hy Castlégar News Moy 14. 1909 —— BUSINESS $1.16 BILLION CASHED Bond run continues OTTAWA (CP) Canadians cashed in another $1.16 billion worth of Canada Savings Bonds in the first week of May, surprising some analysts who thought. the run on the bonds would subside. There is often a surge of redem ptions in the first week of the month, because people wait until they” are eligible to receive interést on the previous month But the redemptions in recent mon ths have been yery large by historical standards, because the yield on other investments such as treasury bills has far outstripped the 10.5 per cent available on CSBs Since the beginning of the year, $8.3 billion worth: of bonds have been cashed in, leaving the balance oytstan ding at $44,402 billion David Marshall, chief economist with MMS International, said he had expected that most interest rate sensitive investors would have already abandoned CSBs in past months. “There's obviously a lot of people with a lot of money out there that are prepared to move it around. But why hey wait so long? Why didn’t they go when the direction of rates was pret ty clear? I don’t know.” Marshall said the continuing cash ins will worsen the ,government’s financial problems; The government usually relies on CSBs to finance 17 per cent of its deficit Those problems are complicated by a current standoff with the senate, whith is blocking a supply bill needed to appropriate money for the gover- nment's day-to-day operations. **They’re really strapped for cash,"’ said Marshall He said the government’s cash balance recently fell to $700 million “which is just embarrassing.’ There was speculation months ago the government would raise the yield on CSBs to keep them competitive ina time of rising interest rates, but Mar shall said such a move now seems unlikely. The rate rose to 10.5 per cent from 9.5 per cent in March. He said small investors are unlikely to get a signif what is available for CSBs. eligible for the full interest on treasury bills, they must have at least $25,000 to invest Weekly stocks Consumers uncertain over high rate OTTAWA (CP) — High interest rates are causing consumers to think twice about buying cars and major kit- chen appliances and that spells ouble for the economy, the Conference Board of Canada said. The economic think-tank said con sumer confidence dropped in the first quarter of this year, continuing a downward trend that began last spring The board's index of consumer con: fidence dropped to 108.7 in the first three months of this year — down seven points from the last quarter of 1988. “Although consumers believe their personal finances are still good, current high interest rates are causing them to think twice before making any major purchases,” the board said in a statement The index is based on questions put to 1,088 Canadians who were r in March TORONTO (CP) Toronto and New York went on a buying spree Friday after a U.S. report on wholesale prices eased fears about inflation The Toronto Stock Exchange 300 composite index ran up 46.55-points to close at 3,638.70, a gain of 39.46 points forthe week. The-Dow Jones-average-of 30-in dustrials surged 56.82 points to settle at anew post-crash high of 2,439.70. Trading was heavy on both markets THe U.S. Labor Department repor ted that the producer price index rose 0.4 per cent in April, the same as in March, despite a sharp increase in energy prices. The index measures prices at the wholesale level. “The producer price numbers came in much better than expected,"’. said analyst Lyle Stein of Nesbitt Thomson Deacon Investors in $a result, we had a marvellous day. The market, fretful about inflation, had expected a rise as high as one per cent. Investors took Friday’s report as a sign that inflationary pressures were not building and interest rates might soon ease SOFT DREAM Stein described the producer price figures as ‘*a soft-lander’s dream."’ He was referring to those in the investment community who believe the central banks can bring the economy down to @ “soft anding' by cooling inflation without causing a recession The Federal Reserve and the Bank of Canada have been pushing up interest rates to éase borrowing and slow the economy: But the Bank of Canada pulled back Thursday, with its trend setting rate droppiiig to 12.50 per cent from last week's setting of 12.61. But U.S. economists cautioned that despite indications of weakness in some area, the economy is still run. ning at a high rate of activity “The number in no way implies that inflation is set to move lower on a per- manent basis,” said James Solloway, director of ecoriomic research at Argus Research Corp. In Toronto Friday, advances out paced declines 441 to 252 with 375 issues unchanged on volume of 32,621,934 shares worth $454,784,939 Gold, off 0.43 per cent, posted the only loss among the index’s 14 industry groups The biggest winner was metals, up 2.43 per cent, followed by financial services, up 2.10 per cent, transpor tation,-up-2.08-per-cent,- utilities, up 1.26 per cent, consumer products, up 1.21 per cent, industrial products, up 1.19 per cent and communications, up 1.18 percent 11UP For the week, 11 groups gained ground. The biggest gainer was metals, up 3.52 per cent, with com munications, up 3.44 per cent, and transportation, up 1.65 per cent. The three losers were led by oil and gas, of 0.49 per cent On other Canadian markets Friday, the Vancouver Stock Exchange gained 2.45 points to 761.35, down 10.62 points on the week. The Montreal Ex- change rose 28.05 points to 1,862.22, up 25 points on the week Chief economist Jim Frank said the waning confidence fits with the board’s projection of zero growth in the second half of this year — and rein- forces the strong possibility of a recession Frank said that with the economy slowing down, ‘he’s closely watching consumers and how they feel.