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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - March 5, 1974, Lethbridge, Alberta 22-THE LETHBRIDQE HERALD-Tuoadty, March Electric light bulb firms monopoly trial under way TORONTO (CP) Three electric light bulb manufac- turing companies went on trial Monday in what special prosecutor Edgar Sexton described as Ontario's first monopoly case. The General Electric Co. Ltd. Westinghouse (Canada) Ltd. and GTE Sylvania are charged with helping to form a monopoly that substantially or completely controlled throughout Canada the making, sale and supply of electric light bulbs. They also are charged with conspiracy under the Combines Investigation Act. "I think this is the first mo- nopoly case to reach trial in Mr. Sexton said. "It is the first case in Canada where a monopoly has been charged against more than one individual not connected by common ownership or control." Gov't plans new mutual fund law OTTAWA (CP) The gov- ernment today released an independent report recommending federal regulation of mutual funds that currently manage a total, of billion for their in- vestors. The proposed regulations are designed to give shareholders a greater voice in management of the funds, require more financial disclosure of investments and curb high-pressure sales tactics by mutual funds that deal in unconventional in- vestments other than shares or debentures. The proposals, announced by Herb Gray, minister of consumer and corporate affairs, also would include rules for reasonable management fees and sales charges. Mr. Gray said the proposals were made by outside consult- ants after discussions with his department, and that they do not necessarily represent the views of the department. "The proposed statute aims to protect individual investors and insure confidence in the stable, well-regulated mutual funds industry." "This would better enable the small investor to have access to the securities market and would assist in the mobilizing of Canadian savings to meet capital it added. The report said mutual funds, that have grown to 215 organizations from only a handful in the mid-1950s, are the only major financial institutions not now specifically regulated by federal law. Mr. Sexton told Mr. Justice Lawrence Pennell the charges cover the period 1959 to 1967, and the Crown alleges that the accused companies conspired to prevent or lessen unduly competition in the making, sale, transportation or supply of the articles in question. Mr. Sexton said the Crown will produce evidence that the three accused companies dominated the lamp market in Canada, were the only makers of any significance, and had no real competitors. "We say this direct control extended to retail dealers, and the indirect effects extended to Mr. Sexton said. Direct control embraced governments, municipalities, contractors, department and chain stores. He said the Crown alleges that the publication of a 50- page price list by CGE was deliberately made far in advance of the effective date so other accused would have time to adopt it. The trial, expected to last three months, is continuing. Big contract CHICAGO national Harvester Co. to- day announced the signing of an contract with a Soviet Union Trade Agency for the delivery of heavy mining equipment to Russia. The contract will supply tractors to Moscow with 39 pay loaders, heaviest in the Harvester line, plus parts and attachments. Petroleum industry backs extension of oil pipeline TORONTO (CP) Canada's self-sufficiency in oil should be achieved by balancing exports and imports of crude oil, R- G. Reid, executive vice-president of Imperial Oil Ltd. said Mon- day. Tax tips For further information, call