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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - February 15, 1973, Lethbridge, Alberta Thursday, February 15, 1973 ~ THE LETHBRIDGE HERALD - %J TSE prices up in active trade ; TORONTO (CP) - Prices on 'the Toronto stock market were �slightly higher in active mid-* morning trading today. ; The industrial index, considered a major indicator of mar-., ket trends, was up .01 to 225.31, golds 1.92 to 218.49 and base "metals .52 to 100.76. Western 'oils, however, were off 1.33 to 280.96. Volume by 11 a.m. was 808,-000 shares compared with 790,-000 traded by the same time Wednesday. Among sectors of the market recording gains were beverage, communication, chemical and oil refining stocks while bank, general manufacturing, trust and loan and construction and material issues were lower. Declines, however, led advances 141 to 107 while 202 issues were unchanged. Canadian Cablesystems rose "4 to $19, Westeel % to $31, Moore Corp. % to $53Vs. Imue-rial Oil % to $46% and Canadian Management Vt to $81:t. Falconbridge Nickel slipped �4 to $67, Texaco % to $65V's, Whonnock A % to $19%, Cara j gary Operations Vi to $9'/4 and Cana-! sales dian Breweries Vt to $5%. Texas Gulf was up Vz to $24%, continuing strong trading that has been in evidence for about \ a week. Officials of the com- ' pany said "there is no truth" to | rumors of a new ore body or extension of the existing one in the Timmins, Ont., area. INDUSTRIALS DIP MONTREAL (CP) - All sectors except industrials declined in light trading on the Montreal stock market today. Combined volume on the Montreal and Canadian stock ex- than four-point decline in the first hour of trading. Losers held a 718-to-444 edge over gainers on the New York Stock Exchange in moderate trading. Canadian Mines moved ahead with Mclntyre Porcupine gaining two points at 51, Dome % at 80 and Granby Mining % at 21. Distillers Seagrams and Massey improved fractionally while Al-can and Genstar eased. On the American, Brascan gained V8 and Preston % while Scury Rainbow dipped Vs. Livestock report Calgary livestock to CALGARY (CP) - Receipts U a.ia. toaay from one cal-public stockyards show of 1,300 head, mainly slaughter cattle. All classes and grades were represented and trade was active. Slaughter steers and hief-ers sold at steady prices. Cows were 50 cents higher and bulls sold steady at 50 cents higher. Steers Al and 2 40 to 40.90, A3 39 to 40. Heifers Al and 2 37 to 37.80, A3 36 to 37. Cows Dl and 2 29.50 to 30.50 with the [odd sale higher. D3 28.50 to 129.5J, i)4 i\i.5l) to 28.5 Good bulls 32.50 to 34.50 with the j odd sale higher. chanees at 11 a m was to Rnn 1 RePlacemer,t cattle were cnanges at n a.m. was 391,800 ( M h f^ t shares, compared with 525,7001 m ' . h * rf . , , at the same time Wednesday. , r ?L ,* ,^L?^1. d ..,,., a_____j , t. nJ ' ------ VlQCfl SE^Ei? CCntS t0 �n 39'"! ducera Marketing Board. ! Eamor.on: 44.45, I Wednesday 44.87. NEW YORK (AP) - The! Red Deer: 44.25, stock market recovered slowly j Wednesday 44.45. from an opening drop today as \ Calgary: No sales �the dollar seemed to stabilize Tn foreign exchange markets in Europe. The noon Dow Jones average of 30 industrial stocks was off average average No sales, aver- 1.36 at 978.55, up from a better'age 29:50. average 44.48. LeLhbridge: age 44.65. Total hogs sold Wednesday 5,834. f.verage 44.75, sows aver- ST. AUGUSTINE'S ANGLICAN CHURCH LETHBRIDGE Requires Qualified ORGANIST - CHOIRMASTER Adult and Junior Choirs (Affiliated Royal School of Church Music) Applications in writing by March 10th to Church Office, 11th Street and 4th Avenue S-, Lethbridge SIMPSONS Dears ATTENTION COMMISSION SALES PEOPLE You Are Needed In the following areas: AUT0M0TIVES APPLIANCES FURNITURE TV and STEREO Excellent earnings potential is assured to the aggressive sales person. Preference will be given to those with experience and knowledge of the above, or closely related areas. Benefits are as follows: 37Vi-hour, 5-day week Discount on purchases Partial Medical Profit sharing Group insurance Apply in person to SIMPSONS-SEARS PERSONNEL DEPT. CENTRE VILLAGE MALL Gold futures advance WINNIPEG (CP) - Gold futures on the Winnipeg Commodity Exchange advanced the $2 daily trading limit this morning for the second straight day. Some trading took place under the $2 limit, but futures quickly advanced with the overseas gold postings. The price of gold In London this morning was $72.80 an ounce, up 67Va cents from Wednesday's close. Gold prices on the Winnipeg