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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - June 18, 1970, Lethbridge, Alberta Thimdoy, Jun. 18, 1970 THI LETHBRIDGE HCRAID 17 Toronto Market Down Slightly TORONTO (CP) The To- ronto slock market was fractionally in light mid-morn- ing trading today. On index, industrials dropped .36 to 153.76 and western oils 2.11 to 133.89. Golds were un- changed at 150.21 and base met- als up .10 to 90.44. Volume by 11 a.m. was shares, down from at the same time Wednesday. Losses outnumbered gains 83 to 76 with 117 issues unchanged. Among declining issues, Kai- ser Resources fell to Falconbridge 1 to Imperial Grain Prices Winnipeg Grain Prices WINNIPEG (CP) Com- mission house selling and hedgers pressure during the fi- nal hour pushed the July rape- seed sharply lower at the close of the Winnipeg Grain ex- change today. Speculative b u y ing which had rapeseed prices on a stronger trend, disappeared as all futures dropped near the close. Flax was on a slightly high- er price pattern on light trad- Ing. Rye continued on a trend to lower prices with no buyers to meet the hedgers. Oats and barley were practically ne- glected all day. Wednesday's volume of trade Included bushels of flax, of rapeseed and 000 of rye. Prices for class two wheat for export to countries outside IGA: 1 Nor 2 3 1.63Vi; 4 1 Durum 2 1.72Y4; 3 4 IGA prices: 1 Nor 2 3 4 1 durum 1.7514; 2 l.W; 3 High Low Close Flax Jly 282% 281V4 282 273% 271% 271% 266% 265 265% Oct Nov Dec Rapeseed Jly Nov Jan Mar Oats Jly Oct Dec Barley Jly Oct Dec Jiy Oct Dec 315 316% 267% 263% 265 253V8 251V4 251% 249% 246% 247% 76% 75% 76% 76% 76% 109V4 110% 110% 100% 99% 99 105% 102% 102% 106 104% Oil to 16, Cominco to 22, Walker, Gooderham to 41 !4 and Mclntyre 2 to 160. PRICES LOWER MONTREAL (CP) Prices were lower in light early trad- ing today on the Montreal stock market after recording moder- ate gains on Wednesday. The composite index was off .68 to 150.64 at 11 a.m. Kaiser Resources was off 1 to The company said 1970 earnings could be 50 pei cent lower than anticipated because of increased capital costs for its coal-mining complex in south- eastern British Columbia. Origi- nally, Kaiser estimated that 1970 net earnings would total about In the first quarter of this year, it had a net loss of Among industrials, CPR fell 2% to 55% and Crush Interna- tional to Canada Ce- ment gained to 34% and Moore Corp. to Texaco Canada advanced 1% to 22% while Imperial Oil was off to 16. On index, industrials were off .03 to 154.65, utilities 1.21 to 124.26 and papers .24 to 85.49. Banks were up .01 to 168.48. Combined volume on the Montreal and Canadian Stock Exchange was shares at 11 a.m. compared with at the same time Wednesday. PRICES BOUNCE BACK NEW YORK (AP) market prices bounced back and shot upwards in slow trade today. At noon'the Dow, Jones aver- age of 30 industrials was up 4.93 at 709.61. Earlier it had been off more than five points. Declines led advances by a small margin. Analysts attributed market action to the short-interest re- port which will come out after today's closing. This report is expected to say that there has been an increase in the short position in the mar- ket generally as well as an in- crease in the glamor-stock short position, they added. This is a bullish sign, other brokers added, because a higher short position represents an in- crease in potential strength. Buying in glamour issues often produces a firming in the market generally, they said. At noon the Associated Press 60-stock index was unchanged at 238.9. Among Canadians, Mclntyre Porcupine rose 1% and Inco Walker Gooderham fell Gen- star Ltd. amd Alcan On the American Stock Ex- change, Canadian Havelin fell STORE FOR RENT GOOD LOCATION ON 5th STREET SOUTH Suitable for shoe store or ladies' wear store APPLY, Stan's Men's Wear 321 5th St. S. Smitty's Pancake House Franchise Available Excellent localion in Marathon Development in City of Lethbridge to be open about Octo- ber, 1970. Cash required approximately Capital investment returned in ap- proximately four years, For further information please write or phone SMITTY'S PANCAKE HOUSES LTD. 709 8th Ave. S.W., CALGARY, Alberto. 