Reno Gazette-Journal from Reno, Nevada • Page 30

Today's tip BankCard Holders of America says avoid expensive gold credit cards. To get its pamphlet, "All that glitters is not gold," send $1 to BHA, 333 Pennsylvania SE, Washington, D.C. 20003. 10B Friday. May 13.

1988 Reno Gazette-Journal BUSINESS EDITOR; JIM GOLD. 788 6322 River Inn owner details new plans for resort mm wm.mmmwm 2 '-J2J Computer vims attacks due today Watch out! There could be a "virus" in your computer set to go off today. Today Friday the 13th is the day that many of these software time bombs, secretly 5, sent to prison for his fraudulent business dealings. Benny sold the property to Chang in 1979 but retained a leasehold interest. In the current plans, the 83 existing motel rooms will be torn down and 105 new ones will be built farther back from the river to make room for a swimming pool and plaza.

Next, 196 units in duplex and eight-plex buildings spread over the 36-acre property would be constructed, including 58 of the units on 16 acres on Si RENDERING: The proposed River Inn Hot overpass over the railroad tracks be built before opening to give fire department vehicles permanent access to the resort. Plans for a recreational vehicle park, as envisioned by Benny, have been abandoned. The small sewage plant also would be torn down and the protect, expected to open in two years, would be served by the By Susan VoyleaGutM-joumai The River Inn on the Truckee River near Mogul would recapture its first-class stature under a proposal reviewed Thursday by Washoe County planning officials. The River Inn, which has been closed for 10 years, would be called River Inn Hot Springs, reminiscent of when it was known as Laughton's Hot Springs and drew locals as well as East Coast socialites over three decades, ending in the 1950s The new plans by owner T.M. Chang of San Mateo, include the current A-frame casino.

Meeting rooms and shops would be built to connect the casino with a large spa filled with water from the natu-r ral hot springs, said Gene Martens of SEA Enginenng, representing Chang. In all, it will take another $40 million to $45 million to complete the renovation, begun almost 10 years ago by George Benny, Martens said. Local contractors and suppliers lost several milllion dollars in their work for Benny after he went bankrupt and was rt IINCOIN bow downturn ARTIST'S the south side of the Truckee River. Guests would get around on golf cart-type vehicles. While planners urged the developer to move up the time schedule, Chang plans to hold off building a 425-space parking garage in a second phase.

Planners in Thursday's scoping session also urged an -I 1 Ml Kc- Fallon's Churchill County High School with its team of Charles Tipp and Eric Weyant, both 18, took second place at 68 minutes, 8 seconds, with one demerit, and Valley High School of Las Vegas, with Richard Caruso, 17, and Michael Lorenzi, 18, came in third at 105 minutes and one demerit. "There aren't many competitions in car mechanics and this is the hardest one," said Jeff Snyder, 18, of the Douglas High School team from Minden before the contest. "It will be a pretty close race, but we stand a good chance." The 10 two-man teams were the top scorers on a written exam administered by the Nevada Department of Education to 72 Nevada high school auto mechanics students to test their aca fi i SMS Springs from across the Truckee River. proposed Verdi sewer interceptor. Considering the property's checkered past, the biggest question is: Will it open? "I think the time has come," Martens said.

Extensive marketing studies show the project will be a success and attract new upscale visitors to the Reno area. Easter, tax bite blamed By Martin CrutslngerAP WASHINGTON Retail sales fell 0.6 percent in April, the first setback in six months, with the decline blamed on an early Easter, bad weather and a bigger federal tax bite for some people. The Commerce Department said consumers spent a seasonally adjusted $131.6 billion at retail stores last month, a drop of $815 million from the revised March figure. Sales had not fallen since a 0.8 percent setback last October, but economists said they were not particularly concerned by the weakness, especially since sales in March were revised upward to show an increase of 1.7 percent. That was the fastest sales advance since last August and almost twice the originally estimated 0.8 percent gain for the month.

Both the big jump in March sales and the April decline were blamed on the fact that Easter occurred on April 3 this year, meaning that consumers did their spring shopping in March, siphoning off sales that would normally have occurred last month. "The April retail sales figure is very misleading because of Easter. Consumer spending is still holding up well," said Allen Sinai, chief economist of the Boston Co. Analysts said other factors that played a role in the April decline were unseasonably cold weather in some parts of the country that discouraged sales of such items as garden equipment and higher tax bills some Americans faced at filing time this year. They noted in particular that sales at restaurants were down 1.6 percent, while sales at furniture stores were off 0.2 percent.

