Reno Gazette-Journal from Reno, Nevada • Page 28

Today's tip 10B Thursday, April 9, 1987 Reno Gazette-Journal BUSINESS EDITOR: MIKE NORRIS. 788-6336 American Motel Brokers of Burlingame, are starting a two-day sales meeting at the Tahoe Biltmore in Crystal Bay, focusing on gaming. Details: 415-347-9171. U.S. tariffs against Japan still set for April 17 "That's the way it sets now, unless some decision is made on their part," Reagan replied.

Accusing Tokyo of reneging on its semiconductor agreement with the United States, Reagan 'announced last month a doubling of import prices on a wide range of Japanese electronic products. Presidential spokesman Marlin Fitz-water said "I don't believe there's been any movement at this point" in U.S.-Japanese talks on the subject. Fitzwater said Japanese negotiators are meeting with U.S. trade representatives and Secretary of State George P. Shultz.

Japanese Finance Minister Kiichi Miyazawa talked about the problem Tuesday with Howard Baker, Reagan's chief of staff. "I would say that Japan is applying the full court press here," Fitzwater said. "So they are certainly putting both feet forward in the sense of explaining their WASHINGTON (AP) President Reagan said Wednesday that heavy tariffs against Japanese electronics products will take effect as scheduled April 17, and the White House said there has been no movement in U.S.-Japanese talks on the issue. Reagan, posing for pictures with businessmen and others serving on an advisory board on trade negotiations, was asked whether the penalties against Tokyo would go into place. Unions Stop corporate AFL-CIO asks Congress to help protect contracts WASHINGTON (AP) Unions asked Congress Wednesday to go beyond legislation being considered for curbing corporate takeovers and forbid Wall Street raiders from breaching labor and other contracts of companies they acquire.

Testifying before the Senate Banking Committee, AFL-CIO officials endorsed an agenda by top executives to curb raids on their companies, but said added measures are needed to protect workers from "the ravages of corporate reorganizations." The committee's chairman, Sen. William Proxmire, said legislation he is developing will address recent abuses by requiring quicker and fuller disclosure of pending takeovers and "community impact" statements on the effects the deals will have. Proxmire cited several hostile attempted takeovers since 1985 in which nearly 70,000 jobs were lost as companies borrowed hundreds of billions of dollars to either finance raiders or defend themselves against them. "U.S. corporations may drown in debt," he said.

"Some of these numbers are difficult to comprehend, but each unemployed person constitutes a tragedy." The chairman said he will introduce his bill later this month and hopes to take it to the Senate floor by the end of May or early June. In addition to requiring raiders to honor Reagan says free-trade pact with Canada a No. 1 priority Stronger dollar bolsters Wall Street NEW YORK Prices closed mixed on Wall Street Wednesday, bolstered by a stronger dollar and a recovery in Treasury bond prices, but buffeted by program trading and profit-taking. The Dow Jones average of 30 industrial stocks rose 11.22 points to 2,372.16. Declining issues outpaced advancers by a margin of 6-to-5, with 849 issues falling, 708 rising and 434 unchanged on the New York Stock Exchange.

Big Board volume totaled 179.84 million shares, against 186.41 million in the previous session. Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 207.07 million shares. The NYSE's composite index was up 0.16 to 168.51. Standard Poor's index of 400 industrials rose 0.72 to 344.42 and 500-stock composite index was up 0.57 to 297.26. At the American Stock Exchange, the market value index was down 0.35 to 341.29.

The NASDAQ composite index for the over-the-counter market closed at 434.91, up 0.90. Action back at Vegas hotel LAS VEGAS The debt-ridden Marina Hotel has resumed normal operations, with table gaming back in action and the keno lounge and race book open. The gaming had been shut down early Monday when the casino cage bankroll fell below the $256,000 minimum required by the state Gaming Control Board. Tuesday, however, the bankroll was restored when the transition from previous management to a court-appointed trusteeship took effect. New Dallas tower foreclosed DALLAS The striking new 60-story Allied Bank Tower, hurt by declining rents and the eroding Texas economy, has been foreclosed by Manufacturers Hanover Trust one of the largest foreclosures in the state's history.

The foreclosure was finalized at the Dallas County Courthouse when the bank agreed to pay $204 million to be applied against the the $214 million still owed the bank by the building's developers. Manufacturers Hanover announced a $51 million fourth-quarter writeoff in its real estate portfolio, and attributed much of it to the Allied Bank Tower. Upjohn's hirsute suit KALAMAZOO, Mich. Upjohn attempting to protect its exclusive rights to sell minoxidil for treatment of baldness, on Wednesday asked federal regulators to halt imports of the drug by 20 companies in the United States and six other countries. The pharmaceutical company said it also filed a lawsuit asking U.S.