Exchange ranged from $74 an ounce for April 1973, to $79 an ounce for April 1974. Gold is traded on the exchange in units of 400 ounces. Tax return tips Greyhound income up CALGARY (CP) - Greyhound Lines of Canada Ltd., reports net income for 1972 of $7,121,079 or $1.52 a share compared with $6,156,848 or $1.32 a share the previous year. Gross income for the 12-month period was $59,227,166, up from $51,224,308 in 1971. Dollar value MONTREAL (CP) - U.S. dollar in terms of Canadian funds at noon today was up 5-32 at $0.99. Pound sterling down l'/s at $2.43%. In New York, the Canadian dollar was down 5-32 at $1.01. Pound sterling down 1 9-16 at $2.46 r-J.6. For further information, call the District Taxation Office. If you live in a toll area, ask your long - distance operator for ZENITH 04000 and your call will be placed without charge. Q. A great deal has been said and written about Valuation Day. When did Valuation Day occur and are many people affected by it? A. There were actually two Valuation Days. When we speak of publicly-traded shares and securities, December 22, 1971, was Valuation Day and for all other properties the date of Valuation was December 31, 1971. Most taxpayers are not affected by Valuation Day since the most important property owned by them is not subject to tax on capital gains. In most cases this includes a taxpayer's 'home and personal effects vailued below $1,000. Q. Why was it necessary to have a Valuation Day at all? A. The purpose of Valuation Day was to ensure that no tax was assessed, or losses allowed, for any capital gain or loss which arose prior to January, 1972. Valuation Day was important only with regard to property acquired before January, 1972; there are no Valuation Day implications for property acquired on or after that date. It will be necessary to know the Valuation Day fair market value for any property owned on December 31. 1971, in order to determine the amount of taxable capital gain or allowable capital loss if that property were sold or disposed of after that date. Q. Is it necessary for taxpayers to report Valuation Day fair market values to the Income Tax Department? A. There is no requirement, for property owners to establish or report Valuation Day Receptionist-Cashier MEET THE PUBLIC Interesting work, Congenial eo-workerj. Excellent benefits, group insurance, liberal vacation plan, medical benefits and many others. Must be a high school graduate, Typing and record keeping necessary. Shorthand most desirable. Apply weekdays to: ASSOCIATES FINANCE CO. LTD. 1014 3rd Ave. South - lethbridge fair market values to the Department until a property is sold or disposed of. However, it would be in the taxpayer's interest to determine Valuation Day values as early as possible since the passage of time can make it increasingly diffi-,'cult to do so. Q. Should a taxpayer establish a value upon his home? A. A pei-son's home is not subject to capital gains tax and need not be valued provided it is used only as a principal residence which means any type of structure you own and ordinarily inhabit. One exception to this rule would be where a home is used partly as a residence and the remaining part is either rented or used to car ry on a business.' In such cases, the home would not be completely exempt from capital gains tax when sold and it should, therefore, be valued. Q. What if I own certain works of art such as paintings or jewellery, or how should I treat personal items such as an automobile or a boat? Should these items be valued? A. Works of art such as prints, etchings, paintings, manuscripts, stamps, jewellery or coins are categorized as Listed Personal Property. If yon own any of these which is worth more than $1,000, either as a set or am individual item, you should establish its Valuation Day value. Certain items which you own chiefly for personal use or enjoyment, including all personal and household effects, automobiles, boats and similar items, are considered Personal Use Property. You need only establish Valuation Day values for personal-use property if it can be expected to increase in value and it is worth more than $1,000. In the vast majority of cases, personal - use property will not increase in value and will not give rise to a capital gain when sold nor will capital losses be allowed for this class of property. Q. How do you determine what gain or loss should be reported? A. The new legislation applicable to 1972 provides that gains and losses on assets held at the start of the system may be measured against