Reno Gazette-Journal from Reno, Nevada • Page 24

Today's tip 8B Saturday, May 13. 1989 Reno Gazette-Journal BUSINESS EDITOR: JIM GOLD, 788-6322 tisanes Fight allergies with indoor air quality. For a tree booklet about air cleaning, write: Research Products, Consumer Info P.O. Box 1467, Madison, Wi 53701 or call: 1-800-356-9652. Offers made for Kings Inn ahead of auction date In June 1981, the owners filed for a Chapter 11 reorganization bankruptcy when threatened with foreclosure on a $3.4 million construction loan.

The bankruptcy order was lifted in May 1982 and Bergendahl became sole owner of the hotel-casino in a foreclosure auction. Kings Inns casino was closed in 1982 as part of the foreclosure. The hotel was closed in 1986 after sprinkler, heating and ventilation systems failed fire-code regulations. A sprinkler system has since been installed in the hotel-casino. ground parking, banquet facilities, a third-level swimming pool and executive offices.

LFC launched an extensive advertising campaign, including publications in Tokyo and Hong Kong, to sell the 152-room facility. Also part of the deal are 125 slot machines and about 14 table games. Kings Inn closed in 1986 and went into probate the same year when owner Allan Bergendahl died. The club opened in mid-1974 under the ownership of Col. Matthew Chotes, Bob Scoggin and Joseph Fischer.

Bergendahl became principal owner in 1975. By Veda AndersonGazette-journai Interest in Kings Inn hotel-casino is heating up with less than a week to go before a scheduled May 19 auction date. Two northern California parties have made offers, and a local person already tied to the casino business toured the downtown Reno property Friday, said Dan Carnes, LFC Real Estate Marketing Services representative. Two San Francisco parties have also toured the seven-story club at Third and West streets. "There's more interest in it than we thought there was going to be," Carnes said.

Fax attack hits governor's office HARTFORD, Conn. The great fax attack of 1989 an all-out lobbying campaign against a bill banning unsolicited facsimile advertising may have backfired when the governor's fax machine was jammed for hours with unwanted messages. Starting Thursday and continuing Friday, Gov. William A. O'Neill's fax machine has been beeping constantly, spitting out unwanted messages fMO.

angry businesses Uilii rii if byfax- I llrO Thej sjtVtes fcpojf aill npy aiuw'NnTrsignature Jfnat them from markfrHftinheir products by fax wfcSuut first obtaining the permission of the recipient. Violators would face a $200 fine. Starting Thursday morning, dozens of Connecticut businesses faxed to O'Neill's office a form letter arguing against the fax ban. The letter argued it would cost the average company $6,000 a year to obtain permission before sending fax messages. The stream of fax messages was so constant 40 came in before 10 a.m.

that the governor's office turned off the fax machine Thursday. When they turned it back on Friday, the messages still were pouring in. Wire service reports of In Ann stows aim rafoe tw vidM mwW LLl A J. ui 5 Craig SailorGazette-Joumal Gaming got into full swing while the and the Food Court Restaurant also part of a $13 million project. CASINO REOPENS: Gamblers and came in to see the Flamingo Hilton gaming area of which 80 percent Key bids for Eastern Airlines reportedly submitted Newport Beach, LFC found buyers for both the Mapes and Pearl hotel-casinos before their set auction dates, and it's looking like Kings Inn may go the same way, he said.

A sufficient amount of offers should come in before the May 19th date, he predicted. Thus far, no offers have been accepted, and people can still make bids, Carnes said. The hotel-casino includes a gaming area with a circular wet bar, a lounge with an open fire pit, a coffee shop, commercial kitchen, two levels of under the merely curious Reno's remodeled of the first floor was Chapter 11 protection from creditors since March 9, five days after the start of a Machinists union strike supported by pilots and flight attendants that virtually grounded the airline. The bankruptcy court must approve any sale of Eastern or any of its businesses. An investor group led by William Howard, the former chairman of Piedmont Airlines, submitted its bid before the 5 p.m.

Wednesday deadline, the sources said on Friday. The investment firm Prudential-Bache Securities Inc. is a participant in the Howard group. Billionaire hotel executive Jay Pritzker already has proposed buying all of Eastern for around $500 million, although it is an accurate indicator of consumer sales. Tom Hale, president of the Washington State Apple Commission, has attributed the decline to retailers dropping their inventories until the impact of the latest Alar battle becomes clear.

The industry is anxiously awaiting another Alar report on the CBS television program "60 Minutes," scheduled for this Sunday. The show's story on Alar in late February sparked the controversy. The industry has contacted people interviewed for the second "60 Minutes" story and believes it will be a negative piece. "It's an attempt to offset the broad criticism the original segment had," said Hale, who heads the promotion group for the state's 5,000 growers. Also set for next week are congressional hearings on food safety that will focus on Alar.