the District Taxation Office. If you live in a toll area, ask your long distance operator for ZENITH 0-4000 and your call will be placed without charge. Q. Regarding the tax on capital gains, what if property was acquired before January at a cost of and was worth only on Valuation Day. If later this property was sold for will the capital gain in this case be or A. In this example the capital gain would be the actual gain over the period of ownership, one half of which would be taxable. Q. How would I be affected if I acquired an investment before January 1, 1972, at a cost of the fair market value of the investment on Valuation Day is and I sell the investment at a later date for Do I have a capital loss of or A. In this case you would have a capital loss of the difference between the fair market value on Valuation Day and your actual selling price, one half of which, or would be deductible from income. Q. What is the general rule as far as capital gains or losses are concerned? How are such gains or losses accounted for by a taxpayer? A. The general rule is that one-half of capital gains are included in income and taxed at a person's normal rate of tax. When dealing with capital losses, one half of such losses may be deducted against one half of capital gains. In .addition an individual taxpayer may also deduct up to of capital losses against other income. Q. What happens if I sell my home at a price greater than it cost me? Am I going to be taxed on any profit or gain that I make? A. No. If a taxpayer uses his'home only as his principal residence, that home together with up to an acre of surrounding land, if the land contributes to the use and enjoyment of the home, will be exempt from capital-gains tax. Q. What do you mean by the term principal residence? A. A principal residence will generally be considered as any type of stmctare owned by the taxpayer and ordinarily inhabited by him. Q. What if I own a summer cottage? Could the cottage be considered my principal residence since I spend a considerable period of time there each year? A. Yes, provided you have lived in the cottage at some time during the year. Where a taxpayer has more than one home, he must declare which of them is his principal residence. Q. Along with a home, nearly everyone owns personal and household effects, an automobile, a boat, or many other similar items. Where would I stand if I sold or disposed of this type of property? Would I be subject to the capital gains tax? A. The term used to describe the items you refer to is Personal-use Property. Where a personal-use item does increase in value over time and is worth more than such as a summer cottage for example, a capital gain from the sale of that item would be subject to tax. Most personal use property will not increase in value and will not. therefore, give rise to a capital gain when sold. On the other hand, capital losses will not be allowed should they arise from the sale or disposal of personal-use property. Q. I understand there are special rules regarding the acquisition and sale of certain works of art. Could you explain these rales briefly? A. Yes. Works of art such as prints, etchings, drawings, paintings and sculpture, jewellery, rare folios, manuscripts and books, stamps and coins are referred to as listed personal property. Gains on toe disposition of these assets when sold for more than are subject to the capital gains provision. Losses are only deductible from gains from this type of property. Q. Do I have to have a recognized evaluator and pay him in order to meet the requirements for Valuation Day? A. No. If the taxpayer can establish a fair market value as of December 31, 1971 himself, from documents that