ca Castlegar News october 12, 1986 LEAFS' OWNER SMILING ALL WAY TO BANK TORONTO (CP) — While fans inside Maple Leaf Gardens scream, yell and holler at hockey games, rock concerts and wrestling matches, investors in Gardens stock are quietly smiling. Thos investors — owners of the Toronto Maple Leafs of the National Hockey League, the Hamilton Tiger-Cats of the Canadian Football League and, best of all, the Gardens property have much to smile about Gardens stock is ahead a sizzling 65 per cent this year, hitting a record $130 a share last month. And based on its 79.46-per-cent pre-tax return on capital, the Gardens’ five-year profit performance ranks it as Canada’s second most profitable firm. Barons Oil is first giant corporations pale by comparison: Imperial Oil ranks 136th, Canadian Pacific 246th and Seagrams 285th on the same five-year list. So who aren't Bay Street brokers gleefully hawking Gardens stock? Because they can't. Stockbrokers face a formidable force: Harold E. Ballard, controversial overlord of the Gardens, who regularly fills sports pages with his opinions on just about everything. OWNS MAJORITY Of greater interest to Bay Street, however, is Ballard’s continued grip on about 79 per cent of the Gardens’ 735,580 outstanding shares “There's just not that much’ stock around,” one market analyst says. Potter, Pacific Brewing merge VANCOUVER (CP) — Pacifie Western Brewing Co. Ltd., of Vancouver, and Pot ter Distilleries, Ltd. of Langley, B.C., say they have agreed in principle to amalg amate under the name Inter national Potter Distilling Consolidated General Western Industries Ltd., a public company trading on the Vancouver Stock Exchange, controls both Pacific Western and Potter. If the merger is approved, Potter shareholders will have a 35-per-cent interest in the new company and Pacific Western shareholders will have a 65-per-cent interest. Legiaslas Parlia Victoria, VSV 1X4 VOL. 39, No. 83 CASTLEGAR, BRITISH COLUMBIA, WEDNESDAY, OCTOBER 15, 1986 4 Sections (A, 8, C & D) STRAND a mossy REALTY tro. Welcomes CP station to cost $100,000 By RON NORMAN It will cost about $100,000 to move the historic CP Rail station and restore it to its original condition, Castlegar council was told Tuesday night. The cost estimate was contained in a report to council from John Charters, chairman of the heritage advisory committee. Charters also rocomffiended that council object to the proposed demolition of the station and ask that the building be turned over to the city as a heritage building. Council unanimously agreed to both suggestions, though with some reservations. Ald. Nick Oglow said he is concerned about the city's role in the restoration of the station. “I just don't like to see the city become involved,” he said, adding that the $100,000 cost to move and restore the building “could become $200,000.” Oglow said in an interview after the meeting that he would like to see council set a limit on the amount it is prepared to contribute to moving and restoring the building. “I don't want to be stuck with an unlimited number,” he Ald. Albert Calderbank agreed, saying the city has to move carefully on the project. Charters explained in his report that the heritage advisory ittee is investigating the availability of land near the present location of the station, along with the cost of moving the building. He said the committee is also looking into funding for moving and restoring the building, possible future uses of the building, and the experiences other municipalities and heritage organizations have had in similar negotiations with CP Rail. CP Rail wants to either move the building or demolish it to pave the way for a single-storey modern station. The company says the present station is expensive to maintain and heat, and exceeds the space requirements for its Castlegar operation. Meanwhile, Charters also said in his report that he and other committee members toured the station last week. “We are pleased to report that the building, in our opinion, is structurally sound although the exterior has deteriorated,” he said. 9 Charters said the committee also met with CP Rail officials to discuss the future of the station. “We are confident that the interest of this community in retaining the station building as a heritage building was clearly set out to the CP Rail representatives, who in turn were most responsive and cooperative.” Elsewhore, the Castlegar and District Community Services Centre is the first local organization to put in a bid for the station. “We believe that the railway building is a definite asset to the community of Castlegar and is worth preserving.” says Jeb Lauder in a letter to council. Lauder said the centre doesn't have the money to relocate and renovate the station, but would join with other community groups in renting office space in the station. “What we have to offer is a multi-talented volunteer iza tic an ‘in-place’ ih contact line and a financial commitment as a prospective tenant with s rental base comparable to what we are paying now, which is $250 a month,” Lauder said. Council referred the letter to the heritage advisory committee. So what makes such a thinly traded, lightly held stock jump 65 per cent in fewer than nine months? For one thing, rumors of potential buyers Periodically, stories surface that