District Court in Dallas to halt treatment of baldness by a Dallas clinic. Minoxidil, developed by Upjohn and sold for 20 years as a remedy for high blood pressure, can promote hair growth if mixed in a solution and applied to the scalp. Pan Am hiring pilots NEW YORK Pan American World Airways the eighth-largest U.S. carrier, announced Wednesday it has begun hiring pilots and flight engineers for the first time in 19 years. The need for additional pilots has been created by the Pan Am Shuttle, which began operating between New York, Washington and Boston last October, and by expanded summer flying as Pan Am prepares for peak transatlantic flights, Chief Operating Officer Martin R.

Shugrue said. In January, Pan Am completed the recall of more than 250 pilots, many of whom had been laid off from the company since 1969. The airline currently needs another 130 to 150 new pilots in addition to those recalled, spokesman Alan Loflin said. Evidence of big oil reserves British Petroleum's bid for Standard Oil, combined with a recent drumbeat of publicity about dwindling U.S. oil reserves, has made a hole in northern Alaska the most talked about oil drilling project since the ill-fated Mukluk well of 1984.

That well, on Alaska's Mukluk Island, cost $430 million and turned out to be the most expensive drilling failure in history when it turned up dry. Now an exploratory well drilled by Chevron, British Petroleum and Standard Oil apparently has turned up evidence of massive oil reserves beneath the Earth's surface. Boost for launch industry WASHINGTON The fledgling private U.S. launch industry received a boost with the announcement by aerospace giant McDonnell Douglas that it has nine reservations to launch commercial satellites on its Delta rockets beginning late next year. A second builder, Martin-Marietta, says it also has reservations for nine launches on its Titan 3 rockets.

position, but I don't believe there's been any movement at this point." He said the Japanese wanted to discuss the data used by the United States in determining that Japan had violated the semiconductor agreement. Asked if the penalities might be suspended pending the outcome of the talks, Fitzwater said, "I don't want to signal any special course of action but I have not heard that possibility." raiders existing labor contracts of acquired companies, Congress should prohibit raiders from dipping into the employee pension plans of targeted companies as a source of financing for the deals, the union officials said. They called for the effective abolition of so-called "golden parachutes" that sometimes provide entrenched managers with million-dollar severance payments while leaving "working men and women and their communities the ultimate losers." And they said the duties of fiduciaries in the nation's securities and pension laws should be redefined so that they can balance short-term gains from stock transaction with the long-term effects on jobs, communities and the future of the business itself. AFL-CIO Secretary-Treasurer Thomas R. Donahue said recent takeover attempts have eliminated 80,000 jobs of his federation's members and cited estimates by others that nationwide job losses from the deals have totaled half a million in the past three years.

"We recognize and have lived with the economic realities of our industries," he said. "The problem is the totally new circumstance in the past 10 years in which you've had a growth of hostile takeovers by a group of adventurers who seek nothing more than a short-term profit at what- See UNIONS, page 7B agreement to Congress for its consideration. "Canadians are concerned that while this negotiation is their most important economic issues, some in the United States are not paying enough attention to it," Reagan said. "Well, it has been a top priority for me and my administration. "A Canadian-American free-trade agreement will mean higher levels of efficiency, productivity and economic growth that will make both Canada and the U.S.

stronger and more competitive in trade relations with the rest of the world," the president said. He said the United States recognizes the need for a mechanism for settling disputes, a key point with the Canadian negotiators in talks that resume in Washington today. Members of the business group said they are optimistic the free-trade talks will lead to an accord this year. ers ii it-iirxii 11 iuai Tourism Week The fourth annual National Tourism Week begins May 17, and Reno-Sparks Convention and Visitors Authority officials have announced these promotions and events: Admission will be free from 10 a.m. to 5 p.m.

Tuesday through Friday at the Wilbur D. May Museum, the Reno-Tahoe Gaming Academy, Fleischmann Planetarium, William F. Harrah Automobile Museum, Harolds Club gun collection, Sierra Nevada Museum of Art and the Nevada Historical Society. The Great Basin Adventure, planned for Rancho San Rafael and scheduled to open this summer, will offer sneak previews and guided tours. Bally's Reno will admit two people for the price of one to "Hello, Hollywood Hello" cocktail shows, plus free backstage tours at 4 p.m., Monday through Thursday.

The Holiday Inn convention center will provide two rooms for theprice of one. Hiway 40 and Tahoe Motels will offer two nights' lodging for the price of one throughout the week. The authority also announced that Hot August Nights will held Aug. 1-8, with "everything from car shows to toga parties to the world's biggest beach party on shipped-in sand." Based on '50s and '60s themes, the week will also include performances by the Drifters, Little Anthony and Martha and the Vandellas, plus other groups and singers. Staff reports 'vim.

