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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 11, 1973, Lethbridge, Alberta Stock market dips in light trading TORONTO (CP) All sec- tors of the Toronto stock mar- ket declined in light mid-morn- ing trading today. The industrial index, consid- ered the major indicator of market trend, fell .22 to 211.44, golds 2.72 to 279.66, base metals .45 to 96.38 and western oils .68 to 218.12. Volume by 11 a.m. was 000 shares compared with 000 at the same time Friday. Advances remained slightly ahead of declines, 99 to 78, while 157 issues were un- changed. Oil refining, utility, chemical and steel stocks were among sectors of the market recording declines while bank, beverage, real estate and trust and loan issues were higher. Trading was halted shortly after ths opening in shares of Bad Boy Appliances and Furni- ture Ltd., pending release of in- formation by the company. The stock closed Friday at Valley fell 1% to Imperial Oil 1 to Bell Canada to Redpath to and Baton Broadcasting Livestock report Calgary livestock CALGARY (CP) Receipts to 11 a.m. today from the Cal- gary public stockyards showed sale of 200 head, practically all steers and cows. Trade was active. Slaughter steers sold steady, with insufficient slaughter heif- ers on offer to establsh quotes.. Cows were mostly lower grades, with all grades firm. Steers, Al, A2: 45.50 to 46.80. A3: 44.50 to 45.25. Cows, Dl, D2: 35 to 36.50. D3: 33 to 35. D4: 29 to 32.50. Replacement cattle were all shortkeep steers, weighing 800 to 950 pounds, selling firm. No stock calves were on offer. Good feeder steers 800 pounds and up: 43.50 to 46.50. Hogs: 43.45. to Markborough Properties rose to Occidental Fete to Canadian Occidental Pete to and CP Ltd. to United Siscoe lost 60 cents to Camflo 25 cents to and Falconbridge Copper to Rio Algom gained to and Placer to Numac was off to and Pan Ocean to Ranger climbed 1 to MONTREAL (CP) Prices were mixed in light trading on the Montreal stock market to- day. Combined volume on the Mon- treal and Canadian stock ex- changes at 11 a.m. was shares, down from shares at the same time Fri- day. Industrials dropped ,76 to 229.80, the composite .43 to 217.61 and banks .04 to 257.47 while utilities advanced .43 to 152.46 and papers .02 to 118.86. On the Montreal Stock Ex- change, Falconbridge Nickel was up l% to Trans- mountain Pipe Line to and Rio Algom Mines 1 to while Monenco dropped 1 to and Bell Canada to On the Canadian Stock Ex- change, Maybrun Mines was up two cents to 25 cents on shares. NEW YORK (AP) The stock market was mixed today in light trading. The Dow Jones average of 30 industrials, which bad risen more than a point in early trad- ing, was off 2.18 to 917.82 at noon. The New York Stock Ex- change index of some common stocks was off .01 to 56.28. Gaining issues held a 7-to- 4 lead over declines. Among Canadian issues Dome Mines was down to Al- can to and Inco to Canadian Pacific was up Vi to Seagrams to and Granby Mines to Hudson Bay was unchanged at Price-earnings ratio used in buying stocks TORONTO (CP) When an investor considers buying a new stock, one of the tools he uses to determine whether St is cheap enough is the price-earnings ratio, com- puted by dividing the current market price by net earnings per share. For example a stock priced at whose estimated per share earnings are would have a prica-earnings ratio of 13.3. It sounds like a matter of simple arithmatic. But, a re- cent Babson's report warns that a potential investor should take a close look at the components of the ratio. The earnings per share fig- ure should be before extraor- dinary items, that is, items which do not usually appear every year. A sale of equip- ment might, for example, bring a gain in earnings for the year but contribute noth- ing to the earning power of basic operations. The investor should look for any increase in the number of chares issued for that year which would, in effect, lower the per-share earnings growth rate from that of actual net income. Stock options should also be considered as poten- tial total shares. WARRANTS A FACTOR The figure for net income per share should also in- corporate the effects of dilu- tion. A per-share figure of might become fully diluted, once such obligations as exchanging convertible de- bentures or preferred stock for common shares and ir.g preferred dividends and interest payments are taken care of. Exercise of warrants, the right to buy a specified amount of stock within a cer- tain time, is accounted for by adding to earnings the after- tax amount which would be earned by the cash proceeds invested in the business at an appropriate