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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 28, 1972, Lethbridge, Alberta quotations tax BB P H (Supplied by Dohcrty, McCuaig Limited) LAST BID Oil SALE ft.hri. a.m. Quotes) a.m. not always useful Gold les at mid-r TORONTO (CP) Gold Issues lead advances, as prices in most major sectors of the Toronto stock market moved higher in moderate mid-morning trading today. The industrial index rose .46 to 204.56, golds 6.13 to 222.0B, base melals .04 lo 92.61 and western oils .22 to 236.24. Volume by 11 a.m. was shares, compared with at the same time Thursday. Advances held a moderate margin over declines 126 to 98, with 180 issues unchanged. Beverage, communication, general manufacturing and pipeline issues headed advances while merchandising, industrial mining and utility stocks moved lower. Ford of Canada gained 2% to J95, Falconbridge to S59V4, Dome Mines 2 to Moore to Walker-Gooderham to and Westcoast Transmission to Domtar climbed to Pamour Porcupine 25 cents to Dickenson 15 cents to Upper Canada Mines 15 cents to and Pan Ocean to Great Lakes Power dropped to 519, Shell Canada to Sklar to S6'A and Har-dee Farms five cents to way norning to Domtar to Weslcoast Transmission lk to Moore Corp. to aud Walker-Gooderham to In MSE declines, Noranda Mines lost to International Utilities to Pacific Petroleum to Rapid Data Systems to and Zellers Vt to On the Canadian Stock Exchange, Belgium Standard was off to while in specul-tive mining shares, Fallinger gained 15 cents to on z volume of shares 6.03 Husky CD B Mutual Ac 5.97 6.57 Alta East Gai 7.15 Husky Oil War 4.50 Mutual Gr P 5.10 5.67 Asamera 15.75 Inler Prov P pe 12.75 Nnl Res 7.99 Ashland 10.75 Inler Prov Selel H.75 N W Fin 5.26 5.78 BP Oil Gas 5.05 Kalwr Res N W Gr 5.74 6-31 Con Soulh 6.20 MGF Ma nag, -j.rjQ Principal Gr 431 5.41 Cdn Bx 0.30 Pacific Pela 39.00 6.79 7.07 Cdn Homestd 7.65 Rainier- s.tt'A Temp Gr 7.54 fl.M Cdn Ind CDS Oil 70.00 SBndwcll 3.75 Unlled Ac 5.51 6.05 Cdn super X7.62'A Teledyne Universal B.12 B.93 Cdn Long l> West Cdn Seed 6.00 Vanguard 9.49 10.51 Charier 4.50 White Yukon 13.50 VANCOUVER Chleftan 9.30 LIB MINES Dome Pela CALGARY Alton 1050 Gr Plains 29.75 Acroll Alias Explor .39 Gf Cdn Oil 7.10 Barons Oil .0-1 Balh Norse 70 Lochlcl l.tf Madison .11 Brenda Norlh Cdn Oil 5.45 Norlh Cont .02 Brycon 16 Numac 1 West Warner .39 Churchill Copper 'fll Pancdn Pels PIPE LINE STOCKS Croyden Pan Ocean 13.3716 Affn Gas A 56.75 Davenporl 51 Petrol J.16 Altn Cm Pref 75.37'A Dankos 65 Pinnacle .37 Alta Net CDS Dolly Varden Place Gfl) .75 Inland Na Gai 15.50 Dynasty Ponder .52 N and C Gas 11.75 Equllorlal ,22 Ranger 19.25 Pac Gas Tr 11.75 Fort Reliance 35 Scurry Rain N and C B Pfd 26.no Giant Mascot .5.30 Spooner .80 Gaz Metro 5.25 Gralsle 7 35 Selbens 10.75 Gai Mefro A 7.00 Lornex 765 Total 6.65 Trnns Cda Pipe 45.00 Lytton Minerals 2 03 Ulstsr 1.36 Trans Cda B dn.oo Primer .n W. Decalta 5.35 Trans Cda A 83.iO Pyramid 40 West Pelc 8.75 Trans Cda War 4.oo Silver Standard l'.22 MISCELLANEOUS uut. luniTCTBiRc "C wts 8.95 irojan .33 INDUSTRIES MUTUAL FUNDS Valley Copper 725 Aqultalne 2S.6M All Cdn Com B.25 9.02 WC Res OS Brlnco 6.25 All Cdn Dlvld 9.W 9.94 INDUSTRIAL Cdn Brew A 30.00 All Cdn VenT 4.72 4 fil Block Bros 3 ifl Cdn Brew B 34.00 Amer Gr F a.y 7.18 B.C. Sugar 21.37'A Cdn Pac Inv 25.50 AGF Spec a 3.So B.C. Sugar Pfd 15 so Ind 29.00 Cdn Invest F 3.07 5.56 Capf Inter ,135 Cygnus