And the EPA announced Thursday that it plans to begin formal steps to ban Alar within 10 days. Reservation systerrrfalls TULSA, Okla. The computerized reservation system for American Airlines failed for nearly 12 hours Friday, hindering flight scheduling for the airline's passengers around the world. John Hotard, a spokesman for the airline based in Fort Worth, Texas, said the Sabre II computer reservation network went down shortly after midnight and was reactivated just before noon Friday. The computer network, based in an underground bunker in Tulsa, drives American Airlines' computerized reservations worldwide and provides, services to more than 14,000 other entities, including car rental companies, hotels and a third of all U.S.

travel agencies. Hotard said there was no immediate explanation for the computer failure. opened Friday night. Showspot Lounge were opened NEW YORK (AP) A key buyout proposal for Eastern Airlines is now before the federal bankruptcy court, the crippled carrier and its major creditors and another offer is expected to be submitted today, sources said Friday. U.S.

Bankruptcy Judge Burton R. Lifland has extended a Wednesday bidding deadline to 11 a.m. EDT today for an investor group led by Joseph Ritchie, a well-known Chicago commodities trader, according to sources close to the situation. The deadline was extended for the Rit chie group to give it more time to receive confidential financial data from Eastern, said the sources, who asked not to be identified. Miami-based Eastern has been under Wall Street responds with gain of 56.82 WASHINGTON (AP) Wholesale prices climbed a moderate 0.4 percent in April despite a steep rise in gasoline costs, the government said Friday, cheering financial markets and providing hope that inflation has stopped accelerating.

Energy prices soared 7.2 percent, propelled by the steepest one-month increase in gasoline prices in nearly 2'4 years. Those rises were largely offset, however, by a broad fall in food prices, the first real breather since last year's drought, and by a substantial decline in auto costs. The news rallied stock and bond markets, where traders said the report indicated the Federal Reserve Board's yearlong campaign of fighting inflation with higher interest rates is working. The Dow Jones average of 30 industrials surged 56.82 points to close at a post-crash high of 2,439.70. "This is an excellent report," said economist Bruce Steinberg of Merrill Lynch.

"I think it would be premature to declare victory over inflation, but the report does suggest we won't see any more acceleration and that the Fed is unlikely to tighten more." In other economic news Friday: The Business Council, a group of 65 chief executives from the nation's largest corporations, said they foresee little deceleration either. "The central view is that although the flare-up in prices early in 1989 was an aberration, price behavior will not improve appreciably until mid-1990," the executives said in a report released at their semi-annual retreat in Hot Springs, a posh resort town. The Commerce Department, in a separate report, said business inventories in March rose 0.3 percent while sales were flat, confirming earlier government statistics showing economic growth slowing. The Commerce Department said inventories held on shelves and in back lots climbed to a seasonally adjusted $765.6 billion in March following a 0.4 percent rise in February. Business sales held at a seasonally adjusted $507.3 billion after plunging 0.9 percent in February, the sharpest fall since January 1987.

On the New York Stock Exchange, broader market indicators also rose sharply. Advancing issues outnumbered decliners by about 10 to 3 in nationwide trading of New York Stock Exchange-listed issues, with 1,214 up, 360 down and 410 unchanged. Volume on the floor of the Big Board came to 221.49 million shares, up from 151.62 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 261.42 million shares. The April advance in the Labor Department's Producer Price Index for finished goods, one stop short of retail, followed an identical 0.4 percent gain in March and 1 percent jumps in January and February.

Because of the steep rises early in the year, wholesale prices increased at a 9 percent annual rate in the first four months of 1989. That's more than double last year's wholesale inflation of 4 percent and four times the 2.2 percent rate in 1987. However, economists said much but not all of the acceleration this year is attributable to a one-time shock from a rise of more than 30 percent in the price of crude oil since the end of 1988. In other news Takeover talks: Ogilvy Group Inc. has begun talks with Britain's WPP Group PLC, which has offered to buy the American advertising company for about $800 million but indicated it may increase its bid, the companies said Friday.

