_ Terrace, B.C, by Sterling Publishers ‘btde 1 -y Authorized as second class, malt: ' Registration ; _ Number. ‘a h.. ‘Statt rt hoes Sports Keith Alford - . Raception-Classifted: * ae _ Carolyn Gibson’ ves Sue Nelson. | me NOTICE OF COPYRIGHT ” TheHerald retains full, complete and sole edpyright wee In any advertisament produced and-or any editorial - or photographic content published in the: Heri vi Repreduction Is net permitted without the written permission of the Publisher. Ranchers angry VICTORIA (CP) — “If the permit were to be disallowed, it could have serious implications,” said Harold Aliison of the B.C, Federation al 7 Agriculture, “The lack of an effective reactive control program could . pose a greater threat to wildlife and the environment than the current program,” Allison told the hearing on whether to..grant a permit to poison wolves and coyotes for . ” protection of domestic livestock, “With the moratorium-on.the use of poisoris during 1979, - many Wiestock owners abandoned government assistance. ~ , And took matters into their own hands. This action ¥ was not. * encouraged or condoried by’ our organization..- ee “However, it occurred because™ ‘losses were being ; incurred by individuals which they could Tot, afford Ls sustain on an ongoing basis." Under - cross-examination by representatives of six: nome o organizations appealirig the permit — the Sierra Club, the . Society Promoting Environmental Conservation, Lifeforce,.: .- the Association for the Protection of Fur-Brearing. Animals, Published every ) weekday at ‘nro 10 Ket § Street, ar ; company ost $265. 2 millia . / Don Schafer. "Circulation: ee Ranchers might take matters into’ their own hands if the provincial fish and wildlife branch. is“ prevented from using.1090 poison to kill wolves and coyotes, Le an environemental appeal board panel was told Tuesday, nWedneaday on'firm in ne week the: federal Sovernment report n In the la ‘Greenpeace and the B.C. Society for ‘the Prevéntion of... ~*~ Cruelty to Animals — Allison declined to elaborate on the ' methods of predator control used by individual ranchers. - “Apart from being illegal, such action. could result in. unreasonable levels of ‘control: of target. species “and undefinable harm torotlier: wildlife and the environment." Allon said his group would consider alternatives: to poison control. if they were effective. | . Sierra Club representative: Larry : Fast. raised ‘the possibility of control thrdugh taste aversion. Baits of Jamb Wrapped in wool, or carcasses, are laced: with the mildly toxic salt lithium chloride, Coyotes which eat the bait get sick and are discouraged form attacking live prey, But Allison said he has been told this method encourages the predator -to.continue to kill until it. gets one that, is - acceptable. Groups objecting to the poisoning said non-target animals are killed by eating the bait or the carcass of an ‘animal killed by the pooson, there has been inadquate. research into other methods. of contrel and that: 1090 is an inhumane Poison. 7 Capital attracted CALGARY (CP) — Small, healthy oil and gas companies, fozen out of theequity-market for much of the last two years, have a chance tg attract needed new capital, say . Fepresentatives of major institutional investors. The market deserted petroleum stocks in droves in 1981, : driving down share prices from boom-era highs. “The recession-linked slump in oil and gas demand and: disillusion with financially squeezed companies made new - @nergy stock issues a ‘rarity. But investors have begun shdlecovering some energy companies that rode the market rally last fall. By and large, they have beer financially ‘healthy firms with good revenue- “which will extract liquid hydrocarbons such as butane and < propane from tha-gas, will make use of the more than ¢ one” “+ million cubic feet, of natural gas now W being burned away In othe olifields. ; *, a Forest's future remains uncertain” VANCOUVER (CP) — The United States decision’ last ° “-phomith ‘not, to. penalize Canadian softwood imports has. _. dispersed ‘a cloud of uncertainty that hung over British ~ Columbia jumbermen. But clear weather does not necessarily: ‘mean cléar sailing “tor the province's No. industry. There are other. problems _ that were overshadowed by. the tariff threat. mle eg ~. David Larsen of the Council of Forest: ‘Industries, an ay tess 1 jmbella group which co-ordinates: ‘marketing anid export bf: C.'lorest products, says the conflict? accentuated the. “cl of relying too heavily on one major. market.’ Even in. bad years, 50 per cent of: ‘provincial lumber: production is sold south of the. border. In the peak year af. , 1978, this rose to 65 per cent. “The tariff threat just confirmed the wisdom of what” " we've been doing all along, which is trying to diversify our markets, ” sald Larsen, He said the Co-operative: Overseas Market Development Program, financed . by (he federal - and ‘provincial * ‘> Bovernments and. the’ forest industry, is eaarestively marketing B.C. wood products. . “We're being ‘squeezed in those markets. - “But the | "advantage the. Scandinavians have right now won't last forever. Sooner or later, they will pay the price in added. - inflation. mo . B.C. producers are maintaining 4 presence in European’ ‘markets, but Larsen predicts it will be some time before | sales improve. In ‘1981, only seven per cent of B.C. lumber ° _ production “was ‘shipped ‘to’ the Euopean Economic. . ’ Community. This compares with 49 per cent to the U:S., 12 per cent’ to other markets such as_ Japan, Africa. and’ Australia and 32_per cent within Canada. ‘ "The coastal mills, which produce. expensive specialty ‘lumber for “European and Pacific Rim- countries,” are. _ languishing becaune of wedkness i in those. rnarketa: - on Conventional precautions hagardous with stocks - Because. the rules have changed, is one way to lose your shirt: in today’s booting stock market, says Wall Street analyst Larry. Wachtel. Wachtel, in Toronto to ‘conduct an investment seminar, - sald in an interview that while current stock trading is not the first bull market we've seen — there have been seven — this time there's:a ‘key. factor: of which market. players should be aware... Since last August, stock matkets have been driven by £80. far endless flow of cash from money market fund burpluses "and heavy sales of mutual funds. - - This cash flow — Wachtel calls it ‘a ‘ea of liquidity”, has allowed the market to renew itself and keep'on rising to defy many people's investment’ calendars, In the past, it would have slowed long before this and undergone what's known in the trade aga correction, a drop Invalue of at least.” 10 per cent as people take thelr profits and run. : A-particular breed of investor has been learning this the’ hard way — the short-seller. These investors Iiterally bel on "have" beeni ‘several so-called. corrections by’ now anit ‘the ‘dlled : af * Wachtel, B, is tivst viee'preaident and market analyst al : -Prudentlal-Bache Securities Inc. A onetime eports writer, . the Brooklyn native does two daily radio shows in New York * ; of the’ market in much the samé‘way that: Howard Cosell 1 toes fogtball play-by-playa.. /@).00°" “Two weekd ago, several analysts sounded | a 1 Weiralng 4he . may. have been a fairly slgnlficarit ‘pullback from profit-- | ‘taking; he says. But before thé market could alt 10 percent, it'etartéd riging agala’ with another’ wave’ eof it fresh. ney ae and new: players, - Foe a a the market falling by borrowing stock, selling Ht and then “buying it back at a lower price. | MILKS AILING MARKET . It'sr | aS fi fast way to mate a healthy profit from an alling market. But if the market rises unexpectedly or way to lose-your shirt. . “I .would .say- the short-sellers have. been getting ‘massacred for ihonths,” says: Wachtel, "“They have been playing the calendar, and they have been wrong again and again becaise they haven't seen the noting that technology ortented companies. now have the “eash flow. If this were a corveatona market, he says, there would i \ fey ee short sellers. ‘would be, making’ killings instend f belng matket was due for a correction. Instead, what happened FODDER, FOR BULL Me “Trontcally, Wachtel believés the short-sellers have had a minor’ role in feeding the bull market. When it tins bétoine - appareit the market Is‘ not. going to fall ds expected, ihe.” * short-sellers have’ had to ‘rush to. make a buy. to ‘cover’ themédlvés, ° - This has frequently. driven, ihe inarkél highér. | , ‘with increasing regularity ia thé last-minute rally, ‘he says. | pliimmet as fast as the short-sellers ‘would lke. So they 7 panic ‘and rush to buy to, cover their assets, he says. Prices slump all day but suddenly doa miragulous recovery “in the Jast hour of trading. - doesn’t fall as rapidly as anticipated, short-selling isagood — ~ What's ‘happening here’ is ‘that the: market: “doesn’t “What's: Wachtel’s bet’ onthe market’: ‘Abuil market at least until the spring or aummer of 1964, 7 he? ‘says, with the otcasianal pullback’ but - not many corvectione. (Bulk markets generally. Jast 18 months, ) The Pow- Jones: industrial average will. reach 1800! ' -* stil lfted, ” ‘Afiother- feature of this market that-has been oteatring : * After that, things may get tough for the market beeiiuse " -by that tlitie private-sector. borrowing will have pleked j up | ~ and wiil be competing with government deficits on: capital ° markets, he: says. revived: by then. / - But’ an illustration of just ‘how: strorig.; the market a occurred Monday in New York when several leading high* : Poon steeks Decl a peat The Dow Jonea industrial . al € rose 24 points even thou aveh stocks ag "Texas. Instruments fell by’ as muth ag gh ih Wachtel says the shakeout Is restricted’ ‘wo only a few cver-: “valued stocks and.the high-tech corier will: remaln.a- food . bet for years to come. Healthcare + and consumer, products rele & good bet... ae é days’ Investors should tay away ‘eot eyelleals much as, : aeel, aluminum and: ‘chémicals, Ale are, inflation ° hedges such 94. woldg.. . ysl nay y 2 “Steel, chemicals, oil, copper don't niake an Bene"? . Bays!" “What makes sense ode. _. Industrial: evolution, is over. In Addition, inflation may, vhave’ bets”. he? : highitebh : Because - the,: ‘Smokestack America’ has. Wactiat also believes concernover Whoiher Paul Volcker will be.'re-appointed- as chairman of ‘the’ U.S" Federal. Reserve Board has passed. Volcker and. the board have - ‘doing such 1 8 good job of wa ing.a fine ne in-controlling | inflation wittidut choking | le’ récovery . that the: Reagan -. ‘administration, won't ‘want to. disturb: thin : But he says thera is still 6 possibility Volcker could be - appointed for only part of he four-year tern because he, - Was rh raid appointee,” wee ~ “Twa ago, Jimmy. the Greek would: have rou odds that Volcker was ‘out. And Amy the cotated _ Volcker i is in.” ” ode,