Reno Gazette-Journal from Reno, Nevada • Page 17

Reno Gazette-Journal Wednesday, June 20, 1990 5B with the Federal National Mortgage Association, said declining rates may help the single-family home sector. But he said builder uncertainty over proposed federal regulations governing handicapped access to apartment buildings will continue to slow the mul-tifamily sector. John A. Tuccillo, chief economist for the National Association of Realtors, said many builders have had trouble getting construction loans because of the constraints of the savings and loan bailout law and tighter lending restrictions by banks. Wire and staff reports.

Martin Regalia, chief economist with the National Council of Savings Institutions. Such applications declined 4.6 percent to 1.06 million after falling 10.1 percent in April. The May level was the lowest since 1.04 million applications were recorded in September 1982. Mortgage rates, which dropped into the single digits toward the end of last year, rose above the 10 percent level in January and ranged from 10.33 percent to 10.67 percent in May, according to surveys by the Federal Home Loan Mortgage Corp. Rates fell to 10.12 percent by last Friday.

David Berson, chief economist Regional Action director top guest at RSVP dinner Teresa Keeshan, Region IX director for the federal agency Action, will be the guest of honor at the 16th Annual Carson City Retired Senior Volunteer Program (RSVT) dinner tonight at the Carson Nugget. Keeshan was named to direct Action federal volunteer programs in Nevada, Arizona, California, Hawaii, Guam and American Samoa, by President Reagan in 1983. The federal domestic volunteer agency administers project activities of more than 400,000 part-time and full-time community service workers nationally. Action funded programs include RSVP, the Foster Grandparents Program, the Senior Companion Program and VISTA. The Carson City RSVP Program serves a multitude of non-profit agencies with more than 300 volunteers who have collectively donated more than 200,000 hours to the Carson City community over the years.

If a minimum wage of $4 per hour were placed on these hours of service, RSVP volunteers would have given more than $800,000 to Carson City. Details: 687-4680. Housing From page 8B their lowest level since the last recession, the government said Tuesday. Analysts, who said the decline was further evidence that the housing market continues to weaken, attributed the 1.4 percent fall to high mortgage rates, tight credit, a large inventory of new and existing homes, wet weather and a sluggish economy resulting in slackening consumer confidence. The Commerce Department said starts of new homes and apartments totaled a seasonally adjusted annual rate of 1.21 million units, the smallest number since 1.17 million units in October 1982, at the end of the last recession.

David Seiders, the National Association of Home Builders' chief economist, said a survey of its members in early June pointed to continuing weakness. Applications for building permits often a barometer of future housing activity also have fallen for four straight months, noted Bankruptcy judge orders Landmark sale LAS VEGAS (AP) A federal bankruptcy judge Tuesday ordered the troubled Landmark hotel-casino sold Aug. 6 at public auction. Judge Clive Jones acted on a request by bankruptcy trustee Richard Davis, who said that attempts to sell the resort to a number of different buyers had not been successful. Davis asked that the auction be held before the end of August, when a six-month limited gaming license he was given by state gaming regulators to run the resort's casino expires.

Davis was appointed by the bankruptcy court to run the hotel until it is sold as a trustee in place of owner Bill "Wildcat" Morris. "He (Davis) wants it to be auctioned as a going concern while he is still licensed to operate it," said Tim Cory, an attorney for the trustee. Cory said the resort, which has been unprofitable under a series of different owners since the late 1960s, has been close to breaking even in recent months while payments have been suspended on the hotel's debt. "He believes he can operate through August," Cory said. "They keep introducing various programs for the casino and that has helped." Cory said more than 200 potential buyers have inquired about the Landmark, and he characterized five to 10 of those as being serious about buying the property.

