Reno Gazette-Journal from Reno, Nevada • Page 22

Today's tip 8B Tuesday, July 4, 1989 Reno Gazette-Journal BUSINESS EDITOR: JIM GOLD. 788-6322 iismes Job hunting? The free "Job Hunter's Video Catalog" offers 15 professional video programs to help. Write: C.W. Runsgood, P.O. Box 3236, Skokie, III.

60076. Flamingo Hilton Reno gets into the pink of things "The city attorney told us today that we're legal and can proceed," Cruzen said. The city council's unanimous approval of the project was contingent on the city attorney advising the city that it can legally abandon Commercial Row for the project. Johnson said the current remodeling and the planned tower represent the company's commitment to "making sure Reno is alive and vital." "We've been at this project for several years," he said. "We've looked at it and looked at it and decided if we're going to have a position in this market we have to make a strong investment and commitment and then follow it up." Cruzen said the Flamingo's goal is an improved and revitalized city center.

After the fireworks, Cruzen invited the crowd of several hundred inside for cake, champagne and prize give-aways. to town, you have to let people know and let them have fun with it," said Jim Johnson, Flamingo Hilton Reno marketing director. "We want to inject a note of fun and festivity into the entertainment area downtown." Crowds lined Sierra Street between Second Street and Commercial Row a half-hour before the parade, and waited while it wound its way up Virginia Street from the Pioneer Center for the Performing Arts to Commercial Row, then west to Sierra Street. Leading the procession was a flamingo, one of the fuzzy variety, riding in a hot pink 1932 Ford convertible. The Reno Municipal Band followed with members sporting baseball caps topped with flamingos.

Then came more pink cars and a float bearing yet another flamingo. Following the parade, the crowd waited patiently through short speeches by Reno Mayor Pete Sferrazza, who officially proclaimed the day Flamingo-Hilton Day, and Reno Flamingo president Pat Cruzen, who drew appreciative applause when he promised another party for Paco's grand opening. Then Cruzen asked the crowd to count down for the lighting ceremony. And when the crowd chanted "one," the twilight on Sierra Street lit up like daylight as a block-long bank of white lights, flamingo logos and hot pink lettering flashed on. Fireworks burst from the roof of the casino, filling the sky with sparks and smoke to the Reno Municipal Band's rendition of "The Stars and Stripes Forever." There's even more to come.

Last week, the Reno City Council tentatively approved a $100 million, 26-story expansion. Stocks up in slowest session in 2V2 years NEW YORK The stock market, adrift in the midst of a long summer holiday weekend, posted a modest gain Monday in the slowest trading in more than 2'2 years. The Dow Jones average of 30 industrials, down 91.81 points last week, recovered 12.71 to 2,452.77. Advancing issues outnumbered declines by about 9 to 7 in nationwide trading of New York Stock Exchange-listed stocks, with 733 up, 587 down and 562 unchanged. Volume on the floor of the Big Board came to 68.87 million shares, down from 170.49 million Friday and the lightest total since 48.86 million were traded Dec.

26, 1986. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 80.56 million shares. Wall Street had expected a slow session, given the absence of many market participants taking a long July Fourth weekend. The markets are closed today. That helped make it difficult for stocks to mount a rally from last week's decline, which was the steepest in more than 15 months.

Analysts said traders' thoughts had begun to focus more intently of late on the chances that the economy might in for something worse than the much-ballyhooed "soft landing" bullish forecasters have been predicting. stes comiomy Grogman, product Texas, where more rjlhS' stores, looks over daily, -bieven expects to sell more than million of its nawH By Susan SkorupaGazette-Journal The Flamingo Hilton Reno had downtown Reno seeing pink Monday night. Pink cars paraded, pink balloons floated and, of course, pink flamingos popped up everywhere from tiny lapel stickers to 9-foot-tall fuzzy hot pink walking, talking birds with strangely human-looking legs. The occasion: the final night of the Nevada Hilton four-day bash to celebrate the four-month, $13 million remodeling of the main casino, facilities and 604 guest rooms and to officially change the hotel-casino's name from the Reno Hilton. Yet to come is the July 15 and 16 grand opening of the Hilton east of Sierra Street as Paco's, which will include a restaurant, lounge and gaming all with a Mexican theme.

"When you're bringing something new DOG DAYS ARE COMING: Roger lanager ofSouthland Corp. 7-Eleven oraonipcirfcan uscar Meyer Holiday visitors By Susan SkorupaGazette-Journal The Fourth of July held some pleasant surprises for local hotels and casinos concerned about having a working day sandwiched between the Fourth and its nearest weekend. "It was a mystery going into it," said Buddy Frank, spokesman for the Fitzgerald Group, which owns Fitzgeralds Casino-Hotel, Harolds Club and the Nevada Club. "We didn't know how we would do. But it seems like a good holiday." Last week, the Reno-Sparks Convention and Visitors Authority reported that some hotels and motels in Washoe County had rooms available, especially for Friday and Monday nights.