263-5683 (403) MISCELLANEOUS Vancouver, Calgary, (Supplied by Doherty, Raadhoaise and LAST SALE a.m. Quotes) a.m. Quoles) Almlnex -4.00 Int Utl! 23.50 Norllmesl Gth 3.98 4.37 Asmera Inlor Slool 5.25 Growth Equity 5.30 5.Q2 Banff 3.25 Jtff Loks Investors Gth 9.42 10.30 Can South 3.10 Joutel 1.15 Investors AMI 1.51 5.00 Cdn Delhi 2.95 Kaiser 13.50 105 Venture 2.98 3.26 Cdn Exp Gas 3.30 Kam 1.66 Mutual Accum. 4.19 4.60 Cdn Grlgol 6.75 Lake Ont 1.95 Mutual Glh F 3.65 4.23 Cdn Homo 7.10 Newconex Mutual Income 4.18 4.60 Cdn Ind Gas Pac Pete 20.00 Natural Res 6.36 Cdn Long Is .75 Rank Organ Cdn Super 24.00 Selkirk Hod Cent Del Rio 10.12W Shell Inv 00 Principal Glh 3.62 3.97 12.25 Provident Mil 5.77 S.31 25 37W Regent Fund 7.12 7.78 Charter 6.65 Shell Inv 24.50 Roylund 4.62 4.77 Chieftan 7.70 Shell Inv Wts 11.25 United Accum 4.48 Dynam Peta 7.16 Sicks Ranter 3.87Vi n French Pete 5.10 West Cdn Sd 2.20 Anuk .21 Gt Plains 17.75 While and Yuk. Arcllc Mining Mill City 1.28 AH" 1.01 New Cont 90 Acroll 05 Beth. Copper 13.25 Numac 4.90 Anac Peta Bornlte Ridge .6 Pt'rmo 76 Barons Oil Block Bros 2.95 Petrol 1.05 North Brenda 10.50 Place Gas 1.15 Plains Drenmac 58 Ponder West B.C. Sugar 17.25 Ranger 8.10 Lcduc Ca m Scurry Rain 15.25 Madison Capt. Inter 2.80 Churchill 3.60 Creslbrook 6.50 Triad 3.6Q 3n West Dec 4.10 Gas 4050 Dollv Varden .36 MISCELLANEOUS Cdn. W.N. 1150 Dynasty 7.20 INDUSTRIALS Inland Nat. 9.00 Atco Ind 9.25 North, 25 Giant Masco" 2.90 Aquatalne 17.75 North, Brit Nfld 4.00 Trans Can Pipe 25.50 pey jna. Cdn Drew B 34.50 Tr Cn Pipe 2.80 34.50 Growers Wine B Cdn Hyd Car 11.75 Trans Can Pi Cdn Pac Inv 22.50 Trans Can A 50.75 nys W 6.50 CPR pfd 8 50 Westcoast 16.00 Jericho 09'A Cygnus A 4.85 Western c 4 30 Kamloops 10 Cygnus B 4.65 Lornex 7.10 Cum Prop 8.50 A.G.F, 3.08 2.10 I-Ylion M'1? s- Home "A All Cdn. Venture 3.14 3.43 -New Cronln .08 Home B 1575 Amer. Gth F 4.37 New Mines Hnnw anrj "plf" 200 Canada Growth 4.71 5.1B Primer .16 BS Bay Co ..I IKWVi Cdn. Inv. Fund 3.94 432 Silver Standard 1. 30 Hud Bav Oil 3525 Collective Mil 5.01 5.51 T.C. Ex w Hud Bay 0 48 M Commonwealth 10.93 11.98 .55 Kyi K- TORONTO MINES, Supplied by Richardson Securities of LAST SALE a.m. Quotes) a.m. Quotes) a.m. Abitlbl 7.75 North, 11.50 Frobex Alar, 21.B7W Pembinn 17.00 First Maritime! 1.12 Algoma Steel 12.00 Power 8 Giant Y.K Atco Ind 9-25 Price Co Allan Sugar Rothmans Bell Tel Shell CDA Gortdrum 25.00 Gunnar Brazil Trac 13.Q7V2 Simpson's BC Tel 51.25 simp Sears 15.75 Granduc 19.25 Headway R.L. Burns 7.50 steel of Can B C. Forest 33.50 Selkirk A 21.25 Hollinger 10.50 Hud. Bay M-S 23.75 B.C. Sugar 17.25 Texaco CAE Ind 4.10 Traders Hydra Ex A 9.00 Highland Bell 2.J5 Cdn Brew 6.50 Trans Mtn 14.50_ Iron Bay Chemceli 4.90 Trans Can Pp 25.25 )so Col Cellulose 4.95 Union Gas 12.6214 Quebec .23 cVl Power 20.75 Union Oil 30.00 Kerr Addison Coronation Credit 1.10 Versatile Key Anacon CWN Gas 10.00 Westeel Labrador 28.25 Cdn Indus! Union Car 11.75 Lake Shore 3.55 21.25 Leitch Cdn Marconi 3.25 15.00 Langls silver .07 Cdn Vickers 6.50 West Cdn 2-15 Macassa 1-3J Chrysler 21.25 Zenith Elec 1.3S Macisen R.L. CPR 56.00 HANKS Malartic G.F. Comtn'co 21.62W Can Imperia Cons Bath 13.25 Montreal Cons Gas 14.25 Nova 19.75 Martin McNeely ll.uu Maybron .21 17.50 Maclntyre 160.00 Dlst Sea 45.50 Royal 21.50 Meta Dom Bridge MM Tor-Dom 18.50 Midrim Domlar 13-75 MINES intern Mogul Dom Textile 9.37% Acme -W New Alhona Dom Stores 12.50 Advocate Asb. 5.10 