people usually rushed to buy when rates were rising — trying to make their investment in a house before rates went too high. But the memory of rates going up so sharply has made many buyers cautious to the point they won't buy during times of increases. . And-when rates are falling, they'd rather wait to buy LACK CONFIDENCE “They don't like to admit to themselves or their friends that they didn't make the best deal possible on mortgage rates. They just don't have enough confidence in themselves to make the purchase.” of a decline in the trend-setting Bank of Canada rate to 12.44 per cent, which sparked reductions in the prime lending rate — at which banks lend to their top corporate Only if rates drop by more than one point will they Mewo ny cna] Uspact om the meer. nite hepovs cok; he said. But Henry S jilders’ ‘That's because most people real Sept expect rates to fall that much, he said. And these days many buyers can get capped rates from the builder, which means the rate can’t go higher at closing but cam go lower if rates haye dropped from the initial offer to purchase to the closing date. Dyle boosts profit TORONTO (CP) — The latest and biggest U.S. acqui. sition by Dylex Ltd. is expected to add 35 to 40 cents to profit per share next year, says company president Wilfred Posluns. That would take estimated Dylex share profit up to about $3.20, analysts say. The contribution — after deducting interest the Toronto-based retailer and manufac- turer would have earned on its cash — is a “reasonably, relatively conéervative” estimate, Posluns said interview. Dylex, with more than 1,000 Canadian stores, will end up with 39 per cent control of 670-outlet Brooks Fashion Stores Inc. of New York. Says James Kay, its chairman, the company has ensured that Brooks’ existing entrepreneurial managetnent team, headed by president Andrew Saul, 7. team not returning will be vice-chairman Richard Roberts, the brother-in-law of Saul’s father Joseph, the chairman. The Saul family and senior Brooks management will own 22 per cent of the rapidly expanding U.S. chain, which will be turned into a private company. Another 39 per cent will be held by a large U.S. private investment group, which does not want to identified yntil the deal goes through. ‘The deal involves a new holding company, BR Investors Ine. of New York, formed by the three parties, which has made a $965 million U.S. offer for Brooks. ‘The Saul group, which owns 58 per cent of Brooks, will share, while minority shareholders will get Board approval by both companies are formalities, as will run the women's wear chain, and have the a continuing share interest. The chain's potential is “enormously dynamic,” assuming growth keeps pace with recent years, Posluns said. Brooks operates in 45 U.S. states. CONTROLS CHAINS A ing no further Dylex will own or control chains of 2,000 stores by the end of next year — of which 860 will be in the United States. Total sales would be about $2 billion a year. Dylex sales will be about $1.7 billion in the year ending next January. Ross Cowin, retail analyst at McLeod Young Weir Ltd of Toronto, estimated that, without the Brooks acquisition, Dylex would have reported $2.50 a share this year and $2.85 next year. He expects the acquisition to contribute 10 cents a share to Dylex this year, raising his estimate to $2.60 Adding a conservative 35 cents next year,Dylex should report’ $3.20 a share. Estimates for-profit at Brooks, which began trading on the New York Stock Exchange on Dec. 8, 1983, range from about $2.60 to $2.70 U.S. a share for this year and $3.10 next year, up from $2.08 last year, when it achieved a seven-per cent net return on sales and a 33.2 per cent average return on equity Brooks sales in the 63 weeks ended March 3 topped $336.3 million, well up from $129.1 million five years earlier ‘Phe only member of the Brooks owner-management Shoe sales up MONTREAL(CP) — adian footwear manvfactur. ers closed the industry's annual showcase exhibition Tuesday, praising import quotas for stepping up busi ness during the past two years. NEW IN TOWN? LET US PUT OUT THE MAT of the Trail/Castlegar & Area Telephone Directory Now's your last chance to check or change your listings. have already approved the deal. After the tendering expires today, any minority shareholders