The Vancouver Sun from Vancouver, British Columbia, Canada • 35

1:1 uizi lunn i Ml i i i i nil i MUM i -r -si 14 14 ttI B.C. mining going down the tube ti toil mm) mmx) If I t-t 4 1. 1 1 i'M444 tiU t.4 lie KM lie i.Ui' t5i tiitfi4' i Mt Ml ttii n.tM 4 le 14 Hcfcl tVf )4Ui Itif, COLUMN tYV f.Ha 1 (.1 Mil li.4 tia n1" IMt- A J) if Hii.t In! I wj Jv4 tKij tU 1 III -JM ftJt4l fUt tr 4,4 itvMti as.a:j it itt jf fcitii t4itfi' ,4 tw jf i n4 mtivr tit lll, ft 4 WUtf Ktct.lit I ft.4.t IwJtsbir flt la Ajjti cat I tH-hc4 iq i IIV ltny frjwil pit dittMoftS. ftf frKttlin moil i lit Ha 11 1. t.

I VtMtj vt.t.( Jl.ItU IH VD4lM iUt I tiiflt wj IMW i.ut ii4. til HdJI(4 Uitil tt- f4 lit 3j 4 1 3 14 tit 4.tf nn ftf i tut it ftxjj- It tHn i 1' 5. i.f ff i tn 4ati tiitu: 11 ho IJwif tr i tt it sm; 11 tiiMJ Id i ltKa3 tbitUct It ltrfv (lis It Wi 4 6f iffsc ix'A itsan lr IC1 imtiiot tin; fcUtioti, i Net ttnfu- rMrnmrt ft itrt ftini id Lll hj mk Dow industrial average beats Monday's record rf 6wi rf4 to rf 14 ill rf tU CxftthrM fcirkf rf ble rrvfx UUr if It Ihc ill 9xe, Muf b( mmtt It tt ta j4ctij, liU ui4tioA. rnruttioAi n4 nrrAtUNQ I G3rtEB 4, 1 Bay day at what was Woodward's 1 1. packs 'em in SMITH Vancouver Sun HUDSON'S BAY president Bob Peter at opening of company's new outlet In Oakridge shopping centre In Vancouver IAN DAVID SMITti Sun Buwnost Report of The air conditioniiy! broke down and 32 extra fall time employees had to be brought in from the downtown Bay store just to cope with the summer crowds.

But thousands of shoppers on Wednesday trooped to the Oakridge shopping centre and a dozen other new Bay stores in western Canada to check out the merchandise and witness the transformation of the old Woodward's chain. Hudson's Bay Co. president Bob Peter threaded his way through the main floor, shmoozed with customers, staff and managers, paused and said: "In two weeks, we've gone from nothing to this." Hudson's Bay acquired 21 of Woodward's 25 stores in Alberta and B.C. in a 235 million takeover that concluded in June when Woodward's legally amalgamated with Bay subsidiary Zellers Inc. Many of the Woodward's outlets, including Oakridge and the downtown store, were closed, and the shelves emptied in final sales.

"We're opening 13 stores today as Bay stores and Zellers will take over 10 Woodward's stores, but two of them will be split as Bay-Zellers outlets," Peter said, taking a break from the swarm of shoppers. The Bay is now in new markets like Abbots-ford, Nanaimo, Oakridge, Penticton, Prince George and Lethbridge, Peter said, while In two weeks, we gone from nothing to this. 94 41 kx i tew si h' It) pJ fctf HI to tnf ies i pom Si. fHWi 3.4 6 Ignsa Saw ncta-go 335 12 tKwti la ctes-daMCiSM ti nmeif gjine ax-en 0 HNf 3Kt Y)i on 10 fe4 ncfri to ccu level on record. The to of mtutond fxi ftyoi tst MJ Hugh Johnson.

crct mvta-Wit 0f st AJany. Howw. many anatysu taKl lunv met vacations and nervousness ahead of inflation figures restrained Investors, and dosprte the ratty, drug-related issues sold off as westors womed about the impact of S. president fin Clinton budget on the Industry and about the upcoming overhaul of the health care system. Computer-chip stocks rallied after an industry association reioased figures showing record breaking orders for July.

The report surprised Wall Street analysts, who had been expecting a decline for July, typically a slow month in the semiconductor industry Shares of Intel Corp. closed Wednesday at $58.75, up $1 .875 in NASDAQ trading; Motorola rose $1 to close at $96; Texas Instruments was up 75 cents to $77.25, and Advanced Micro Devices rose $1 25 to $29,625. The strong July orders increased the chip industry's leading indicator, the book-to-bill ratio, to 1.12, from a revised figure of 1.11 in June, according to the Semiconductor Industry Association, a trade group based in San Jose, Calif. The United States semiconductor companies are recapturing tremendous market share from the Japanese right now," said Richard Whit-tington, an analyst with Gruntal Co. He said chip prices continued to rise this month as major computer manufacturers placed large orders, and semiconductor producers strained to meet the demand.