rate of return. The company's tax rate must also bi considered since it may vary from year to year, Babson's says. Once the investor finds bow the current and past ratios compare, he has to judge what multiple is reasonable according to both history and expectations. "This decision must include an assessment of sales and earnings prospects, manage- ment, industrial cutlook and the state of the stock market. In general, companies with potentially high rates of earn- ings growth tend to have higher multiples although this tendency is tempered by the risk factor." RATIOS VARY MORE Canadian Business Service says price-earnings ratios are more variable for cyclical stocks, those most quickly affected by economic trends, because their earnigs are harder to predict. In gen- eral, they tend to sell at lower ratios than do growth stocks, those with strong records of earnings increases, because of the risks involved. "The most important factor in assessing a cyclical stock is whether you are basing your calculation on last year's earning or what you expect for this year or next it adds. "The (price-earnings) radio Is only correctly used when supported by a complete fun- damental analysis and judged against industry experience and market says. JVM 11, TOl UWMIDOi If Geneva oil agreement influences, price hike By RICHARD ANCO Canadian Staff Writer Canadian crude oil prices can be expected to be pushed higher as a result of an agreement reached in Geneva by oil com- panies and the Organization of Petroleum Exporting Countries Officials of the Big Three In Canada's oil rial, Gulf and not even guessing at the impact in Western Canada except to say that it will be upward. East of Me Ottawa Valley, where imported crude is used in refineries, the ll.Hwr-cent OPEC price increase will have a more clear-cut effect. Off- shore imports, especially from the Middle East, could cost 10 to 14 cents a barrel more, one industry source said. The 11 OPEC countries ac- count for about 80 per cent of the world's oil supplies. What- Car insurance rates to go up Tolls of inflation? Housebuilder H. R. Miller says his sign on a house under construction !n Edmonton should not be taken literally. The house can be bought. Mr. Miller Just wants people to realize that they can either buy now or pay more later._______________________ Grain prices Winnipeg grain WINNIPEG (CP) Trading activity remained light, but prices picked up strength at mid-session today on the Win- nipeg Commodity Exchange. Vancouver rapeseed contin- ued to lead today's advances, followed by Thunder Bay rape- seed and rye. Friday's volume of trade was bushels of flax, 000 of rapeseed of rye. Mid-session prices: Flax: July 1 higher 6.16; Oct. 6% higher Nov. 4% higher 5.60B; Dec. 3% higher 5.31B. Rapeseed Vancouver: June 13 higher 4.81A; Sep. 10% high- er 4.76A; Nov. 11 higher Jan. 13% higher 4.63 Rapeseed Thunder Bay: July 9 higher 4.17A; Oct. 8% higher 4.57A; Nov. 4 higher 4.33B; Dec. 15 higher 4.10A. Oats: July higher 1.33A; Oct. 4% higher Dec. 3 higher 1.31A. Barley: July 4 higher 2.01 Oct. 4 higher Dec. 5 higher Rye: July higher 1.96 V4B; Oct. 6 higher 1.98B; Dec. 8 higher Miscellaneous quotations Vancouver, Calgary, Montreal (Supplied by Donerty, McCaaig Limited) LAST BID OR SALE (11 a.m. Quotes) WESTERN OILS AND MINES Albany Oils Alta East Gas Alminex Asamera Ashland BP Can Brenda Mines Can South Cdn Ex Gas Cdn Homestd Cdn Ind Gas Oil Cdn Long Is Cdn Super Charter Oils Chieftan Dome pete Dynasty Fort Reliance Giant Mascot Granisle Gt Plains Gt Cdn Oil S Lochiel Lytton Noble Mine: North Cdn Oils Numac Pancdn Pete pan ocean Petrol Pinnacle Place Gas Ponder Ranger Scurry Rain Selbens Spooner Total Pete Ulster West Pete W. Decalta 29.75 MISCELLANEOUS INDUSTRIES (11 a.m. Quotes) Cygnus A 7.75 Cygnus B 7.7S 1.20 Falcon Copper 13.00 7.8S F and M Trust 4.00 6.40 Genstar 16.50 9.30 Home A 40.75 Home B 37.00 15.75 Hud Bay Co 19.00 i.60 Hud Bay Oi! 41.50 4.00 Hud Bay A PH 52.00 3.30 Hugh Russell 43.75 Husky Oil 20.75 Husky B Pfd 43.25 .20 Husky D War 7.15 46.75 Husky E War 8.50 4.00 Hys of Canada 4.75 10.25 Inter Prov Pipe 9.50 33.00 Inter Prov Steel 12.50 8.65 Kaiser Res 3.00 .28 Loblaw C Pfd 2.90 Magnasonics 8.00 Pacific Pete 27.25 P W Air 8.50 Pe-Ben Oilfield 2.0S Rainier 1.50 Royal Trust 1.12 St. Maurice Cap 6 70 Sandwell 15.00 Teledyne West Cdn Seed 13.62'A Westfield Min 1.20 Westfield War .21 Vi Weston A Pfd .59 White Yukon .39 PIPE LINE STOCKS 30.75 Alta Gas A 13.75 16.50 Alta Gas Pfd 11.25 Alta Nat Gas .46 Inland Nat Gas 6.90 N and C Gas 1.00 N and C B Pfd 5.75 Pacific Trans 5.05 Gaz Metro Gaz Metro A (11 a.m. Quotes) VANCOUVER MINES Afton 7.7J Atlas Explor .51 Bath Norsemlnes .75 Croyden .04 Dankoe 1.82 Davenport .50 Dolly Varden .33 Equitorial Res .18 Lornex '.50 Primer .12 Pyramid -14 Silver Stan .77 Valley Copper 10.00 INDUSTRIALS Col Brewing 2.85 Key Industries .25 Wardair 2.30 OILS PRP Explor 1.41 plains Pete -21 9.75 pon Explor .95 Stam Int'l Res 1.38 WINDERMERE, Ont. (CP) J. M. MacFadyen, newly- elected president of the Cana- dian Underwriters Association had good news Friday for drivers under car insurance rates will increase in 1973, but not as much as for drivers over 25. "We will have to invest some more in the young driver and absorb a part of the indicated 24.00 .91 3.40 4.10 5.25 1.20 .02 62.00 14.50 AM Cdn Com All Cdn Divi All Cdn Vent Amer Gr Fd AGF Special Cdn In Fund. Coll Mutual Comm Inter Comm Lever Comm Vent Corp Inv 19.50 Corp In St Fd 1050 Drey Fd U.S. Gr Pacific 21.75 Gr In Shares 11.75 Gr Equity 4.30 Inv Gr Fund 64.00 Inv Mutual Trans Can Pipe Mut Accum Delivery permits to be renewed WINNIPEG (CP) The Canadian Wheat Board an- nounced today that special de- livery permits will be renewed for farm estates and for produc- ers who have discontinuued fanning but still own grain for delivery in the future. With the change in policy, special permit holders in the two categories will not be re- quired to deliver all of their grain under the open quot- as that are in effect for the re- mainder of this crop year. In the past, special permits for the balance of the grain being held were renewed only if the hold- ers had taken full advantage of delivery quotas in the previous crop year. C. E. Gordon Earl, executive director of the wheat board, said a number of special per- mit holders, particularly farm- ers who are fully retired, use the grain they are carrying over from year to year as a form of income annuity. "To require producers in this position to deliver all the grain they have left under the open quotas, could impose an undue hardship in many Mr. Earl said. "For this reason spe- cial permits will be renewed for persons who fall into this category." Mr. Earl added, however, that (here are other categories of special permit holders, includ- ing producers still engaged in farming, who have received special permits because of re- duced delivery opportunities through the sale or cash rent- al of part of their landholdings. These special permit holders will be expected to complete the deliveries authorized by their special permits within the current crop year. Acres Ltd Aquitaine BC Sugar Pfd Block Bros Cdn Brew A Cdn Brew B Cdn Pacific Inv crestbrook Ind Crowsnest Ind Tr Can A Pfd 13.SO Tr Can B Pfd 21.50 Tr Can War 15.00 WC Trans 2.70 WC Trans War 24.50 CALGARY 30.50 Acroll Barons Oil 7.50 North Con 36.8714 West Warner 40.75 7.00 17.75 2.90 .48 MUTUAL FUNDS 7.01 7.66 7.50 8.20 3.50 3.84 5.27 5.79 2.58 5.04 S.52 5.43 5.96 14.88 16.35 3.78 4.15 7.18 7.89 6.11 6.71 4.92 5.40 11.02 12.09 4.49 4.93 3.58 3.94 7.72 8.48 12.07 13.20 3I ;J 23.67'A Gen Tele Elec 29.25 38.12ft TORONTO AVERAGES 15.00 30 Ind 211.00 off .M 2425 34.50 31.75 20 Golds 180.82 off 1.54 10 Base Met 98.82 off .01 IS West Oils 217.43 off 1.17 Volume NEW YORK AVERAGES 30 Ind 916.46 off 3.54 20 Rails 161.83 off .57 15 Util 107.45 up .12 45 Stocks 280.27 off M Volume ByGeneFawcette "TALKING PICTURES" 6ET A A NEW MEANING WITH A PAPER THAT TAKES GRAPHIC MATERIAL ON ONESlOE AND A CORRESPONDING SOUND RECORDING ONTHEOTHER. A DESK-SIZE UNIT PERMITS RECORDING AND REPLAY OF PAPER... PLAYBACKPOSmOtf, premium Increase for he said. "Our new program will be changed slightly to soften the impact of a big increase on un- der-age (25) drivers." Interviewed in this resort town 40 miles north of Orillia during the annual meeting of the CUA, Mr. MacFadyen de- clined to say how much the pre- mium increases for both under age and standard motorists would be in 1973. Preliminary estimates re- ported at the annual meeting in dicate that, based on accident statistics, car insurance in creases might average from eight to 15 per cent. These increases would apply across Canada except for Sas katchewan, Manitoba and Brit ish Columbia, where govern ment-run plans operate. Mr. MacFadyen said the CUA will consult provincial govern meat regulatory agencies in the other provinces before the new rates are established. AIM FOR JULY 1 "We would expect to have the program in operation by July n for new business and by Aug. for renewal policies." He also noted that the provin cial agencies have strongly in dicated that rates for driver under 25 should be held down. As an example, he mentionec the Alberta Automobile Insur ance Board which told com panics last month to reduc premium increases in the un der-age driver classification. Nevertheless, he