in Brooks will be squeezed out, Posluns said. A controlling shareholder needs only a 66-per-cent interest to force out minority shareholders in the United States. ~ Of the $100 million U.S. cash offer, Dylex will pay $44,250,000 out of its treasury, the same as the U.S. investor group and the Saul group will pay $11.5 million plus notes for the rest of its share. The Saul family, which wants to diversify its holdings, will receive about $200 million for its Brooks shares. The merged company will borrow about $275 million from U.S. banks, including two subsidiaries of Canadian banks. That is $10 million more than what is needed for the takeover, to be used for expenses and general corporate use, Posluns said. Brooks has about $30 million in its treasury and no debt. Dylex has not exposed itself to the debt as the banks would have recourse only to the assets of the merged company. Brooks is making from 12 to 14 per cent pre-tax on sales, which jumped by 46 per cent last year. Although the chain has been opening 100 to 120 stores a year, its store-for. store sales are up an impressive 18.5 per cent. In the first quarter of this year, Brooks sales jumped another 45 per cent, including 26 more stores, with profit up 46 per cent. This is it. The White Pages, the siphabetical section of your new directory, is now closing. The Yellow Pages has alréady closed ALL WEEK Monday, August 13 to Sovurdey August 18, 1984 Safeway will double te face value o any when applied to the pu chase price of the coupon item available in our stores. (This te otters is lienitedd io one coupon per purchased item. This offer does not apply to mail-in coupon offers or frée merchandise coupon offers. We honour competitors coupons. Not to exceed value of item purchased.) TA — Priced to Clear RODS & REELS 20% OFF HENNE’S MARINA Castlegor 365-3219 : CEDAR 1x6 T and G clear 1000 board feet. R ui ths. RENT THIS SPACE 365-5210 Old Dutch Potato Chips Assorted. 200 g Package 98° Super Socco Fruit Drink Assorted. Nabob Coffee Tradition. Regular. Drip. Extra 250 mL Tetra Brik Fine. 369 g Package $989 3.91% Case of 27 — $8.48 Beet Blade Chuck Steak Bone-in. Canada Grade A $2.18 x5 99C 7 Up Pepsi Regular. Diet. Caffeine-Free. 750 750 ml Bottle 2..°1% Sunlight Liquid Detergent 1.5 Litre Bottle. $329 Robin Hood Flour All Purpose. 10 kg Bag. $598 Town House Tomatoes Choice. 540 mL (19 fl. oz.) Tin. 2.81 STATIONERY SUPPLIES "| PHOTOCOPYING CANNING Consumers Wide Mouth. Glass. 12—500 ml Jars. Glass. 12—1 L Jars 5° +6” SUPPLIES Quart Jars Town House White Vinegar 2.5 Litre Jug $159 Many other canning supplies available! SAVE UP TO $6 AT LOW, LOW PRICES OF ASSORTED FOOTWEAR FOR BACK TO SCHOOL! WHILE STOCKS LAST Over 50 items of Back-to-School Specials Prices effective through Saturday, August 18 in your Friendly, Courteous Castlegar Safeway Store. Wednesday and Saturday Thursday and Friday 9 a.m. to 6 p.m. 9 a.m. to 9 p.m. HOTPOINT MICROWAVE. . Electric .guiter o $100. 365-6091 after 4 p.m. WOOD OR METAL INSTALLED Free Estimates TRANS CANADA GLASS (Formerly Southern Glass) 365-6323 PIANO tuning 1 Fou: Pinto. Please call "Wate. 292 tins? SEARS RIDING MOWER, 1) HP. cutter, snowblower, ins. old. Priced to sell. LS ON SHOTGUNS * Fibreglass stocks * Leupold Rifle Scopes Free Scope Installation & Bore SANE on all ‘eavestroughs and viny' stalled before August 2). Phone Denzil Cooke 693-2362 business since 1977. 7/62 AUTO REPAIR WEDDING STATIONERY GENERAL PRINTING 3 Hel Print St 623 Columbia Avenue 266-$306_ : caste RATES AND INFORMATION First 10 words $3.15 Additional Sx. VOx, 2ox, S2x, 14x ere Also Available PAYMENT POLICY Payment may be mode by cash, cheque, or Viso and MosterCard credit cords. 11 is not advisable to send cash through the mail, Classitied may be charged, but o $) billing charge will the ad is not poid for seven days after it tirst appears (This $1 chorge does NOT ap. ply to Visa ond MasterCard charges.) the pen News re TONIGHT LET’S GO TO THE COLUMBIA STEAK HOUSE!! Now you can enjoy delicious meals 7 doys o week! Hours — 5 p.m. - 10p.m. * Renowned B.8.Q. Ribs * Pizzas & Seafood © Pizzas Fresh Daily © Extensive Salad Bar * Vegetarian Dishes © 10% Senior Citizens Discount * Fully Licensed Castlecird Plaza Street Level (Below the Dairy Queen). Phone —— Takeout CRUSHED GRAVEL, drdin rock.