Reno Gazette-Journal from Reno, Nevada • Page 28

Today's tip tisines "Nevada's Bright Tomorrow," a new 1 5-minute film about Nevada's expanding economy, is available to groups through Sierra Pacific Power speakers bureau. Details, 789-4804. 8B Friday, August 2, 1985 Reno Gazette-Journal Moderate rise in new construction spending private building has not been showing more strength, given the fact that interest rates have fallen substantially in recent months. "The hope for a strong second half this year is based on the belief that the drop in interest rates will show up in increased investment and increased construction," said David Wyss, an economist with Data Resources of Lexington, Mass. "The fact that construction is not responding is a bit boom, but we think we should see construction spending, particularly residential construction, strengthen in the second half," he said.

Private building edged down a slight 0.1 percent in June to an annual rate of $277.6 billion in June following an even steeper 2 percent May decline. The gain for residences came from a 5.6 percent increase in work on duplexes and apartments that offset a 1 percent drop in spending for single-family homes. WASHINGTON (AP) New construction spending rose a moderate 0.7 percent in June as a big increase in government projects partially offset a decline in private building activity, the Commerce Department reported Thursday. The June increase left construction spending at a seasonally adjusted annual rate of $342.8 billion and only partially erased the effects of a 0.8 percent decline in May. Economists expressed concern that Wyss said part of the reason may be that developers are waiting to reduce a backlog of unsold homes before starting new projects.

In addition, he said there could be some hesistancy on the part of builders because of uncertainty over whether interest rates will remain low. Wyss said that despite the delay, he is still looking for a significant upturn in construction spending in coming months. "We are not looking for a runaway Bright economic reports push stocks near record NEW YORK Stock prices staged a broad advance Thursday as Wall Street anticipated the agreement by a conference committee in Congress on a budget proposal. The Dow Jones average of 30 industrials rose 8.17 to 1,355.62, moving within hailing distance of the record closing high of 1,359.54 it reached on July 19. Volume on the New York Stock Exchange came to 121.48 million shares, against 124.17 million in the previous session.

Brokers said investors were encouraged by signs that agreement is near on a plan to cut the federal budget deficit. News came late in the session that House and Senate conferees had settled their differences. The market also appeared to benefit from recent evidence that the economy is picking up some momentum after a sluggish showing in the first half of the year. Hutton policy violations denied WASHINGTON An E.F. Hutton Co.

branch manager Thursday disputed a corporate statement that some branch managers went beyond company policy when they executed huge overdrafts and deposited them in other company accounts. John Holland, manager of Hutton's Boulder, office told the House Judiciary subcommittee on crime that he never understood the complex worksheet used to determine how much money was to be removed from his office account each day. Under questioning, he agreed with a statement by Chairman Bill Hughes, that some days he "made up" the figures to relay to the office that drew the money from his local account. Hughes' panel is studying the circumstances surrounding the Justice Department's decision to allow Hutton to plead guilty to 2,000 counts of fraud and pay a $2 million fine, without prosecution of any individuals. Bond prices drop as money supply rises NEW YORK (AP) The nation's basic money supply expanded by $3.7 billion in mid-July, the Federal Reserve said Thursday in a report that sent bond prices lower.

The Fed said the basic supply, called Ml, rose to a seasonally adjusted $595.4 billion in the week ended July 22 from $591.7 billion the previous week. For the latest 13 weeks, Ml averaged $587.5 billion, an 11.5 percent seasonally adjusted annual rate of gain from the previous 13 weeks. The Fed has said it would like to see Ml grow between 3 percent and 8 percent in the second half of 1985. Ml includes cash in circulation, checking deposits and non-bank travelers checks. Because it represents funds readily available for spending, Ml is considered by many credit analysts to be an important factor in economic trends.

The Fed tries to promote sufficient money growth to sustain moderate economic expansion. But it tries to avoid making credit so available that it contributes to high rates of inflation. Money growth has been brisk lately, which has fueled concerns in the bond market that the Fed, in an attempt to brake that growth, is ready to tighten credit and send interest rates higher. The drop in bond prices shows those concerns were heightened by the latest rise in Ml, which was more than $1 billion above the increase expected- AS James FlennerGaette-Journal CORNERSTONE CEREMONIES: Earl Games ing cornerstone-placing ceremonies Thursday left, past president of the Associated General for the contractor group's new headquarters in Contractors of Northern Nevada, listens as Nor- Reno. Among those who also attended the event man Dianda, the current president, speaks dur- was Gov.

