et them go to waste, the com- pany secretary said he'd use hem and off he and his wife went to Spain. The strains of flamenco gui- :ars had barely subsided when :he revenue officers arrived ilaying a different tune. The Tax Department took the position that under the law an employee must pay income tax on everything he receives fron his employment, whether paid in cash or otherwise, and whe- ther or not it is regular salary or bonus, or a windfall gratuity The employee argued that the two tickets for the tour were purely an unexpected gift, vhich he had no expectation of and their valus should not be construed as in- come from his job. Acting Appeal Board Chair- man, Mr. Boisvert, had ne choice but to reluctantly apply the law as it is written, and which specifically provides that an employee must pay tax even en unexpected and un- earned "gratuities" or gifts (i.e. tips) which come to him as a result of his job. That the law was properly applied in both these cases is not doubted. But what these de- cisions point up is the fact that employees often accept these prizes with some reluctance and then are surprised and dis- couraged by the tax result. In many cases they might decline the "prize" which generally costs them extra money to en- joy, if they knew in advance their tax position. It would be helpful for the morale of both employers and employees if companies would circulate this information to their employees before the next batch of Christmas turkeys are distributed. (Mr. Asper is a Winnipeg !idOi Systems 1003 4th Avenue S., Telephone 328-4426 rocessina c Named Salesman of the Month Chevrolet Oldsmobile OK SUPERMARKET CAR LOT Phone 327-3148 Beny Chevrolet Olds- mobile is pleosed to an- n o u n c e thot CHESTER POCZA has achieved the honor of "SALESMAN OF THE MONTH" for January, 1971. Chester is a 12 year member of Beny's sales staff. He welcomes his many friends and custom- ers to see him for all their automotive requirements. SHELL CANADA LIMITED BARRISTER and SOLICITOR EXPERIENCE IN OIL AND GAS LAW IS DESIRABLE BUT NOT ESSENTIAL Inquiries be treated in confidence and may be directed to: SHELL CANADA LIMITED P.O. Box 100 CALGARY, ALBERTA ATTENTION: MANAGER, LEGAL DEPARTMENT ;