confirm his basis of valuation, that method will be acceptable to the Department. Insurance valuations, property tax assessments, details of sales of comparable piupaty are sources that could be taken into consideration. Q. I live hi a trailer. Can this be classed as a principal residence? A. Yes. Any type of stroctare that yon own and ordinarily inhabit may qual- ify as a principal residence. The Herald- Business Gold index drops sharply while other TSE stocks up Stocks Miscellaneous Vancouver, Calgary, Montreal (Supplied by Doherty, McQuaig Ltd.) He told the Board of Trade of Metropolitan Toronto that the Canadian petroleum industry supports extension of the existing oil pipeline to Montreal from Toronto. But the line should carry modest volumes of crude until "such times as additional re- serves of oil can be proven and produced from the far north, the (Alberta) tar sands and the heavy oil fields of Western Canada." He said extending the pipeline beyond Montreal to the Atlantic provinces "does not appear attractive unless foreign crude supplies become very uncertain and East Coast offshore (oil) potential is disproved." He said that in recent months the oil industry had been able to move by tanker an average of barrels of crude daily to Eastern Canada from Western Canada. "These tanker movements helped avoid a heating oil shortage in Eastern Canada this winter and demonstrated that we could provide at least partial security of supply with existing mechanisms." Canada would get the best economic advantage and a form of self-sufficiency by continuing "taking Western Canadian crude to nearby United States markets in return for assurance of-import supplies for Eastern Canada." Mr. Reid said that so far Imperial Oil has spent more than million looking for oil and gas in the Arctic and "we have as yet to recover one cent of that money." The industry also had spent million off the East Coast of Canada with no proven oil Finds so far. "Between now and 1985 it is estimated the industry will have to spend billion to find, produce and transport economic supplies of crude oil and natural gas to meet Canada's said Mr. Reid. Pound records sharp rise LONDON (Reuter) The 'pound sterling rose sharply on the London foreign exchange market today following the formation of a new British WESTERN OILS AND MINES Alton Mines 7.87% Albany Oil -65 Almmex 6.62% Asamera 12.37% Ashland Oil 10-50 Alta East Gas 7.25 BP Canada 15.87% Brenda Mines 7.37% Canada South 5.25 Cdn Exp Gas 3.20 Cdn Homestead 6.87% Cdn Ind Gas 9.25 Cdn Long Island .24 Chiettan 10.00 Cdn Superior 57.00 Dome Pete 42.75 Dynasty 10.25 Fort Reliance -30 Giant Mascot 1-65 Gibraltar Mines 10.75 Granisle 9-00 Gt Plains 28.75 Gt Cdn Oil Sds 9-75 Lochiel Exp 2.80 Lytton Minerals 1-55 Noble Mines -92 North Cdn Oils 5.37% Numac 15.62% Pancdn Pete 12.37% Pan Ocean 14.62% Petrol 1-80 Pinnacle -23 Place Gas -52 Ponder .49 Ranger Oil 38.87% Scurry Rainbow 20.87% Seibens Spooner -38% Total Pete 8.75 Ulster Pete 1-31 United Canso 19.75 WC Pete 6.12% Western Decalta 7.62% MISCELLANEOUS INDUSTRIES Acres Ltd 11.50 Aquitaine 30.00 B.C. Sug A Pfd 14.00 Block Brothers 3.45 Cdn Pac Inv A Pfd 35.12% Com Cap Corp 2.35 Carling O'Keefe A Pfd 23.50 Carling O'Keefe B Pfd 28.12% Crestbrook For Ind 9.87% Crowsnest Indus 27.00 Falconbridge Cop 12.87% F and M Trust Co 5.37% Genstar 18.75 Glob Com Units 39.00 Home Oil A 52.25 Home Oil B 47.00 Hud Bay Co 16.75 Hud Bay Oil 46.00 Hud Bay Oil A Pfd 48.50 Hugh Rus C Pfd 71.00 Husky Oil 22.25 Husky Oil B Pfd 41.25 Husky Oil D War 6.75 Husky Oil E War 9.50 Hys of Canada 3.45 Int Pro Pipe War 6.50 Int Pro Steel 15.50 Kaiser Resources 3.45 Kaiser Res. Wts 1.45 Loblaw C Pfd 27.00 Magnasonics 5-25 Pacific