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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 4, 1970, Lethbridge, Alberta _ _ Lethbridge Livestock (Supplied by Canada Department of Agriculture) On offer to 11 a.m. 125 cattle. Receipts mostly slaughter steers. Trade moderately- active. Good and choice butcher steers meeting only fair demand prices no better than steady with odd sales to 31.20. Medium grades 25 cents or more lower. No butcher heifers sold early. The few cows on offer sold steady. Medium and good stocker and feeder steers Meeting an improved demand at strong prices. Choice steers 30.25 to 31: good 29.25 to 30: medium 27 to 28. Good cows 21.50 to 22.50; medium 20 to 21: canners and cutters 17 to 19. Good heavy feeder steers 800 to 850 Ibs. 30 to 32; medium 27 to 29.50. Good light stock steers 550 to 650 Ibs. 22 to 35. Butcher hogs sold Thursday f.o.b. Lethbridge 29.10 base price. Sows dressed weight 21.75. Calgary Livestock CALGARY (CP) On offer to 11 a.m.: about 700 head, mostly slaughter cattle Trade was active on steers, moderately active on heifers and cows. Slaughter steers sold fully steady. Lightweight heifers were under pressure and discounted a full 50 cents. Heavy leifers were scarce and sold about steady. Cow trade was uneven with prices lower. Bulls were steady. Choice steers 30.75 to 31.50, good 29.75 to 30.75, medium 28 to 29.50; choice heifers 28 to 28.50, good 27 to 27.75, medium 26 to 27; good cows 21.75 to 22.50, medium 20.50 to 21.50, canners and cutlers 19 to 20.25; good bulls 25 to 27. Replacement cattle were scarce, being mostly feeder steers weighing more than 700 pounds and selling steady. Good feeder steers sold 30 to 34.70, depending on weight; good stock and feeder cows 21 to 23.90. There were no stock or slaughter calves on offer. There were no hogs reported sold f.o.b. Calgary to 11 QUOTATIONS Vancouver, Calgary, Montreal (Supplied by Doherty, Roadhouse and McCualg) LAST HID OU SALE a.m. Quoles) a.m. Quotejl QU018I1 WESTERN OILS Jelf Lakt t.SO IrWBSt Grow 1.35 10.2! Almlnrx 440 Joutel 1.15 Invest MUt 4.54 4.97 13.17'A KaVer Res 14.50 IOS Vent J.J7 Is Is S ,11 HI If If cSn Ind Gas 8.75 Selkirk Hold 11.00 Rwnt Fd ....IK 7.87 Cdn Long Is .98 SMI Inv J4.H ROVjund 459 473 Cdn Super 25.00 Shell Inv Pld Unit il lifcrf.v ts 1 Dvnam Pete 1 25 White and 'Yuk, 77.25 Alias Explor .95 uynsrri KCie i.o Bethlehem Copper 15.00 French PCte 5.40 CALGARY Rlnrk 3 1? Gt Plains 18.75 Acroll 1.25 DrSda 830 Mill City 1.33 Anac Pete 10 arcnmac M New Cont Barons Oil .OSVi n C Suaar 17'so North Cdn Oil North Cont 03W nc Pfd" 1450 Numac 5.50 Plains Pete .36 Inler 280 Permo 86 West Warner .50 church" 190 Petrol 1.20 Leduc Cal 09 roron Credit l'6o Pinnacle .92 Madison 18 Crest For ,nd Place Gas Qulnalta 05 Croyden 33 Ponder .48 Rexdale 16 Dcify Varden 30 Ranger 7.95 PIPELINE STOCKS Dynasty Scurry Rain 17.50 Alta Gs Tr L A 38.00 Endako 13.00 Spwner 1.57 cdn Wst Nat Gas 1875 Fori -fil Triad 3.60 Nat Gas 8.75 Futurity .22 Wes' North-Centra 11.75 Giant Mascot 3.10 MISCELLANEOUS North-Cent B Pf 25.00 Granlsle 12.50 INDUSTRIALS Gai Metro 3.90 Key Indust JO Atco Ind -frns cari 35.55 Growers B 1.75 Aqualaino 17.50 Trns Cen P Pf A 50.00 Hy'S 2.60 Brit Nfld Trns Can P War 6.45 Inter Brsw 3.70 Cdn Hyd Car 12.00 Westcoast Trans 17.00 