-Con- Sumer spending accounts for 55 per cent of all the money spent in the economy Interest rates are at a five-year high, although there are signs that rates may have peaked. Frank warned earlier this week that interest rates have to come down to stave off a recession. On Thursday, the Bank of Canada moved its trend-setting bank rate down to 12,50 percent from 12.61 per cent but not enough to change the 13.5-per cent prime lending rate banks charge their best customers Frank said Finance Minister Michael Wilson's budget, which in cludes $3.6 billion in tax increases this year, won't put Canadians in the mood for shopping sprees. Complete Electronic Publishing and Design ° advertising material annual reports catalogues portfolios manuals slides «+ CALL: Public FAX Service Kananaskis Inn Fine rooms for * AS teow perperson $40 ee CDouble occupancy, Canadian currency, phiy tay to May 31) Challenging! Beautiful! Scenic 36-hole championship course in Alberta’s newest Mountain resort area, midway between Calgary nd Bantt For golt reservations phone 1-800-372-9215 Can carly availability Timited) Great Golfing! 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D Kootenay Savings FAIR ete ball during play west game 29- Phe CasNews Photo by Phil Calderbonk ly ot Cotlechonta fleld. CasNews won the eels due Giants By TERRY SCOTT MONTREAL (CP) — The outcome a 5-4 victory by the Montreal Expos left San Francisco Giants manager Roger Craig with a pained expression Saturday “It doesn't bother you as“ much when Andres Galarraga or Tim Wallach hit home runs, but you don’t expect something like that from Spike Qwen: he’s no Babe Ruth,” Craig said somewhat. dazedly- after-the Expos shortstop had flexed his muscles and ended the Giants’ five-game winning streak. Owen, who has never had more than six homers in a season, belted his third of the year in the seventh inning, tying the score 4-4, after Mike Fitzgerald's two-out single earlier in the inning knocked in Hubie Brooks with Mon: treal’s second run. Then, with two out in the ninth, Owen lined a 3-1 pitch by reliever Atlee Hammaker, I-3, into the gap in right- centre field, and the single scored Fit- Banjo’'s Pub beats High Arrow By CasNews Staff In the only game in the Castlegar Commercial Fastball League this week, Banjo’s Pub avenged an earlier 8-2 loss to High Arrow with a 12-2 vic tory - Banjo’s (formerly Checkers) struck for six runs in the first inning off starter Lawrence Halisheft and added arurin the third and five in the fourth inning off reliever George Plotnicoff. Eli Sookeroff allowed two runs on five hits. The previops week Hi Arrow got six runs in the first inning off Rob Grit- chen and George Plotnicoff only allowed five hits as Hi Arrow cruised to an 8-2 win. Also in the first week of play, Tudor ‘scored three runs in the seventh inning to defeat Labatts 5-4, Labatts defeated Hi Arrow S-3-and Banjo’s beat Tudor Sports 7-2. In fastball action next week, Labatts takes on Hi Arrow Monday, Hi Arrow goes against Banjos and Tudor hosts Labat’s Tuesday and Banjo’s plays Tudor Sports on Thursday Bulls lead series over N.Y. Knicks CHICAGO (AP) — Michael Jordan scored 40 points — 16 in a pivotal second quarter — in leading the Chicago Bulls to 4 111-88 victory Saturday over the New York Knicks and 2-1 Icad in their best-of-seven NBA playoff series The loss virtually puts the Knicks into a must situation for Game No. 4 today Jordan keyed the second quarter in which the Bulls stretched a 24-20 lead to 66-46 and left the Knicks gasping Patrick Ewing, who led the Knicks with 19 points. scored eight of New York's first 12 points in the Second half and helped chop the lead to 83-67 after three quarters? Charles Oakley opened the fourth period with a basket for New York, but John Paxson and Jordan scored successive baskets to solidify the lead at 87-69, Any hopes the Knicks might have had_for_a_late_comebaek-were-side- tracked by Jordan midway in the final, quarter when he scored seven points ina little more than a minute for 298-76 lead. Ewing hit a pair of free throws with 45 seconds left in the first-half to cut the Chicago lead to 60-46, but Jordan converted a three-point play and John Paxson hit a three-point basket for a 66-46 halftime Icad. zgerald from second base. with the winning run in front of a crowd of 13,039. Fitzgerald had singled with two out’ beyond the outstretched glove of second baseman Robby Thomspon He stole his second base of the season two pitches before Owen’s heroics. “With a man at second and first base open, I wasn’t sure I was going to geta whole lot to hit,”’ admitted Owen “*Sometimes pitchers will come at you in that situation and he did, except he left the pitch a bit out over the plate.”” That was contrary