cz ci 3 ) ; ! Eien eer duat Ht be Rita UR i iat if wall HL it “te i “ i ail y 3538 26 er ‘ . sident and chief executive of- ficer, said in a prepared re- lease. g ee j pee3 +: ; 0938 <970 7873 ' “This division is winter- 5 PhS Fi a? By Sane rt : was. t to’ peaking which complements A #2 : t "b f 165-9 >So! \ our existing summer peaking ia i iw @ geses aac 2 | Public Service Commission. _ electric division.” 08 s0yde. "eggs peste tsi aee oF ear eHnpitl. os Dh ‘pueHeg se eee aie oo 5 H “s ge 7s , oF 3 ‘ Fairlea, been retained. This will be iH . * g/t Pobaeteaseecateaptateesteceety apeateet ease wanton me er ae bs . a ~4pueQ 18D1909,,) Kid PmByORY 10198 wea ses0jdxe. ‘sppar eu) Onp openws AsunoD “(OH i H Dern itis fier GEA Bote 538 i 3 8 g 3 ; TET ip eibdaa 04 10} @WOY 0 YIM, StzS-S9E ‘eay DIquINjO> IST E 38m ey) SuLAp g i 5°28 8 Light in British Columbia, i} Canada, is a pending acquisi- tion. sy eBueAs 0} syoes HOMEGOODS FURNITURE WAREHOUSE Tues.-Sat., 9:30-5:30 China Creek: “Drive a Little to Save a Lot” wage cuts PITTSBURGH (AP) — United Steelworkers local union presidents overwhel- mingly has approved a four- year contract with USX Corp. that cuts pay eight per cent and eliminates 1,350 CasNewsProte jobs while boosting job secur- ity for those who remain. The presidents voted 38-4 in favor of the pact after a nearly six-hour briefing in a ‘082038 U} ‘enmizy 8906 eoeds 49}0 UW} SYONIPYCD Bupvom Bunenwis ry quae ge ie go ee ae i Lc H Th Hn LOADING UP . . . South Slocan logger uses the latest in logging leche opy as he loads his own truck with the use of a crane at the front of the vehicle. anon@ 30tadO onuwncui ‘weukojdweun pus 5 eral E agit 2 raat hil “480M ‘0961) ..UMOP “MOUS UL, HH #.s0yj01q Dollar 987 Woy ‘JuoN EYAL 7384 jowou; 19N RSVHO @ 00:6 ‘6/983 piAvg ‘vos 10 pesnooe vt nok pequny BuQHOWE | uy ene] :s)enp, 183M AWLNNOO @ u)- yous @ But 060d jxeu uo penuyju0> yyeenp ‘soveve oul 10 Bujvepsey pue 100 ~UBD UojOD 40 VOHUEA “01d oy) Buiphyout sy) -eueg eo1pew 81 ysiweser ie Hi H -Un UB jo yIvep o Ft ® $ +4 = = z ‘bara momnvee ee SEB EEC ath plat itfe Beep a ete, Ee eBuyjeep jeouey ~nOuR10 Jed pus [16 awnnor ae 8, 4 8uT pur coog Cay svTva@ persy-e1eq 8 Ue) kq doy opesoorsue ue s¥ Supwendsew NO 4 304 BUIOY © YIM, 9z Asonuor ‘Aopseupem OF yBniosys Zz Aspnuor ‘Anpsunyy STZS-S9E MARKET CRASH ON THE WAY? By MARIO POSSAMAI Canadian Press TORONTO — Amid the euphoria on the world’s stock some are posing a sobering question: Are there parallels with the great crash of 1929: “The question now, in the winter of 1987, is whether the stock market is or has been repeating its history,” writes economist John Kenneth Galbraith in the current issue of The Atlantic Monthly. “What we do know is that speculative episodes never come gently to an end. The wise, though for most the improbably, course is to assume the worst.” The current bull market — which began in August 1982 — has seen major North American stock markets set record highs this month. Other economists, like Ben Gestrin of the Canadian Imperial Bank of Commerce, caution against “pushing the parallel (with 1929) too far.” In October 1929, a dynamic bull mrket ran out of steam. Stock prices plummetted. In one day — Oct. 28 — the Dow Jones average, the index of the