Jericho 09'A Cdn Pac Inv 2J.OO Western Par! ic 4.25 Kamloops Cop. .10 CPR Pfd 8.00 MUTUAL FUNDS Lornex 7.25 Cygnus A 5.00 AGF Special 2.10. .2.20 Lytton Minerals 1.85 Cygnus B 5.25 Alt Cdn Com 6.13 6.70 Mt Washington .10 Cum Prop 8.50 All Cdn Dlv ..7.14 7.80 Msdrona 32 Gf Cdn Oil 3.70 All Cdn Vent 3.18 3.48 New Cronln 09 Gt Cdn Oil Sd 96.00 Amer Grow Fd 4.32 4.75 New imp Mines 2.10 Home A Can Grow 5.46 5.96 Okanagan Hell 2.85 Home B 16.50 Cdn Invest Fd 3.89 4.29 Primer 15 Hornc and Pit 2.05 Collect Mut 5.17 5.68 Pyramid 28Vi Hud Bay Co Cmnwlth nt ..11.01 12.07 Silver 1.58 Hud Bay Oil 34.00 Cmnwltli Lev 2.83 3.10 T.C. Explor 41 Hud Bay Oil 46.75 Corp Invest ...4.73 5.22 Texmont 60 Hugh RUSSel 1B.75 Drey Fd US. 9.96 10.92 Trojan 68 Husky Oil 8.75 NW Fin 3.40 3.74 Western Mines 4.15 Husky Oil War. 3.10 NW Growth 4.05 4.45 Westcoast Res. .25 Int Pro Pipe 8.10 Grow Equity 5.29 5.81 Western Explor -24 nt Steel Grp In Shares 2.83 3.10 Utica 1.06 TORONTO MINES, INDUSTRIALS Supplied by Richardson Securities of Canada LAST BID OR SALE a.m. Quotes) a.m. Quoles) a.m. Quoles) INDUSTRIALS Molson's B 13.50 Falconbrldgfl 135.00 Abitibi 8.Z5 .North, Cent 12.00 Frobex 27 Alcan 22.i7Vz Pembina Pp 18.25 First Marltimes 1.30 Algoma Steel 12.25 Power Corp 7.25 Giant Y.K 8.00 Atco Ind Price Co 9.75 Gorldrum 4.05 Atlan Sugar 5.75 Rothmans Gunnar 1.45 Bell Tel .11.75 Shell CDA 24.00 Granduc 7.25 Draiil Tree 14.25 Simpson's 16.00 Headway R.L. B.C. Tel 57.00 Simp Sears 20.25 Hollinger J7.75 Burns 7.75 steel of Can 21.00 Hud. Say M-S 22.25 B.C. Forest 23.00 Slekirk A 10.00 Hydra Ex. .24 B.C. Sugar 16-75 Texaco 21.00 Highland Bell 2.BO CAE Ind 4.30 Traders Gp A 8.87Vi Iron Bay 2.50 Cdn Brew 6.75 Trans AAtn Pn 15.00 ISO 1.70 Chemcell 6.50 Trans Can Pp 25.25 Joliet Quebec .24 Col Cellulose 4.75 Union Gas Kerr Addisnti Cal 20.50 union Oil 30.00 Key Anecon .39 Coron Credit 1.30 Versaiile Mtg 325 Labrador 27.00 CWN Gas 9.75 Westeel 10.00 Lake Shore 3.25 Cdn Indus! 9.25 Union Car 12.00 Leitch l.SO Canada S S 19.75 Weston's B 20.25 Langis Silver .07 Cdn Marconi 3.05 woodward's A 15.00 Mpcassa 1.31 Cdn Vickers S.2S west Cdn Sd 2.30 Madsen R.L. .91 Chrysler 22.75 zenith E ec 1.40 Malartic G.F .80 CPU 56.00 BANKS Martin McNeely .14V, Cominco 23.75 can Imperia 19.00 Maybrun .22 Cons Bath 14.37'A Src-al 15.25 Maclntyre IM.OJ Cons Gas 14.62'A Nova scolia 18.12'A Mela Dlst Sea 44.75 Royal 21.00 M drim .45 Dom Bridge 12.87V: Tur-Dom 18.62Vi Domlar 13.50 MINES Ncw Calumet .23 Dom Textile 9.87V, Acme .08 New Imperial 2.10 Dom Slores 12.62V, Advocate Asb. 2.50 "orSnda. Dome Pete Sl.tVA Akailcho .42 Northgate IJ.ra Fam Play 9.3714 Area Alines 2.00 Opemiska 14.00 Fd of Amer 44.00 Belcher Iron JOV, osisko .30 Gt Cdn Oil 7n Black Bay 08 Gen Motors 70.25 Bralorne 1.90 Point 30.50 Gt Lak'5 Pan Broulan 23 Placer Dey. 29.6OT Gulf Oil Cda 14.25 Bethlehem 15.75 P.C.Exp. 72 HawKer Sia l.M Brunswick.... 