"We still think that one of those prospective purchasers will probably come forward and bid at auction," he said. "Nobody wants to pay any more than they absolutely have to." note address, which will be given at the closing dinner on Monday night, and a directors meeting to be held Sunday afternoon. Throughout the two days, the banking officials also will have time to relax and participate in social activities, including golf, a Lake Tahoe cruise and a Jamaican-style lake-side party. Bankers From page 8B John Sande, the association's general counsel, will give an update on legislative issues affecting banking. All sessions are scheduled for Monday morning, the second day 0r vo convention, except the key Buy Chg NL 01 Nl 04 Mutuals From page 7B NL- 02 NL 04 NJInS NYlnj Pnnn VSPE VbPG VSPM VSPS VSPT Weiisi Weiln ll 10 28 9 54 10 03 15 6 9 40 25 24 1851 13 55 16 55 17 42 13 06 14 40 NL 04 NL NL 05 NL- 05 03 SCORE looks for more counselors SCORE, the Service Corps of Retired Executives, is looking for additional qualified counselors for the RenoSparks area.

The volunteer public service organization, sponsored by the U.S. Small Business Administration, is seeking a few more counselors because of the heavy client workload. Its members provide free counseling and management assistance to the owners and managers of small businesses in the area. If you are retired and, would enjoy sharing your management experience with small business operators, call SCORE at 784-5777 or Lew Hess at 832-0854. Fql'iC filln PAMu VA'u CifjA rj SFT Gioup Stl Buy Chg '3 Nl rj 1 Nl 06 10 OQ Nl 1 1 Nl 08 1 11 88 Nl 05 0 3 10 T4 04 10 15 V6C' Of ui Nl i'i idim 12 27 A'dUS 1 1 44 Vcnlur Advitarr CMOt I US (w bt5 7 00 01 631 9 45 9 45 9 35 9 82 03 6 59 6 59- 01 22 63 NL 07 17 90 NL 07 SP If FdS: Muni 1 NY Vttn RPFB I RPFE ikEqln IlF Safeco Sacuf: v.vn 11 Of.

16 -13 1i i 1 Sctoraon Brot Irves San 16 17 49 24 Nl if. 6 Is. 10 $9 11 (Xi Vista Fundi: OapGr 15 T3 15 73- 05 G'lnc 20 05 20 05 01 NY TF 10 55 10 55 TF inc. 10 53 1C53 01 Govinc 1C91 10 91 Voyagaur Fd. G' 19 50 20 69 03 MNmt 10 24 10 53 MNTF 11 59 12 17 Wtita Pch Graar: uHQf 24 03 NL 07 WPG 23 19 NL 08 Got 10 01 NL 01 Gin 118 24 NL 11 WaiiSI 7 23 7 65- 03 WaH IRA 401 As'A.

13 85 Nl Bono 1 12 46 NL 01 CoSth 25 22 NL 11 Sn.Co 1 '3 98 Nl 14 8 .17 Si tvoti' $M-'nil In 19 Scuddet Funds MCI I (put Sell Buy Chg SH Buy Chg SH Buy Chg SH Buy Chg Grotr 52 5 55' 01 01 P'cMt 631 31 03 NCcOt 5 65 t)l7 03 inco IP 76 01 USCivl 13 40- 01 TEi 1 1114 11 14 01 Ret.re 6 7 04 01 Lai 7 85 0 StiGri 1(116 18 87- USCm i 9 14 9 14 Scf'Hj 12 19 13 Mass 7 53 7 91-01 SuvciSn 14 10 NL 08 Thornburg Fdi Vanq 622 6 80- 01 Mdf 761 7W- 01 SAM St U21 1221- 02 LU1C 12 11 '245 Utd Srctft: M'tnTi 809 849- 0 SAM Vai 1.34WJ4 05 LWGv 1192 1219 01 OBI 1641 NL 03 Mmr! 64 8 02- 01 Stnestli I 14 73 14 73- 01 IMMu 12 73 13 09 GNMA 9 34 NL 01 MO Tt 7 35 7 72 01 Sovei In 12 76 13 43' 02 Towr Fund: GUiRs 61 NL 01 NjmT 768 806 SuPfStk 26 52 26 52 09 JdDPP 13 16 1378 05 G'OSrtf 366 NL 03 NjTf 7 16 7 01 Star Bond Gfp WMjn 10 10 60 Grwfh 7 43 NL 760 798-- 01 U)- 8 50 892 07 US ICQ? 10 54 01 Inco NL 03 OoN 7 '5 8 01 Dirf's SH 928 01 TrsnuiMncr LoCap 6 29 NL 01 OIF 7U 746- 01 P'oys 12 59 13 22' 04 LA IF 9 90 1 0 29 02 P'O 103 NL PrtlF 0 55 7 91- 01 Tj.F. 1040 10 39 Gvlx 8 24 8 45-- 01 R'f St 8 51 NL C.tTix 6 30 fliO- 01 5 16 GvSec 7 96 6 36 01 US TF 1111 NL 01 Ca'VJ f4i 71 St FarmFdt G'ln 10 71 04 USBosF 65 1 65 02 SC-TF 7 45 7 23 23 14 0T lnQ ip t) 56 8 99 0' USBosG 1523- 05 GvGM 6 77 7 M- ui G.vtr 18 15 18 15 10 Low 10 J6 10 56 9 73 Nt. 01 599 62 799 7 89- 0' S.Wt 19 ft? 20 81-- 12 Vilut lint Fd MttjSi 39 6 71- 01 StSlfMl Rh TF In 10 10 10 60 A4q-ln 6 93 NL Sntintt Group: 1 78 .13 1 78 33 1 1 12 Ire a 24 83 26 07- 05 Conv 115? NL 02 B.nar 13 22 14 45- 02 Gwtn 1 03 1 03 64 TrnamtncaSpc(. Fund 15 73 NL 05 Bond 6 U8 6 64 lv 18 23 109- 14 BOp 9 94 9 94' 04 Incof. 6 47 NL 01 2559 97' Slwdman Funds CvSec 10 15 10 15 02 Lev Gl 24 '6 NL 13 GvSecs 9 43 '0 31- 01 A '( 14 Nl 01 CgG 14 56 14 56 03 MuBd 10 16 NL 01 G'm 1567 17 13 05 Ass.