Richard Bryan. Hughes institute names officials BETHESDA, Md. Five vice presidents have been named by the Howard Hughes Medical Institute (HHMI) to create a second tier of management for the largest private medical research organization in the United States. They include Dr. Purnell W.

Choppin, vice president and chief scientific officer; Dr. George Francis Cahill, vice president of scientific training and development; David J. Taylor, vice president and general counsel; Robert C. White, vice president and chief financial officer, and Graham O. Harrison, vice president and chief investment officer.

The Howard Hughes Medical Institute is preparing to increase its disbursements in 1985 and beyond. Reno e-Journal mm ONMNp jifiiLK ffTN)D fA SG 17 VLL Alaska Airlines adds Vegas flights SEATTLE Alaska Airlines announced Wednesday it will begin non-stop service between Seattle and Las Vegas Sept. 6, bringing to 29 the number of cities served by the Seattle-based carrier. Bruce Kennedy, Alaska Airlines chairman and chief executive officer, said the company also will provide daily non-stop service between Las Vegas and Ontario, Calif. 6 ma swn EVERYDAY! GRAND PRIZE Win a trip for two to beautiful Vacation Village on the sunny shores of PUZZLE NO.

33 High School Nicknames Kaiser Steel cuts corporate staff FONTANA, Calif. About a third of Kaiser Steel's corporate office staff here was laid off in a reorganization blamed on the shutdown of its Fon-tana mill. "This is a natural evolution from the shutdown two years ago," said Kenneth L. Gibson, vice president for corporate development. He said 30 to 60 jobs were eliminated Wednesday, representing 30 to 35 percent of the staff, but he declined to be specific.

Mission bay, ban Diego. $500 second prize. $250 third prize. HOW TO PLAY: Newsweek to restructure ad rates NEW YORK Newsweek magazine said beginning next year it will base its ad rates on its estimated total audience instead of on its paid circulation. Newsweek publisher Gerard Smith, who said his magazine has more readers per copy than any other news magazine, said Wednesday the change would bring Newsweek more in line with other national advertising mediums.

Continental slashes fares for Reno return By Trinda PasquetGazette-journai Continental Airlines marked its return to Reno Thursday with a celebratory inaugural flight, champagne and cut-rate fares to Denver. About 50 politicians, airline officials and citizens attended the gala ribbon-cutting ceremony at the Reno Cannon International Airport. Continental, the nation's eighth largest carrier, filed for protection with the U.S. Bankruptcy Court in Houston in 1983 after incurring $500 million in losses since 1979. Thursday's flight to Denver was the first Continental flight out of Reno in two years.

Through Saturday, the airline's two daily flights from Reno to Denver will be offered at a special promotional rate of $21 one-way. After Saturday, one-way fares will range from $95 to $175, 64 percent less than United's fares. Frontier Airlines, which had Reno-to-Denver rates similar to United's, has lowered its prices to compete with Continental, said Rich Peacock, airport spokesman. A United spokeswoman said she didn't know if United would follow suit. One of Continental's two major hubs is Denver, with 132 flights daily.

From there, travelers can fly to 24 cities, primarily in the Midwest. Bill Neary, Continental northern regional vice president, said the airline's next flights out of Reno will be to Houston, the company's other major hub. About 12 Reno employees will be added to Continental's staff of 4,200 nationwide. Continental will fly 151-seat Boeing 727s and 146-seat McDonnell Douglas MD-80 aircraft out of Reno. Flights leave from Reno to Denver at 7:15 a.m.

and 2:50 p.m. daily. Return flights arrive in Reno at 1:25 p.m. and 7:05 p.m. The $95 fare applies to only the first flight each day in each direction.

Neary said the airline intends to file a final plan of reorganization, in which it would pay back its creditors, owed $670 million, over 10 to 13 years. It could then emerge from bankruptcy, if approved by creditors and the court. The airline earned $15 million in the first quarter of this year and $50 million in 1984. In 1983, it lost $218 million. Bankruptcy forced, says casino owner LAS VEGAS The owner of the financially troubled Landmark Hotel-Casino Thursday blamed the actions of an Ohio court trustee for forcing the needle-shaped resort into debt reorganization proceedings in U.S.

Bankruptcy Court. William "Wildcat" Morris, the owner of the hotel, appeared before reporters Thursday, one day after his attorneys filed a Chapter 11 petition in bankruptcy court. He denied that the Landmark is in danger of closing. "Our employees' jobs are secure and operations will continue as normal," said Morris. "We will continue to meet our financial obligations and we believe that this can be a positive step toward a great future for the Landmark." Morris said Ohio Court trustee Patrick McGraw, who was appointed to liquidate the assets of former Landmark owner Zula Wolfram of Toledo, derailed a $28.8 million refinancing of the property just 24 hours before the loan was finalized.