5.45 Quebec Man .21V Huron, Erie 14.00 Canada Tung. 1.55 1.29 Hiram Walk 41.75 Cassiar la.62Vi Imperial Oil Central Pat. 2.25 Rio Imperial Tob 14.00 chimo 1-32 cEter'. Ti lSHIrm.' "-if 1 S 8irB.rnine! ll UM list i'.OO Ze'nmac" .VfA NEW YORK STOCKS Supplied by Richardson, Securities of Canada Amer T and T.. 43.87V2 Montgom Ward 48.00 20 Ma IsM SU Oil' of' 56.75 15 Wsl Oils 141.68, off .25 Chrysler TrS NEvirYORK Comsar H637Vi Woolworth 29.62V, 30 tnds 717.42, 3.56 Kenn Copper 46.00 20 Inds 155.71, up 2.36 Volume Disj In Capit By I. II. ASPER One of the most troublesome brandies of the existing tax system is the clouded, area of capital gains. Apart from the em-rent controversy over whether or not they should be taxed, and if so what rate, for .hose working with the system, ;he difficulty has always been n determining whether or not a profit is a capital gain or merely regular taxable income. Obviously the distinction Is important since, for the present, capital gains are tax free. The tax free status makes a considerable difference to both taxpayer and tax collector. That also accounts for the great many tax disputes which arise in this area. If a person buys a home, lives in it, and subsequently sells at a profit, the increment is normally considered a tax free capital gain. But if he repeats the transaction four or five times in a relatively short period, his activities begin to take on the character of a business operation. In that case bis profits would be taxable. Even if the tax reform program ultimately includes the much expected capital gains tax, there will still be several years of tax litigation ahead of us, to settle arguments over the capital gains issues on transactions completed prior to commencement of the new system. Since capital gains come In an almost infinite variety of shapes and colours, almost every court adjudication helps taxpayers gain a better insight into their positions under the law. A r e c e n t Exchequer Court ruling is instructive. In the case before the court, the taxpayer's story wasn't contested but what was at issue was whether or not certain payments made to him by Shell Oil were taxable income or tax free capital gains. Because the situation is not uncommon in the business world, the facts bear repeating. WANTED SHARE The taxpayer was an Ontario corporation carrying on a fuel retailing business. For this purpose he owned oil storage tanks delivery trucks and a warehouse. In 1961, Shell, who owned a major asphalt producing plant in Montreal, attempted to gain a larger share of the as phalt market arising from highway construction in the taxpayer's district. The taxpayer, apparently quite inventive, dasigned a technique whereby hot asphalt could be shipped "by rail from Shell's Montreal plant to his terminal, where, before it cooked, it could be transferred to specially heated asphalt storage tanks, ready lor use on short notice. The taxpayer entered into an agreement with Shell to store the asphalt, built new storage tanks to accommodate its anticipated storage requirements, moving his fuel delivery operations to another location. Ths cost of the new asphalt storage facilities came to which was financed through a bank-loan. Tire storage agreement called for Shell to pay per ton of asphalt stored and to ship at least tons of asphalt annually until 1971 when the contract ran out. As a result, the storage company was guaranteed per year of revenue against which it calculated its operating cost to be between and An operating profit of more than per year was thus assured, to the taxpayer, out of which he could retire the bank loan obtained for braiding the storage facilities. He treated the asphalt storage business