Reno Gazette-Journal from Reno, Nevada • Page 30

Today's tip 12B Wednesday, December 16, 1987 Reno Gazette-Journal tasiaes The Service Corps of Retired Executives needs volunteer retired businesspeople to share their expertise with people starting their own businesses. Details: 784-5477. Stocks post modest gains; Dow up 8.62 Coko cans add a touch of blue ATLANTA A touch of blue will ornament traditional red-and-white Coca-Cola cans as the cola maker tries to entice Americans to drink more new Coke. The change of Coke's trademark dvnamic strine is te loped countries may have not get their money back. Bank of Boston Corp.

stirred those concerns on Monday by announcing it will take a charge of $200 million against loans to less-developed countries. The decline in oil prices helped the bond markets, where prices of some 30-year Treasury issues rose by more than $13 for every $1,000 in face value as their yields fell by more than a tenth of a percentage point. Short-term interest rates also slipped. Analysts said the stock market is also benefiting from strong economic statistics for the month that followed the mid-October stock crash. Volume on the Big Board came to 214.97 million shares compared with 187.69 million shares on Monday.

The Dow Jones industrial average opened higher and was up as much as 25 points in the morning session. But it slipped as low as five points below Monday's close in the early afternoon before moving back into the plus column. "This is where the market met resistance in November," said Charles Jensen, market analyst for MKI Securities Corp. "It's going to be tough sledding from here." Crude oil prices continued to fall in the wake of OPEC's adoption late Monday of a new agreement that industry analysts diefalt aets NEW YORK (AP) The stock market posted some modest gains Tuesday, helped by declining interest rates and a brighter inflation outlook. Analysts marveled at the market resilience in the face of a sharp decline in prices of some major banking stocks and afternoon profit-taking.

The Dow Jones industrial average of 30 Idustjr1, which climbed 6S.82 points on onMyAWrPint rise last week, Adwirf(iea led decliners by a margin of about to 7 among stocks listed on the New York Stock Exchange, with 928 stocks up, 688 down and 376 unchanged. nnf IrO fil In at 1 04 1 4H 1 U.S. todl il Oil 1 Jf!" 3 jc y-" fen' ii fc iMi mm lit 'H'TliTiiirUii 1. 1 ti nniiii temporarily converted to Pure Country Americana, a shop featuring unusual crafts. HOME OFFICE: Carol Capurro holds her granddaughter, Renee, 3, in the living room of her home, which has been Reno couple hope pure country sells in the city say will do little to diminish the world's oversupply.

Michael Metz, a market analyst for Oppenheimer said financial markets interpreted the oil price slide as a sign that inflation need not be a worry. He said as a result, the Federal Reserve will have more flexibility to relax its credit policy and encourage lower interest rates. That may have be why the market demonstrated little concern about the decline in the banking stocks, Metz said. Several major banking companies fell to 52-week lows in a selloff that analysts said stemmed from concerns that banks with major loans outstanding to less-deve- 3 Marilyn NewtonGazette-Journal -jf The home stands next to two other Capurro family homes, one of which is a white farm house built in 1853 by the Longley family, original owners of the ranch. Allen Capurro's grandfather, the late Louis Capurro Sr.

and Louis' brother, William, purchased the ranch in 1918. They previously owned a farm where mart now stands on Kietzke Lane. Louis Sr. and William Capurro's parents farmed what is now Old Town Mall-Raley's shopping center at South Virginia Street and Peckham Lane. Carol Capurro said she and her husband looked to another business endeavor when the family began to think about turning the 250-acre ranch on Longley into a commercial and residential development about two years ago.

"It just wasn't economically feasible See PURE, page 9B But the personnel director at Circus Circus said the company isn't allowed by the National Labor Relations Board to negotiate a contract with housekeeping employees because a majority of the workers last July said they no longer want to be represented by local 86. "It's against the law to go against the wishes of the majority of the employees," said Ann Brown. "After two years of representation by the union, a majority of those same employees came to management and said they no longer wished to be represented by the union." Michael Leong, supervisory field examiner for the NLRB's Oakland, office, said his office thus far has not prohibited contract talks between the two sides. Also, he said there are no petitions or election cases for withdrawal of repre increase the size of its board from 14 to 26 members with the shareholders choosing the 12 new members. Icahn described that plan as "unwarranted and counterproductive," saying it would create a divided board and weaken the oil giant.

It was not clear if Icahn opposed any other elements of the settlement plan, which includes a proposed $3.1 billion payment to Pennzoil to settle the $10.3 billion damage judgment it won against Texaco. His office said he was not available for comment. And although there has been speculation Icahn might seek control of Texaco, he said in his letter that he had no plans for such a bid nor did he want a seat on the board. cS first altering of the design If ce it was developed almost 20 learsi ago. The tricolor scheme was intended to further differentiate the new Coke from Coca-Cola Classic.