81 NL Cl G'Otw I 12 19 12 19- 01 NT TE 9 60 NL- 01 47 32 NL 17 130 NL Gvi-K I 9 52 9 52 Sp.Sil 14 46 Nl 03 s-t'v 13 '8 14 96 05 Occi" 4 06 NL 03 7 40 7 40 US Gvl 11 6j NL 01 Shaarton Fundi Slam Ro Fdt hvtf i 9 25 9 25 0' Van Ecfc AqG' 19 94 2C 99- 0 Op 2' 66 NL 05 Na'Rs 1 12 85 12 85 07 G-ilRs 3 98 4 27- 02 ATfec 9 )4 9 52 o4 Gi-c 9 6' Nl JOth Ctniury Miny 07 13 '9 04 ATTG 8 38 8 11 76 NL UI 33 Nl. 03 VWMIn 958 10 06 03 ATI- 49 128 49 02 9 93 NL 01 G'H 10 '0 NL 05 AclTr 14 72 15 62- 04 CatM'j 15 59 16 41 01 8 35 NL G'M" 18 69 NL 01 VanKampan Mtr FrJVa1 6 55 6 89' 01 10 52 NL Merinv 7 96 NL 02 LA1F 1547 16 G'flOp 27 46 2891' 11 Mq iM 3 71 NL I 90 03 NL 01 Gth 17 00 17 88- 05 H.vio 13411412 1185 NL 03 Sect 38 52 NL H.Vd 9 1047 M0.1G 1199 1262- Spfc 19 73 NL 03 T.Fir. NL 05 IMF 1561846 MM. in 1492 15 1- 01 Sior. 2' 25 NL 11 UFLT 09 NL 13 PA TF 15 54 16 34 MAMj 11 93 12 56- 01 24 NL 06 U'fJ 9 22 NL 03 TFM 1600 168? 118 12 61- 0i Strartgw Funds USGv 90 65 NL 06 USGv U-T 15 74 Oi N'Mi.