as a separate division of his company, distinct from the fuel delivers1 business. Separate bank accounts, books of account, financing, premises and separate employees were maintained for each of the two divisions. The arrangement with Shell continued until 1964 when Pl to Moore to Texas Gulf Sulphur to 18% and Bank of s'ova Scotia to 18V4. Mattagami climbed to Siebens 45 cents to Canadian Gridoil 40 cents to langers 40 cents to and Lake Dufault to HVi. United Bata Resources, which began trading on the Toronto Stock Exchange Wednesday, was up 15 cents to FOUR-POINT WSE Banks surged nearly four points in brisk morning trading on the Montreal stock market oday. Rio Algom rose to 17. The mining company said Wednesday it will supply uranium concentrate for use in the construction of a nuclear reactor in Sweden. Bombardier Ltd. rose H to 14% following an announcement that sales in snowmobiles increased by 25 per cent over 1969. Among leading banks, Nova Scotia jumped to Commerce to 1914, Toronto Dominion to 18-Ta, Royal Vt to 21Vt and Montreal Vs to Falconbridge led senior mines and oils with an increase of 4Vi :o 135Yi on a trade of 2CO shares. Aquitaine rose Vt to Inco Vt to 40, Hudson Bay Mining and Smelting Vt to Imperial Oil dropped Vt to 15% and Shell Canada to In other issues, CPR was up 1% to Moore Corp. to SO, Zellers to 9 Bell Canada Vt to and Abitibi V-i to SVt. Brascan was off to UVt and Dominion Textile to 914. On index, banks rose 3.86 to 168.04, the composite .90 to 150.93, utilities .63 to 123.60 and industrials .57 to 155.31. Papers were down .22 to 87.93. Combined volume on the Montreal and Canadian stock exchanges was compared with at the same time Trade At noon the Dow Jones average of 30 industrials was up 3.28 at 717.14. Advances maintained a 3 to 2 lead over declines among the issues traded on the New York Stock Exchange. The Associated Press 60-stock average at noon was upr0.3 to 248.0. Among Canadians, Canadian Pacific rose 2Vs, Granby Mining and Inco each and Alcan Vs. Genstar Ltd. fell Vs. On the American Stock Exchange, Brascan Ltd. and Canadian Javelin each fell Vt and Canadian Marconi Vs. Scurry-Rainbow was up enough asphalt business o warrant the on location storage operation, terminated he c o n t r a c t notwithstend-ng there were seven years left to run. The laxp a y e r pointed out the legal liability to compensate him for the loss of Prices Winnipeg Grain Prices WINNIPEG (CP) Trad-ng was light throughout most of the day in all commodities with prices generally steady at the close of the Winnipeg Grain Exchange today. Rapeseed showed some strength on local and commission house trading on both sides of the market. Flax was steady on a light trade. Oats and barley had a httle i domestic shipper trade with some buying for eastern feeders. Prices were steady at previous close levels. Rye had a little exporter buying interest with prices steady. Export loadings or Canadian wheat Wednesday included bushels to China, to Peru, to Ireland, to Malaysia and to Hong Kong. Wednesday's volume of trade included bushels of flax, of rapeseed and of rye. Lakehead prices for Class Two and IGA wheat were all down Vs cent. Prices for class two wheat for export to countries outside IGA: 1 Nor 1.73; 2 1.70; 3 4 1 Durum 2 3 IGA prices: 1 Nor 