Reno Gazette-Journal from Reno, Nevada • Page 25

Reno Evening Gazette Friday, July 26, 197425 Financial highlights Nevada utility prices contained DIVIDENDS Sylvia Porter inckaSo0" Am' MARKET INDEXES By Untied Pren Irtlernalional NYSE Index 44 OloffO SI ASi lnde 80 70oH0 07 Dow Jonei Ind TVS I8ofl0 07 500Stor.lsM96offl 01 TREASURY BILLS IS It 40 9 16 Wi 91 14 ,830 91 Bolt Coip Cutler-Hommei Dt Pepoer Donrlley ftft Drug (rten Corp Ken! -Moore Cp Pepi.ro Qjokei Si oI Richmond Corp Signode Siautfer Chero Taylor Wtne 92 93 8 16 8 12 8 IS 94 821 99 8 15 89 87 82 89 87 0 a a 0 930 94 930 9 16 93 9 1 91 822 9 1 Condominimum appeal fascinating phenomenon stock EXTRA New York UPI) No. 7 7 70 7 10 Closing Ireoi Nov 14 7 80 7 30 ury Bills lor Thurl No. 19 7 60 7 30 No. 21 7 60 7 30 Malurily Bid All Nov 29 7 70 7 40 Discount Oik 4 7 70 7 40 Jly 3074 l4O0 7 0ODec 5 7 70 7 40 Aug 1 14 00 6 80Dec 12 7 80 7 50 Aug 8 l4 00 6 80Dec 16 7 80 7 50 Aug 15 7 80 6 80Dec 17 7 70 7 40 Aug 22 7 80 6 80Dec 19 7 70 7 40 Aug 27 7 80 6 80Dec 26 7,70 7 40 Aug 29 780 680jan 2'75 7 90 7 60 Sep 5 7 90 7.00Jan 9 7.60 7 30 Sep 12 7 70 6 90 Jan 14 7.75 7 45 Sep 19 7.70 7 00 Jon 16 7 67 7.57 Sep 24 7 70 7 00Jon 23 7 58 7 48 Sep 26 7 70 7 lOFeb II 8 10 7 80 Oct 10 7 80 7 30 Mar 1 1 8 10 7 80 Oct 17 7 59 7 49 Apr 8 8 10 7 80 Ocl 22 7 60 6 80 May 6 8 10 7 80 Ocl 24 7 39 6 79 Jun 3 6 10 7 80 Oct 31 7.70 7. 10 Jly 1 7 72 7 62 lOpc 916 9-3 (rant Union 6g Drum Dreyfuj Corp Key Co USUAL Two utility rate increases in Nevada were denied this week while a Californiia proposed hike isn't expected to have very much impact on Nevada customers.

Petitions for the boosts to generate about $7.6 million in revenues for two major utilities were rejected by the state Public Service Commission in Carson City. The Nevada Power Co. had sought the emergency rate relief to start raising about $5.2 million in yearly revenues pending a final PSC ruling on the formal rate boost case. Southwest Gas Corp. had sought the same type of emergency action in its efforts to develop about $2.4 million in new revenues.

In California, the Pacific Gas Electric Co. said it has asked permission to increase the price of electricity sold to other utilities and municipal electric systems, including the Sierra Pacific Power Co. If the increase is approved, Sierra Pacific spokesman Walt MacKenzie said Thursday, "The impact on our customers at this point would not be too substantial." MacKenzie said the Reno-based utility has a long-term contract with "which absorbs most of costs as they go up. We don't have quite the same problem as do the municipal systems." The rate increase would affect seven cities and two California companies. MacKenzie said the increase would amount to about 2.4 per cent over the next year to Sierra Pacific.

Sierra Pacific generates 70 per cent of its own power and buys about 30 per cent. "Maybe 25 per cent of that 30 per cent comes from he said. In a separate case, Northern Nevadan's utility bills would continue climbing under terms of a proposal by Sierra Pacific designed to produce $5.5 million in new revenues. The utility filed one proposal Wednesday that would yield $4.8 million. A separate rate increase request would give the company in new yearly revenues to offset higher costs of fuel used in running electrical generators.