New York Stock Exchange's performance, lost 13 per cent. By the summer of 1930, leading stocks on Canadian exchanges were worth barely half their value from the previous autumn. Contributing to the crash was the fact many investors had bought shares on margin. They could buy $1,000 worth of stock with only $200, hoping to turn a quick profit. When the market began to drop, buying on margin A THER ST 4 turned into a nightmare. If $1,000 in shares was worth only $600, the investor's original stake would be wiped out and he would still owe his broker $800. “When the selloff came, people got their margin called and they had to sell and that drove it down more,” says Peter Martin, chief economist at the Toronto-based brokerage house, McLeod Ybung Weir Ltd. “Then it became a self-perpetuating thing.” But the system is now “inherently more stable,” says Martin, noting that margin requirements are much higher. The New York Stock Exchange, which added 24 per cent to its value in 1986, closed Tuesday up 3.52 points at 2,012.94, the seventh straight day that Wall Street's best-known barometer has set a record. The Toronto market, which rose five per cent last year, also kicked off the year with a surge. Its key index closed Tuesday up 10.29 to a record 3,253.96. ctors that triggered most post-war downturns, like “rising inflation, and real distortions in the economy like overbuilding of inventories . . . are not really present right now,” says Gestrin. Leon Tuey, an analyst at Dominion Securities Ltd., agrees, arguing that a falling market usually begins when governments tighten monetary policy to dampen sharp price hikes. Since prices are faily stable, Tuey predicts the bull market will continue. a “There are some danger points that the markets tend to ignore in their euphoria,” says Gestrin. These areas of concern— government deficits, trade imbalances and the world debt problem — “could certainly create trouble over the next several years.” Researcher Ted Carmichael of the C.D. Howe Institute cites the growth of debt — sparked by mergers and takeovers — as one parallel with 1929. makes surge - TORONTO (CP) — The Canadian dollar closed Tues- day at 73.64 cents U.S., up 1-10 on the day, and its high- est final quote since Septem- ber 1985. But despite the currency’s strength, the prospects for lower interest rates remain uncertain because of the weakness of the U.S. dollar against majog overseas cur- rencies, economists said. “With the Canadian dollar stronger, it certainly makes the prospect of (an interest) rate decline much more prob- able,” said William Mack- ness, chief economist at the Bank of Nova Scotia. However, he said, the banks are looking “for a clearer indication of which way the rate structure is going to go. “The U.S. dollar is under considerable pressure and there's some apprehension about the direction of in- downtown hotel. The settle ment reached early Saturday was then sent to the union's international executive board, where passage is vir- tually assured. From there it will go to a secret-ballot vote in which 33,000 of the union's 45,000 members at USX will be eligible. The eligible voters include 11,000 of the 23,000 members laid off by the company. Ballots will be counted around month's end. If