to the game plan of Craig, who said, ‘‘when it went to 3 1, he was supposed to be pitching off the plate.”” The hit made a winner of Tim Burke, 4-1, who pitched two innings of one-hit relief. “I really don’t care what anyone says about me,”’ Owen replied, when Craig’s comments were relayed to him. “*L just play the game and | feel that I'm able to get my hits. “It’s nice to contribute. That's the way you win ball games — different people contributing in different ways.” Don Robinson, the Giants starter, had a 4-1 lead as he entered the seven- th, the only blemish being Tim Raines’s two-out in the third inning for his second hom run of the season. But Brooks opened the seventh win a double and scored on Fitzgerald's two-out, run-scoring single. Owen followed the hit by powering a 3-2;pit ch beyond the right-field fence fot his third homer. The Giants had pounced on Mon- treal starter Kevin Gross for a 3-0 first- inning lead, with two of the runs coming on the first of two triples by Will Clark, who later added a single for a3-for-4 game. Brett Butler had singled into centre field on the second pitch of the game and Donell Nixon's hit-and-run single moved him to third. After Nixon stole second, Clark cashed in both runners with a triple that landed on the right- field foul line and bounced into the right-field corner. One out later, it was 3-0 when Ernest Riles lofted a sacrifice fly to centre that scored Clark. Robby Thompson followed Raines*s solo shot with hig second homer of the season, making it 4-1 in the fourth. Keith conquers Sydney harbor By DENNIS PASSA SYDNEY, Australia (CP) — Canadian marathon swimmer Vicki Keith conquered Sydney harbor Saturday, completing a 13-hour swim that put her in the record books as the first person to swim the waterway using the strenuous butterfly stroke The Kingston, Ont., swim coach abandoned a specially-made shark net during the 24-kilometre swim, saying it wag hampering her. She also had to fight shifting tides and stroke her way through oil-laden water ‘1 still feel pretty strong, although I'm glad it’s over,’’ Keith said as she emerged from the water, her bathing cap sporting.a red Maple Leaf it was one of six international charity swims she hopes to make using the butterfly stroke. Earlier this mon. th, she was forced to abandon an at tempt io cross Cook Strait between new Zealand’s North and South islan. ds because waves of up to three-metres made it virtually impossible for sup. port boats to stay with her Two hours into the Sydney swim, Keith discarded the shark net that surrounded her because she found it “Get me out of this thing," she screamed to her support crew in two nearby dinghies “I'm free,” she shouted after a crew member jumped in the water to push the flotation collars down to allow her toget out “Does anybody want to buy this thing?” she joked moments later SCRAPES HANDS Keith said the steel mesh in the net was scraping her feet and hands. She had never felt shark protection necessary but Australian officials had advised it. So, a large net that could be pulled along by support boats was built When Keith was passing near a ship container terminal she had to move ThFOUgh a pool Of grease and oil that left her face and most of her body black “Lake Ontario is supposed to be polluted, but F stayed the same color there,”” Keith said to her support crew and a group of Australian reporters on another boat Keith, the only person to swim all fivé Great Lakes, averaged an- in credible 30 strokes a minute, giving her swim. was extended by nearly five kilometres because of shifting tides that pulled her off course Keith began at suburban Manly then swam deeper into the harbor towards downtown Sydney before heading back out toward the mouth: of the waterway Sydney radio stations gave her but- terfly swim prominent ~ play throughout the day and Sydney television stations used helicopters to aid their coverage. Keith’s pace improved after she discarded the shark net-and she com pleted the swim in the twilight. She had started at 4:15 a.m. local. time in pouring rain When she arrived on shore, wellwishers from a Sydney seafood restaurant left their meals to stand on the sand and greet her Her first order of business was to telephone her parents in Canada. Keith swam to draw attention to fund-raising efforts for a new $1,3 million Life Education Centre in Syd. ney Last year, Keith became the first persontoswimall five Great Lakes and too restrictive and felt it might injure almost 25,000 upward arm movements her. during the swim. The length of her raised $550,000 for a Variety Club children’s aquatics centre in Toronto By JIMMORRIS CALGARY (CP) — Revenge won't be a motivating factor for the Calgary Flames when they duel the Montreal Canadiens in this ypar’s NHL Stanley Cup final. Idon’t think there's any concern about revenge or anything silly like that,"* Jim Peplinski said after being reminded of Montreal's five-game victory over Calgary in the 1986 final. “We're in a better frame of mind. We haven't had any injuries to speak of and we haven't had a lot of long series. it's the Stanley Cup 'final and we're playing an outstanding team. It'll be a heck of acompetition.”” Lanny McDonald, one of 11-Flames left over from Calgary’s first attempt at winning Lord Stanley's mug, said