either their actual cost or their values oh Valuation Day. Ford recalls '73 cars DETROIT (AP) - Ford Motor Co. has announced it is recalling about 82,000 standard-sized 1973-model automobiles in Canada and the United States to check for possible faultily-placed brake lines. A spokesman said Wednesday the front brake lines of some of the recalled vehicles m�y have been placed too close to the fender aprons. The insufficient clearance, he said, could permit the aprons to chafe the brake lines and wear them out, causing loss of front wheel braking and greatly increasing stopping distances. The spokesman estimated 25 per cent of the cars could require replacement of either or both of the front brake lines. Ford will pay for inspection and any replacement needed, he said. No accidents or injuries have been reported because of the defect, the spokesman added. Included in the recall were 76,340 units sod in the United States, 5,440 in Canada and 660 in Ford's export market. The firm also said 93 accessory trailer hitches are being recalled because of faulty design. A spokesman said under maximum loads the bitch could cause flexing of the bumper hangers and the sheet metal at the attaching point, resulting in the separation of bumper and hitch from the car. No such failures have been reported, he said. Ford will install replacement hitches of a new design, the spokesman said. Grain prices Winnipeg Grain WINNIPEG (CP) - Oilseed prices were dropping in light trading at mid - session today on the Winnipeg Commodity Exchange after opening up near or at the 10 - cent trading limit. Thunder Bay rapeseed was the strongest of the oilseeds and prices were still six to 7!/i> cents above previous close levels. Rye was down slightly, oats down fractionally and barley mixed. Wednesday's volume of trade was 222,000 bushels of flax, 1,714,000 of rapeseed and 1,102,- 000 of rye. MID-SESSION PRICES: Flax: May Vz lower 5.20Vi: July 2Vs higher 5.03Vr: Oct, 5 higher 4.79A; Nov. 10 higher 4.65V4A. Rapeseed Vancouver: March 1 lower 4.21A; June 23,b higher 4.15A; Sep. 4 higher 4.08A; Nov. 3 higher 3.74A. Rapeseed Thunder Bay: May 6 higher 3.90A; July 7V4 higher 3.97V4A; Oct. 7Vz higher 3.69A; Nov. 7 higher 3.60A. Oats: May % lower 1.19%A: July unchanged l.l6y�; Oct. % lower 1.08%A: Dec. not open. Barley: Mav Vz lower 1.47'/4B; July % lower 1.477,sB; Oct. % higher 1.43%B; Dec. not open. Rye: May 2's lower 1.50s,:iB; July 2 lower l.437i;B; Oct. l7s lower 1.45?8A; Dec. not open. WINNIPEG (CP) -- Grain quotes Wednesday (basis Lake-head): High Low Close Flax May - - 520% Jlv - - 501. Oct - - 474 Nov - -- 455 Vi Rapeseed Vancouver Mar - - 422 Jun - - 412-V8 Sep - - 404 Nov - - 371 Rapeseed Thunder Bay May - - 384 Jlv - - 372 Oct-- - 2(il Nov - - 253 Oats May 1203s 119'S 1191,2 Jly 117i4 115 116^5 Oct HOVi 109 '4 109'* Dec - - 1001/2 Barley May 150 5s 14734 147:':( Jly 351 148i,2 148^ Oct 146'.i 1437� 1437s Dec - -, 138!ii R.ve May 159 152'.'8 1527 s Jly 1553/4 1503/4 15078 Oct 149 147�/4 147Vi Dec - - 142 Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Doherty, McCnaig Limited) LAST BID OR SALE 01:M �m. Ouotes) (11:00 a.m. Ouotesl 19.37.V2 36.62Va 21.50 4.05 33.00 50.75 46.00 31.50 33.00 28.62V1 12.00 19.25 10.00 12.25 e.oo 4.55 6.00 24.25 2l.37'/i 28.50 53.25 7.8.87% 28.00 11.12'Zi 17.62'A 14.75 16.75 19.121A 55.50 32.12>/3 49.50 34.00 15.62V* 64.50 20.00 22.00 39.50 12.00 19.25 6.37'A 30.87% 18.50 20.00 29.25 6.121-a 2.70 52.55 20.25 36.50 35.25 33.50 Amr T and Anaconda Beth Steel Chrysler Comsat Dupont GM Gulf Int Harvester Kenn Copper Neiv York stocks (Supplied By Richardson Seenrities of Canada) T 51.25 22.62Vi 27.00 37.37VJ 54.25 176.25 74.25 25.121,-2 33.37V2 26.62V2 Montgomery Ward 24.62'/j 113.00 20 Golds 220.31 up S.74 88.371/2 10 Base Met 100.93 up .� 124.75 15 W Oils 280.72 off 1.57 37.25 Volume 1,418,000 ^-js72NEW YORK AVERAOIS Westinqhous* Elec 39.75 30 Indust 978.55 off 1.34 U.S. Steel 30.62'/i 20 Rails 204.39 up .23 Gen Tel Elec 28.50 15 Utilities 113.37 off .09 TORONTO AVERAGES 65 Stocks 310.25 off .21 20 Indust 225.31 up .01 Volume 7,120,000 Sears X-Ron Texas Gulf Texas Co Wickes Corp Woolworth Marriage cost up BOSTON (AP) - Like every thing else, the cost of getting married is going up. The Massachusetts House of Representatives has approved a bill boosting the fee for a marriage licence to S4 from $2. Beef futures WINNIPEG (CP)-Live bee! futures close Wednesday. Mar - 41.80A; May - 42.00} Jly - 41.00N; Sep - 40.10B. Tuesday's volume: Nine contracts. 2), C~)~~^rocessinc} andstems