"Some people did get shocked by the new tax law. They may have filled out their tax forms and decided they couldn't afford to eat out for the rest of the month," said David Wyss, an economist with Data Resources Inc. Tom Megan, an economist with Evans Economics, a Washington forecasting firm, said he was not concerned by the April sales dip because with unemployment now at a 14-year low of 5.4 percent, consumers are confident about the future. "With employment and incomes still growing, we expect consumers will keep spending," he said. Total economic activity, as measured by the gross national product, rose at an annual rate of 2.3 percent in the first three months of the year, far better than the recession some people were predicting immediately after the October stock mar- See RETAIL, page 7B FCC wants caps on prices phone companies set WASHINGTON (AP) The Federal Communications Commission on Thursday proposed a new method of regulating interstate telephone rates and estimated the plan could save consumers $1.6 billion over four years.

The FCC is proposing to scrap current limits on the profits American fteWaph Co. and A can fatettatfMfton of set UkareVpjicfthe companies can XcJgerTne companies could opt tor price caps or for current regulation. The new method, the FCC's three sitting commissioners agreed, would give the companies incentive to cut costs, invest in more efficient technology and be more innovative in order to maximize their earnings. said it was encouraged by the proposal, but expressed some See FCC, page 7B planted oy mischievous or malicious programmers, are supposed to be triggered inside computers around the world. Lots of people are concerned, said consultant Robert H.

Courtney, a former director of security at IBM Corprj wuruiey saiu ne nas uisarmetj Km Tuuscs ui uic iaai iron, vSM All wor ci-hAHnlorl tn an nff 3- today. To protect his clients, he declined to say where they werftrt but he said some were in eovernment ana otners in corporate computers. "I really hope it doesn't happen to anybody," said Beverly Ann Glath, spokeswoman for RG Software Systems Inc. of Willow Grove, which sells a program designed to spot and destroy a virus. "A lot of people aren't protected at this point." Fed boss backs bank bill WASHINGTON Federal Reserve Chairman Alan Greenspan on Thursday urged the House to follow the Senate's lead and pass major legislation to give banks new securities underwriting powers.

Greenspan said the Federal Reserve favored the approach taken by the Senate, which in late March approved legislation that would repeal most restrictions of the Depression-era Glass-Steagall Act. That statute barred a mingling of the banking and securities industries. The 1933 law was one of the reforms passed following the 1929 stock market crash. It was aimed at curbing the types of speculation which were blamed for the crash. Greenspan said that one of the attractive features of the Senate legislation is "that its near-complete repeal of the Glass-Steagall Act allows for a market driven evolution of financial services and products." "I would urge the House in its deliberations in the months ahead to adopt an approach similar to that of the Senate, Greenspan said.

However, the Senate proposal, sponsored by Sen. William Proxmire, faces an uncertain future. People Betzelberger Brown ROBERT W. BETZELBERGER, manager of the Country Companies Northwest Nevada Agency in Sparks, has qualified for the companies' 1987 Super All American Team for outstanding sales achievements during the year. Betzelberger joined the Country Companies, a group of insurance and investment companies, in 1985 as an agent in Illinois.

In January he was appointed manager of the Northwest Nevada Agency. He has been named a Super All American twice during his career. Betzelberger is a graduate of Illinois State University. MIKE BROWN has been named vice president of operations for International Game Technology, Reno-based designer and manufacturer of microprocessor-controlled gaming equipment. Brown was formerly director of operations for IGT.

His experience includes working as a management consultant with Alexander Proudfoot before joining Moduline International of Olympia, as corporate director of manufacturing. Before joining IGT in 1982 as Mapics project manager, he held various positions with Moore International, a lumber company in Portland, Ore. ROBERT M. SMITH has received Time Insurance Achiever Award for his outstanding life sales and customer service during 1987. Time Insurance has recognized Smith in the past with its Pacesetter Award.