Pete 32.50 Pac West Airlines 7.87% Pe-Ben Oilfield Serv 6.12% Rainier inc 3.75 Royal Trust 27.50 Sandwell Teledyne Trimac West Cdn Sd Proc Westfield Mln Weston A Pfd White Yukon 5.75 5.00 6.75 3.60 1.28 59.12% 8.75 TORONTO (CP) The To- ronto stock market's gold index plunged sharply today in response to lower gold prices but industrials advanced strongly in active mid- morning trading. The gold index was off 30.4 to 496.20 and base metals .29 to 104.00. The industrial index, considered the main indicator of market trend, was up 1.45 to 223.96 and western oils 1.83 to 262.93. million shares, up from 1.02 million at the same time Mon- day. Advances outnumbered de- clines 195 to 143 with 225 issues unchanged. Industrial mining, oil refining, real estate and beverage stocks were among sectors of the market with the largest gains while utility, construction and material and merchandising issues were lower. PIPE LINE STOCKS Alta Gas Line A 13.50 Alta Gas Line Pfd 63.00 Alta Nat Gas 19.75 Inland Nat Gas 9.75 Gaz Metro 6.25 Gaz Metro A Pfd 64.00 N and C Gas 12.75 N and C Gas B Pfd 24.75 Pac Gas Trans 10.37% Tr-Can Pipe 33.12% Tr-Can Pipe A Pfd 61.50 Tr-Can Pipe B Pfd 36.75 Tr-Can Pipe War 4.75 WC Trans 23.75 WC Trans Wts 3.80 CALGARY Acroll .73 Barons Oils .14 N Continental .02% West Warner .33 VANCOUVER MINES Atlas Explor, .33 Bath Norse 1.33 Dankoe 3.45 Davenport .89 Dolly Varden .45 Equitorial Res .17 Lornex 8.75 Northair Mines 2.92 Primer .10 Pyramid .13 Silver Standard 2.22 Valley Copper 8.50 INDUSTRIALS Colum Brew 2.90 Key Industries .13% Wardair 1.70 OILS August Pete .48 Plains Pete .19 Ponderay Explor 1.12 Stamp Intl Res -77 MUTUAL FUNDS All Cdn Compound 6.51 7.08 All Cdn Dividend 6.82 7.41 All Cdn Ventures 3.52 3.63 Amer Grow F 4.70 5.16 AGF' Special 2.48 Cdn Invest F 5.03 5.15 Collect Mutual 5.21 5.72 Com Inter 13.91 Com Leverage 3.25 Cum Veniuft: 5.Su Corp Investors 6.45 7.09 Corp Invest S F 4.89 5.37 Dreyfus Fund US 10.87 11.91 Grt Pacific 4.67 5.10 Grpd Income 3.10 3.41 Growth Equity 7.31 8.03 Invest Grow F 12.32 13.46 Invest Mutual 5.84 6.38 Mut Accum 6.09 6.70 Mutual Grow F 3.23 3.56 Nat Resources 4.93 5.42 NW Cdn 5.42 5.96 NW Growth 4.66 5.12 Principal Grow 4.49 4.93 Provident Mutual 7.51 8.21 Royfund 6.82 7.10 Temple Growth 7.55 8.27 United Accum 4.66 5.12 Univer Savings 8.14 8.95 Univest 5.80 6.37 Vanguard 6.08 6.66 Volume by 11 a.m. was 1.26 Among golds, Camflo lost Toronto industrials (Supplied by Richardson Securities of Canada) Forest. Advocate Sugar A Valley ind Ind O'Keefe Cellulose Can. NW Power Canada Credit Gas Pfd Central Industries Marconi Vickers Cons. Coin Bathurst Dickenson Gas Denison Seagrarns Bridge Dome Discovery Textile East Stores East Pete Falconbridge Glendale Mobile First Cdn Oil Giant Motors Lakes Paper Oil Cda Hudson Bay Hydra Sid Iron Walker Erie Joliet Oil Kerr Key Nickel Pipe Lake Group A Langis Intl Madsen Accept Malartic Martin Douglas A A Intern Nu west Ferguson New Bloedell New Corp A B Pine Cent Placer Corp Pax Co Quebec CDA Rio Sears Roman Canada Snerritt A Sleep Sunmngdate Tek Corp Gn? A Trans WBn Pipe Can Ptpe United Carbide Western Gas WH Copper Oil WngtH Sisooe YeflloWkTiile A Algoma A1co imperial Agra Steal Bell Scolia Brascan SC orom o- Oom 14.50 19.00 21.50 26.00 16.12% 10.50 3.65 5.37% 7.12% 24.62% 2.35 10.00 19.25 3.55 16.87% 18.00 16.12% 31.50 27.00 18.00 44.75 41.37% 25.50 10.25 14.50 42.50 33.00 7.00 9.75 49.62% 24.25 34.25 17.62% 6.12% 52.75 28.75 39.25 30.50 38.75 21.00 S.25 18.50 19.75 4.15 5.25 11.50 3.80 6.50 12.75 18.37% 29.75 51.50 22.50 21.87% 7.75 12.62% 12.00 15.12% 8.25 19.50 8.67% 12.25 33.75 13.62% 48.50 16.12% 16.25 33.00 17.25 10.00 13.12% 9.37% 7.87% 22.00 23.50 23.00 3.60 3125 2050 3962% 3775 39.50 MONTREAL (CP) All sectors moved higher in light trading on the Montreal Stock Exchange today. Volume' at a.m. was shares, compared with at the same time Monday. The 152-stock industrial index rose 1.59 to 247.14. the composite 1.36 to 231.75, utilities .92 to 147.18, papers .76 to 132.80 and banks .54 to 288.73. Russel Ltd. rose to Mercantile Bank to Distillers Corp -Seagrams to Chrysler to and B.C. Telephone Co. 