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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 25, 1970, Lethbridge, Alberta 18 THE LETHBRIDGE HEKALD Monday, May 25, 1970----- Canadian Business Major Companies Retrench By IRVING C. WHYNOT Canadian Press Business Editor With the stock market sliding and money still tight, many major companies are taking a second look at capital spending plans for the year. An earlier estimate was for an 11-per-cent increase tliis year compared with 1969, but this now is being trimmed to 10 per cent, or even less. The Canadian Manufacturers' Association says in its current news letter that total capital spending plans suggest only a seven-per-cent increase over 1969. "But a strong note of caution is in the association says. "Apart altogether fron the impact of higher prices, i needs to be borne in mind tlrn many of these corporate pro jects represent carryover of de- cisions made last year and the year before." "The fact remains that mos of this year's capital spending i; rooted in decisions made up ti two years ago. The question is Are the same kind of outlays being planned now, committing companies to major expend! tures next year? "It would be nice to think so. [aii's Home, Sold For Taxes, Returned MELBOURNE, Fla. The man who bought bedrid- den Vincent J. Cattee's home at a tax sale for and court costs is going to give it back, County Commissioner Richard Muldrew said today. Muldrew said he had talked with a lawyer for millionaire Cecil Platt, who bought the house at a public auction to satisfy a 52 drainage tax, and was assured that Cattee would keep his property. "f think I could just hug Mr. Plait's said Cat- tee's 39-year-old wife, Gradie Mae. "I've just been out in the garage going Uirough all my files making sure that I don't have any bills which I haven't paid. My husband has not known about this. He has can- cer and I've just gone through so much, so many opera- tions." Platt purchased 52 delin- quent tax certificates on Cat- tee's home and 23 other par- cels of land at an auction on 300 SUNGLASSES to choose from AVAILABLE IN YOUR RX the courthouse steps more than a year ago. Mrs. Cattee said she thought the drainage bills she received were copies of origi- nals sent to a savings and loan association whicb han- dles her mortgage payments. "If I had known what was h a p p e n i n she said, "I would have gone into my piggybank for a couple of dol- lars." Muldrew stepped into the case after Governor Claude Kirk told him it was "giving the state a black eye" and to do something about it. Cattee has been confined to his bed for seven years. Two brain tumor operations left the left side of his body para- lysed and he broke bis hip in a fall two years ago. Television Star Loses Battle SYDNEY, Australia (Reuters) Perry Mason, undefeated in icores of courtroom dramas, admitted Saturday he had lost a battle. Actor Raymond Burr, who plays Mason on television, said his home on the Fijian is- land he owns is riddled with ter- mites and he is giving up the fight and will build a new house on the other side of the island, where he intends to retire in a couple of years. but on the strength of curren profit and other trends, highly unwise." 1'IIEDICT 10 PEK CENT The Toronto Dominion Bank in its spring survey of Canada's business climate says that al though many companies fee substantial investment in 1970 is warranted "it is likely that variety of constraints on spend ing will restrict this year's in- crease to about 10 per cent." The bank notes a continuing squeeze on corporate profits "which may continue to inhibi any significant stock market re covery for some months yet. Some doubts are also being raised that housing starts can hit the estimated in Can- to this year. The National Home Builders Association says it will be tough to reach this mark. It cites de- creasing demand rather than a lack of mortgage money. Housing starts on dwellings ol all types totalled last year, up more than 16 per cent over 1368. Rapidly rising con- struction and financing costs slowed growth in the second iialf of the year. BUILDERS SEE The home builders group says "it appears that adequate mort- jage funds will be available to support a housing program during 1970." "There is increasing doubt, however, that builders will commence this number, more jecause of a softening of effec- tive demand than a lack of fi- nancing. "The extent of housing which rill be constructed in Canada this year will be largely deter- mined by the ability to market t. There are significant indica- tions of soft sales areas where merchant builders are hesitat- ng to proceed in the face of ex- sting completed and unsold louses." The Toronto Dominion Bank notes a federal government esti- mate of close to units his year and says this "pre- sumably points to further public encouragement of housing later n the year." The bank says the impact of he announced addi- ional funds for low-income lousing "will not, by itself, be ufficient to meet this stated objective." Newcomers Rebuffed In GM Bid DETROIT (AP) A group of youthful newcomers to the busi- ness world, rebuffed in efforts to make some major changes in the giant General Motors Corp.'s operations, say they have just begun their campaign "to make GM responsible." Top management of GM, the world's largest manufacturing concern, easily defeated the newcomers, called the Cam- paign GM Committee, here. Management received more than 97 per cent of the votes cast on two key issues at a hour stockholders' meeting. The enthusiastic youngsters were buoyed by surprise last- minute support from Leonard Woodcock, who made a personal appearance at the GM meeting hours after his electiion as pres- ident of the United Auto Work- ers. GM observers said it was [he first time a UAW president had attended an annual meeting of the corporation. Campaign GM leaders, whose goal was two per cent of the voles cast, exceeded that mar- >in on both proposals they jacked. TO PROD GM One called for creation of a Committee for Corporate Re- up of 15 to 25 members from the UAW, aca- demic world, civil rights groups and small vould prod GM into more action n fields ranging from auto :afety to hiring and promotion Df Negro workers. The second proposal would lave added three new members o the 23-man board, including he first woman director and he first Negro representative. The nominees were actress Betty Furness, former adviser o President Johnson on cpn- umer affairs; Rev. Channing 3hilips, Negro president of the ).C. Housing and Development Horp. of Washington, and Prof, lene Dbps, a Rockefeller1 Uni- ersity biologist. Arrested CORDOBA, Argentina 'olice arrested students vho had occupied three State Jniversity buildings in 10 ours of demonstrations. f >i IF YOU DIG A IITTLE...OR DIG A LOT (After you've called ACT) Under that sod could be an ACT telephone cable. Cut it and you could cause a lot of trouble and a lot o! work. You could disrupt vital emergency communications, and become liable to a lawsuit. One call to AGT and we'll locate and mark any under- ground cable where you're digging. This free service will save you trouble, work, and expense. To reach our Free Cable Location Service'- Dial "0" (Zero) and asK for Zenith 07128. Toll free, of course. ALBERTA GOVERNMENT TELEPHONES O N'S Repeat Offer! Viking Automatic Portable Regular 259.95 Jump for joy at such savings! The Viking fully automatic zig-zag sewing machine can be yours for half its regular price buy now, save, and go on saving with the "professional" sewing you can do in your own home you can make 40 designs at the turn of a dial blind Portable Carrying CaS6. hem dresses and drapes, overcast seams, make buttonholes, sew on Sale 6Cfch buttons, applique and monogram. Quick and easy even for beginners with features like pushbutton reverse, dial stitch length and tension control, automatic bobbin winder, darner, variable speed control and many others. Trade-ins accepted. Instructions included. 166-89 9.00 Monthly, No Down Payment On Your Eaton Budget Charge Account. In Walnut woodtoned Arborite cabinet. Regular 296.95, Sale, each Sewing Machines, Lower Floor Save 1.26 "Turn On Tape" RECORDS Replenish your record album at a big saving. 8 track tapes hurry they should go quickly. Choose from: Bridge Over Troubled Wafers, Simon and Gar- funkel; Hey Jude, Beatles; Led Zeppelin II, Led Zep- Touching You, Touching Me, Neil Diamond, Sale, each 6 Record Bar, Second Floor a Shop Eaton's Tuesday From 9 a.m. to p.m. Buyline 328-8811 For Advertised Goods. Call 327-8551 For Store Information ;