the rank and file ap- proves the contract, the longest walkout in the union's history will end around the six-month mark. USX would then have a chance to salvage some or- ders for the 1988 model year production of autos and for the traditionally busy spring and summer construction season. The USW claimed victory on its top priority, the company's widespread practice of contracting work to cheaper non-union labor. FALCON PAINTING & DECORATING 2649 FOURTH CASTLEGAR 8 © vin 2S! 365°3563 Gary Fleming Dianna Kootnikoft ADVERTISING SALES CA 70. ASTLEGAR NEWS OFFICE 365-8210 terest rates in the United dD States.” ahone ‘ panujyuos Aopunyos . ————— re ANGLICAN CHURCH {401 Columbia Avenue Sunday Services 8:00 a.m. & 10:00 a.m. 6z ‘vor — SaD ,PWOD |194S, IBM profits fall first OHM 801900 Announcement UOT OU, wee uezoy Oy) jey) 818 -A0D8I OUM 101900 eoeds Ut WY SUL. noeIp MOP 4) Apuesn poss doy BNIZVDYIN Mid @ 20} tong, enoul meu oy Be Ag UOA XBW J0IDY ‘@ydno3 pung 8 '(Bmo} inqep kusdwo> verpeued dO ‘Gor (ear) mor meged 61005 18 “woo WeN pus peg Aw gz Aspnuor ‘Aopseupem 0} yBnosys Zz Asonuor ‘Aopsiny, time since Depression NEW YORK (AP) — Inter- national i Corp. said Tuesday its profit fell 48.2 per cent in the fourth quarter, a decrease that led to IBM's first back-to-back declines in annual earnings since the Depression. Althgugh analysts had expected a sharp decline, the fall was greater than all but a few had- predicted for the world's largest computer company. IBM earned $1.39 billion U.S., or $2.28 a share, down from $2.68 billion U.S., or $4.36 a share, in the year. earlier quarter. : IBM said the company “sees r to $4.79 billion U.S., no itive sign of demang, or $7.81 per share, from $6.56 improvement in “it! |. billion U.S., or $10.67 a share, wide business operations at this time.” STOCK FALLS IBM’s stock, which had jumped $5.25 U.S. a share Monday on speculation the earnings would be better than expected, was lower in early trading Tuesday. Shortly before 8 a.m. Castle- gar time, IBM stock was down $1.12'2 U.S. a share to $124.12'2 U.S. on the New York Stock Exchange. For the entire year, IBM reported its profit fell 26.9 in 1985. Revenue rose 2.4 per cent to $51.25 billion U.S. from $50.06 billion U.S. a year earlier. IBM's profit fell in 1985 from 1984 levels and again in 1986. That marked the first time they had fallen two con- secutive years since the 1930s. ——_————_ Our Action Ad Phone Number is 365-2212 ED CO-OPERATORS Gz mtr ISURANCE a7] COMPANY wishes to announce that Mr. Greg Nichvalodoff of Castlegar Savings Insurance Agencies Ltd. was recently presented the top Commercial Production Award for the Okanagan/ Kootenay Region of B.C. for 1986. We wish to thank you Greg for your quality of service to us and the, public. aa - vow™ 809 Merry Creek Road Past Fireside Motel Sunday School 10:00 a.m. Morning Worship 11:00 a.m, Evening Service 6:30 p.m. A. iren’s Program. Kindergarten to Grade 8 WEDNESDAY WIGHT Study & Prayer7 p.m Church.365-3430 * or 365-5052 EVANGELICAL FREE CHURCH eT ——————__—___— Sunday School 10 a.m. Rev. Charles Balfour 365-2271 Parish Purpose: “To know Christ and make Him known” these 713-4th Street Office 365-3664 9a.m. Worship Service Sunday Schoo! 