1.73; 2 1.70; 3 4 1 Durum 2 3 High Low Closo Flax Jly 2.78% 277 277% Oct 274 272% 272% Nov 267% 266% 266% Dec 265% 264% 264% Rapeseed Jly 306% 304 303Vi Nov 249 246% 249 Jan 240 238 240 Mar 238 236 238 Oats Jly 75% Oct Dec 76V4 Barlev Jly 109% 109 109% Oct 110% 110 Dec Rye Jly 100 K 99% Oct 104 10414 104 Dec 106% 106% Gains Strength By TIIE CANADIAN PRESS The Canadian dollar strengthened in early trading today on domestic markets while stock exchanges also registered gains. The dollar was slightly over 97 cents U.S. an hour after trading opened in Toronto and Montreal. It was between 96.79 and 90.85 at the open, up from Wednesday's close of 96.76. The dollar Had been pegged at 92.5 cents U.S. until last Sunday when the government allowed it to float on world currency markets. Trading at the pegged rate had been allowed with a one-cent leeway on both sides and it had been selling at just above 93 cents U.S. before the peg was discarded; On the stock exchanges in Toronto and Montreal, prices moved up in early trading. There was brisk business in Montreal but volume was light hi Toronto. The Canadian bond market was unchanged in early trading with light Dam Urged For TIME INCOME Company requires respov sible rnan or womnn to refill snack vending machmfis with national brand products. Can net dependable person excellent second Income, Applicant mi'st be honest, tner-gelic, have serviceabla car, devote 8 to 10 hours weekly and be able to invest lo for inventory and equipment. Routes established. No selling. More info provided if your letter contains details on 'self. When writing please include phone number, Sunway Distributing Ltd. Suite 2100, Place de Ville Ottawa 4, Ontario Futures WINNIPEG (CP) Trading was moderately active on the Winnipeg Bye beef market today with some trades executed in the July future at 25 poults under Che previous close levels. Open High Low Close Tnc. Jly 30.70 30.70 30.50 30.50 30.75a Sep 29.00a 29.00n Nov 28.80a 28.80a Jan 29.00 29.00a thinks the Mediterranean Sea should be dammed. Mr. Toran, of Madrid, is president of the International Commission of Big Dam Builders. He told reporters Wednesday the construction of a dam across the Strait of Gibraltar would create a new source of hydroelectric power. In additon, the resulting change in ocean currents would make the Sahara Desert blown, he said. By damming the strait, the flow of water from the Atlantic Ocean into the Mediterranean would cease and the sea would gradually evaporate, he said. In 30 years, the level of the Mediterranean would have dropped enough for sluice gates in the dam to be opened, generating enough power to supply all of Europe. The dam would also cut off a current flowing out of the Mediterranean into the Atlantic which forces a wanner current away from the African PATCHES ABERDEEN, Miss. (AP) Mayor H. A. Miller has ordered an end to the requirement that city police officers wear Confederate flag shoulder patches on their uniforms. Miller's action recently was a victory for two black policemen who objected, maintaining the patches represented a "badge of NEW YORK (AP) Stock-market prices were moderately signer in early afternoon trade Prices WINNIPEG The Maritime potato futures market had light trade today with the November future opening 17 points