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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - February 27, 1974, Lethbridge, Alberta 18 LETHBRIDQE HERALD Wednesday, February 27, 1974 Gold prices soar Brokers deal Tuesday at the gold market of the Paris Stock Exchange where a kilo of gold was quoted (on the board, top line at right) at French Francs (about Gold prices clirnb to an ounce on reports that Arab oil producers are converting their dollars into the precious metal. Boxcar shortage curtails elevator grain deliveries WINNIPEG (CP) Farmers delivering grain in response to an urgent request by the Canadian Wheat Board have filled some facilities and no more can be accepted at certain points because of a shortage of boxcars, Manitoba Pool Elevators said today. R. E. Moffat, general manager of Manitoba Pool, said in a news release his company has been hit hard by a shortage of railway boxcars Farm-labor pools idea criticized RED DEER (CP) A proposal by the federal department of Manpower and Immigration calling for establishment of six farm- labor pools in Alberta this year was criticized Tuesday by Unifarm representatives. During a farm labor workshop, delegates told Ernie Hutchinson of the department's agricultural manpower division that the scheme would not alleviate farm labor shortages. Bill Mueller of Lacombe, a hog and cattle producer, said he disputed the suggestion that farmers cannot handle labor problems without government assistance. in the last few weeks. "The result has been that farmers delivering grain in response to the request by the wheat board have filled some of the facilities and at some points nothing more can be accepted until the railways provide more cars." Mr. Moffat was critical of statements made recently by E. L. Boggs, grain co- ordinator for Canadian National Railways. Changes made in price for west feed grains WINNIPEG Canadian Wheat Board Tuesday announced changes in domestic selling prices for prairie feed grains following a new survey of "off-board" prices. Effective immediately No. 3 Canada western red spring wheat will be a bushel, No. 1 feed barley will be a bushel and No. 1 feed oats will be a bushel. At the same time, the board announced it will immediately give buyers more time to get the grain out of elevator facilities before subsequent price increases are applied. The shipping period in which buyers receive price protection on their feed grain purchases has been extended in three ways: shipping period for feed grain purchases from country elevators that are to be moved by truck has been extended to 50 days from 25 days from the time of booking. However, buyers will have to pay carrying charges on any undelivered quantities after the first 25 days. shipping period for feed grain purchases from country elevators that are to be moved out by rail has been extended to 60 days from 35 days. Carrying charges will be applied on undelivered quantities after the first 42 days. shipping period for feed grain purchases moved by rail from Thunder Bay has been extended to 50 days from 25 days. Gold price rises LONDON (Reuter) The price of gold began to rise again today after falling Tuesday night from its all- time peak of an ounce. At the first of the London bullion market's twice-daily price-fixing sessions, it was set at an highest fixing level on record and above Tuesday's closing price. Bullion dealers said the gold price was holding fairly steady at about this level. Gold broke through the level of an ounce Tuesday, fol- lowing an increase of an ounce in the previous eight days. Three months ago, gold was still trading at about an ounce. s Recent heavy demand for the metal has reflected growing distrust of paper currencies because of the worldwide economic upheavals caused by the energy crisis. On the foreign exchange market, the United States dollar weakened slightly today with the British pound sterling rising to compared with Tuesday night. Canadian dollar up sharply LONDON (Reuter) The Canadian dollar rose sharply against its United States counterpart in dealings on the London foreign exchange market today. London bankers said they believe it is at its highest level for more than a decade. The Canadian dollar rose to 103.16 U.S. cents from 102.77 cents Tuesday night. Dealers said the lowering of U.S. interest rates, making Canadian rates more attractive for investors, was the main reason for its rise. Tax tips CORRECTION Due to an error in ad