'5 99 16 83- 0' un i 3 4 08 05 v-sa 9 05 Nl 04 Vanct Eichanga mosD 927 9 76- 02 k.si 2 44 Oto Tyr-N' 1i6St22'- 03 CdE I2i 55 NL 34 P--M 15 49- 05 Sw 44' 04 1182 07 DBst 68 62 NL 23 i P'-Rt 10 93 NL 04 Si'aiQv 24 Oo NL USAA Group O'V 132 88 NL 30 ta 1625 1711 Cl Gf i952 NL- 03 AqvGt 168' NL 02 E.Fd 195 84 NL 5t I Shearson Port Slrong Funds Ban" 10 35 NL 0' E-Bo 164 21 NL 5' Cor.vl 46 12 46- 03 AlM,) 77 Nl Co'si 16 2 i NL 03 FijE 1(19 38 Nl 31 rva' 1 13 55 13 55- 05 Oscov 13 62 13 90- CA Bd 9 80 NL 01 102 84 NL 32 7 97 02 9 98 NL 01 Gotrj 7 04 NL 06 Vanguard Group. F. 'op I 14 31 14 31 11 irvo 9 52 Nl 0' Gtn '4 86 Nt 05 AsspiA 118? NL 02 j.ufkM '6 056 05 05 17 91 18 09- 03 irro 1'29 NL BdMkl 9 23 Nl. G'Fq 1 12 02 '2 02 05 9 '5 Nl incSth 11 3 1 Nl 0 9 69 NL 01 G. Ser I 898 8 48 01 OpDty '862 19 0C- 05 iff '197 Nl 04 12 56 NL 02 I G-Od- 16.14 1634 0: ST Bj 9 45 NL TfH 13 3 NL 02 FD' 30 59 NL 04 1 1 '395 1395- 06 va MM 17 01 T.Fi' 1 6 NL 0' Moq '2 34 Nl 02 I INVG 1 u' 5-ia56 01 SunAmarica Fds 1QA 0 '3 80 Nl 02 Hit I '0 59 10 59 Aiiiin lb 71' 60- C5 UST Miliar S-nCap 1120 Nl '122- 0' CcAii '2 94 12 94 Equ1y 66 15 35' 03 VHvs 5i NL 05 I'-r 94 17 94 0 C.Se- 5 56 1C -jfe 01 ir-t 9 '2 iC '8 P-pl 8 32 NL M'qSc I 10 75 10 5- 02 Gfi" 16 38 1T 20- 03 mtTf 8 9 09 01 ARP 18 31 Nl MOPS 1 56 ti? 56 62 05 ti 8 53 8 LTTT 891 93J- Qi.anl 14 5 NL 06 OpiH I36t13b6' 1 10 02 10 02 01 Modi- (j 74 9 15- 01 STAR '2 12 NL 02 P'cMt 12 05 incP' 1 6 36 6 86 Unttiad Mgmnt.

TC 32 4C Nl 05 Seclr I 1188 1188' 06 Str. '225 12-16 3 59 Nl TCUsa 26 10 NL 08 SpEq 13 66 136- 03 ToiRt 0 1603 1683- 04 Gwin 19 '6 NL 0' GNMA 9 56 NL 01 P'-itql ie 34 16 34 03 GvP 968 10 37- mco '096 NL HYB-j Nl 01 Tf. 16 8 Templaton Group i-!" Nl 8 0' Nl 02 ut 1292 '2 92- 0- f-jr- 25 2 56- 08 M.r '5 99 NL 0' '0 ii NL 01 i S---0 8 46 8 4r- u2 G'CM 8 33 9 rj United Funds 9 88 Ni SlG-t- 34 44 Nl 15 Gi-snOfc 9 91 1 0 03 Af 04 64 0' US 9 46 NL 0' Sr.F- 962 Nt G-r '6 28 17 79 03 Bc-1 58' 6 15 '3t4 NL 0l S-yBa '0 35 1 0 Tfi 0' 9 'i '020 Cc:" '''C I8t9- 0' id- 50C 4' Nt '5 I 0 12 50 13 00 04 fifM 9 97 10 90 0' GciGv 6 96 7 61 0' iaPaf i Smith Barnay. Wn-m 16'J0 1749 02 Gv'SC 4 7" 4 98 01 M11M 10 08 NL 02 Fuuiv '5 71 16 67 05 Thomson McKinn- iitGtn 6 63 7 25 02 Mul-M '202 NL (fG'o '2 21 12 95' 02 C.sec 1 9 89 989- Inc 8 54 9 33 01 MunLd '0 18 NL 01 IncRH 931 943 GiDa! 1205 1205- 02 HinrH 3 71 4 05 01 Mlq 10 35 NL 01 MoGvl 12 17 12 98- 01 Gr 1 19 28 19 28- 09 mrnm 19 5121 32- 04 MlnLq 1148 NL 01 I MX 1148 1196- 0' ireo 1 8 8 T2 Mun, 8' 71' MuSt '5 35 NL MunNI 12 33 12 84- 0' OpO' 1408 14 08' 04 MuriM- 4 93 5 '5 Ca1 Ins IC 07 NL Cl Waatcor GM planning to produce natural-gas-powered trucks General Motors the nation's largest automaker, is near an agreement with gas companies in California and Texas that would lead to the first commercial production of natural-gas-powered trucks, a Southern California Gas Co. official confirmed Tuesday.