The utility has already received authority to generate at least $8 million in new revenues by hiking its customers' bills in the last 10 months. Sierra Pacific is also awaiting the outcome of a district court case in which it seeks another $4.5 million worth of rate boosts. Mt. Wheeler Power, wants to raise its rates by about 7.5 per cent to customers in White Pine, Elko, Eureka and Nye counties. The Public Service Commission said the utility also wants to require some customers to read their own meters and charge an extra fee if they don't, and go to a bi-monthly billing Item: At the Greenhouse, a new high-rise con- Allen Gouo Inc Allied Chem dominium in Cliffside Park, Baker Oil Barnes tftge Big Urum Corner Ha'p Central Sec Co CoD Si Cp MARKET TREND NYSE MARKS! TREND 827 8-31 10-3 9.

10 823 8 15 823 8 30 820 10 20 925 103 9 10 830 826 823 930 8-21 101 911 828 9 1 920 99 914 Thursday Wednesdoy 542 798 Clueit Peobody Comb Eng Corp Dick AB Drono Corp Eolon Corp Emhorl Corp Flowers Indus 810 Advances Declines Unchanged Toiol 575 363 364 1756 1756 roremosl-WcKessn Co Gormon Rupp MARKET TREND Thursday Wednesday .297 396 305 222 290 288 892 906 Advances Declines Unchanged Total (Preliminary Tlum wrg Inlond Slee! Keystone Cem Keystone Cons libbey Owens Ford Lone Slor Ind Mead Corp Na'l Disrille's Noil Srondord Co i 35 per cent ot an sales so far have been to singles and 25 per cent to young men and women under the age of 30. The 73-story, 340-unit building is not scheduled for occupancy until the spring of 1975. Item: At the High Point condominium community of apartment homes in Hart-sdale, N.Y., more than 25 per cent of the buyers to date have been men and women age 29 or under while 30 per cent of the purchasers have been singles. This 500-unit, five-building complex was begun in May 1973; one building is already occupied, the first owners will soon move into 8-6 8-12 9 12 86 8 5 8 1 89 8 15 87 10-4 9 12 9 16 8-16 8 13 86 88 9 10 87 830 8-9 8- 7 85 9- 6 89 8 16 96 8- 5 89 9 12 8 23 9- 11 8 15 8 6 8-9 BIS 87 89 96 69 8 30 89 822 8 15 68 8-30 630 8 23 920 623 8-19 Count) 920 91 9-3 927 9 10 9-26 9-13 WOOL FUTURES MfW YORK IUPi C-eose Wool tu'es closed '5 oo.nts lower to 15 hige- or. the New York Cotton change Thursday Nemont Mining tV pomts I Co Action delayed on huge Sparks industrial park Norm Ind LeriFtica'ed spot wool 145 0 Nominal 40 9-4 27'i 9-9 234 8 30 low Close Prev High Norton Co Otin Corp Pargos Inc Philips Ind Portec Inc Wool: 831 144 5 145 0 1440 144 5 145 0 144 0 Pratt Reod Corp Grease Oct Dec rVtOf May Jly Ocl Dec eqe1 Te! Co'P 143 0B 142 5 145 0 143 5 144 0 143 0 141 08 140 0 141 06 140 0 138 58 140 0 137 08 138.5 Robb.ns Wers 9- 3 10- 1 831 9 13 623 912 9 16 829 9- 30 930 9 13 10- 10 9-13 9-16 8-15 MOST ACTIVE STOCKS Sherwin Williorrs Simmons Co S'd Brands TrionglePac Corp UMC Ind Inc Union Elect Uoi'ed Ref.nmg Co Vo Chemicals Inc Vulcan Inc Western Air Lines Wilnvngton Trust The New the Chg.

NEW YOPK (UPI) aciive stocks traded or change Thursday. Na! Semicond Inc Clorox A Inc Eastman Kodak Fed Naf Mtg Kaufman Brd Am Teoco Allegheny Pw MG'C ln As for the appeal of the condominium to the young, this type of housing often is an interim step between an apartment and a separate house; The advantages of shared recreational facilities are particularly attractive pools, tennis courts, gyms, meeting halls; Condominiums are now being built in sizes suitable for singles, couples, even larger groups of "mingles; And in addition to the relatively carefree lifestyle, are the attractions of sharing responsibilities for general maintenance and upkeep. But along with the benefits, there are great pitfalls and the warnings I have been sounding in this column for years are now making nationwide headlines. BROAD INVESTIGATION The Federal Trade Cor.jmission is now launching a broad investigation of the development and management of residential condominiums in an attempt to uncover "unfair or deceptive practices." Out of this probe could come not only legal actions against individual concerns but also tne imposition of federal regulation in the form of FTC guidelines for condominium operations. The Department of Housing and Urban Development (HUD) is scheduled to get into the field with extensive federal regulation that would require devlopers to register their projects with HUD and to make full disclosure of the provisions of each sale.