Craig SallorGazette-Joumal MEN OF STEEL: Charlie Barone, left, and his brother, Emmet, both of JB Iron of Dayton, wire reinforcing steel for columns of a new Sparks parking garage on Street between 9th and 10th streets. The four-story garage, being built by Southwest Builders of Reno, is scheduled to be completed July 1 left out of House '88 budget WASHINGTON (AP) President Reagan told American businessmen Wednesday that a free-trade agreement with Canada is a top priority of his administration, although Canadians think the United States is not paying enough attention to it. Meeting with members of the United States-Canada Free Trade Group, Reagan said he and Canadian Prime Minister Brian Mulroney agreed "that a free-trade agreement between our countries would be a major opportunity to expand trade, providing benefits for both American and Canadian consumers and businesses." Reagan and Mulroney met in Ottawa on Sunday and Monday for their third annual summit meeting. Canada and the United States are seeking to establish a duty-free zone between the two countries, who are each other's biggest trading partners. They have set an Oct.

3 deadline for submitting an "The chairman of the Budget Commit! tee said we can't afford to do recalled Roe. "I said, 'You don't understand. We can't afford to stop Neither Roe nor Rep. Manuel Lujan, the ranking minority member, could persuade Alvin Trivelpiece, outgoing Energy Department research chief, to say what funding priority the administration will give the collider over other hightech proposals. "I don't have a good answer for it," said Trivelpiece.

"The administration proposes, the Congress disposes. If you looked at it on a cost basis, I suspect it would be a good investment." When Lujan asked the administration reaction to a House Democratic plan to cut science research spending, Trivelpiece said that was beyond his control. "Obviously, it would produce a great deal of disruption," he commented. Gannett News Service stabilization pact think the markets will like it anyway, think the markets will like it anyway," Evans said. He predicted the immediate impact of the action would boost the value of the dollar slightly on international exchanges against the Japanese yen, from about 146 dollars to the yen where it has been hovering for the past few days to about 150 dollars to the yen.

"This may help stabilize the dollar," he said. In Tokyo today, the U.S. dollar opened at 145.20 yen on the Tokyo Foreign Exchange Market, down from Wednesday's close of 145.63 yen. The group's statement served to extend, at least for the time being, a policy of intervention in exchange markets. Atom smasher WASHINGTON The 1988 budget being considered Thursday by the House apparently includes no money for the superconducting supercollider.

While that doesn't mean it couldn't be funded later, it does indicate that, as opponents feared, the atom smasher will have to fight for money along with other science projects. The budget action comes as representatives from many of the 50 states are in Washington this week lobbying to get the project, which promises to generate 2,500 jobs and $270 million in annual operating expenses. Nevada is one of a number of states competing for the project, and has spent $250,000 toward winning it. The Reagan administration had asked Congress to add $100 million to the Energy Department's science budget in the fiscal year beginning Oct. 1.

Of that, $35 million would have gone to continuing development of the atom smasher, which even nations agree to ASHINGTON (AP) Top finance WASHINGTON (AP) Top finance officials of the world's seven major industrial powers agreed on Wednesday to con tinue to pursue a l'2-month-old accord for stabilizing exchange rates in an effort to brake the dollar's 26-month slide. The group, consisting of finance ministers and central bank leaders from the United States, Japan, West Germany, Britain, France, Canada and Italy, issued a statement announcing extension of an agreement reached last Feb. 22 in Paris. That pact called for joint actions by the major powers to help stabilize currencies around levels that prevailed at the time. The one-page joint communique followed a full day of private meetings hosted by Treasury Secretary James A.

tually could cost $6 billion or more. But Democrats on the House Budget Committee not only didn't include the extra $100 million in the budget, they cut 4 percent from the department's 1987 science programs. A Republican analysis of the budget concluded that "research and development money would not be available for the superconducting supercollider." Budget Committee sources said that interpretation is wrong. "In a $700 million budget, you can find $35 million if you want," one staffer said. But ever since proposing the atom smasher in January, the Reagan administration has said it wanted new money for the project and for other scientific initiatives.

Rep. Robert Roe, House Science Committee chairman, saw the budget crunch looming some time ago when he discussed the supercollider with Budget Committee Chairman Bill Gray, D-Pa. extend currency Baker III and Federal Reserve Board Chairman Paul Volcker. The action taken by the so-called Group of Seven had been anticipated by analysts. In the joint statement, the major industrialized democracies singled out for praise the new $34.5 billion package of economic stimulus measures announced the day before by Japan's ruling Liberal Democratic Party.

"The government of Japan reaffirmed its intention to further open up its domestic markets to foreign goods and services," said the statement. Michael K. Evans, president of a private economic forecasting service, called the statement "a little bland." "It doesn't have much meat in it, but I Wire service reports.