scheduling, the national sale off Kentucky Fried Chicken WILL NOT BE CONDUCTED THURSDAY as advertised in the Tuesday edition off the Lethbridge Herald. We regret any inconvenience this may have caused our customers. SVEN ERICKSENS FOOD AND PASTRY SHOP Aw. S. PkMe 328 8161 M.M. DriM PhtM 328-7751 NOTICE WE WILL BE OPEN UNTIL P.M. Wednesday 27th February Thursday 28th February To accommodate thoae wishing to mako last minute contributions to RETIREMENT SAVINGS PLANS ROYAL TRUST 740-401 Are. S. 32S-5516 For further information, call the District Taxation Office. If you live in a toll area, ask your long-distance operator for ZENITH 0-4000 and your call will be placed without charge. Q. The expression, moving expenses, probably means many things to different people. Can you be specific regarding the types of moving expenses which can be deducted from income for income tax purposes? A. Yes, moving expenses would generally include the cost of travelling from a former to a new residence, including meals and lodging while en route, transportation and storage costs for household effects, and the cost of up to 15 days temporary booard and lodging near the former or new residence. Q. What about the cost of cancelling a lease, advertising and legal costs, or real estate commissions. Are costs of this nature regarded as moving expenses? A. Yes. Each of the items you mentioned is included in moving expenses. We should probably mention that expenses for any work done to improve the property before sale, or mortgage penalty when the mortgage is paid off before maturity, or any loss incurred on a sale are not included in moving expenses. Q. I have received a scholarship from a university which requires me to move to another city. I understand that the amount of the scholarship over 1500 must be reported as income. Can I deduct my moving expenses to the university? A. Yes. the amount of the scholarship over 1500 must be declared as income and you may deduct moving expenses to the extent of such income declared in your return. Moving expenses include travel costs, meals and lodging while en route, transportation and storage costs of your household effects, temporary quarters, etc., for yourself and your family. Enquire at your District Taxation Office for a brochure on "Moving Expenses." Q. My husband received strike pay from his union office in the United States although we live in Canada and the strike was here. Does he have to report this strike pay? A. If your husband performs no services (other than picketing) in order to draw strike pay, he need not report it. However, if he is required to perform specific services (such as acting as a special chauffeur) in order to draw strike pay, it is considered to be a payment for services, and therefore, taxable income to him. Q. Since filing my income tax return, I have been transferred to another province. I am expecting a refund. What do I do about notifying the income tax department about my change of address? Do I write to the Taxation Data Centre or do I write to my old or my present District Taxation Office? A. You should write to your former District Taxation Office, giving your full name, new address and any other identification, such as your previous address, and advise that you are expecting a refund. (You should also notify your post office of your change of address.) STILL SELLING FOR LESS STERN'S CUT-RATE FURNITURE nan 327-3024 The Herald Business Stocks Miscellaneous Vancouver, Calgary, Montreal (Supplied by Doherty, McQuaig Ltd.) WESTERN AND Aflon Cdn Albany A Ashland Alta East Gas BP Gas Brenda Nat Can Nat Cdn Ex Cdn Metro A Cdn Ind Gas and C Cdn' Long and C B Cdn Can Dome Can A Can B Fort Can Giant Trans Gt Gt Cdn Oil Locniel Ex Lytton Min Noble Mines North Cdn 1.55 .85 Continental .02% West Warner .29 VANCOUVER Numac Pancdn Pete Pan 12.37% Atlas Explor Bath Norse .35 1.44 3.70 Patrol Pinnacle Place Gas .24 .58 Dolly Varden Equitorial Res .48 .16 8 75 Ranger Oil Scurry Mines Primsr no Seibens Spooner Total Pete Ulster Pete United Canso West Pete West Decalta .39 1.34 .13 Silver Standard 2.40 Valley Copper 9.00 INDUSTRIALS Colum Brew 2.90 Key Industries .15 Wardair 1.55 An INDUSTRIES Acres August Pete .52 Plains Pete Aquitame BC Sugar A Pfd Block 14.00 Explor Stamp Intl .75 Cdn Pac Inv A Com Cap Cdn 7.07 Carling O'Keefe A Cdn 7.48 Carling O'Keefe B Cdn 3.85 Crestbrook Grow 5.20 Crowsnest Falcon Invest 5.50 F and M Trust 5.68 13.90 Global Com 3.24 Home 5 82 Home 7.07 