'A to while Canron Ltd. fell to Among speculative issues, Norvalie Mines rose two cents to 22 cents, on a volume of shares traded. Chicago markets CHICAGO (AP) Commodity futures eased in light dealings Monday. Some selling was attributed to uncertainties governing economic problems of Britain. France, and Italy as well as the apparent weakness of silver and gold abroad. Silver and Maine potato futures fell to limits in New York and coffee, cocoa and wool futures were lower. Cotton and copper were mixed while world sugar closed higher. Corn, oats and soybean oil futures fell limits on the Board of Trade, and sharp -declines were posted in wheat, soybeans and meal. Limit declines also were listed in cattle, pork belly and live-hog futures on the Chicago Mercantile Exchange, while shell eggs closed mixed. There was a good demand for grains early when it was learned that Russia's 1974 small grain production was expected to be about per cent under last year's 222 million tons. The support fell off when profit-taking set in and speculative selling took over. Prices in the soybean market appeared to follow the activity in grains. Oil was first to fall under active commercial selling, then meal and soybeans declined, washing out light grains. Gram close: Wheat: Mar 6.02: May 5.76: Jul 5.47; Sep 5.33: Dec 5.32. Corn: Mar May Jul 3.23V4-. Sep Oats: Mar 1.50; May Jul 1.61: Sep 1.64: Dec Winnipeg grain WINNIPEG (CP) Prices continued to drop sharply towards mid-session today on the Winnipeg Commodity Exchange, with trading activity virtually restricted to rye. Rapeseed was all over the board. with prices ranging from a 10-cent-a- bushel gain to losses reaching the 20- cent trading limit. Flax was all but ignored, and prices in one near month dropped the limit of 30 cents. Rye continued a bad start, with prices down as much as 10% cents. Monday's volume of trade was 241.000 bushels of flax, 938.000 of rapeseed and of rye. Mid-session prices: Flax: May 30 lower 11.56A: July 29 lower 11.16A: Oct. 6 lower 10.77A: Nov. 9 lower 10.14A. Rapeseed Vancouver: March 20 lower 7.60: June 15V4 lower 7.13B: Sept. 20 lower 7.03A: Nov. 10 higher 6.52A. Rapeseed Thunder Bay: May 15 lower 7.17A; July 14 lower 6.90: Oct. 1 lower 6.77: Nov. unchanged 6.42A. Rye: May 10% lower July 7% lower 3.40% A: Oct. unchanged 3.31B: Dec. unchanged 3.07B. WINNIPEG (CP) Grain quotes Monday basis Lakehead: High Low Cine Flax May 1196 1165 1106 Jly 1157 1125 1145 Oct 1083 Nov 1025 1023 1023 Rapesecd Vucomr Mar 783 770 780 Jan 740 715 Sep _ 723. Rapeseed Thmder Bay Mav 740 723 732 Jly' 720 702 704 Oct _ 678 Nov 642 New (SBppiietbylUciMrto York SecmlliesofCmrta) Share prices also strength- ened on the London stock ex- change amid hopes that the Labor government will quickly restore a normal work week. Most of British industry has been wotting a three-day week since Hie beginning of January as part of measures to conserve fad supplies. Arm TST Anaconda BeJh. Chrysler Comsat Duporfl General Motors Gtff (nt. Harvester 5275 29.12% 3500 18.75 37.00 51.12% MorrtjJC'mwv Ward Sears Texas Gtffl Texas Co Wix Corporation 2400 87.87% 85.25 3562% 28.75 18.12% Bee. 24.12% Gen Etec. 26.00 TORONTO AVERAGES 20 Industrials 22437 up 1.86 20 Golds 498.04 down 28.60 10 Base Weiais 103.97 down .92 15 