the fear of losing will spark him “‘It’sa terrible feeling losing," said the veteran who notched his $00th goal and 1,100th point in his 16th season. ‘‘We don’t want to experience it again. We know how much hard work it took to get there and last time we didn’t finish the job. Hopefully this time we willl.”” Goaltender Mike Vernon laughed when asked if he wants revenge. “There's no revenge,” he said. ‘They were the bet- ter team and that’s the bottom line. This hockey club has got better the last three years.”” The Canadiens will have 15 players left over from their ’86 victory when they open the best-of-seven series Sunday at the Olympic Saddledome. Flame coach Terry Crisp said that’s the biggest difference between the two clu “When you dissect the two clubs, put them on paper, there’s not a lot of give or take,” said Crips, facing his first final series in two years as coach By BILL BEACON MONTREAL (CP) — Hartford ran at him, Boston insulted him and Philadelphia attacked him, but Chris Chelios kept winning. The Montreal Canadiens’ defenceman has gained a reputation for cheap shots and game-winning shots that have made him a Norris Trophy candidate and one of from Ron Hextall’\— as-Montreal wrapped up the Wales Conference finals in six games Thursday night in Philadelphia: —— He’ll be front and centre again when Montreal, seeking its 24th Stanley Cup, meet the Calgary Flames in the championship series that open today Chelios is the best defenceman on a team that boasts of having the best defence in the National Hockey League. His puck-handling skills, ability to bring the puck out of his zone, efficient defensive play and point shot on the power play are enough to make a name for himself in the league. But Chetios adds a dash of meanness —stick fouts, hits from behind — that leaVe him second only to the irritating Claude Lemieux on the most-hated list. Boston coach Terry O'Reilly called him a ‘‘cheap= shot artist’’ and left him off the Wales all-star team in February because ‘‘I wouldn’t have him on my team.”’ Chelios spent much of Montreal's four-game sweep of Hartford in the opening playoff round either fencing with Whalers instructed to run al him or sitting in the penalty box, Revenge nota factor for Flames Chelios a star “The biggest thing Montreal has over us is ex- perience. We're hoping that our hunger and lack of Stanley Cup rings will make up for the (Larry) Robin- sons and (Steve) Gaineys.”” The Canadiens have won 23 Stanley Cups, the last one in 1986. Only Robinson and Gainey remain from the teams that won four Cups between 1976 and 1979 They advanced to this year’s final after a 4-2 victory over the Philadelphis Flyers, winning the series in six games. Montreal lost last year’s Adams Division final in five games to the Boston Bruins and were knocked out of the 1987 Wales Conference final by the Flyers. “‘I think everyone is more aware of how close we are,’’ said Guy Carbonneau. ‘There are a few guys here that have never gone to the finals, have never won the Cup: Those of us who have been there want to show them what it’s like.”” Montreal started the year in turmoil. Coach Jean Perron Was fired and replaced by Pat Burns, a former Policeman. The team stumbled out of the starting gate and speculation mounted if Burns would last until Christmas. DREW TOGETHER But Carbonneau said the early adversity drew the club together “We didn’t have a good start and everybody was looking at the other guy to find an answer. We found it When you have 25 guys playing together your lifeis alot easier.”’ Montreal finished second overall this season, two points behind Calgary, who topped the NHL for the second consecutive year with 117 points. The Canadiens handed the Flames two of their four home losses during the year, while Calgary won their lone game at the Forum In the five-game Adams Division finals victory over the Bruins, Chelios, an American from San Diego of Greek origin (his first name is Cristos), was greeted with a sign in the Boston Garden that said in Greek: Chelios Eats Excrement. The hate affair came to a boil in the third round against the Broad Street Ex-Bullies. In Game | in Mon treal, Chelios took a long, elbow-first glide from a 45- degree angle and hammered high-scoring left winger Brian Propp’s head against the glass, causing a con- cussion. . Two games later, with Propp back in the lineup, Cheap-Shot Chelios signs were on display in the Spec- trum and Philadelphia fans booed every time Mon treal’s No. 24 touched the puck. The Flyers were so mad at Chelios — and at losing to Montreal's airtight defence — that they seemed to concede the final game of the series Thursday to take revenge Chelios has been deliberately low-key through the Post-season. He said he didn’t try to injure Propp but understood the Flyers’ reaction because “they had a guy that got hurt and they havea lot of chi jer.” Canadiens notes — Local news reports say the slumping Claude Lemieux is in trouble with Management for his substandard play and that a groin injury he said flared up this week is seen by the Canadiens as a fabricated excuse ....The Montreal- Calgary series marks the seventh time in the 15 years sin- ce the NHL adopted the two-conference system that the teams with the best regular season records will meet in the final.