Hud Bay Invest S 5.43 Hud Bay Fund 12.03 Hud Bay A 5.05 Hugh Russell C 3.44 Husky 8.12 Husky B Grow 13.37 Husky D 6.35 Husky E 6.71 Hys of Grow 3.59 Inter Prov 5.45 Inter Prov 5.91 Kaiser 5.16 Loblaw C 5 94 8.25 Pacific 7.15 Pac West 8.31 Pe-Ben Oilfield 5.11 Rainier 8.97 Royal 6.36 6.37 Toronto industrials (Supplied by Richardson Securities of Canada) Forst Advocate Sugar A Valley Ind Ind O'Keefe Cellulose Can. NW Power Canada Credit Gas Pfd Central Industries Marconi Vickers Cons. Coin Bathurst Dickenson Gas Denison Seagrams Bridge Dome Discovery Textile East Stores East Pete Mobile First Cdn Oil Sands Giant Motors Lakes Paper Oil Hudson Bay Hydra Sid Iron Walker Erie joliet Oil Kerr Key Nickel Pipe Lake Grp A Langis Infl Madsen Accept Malartic Martin Douglas A A Intern Nu West Ferg New Bioedell New Corp A B Ptne Cem Placer Corp Pax Co Quebec CDA Rio Roman Sears Snenffi Canada Steep A Tek Corp Grp A Mta Pipe Untied Can Pipe Western Catttide WH Copper Gas Wrigtt Hargreaves Oil Untied Siscoe WHg Yellowknife A Cdn Seed 0ec Algoma Slesi A'co Imperial Agra Sell Scotia Brascan 14.25 19.75 21.00 26.75 16.3714 10.50 3.55 5.37% 6.50 24.62V4 2.30 10-00 18.75 3.45 16.75 17.50 16.50 32.12% 27.50 17 62% 43.75 41 25 24.75 10.25 14.12% 42.75 33.00 7.25 10.00 49.00 24.25 33.50 17.75 6.12% 51.87% 29.00 39.00 30.00 38.50 21.25 9.50 18.37% 19.00 4.50 5-50 11.75 3.75 6.00 12.75 17.75 30.12% 52.00 22.50 22.00 7.75 12.87 11.75 15.12% 9.75 13.12% 19.62% 9.12% 12.OO 33.25 13.75 48.00 15.87% 16.12% 33.00 17.00 9.37% 13.75 8.75 7.25 21.12% 22.50 23.25 3.60 3075 20 12% 40.75 38.75 39.62% New York (Supplied by Richardson Securities of Canada) Arm. TAT Beth Siesrt Chrysler Ouporrt GefWSfl Motors Gtffl Int. Kewi. Copper Montgomery Wartf Sears Texas QJtl Texas Co Corporation 52.50 Wootworth 17.50 29 37% Wesfltrighouse Etec 22 75 34 DO sieei 44 25 1837% Gen JS.OO TORONTO AVERAGES 167 00 20 (ntfusftrlsfts 223 62 up 1.33 5050 20 Golds 51755 down S 03 2300 10 Base Metals 10554 up 93 2687% is Western Oils 264 S5 up 64 44 37% volume 2 687.712 2450 NEW YORK AVERAGES S675 20 industrials 863 34 S3 62% ?0 tuffs 19696 up 1 89 3600 15 down 06 26 25 65 Stocks 277 19 up 1 39 Volume 11.790.000 Market prices sharply higher TORONTO (CP) The To- ronto stock market moved sharply higher in active mid- morning trading today. The industrial index, consid- ered the main indicator of market trend, rose 1.29 to 223.58, base metals .80 to 105.41 and western oils .34 to 264.55. Golds fell 7.12 to 519.46, Volume by 11 a.m. was 1.70 million shares compared with 1.77 million at the same time Tuesday. Advances outnumbered de- clines 219 to 130 with 166 issues unchanged. Communication, bank, mer- chandising and oil refining stocks were among those with the largest gains while bever- age, general manufacturing, paper and forest and steel issues declined. Falconbridge Nickel rose 1% to Phillips Cables 1 to Canadian Cablesystems 1 to of Nova Scotia to and Moore to Consolidated Bathurst fell to Texasgulf to Unicorp Financial 10 cents to and CHUM B to Rio Algom Mines increased 1 to Tara to and Labrador to Brenda lost V4 to and Camflo to Ranger Canada added to and Total Pete lk to United Canso was off to Market trends MONTREAL (CP) Prices were generally higher in light trading on the Montreal Stock Exchange today. Volume at a.m. was shares, compared with at the same time Tuesday. The industrial index rose 135 to 245.84, banks 2.23 to 291.49, utilities .32 to 146.37 and the composite 1.22 to 230.93 while papers fell .52 to 132.60. The Bank of Nova Scotia rose Vi to Chrysler Vi to and Falconbridge Nickel 2% to while Warnock Mersey fell one to Among speculative issues, Massval Mines Ltd. dropped five cents to 31 cents on a volume of shares traded. NEW YORK (AP) The stock market kept going up today. The noon Dow Jones average of 30 industrials was up 1.88 at 861.39. Gainers held a seven-tofour lead over losers on the New York Stock Exchange. Among Canadians on the New York exchange, Mclntyre gained 144 to International Nickel Vs to Hudson Bay to Alcan to Seagrams to and Hiram Walker Vt to On the American exchange, Scurry Rainbow was up to Brascan to and Quebecor 44 to Winnipeg grain WINNIPEG (CP) Rye prices made good gains, some as much as 15 cents, in a brisk volume of trade at mid-session on the Winnipeg Commodity Exchange today. Flax, however, lost as much as 10% cents through reluctant buying. Rapeseed was barely steady to slightly easier in a moderate demand. Tuesday's