Reno Gazette-Journal from Reno, Nevada • Page 25

Reno Gazette-Journal Friday, March 3, 1989 7B Chrysler official says March a test for sales SEC approves rule change on auditors WASHINGTON The Securities and Exchange Commission approved rule changes designed to give investors faster notice when corporate auditors turn up fraud or other irregularities. Under the previous rules, a company had up to 15 days to report the resignation of its auditor in a dispute and an additional 30 days after that to make public a letter from the auditor outlining the disagreement. The new rule, approved Thursday on a 4-0 vote, requires companies to report the resignation of an auditor within five days and an addional 20 for the letter outlining the disagreement. DETROIT (AP) The automobile industry and its reliance on incentives is being tested this month, as car and truck sales nationwide show signs of softening compared with last year, Chrysler vice chairman said Thursday. Gerald Greenwald said incentives, which have become entrenched in automobile selling during the last few years, aren't as common as they were last year.

Meantime, "we've seen some slackening of traffic in dealerships throughout the country," he said. Some people speculate that normal winter patterns are causing the downturn in sales, "but we're about to be put to a test." "Here we are in the month of March that is usually a very strong selling month," he said. February sales figures are due out today. Through Feb. 20, sales of cars and trucks had fallen 3.2 percent compared with last year when, as Greenwald said, "blockbuster incentives" were in effect.

"If the overall question is do I expect to see incentives continuing, yeah, I do," he said. Greenwald's comments came before he addressed a banquet at the annual meeting of the Society of Automotive Engineers. Separately, Ford Motor Co. said Thursday it had extended for two months a sales incentive program: and will add to it, including a rebate of up to $4,000 on the imported Merkur XR4Ti. The nation's No.

2 automaker offered cash-back incentives through May 2 ranging from $400 to $4,000 for the XR4Ti, which carries a base price of $19,929. The highest rebate, boosted from $3,000, equals more than 20 percent of the German car's price. The company also extended low-financing offers ranging from 4.9 percent interest for two-year loans to 9.9 percent for five-year loans on various models. Buyers of some of the models covered in the offers had the option of taking cash incentives or the low financing program. Feds warn From page 10B those of established institutions.

The charters are re-sold at high mark-ups by organized businesses to U.S. citizens, who then operate them in this country, according to testimony at congressional hearings conducted in 1985. Although neither selling nor buying such a charter is illegal, experts told Congress that there are few legitimate uses for these banks. Many are used in illegal schemes, including issuing worthless cashier's checks and other types of financial instruments, the experts said. In the case that came to light Thursday, a customer at the Southwestern bank cashed a $36,000 cashier's check drawn on Lux International Bancorp in Montserrat.

The U.S. bank held the check for several days, assumed it had cleared and gave the customer the cash. By the time the bank discovered that no money had been received to honor the check, the customer had disappeared. For several months, federal law enforcement officials in several states have been investigating similar schemes involving worthless certified drafts drawn on nonexistent Mexican banks, including two of the 43 entities cited by the FDIC. The Office of the Comptroller of the Currency in Washington also is investigating off-shore banks and provided the names that the FDIC issued Thursday.

James R. Dudine, an enforcement official with the FDIC in Washington, said the number of successful frauds pulled off using the questionable banks is relatively small. "Most banks are astute enough not to get caught with this sort of stuff. But there are some real dangers," he said. Most of the U.S.

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GAF told shareholders at a brief annual meeting Thursday that 94 percent of the shares cast were cast in favor of the acquisition by a management group headed by Chairman Samuel J. Heyman. GAF makes chemicals and building materials. Stockholders will receive $46 in cash and an estimated $7 worth of subordinated debentures for each share. Wire service reports Ireradta 1V4 V4 tstaodyn 2' 'i 614 W0lvEx 6 '4 Wolv wt 3 32 BtarTc perex 10 Etrptsv UACm .04 31'- UBCol 13H V4 UnBldg 3' 1914 '4 33 IH Iwoodhd .60 1''4 SIvKIng 04 3'4l-l VMS SL1 VMX VSB Be .32 VWR .80 ValidLg VatyB 104 fermflx ermOl Warren 7 Warwk 5 WshBcp .15 20 Etwaln V4 uprEq urgAf 6 iurvTc SusqBn .88 vencel .42 iymbin jymblic 1 1 SynOpt Synblo Syncor WWTch EtaStBo 56 27' Simerc 5' Simpln Slllr 18 21 144 5H 24 29 EtateG 05b 3 116 bar, a lounge with open fire pit, a coffee shop, commercial kitchen, two levels of underground parking, banquet facilities, a third-level swimming pool and executive offices.

The property encompasses two parcels totaling about 20,000 square feet. Kings Inn is appraised by county officials at $6.2 million. Lange says its hard to say for how much the property will sell. Kings Inn was built for $6.5 million. Bergendahl paid $3.95 million when he purchased the hotel-casino in 1982.

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All rights reserved. -f fawfi'l irW1 oyi'm All Daybeds Include: 3 Sides Link Spring Pop-Up Trundle Floor Model nawhoHc 95 Closeout 5p1 All Tolotti Wood Stoves, Fireplace Inserts, and Zero Clearance Fireplace Heaters DRASTICALLY REDUCED 6995 Prices fe. Pedestal Model Daybed Cover Sets Innerspring Mattresses 10 Year Limited Warranty Zero Clearance Heater Fireplace Insert iimnim! i-t am 1 1 if, If I Reg. $949 Good Selection tii ucr FREE Pillows IU 107 now $749 Rea. $1549 Reg.

$1349 Pair for $11995 With Closeout Daybed Purchase. nun jran now s1 099 mm tiraituifs V3 to V2 OFF ACCESSORIES 'Meets Washoe County Emission Standards -1 wm ill Stove Pipe, Fireplace Tool Sets, Wood Holders, 6" Round Chimney Brush and 1 II KOuS, nearin nugs, I nviis, ureosoie Cleaner, oiuve rami. Furniture 1251 South Virginia Reno 786-2003 Credit Terms T- El I Prices Good Thru March 16th Gruner's Dinettes Bar Stool (AcfOM parking lot) Sale Hours 9-5 VISA ii 670 Dunn Circle Sparks, Nv. 359-5661 CIRCU? 'QLENOALE All Items Subject to Stock on Hand..