Most of the protective rules and certainly the federal laws are still to come, though. In the meantime, you young singles, mingles and marrieds must be on guard: DO NOT accept a mere the second, a third is in advanced construction and work has begun on the last two buildings. Item: At the luxury suburban condominiums in Raintree Community, Glen Ellyn, 111., and Lake of the Winds, Wheeling, 111., most of the young couples are reported to be buying the larger models with two bedrooms or more obviously anticipating the time when they will have a baby or two. Also most of the young couples who are from the area have been living with their parents or renting and are making their first real estate in 9'4 -5'. 91 15 -4 43 26' 17i I3'i II 27', 32'-.

95'. -10 Stock Close 3 20'. 13' 6'i 39 2 6'i Sales 515,800 435,100 261 300 161 900 161.000 143 800 143,000 141,500 133 100 127.700 122 800 106.800 103,200 100 800 98 40O The American Soles 7S 300 47,600 47 40O 35 200 32.100 30 100 22 400 20 100 19 200 18 800 PtJiOroid Cif'COrp Digi'at NEW Slocks change Equ.pl YORK 'roded (UPI) as Thursday Indus? Intl Yllwfmf Airport work delayed The opening of two passenger holding areas at Reno International Airpott has been delayed until mid-September due to construction strikes. Reno Airports Manager Gene Juilfs said Thursday the opening had been scheduled for July 15 on the $320,000 project. The holding room project includes enclosing existing aircraft boarding concourses.

The concourses will connect the main terminal to two air-conditioned and carpeted buildings to be used for passengers waiting to board aircraft. Juilfs said the rooms will remove congestion in the main terminal and allow friends of passengers to wait in the passenger boarding areas. The addition of a second story is possible, he said, and could eventually allow passengers to board aircraft through enclosed swing-out ramps found at many larger airports. The rooms, one for United Air Lines and another for Western Airlines and Hughes Airwest, will be paid for by the airlines through increased rent payments over a period of years, Juilfs said. InduSt O.I Carson reservoir dropping Gazette Carson City Bureau Carson officials Thursday urged city residents to stop watering their lawns and take other conservation measures for at least the next few days to counter a droppage in the municipal water supply.

"The situation now is that our four million gallon reservoir is below what we would like to have it." said Geon Teos Gam Wesirans Adobe V. Consol Indian Action on- a huge warehouse-industrial park east of Sparks and north of Interstate 80 has been delayed until Aug. 5 by the Washoe County Commission. The Southern Pacific Land Co. has asked annexation of two key, county-owned parcels to the City of Sparks.

The company is proposing a 650-acre park. Robert Helms of Helms Construction Co. owns about 100 acres within the parcel which Southern Pacific seeks to develop as an industrial park. A Southern Pacific spokesman told the commission Helms is joining the company in seeking annexation to the City of Sparks. The two county-owned acres, the old Casci gravel pit along Donati Road, is needed by Southern Pacific to complete the parcel.

Ray Mesick, assistant manager of Southern Pacific Land said the company is willing to exchange a piece of land with frontage on the Truckee River in exchange for the two county acres. Mesick did not say where the land offered for trade is located. Prior to any trade, Southern Pacific wants the county to join it in seeking annexation of the land to Sparks. Before discussion on Southern Pacific's request began. County Commissioner Roy Pagni left saying his brother (Pete) owned 840 acres northeast of the proposed project and his cousin (Elio Martini) is selling his land to the railroad company.

Pagni said later he did not want to be accused of having a conflict of interest. He said he will abstain from voting on the matter in the future. Pagni, however, said he has no interest in his brother's land. An attorney for Pete Pagni, Coe Swobe, said he is disturbed and concerned about Southern Pacific's proposed industrial park. "The decision should be delayed until the county makes an amendment in the master plan (for growth) because the master plan now says most of that area should be for residential use," he said.