P'ord Motor the No. 2 American auto maker, is in similar talks, but is unlikely to reach an agreement before early next year, said Roberta Nichols, manager of Ford's alternative fuels department. An agreement by GM would make it the first major automaker to produce such vehicles for the open market. Air quality officials say that such vehicles run significantly cleaner than conventional gasoline-burning trucks. Texas officials had planned an announcement of the project today, but GM asked them to postpone it.

The company is still working out final details of the agreement, under which Southern California Gas and other utility companies would finance $1.13 million in research that would lead to production of the low-smog trucks for sale in California and Texas, said B. Jack Smith, natural gas vehicle market development manager for the gas company. GM. through its GMC Truck Division, would produce at least 1,000 half-ton, natural-gas-burning Sierra pickups beginning as early as January to be marketed to public and private fleets, said David Polletta, general manager of PAS Inc. in Troy, Mich.

Los Angeles Times 9 85 10 05 9 99 10 46 15 23 15 95 01 20 24 21 19 04 11 62 12 17- 05 i' 53 12 07 02 15 10 1541 14 16 14 '5 in ii fil MMB MA I. NTa OMTj. Bot T.FH IrtBO BdPiLi BasVi ModVi MOCO SITE WesiMd 34 JO i'i 58 0.n 1 1 15 Dollar, gold both suffer drops NEW YORK The dollar continued to fall against major foreign currencies Tuesday in a market once again dominated by technical factors. Meanwhile, gold prices slipped lower. There was no news to affect foreign exchange dealings, and analysts said the dollar's slide was caused by technical factors, which also brought the U.S.

currency lower on Monday. Gold edged 20 cents lower on the Commodity Exchange in New York, closing at $349.10 a troy ounce. Republic National Bank later quoted a bid of $347.90 a troy ounce, down 35 cents from Monday. Goodyear to eliminate 1,1 00 jobs AKRON, Ohio Goodyear Tire Rubber Co. said it will eliminate 1,100 jobs and take a charge of $35 million against second quarter pretax profits as part of a restructuring of its U.S.

tire sales and support staff. Wire service and staff reports Wood Strutnars Neu 64 NL 04 oe 12 62 NL 03 VrnG I 10 94 1C94 03 Wrtght Fundt: 11 76 NL 01 cur.ty Fund: A. tor '0i 13 01 NL 01 10 11 01 115' 4L 03 15 30 NL 04 unava'1 9 12 9 58 01 JrBiO NearB OuiCor SBC" TctRpI YaG'D Zwaig Fund: 02 ML. JU Sattcted Fundi 10 34 10 86 Boid 02 9 33 9 87 7SCv ZST 12 14 12 85 ZSGvD 9 26 9 72- $lijmn Group 2ST Op 7 04 7 Co'oT O'StK 11 45 1Z ii 0 11 17 11 82 05 11 40 12 06 01 10 22 10 38 9 29 9 70- 01 12 76 Kl St-at ZS TFLIa TFLq 33 7 10 ACUPUNCTURE AND HERBAL MEDICINE LUKECAO, O.M.D. Allergy Hypertension Arthritis Impotence Asthma Knee, Foot, Leg Auto Injury Pain Back Pain Low Energy Depression Neck, Shoulder, Face Lifting Arm Pain Headache Numbness Hayes Compatible 2400 Bd MODEMS Internal 12500 External M49" 155 Glendale, 14 Sparks 356-7216 Polio Sciatica Sinus Stop Smoking Swelling Tinnitus SPARKS WOMEN'S CENTER, LTD.

