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Reno Gazette-Journal from Reno, Nevada • Page 1

Location:
Reno, Nevada
Issue Date:
Page:
1
Extracted Article Text (OCR)

H'Prydential calls Sundowinier Hotel 1 loan 'careless' ByJOHNFUCHS of the Prudential's San Francisco of fice, where the loan was initiated Prudential has told developers of potential casino-hotels in Atlantic City that its long-standing prohibition against lending money from customers' premium payments to gambling houses will remain in effect despite legalization of gambling in New Jersey. So far, the developers who would like to rebuilt Atlantic City with Si billion worth of new casino hotels have faced a major obstacle in eettinc construction money, because, like Prudential, other large insurance companies and banks continue to shy away from these investments Resorts International, which hopes to open the first casino bv this spring, is using $25 million of its corporate funds to remodel and exnand the former Cfialfonte-Haddon Hall Hotel. Playboy Enterprises which is nearing approval to build a ISO-million hotel, is seeking financine in Europe, according to gambling industry sources. Jacobson said that Prudential doesn't lend to casino gambling ventures Tho ii i. news service ine Prudential Insurance Co.

of America, which won't lend mnn.v gnt of the lnsurance industry whose lending policy PhbH gambng ventures, made the Nevada loan to l973afteV PromiseJthe company they wouldn't build i casino to PyrMm Sundowner Hotelfnow the larstta Reno -Sundowner management refused comment today mL u1975 that investors moved slot machines and gambling sSaafjaa been designed 10 "I guess we were careless." said Arch Jacobson, the general manager in fear that persons with unsavory reputations could later control them thus hurting the image of the insurance company. He said Prudential had no reason to suspect that the three men who wanted to build the Sundowner planned to build a casino. The men are-Mac H. Hoseit, a Sacramento, attorney; and Robert Maioff and George Karadanis, both of the South Lake Tahoe, Calif, area. They could not be reached for comment on the project, despite repeated attempts.

Karadanis' secretary reported to the Gazette at mid-morning that there will be no comment. The three own the South Lake Tahoe Inn in California and had borrowed between $10 million and $20 million from Prudential to build apartment houses in California and Nevada, Jacobson said. At the time, Jacobson said he was serving on Prudential's investment committee at corporate headquarters in Newark. Prudential, page 2, col. 4 WW Evening Gazette mm Reno, Nevada, Wednesday, Nov.

16, 1977-20( Final stocks Greed blamed tfoir Keiroo Hnoysiiro gprob fcliBBp' illl I 9t. A 1,1 crunching blow i X' And it was only four days old. The new Datsun B210 of Susan J. Bishop, 460 Laurel was parked at Seventh and Wyoming streets Tuesday night, when it was hit from behind by the car at right Reno police cited driver Nancy L. Bowles, 21, 411 Grand Canyon, for investigation of driving under the influence.

She and passenger Cathleen M. Hyde, 18, of the same address were released after treatment at St. Mary's Hospital. (Gazette photo by Jim Beazley) Serious about Israel visit leader Sadat mi eets Syr lan Non-resident builders 'don't care' By TIM ANDERSON A veteran Reno home builder said Tuesday night that greedy out-of-state contractors are responsible in large part for creating serious housing problems throughout the Truckee Meadows. Armin Richter, one of several panelists who participated in a home -buyers forum at the Holiday Inn downtown, said the price and -availability of housing in the area has reached serious proportions partially as a result, with no relief in sight response to a casino worker's complaint about the apparent lack of reasonably priced housing, Richter offered sympathy but couldn't 1 provide any encouragement "I've been in this business for nearly 60 years and I've never seen a condition like the one that exists here today," Richter sail "Many of the builders involved in home construction here aren't residents and don't care about the area.

Greed Is what's playing hell." Richter, who's been in the home construction business in Reno for 18 years, said these non-resident builders don't have the community's long-range interests at "These people are going to build on whatever land they can find. They're raping the community and men leaving without a thought to the consequences. And local builders aren't in any position to do anything about it." Other panelists at the seminar, sponsored by First Federal Savings 1 Loan Association, concurred with Richter's assessment that "very little land is available in the area and. what there is has sewage restric- tions." The forum, moderated by Dick Korinke, consumer loan manager for First Federal Savings Loan, in- eluded specialists in various phases of home construction and financing. Other members of the panel were Dan Rechenmacher of Pioneer Realty, Joe -Allison of Lawyer's Title Insurance Clyde Smart of First Federal, Brick Tenk of General Porperties Inc.

and Dick Hewitt of Eagle Services Corp. Rechenmacher offered a grim "3 financial outlook for prospective home buyers. He said prices ofr new houses, when they're available are going to continue to rise dramatically. "The supply of houses in the area is way behind the demand, which means -that prices will continue to go up and lots within the city limits will continue to be scarce," Rechenmacher said. "I don't see any relief to this situation -for at least five years." I Greed, page 2, col.

1 The scheduling of a visit is complicated by Begin's plans to visit Britain Nov; 20-23 and the, Moslem holiday of Kurban Bairam on Nov. 20- ,22. 1 The Egyptian president talked earnestly with Assad as they walked up the red carpet to the reviewing Jstand. Syrian officials and the state-controlled press have been restrained in their reaction to Sadat's surprise announcement in Cairo last week that he was willing to go to the Israeli Knesset to talk peace. Privately Syrians have shown undisguised anger.

