Internet Payments

Secure & Reliable

Your data is encrypted and secure with us.
Godaddyseal image
VeraSafe Security Seal

Lethbridge Herald Newspaper Archives

- Page 8

Join us for 7 days to view your results

Enter your details to get started

or Login

What will you discover?

  • 108,666,265 Obituaries
  • 86,129,063 Archives
  • Birth & Marriages
  • Arrests & legal notices
  • And so much more
Issue Date:
Pages Available: 20

Search All United States newspapers

Research your ancestors and family tree, historical events, famous people and so much more!

Browse U.S. Newspaper Archives

googlemap

Select the state you are looking for from the map or the list below

OCR Text

Lethbridge Herald (Newspaper) - January 4, 1971, Lethbridge, Alberta 9 - THE LETHBRIDOI HERALD - Monday, January 4, 1971 U.S. brokerage houses bankruptcies top 100 By IRVING C. W1IYN0T Canadian Press Business Editor More than 100 brokerage houses in the United States disappeared during 1970 and many investors found their money and stock certificates tied up for long periods of bankruptcy proceedings. Such failures are unlikely In Canada, says Babson's Canadian investment letter, but investors should still beware of an "it-can't-happen-here attitude." "The traditional advice remains the best: Keep personal control of your own money and certificates. Obtain delivery of certificates and keep them in a safety deposit box at a'bank or trust company. "Withdraw idle money from free credit balances in brokers' accounts and put it to better use. Don't buy on margin," ALL STAYED SOLVENT The relative strength of the Canadian brokerage business is best demonstrated by the fact that no investment house went into bankruptcy during the year while in the U.S. an estimated 25,000 investors had their assets frozen by bankruptcy proceedings. WHAT U.S. MILITARY DOES IN SOUTH VIETNAM - Scientists in Chicago were shown the above airview pictures of what U.S. military use of herbicides does in South Vietnam. Top photo is of unsprayed forest, about 60 miles from Saigon. Bottom photo shows 1970 view of mangrove forest sprayed in. 1965. Dark spots are some surviving trees, according to the Herbicide Assessment Commission. National urban council planned OTTAWA (CP) - Robert An-dras, soon to become minister of state in charge of urban affairs, says he hopes the provinces will join with the federal government in forming a consultation group to deal with the problems of city growth. SIMPSONS SEARS Solves Hot Water Problems PRICES START AS LOW AS Call 328-9231 For Fast, Low Cost installation Interviewed on CTV's public affairs program Question Period, televised Sunday, Mr. An-dras said the government I shortly hopes to publish "a rather comprehensive analysis of urban Canada." "I am hopeful that, provincial response will, within a matter of months, develop into a positive acceptance of the need for, as I've called it, a national urban council." Cities also could be represented on the council which would deal with problems of rapidly-growing cities. POPULATION TO DOUBLE Mr. Andras said he is concerned about studies which show that Canada's population will double in the next 30 years and that most Canadians will live in large cities. It was the rate of growth which concerned him since "we have not been able to solve the problems that began to be created, say, in Toronto 20 years ago by its incredible growth rate then." "We are piling people on top of people . . . without any policy approach to it," he said. Problems must be identified in advance and there still was time to grapple with the problem of king-size cities "if we have the determination." "That determination has got to be agreed upon between the three, certainly the two levels of government, and also I think municipal." Canadian firms didn't weather the market glut without problems. A rule of thumb is that Toronto Stock Exchange members need a daily volume of three million industrial mining shares to make a profit. Trading during the first half of the year dropped 50 per cent from 1969 levels and brought some cuts in staff and pay cuts for senior personnel. Trading in late July was of ten below a million shares a day. President John Kimber of the TSE says that in the eight months to the end of October more than half of the exchange's member firms suffered losses. "The exchange's close surveillance of the capital position of members and prompt action by member firms to recognize problems and take corrective action helped prevent any serious problems of solvency," he said. IN EXCELLENT SHAPE "The membership as a whole appears to have come out of the period of slow and declining markets in excellent shape." Another reason Canadian brokers weathered the storm better than their American counterparts is a difference in the capital structure regulations for brokers in the two countries. Partners in U.S. firms may use personally-owned securities to buy into firms. In Canada, partners must use cash although they can use securities a<3 a collateral for a loan. Babson's says "the wisdom of the Canadian policy was borne out in the recent decline." "Despite all the regulations and supervision, clients with large free-credit balances brokerage house could themselves in difficulties member of the TSE under," says Babson's. WOULD TAKE TIME "If a house were to find Itself In difficulty, clients' free-credit balances and securities . . . could be tied up for a lengthy period." Just in case the worst does happen, Canadian investors have another bulwark against personal loss. The four major Canadian exchanges and the Investment Dealers' Assocation set up a national contingency fund of $1.5 million to protect clients of member houses against loss during a bankruptcy. Even if the loss topped $1.5 million, the five participants have the authority to make extra levies on their members for additional money. "Regulations and practices will likely be tightened up under the more hawk-eyed scrutiny of critical investors and less tolerant public authorities," Babson's says. "Nevertheless, personal possession of one own's certificates and money remains the safest policy." in a find if a went Seven arrested for subversion MADRID