But by the time the weekend rolled around, vacancies were tough to come by, West German IBM BONN, West Germany (AP) International Business Machines Corp. on Monday stepped up production here of a new four-megabit memory chip critical to the development of the computer giant's most sophisticated products. The Sindelfingen plant, about 15 miles west of Stuttgart, is only the second plant in the world that will mass produce the complex semiconductors for IBM. Production-line manufacturing began in Burlington, "a few months ago," and another IBM manufacturing plant is scheduled to open in Yasu, Japan, later this year, according to Peter W. Thonis, a "Ed Meeker, here, holding the fort while the rest of the office watches the rockets' red glare and the bombs bursting in air." Report if down hasing managers: no recession NEW YORK (AP) In another sign of an economic slowdown, the nation's purchasing managers reported Monday that the U.S.

manufacturing economy declined in June for the second straight month. Analysts said the monthly report by the National Association of Purchasing Management provided more evidence of an across-the-board economic slackening, but not a recession. "It's telling us what we've already been sensing: that the economy has been growing less rapidly," said Robert Chandross, chief economist with Lloyds Bank PLC in New York. "But I don't think it is an indication that would signal we're in a recession." The Purchasing Managers' Index slumped to 48.8 percent from 49.7 percent in May. The decline put the index at its lowest level since July 1986 when it was 48 percent.

The May decline was the first in 33 months. A reading above 50 indicates the economy is generally expanding; below 50, that the economy is generally declining. The difference from 50 indicates the intensity of the change. Production by the nation's factories was the only indicator to increase, while new orders declined for the first time since May 1986 and inventories also fell. Vendor deliveries were faster for the second month a sign of declining demand after 31 months in which they were reported slower.

"The total economy continued down the path toward slower growth as it ended the second quarter," said Robert J. Bretz, chairman of the Tempe, trade group. "The best news is that inflation appears to be slowing at a faster pace than the overall economy," said Bretz, director of materials management at Pitney Bowes Inc. The purchasing managers' price index fell for the second consecutive month, to 48.5 percent, down sharply from 57.6 percent in May and the lowest since it was See ECONOMY, page 5B Housing construction down for 4th month WASHINGTON (AP) Housing construction fell for the fourth straight month in May, but public building projects led overall construction spending to a 1.3 percent increase, the government reported Monday. The Commerce Department said total private and public construction came to a seasonally adjusted annual rate of $421.3 billion in May, after falling 0.8 percent in April.

May's spending level was 3.3 percent above the pace of May 1988. But private construction remained flat at $335.1 billion at an annual rate following a 1.6 percent drop in April. Residential building was off 1.6 percent from April, including a 2.5 percent drop in new housing units to an annual rate of $138.6 billion. The decline in new housing represented the fourth consecutive drop. It included a 1.5 percent decrease in single-family homes to an annual rate of $115 billion and a 6.7 percent drop in multifamily units to $23.6 billion.

In other news Name change: Phoenix-based Ramada Inc. on Monday announced that terms of its restructuring have been revised, potentially affecting the distribution shareholders will receive if the New World Development Company Limited acquisition of Ramada 's hotel business is consummated and the restructuring plan is successfully concluded. Ramada also said "Aztar Corporation" is the name chosen for the company that will operate the present Ramada Inc. gaming business if the restructuring is completed. Dollar down; gold up: The dollar finished lower against all major currencies in thin, pre-holiday trading Monday following a selloff overseas.

Gold prices were sharply higher in response. Republic National Bank of New York quoted a troy ounce of gold bullion at $377, up $3.50 from Friday. plant in bnerman, Big cue not aogs filling up rooms even for Monday night. At Bally's Reno, bookings for the extended holiday weekend were beyond expectations, said spokesman Brian Law-son. All 2,001 rooms were full through Monday night.

"Frankly, we were a little surprised," he said. "Our preliminary figures snowed it might be a soft weekend because there was a day between the weekend and the holiday. But it's been very, very good." The weather cooperated and highway construction abated on Interstate 80 to make it easy for visitors to get to Reno, Lawson said. The Comstock Hotel Casino reported sellouts of its 300 rooms during the weekend with a few rooms available Monday night. "The casino was full Friday and Saturday nights.

We had good numbers in the Associated Press than 1 million wieners are produced mis year, soumiana oniciais say. in Reno, Sparks said a Comstock spokewo-man. Frank said Fitzgeralds had some vacancies Monday night, but had been filled up through the weekend. In Sparks, business at the Silver Club got a boost from the weekend-long celebration on Street. "The events out front drew in a lot of people to the casino," said Randy Wike, marketing manager.