over the previous close. Open High Low Close Tues. Nov 2.35 2.35 2.18 Mar 2.62b SELKIRK HOLDINGS LIMITED DIVIDEND NOTICE NOTICE IS HEREBY GIVEN that a quarterly dividend of seven and one-half cenls per share has been declared on the outstanding Class A non-voting shares without nominal or par value in the Capital Stock of the Company payable on June 30, 1970 to shareholders of record al the class of business on June 16, 1970, By Order of the Board F. T. W. NASH, Secretary Toronto, Ontario May 29, Exemptions Useless For Many OTTAWA (CP) The govern- In line with its family allow-ment ought to couple a sharp in- ance thinking, the council op-crease in family and youth al- posed special exemptions for lowances with elimination of the elderly, the blind and income tax exemptions for de- wheel-chair cripples because it pendent children, the Canadian does not help many in the low-Welfare Council said today. income group. Tn T critioiie of the white The standard exemption paper tte donations and of recognizing familv economic re- is incurred at lie direction sponsibilities for children than allowances, to people who pay no taxes." CLASSES INSURANCE AUTO HOME BUSINESS FARM _1 Value MONTREAL (CP) U.S. dollar in terms of Canadian funds down 3-16 to 3-16. Pound sterling down 5-16 ta 9-16. NEW YORK dollar up 3-32 at 96 29-32 in terms of U.S. funds. Pound sterling down 1-16 at FARMERS and STOCKMEN If You Want TOP DOLLARS for your LIVESTOCK PICTURE BUTTE AUCTION IMRT Ideally located in the centre of large collie feeding and hog raising Prices EDMONTON (CP) Prices today provided by the Alberta Hog Producers Marketing board: Edmonton: Quoted and selling 29.10. Average Wednesday 29.08. Red Deer: Quoted 29.15, selling 29.20. Average Wednesday 29.20. Calgary: Quoted and selling 29.15. Average Wednesday 28.81. Lethbridge: No market. No market Wednesday. Hogs sold to 11 a.m. 592. Sows selling 21.99. Total hogs sold Wednesday average STORE FOR RENT GOOD LOCATION ON 5th STREET SOUTH Suitable for shoe store or ladies' wear store APPLY. Stan's Men's Wear 32! Slh SI, BfNGO 16 GAMES JACKPOT IETHBRIDGE ELKS LODGE ROOM (Upstairs) EVERY THURS.- 8 Smitty's Pancake House Franchise Available Excellent location in Marathon Development in City of fethbridge to bo open about October, 1970. Cash required approximately Capital investment returned in approximately four years, For further information please write or phono SMITTY'S PANCAKE HOUSES LTD. 709 Blh Ave. S.W., CAIGARY, Alberta. 263-5683 JUNE 6th at I p.m. REGULAR CATTLE SALE 400-HEAD-400 Highlighted by 100 HOLSTE1N STEERS, 350 to 600 Ibs. Plui USUAL RUN OF 200 TO 300 FEEDER AND WEANER HOGS FOR FURTHER INFORMATION CONTACT PICTURE BUTTE AUCTION MART JOE or JIM JURIS Plions 732-4400 or 732-4468 Picture so that low-income peo-WEEKEND SPECIAL! pie suffer no ONIY BRAND NEW 1969 DELUXE EPIC SL i WEEKEND SPECIAL 1 ONLY 4-lpeed transmission, 83 h.p. molor, beauliful red finish 1 _ Qg Effective ONLY DOWN AND 70.10 PER MONTH j 1 t from 5 p.m. Frl. On Approved Credit Even less With Trade j I If f lj until 8 n.m. Won. Regular Retail 12615.00. C1QQK PLUSISc RENTACAR morninfl Now Only VVV A MILE CHEVROLET OlDSMOBILE Beny Automotive Enterprises Ltd. vn Contact Borii Koreshenkov, Rep., Avis Rent a Car 2nd Ave. ond 8th St. S. Phone 327-3147 phona ;