Swobe said to change the master plan, the Regional Planning Commission should hold public hearings to allow residents near the site to speak. About 320 acres of the 525 acres owned by Southern Pacific are zoned agricultural or residential, not the required industrial. On July 10, Southern Pacific invited Sparks councilmen and the mayor to a dinner meeting and requested the city annex the parcel and consider a zone change. "Tne City of Sparks has indicated, it is unanimously in favor of the annexation," Gerry Grow, who attended the July dinner meeting, told feilow commissioners Thursday. "And they will take on the services necessary that need to be provided," he said.

'it's somewhat unusual that a public body will indicate its approval to annex a sight without public input," commission chairman Bob Rusk said. As part of its project Southern Pacific is trying to get the J. C. Penney Co. to build a more than 200-acre warehouse complex on its proposed site.

The Penney warehouse would serve the Western United States. However, Penney has been negotiating with industrialist William Lear for about 200 acres he owns north of the Stead Golf Course, a Lear spokesman said Thursday. That land would be served by Western Pacific instead of Southern Pacific. 0G Gcid Gos Heod FMNO5C0 SAN active (UPH The on the 10 Pocilic most Stock stocks troded Exchange Thursday Sales High low Close Chg 20 BOO 19 lsi Flo Pwi Wes-ghs Am Tl Sit Elec Tl I2'i 12''. 19 500 15.500 44 43 44'.

V. 14 200 29 'ri Vi 14S 14i 69. 90 (. 12,800 14: 11,400 90 Polaroid Te'edyne Atl Rhcfld Occid Pet Fed US Steel 10 9 200 9,100 47. l'i 6,800 93.

8,600 46' NEW YORK BONDS vestment. MAJOR COMMITMENT Make no mistake about it, the purchase of a condominium is a major commitment and the appeal of the units to young, singles, mingles and marrieds, is a phenomenon of fascinating social-sexual-economic implications. In many instances, the condominiums being bought are in the category. For the first time, single women are buying the homes under the same mortgage credit terms as their male counterparts and single women are doubling up to make a joint purchase rather than (as always in the past) to share a rented apartment. There is simply no holding back the trend toward condominiums in our country.

This year alone, of the approximately 1,400,000 to 1,500,000 housing units to be started, about 250,000 are likely to be condominiums. Within 20 years, authoritiative estimates are that a full half of the U.S. population will live in condominium-type housing. The condominium has spread from coast to coast, is now commonplace in city, suburb, exurb, hamlet. Am (U)ie rf TTtee (Gif Is tJ tit rnrTTv mm promise ol a swimming pool, clubhouse, tennis courts.

Make sure these anem'ities are available before vou buy your unit. DO BE SURE the common area charge budget is realistic and the developer is not minimizing your carrying charges and thereby saddling you with the risks of future extra charges of inadequate maintenance. DO INVESTIGATE the management with care to make sure it is experienced and well-regarded. DO BE CERTAIN you understand all the condominium association rules and protect yourself by having a lawyer. III mm '8 oo NFW YORK ore prices on the Ne York stock Bond Market Vol Net Rating YI0 close Chg AiieaiS' 4s6' 6BB 5 3 3 AiiidSt B36 7 8 I 58 3 Aicoo BB6 5 4 53 91'.

4 AmAir 4 BB 9 4 19 45 ABrnd AA 6 9 64 99'n 'i A 4 80s87 BB 9 1 16 53 AI8T 8'. vv AAA 8 9 360 97 i A1ST AAA 7 1 9 91''. 4'i85 AAA 6 2 94 70') Armour- 5sfi4 6 8 I 2 62 i A 102 2 43 1 Beouni 4 90 8 8 9 10 48 Bo.seCs 10s75 668 10 I 86 Biuns BB 6 0 2 74'1 Bjrighs 975 A 90 62 100 CeWse 4sK BB 7 7 19 52 CUStP 5s2055 45 141. I'. Owf AA 8 9 38 96' CompSci 6s94 CCC 15 8 38 2 ConAir 3 88 6 8 10 39'n 1'.