Coke maintains that sales of the new formula are stable, even though the company had to bring back the old formula as Coca-Cola Classic to meet consumer demand. The Atlanta-based company says the packaging change is intended to maximize shelf impact and achieve trademark uniformity on packaging. The switch means that both Coke and Pepsi will feature cola in red, white and blue cans. Alpine Meadows stock i Alpine Meadows of Tahoe the holding company for Alpine Meadows at Lake Tahoe and Park City ski resort in Utah, has begun trading its common stock on the Pacific Stock Exchange. The stock is listed under the symbol PDR.R.

Alpine Meadows has been operated by the Tahoe City-based company for 26 years. The company acquired the 24-year-old Park City resort in 1975. The company also is a major partner in the development of the Galena Ski Area on Mount Rose. Credit union honored A plaque honoring Great Basin Federal Credit Union as the Federal Credit Union of the Year will be unveiled Thursday at open house in the credit union's offices, 981 Bible Way. The award was conferred by the National Association of Federal Credit Unions, comprised of 9,600 credit union members nationwide.

Firestone to reorganize CHICAGO The Firestone Tire Rubber Co. on Tuesday announced plans to reorganize into a parent company with at least three substantially autonomous subsidiaries. Pending shareholder approval at the company's annual meeting on March 22, the change will promote better management of Firestone's tire, auto service and diversified products businesses, the Chicago-based company said in a statement. The plan calls for the parent company to Be renamed Firestone Inc. New Security Pacific officer LOS ANGELES Jerry A.

Grundhofer, the former head of Wells Fargo's retail banking operation, was named Tuesday as vice chairman of Security Pacific Corp. Grundhofer, 43, will head the retail banking unit of the Los Angeles-based financial services holding company. Security Pacific plans to take over Nevada National Bank in 1989. Summa sells 2 resorts LAS VEGAS Summa Corp. said Tuesday it will sell the Frontier Hotel and Casino and the Silver Slipper Gambling Hall, the last two resorts of the Las Vegas gaming empire started by the late Howard Hughes in 1967.

Summa said it agreed to sell the resorts for an undisclosed price to Laughlin casino owner Margaret Elardi. Earlier this year, Summa sold the Desert Inn and Sands resorts to financier Kirk Kerkorian, and previously had sold the Castaways to Golden Nugget owner Steven Wynn. The sales leave the company with Harold's Club in Reno as its sole gaming enterprise. DAVID F. LICKO, controller of the Reno Gazette-Journal, was recently elected first vice president of the International Newspaper Financial Executives Association.

He nined the internal Ucko audit department of Speidel Newspapers Inc. in Reno in 1972 and became the firm's assistant treasurer in 1975. The Gannett Co. Inc. purchased Speidel in 1977 and the following year Licko moved to Sioux Falls, S.D., to become controller of the Sioux Falls Argus-Leader, a Gannett property.

In 1982 he returned to Reno as controller. He is a 1969 graduate of the University of Iowa and holds a certified public accountant certificate. Wire service and staff reports barn," she said, pointing to the former home of the family dairy. "And I can still picture Allen cutting the last crop of hay here with the graders ripping up the land behind him." The Capurro and Quilici ranches are just two South Truckee Meadows properties leaving their agricultural history behind. The fastest-growing area in Washoe County also includes the Double Diamond Ranch and the large Damonte Ranch nearby, projected for more than 6,000 homes each.

The Capurros operate their store out of the living room and dining room of the ranch home they built and have lived in for 25 years. At 6560 Old Long-ley Lane, the store is hard to find since it is right in the middle of the old ranch on a previously private road, Carol Capurro said, adding new signs will soon change that. (Directions and other details, 853-1800). Total reaches $43.4 billion during summer WASHINGTON (AP) The deficit in the broadest measure of U.S. foreign trade widened to a record $43.4 billion during the summer as America ran a deficit with the rest of the world in investment earnings for the first time in 29 years, the government reported Tuesday.

The Commerce Department said the imbalance in the nation's current account from July through September topped the previous record deficit of $41.2 billion set in the April-June quarter. The mounting international deficit figures pushed the country farther into the hole as the world's largest debtor nation, a status which means foreigners now own more in U.S. assets than Americans hold in foreign assets. Analysts estimated the country's net debt to the rest of the world would top $400 billion by the end of this year, a startling turn-around in just five years from being the world's largest creditor nation, a position now held by Japan. In a second, more optimistic economic report Tuesday, the Federal Reserve said that American industry operated at 81.7 percent of capacity in November, the highest operating rate since August 1984.