Western Oils 262.65 up 135 Volume 1.815.000 NEW YORK AVERAGES 20 industrials 868.27 up 15 09 20 Rafls 197.81 wp 2.S1 15 UtBitWS 93 23 .06 65 Stocks 278 OS up 3 77 Volume Market trends VANCOUVER (CP) Prices were mixed in moderate trading on the Vancouver Stock Exchange Monday. Volume at the close was Arcadia was the heaviest trader on the mining board, closing up .02 at .70 on a turnover of shares. Brendon traded and closed down .14 at .61. Cutlass was unchanged at on Con Coast silver rose .04 to .46 on 50.499, Consolidated Fortune dropped a dime to .38, and Whipsaw was up '.02 at .77. In the industrials, Newmark Resources dropped .03 to on volume of Jolly Jumper climbed five cents to on and Mercuria was up .01 to .42 on EDP Industries was off .02 at .18 on 4.825. BBC Realty was unchanged at and Cominco was unchanged at Greenland was the most active oil stock and jumped .60 to on volume of Cop-Ex traded and fell .02 to .50. Vargas was off .01 Vi at .23'A on August Pete was off .03 at .47 on Payette River fell .01 to .59 and Alaska Kenai climbed .01 to .41. NEW YORK (AP) The stock market posted some strong gains Mav Jlv" Oct Dec 1V4 to Campbell Red Lake 2V2 to Dome Mines 5Vz to Pamour 1 to and East Malartic to Interpol rose 1V4 to Alcan to Chrysler to Canada Malting A to and Home Oil A to United Canso gained to Sunningdale to and Pan Ocean to Magna International lost 1 to Bank of Nova Scotia to and Ranger Oil Canada to today, sparked-by a new wave of hope that the Arab oil embargo will be lifted soon. The noon Dow Jones average was up 12.20 at '865.38, and advancing issues outnumbered those declining by about 4-to-l in active trading on the New York Stock Exchange. Brokers said the main force behind the rally appeared to be new indications that the Arab producing nations might move as early as Sunday to end the embargo. Howard Johnson, up 1 at was the most-active issue. Other issues which gained on the oil hopes included Ramada Inns, up to Walt Disney Productions Hi to and McDonald's to Oil stocks also turned in a strong showing. Gulf Oil rose to Exxon to and Standard Oil of California to Gold stocks, however, showed losses. Homestake was off 2% to The NYSE's noon composite index of all its listed common stocks was up .58 at 51.82. Among Canadian issues. Alcan up 1 to Seagrams to and Mclntvre to Canadian Pacific slipped to and Domes Mines to Livestock Hog prices There were no cattle sales Monday at the Lethbridge yards due to the weekly sale of weaner and feeder hogs. Selling sharply lower. Weaners sold to lower per head. Light feeders under 100 Ibs. sold to lower per head. Heavy feeders over 100 Ibs. sold to lower. Weaners 8.50 to 15.75 per head. Light feeders under 100 Ibs. 18.50 to 31.75 per head. Heavy feeders 100 to 130 Ibs. 30.50 to 31.25 per head. Heavy feeders over 130 Ibs. 41.50 to 45.25 per head. Light feeders under 100 Ibs. sold 22 to 36.50 per hundredweight. Heavy feeders over 100 Ibs. sold 26 to 31.50 per hundredweight. Boars to per head- Butcher hogs sold Monday at the Lethbridge yards 43.85 to 43.95 base price. One load of hogs sold for export. EDMONTON (CP) Average prices to 11 a.m. Tuesday provided by the Alberta Hog Producers Marketing Board with Monday's prices in brackets: Edmonton: 43.25 Calgary: 43.00 Red Deer: 43.30 Grande Prairie: Nil Lloydminster: Nil Fairview: Nil Lethbridge: Nil Fort Macleod: Nil Hogs sold to 11 a.m. 591, total Monday, average 44.82. Sows average 33.05. Calgary W8'4 331 307 3SO'4 352' 354 345 Karaliifjs By THE CANADIAN PRESS Barter Oil Corp.. year ended Dec. 31 1873. .20a stare: 1972. Calven-Dalt Real Esutes 26 weeks ended Dec. 29: 1973. loss. 1972. KSl.396 toss. CnudUii Cdtatose Co. Ltd.. ended Dec. 31; 1973. profit.