10:30 a.m. Rev. G.T. Backus 165 3085 ‘Lesten to the Lutheron Hour — Sundey, 9.0.m. on Radio CKQR. 4km. W. of Cost Ud wy StowordsGrendrorks | ROBSON COMMUNITY PAS o Ist MORIA at p-m. 2nd, 3rd and 4th Sundays, 10a.m. No service 5th Sunday CHURCH OF GOD Stuart Lourie Ph. 365-3278 Sunday Schoo! — 9:45a.m ‘Sunday Morning Worship 11:00 a.m. Prayer & Bible Study Wednesday, 7:30 p.m Sotellite Video Seminars ‘Accredited Home Bible Study Courses A N Family . ‘Church, Preaching the 2404 Columbia Avenue tenjonus 06009 2wod 'P61) ..o¥8S Seg 104. Ke 10 SUBD OA HON A s00u01q J0AU0Q 20 sumoug PUBTORE!D 10 Profit was reduced by & FERRARO’S Gbe-time,. charge of $200 plus.many more 914 Columbia Ave. Word of Faith Church School million U.S. to cover the low prices eS 9:45 a.m. costs of early-retirement in- throughout Sunday School 9:45a.m. | GRACE PRESBYTERIAN Morning Worship centives, IBM said. The com rougnout our store Family Worship Service |. | 1, a. 11a.m. pany ahd other one-time & Downtow *" \am. 2609 Columple Ave. Pastor ira Johnson costs associated with reloca- " Bible Study & Prayer avd Phone 365-3182 Phone 365-6762 x Castleaird Plaza Tuesday 7:30 p.m. Phone 365-3269 Morning Worship or 365-2605 11:00 a.m. Info: 365-8292 or 365-3182 ting employees and closing a Your satisfaction is our main concern plant, but did not say how big they were. Revenue for the quarter fell about 1.2 per cent to $16.95 billion U.S. from $17.16 billion U.S. a year earlier, IBM said. Adding to the pessimism, UNITED CHURCH OF CANADA 2264-6th Ave. 1% Blocks South of Community Complex 1L31dWOD W ONIGIAONd ONWVUNSNI 3OHO9 Foremost * Canada grade A Robin Hood ¢ whole wheat * unbleached aces 1.07 for 0.68 Pacific Alberta granulated Se ltt | N3NOM 33H @ Bose ‘100215 YAP - {TLL IDIANIS IONVSNSNI Es — FULL GOSPEL FELLOWSHIP (A.C.0.P.) Below Castleaird Plaza 767 - 11th Ave. Ph. 365-5212 Phone 365-6317 NEW LIFE ASSEMBLY WILL BE Pastor: Barry Werner mnt Ant OF Ou ew Cc Phone 365-2374 At Old Churel __ SUNDAY SERVICES — Christian Education 9:30 a.m. = ‘Morning Worship 10:30 a.m. whi e Sunday School 9:45 a.m. evap. Morning Worship 11:00 Evening Fellowship 6:30 ilk Wednesday: Bible Study and Prayer 7:00 p.m mi 385 mL tin 2/ c_] sugar 2kg. bog r | Yer Evening Evangelistic a errr Rot Prices effective up to and including Sun., Jan. 25/87. YSIOME OF CASTLEGAR So PLAZA SUPER-VALU OPEN SUNDAYS 11 A.M.—5 P.M. JOWIM Oy) 18 Sdoys yom Kulwog eyy eye mwepun soy PENTECOSTAL TABERNACLE 9:45 a.m. Singing 10.a.m. — Worship and Sunday School THE ORIGINAL TAB presents The Health Education Seminar Sat., January 24 10:30 a.m. - 3:30 p.m. Rev. Ted Bristow 365-8337 of 365-7814 SEVENTH-DAY ADVENTIST CHURCH 1471 Columbia Ave., Trail 364-0117 pesencoep jeg pue oy oy) YOM 06.8) © eSenee 0} Sundwes rt (eo) ‘cesers wy) W9seg qwepnis-e691109 oes 6:00 p.m. Wednesday Bible Study Prayer at 7:00 p.m Friday Youth ot 7:30 p.m ‘uN Fireside Inn, Castlegar Hesith Educator — Don Murdoch tien — door prizes! Wee College * Women's Ministries © Young Married Regular Saturday Services Pastor Cliff Drieberg 365-2649 0420/05 0610) STOALXI HON. (eouewoy 6261) MYON, WOn® CG -ewene aydons: w vey Ue yt perse 885 e6ueyo pue CHRISTIAN ACADEMY jossible Volume 365-7818 Apar 8008 108, Apuy ‘veeH eye By ULM, 10} 04 19MOd OY Bey 28yoVe004D8 PIBMOH OH w