The November figure was an improvement from an October operating rate of 81.5 percent and was an indication that American industry continues to benefit from expanding sales of American exports even though the trade deficit is stubbornly refusing to decline because of steady increases in the dollar-level of imports. The current account is considered the most important trade figure because it measures not only trade in merchandise but also trade in services, primarily the flow of investment earnings between countries. The deterioration in the country's international accounts was emphasized in the new report, which showed that the country ran a $615 million deficit in the investment category in the July-September quarter, the first time this account has been in deficit since 1958. While the United States has run a deficit in merchandise trade for 15 of the past 16 years, the total current account was in surplus as recently as 1981 because Americans' earnings on overseas investments were enough to offset the merchandise trade deficits. A flood of foreign goods has wiped out the cushion once provided by investment earnings as Americans have transferred billions of dollars into the hands of foreigners to pay for imported goods.

sentation filed by the union or Circus management-labor relations in northern Nevada. Leong said there are a number of ways a majority of union members can withdraw from the union including holding an election and filing a petition with management or the union. A housekeeping contract would cover about 250 of Local 86's 414 members working at Circus Circus, Uehlein said. Brown refused to discuss how management at Circus Circus determined that at least 51 percent of the housekeepers don't want union representation. "I really hate to go that much farther into it in the press because the union hasn't gone any further than attempting to boycott us," she said.

But Uehlein said until the housekeepers See UNION, page 9B On Monday, however, sources close to the shareholders committee indicated that the matter of 12 seats on the board was not a major issue, saying the committee was much more interested in working out a deal. Committee officials did not return calls for comment on Icahn's letter Tuesday, Pennzoil and the two committees announced Monday that they had agreed on the framework for the settlement plan, which would resolve the Pennzoil dispute and and get Texaco out of bankruptcy court reorganization. Texaco indicated strongly that it did not favor the proposal, saying it was considering filing its own reorganization plan. Union urges boycott after Circus Circus contract offer By Nancy F. PeekGazette-Joumai A Reno couple have started a new business that might help preserve country charm while city life encircles the ranch their family has owned for 70 years.

Carol and Allen Capurro operate Pure Country Americana, a country-replica furniture and craft store in their 25-year-old home on the old Capurro ranch between new Longley Lane and South Virginia Street. The store is just one of many changes that include development of offices, warehouses and housing on the Capurro and adjoining Quilici ranches. "The development is wonderful for the family, especially for the future," Carol Capurro said. "But it is a little sad, too, because we've all spent so much time ranching here. "I can't begin to tell you how many hours I spent with the calves in that New restaurant, to replace Cafe 32 By Jim GoldGazettfrJournai The former Cafe 32 in south Reno is scheduled for a grand reopening Thursday with new owners but without palm trees.

The art-deco style restaurant at South Virginia Street and Patriot Boulevard is called R'Onions, said Bob Tnomason, one of three partners in the venture. Thursday's opening, 5-10 p.m., will benefit the Northern Nevada division of the Muscular Dystrophy Association, he said. Patrons may donate $3 each or $5 a couple to MDA and receive free drinks and hors d'oeuvres. The restaurant features an 88-item menu, Tnomason said, noting meat and fish are grilled on a mes-quite-wood grill. Prices range from $3.85 for burgers to $10.95 for New York steak, Tnomason said.

The bar's variety of drinks includes ice cream and shaved ice, which are also used in non-alcoholic mixes, he said. The restaurant's exterior has been painted but palm trees that died last year before former owners closed Cafe 32 will not be replaced, Tnomason said. The trees were unable to withstand Reno's winter. Inside, Tnomason promises a "fun, loose and casual atmosphere." "There's not anything like it any 8h CAFE, page BB By Lisa OvensGazetta-Journaf Members of a local union are trying to dissuade people from staying at Circus Circus because they say the hotel-casino refuses to negotiate a contract in good faith. Housekeeping employees at the Reno hotel voted in 1985 to become members of Hotel Employees and Restaurant Employees Union Local 86.

Hotel management offered contract proposals in March that the union says would make workers second-class citizens. So union members began distributing fliers this fall encouraging people to stay elsewhere, said Bill Uehlein, president of the local. Also, the union is contacting other unions in Nevada and northern California to take a stand against Circus Circus. Icahn opposes Texaco-Pennzoil settlement proposal NEW YORK (AP) Financier Carl C. Icahn threw a wrench into the effort to resolve Texaco legal war with Pennzoil saying Tuesday that he opposes a settlement being worked on by Pennzoil and creditor and shareholder committees.

The proposed settlement "would have the effect of pushing Texaco off a hot roof into a raging fire," Icahn wrote in a letter to Robert Norris, chairman of Texaco's shareholders committee. "The proposals, as reported in the press, would be ruinous to the company. As the largest shareholder in the company, I will not support your plan," Icahn said. He specifically criticized the shareholders committee's proposal that Texaco.