CroneCo 7s94 BI0O 14 70.1 2'. East A.r 5s92 12 5 34 40 AAA 8 1 10 79'i-. Exon 6s97 AAA 6 2 62 73 -1 FoNV 5 5 123 80 GenEl 3 js76 AAA 38 15 92'i GMAC 5s77 AA 5 6 13 89 'i GMAC 4 rs65 AA 6 6 6 66 GMAC 4s79 AA 5 0 10 80 Gen Tel 5s92 BB 8 7 66 57' 4 GroCSl 94 66 7 6 2 61 '4 HousF AA 8 8 23 99 InHrO 8i 75 A 6 8 22 InW.nCh 4s91 BB 5 3 27 75 -t Lockh 15 7 63 'i loem 6's93 1 1 3 47 61 I'V Cp 5s88 CCC II 2 105 441, 'i IyksY 8 12 4 91 60 Morcor 686 9.2 33 70'. VcC'O 7'-is94 8 17 4 94 43 McDnO 4.9' BB 8 3 19 57 MoPoc 5s2045 12 5 98 40 WoPac 4 BB 9 1 14 NoiCash 6s95 B8 7 6 )3 79 i aNYCen 5si3 10 aN'Cn 13 DC 1 4'-. 'i NorNG 8': 74 A 6 6 4 99 1 Nwsttn 7' 94 10 8 26 69 I OccidP 96 8 9 6 78 78'i-t PacTI 8 65s05 AA 9 4 28 92 PonAA 4', 86 17 6 266 25:.

Pennil BBB 8 7 23 96 SapdA 7s940 15 9 44 4 4s91 BB 6 9 10 57'. Rock 4 .591 BBB 66 12 64i4 V. SllSonF 5s06 8 10 6 12 i 2'i SeorsS 4'. 63 AAA 6 3 30 76 Seo'-am 6s94 CCC 22 6 81 26'i 4 I S.gna! 8 85s94 BBB 9 8 10 90 4 Sindr A 3 I 10 140 10 SoCfd 3 A 44 12 70S 4 V. StOCal AAA 6 I 5 72'.

Teldyn 3 8 I 12 43 'i Tennec 8'. 75 BB 6 7 26 96 1 4 'ennec 6 97 7 9 61 79 l'i UOCal 8 576 AA 8 4 40 98'i 5'is91 68 90 5 60 I 'JnAirlr, Sl 86 8 1 15 61 'i UnMiW 4.90 BB 7 7 17 52 US 688 7 9 85 58'. WhCon 5 is92 BB 98 29 56 -4 Xero.Cp 6s95 A 46 101 130 I US Treasury Footnotes; Ratings by Stondard 4 Poor's AAA highest grade obligations; AAhigh grade; Aupper medium grade; BBB medium grade, B8- loer med'um grade; B-ipecula'ive- CCC-CC -outright speculations; C-bonds HI Deputy Public Works Director Jerry Cass. In fact, Cass said, the reservoir level is down to six feet, and "normally we like to maintain it at anywhere from 20 feet upward." Cass attributed the problem to peak demands beginning last week which "put us far behind in our summer inventories," and to a power outage Wednesday evening that cut off one of the city's largest wells one which produced 1,300 gallons per minute. City Manager Henry Etchemendy said three wells were temporarily out of commission when their automatic reset devices failed to work during the outage.

The result, he said, was that "we weren't able to fill up the reservoir (and) the supply was reduced pretty drastically." Cass said the city has for the past week and one-half, been purchasing 900,000 gallons of water a day from the state-owned Hobart-Marlette system and "we forecast that we will have to be taking more. He said he did not know at this point how much more. Etchemendy said the prospect of added reliance on the state is based on the fact that water use normally increases in August. He shared Cass' view that the situation is currently not as bad as it was last summer, when residents were urged at one point to water their lawns every other day, and the water level dropped to near zero. But Etchemendy did not foreclose on the possibility that it won't happen again.

"We're going to be right against the pin this summer, without a doubt. We don't have an excess of water. People are going to be using nearly all the water produced each day until the hot weather goes. "It's too early to say whether we will do it (alternate day watering) this year. If we need to, we will." Etchemendy said large water users, including the school district, were asked Thursday not to irrigate.

