Reno Gazette-Journal from Reno, Nevada • Page 8

HA Reno Gazette-Journal Tuesday, November 9, HIH2 Treasury securities' yields rise SYLVIA PORTER Miners chief campaign ends CHARLESTON, W.Va. (AP) A year-long campaign for the presidency of the United Mine Workers union ended Monday as incumbent Sam Church and challenger Rich Trumka headed home to await the miners' decision. The union is working under a lucrative contract providing 33 percent increases over three years, but the election Tuesday comes during an industry-wide slump that has led to layoffs of tens of thousands of miners. Both Church and Trumka have campaigned on the theme of leadership, but the similarity ends there. Church, a 46-year-old former mine electrician from Appalachia, worked his way up through the ranks, acquiring a reputation as a brawler along the way.

Trumka, a 33-year-old third-generation miner from Nemaco-lin, attended law school and left the mines after a little over three years to become a union lawyer. On Monday, Church was in Alabama where spokesmen said he had a light schedule before heading back to Cast-lewood. In contrast, Trumka and his supporters gathered in Carmichael, where they planned a noisy "preelection victory celebration" including a torchlight parade Monday night, according to campaign spokesman Joe Corcoran. At stake is a five-year term at the helm of the UMW. The campaign marked Church's first bid for election to the office he has held since 1979, when he moved up from vice president following Arnold Miller's resignation due to poor health.

savings and loan associations may pay as much as 8.897 percent interest on six-month money market certificates and commercial banks may pay 8.647 percent. The ceilings had been at 8.731 percent and 8.481 percent for the past week. Banks and may pay as much as 7.964 percent on three-montn certificates compared with last week 7.813 percent. may pay as much as 9.85 percent and commercial banks as much as 9.6 percent interest on 2M-year "small-saver" certificates, down from 10.2 percent and 9.95 percent the past two weeks. New tax-exempt, one-year "all-savers" certificates issued by financial institutions through Nov.

27 pay 6.66 percent when held to maturity. WASHINGTON (AP) Yields on short-term Treasury securities rebounded in Monday's auctions following declines in the previous week, the Treasury Department reported. About $5.6 billion in new three-month bills were auctioned at an average discount rate of 7.964 percent, up from the 7.813 percent of last week. The government also sold about $5.6 billion in six-month bills at an average rate of 8.397 percent, up from 8.231 percent. Monday's yields, a measure of the cost of government borrowing from the public, were the highest since Oct.

25, when rates were 8.031 percent for three-month bills and 8.472 percent for six-month bills. Beginning Tuesday, in private accounts linked to federal securities HOWIE EQUITY LOANS 2ND MORTGAGE 7 YEARS TO REPAY $10,000 TO $100,000 UP TO 90 OF APPRAISED VALUE OWNER NON-OWNER OCCUPIED LOANS APPROVED IN 2 DAYS FULLY ASSUMABLE LOAN NO PREPAY PENALTY Muffin maker sues competitor MORRIS PLAINS, N.J. (AP) The maker of Thomas' English muffins is burned up that its 102-year-old recipe might nave been leaked to Entenmann's and it is suing to block its competitor from using the trade secret. "We believe that there is a possibility Entenmann's obtained secret information from three former employees," Michael Sayeau, a spokesman for Thomas' parent company, said Monday. Lemons 702322-7765 437 South Sierra Street, Reno, Nevada when we give (MMM PACs can energize with big money tc gobble up laws Of the top five political action committees (PACs) uie Urited States, the third largest is reported to be the National Automobile Dealers Association, with assets reported slightly under $1 million.

Is there any connection between this power and the fact that Congress has voted to veto a Federal Trade Commission rule that would have required used-car vendors to tell you of any known defects in the cars they sell you? Among the other top five are the American Medical Association, with around $2.4 million in assets and the American Dental Association, with about $700,000. Is there any connection between this and the major drive now under way to exempt doctors, dentists and other professionals from antitrust limitations on practices that might tend to raise the fees you pay? The PACs are estimated to have spent roughly $240 million to influence the results of last Tuesday's elections. At some point, as in the video game, PACs may gobble us up; PACs can gobble laws rapidly because they can focus the big money where it counts. There are more than 3,000 of these political action committees in our country now, concentrating on one special interest or another and working on our political system mostly for economic ends. How did PACs and all they involve come about? They began under the banner of ill-advised "reform" and with the best of intentions.

It was way back in 1907 that Congress prohibited corporate contributions to federal political campaigns. By 1943, the labor movement had grown to a degree where a similar ban was slapped on union political contributions. The union movement then created the first PACs based on voluntary contributions from those who agreed with the unions' views. By 1971, reforms were urgent and a bargain was struck. Corporate leaders would support the reforms only if corporate PACs were allowed, too.

Under the 1971 law as amended several times, PAC contributions are supposed to be strictly "voluntary" but if you are an aspiring executive on the way up, wouldn't you like to be known as an enthusiastic contributor to your company's PAC? Of course. And while there are dollar limits on how much one PAC can contribute to one candidate, PACs come in packs and the limits are of no meaning at all. Solve it by abolishing all PACs? No. That's too simple and it won't happen. Unions would fight even more bitterly than corporations against this because PACs are among the few means they have of exerting influence on political trends.

Limit the amount a PAC can raise or contribute? Meaningless, because more PACs would just be used to reach the same goal of political influence. Restrict how much one candidate can get from all PAC sources? Nonsense as well. This would merely spread the cash more widely with the same goal of influence being sought and attained. Possibly an approach would be to limit how much one person would be allowed to give to any PAC for which solicitations took place through, say, your employer or any entity contributing to your livelihood. You could still give unlimited amounts.

If the maximum were moderately low corporate PACs could not use the approach of soliciting large donations from top executives to build a giant political fund. Union PACs would be hurt much less, since union members rarely contribute megabucks. The power of corporate and union PACs would be more equalized and unions would not be likely to oppose the move. Right now, PACs are hunting laws they dislike, chewing giant loopholes in the fabric of our society and in our pocketbooks. Right now our politicians also are chewing up the PAC money, avoiding the very idea of campaign war chests without PAC contributions.

We had better do something about this before 1984's election. If we don't, our laws will look more and more like cheesecloth. Holiday Inns to buy parent company of 2 Vegas clubs MEMPHIS, Tenn. (AP) Holiday Inns, announced Monday that it has agreed to buy the parent company of the Holiday Casino and adjacent Nob Hill Casino in Las Vegas. Under the agreement, Holiday Inns will buy a 60 percent interest in River Boat Casino, from Claudine Williams and other shareholders, according to a company announcement.

Terms were not disclosed. Holiday Inns purchased a 40 percent interest in the company in August 1979. "Full ownership of the Holiday Casino gives Holiday Inns a significant presence in Las Vegas," said Michael D. Rose, president and chief executive officer, in a prepared statement. Holiday Inns already owns Harrah's hotel-casinos in Reno, Lake Tahoe and Atlantic City, N.J.

The Holiday Casino, which has been managed by Mrs. Williams since its opening in 1973, is adjacent to the Holiday Inn-Center Strip. Earnings ahead of inflation WASHINGTON (AP) Median earnings of wage and salary workers with full-time jobs were 7.1 percent higher in the third quarter than at the same time a year ago, the Bureau of Labor Statistics said Monday. That was enough to keep those workers just ahead of inflation. The bureau said that after adjustment for a 5.6 percent rise in the Consumer Price Index from Oct.

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