New Calumet -23 Dome Pete .50 Akaitcho 41 New Imperial 5.07 Fam Play 9-75 Area Mines 1-90 Noranda Fd of Amer 45.50 Belcher Gt Cdn Oil 3.80 Black Bay .08 Opermska 13.25 Gen Motors 67.50 Bralorne 1.60 osisko -30 Gt Lakes Pap Broulan Gulf Oil Cda 15.37Vz Bethlehem Hawker Sid l.BO Brunswick paimo 3J-iu 13.50 Pine Point 30.00 5.10 Placer Dev. 29.00 Hurpn, Erie Canada P.C. Exp 70 Quebec Man -20 Imperial Oil 16.WV2 Central 2.55 Rayrock 1-20 Int Pipe 20J5 Cons. Rambler .B5( Roman Corp. Int 23.00 Coehenour A S Loeb Dfer Horn ueper0ncanada 1J5 Loblaw A Western Mines 4.05 Massey Ferg Donaiaa 1.35 WlllroV 1-39 29.12V4 EasT Melart 1.02 Windfall _... _. Molsoh's A 13.00 East so Yeiiowknite ur. Molson's B 13.00 133.00 Zenmac 11 NEW YORK Supplied by Securities of Canada Anaconda 54.B7W Montgomery Beth. Steel 22.87Va Sears 44 !0 20 Golds 150.24 up .03 10 Base Mets 90.29 oft .OS 57.12B 15 w ]3410 90 Chrysler Standard 55.75 Volume General Motors 64.50 ?S 5fii'sS Sf uSP.4'" Value MONTREAL (CP) U.S. dol- By THE CANADIAN in terms of Canadian funds off 7-16 to S1.04 3-32. Pound ster- Cunninghams Drug off to Ltd., 10 cents, July 15, June YORK CCP) Cana- British Columbia Forest dollar up 13-64 at 96 1-64 ii ucts Co. Ltd., common 25 of U.S. funds. Pound ster 6 per cent pfd. 75 cents; both Aug. 1 record July up 1-32 at 13-16. Steel Co. of Canada Ltd., cents; Aug. 1, record July Canadian Tire Corp. Ltd., common 5 cents; class A cents; both Sept. 1, record Aug. Beef WINNIPEG (OP) the was extremely light on the nipeg live beef futures market Open High Low Close Jly 30.90 30.90 30.80 30.80 31.02 Sep 29.45 now offer Increased Nov 28.80 28.80 Jan 28.80 space for tha Livestock Lethbridge livestock (SuppUed by Canada Department of Agriculture) On offer to 11 a.m. 200 cattle. Receipts m o s t ly butcher steers. Trade was dull. Good and choice butcher steers con- jnue to meet pressure. Prices 75 cents lower with medium grades selling to lower. >Jo butcher heifers sold early. All classes of cows also mect- ng pressure with prices or more lower. Sales to Julls selling lower. Medium and good replacement steers were also selling SI lower. Choice steers 29.50 to 30.50; good 28.50 to 29.50; medium 26 a 27. Good cows 20.50 to 21.70; me- dium 19 to 20; canners and cut- ;ers 16 to 18. Good bulls 25 to 26. Good heavy feeder steers 29 ;o 30.80; medium 27 to 28. Good light stock steers 31 to 33.90. Butcher hogs were not offer- ed Wednesday. Calgary Livestock CALGAHY (CP) On offer to 11 a.mi.: about head, mostly slaughter steers and reifers of mixed quality. Trade ivas slow. Slaughter steers were low- er for the week. Heifers were to lower for the week. 3ows were lower tlian Tues- day's high prices. Bulls were steady. Choice steers 29.50 to 30.30, good 28.25 to 29.25, medium 27 o 28; choice heifers 26.75 to 27.25, good 25.75 to 26.50, me- dium 24.50 to 25.50; good cows 21.50 to 22.50, medium 20.25 to 21.25, canners and cutters 18 to 20; good bulls 26 to 28. Replacement cattle were a good demand at steady prices. Good feeder steers over 750 pounds 30 to 32.60; good feeder heifers 27 to 29.80; ;cod stock and feeder cows 20 o 22.25. There were no stock or slaughter calves on offer. Hogs f.o.b. Calgary to 11 a.m., base price 28.50. Mercury Foimd Iii Wild Ducks A WESTERN CANADA FOOD PROCESSOR REQUIRES A PLANT MANAGER PREFERABLY WITH 3-5 YEARS EXPERIENCE In Food Processing Management A degree in Food Science or related field would be an advantage. Please reply: P.O. Box 781 LETHBRIDGE, ALBERTA, CANADA Opening Also Available for Supervisory Personnel! convenience of registered guestsl 95 additional underground stalls are available in the Avis Parking Garage adjacent to the hotel, with more spaca planned for the near futurel While in Edmonton make It the Hotel Macdonald LANSING, Mich. (AP) State laboratory tests have dis- closed