They claim they were not consulted in advance on the proposal. More significantly, Syria sees the one-man initiative as a threat to the united Arab front's efforts to win concessions from the Jewish state to withdraw from all occupied Arab (territories. They also want Israel to recognize a Palestinian state on the ilsraeli-controlled West Bank of the Jordan River. With guarded language, the press toda condemned "bilateral solutions" and warned that "attempts to split Syria and Egypt will meet with total failure." Informed sources believe that Syria probably will not reveal the results of the Assad-Sadat summit, even if some convergence of views is reached. The Syrians have been the strongest supporters of the Palestinians and their quest for statehood and are unlikely to publicly endorse a Sadat initiative which is so far viewed as bypassing Palestinian interests.

On the other hand, the sources say, Assad will not want publicly to air any disagreements with Sadat. Another main topic expected to be on the summit agenda is the U.S.Israeli working paper on reconvening the Geneva conference. The Syrians are more critical of the plan than Egypt, primarily because it avoids mention of the Palestine Liberation Organization which Assad says must be represented at Geneva. Syria also objects to geographical groupings in Geneva talks, fearing they could lead to individual agreements weakening the overall Arab cause. By GEORGE KRIMSKY DAMASCUS, Syria (AP) Egyptian President Anwar Sadat flew to Damascus today to seek endorsement from skeptical Syrian allies for his dramatic offer to visit Jerusalem on a peace mission.

President Hafez Assad, a persistent -critic of unilateral moves in Arab-Israeli relations, embraced the Egyptian president on the tarmac of Damascus international airport as hundreds of armed security guards stood watch. Sadat's first official visit to the Syrian capital since May 1975 involved unusually tight security because his proposal to go to Israel could increase the risk of attack from extremists, sources said. Damascus has: also recently been the target of random bombings, which the official press has blamed on the arch-rival regime in neighboring Iraq. Before leaving Cairo, Sadat con--firmed Israeli President Menahem Begin's formal invitation had arrived but said he had not yet fixed a date for the visit. Asked if he might go next week, he replied, "Let us hope so.

'V Vegas ju ry for Hushes Blouson is back The blouson is being featured in everything from-tops to dresses. But it's not a new style. What's its history? Family Living, page 8. Tax series begins Beginning in today's Gazette, a seven-part series by Sulvia Porter shows readers how they can get the tax break they deserve. The last three columns summarize key points of year-end stock-selling strategy in order to arrive at the best possible income tax position.

Visiting boxers A combined team of amateur boxers from Ireland and Canada will fight a squad of Northern Nevada and California fighters Dec. 1 at the Washoe County Fairgrounds Pavillion. See sports, page 25. Royal Signature Former University of Nevada-Reno baseball pitcher Rich Jameson was signed Monday by the Kansas City Royals. See sports, page 25.

Porcelain jewelry A jewlry artist works in porcelain. Why? What kinds of jewelry does she design. Family Living, page 9. Weather SUNNY Carew named 'MVP Minnesota Twins' Rod Carew has been named the American League Most Valuable Player after winning yer another batting trtle at .388. See sports, page Pot as medicine? Marijuana as medicine? That's been suggested, and a government panel is considering the prickly question.

Page 12. Angry farmers Farmers across the nation are touchy about low prices. Strike talk is flowing and producers are listening. See page 48. Cultural idea The governor's idea of consolidation of the state library, museum, archives other agencies with the proposed new department of Cultural Affairs has met some opposition.

See story on page 13. Holding action Los Angeles firemen, fought a holding action and planned all-out war against a tire chewing up volatile brush and headed for nearby development. See page 36. For the first time in several days it will really be fair and sunny today and Thursday as increasing winds blow the pollution out of the Truckee Meadows. Cooler Thursday and colder tonight, 20 to 25.

i sefectio com pleted Mormon Will trial 1 i rx. By JOHN M.WILLIS LAS VEGAS AP) There are no butchers, bakers or i candlestick makers, but a registered nurse, a retired electronics technician, a housewife and the operator of a small advertising agency are among those who will determine if Howard Hughes sat down on March 19, 1968, and wrote the so-called Mormon A Jury of five men and three women was selected Tuesday to hear the will contest trial being presided over by Clark County District Court Judge Keith U.Two alternate jurors also were, tentatively seated Tuesday and the alternate selection process continues, -Wednesday. The four alternates who will hear the case; with the regular jury are to be finalized by; Friday, and opening statements are slated to commence Nov; at- r-r ni Haves decided to give attorneys most of next week off. probably sometime next spring, six of them will have to be of the same mind before a verdict can be rendered. 1 Meanwhile, jury selection continues in Houston, Texas, where Probate Judge Patrick Gregory will preside over a trial to determine the validity of the Mormon Will and the question of Hughes' residence at the time of his death.

California, Texas and Nevada all claim Hughes as a resident. Texas and California authorities are looking longingly at the millions of dollars they might reap in the form of estate taxes, while Hughes' relatives would rather see Nevada declared the home of the late recluse industrialist Nevada has no state estate tax. Hughes' relatives claim the Mormon Will is a forgery. Los Angeles attorney Harold Rhoden, representing former Hughes aide Noah Dietrich, claims the offered will Is the real thing. -x I -The three-page, hamrwritten document na as the executor of the vast Hughes estate, valued variously between $167 million and more than $2 bQUoo.

Index 7 Sections, 74 Pages Amusements 30-31 Ann Landers 38 Astrograph. 45 Bridge 38 Classified 347 Comics 38 Crossword puzzle .44 Deaths "35 Doctorcolumn "32 Earl Editorials 4 Family Living V.m Markets 34 Public notices. Sports Sylvia 35; TeleviskmLog 38; TVScout. "-VS; Vitals Weather 2 their strategies and to become with theiri families for Thanksgiving holiday before starting trial; which is expectedfclast from six to eight months, f.l Hayes has said he will take a two-week recess, for Christmas and New Year'. V--' When the eight-member jury begins i Hughes, page 2, col.

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Pages Available:
2,579,613
Years Available:
1876-2024