A A.m Col Mutual 6.82 Columbia Brew 3' 50 Cyfjnus B 5.25 Cmnw inter 14.56 16.00 Crestbrook For Ind 4.15 Falcon Copper 11.75 Cmnw Lev 3.96 4.35 Hys 325 Genslar 15.00 Cmnw Vent 7.17 8.65 Key Indust 73 Home A 31.75 Corp Invest 6.11 667 Pacific W Air 3400 Home fl 31.37'A Corp In Sf F J.jp 5.67 Sfampede Inll Res flfl Hud Bay Co Dreyfus F U.S. 12.8014.03 I. II. ASPEU It Is often said, with some but rot total justification, that if one wants lo see where Canada will be in about 10 years in almost any aspect of human endeavor, be need only look to the current decisions being made in Ihe United States. Those decisions have In the past been fairly reliable guide-posts for the Canadian prognos-ticator. This Is not always the case In the tax field, since In many important aspects, Canada is ahead of the United States in what appears to be an unmistakable trend toward more equity, more egalitarianism or more equalization through the tax system. In many ways the 1972 Canadian tax reform plan, now in effect, embodies many provisions the most zealous American reformers still seek. Certainly the well-to-do and wealthy Canadians face far more severe tax treatment that do their American counterparts. Yet, in con-rast, the United States system is far more generous than ours when it comes to the low-and middle-income groups. It means, the man many Americans have branded as a flaming radical when it to tax reform, presidential hopeful Senator George McGovern, merely comes across in Canadi-at ans eyes as early Edgar Benson or a cautious Kenneth Carter when it comes to soak-the-rich lax policy. But apart from the McGovern phenomenon, whether it is passing or permanent, a thoughtful look at what is being said in the United States tax courts is always instructive, because as events have conclusively proved over the past three or four decades, where they are at today in most instances, is where wo will be harbored tomorrow. A recent series of court decisions and directions in that country signal an assault on tried and true and often outdated shiboleths which have long been held sacrosanct In tax circles. In one tax court decision, appropriately entitled Prophit vs. Internal Revenue, the court ruled, contrary to long-standing principles, that the "spirit" of the law supercedes the "letter" of the law. The Prophit went to court, Bible under his arm, and picked up all the tax marbles, in a unique, precedent-setting case. He argued that being a religious guru, the court should recognize Ms flock as dependent children and grant him a tax exemption in respect of each of these notwithstanding that he was not, strictly speaking, their custodian or other parental replacement. He pleaded the teaching of apostole Paul whose second letter to the Corinthians declaimed: "Not of the letter, but of the spirit; for the letter kill-eth, but the spirit giveth life." The letter of the law said the members of his flock weren't deductible children dependents, but the presumed spirit of the law could be interpreted to include them, in the atmosphere of today's floating flower children. While three tax court judges dissented, the majority court opinion ruled the children as his dependents for tax purposes. Look for interesting things if this liberal and not literal interpretation of tax statutes js widely followed. At almost the same time the U.S. tax court made an equally far-reaching ruling. It wrestled with the perennial problem of determining