"The added traffic was definitely a benefit for us." Wike said the hotel was full all weekend with a few vacancies Monday night. The Monday working day might have been a benefit in one respect, Wike said. "I think it kept some of the locals here," he said. "They didn't go off for three days and there were a lot of things going on. That was a definite benefit for us." defense technology of tomorrow.

"Production of this four-megabit computer chip signals without a doubt a powerful new phase (in computer) development," said West German Chancellor Helmut Kohl, who attended the Sindelfingen plant opening. According to Helmut Roeder, a Stuttgart-based IBM spokesman, the company succeeded in producing the first four-megabit memory chip from a 200-millimeter silicon wafer. He said the new chip will allow increased computer memory while keeping down costs. See IBM, page 5B picks Vegas site HOUSTON Lockheed Engineering Sciences Company plans to build and operate in Las Vegas a state-of-the-art analytical chemistry laboratory for testing environmental samples. The facility will support the nation's efforts to solve pertinent environmental problems.

A subsidiary of Lockheed LESC will operate the facility in support of its contracts with the Environmental Protection Agency in Las Vegas and will provide consulting services to other government agencies as well as Lockheed Corp. The company anticipates an investment of approximately $10 million for construction, equipment, and Pepsico bags chip firms NEW YORK Pepsico Inc. snapped up two of Britain's largest potato chip manufacturers from BSN of France on Monday in a $1.35 billion cash deal that gives the food and beverage giant a larger share of the European snack-food market. The French company had purchased five RJR businesses, including Smiths and Walkers, on June 6 for $2.5 billion. BSN said it planned to keep the other three companies, the United Kingdom biscuit business of Nabisco Brands; The Belin Group, a French biscuit and pastry business; and Saiwa, a biscuit and snack producer in Italy.

RJR sold the division to trim some of the debt from its record $25 billion buyout by Kohlberg Kravis Roberts Co. earlier this year. The latest sale makes Pepsico one of the largest snack-food producers in Europe at a time when the continent is moving toward eliminating trade barriers by 1992. It also allows BSN to focus on its core biscuit and pastry businesses, industry analysts said. People HEATHER BURRIS has been named employee communication specialist for the Fitzgeralds Group.

She will be the editor for the in-house publication and will coordinate internal projects Burris that are directly related to human resources and communications. Burris was previously editor of Police Magazine, a national trade magazine for law enforcement officers. She is a member of the International Association of Business Communications and of Business and Professional Women. WILLIAM diCRISTINA has joined the Eldorado Hotel Casino as executive hotel host. He has over 25 years of hotel experience and was previously with Newt Crumley's Holiday Casino.

DiCristina also diCristina acted as general manager of the Eldorado from 1973-78. ROGER LINDEKEN, owner. General Business Services in Reno, recently attended a seminar covering trusts, estates and gift taxes for individuals. The seminar was 1 1 i Lindeken inland Society of Tax Consultants Inc. GBS is a nationwide network of independent business counselors who provide financial mangement, business counselling and tax related products and services.

VARNELL O. PADGETT, GARY R. BARLETT, DAVID R. EDWARDS and ROLLIE P. HESS, insurance agents for Transamerica Occidental Life in Sparks, were among 5,000 members to attend the Million Dollar Round Table meeting in Toronto.

Speakers at the meeting discussed estate planning, taxes, business and law related to life insurance and financial planning. Wire service and staff reports plant producing new computer chip rToCkfleed spokesman at IBM's Armonk, N.Y., headquarters. It had been widely assumed that Japan was leading in the battle to gain early dominance in production of the four-megabit chip, but industry analysts and IBM note that the U.S. company has been producing the chip in volume for the past few months. "We have leadership position," said Thonis.

The four-megabit chip, which can store 4 million bits of information, or about 200 type-written pages of information, is considered a vital element of virtually all of the advanced consumer-product and 8-month low fo WASHINGTON Interest rates on short-term Treasury securities fell in Monday's auction to the lowest level in eight months. The Treasury Department sold $6.6 billion in three-month bills at an average discount rate of 7. percent, down from 8.07 percent last week. Another $6.6 billion was sold in six-month bills at an average discount rate of 7.63 percent, down from 7.78 percent last week. The rates were the lowest since three-month bills sold for 7.82 percent last Nov.

14 and six-month bills averaged 7.48 percent last Oct. 31. The discount rates understate the actual return to investors 8.24 percent for three-month bills with a $10,000 bill selling for $9,798.80 and 8.05 percent for a six-month bill selling for $9,614.30. rT-bfrTs.