concentrations of mer- cury in one species of wild duck. Tests by the department of natural resources found concen- trations ranging from .4 to 1- parts per of mercury in tests upon about 30 scaup ducks. The ducks are commonly known as blue bills. The U.S. Food and Drug Ad- ministration bans interstate shipping of any food containing more than .5 parts per of mercury. Most of the scaup ducks tested had concentrations of mercury above the federal standard, the tests showed. But David Jenkins, research chief for the department, said there seems to be no reason for public alarm. He said tests on other species of ducks were in- conclusive and tests upon 60 pheasants disclosed only tiny traces of mercury in each bird. I. H. Asper's Tax Column Church Tax Issue Still Simmering By I. II. ASPER "II government is seriously Interested in making the tax system more equitable as well as increasing substantially its revenue, it can begin by re- moving the unduly generous ;ax exemptions granted to reli- organizations. If it does within one generation the 3mrch will becorae an econom- c force in America, second in .nfluence only to the govern- ment itself." These are not the words of an anti-religious fanatic, but rather, come from the pen of a religious leader in the United States. The subject of church axation has long been a source of controversy below the bor- der, but except at the munici- xd property tax level, has never been thoroughly ex- amined in the Canadian con- text. This if-we-ignore-it-m a y b e- it'11-go-away attitude is fair to neither side of the argument. One does not take his posi- 3on in such a debate on rcli- jious grounds, but rather, on ais view of the function of the ax system as an entity. In- deed, influential spokesmen for religion can be found on both sides of the question. FKEE FROM TAX The current situation arises from the tax law at all three governmental levels. Church property in all provinces, valued at several hundred mil- lion dollars is free tram tax even though it is provided the services covered by the proper- ty tax clearance, fire protection and the like. At the provincial level, organized religion escapes taxation on its income. The Federal law also ex- empts from taxation all church profits whether derived from investing surplus funds or from carrying on a business enter- prise in competition with fully taxed regular corporations. It is in the latter arena in which the controversy in the United States has been most heated. Many philanthropists have endowed religious organi- zations by transferring to them; either during their life- time or at death, entire busi- ness enterprises which then be- come tax free. It is the fre- quency of this occurence that has given new voice to the con- cern over the Church's po- tential economic influence. In evaluating the situation, it would be helpful if all religious organizations in Canada which will avail themselves of free- dom from taxation, were re- quired to publicly disclose each year the extent and fair valu- ation of their holdings as well as their income. Such a law couldn't be construed as an in- vasion of privacy everyone else is required to do likewise and still pay taxes. It would also be helpful If religious organizations publish- ed the results of their financial operations. If the public were made aware of the way in which their tax free money was spent, perhaps a better under- standing of tiheir tax status would result. Another feature of the tax law which attracts fire is that which irovides that individuals who contribute to charity can only deduct for tax purposes nil amount up to 10 per cent of their income. Yet under given circumstances, members of re- ligious orders may earn their income in the secular worid (i.e. teachers, nurses) and pay no tax because all their salary is assigned to