John Labatt Ltd. or | DONATED COPIER . . . Kootenay Office Outfitter made the Toronto Sun or singer Anne Murray or CBS want to| the donation of a $2,000 Canon copier to the new RAY BYSTROM To Their New Real Estate Office Hf you ore buying, selling or just need information give Ray a call at the office located in the Fireside Inn 365-2166 or 365-3520 Woman hit Ann Stasila of the Chamber of Commerce accepted the donation from Dave Goertz and sales reps Lorne Embree to buy sallard’s controlling interest. CBS denied the Chamber of Commerce/Tourist Information centre rumor, but Murray and The Suri are said to have been serious. Rumors about the 83-year-old Ballard’s health can also affect the stock. Yet even when the rumor mill is going full blast and the price is moving faster than a slapshot, the volume of shares traded each month is frequently counted in the hundreds, compared with the millions of shares that change hands in major active stocks. MUM ON ISSUE Ballard declined recently to discuss the subject of selling his share block, but at the company’s last annual meeting — when Gardens’ stock hit the $50 range — he said he'd “look at” offers of $100 a share. By this year he was saying the stock could go to $150 a share, but he'd never sell. No wonder, Ballard’s current stock holding, at going market prices, is worth about $72 million Every three months, the Gardens pays its usual 25-cent quarterly dividend. Since 1981, it has also paid an extra 15 cents quarterly. So Ballard grows richer by more than $200,000 each quarter. “Here I am trying not to be so interested in making money,” he lamented recently, “but it's so damn easy, I can't help myself.” ANNUAL REPORT Company reports don't give much of a breakdown on income sources. A note in the annual report simply states “the dominant industry segment of the company is related to its operations in the entertainment industry of Canada.” But there is little doubt the two most valuable gems are the Maple Leafs hockey team and the Gardens real estate — although you wouldn't know it looking at the financial records. Because of an accounting quirk, the Leafs are on the books as being worth $100,001, the same value they have carried since the 1930s. That figure is based on the original cost for picking up an NHL franchise and will stay the same until the club is sold But when it comes to cold, hard cash, the Leaf club was recently estimated by Fortune Magazine to be worth between $31 million and $35 million US Real estate estimates put the value of the 9,270 square-metre Gardens property between $40 million and $75 million. Dec. 1 deadline for trust report VANCOUVER (CP) report his findings to the British Columbia's former court by Dec. 1 superintendent of brokers Columbia Trust was placed has been given eight weeks in receivership by the to complete his investigation provincial government Aug into the affairs of financially 1 and Clarkson Gordon was troubled Columbia Trust, appointed receiver to curb says a B.C. Supreme Court losses estimated at $100,000 order filed this week 2 month Rupert Bullock, a partner Clarkson Gordon's consult with Peat Marwick, was ing arm — Woods Gordon appointed coliquidator of the acted as a trust company Vancouver-based trust consultant for about three company by the court last months before the receiver month so he could investigate ship and trust company allegations made by directors ciaim the firm Columbia Trust directors preached against the its duties as a company’s consultant and frustrated receiver. Clarkson Gordon Columbia Trust's effort to Ine work out a new business The order states he must plan Groups eye home shopping network TORONTO (CP) — At least six groups are involved in talks with Telesat Canada for satellite services to sup- port home shopping networks, says a spokesman for the federal Crown company Toronto-based Canadian Home Shopping Network last week signed a six-year, $13.5. million contract for satellite distribution, following last month's contract between Telsat and Wholesale Shoppers Television Services of Montreal. There are six other similar groups still seeking satellite channels, but not all can be accommodated, said Donna Wishart, a Telesat spokes man The home shopping craze now reaching Canada has been touched off by the success of Home Shopping Network of Clearwater, Fla., which has a 20-per-cent interest in its licensed affiliate in Canada. In Canada, the way cleared last July by a decision by the Canadian Radio Television and Telecommunications Commission to permit advertising on alphanumeric cable-television channels those that cablecast images such as airline schedules and community bulletin boards. Among those that have publicly declared interest in home shopping is Toronto based Maclean Hunter, and Rogers Communications of Toronto is rumored to be planning a product distribu tion system. Today, Comp U Card Canada of Montreal. a direct mail organization, will become the first firm to begin cable marketing in Ontario. It will run continuous com. mercial programming on weekday evenings on four cable networks in the Toronto area Using only stills and voice overs, Comp U Card will sell a range of products from clothes to coffee makers at discount prices, chief executive William Meder said L&M & BOBCAT =: io SERVICES: LTD. 3: * LANDSCAPING CLERK * BACKHOE TIC TANK * GRAVEL * SAND * TOPSOIL * TURF © FIREWOOD Fost & Efficient Service Hourly or Contract 365-3467 i OR MOBI i j nanee2s . % SELKIRK COLLEGE — TRAIL CAMPUS HAS FULL TIME & PART-TIME VACANCIES IN THEIR OFFICE ADMINISTRATION PROGRAM WITH THE FOLLOWING OPTIONS: OFFICE CLERK SECRETARIAL BOOKKEEPING LEGAL SECRETARY AUTOMATED OFFICE WORD PROCESSING ENROLMENT IS CONTINUOUS For further information, call TRAIL CAMPUS le 845 Victoria St. Trail Phone 368-5236 _ TYPIST Verigin and Chris Tricker. Elections British Columbia How to vote inthe | General Election Advance Poll. dvance Polls are made A available to those disabled people who cannot enter a polling place unaided. Special facilities will be available at this time. Others who may vote at an Advance Poll are those who for any valid reason cannot vote on October 22nd 1 When to vote. October 15 October 16 October 17 October 18 1—9 p.m. PACIFIC TIME 944 To vote in the Advance Poll you must be registered. To make voting easier you should take this card with you If you are disabled or unable to vote on October 22nd, you may vote at an Advance Poll. Ce Where to vote. ZS For further Crown Point Hotel 1399 Bay Avenue Trail Fireside Motor Inn 1810 8 Avenue Castlegar. Leroi Mall 2185 Columbia Avenue Rossland information Contact: Returning Officer 1364 Bay Avenue, Trail, B.C VIR 4B4 Phone: 364-2526 or toll free 1-800-742- VOTE Chief Electoral Office Province of British Columbia by stray bullet by “some sort of projectile” Satur- day afternoon on 3rd Street near the Hair Annex. ‘The woman, who asked to remain identified, had just stepped eut of her vehicle and was walking behind her husband when.she was hit by what police believe was a “stray bul . “In all likelihood it (was) # 22,” Const. Pete Redekop said in ai interview Tuesday. ie The bullet did not break the woman's skin, but only bruised her Shoulder, Redekop ‘said. Police believe the bullet then fell to the the gun it came from wasn't very powerful. Police suspect the bullet came from the Arrow Lakes Drive area across the CP Rail tracks and directly west of the 3rd Street. RCMP have made a number of in- quiries in the area but as yet haven't turned up anything. The incident is still under investigation. Airplane lands on highway By CasNews Staff A light aireraft low on fuel made a forced landing on Highway 3 near the Castlegar-Salmo summit Monday morning. RCMP say the single-engine Stinson high wing flown by John Muzzy of Medicine Hat, Alta. was forced to land near the summit about 11 a.m. when it was unable to touch down at the Castlegar airport due to fog After refueling, Muzzy received per mission from the Ministry of Transport and took off again, landing at Castlegar airport. No one was injured in the incident Meanwhile, a two-vehicle accident on Highway 22 near Fairview resulted in $5,000 damage Police say Norman Womacks of Montrose, driving a 1978 Toyota, side swiped a 1981 Ford pickup driven by Gerald Chapman of Cranbrook at about 1:20 p.m. Friday Womacks was attempting to pass Chapman heading northbound at the time, police say. The accident is still under investigation A single-vehicle accident at 3 a.m Saturday resulted in $1,000 damage Police say a 1970 Ford driven by Lorne Swetlikoff of Slocan Park swerved and struck a sign at 14th Street and Grosvenor Avenue RCMP are also investigating a break-in at Shaw Cable's office on Columbia Avenue Friday. Entry was gained through a window. Exact details of the theft are not yet known CLOSING OUT . . Canadian Imperial Bank of Commerce will close its downtown branch next month after more than 30 years in that location Terri Pakula (right) will be one of five employees transferred to the bank's Castleaird Plaza branch CosNewsPhotos by Mike Ralesnso COMMERCE TO CLOSE BRANCH By RON NORMAN and MIKE KALESNIKO The Canadian Imperial Bank of Commerce plans to close its downtown branch next month and put the building up for sale Effective Nov. 14 customer accounts and staff at the downtown branch will be transferred to the bank's Castleaird Plaza branch, customers were told in a letter sent out Friday But Castlegar council indicated Tuesday night that it will oppose the closure. “We're extremely upset about the closure,” Ald. Len Embree said, adding that council should “express more than our concern, but our displeasure.” Embree pointed out that the bank is a key part of the downtown revitilization program. The bank is located on the major intersection in downtown Castlegar Ald. Nick Oglow, who proposed council oppose the closure, said the announcement came as a surprise to most people “A lot of business is done by just walking down town,” Ogiow said. And he suggested the Castlegar and District Hospital will likely pull its account rather than transfer to the Castleaird Plaza branch. Oglow said the hospital account is between $4.5 and $5 million He suggested council express its concern to local bank officials and ask that they convey that concern to the bank’s head office in Toronto. That's where the decision was made,” Oglow said Ogiow suggested council ask the bank to take another look at the closure Ald. Carl Henne agreed, pointing out “banks are the only people in town making money and now they're pulling out w But bank manager Ivan Dechkoff said the reason for the closure