THOMAS L. BODENSTEINER, M.D., F.A.C.O.G. is pleased to announce the opening of a new medical office for the practice of OBSTETRICS GYNECOLOGY JULY 9, 1990 2385 E. PRATER WAY, SUITE 101 SPARKS, NEVADA 89434 (702) 358-2229 APPOINTMENTS ARE NOW BEING ACCEPTED Our Reno office will continue to operate as usual. 465 California Ave.

Reno 329-6663 Sierra Medical Associates Robert K. Myles, MD Announces retirement from his practice of Internal Medicine, June 30th, 1990. Patients wishing to transfer their records should contact the office as soon as possible. Dr. Myles has accepted the position of Medical Director of Hospital Health Plan effective July 2nd, 1990.

He will remain in active practice as a consultant in pulmonary medicine. "A very special thank you to all of my patients for their loyalty, valued trust, and friendship over the 32 years of my practice." 75 Pringle Way Suite 610, Reno 89520 (702) 786-8831 3MPBBis PLACER DOME U.S. INC. Here's your chance to talk with the voice of Wall Street. 4 Be GDd to yourself.

Recommended for a Discover today's specials, served from 11:00 a.m. to 10:00 p.m. in the Farm House Coffee Shop and IS Nevada General Store. $3.95 Free Valet Parking. Healthy Heart.

Here's what's cookin' today: Dutch Oven Swiss Steak. A generous portion, served with Whipped Potatoes and Vegetable. Quiche Lorraine. A flaky Pastry Crust filled with Ham, Onions and Mushrooms. Served with fresh Fruit in season.

Pacific Oysters. Served on a bed of shredded Lettuce with a tantalizing Tartar Sauce and Cocktail Sauce. Includes French Fries. Richard G. Duncan The appointment of Richard G.

Duncan to the position of Vice-president, Exploration of Placer Dome U.S. Inc. is announced by Cole E. McFarland, President. British-born and educated in southern Africa, Mr.

Duncan joins Placer Dome U.S. with over 20 years' experience in the mining and exploration industry. He has worked with the Rio Tinto Group and the Royal Dutch Shell Group of Companies in Africa and Europe and has spent the last 10 years in the United States working with Billiton companies in various exploration management, acquisition, and business development capacities. Placer Dome U.S. Inc.

of San Francisco operates gold mines in Nevada and Montana and conducts exploration programs throughout the United States. BUSINESSMAN'S LUNCHEON For those in a hurry. Prime Rib Sandwich $5.95 Special Sandwich of the Day $4.95 Served only in the Steak I louse. Larry Wachtcl is one of Wall Street's foremost financial analysts. He's on radio three times each day in New York.

What's more, he's often interviewed on national television news and quoted in newspapers all over the country. Don't miss this chance to talk with the Prudential-Bache voice of Wall Street. Just come to this special Prudential-Bache seminar, where Mr. Wachtcl will discuss the investment outlook for 1990. Speaker: Larry Wachtel, Senior Vice President, manages Prudcntial-Bache's newswire and communicates it's investment strategy to the media.

Mr. Wachtel has been associated with Prudential-Bache Securities for more than 20 years. When: Saturday, June 23 from 9:30 a.m. to 1 2:00 p.m. (Continental Breakfast will be served) Where: Peppermill Hotel Casino 2707 South Virginia Street Reno, Nevada Admission is free, but space is limited.

To reserve vour seat, just call 702-322-471 1 or 800-654-5338 or send in the coupon below. Prudcntiul-Bachc Securities. 245 l.ibcrtv St Reno. NV 89501 702-322-471 1 or 800-654-533X Please reserve seat(s) at your Larry Wachtcl seminar. I cannot attend, please send me further information.

N.imc Address SIP i to just stroll our shade-house. Reno's "Most Famous Bedding Plants." MN See over 2,000 Flats and 100 Varieties Ciiv Slate Phone lients, please give name and ot'fice of inancial Advisor. to choose from. NURSERY Prudential-Bache 475 GENTRY WAY or cell-Dac flats of 4 dozen for $1 500 Securities" Rock Sol id. Market Wise." thai Xy1 wtiNvamtojpmuAiLi 1990 Prudential Bache Securities Member SIPC.