"We'll be alright tomorrow," he added. "I'm hopeful we can get cooperation in the next couple of days from the people of Carson City to curtail their use. That's part of the solution to the problem," he said. The long-term solution, he added, is the importation of water from outside the Eaele Valley and the ME DlVpsnl being fxud, DD0- Fremont, Stardust purchase approved CARSON CITY (AP) The Nevada Gaming Commission has approved details of a $62 million deal by San Diego developer Allen Click to buy the Fremont and Stardust hotel-casinos in Las Vegas. Under terms of the deal approved Thursday, Click's Argent Corp.

would buy all stock in Recrion sole stockholder of a holding firm that in turn owns the two clubs. Glick is now in the process of making a tender offer to all Recrion stockholders, a Gaming Commission spokesman said. Glick plans to borrow $62 million from the Teamsters Union Pension Fund representing southeast and southwest states. He would also assume some undisclosed debts. About a third of the Recrion stock is held by Delbert Coleman, who had faced an allegation that he misused "insider" information on a stock deal.

Coleman agreed to no such activity in the future in a consent order issued by the federal Securities and Exchange Commission. Glick is one of the owners of the Saratoga Development Co. of San Diego. He made his first venture into casino ownership by buying the Hacienda Hotel in Las Vegas last year. New flights for Reno which bonds Your choice of a valuable free gift by General Electric the GE value-packed AM Clock Radio, or the compact GE 2-slice automatic toaster, or for ironing ease, the GE Spray Steam Dry Iron for a $5,000, four-year deposit returning annual yield of 7.

79. First Western Savings compounds interest daily and pays interest quarterly. Your choice of a valuable free gift by General Electric, the GE value-packed AM Clock Radio, or the compact GE 2-slice automatic toaster, or for ironing ease, the GE Spray Steam Dry Iron for a $5,000, four-year deposit returning annual yield of 7.25. First Western Savings compounds interest daily and pays interest quarterly. Medical school grants made 'Federal regulations require a substantial interest Denolty for early withdrawal NOW OPEN Howard Hughes and the federal government gave a total of about $1.1 million to the School of Medical Sciences at the University of Nevada, Reno Thursday.

The Public Health Service awarded a public health professions construction grant worth $950,063. It will be used to construct an addition to the Anderson Health Sciences Building. Additional free gifts available for deposits from $250 to $1,000. and general manager of the Utah-based airline, said. The airline will use an Piper Navaho aircraft which will depart Reno at 6:20 a.m.

daily, arriving in Elko at 7:30 a.m. and Salt Lake City Sun Valley Key Airlines, a commuter air service, will begin daily service from Reno to Salt Lake City Aug. 10. The service will include a stop in Elko before proceeding on to Salt Lake, Edward B. Rich, president NORTHERN HEADQUARTERS OFFICE South Virginia at McKay (Across from Park Lane Centre) Telephone 826-2484 SERVICE ON SATURDAYS, TOO First Western Savings will be open Monday through Friday from 9 a.m.

to 4 p.m. Saturdays from 10 a.m. to 2 p.m. FSWISS SILVER- Hughes gave $200,000 as the fourth installment of the $4.1 million gift he pledged to the school. So far he has given $900,000 since 1971.

"The Hughes funds have been crucial to the "FROM THt BANKS or SWITZERLAND" Ki FIRST WESTERN DOMESTIC SILVER SILVER BAGS SAVINGS ASSOCIATION LWttS LARGEST development of the medical acquisition of the Marlette said Dean George SILVER At a Kjund investment it pays to buy the belt, for its resale acceptability in the future. We are agents for Johnson Matthey (Refiners to the Bank of England since 1S25) Silver Bullion .999 fine bars. FOX INC. Suite 1 106 E. 1st St.

(FNB Building) Reno 89S01 TELEPHONE 329-6629 Smith. "They led to GOLD COINS A NO PRECIOUS METALS 831-3800 323-1681 For information fTtrill system. Etchemendy said the city had no current intention to reactivate municipal well No 8, which was shut off recentlv after nearby numerous other private and federal grants that provided early support for medical education in Nevada." Oil I HVt MSTIIMTOHS Seventy-seven students oeveiiiy-acveu aiuuciua residents complained I that it their first Hnu.ii on the suDDly ol A 5, SI1Taht.Il.!. 341 mkImm VHIof. In.

IMM vus. two ysars oi siuuy. tVheir private wells..