their religious organization wlu'ch after provid- ing them with then- living ex- penses also pay no tax on the residue. The complaint heard most often on this score is that the person earns his living from society, talcing a job which pays a salary which would stherwise produce income tax, but he escapes that tax by con- tributing his salary to his tax 'ree religious institution, which spends that money on projects with which other taxpayers may or may not sympathize, but over which they have no control. Yet the tax-free mem- ber of the religious order still receives the benefit of govern- ment spending to which he makes no financial contribution subsidized culture, hospitalization and Old Age Security are .examples. Let it be clear that there are persuasive arguments on both sides. The point is that they should be heard. The situation in the U.S. has now reached the courts. The first round in what ap- pears the first of a series was won recently by the Church. A New York taxpayer sued the City to force a recision of the property tax exemption for churches. His case was built on the argument that the tax exemption violated the First Amendment to the Constitution which prohibits governmental "establishment of religion." He argued all the way to the Supreme Court that the ex- emption, in these days of sky- rocketing taxation, amounts to government "sponsorship" of Hie Church at the expense of non-believers. A few weeks ago the Supremo Court ruled that there was not yet a sufficient connection be- tween tax exemption and state sponsorship of religion to war- rant the court quashing the tax- free status of the Churches. However, the court clearly in- dicated that it might not always take this position. Indeed, Mr. Justice William 0. Douglas, dissented from the majority, stating in his minor- ity judgment that "believers organized in church groups cannot constitutionally be given more favorable public financial support solely because of the articles of their faith than non- believers." One must hope the question will not have to be resolved by the courts in Canada. The Parl- iamentary Committees n o w studying tax reform ought to air the subject and include a recommendation in their report to Parliament. Such a step should be wel- comed by both the Churches and those who argue against their present tax treatment, (Mr. Asper is a Winnipeg lawj-er) Vacation Specials! DELCO PLEASURiZERS Reg. 30.95 per poir ,95 NOW ONIY INSTALLED..... 23 STEVE SPISAK B.F. GOODRICH BELTED O.E. FIBREGLASS TIRES F7B-14" or 15" nn nr (775-14 or 15) OZtTJ G78-14" or 15" ni gc (825x14 or 15) Mounted and Balanced Freel Save Money on Your Tune-Ups! WE USE THE SUN ELECTRONIC ENGINE ANALiZER We can pinpoint trouble in minutes For belter mileage and trouble free miles let us tune your car. Freo work guaranteed. Mechanic on duty all day Saturday Open 7 a.m. to 1] p.m. daily UNION 76 MAGRATH SERVICE Mayor Magrath Dr. and 4th Ave, S, Phone 328-9766 This is the Antho'nomus grandis (Boll Weevil) enlarged many times. Swiftly, thoroughly and completely it can ravage the world's cotton supply, affecting the very price of the clothes on your back and maybe the price of a stock in your portfolio! Through listening posts in key locations in thirty-five cities across Canada, in the United States, Europe and the Far East, Richardson Securities' representatives are always a few steps ahead of the latest developments in the investment world. The Boll Weevil will probably never affect your Investment portfolio but we at Richardson Securities keep both eyes open for tha Isn't that what you want from the people through wnom you invest? I RICHARDSON SECURITIES OF CANADA JAMES RICHARDSON SONS, UMTTCD OFFICES IN 35 CITIES ACROSS CANADA NEWVOflK, CHICAGO, LONDOK, FRANKFURT, HOHQKONO STOCKS BONDS MUTUAL FUNDS COMMODITY FUTURES ;