whether or not profit on the sale of land by company was taxable as regular income at full tax rates or taxable at half rates as a capital gain. The circumstances were Identical to thousands of cases which occur annually In both this country and the United States. The company had only one activity to buy land, hold it for awhile and then sell it for a profit. Notwithstanding this admitted intent, the court ruled that the land was an Investment and its sale and the prolft it created was a tax-sheltered capital gain. Canadian land speculators, take note! For those wondering how th3 Canadian courts will interpret our new capital gains laws, a glance at another recent U.S. tax court decision will be interesting. Columbia Broadcasting Systems leased a theatre in New York. The lease had a clause requiring the tenant to restore the premises to its original condition when the lease expired. CBS wanted out of that provision and paid the landlord to cancel the clause. The tax question was whether the landlord received the for the giving up of a right capital gam or as income from a lease fully taxa-bll. The court ruled the payment fully taxable on the ground that It was a form The decision gives u Insight Into how Canadian tai courts might interpret our new capital gains tax the firs) Canadian case will not likely come before the courts (or tl least a year. In the "of thing! to come" category falls another ominous American ruling, announced this month. From July 1 onward, all persons transport, ing more than In currency out of the U.S. must notify the customs department. As well, all financial Institutions are required to report to the treasury department all "unusual" currency transactions involving more than So if one feels trapped in Canada, he is well off by American standards where everyone is required to indicate on his tax return if he maintains i foreign bank account. All of this is part of the none-shall-escape syndrome which has gripped the United States since its currency crisis last year. It is to be devoutly hoped that Canada will not follow the same course but will, instead, vigorously seek to establish a system from which none would want to escape. That's the real thing in a capital-competlUva world. (Mr. Asper Is a Winnipeg lawyer) YORK (AP) Slock market prices eased lower today for the fourth consecutive day in moderate trading, the noon Dow Jones average of 30 industrials was off .60 to 92G.25. On the New York Stock Exchange, declines took about a G-to-5 edge over advances. The NYSE's index of more than common stocks was off .04 to 59.07. The price-change index of the American Stock Exchange was down .01 to 26.75. Brokers said it was a session, with many investors staying out of the action. General Development was off to Last Monday the company reported lower income. North American Rockwell dropped back V8 to It had gained 3% Thursday on news that it had won a space-shuttle contract. GOOD AUTO REPORTS Auto stocks were active and higher, reflecting favorable earnings reports in the industry. Ford was ahead to and American Motors gained Vs to Curtiss-Wrtght was ahead 3% to It had reported giving a non-exclusive contract to In-gersoll-Rand lo make Wankel-type engines for compressor nump and generator assemblies. Texaco, which reported lower earnings for the first half of 1972, was off to Holiday Inns, which slid 7% Thursday on a disappointing earnings report, lost more to Among Canadians, Dome Alines was up 1% to Genslar to and Walker-Gooderham Vt to S45'A. Alcan lost to and Inco On the American Stock Exchange. Scurry-Rainbow rose Va lo Canadian Marconi dropped 25 cents to Bay Oil PftJ 54.50 Gr Equit y 7.99 B.7B Plains Pete .23 Hugh Russell 36.00 Invesl Gr F 13.3! 