In Toronto, there were a few indications of potential sore spots for the market, including the dollar, gold prices and a drop in financial services stocks, said Miriam Varadi a broker with Nesbitt Thomson. There's a little bit of almost everything happening," Varadi said. The Canadian dollar fell 0.79 cents to 76.52 cents US, its lowest level since Dec. 28, 1987. Gold prices fell $5.60 US an ounce on the New York Commodity Exchange to close at $375.30.

That chopped 1 .84 per cent off the gold and silver index in Toronto as many of the larger gold stocks took small hits. Six of the Toronto index's 14 groups rose, led by real estate and construction, up 1.32 per cent and oil and gas, which rose 0.99 per cent. Gold was the biggest loser, followed by financial services, down 1 .28 per cent and pipelines, down 0.70 per cent. Among industrials in Toronto. Canadian Pacific Forest Products lost $1 to $18.

Prices were down in heavy trading at the Vancouver Stock Exchange Volume at the dose totalled 23.108.989 shares. The VSE index was 991 .73, down .36 from Tuesday's close. BOB PETER in the Lower Mainland, the former Woodward's stores at Abbotsford, Guildford and Park Royal are now Bay outlets. Oakridge has a separate Bay and a Zeller's store. Peter said about 80 per cent of the former Woodward's staff joined the Bay, "and in some stores it was as high as 99 per cent." To get the 13 stores open under the Bay banner, from 35 to 100 additional staff members were hired at each outlet, he said.

The next step will see the company spending more than $45 million to give the outlets a new look for the official openings in November. The Bay stores will remain open throughout the renovation period, but Zeller's will be closed for a total refit to conform to the Zeller's format. will be three times larger than it was and the men's wear will be three times larger than it was in Woodward's." On the public relations front, Peter said he intends to keeptarring in the TV commercials that have made him one of, if not the most, recognizable chief executives in Canada just watch him walk through a crowd of shoppers. Back in 1989, Peter became one of a handful of company presidents in North America to appear in television commercials to talk about their products. "They originally started out as a way of reinforcing to the public our return policy and who better to deliver that message than the president?" Peter said.

"We just decided, 'Let's give it a We will continue with them." "The main emphasis will be on fashion," Peter said, staking out the soft goods category women's and men's fashions, shoes and some household goods as his main turf. "Whether it's ready-to-wear, cosmetics, shoes or the soft side of home goods, you'll see that evolve as our stores are renovated," he said. "For instance, in Nanaimo, the ladies' wear SELLOFF Dollar tumbles to76. 52 cents US or IS Canadian Press tart 1, Prime Minister Kim Campbell is expected to call a federal election soon, and financial markets are often volatile when there is political uncertainty. There is also concern about the high unemployment rate and "frustration perhaps that the Canadian economy is not growing as fast as some had expected," said Robert Palom-bi, an economist with MMS International, an information service focusing on financial markets.

Palombi said the unemployment rate for July of 11.6 per cent, released Friday by Statistics Canada, was higher than many forecasters expected. But he said the market is ignoring positive developments. "We've seen some huge improvements in productivity and competitiveness that ultimately are going to help the Canadian dollar." Traders said the Bank of Canada intervened in the market to steady the dollar's fall. But the bank has sent out signals in recent months that it's willing to let the currency fall in exchange for lower interest rates. "Inflation's not a problem and they've got to get the economy going." Wateridge said.

A lower dollar is seen as inflationary because it makes imported goods more expensive. But it can help to stimulate exports by making Canadian goods relatively cheaper in foreign markets. TORONTO The Canadian dollar nosedived Wednesday, battered by falling interest rates and fears about the weak economy and the coming federal election. The loonie plunged to 76.52 cents US, down 0.79 cents from Tuesday's close. That marks the currency's lowest point since Dec.

28, 1987, when it stood at 76.49 cents US. The dollar also fell against other major currencies, including the Japanese yen, the German mark and the British pound. The last time the dollar took a one-day hit of this magnitude was April 27, when it dropped 0.86 cents. That was after the federal government brought down a budget that wasnt as tough as the markets had expected. Market watchers said Wednesday's selloff was prompted by several factors, including declining interest rates.

Canadian rates have been on a downward trend, with the prime falling below the U.S. prime last month. On Tuesday, the Bank of Canada lowered its bank rate to 4.2 per cent, the lowest since November 1964. "From the investor standpoint the interest rate differential is continually being eroded." said Stephen Wateridge director for corporate foreign exchange at the Canadian Imperial Bank of Commerce. Investors in search of a higher return have been moving their money into investments in other countries.

To do that, they must sell Canadian dollars. "Also, there's obviously going to be some pre-election jitters," Wateridge said. i'Lr!" CHEF GOING WILD As executive chef at the exclusive Chartwetl restaurant in fencou-ver Four Seasons Hotel, Wolfgang Von Wieser, above, prepares gourmet meals every day. But he won't have his high-tech kitchen and well-stocked larder when he cooks for campers on a wilderness excursion next month. Apart from the olrve oil and few sptes he packing.

aH he! have for cooking suppes is what he and his fe'low adventurers can scavenge from the beaches and forests of Kyuquot Sound on Vancouver Island. Deta D4 I RETURN OF RECESSION FEARED, D5.