Wolfram was forced to sell her majority interest in the 31-story resort after the collapse of the Toledo brokerage firm of Bell and Beckwith, where her husband, Edward, was a managing partner. Mediators, steel officials talk PITTSBURGH (AP) Federal mediators presented Wheeling-Pittsburgh Steel Corp. Thursday with proposals they hoped would revive bargaining between the financially crippled company and the United Steelworkers union. There were no prospects, however, for a quick resolution in the USW walkout, which enters its 13th day Friday. Approximately 8,200 union members are staging the nation's first major steel shutdown in 26 years to protest Wheeling-Pittsburgh's effort to dramatically reduce wages and benefits.

The company voided its labor agreement under powers available through its current Chapter 11 reorganization in bankruptcy cou CLOST IGRESENTORSVR UM I VAQUORSMU STGNAQ SHUSKEISSELKERSIIL LONCRL I ARGHASWLKOS REKCKUMSE I RENRNI NM SMWOLEVMDTS LOCMHSO ORUNHARNIORA IDESLR EAETLCI SASDULHKEGI UDCKSEN I REVLOWONVL QE IGAASOREUQAVEURA ARMCOL TSNLNH TCSQOT VSTSNAUGMSH I UTLAAO LHL I NOSNTAGEMS IVDR OTGEWAHAOE I DKN WASRKERTRSNGASE I RR HUSLASNSCOLTRHUMEE AKGCVAQU ROS NAT I SS WOLRI NEMSGN UMR KHA Puzzles contain a number of words reading from left, right, diagonally, up or down. Some words may start with letters already used In other words. Words from the list in parenthesis will not appear In the puzzle. Find and circle at least 7 of the words to make your entry valid. Clip out the section and place the puzzle number on the lower left corner of the front side of the envelope.

Call 788-6231 for more contest information. RULES 1 It Is not necessary to purchase the Gazette-Journal to enter. Accurate hand-drawn facsimiles accepted. Machine-duplicated entries not accepted. Puzzles may be examined in our lobby.

One entry per envelope. 2. Entries must be received at the Gazette-Journal at noon the fourth business day after publication. 3. Winner will be determined by a random drawing.

One winner dally. Announced eight days after publication. 4. All entries eligible for the grand prize drawing Tuesday. Sept.

3 5. Gazette-Journal Employees and families not eligible. You must be 21. Ramada Inn earnings up sharply PHOENIX, Ariz. Citing increased revenue from property sales, Ramada Inns Inc.

reported second quarter 1985 net income of $3.2 million, compared to second quarter 1984 income of $739,000. Ramada said Thursday it earned 8 cents per share in the quarter on revenue of $150 million, compared to 2 cents per share in the same quarter last year on earnings of $148.1 million. The quarter ended July 4. (Wooster) COLTS (Virginia City) MUCKERS (Carson) SENATORS (Hug) HAWKS (Pershing County) (Douglas) i Kit i Fernley VAQUEROS fjahoe-truckee) WOLVERINES uniTED AiRLines (ieno) HUSKIfcS MUSTANGS (North Tahoe) LAKERS (Reed) RAIDERS (Yerington) LIONS (Sparks) RAILROADERS (Manogue) MINERS Name tlUftlrAM 1t DURKEE TRAVEL BUREAU, INC. VACA1IOM AND lHAVtl Apt.

Street StateZip City. Daytime Phone Cash dividend for First Western LAS VEGAS First Western Financial Corp. announced Thursday that the company's board of directors has declared a quarterly cash dividend of 5 cents per common share for the second quarter of 1985. The cash dividend will be payable Sept. 16 to shareholders of record on Aug.

15. First Western Financial has 4,832,000 shares of common stock outstanding. First Western Financial headquartered in Las Vegas, operates an insurance agency and a wholly owned subsidiary, First Western Savings Association, with 30 locations throughout Nevada. Marilyn Cusick of Reno is the winner of puzzle number 26. This lucky winner will receive $100.

Mall to: Reno Word Search P.O. Box 22000 Reno. NV 89520 Print the puzzle number on the lower left corner of the front side of your envelope. SUBSCRIBE! Play every day! We'll deliver to your home. Call now! 786-8744 Disney appoints new executive BURBANK, Calif.

Walt Disney Productions named Gary L. Wilson, a Marriott Corp. official, executive vice president and chief financial officer in charge of Disney's expansion program. Wilson, 45, will be responsible for financial management and strategic planning. The expansion program includes internal development and acquisitions, the company said in a written announcement Wednesday.

Wire service reports.