13.55 Wesl Explor .08 Toronto mines, industrials (Supplied By Richardson Secnrilles of Canada) LAST BID OR SALE a.m. Quotes) a.m. CSuoles) a.m. Quoles) MINES Quebec Man .12 Grt Cdn Oil 7.00 Acme .35Ya Rayrock i.o Gen Motors Advocate Aab. 1.60 Pad lore .2 Grt Lakes Pp 1625 Akallcho .58 Rio Algom 1B.7 Gulf Oil Cda Bralorne 2.50 Roman Corp. 7.fl Greyhound 22.50 Broulan .32 Sherrllt Gordon 14.7 Hawker Sid a 10 Brunswick 3.90 Silver Miller Hur Erie 3900 Casslar 16.15 Steep Rock I.M Hiram Walker 44.50 Central Pat 1.33 Tek Corp. 4.60 Imp Oil 37.62'A Chimo 1.03 Texmonl ,i3 Imasca belts replacement ordered DETROIT (Reuter) Ford Motor Co. has recalled more than 1972 Torinos, Monte-gos, Continental Mark 50 the seat belts could he replaced. The company said Thursday the belts installed in some of the vehicles were too long and could prevent the retractor from locking. Ford also called in light trucks for the same problem. In a separate action, the company recalled more than heavy duty trucks for inspection of parts of the axle mountings that could have hairline cracks. It added that no accidents have been pri Winnipeg Grain WINNIPEG (CP) Rapeseed prices remained three cents-lower on moderate trading at mid-session on the Winnipeg Grain Exchange today. The lower prices resulted from commission house selling meeting only limited exporter buying interest. Flax futures were also lowered but on light trading. Oats, barley and rye were generally steady on light trading. Thursday's volume of trade was bushels of flax, of rye and of rapeseed. MID-SESSION Flax: July H4 lower 2.9H1A; Oct. PA lower Nov. V4 lower 2.93V4A; Dec. lower 2.8514A. Rapeseed Vancouver: Sep. 3V4 lower 2.54A; Nov. 3 lower Jan. 3Vt lower 2.54A; March IVz lower 2.52A. Rapeseed Thunder Bay: July 3% lower 2.40A; Oct lower 2. A: Nov. 3% lower 2.44A; Dec. 1 lower 2.39A. Oats: July unchanged Oct. unchanged Dec. lower 72; May not open. Barley: Jnlv Vi higher 1.1414A; Oct. Vt higher review Dec. unchanged l.lSViE; May Rye: July unchanged Oct. !ower Dec. lower May unchanged Grain quotes Thursday (basil High Low Close Flax Jly 294VB 290 293Vi Oct 290V4 293% 297V4 Nov 295% 29014 29314 Dec 288% 28414 287 HapeseciJ Vancouver Sep 257% 25714 Nov 257% 257% Jan 257% 252 257Vi Mar 253% 252 253% Rapeseed Thunder Bay Jly 243% 242 243% Oct 241% 246% Nov 247% 246 247% Dec 240 239 240 Oats Jly 71% 71 71% Oct 72% Dec 72% May 75Vz 75 75% Barley Jly 114 Oct 115% 115 115% Dec 115% May 118H Rye Jly 100% Oct 102% 102% Dec 100% 96% 99% May 103'A 102% Rambler 1.43 Western Mines 3.35 Int Plpo 2C 75 Coin Lake .42 Wright Harg. 1.55 Inv. Grp A a. 75 Coehenour .54 WiJJroy jja Int Ulil 4? 25 Cralgmonf: 7.70 Windfall 10 Ind Accent l9.37Vs Dickenson 2.90 Yellowknlfe 3.90 Laurenllde 13 Denlson 31.25 Zenmac .13 Kelly Doug A 7.50 Deer Horn .08 iimucrr- Loeb 25 D'Eldona il INUUSIK Loblaw A 7.00 Dome Mines 76.no Abltlbl ?.62Vi Met Slores 21 25 Discovery .75 Alcan 20.75 Massey Ferg 15 00 East Maiarllc 2.70 AlgttmB Steel 14.50 McMillan Bloe 27 37'A East Sullivan 2.36 Atco Ind 13.25 Moore Corp Falconbridge 57.25 Atlantic Sugar 5.B7Va Molsons A 20.00 Frobex .28 Agra Ind 13.37VJ Molsons 8 2725 First Marlll .58 