trading volume was bushels of flax, of rapeseed tnd of rye. Mid-session prices. Flax: May lOVi lower 12.10A; July 8 lower J1.72A; Oct. 3 lower 11.12A; Nov. not open. Rapeseed Vancouver: March 5 lower 7.80A; June 2 lower 7.28V4B; Sept 1 lower 7.13A: Nov. unchanged 6.70. Rapeseed Thunder Bay: May 2 higher 7.32B, July unchanged 7.09A; Oct. not open; Nov. unchanged 6.70. Rye: May 1 higher 3 53A; July 244 higher 3.4644B; Oct. 15 higher 3.35B; Dec. unchanged 3.06B. Grain quotes Tuesday basis Lakehead: High Low Close Flax May 1238 1220 Jly 1192 1177 1180 Oct 1137 1117 1115 Nov 1082 Rapeseed Vancouver Mar 81744 785 785 Jun 762 730V4 730V.. Sep 723 714 714 Nov 670 Rapeseed Thunder Bay May 760 730 730 Jly 733 709 709 Oct 696 Nov 670 Rye May 370 35044 352 Jly 360 34244 344 Oct 320 Dec 306 Hog prices EDMONTON (CP) Average prices to 11 a.m. Wednesday provided by the Alberta Hog Producers Marketing Board. Tuesday prices in brackets: Edmonton: 45.60 Calgary: Nil Lethbridge: Nil Fort Macleod: Nil Hogs sold to 11 a.m. 449. total Tuesday. 8.048. average 45.50. Sows average 33.00. Gold futures WINNIPEG 'CP) Gold futures. U.S. funds. Winnipeg Commodity Exchange dose Tuesday. Apr 74175.80B: Jly 74182.25B: Oct 74 189 OOB: Jan 75 195 20B: Apr 75 2DO.OOB. Monday's volume: 201 contracts. VANCOUVER (CP) Prices were down in heavy trading Tuesday on the Vancouver Stock Exchange. Volume at the close was shares. In the industrials, Jolly Jumper was up .05 at on shares. Newmark Resources down .06 at on 16.100 shares. EDP was unchanged at 18 on 13.000 shares Block Bros was down 10 at on shares. Allcan B was up .10 at and Keg Restaurants was up .10 at In the mines, Royal Agassiz was unchanged at on shares. Northair was down .55 at on shares. Davenport was down .12 at .93 on shares. Cons Fortune Channel was down .06 at .47 on shares. Cons Coast Silver was down .08 at .37 and Dolly Varden was up .01 at .50. In the oils, Alaska Kenai was up .02 at .40 on shares. August Petroleum was down .01 at .52 on shares. Princess was down .04 at .21 on shares. Payett River was down .01 at .62 on shares. Vargas was down .01 at .20 and Plains Petroleum was down .01 at .20. Chicago markets CHICAGO (AP) Commodity futures spun over wide ranges on major exchanges in the United States Tuesday. There was some limit advances under a continued strong demand and a lack of sellers. There also was some profit-taking, or technical readjustments in other areas. Silver futures moved almost monotonously higher, marking 15 straight days of advancing prices on the New York Exchange, most of them limit moves. Copper futures rose on demand linked to the rise in silver and most other futures. While farm commodities were generally higher on the board of trade opening, profit-taking set in after that point and prices drifted almost steadily lower into the close. Soy oil and oats moved to limit gains, but closed lower, while one soybean option fell the limit and wheat was almost at the limit down. Cattle futures gained per hundredweight while live hogs and pork belly futures rose to limits along with shell eggs on the mercantile exchange. Commodities on the Mercantile Exchange moved into strong closes largely on the early strength in grains and despite rather sizeable movements of cattle and bogs on the major livestock markets. The trade apparently believes that demand for pork and beef will continue strong, despite expected higher prices. Grain close: Wheat: Mar 6.20; May 6.10; Jut 5 68: Sep 5.58; Dec 5.S8. Corn: Mar3.36V4; May 3.43: Jul3.45: Sep 3.39: Dec 3.20; Mar 3.24. Oats: Mar 1.71; May Jul Sep Dec. 1.85. Calgary CALGARY (CP) Receipts to 11 a.m. Wednesday from the Calgary public stockyards totalled 800 head, practically all slaughter cattle. Trade was moderately active. Slaughter steers sold unevenly. Heifers were fully steady to strong, with one load of top-quality heifers weighing 875 pounds selling at Cows were mostly in the lower grades, with all grades selling about steady. Steers. Al. A2: 44-M.80. A3: 43-H A4: 4143. Heifers. Al. A2: 40.50-41.70. A3: 38- 40. A4: 36-38 Cows. Dl. D2: 31.50-32.75. D3: 30- 31.50. D4: 25-30. Replacement cattle consisted of steers weighing more than 850 pounds and 'heifers weighing more than 600 pounds, prices generally steady. There were insufficient stock calves on offer to establish quotations. Good feeder steers more than 850 pounds- 4046.30. Good fesJer htikrs more than 600 pounds: 35-41- No hogs were sold to 11 a.m. futures WINNIPEG