He has been recipient of the National Sales Achievement Award and has qualified for the Million Dollar Round Table. RICK COZAD, salesman of Reno JeepEagle, was honored for outstanding sales achievement in 1987 during ceremonies sponsored by the JeepEagle Division of Chrysler Motors Corp. Cozad was named one of the outstanding salesmen in the region. The award is based on overall yearly sales achievements for the dealership in competition with the nearly 40 JeepEagle dealers in the region. Wire service and staff reports 4 mi mm mL Mm Craig SallorQazene-Journal CONTESTANTS: Dan Larason, on the ground, and Kayphet Mavady of Southern Nevada Vocational Technical Center.

White Pine duo win trouble-shooting test 0 demic and mechanical skills. The next step for the finalists representing high schools in Ely, Fallon, Las Vegas, Minden, Panaca and Sparks was the hands-on mechanical competition held at Reno Chrysler-Plymouth. The Ely team now prepares for the national competition in Washington, D.C, where winners from all 50 states gather to compete June 18-21. Students Thursday worked on identical cars, doctored with problems ranging from plugged fuel lines to missing fixture screws. The teams were supplied with tools, repair manuals and a repair order outlining the conditions caused by the bugging process.

The young mechanics took it from there. See WHITE, page 7B place in a single stock Avon Products, down Vs at 24 on turnover of more than 29.8 million shares. Analysts said the activity stemmed from short-term strategies based on the company's impending quarterly dividend. At recent levels Avon shares sport an annual yield of 8.3 percent. Otherwise, analysts said investors were doing a little tentative buying in stocks depressed by Wednesday's selloff, which came amid increasing worries about rising interest rates.

Brokers said traders remained concerned that persistent strength in the economy would lead to upward pressure on interest rates and inflation. prising strength, but the uncertainty raised by the crash has lingered. Many investors now say they fear a rapidly expanding economy, because it would mean higher wages, more demand for credit and too much money chasing too few goods. That translates into inflation. The economists who dispute that view argue that wages have not risen, despite See INFLATION, page 7B question big scare about inflation Struggling stock market ekes out a wee gain By Susan SkorupaGazette-Journal Gentlemen, start your engines! Or try to.

It took nearly 20 minutes for the first of 10 high school mechanic teams in Thursday's 1988 Nevada Plymouth-Tn- ile A Trouble Shooting contest to crank into the engine of a 1988 Plymouth Sundance, specially doctored with hidden mechanical problems. Another 15 minutes elapsed before Blake DeLucia and Bodie Frates, both 18, of White Pine High School in Ely slammed the hood and took a test spin on their way to a first-place finish. Their winning score based on computation of hands-on time, scores on a March qualifying exam and one demerit for a loose fuse box clip was 64 minutes, 8 seconds. Some economists By Rick GladstoneAP NEW YORK Inflation paranoia has gripped the financial markets, which only a few months back were preoccupied with the threat of a recession. But some economists say the specter of rising prices is highly exaggerated.

These economists argue that unlike the 1970s, when price spirals became ingrained, the economy of the 1980s has been reshaped by fundamental changes that have restrained costs and wages, two key components of inflation. Moreover, their reasoning goes, the highly competitive global economy and higher U.S. productivity provide compelling evidence that acute inflation will not revisit the United States in the forseeable future. "There's a very slow learning process in the markets," said John Hekman, senior economist at the Claremont Economics Institute, a forecasting firm in Claremont, that rejects the prevalent thinking about inflation fear. "We've had inflation scares every year." Unfounded or not, this anxiety has helped wrench down stock and bond prices and raise long-term Treasury yields to the highest levels of 1988.

The Federal Reserve has been maneuvering to tighten credit as a preemptive step to thwart inflation, and on Wednesday banks NEW YORK (AP) The stock market struggled to a small gain Thursday in a sluggish bid to rebound from Wednesday's broad decline. Trading was quiet. The Dow Jones average of 30 industrials, down 37.80 on Wednesday, recovered 2.15 points to 1,968.00. Advancing issues outnumbered declines by about 5 to 4 in nationwide New York Stock Exchange-listed trading, with 796 up, 637 down and 528 unchanged. Big Board volume came to 143.88 million shares, down from 176.72 million in the previous session.

Nationwide, volume in NYSE-listed issues totaled 164.82 million shares. A big chunk of the day's trading took responded by raising their prime lending rates. To some degree, economists say, inflation anxiety results from the stock market crash seven months ago. After the collapse the Fed used a mix of confidence-building public statements and big injections of money into the banking system to quell fears that a recession loomed. Since then the economy has shown sur.