Bell Tel X2.25 Norlh Cent 11.75 Gianl Y.K. fi.30 Brazil Trac 31.25 Power Corp 1200 Bovis 2.25 B.C. Tef 61.50 Price Co 10 00 GrandUC 3.30 Burns 14.50 Rotnmans 22 Headway R L .06 B.C. Sugar Salada Foods 4 SO Hollinger 40.00 B.C. Forest 20.00 St. Law Corp 2000 Hudson Bay MS 31.00 Bow Val Ind 33.50 Shell CDA 49 62Vb Hydra Ex, .SPA CAE Ind 7-75 Simpson's 5535 iron Bay 3.50 Cdn Brew 7.50 Simp Sears 40 62Vi Iso 1.82 Col Cell 4.05 Sleel of Cda 35.50 Jollet Quebec .23 Calgary Row Selkirk A Kerr Addison 10.00 Coron Credit 1.60 Texaco 5] oo Key Anacon 21 C.W.N. Gas Pfd 11.25 Traders Grp A 1775 Labrador 43.25 Cdn Ind 15.75 Trans Mtn Pp 23 Lake Shore 3.BO Cdn Marconi Trnas Cda Pp 44 75 Madsen R L. .fi2 Cdn Vlckcrs 1025 Union Gns 13 Malartic G.F. .95 Chrysler 31.00 Union Oil 4350 Martin McNeely .13 C.P.R. 28.12'A Verwlile Mfg 6.25 Maclntyra 51.00 Comlnco 13.50 Wesleel 21 00 Mela .11 Cons Bath 77.B71A Union Car 1775 Midrim Cons GBS B 8300 Intern Mogul 9.25 Dist Seagrams 36.00 West Cdn seed 613Vb Nu Weft Homes 9.25 Dom Bridge 32.50 Woodward's A 29 00 New Calumet .U Domlar 30.00 Zenith Else 3.15 Noranda 37.75 Dom Textile BANKS Northgalft 5-45 Dom Stores 1675 Cdn Imp 27 50 Norlex .25 Dome Pete 76.00 Montreal 2012Va Oslsko .26 Dofasco 26.75 Nova SCOltO 37 75 Pine Point 30.62'A Cable 32.50 Royal 34 B7Vi Placer Dev. Ford of Am 64.DO Tor-Dom 34.87tt Neiv York stocks (Supplied By Richardson Securities of Canidi) Amr T and T Sid Oil of NJ. 75.00 20 Golds 22210 un i 15 Anaconda 17.75 Texas Gulf 14.75 10 Base Mel 92.7! up .11 Belh Sleel 28.37V, Texas Co 30.50 15 W Oils 531.90 oil 12 Chrysler 31.62Vj wlckes Corp ii.25 Volume W5.000 Duponl Ufi.75 Woolworih 36.25 NEW YORK AVERAGES CM 7J.12Vi Westlnohoust Elec Um 30 Indusl 92J.25 Ml W Gull U.S. Steel SB.3714 Rails U c. nl Harvesler 33.00 Gen T and E 16.m 15 Ulililles 10J.53 oil 5! Kmn Copper 71 .37'A TORONTO AVERAGES S5 Slocks 305 BS cfl 21 Sears 50 Indus) XI !9 up .19 Volume MONTREAL (CP) Prices advanced in all sectors in light morning trading on the Montreal stock market today. On index, industrials gained .23 to 217.94, utilities .42 to 158.63, banks 1.54 to 266.13, Ihe composite .40 to 211.64 and papers .32 to 94.58. Combined volume on the Montreal and Canadian Stock Exchanges at 11 a.m. was shares compared with at the same time Thurs-day. On the Montreal Stock Exchange, General Motors Corp. was up to 57314, Murphy Be WINNI futures futures PEG beet t c ose Thursday 35.20B; Nov 34.50B; 1.75N. day's volume: prices inequity campaign set WINNIPEG (CP) The Canadian Federation of Agriculture says it will campaign to end what it called feed grain price discrimination against Ontario livestock feeders. The federation, at its semiannual meeting, pledged to tackle the problem of eastern farmers paying higher grain prices than Prairie farmers. The plan to revamp the domestic feed grains policy was unanimously supported at the meeting by the federation's ten provincial farm organization members. "After several years of controversy a national grains agreement is something to yell said Gordon Hill, president of the Ontario Federation of Agriculture. "We struggled to get this policy for price stability. It's taken a long time but it is a good Wedna. 'clean up9 stores' 1 r i THER INTHE IMJEC MASS INSTR DUCINC OFD R3LLO f 1 It Iff au eiopi EISA BREAKTHROUGH TREATMENTOF STROKE TIOMOFA NEW DRUG ROUeHT IMPROVEMENT OKE PATIENTS BY RE-i BRAIN SWELLING, OR A FREQUENT CAUSE EATHINTHEWEEK WW6 THE