is “strictly economic.” “The community itself has dictated which branch will survive.” Dechkoff told the Castlegar News in an interview Tuesday. “The population of the downtown branch has moved out to the plaza area. This has been the trend for some years. Dechkoff, who has been bank manager for the past year, explained that the plaza branch was built with the intention of making it the main branch ‘The downtown branch is basically a customer service branch,” he said. “All of the transactions are carried out at the plaza We've timed the closure with the arrival of the bus system. It makes it easier for our older customers to get to our plaza branch Dechkoff said the service will remain the same and none of the staff will be laid off It is not our bank's policy to lay off employees. We have never laid anyone off, not even during more difficult economnic times.” he said The plaza branch's full-time staff should reach between 17 and 19 employees with the addition of the five from the downtown branch Customers will see an improved service as a result of this move.” Dechkoff said. He pointed to better lunch hour service as just one benefit of the increased staff Some Castlegar residents may remember when the downtown building became the Bank of Commerce around 1955 with the bank's first manager. George Shaw running it with a staff of two run again for council By CasNews Staff Ald. Len Embree said Tuesday he intends to seek a sixth consecutive term on Castlegar council in the Nov. 15 municipal elections. “It's still fun; it’s still meaningful.” Embree said. Embree is one of three aldermen whose terms expire this year. The others include Nick Oglow, who is completing a one-year term created when former alderman Marilyn Math- jeson moved to the Lower Mainland, and Bob Pakula. All three positions are for two years. Ogiow was non-committal when asked if he plans to seek re-election. “Tll have a look at it,” he said Pakula was unavailable for comment The municipal election has almost been lost in the glare of the Oct. 22 provincial general election. However, the deadline for nominations is only 12 days away. Nominations close at noon Oct. 27 So far no one has filed nomination pers. Meanwhile, council Tuesday gave the green light to a two-year paving program that will cost about $230,000. The program will begin next year when the city will spend $115,335 on seven streets. Included for paving are « Arrow Lakes Dr. from Kootenay to Lakeview; e 3rd Street from 10th to 9th; e 4th Street from 3rd to 4th; e 5th Street from 9th to 7th and from 5th to 3rd; e 6th Avenue from 4th to 5th; 5th Avenue from the northern half of 6th Street to 7th; The north half-block of Lynwood Crescent; e Celgar Road from Arrow Lakes Drive to the south end of 1984 paving. The second year of the paving program will begin in 1988 and cost $115,335. It will include: e completion of Celgar Road paving: e South end of Lakeview; 6th Street from 8th to 7th; e 8th Avenue from 4th-to 5th; e 14th Avenue from Highway 3 to the cemetery; e 37th Street from Southridge to the west end. Elsewhere, council agreed to con stuct a temporary walkway from 13th Avenue by city hall to Columbis Avenue for school children. The move came as a result of a letter from Cherri Carlson of 1416 Arrow Lakes Dr. Carlson told council that parents of primary school children in the Sewchuk subdivision are concerned about the safety of their children on the way to school She requested that the city either install a school crossing sign on the 500 block Columbia Avenue by Speedy Auto Glass or extend the sidewalk along Loomis as far as the stoplight by the Oglow building “This portion of roadway is not acceptable as a walkway in winter. as our children would be walking out from behind large snowbanks in order tc cross Columbia Avenue,” Carlson said Embree, chairman of the works and services committee, said a sidewalk will be constructed along 13th Avenue to the Oglow building next year In other news, the city is prepar list of vacant municipal property tb could be sold Ald. Albert Calderbank said the « has a “vast inventory” of property However Calderbank als cautioned, “It's not a very good time be dumping land,” adding tt doesn't cost the city anything t« onto the properties INSIDE MORE AWARDS: The Castlegor News picked up several awards at the annual B.C. and Yukon Community Newspapers Assoc iation’s Better Newspaper Com petition, including two tor photography A2 BRUMMET HERE: Education Minister Tony Brummet arrives Castlegar Thursday with the first legacy grant for the library expansion AS HEARING SET: The B.C. Utilities Commission has set Nov 31 2 as the date tor a public hearing on the sole of Wes! K and Light Co A3 FIGHTING FOR PEACE: COPENHAGEN opening of the World Peace Congress to day when dem« from the London-based association for installment of the $200 000 Ex, tenay Power ghting broke ov nstrators turled o > Free Russic banner that read This is a KGB Congress Others jumped on to organizers of the meeting After calm was restored Lannung, a 90-year-old Danist the plattorm to de the congress politiciar stressed the importance of the congress and power orms race The five-day congress, involving ab: 30 trom 133 countries, is the first of 11s kind to be he is o member of the North Atlantic Treaty Orgonzotior