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CAPE GAZETTE, Friday, Jan. 19 - Jan. 25, 2001 - 33
BI_rSINESS &
REAL ESTATE
Draper-King Cole auctions clears path for housing
By Rosanne Pack
The button factory and the shipyards
have long since faded away in Milton; Jan.
13, the cannery went a few more steps
down the same passage from reality into
memory.
Serious buyers, some just looking for a
whimsical keepsake, and lots of people
who remembered when and are curious
about what's to come attended a public auc-
tion at the site of the former Draper-King
Cole cannery in Milton. The auction did
what it was supposed to do.
Eugene Dvornick Jr., operations manager
of Cannery Village, LLC, said lots of items
that have no place in the proposed residen-
tial/commercial development were dis-
posed of with the crack of auctioneer Dave
Wilson's gavel.
"We're very pleased," he said. "We con-
sider it very successful.
"Our goal was to clean out as much left-
over inventory as possible, and we moved
'iii '::. ' ....
Dan Cook photos
F.B. Webb, left, and Cavin GiHespie, both of Mil-
ford, examine auction items.
I
a lot last Saturday."
Dvornick said the approximately $57,000
in auction earnings met the expectations of
Cannery Village officials. Some unsold
items, most notably two large boilers, will
be advertised further, but they might have
to go for scrap if a buyer doesn't material-
ize.
The operations manager said the clear,
warm January-thaw weather helped atten-
dance and associated sales. Also, preauc-
tion publicity encouraged interested people
to preview the inventory. Dvornick said
quite a few did visit the cannery site during
the week.
"It's estimated that we had 200 to 300
milling around throughout the day of the
auction; some people just wanted to see if
there were neat, interesting things to pick
up," he said. "Others wanted the equipment
and machinery parts. We did have some in-
tense bidding."
The forklifts were sought-after items as
were some of the trucks; the wooden pallets
- well, they did bring some cash.
"Some things, like the pallets, went for a
few dollars," Dvornick said, "but that's
money that we didn't have before."
Dvornick and Tom and Karla Draper, of-
ricers in Cannery Village, have met with
town officials and attended Milton Town
Council meetings to outline plans for a de-
velopment they hope to bring to the site of
the former cannery. Some annexation and
zoning issues remain to be addressed, but
Milton council members and area residents
have generally expressed approval and op-
timism for what could rise out of the re-
mains of Draper-King Cole Cannery.
Karla Draper is the daughter of Harry
Bonk, the last executive officer of the can-
nery when it was in operation; members of
her husband's family were founders and
corporate officers from the early days of the
farming/ranching/cannery operation that
once employed hundreds of people in the
Dave Wilson of Wilson's Auction en-
tices bidders with a trill of quickly
escalating bids.
area. In a recent town council meeting, the
Drapers said they did not want their family
legacy to be a decaying industrial site on
the edge of town.
Along with other family members, they
Continued on page 34
Ross Dickerson, 3, and Riley Dickerson, 18
months, great-grandsons of Harry Draper, exam-
ine a truck for auction. The pair decided to wait
until they're older to bid on trucks.
Charlie Jackson, who worked at King Cole for 28
years, bids a fond farewell with his friend Tom
Draper.
Central asset accounts generally
offer the following:
• Automatic investment of idle
cash in a money market account.
• Composite monthly state-
ments, as well as a year-end sum-
mary statement which can save
you the time and effort in compil-
ing information from dividend
and interest statements, securities
receipts and checkbook records at
tax time.
• The ability to write checks
against the assets in the account.
• A debit card.
With so much to organize in
life, consolidating your assets can
help make focusing on your finan-
cial situation easier. Talk to your
financial advisor about other ways
you may benefit from consolidat-
ing your assets in one place.
Editor's note: Anthony DiMeo
!!1 is a financial advisor with
Morgan Stanley Dean Witter,
Newark.
In today's busy world, it makes
sense to organize your life and fi-
nances as much as possible. One
way you can potentially gain more
control over your finances is to
consolidate your assets.
This can assist you in evaluat-
ing how your assets are allocated
and in tracking the results so you
can be sure all your money is
working to help you achieve your
financial objectives. An added
bonus is that less time spent on
paperwork from multiple ac-
counts means more time to pursue
other interests.
Improving your recordkeeping.
Monthly recordkeeping becomes
easier when you pull scattered as-
sets together because you don't
have to watch for several state-
ments a month. Tax preparation
may be easier too because you
don't have to coordinate multiple
statements at year's end. Records
of purchases, sales, dividends re-
ANTH()NY DIMEO
ceived and the current value of
your holdings will all be together
when you need them. Consolida-
tion has another plus; your trades
settle automatically since securi-
ties and cash required to cover
transactions are held in your ac-
count.
FINANCIAL FOCUS
Monitoring your investments.
Consolidating your finances can
also help ensure that your invest-
ments are positioned to help you
achieve your financial objectives.
To be sure that your financial
goals are being addressed, the in-
vestments you select must be con-
stantly monitored and adjusted
when necessary.
This process will help you keep
pace with your changing circum-
stances and the current economic
environment, based on your indi-
vidualized investment strategy.
With your assets in one place, you
and your financial advisor can
more easily determine if your in-
vestments are properly diversified
to meet your investment goals and
risk tolerance.
An additional benefit of consol-
idation is that many full-service
account executives offer compli-
mentary asset allocation or lump-
sum distribution analyses, which,
when viewed in the context of
your total portfolio, can aid in
your decision making process and
help to ensure that your funds are
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dation also can help with estate
planning. If your assets are in one
place, and should the need arise, it
will be easier for your heirs to put
your estate in order if they don't
have to search for scattered in-
vestments.
The central asset account - a
key organizational tool. To carry
organizing your finances one step
further, many financial institu-
tions also offer central asset ac-
counts.
A central asset account is an all-
in-one money management tool
which typically combines all of
your investment and savings ac-
tivity, your checking and cash ac-
cess card transactions, and an op-
tional secured line of credit, into
one central account.
Consolidating assets can simplify f'mances