cited in dustry statistics showing tha "under-age drivers consistent! produce the worst records bott in frequency or the number o claims a year and in the cos per claim." But he foresaw that the prob lems of the driver under 2. would be helped as com prehensive no-fault car insur ance replaces the traditiona liability-tort plans across Can ada. "Companies are working al out to get a workable no-faul proposal before governments later this he said. Hog prices EDMONTON (CP) Aver age prices to 11 a.m. toda provided by the Alberta E Producers Marketing Board. Edmonton: 43.45, averag Friday 45.55. Red Deer: 43.45 averag Friday 45.02. Calgaryj, 43.45 averag Friday 45.44. Lethbridge: No sales aver age Friday 45.85. Total hogs sold to 11 a.m Total hogs sold Frida average 45.36. Sows aver age 35.65. Dollar Value MONTREAL (CP) U.S dollar in terms of Canadian funds at noon today was down 2-25 at 39-50. Pound ster ling down 37-50 at 4-5. In New York, the Canadiar dollar was up 2-25 at 11-50 Pound sterling down 7-50 a 9-25. ever the increase, ft wffl ually be reflected in higher trices to consumers of petro- eum products such ax gasoline and beating fuel. Most of Canada'a refining ca- pacity is east of the national oil olicy line, roughly the Ottawa Valley. Last yer, that area's ca- pacity totalled barrels a lay and the projected trend is or rapid expansion in Quebec and the Atlantic provinces to an estimated barrels in 975. Capacity west of the line, sup- lied by Western Canadian crude, totalled barrels daily in 1972 and is expected to ;row to barrels in two 'ears. Rising overseas oil costs are directly felt in the east, at one time had the competitive of world pricing and temporary over-supply-a situ- ation that has changed. ROSE IN STAGES Oil companies with refineries in Montreal, dependent on im- ports, are reluctant to disclose heir cost schedules, but in- dustry sources say the price of offshore crude was increased 50 to 60 cents a barrel in four stages since last December and before the latest OPEC settle- ment. The current average landed crude price in Montreal is about to a barrel. Because oil is an international commodity, price increases for crude outside North America gradually show up in higher Ca- jadian crude prices. _ A spokesman for Imperial Oil Ltd. which increased the price for Western Canadian crude 25 cents a barrel April 30, said the company cannot say what tne effect of the recent OPEC pnce change will be. A Shell Canada Ltd. official said- "Until the situation be- comes clearer, we do not know what increase to expect. We would assume there will be an increase in Canadian crude. BP Canada Ltd. in Montreal says there will be a tendency for Canadian crude prices to be affected "but this has not been fully assessed." Insurance men plan competition WINDERMERE, Ont. (CP) British Columbia's plan to take over insurance March 1, 1974, is resulting in severe com- petition among private com- panies for other insurance in the province, the Canadian Ua- derwritcts Association (CUA) was told at the weekend. Frederick Ferries, CUA chairman of the B.C. advisory committee, said when the gov- ernment-run plan starts, about 185 private companies in B.C. will be "scrambling for under million in available prop- erty and casualty premiums." J. L. Miller, chairman of the Alberta advisory committee, told the meeting in this Ontario resort 40 miles north of Orillia, that car insurance wul be a major issue in Alberta's next provincial election. Unless private companies in- troduce changes in rating procedures recommended by the Alberta Insurance Board, "takeover (in Alberta) by the government looms as a possi- he said. J. K. Lindsay, chairman of the Quebec advisory committee, said the Quebec government is considering the possibility of nationalizing auto insurance for taxi operators. "It crfflld be the forerunner of the nationalization of this seg- ment of our industry (in Que- bec) in the near future if this particular operation becomes a he said. The CUA, with 59 member companies, is the largest group of general insurers in Canada. GREG'S AT IT AGAIN Who but Canada's favorite teller would suggest a tea chest for a wedding present? Reqd his mirthful account of what happened afterwards this Saturday IN YOUR IETHBRIDOE HERAID WEEKEND MAGAZINE WANTED! INDUSTRIAL PROPERTY LEASE BACK large, responsible Western Canada Company would to lease a warehouse and office building of approximately square In lethbridge area. Would be prepared to sign long term lease. New tost of land and buildings es- timated to be in to range. Who would like to own this of property and lease it back to us? Apply To BOX 125, IETHBRIDGE HERALD ;