Ogilvy said in disclosing the talks that there was no guarantee the discussions would produce an agreement on WPP acquiring Ogilvy, the world's fifth-largest advertising concern. Mortgage rates decline: Fixed-rate home mortgages averaged 10.93 percent this week, according to a national survey released Friday by the Federal Home Loan Mortgage Corp. That was down from 10.97 percent last week. On 1-year adiustable-rate mortgages, lenders were asking an average initial rate of 9.36 percent this week, the same as the week before. Alar costs growers $90 million NASDAQ StantTl Stansby UMitCr Utdlnv UMoBo UBcNJ UnNMx 8" Mi .30 MMi 80 JS Vti Ma 33 21 32 Wi MW Id 20 21 32 14 30H 2 M6 JOH Ve 14 11' From page 7B stapiet Retail 3 Vi StarBc t.M Reuterl 8 StarSt .40 DMitHrf ttfth-t kfc StarTc 15 UtdNwsp RewrF 1.M )QW StrptSv UtdSvr .72 USvB .36 USB Or Rexon 7H StWain Rexwks 4 i StaSteo RhooPI Wt 43' StateG Ribtim 3H SrwBc RichEl 17V4 SteITc .03 Richfd .13 SVfc StIWVa 9 12 Mi USBkVa US Ant US Bcp 74 "4 1 5 32 1 32 1 30 "i 11 75 1-32 0 12H USBPa US Enr US Fact US Gold US HltC .20 US Pre fi US Trt1.52 USWNV UStatn .40 UnTelev UnTote UnVtB Unitrnx UnivFr .16 UnvHIt UnvHId UnvSc UnVolt Pen En 2.22 16 RohtMa 31 StwStv 4.151 35 RivFr 4 20 20' Stwtnt 0 lt RivrNtl .22 10i StcttVrt .10 MMj RvrsGp 10V4 StocttSy .1 Stokely 16a Stolt 2Se JIH-t- 4 StratP i 7 SftOAm 1 32 StrMu 30 la 11 16 Mi 40 '4 38 14 23 33H '4i '4 15W 5 34 "4 2 Mi 1 11 16 1- Mj RdwavM RoadSv 1 10 30 -RoaoE I s.4B 16 RobMyr RblHtf Rob in RobNufi Rcovsn RochCS 174 3H A StrwbCI 1.10b 37 Vt 7i4 ia Strober A 41 Strucftb StrucDy 23'' 4 27 StuDS 3 StuartH 06a Mi .44 17H RockgH 3n-l 16 RckBcp .24 1' Ron son 7rt RsvltFn .80 13' Mi Ropak 94 RoseSTr .16 -f RoseB .16 Rospfch 21n RossStr 17H RotoRtr .32 23 Rouse .56 Wi SrudL vt.SO 88 1 SrrmRg 7e Wt Subaru 8''4 Sudbry SuHFtn S2 14 SuffBnc SumiTo 1.16 23 IV Summa 2 13-16 Sumgph 15 Band VLSI VMS 7' Mi 8'i RoweF Sumcrp Roylpr 11516116 SumitB 20 VMS II 84 VMS III .90 VMS SL 1.20 Roylp wt VtS-U SumtHl 1 16 Ruietnd SumSav SunCst Sunair SunGrd SonSav Vi RyanBck VMS SL2 VMX VSB Be VSE VWR .1 5" 'i 2' 13 Mi 7-a 3 1 16 0 12 re io' SunMc Sunhte 51'.

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Pritzker's offer is no longer on the "front burner," and attention is being focused mainly on the Ritchie and Howard groups' proposals, the sources said. Before submitting formal bids, Ritchie, Howard and their associates had extensive talks with representatives of Eastern's unions and creditors. Another player in the Eastern situation said the two proposals could serve as the basis for negotiations between the company, its unions and its creditors, but would probably be reshaped in the process. "They're openers, but they're good," he said. Nevada depositors pull out $71 million Depositors withdrew a net $71 million from Nevada's savings and loans during March, the Federal Home Loan Bank Board of San Francisco said Friday.

The decline does not represent shaky confidence in state thrifts, said Richard Nelson, vice president and chief economist. "Outflows are occurring everywhere," he said, calling Nevada withdrawals a catch-up situation. Nevada's economy is growing and real estate loans, the backbone of the thrifts, should be sound, Nelson said. On Thursday, the bank board's Washington headquarters reported national net outflow in March at $8.5 billion, down from $9.2 billion the previous month and a record $10.8 billion in January. first Visa cards SAN FRANCISCO The Soviet Union moved the ruble into the electronic age this week as the nation's largest bank with 200 million depositors began to issue Visa cards to replace the passbook savings account, America's Visa International says.

Welcome to "the electronic ruble," the Sperbank chairman Alexander S. Burkov told his countrymen. "This is a giant step forward," said Charles T. Russell, president of Visa International, which is licensing Sber-bank to use the Visa name. Russell said the move is the Soviet Union's first step toward completely automating its national banking system, with the aim for this year to extend the card to more than 40,000 customers and five million within three years.

1 13 YAKIMA, Wash. (AP) The Alar scare has already cost Washington apple growers $90 million this year, and slumping prices and sales reported Friday indicate losses will be even higher. Sales dropped 15 percent last week, while prices have slumped another $1 per box, both attributed to continuing public concern over the possible health effects of the farm chemical. The outlook is even gloomier because round two of the Alar controversy is about to begin, with more news reports, a congressional hearing and movement by the U.S. Environmental Protection Agency toward banning the chemical.

Bill DeWitt of the Wenatchee Valley Traffic Association reported Friday that out-of-state shipments of Washington apples were 1.2 million 42-pound boxes during the week that ended Thursday. That compared to nearly 1.5 million boxes the week before, and nearly 1.7 million boxes the same week last year. Shipments to retailers are considered "Eternal hell, fire and damnation! Not to mention the IRS, radon and recession!" Jt'i I 'diCA IL- AKwJmf fl 7Tl fy iJjL 'afl. 4A gtjf IfflA fJUw1!) itCf TmA ZlLk fSk- la." 4'C'jLJl i Itfic Hk. yf Vf '7mi ll I I I TViA 1 Tfft II II 'il "rfnii fll I If, I I I 5-3 3.