Reno Gazette-Journal from Reno, Nevada • Page 28

Today's tip 10B Friday, March 3, 1989 Reno Gazette-Journal BUSINESS EDITOR: JIM GOLD, 788-6322 me Send 50 cents each for "Consumer's Guide to Mortgage Lock-Ins" (Item 426V) and "Consumer's Guide to Mortgage Refinancing" (Item 427V): Consumer Info Center, Pueblo, CO 81009. Marketing firm puts Kings Inn on auction block and Pearl hotel-casinos before set auction dates, Lange said. Kings Inn opened in mid-1974 under the ownership of Col. Matthew Chotes, Bob Scoggin and Joseph Fischer, all of Reno. Allan Bergendahi of California became principal owner in 1975.

The owners filed for a Chapter 11 reorganization bankruptcy in June 1981 when threatened with foreclosure on a $3.4 million construction loan. The bankruptcy order was lifted in May 1982, and Bergendahi became sole owner of the hotel-casino in a foreclosure auction. Kings Inn's casino was closed in 1982 as part of the foreclosure. The hotel was closed again in 1986 after sprinkler, heating and ventilation systems failed fire code regulations. Bergen- See KINGS, page 7B By Veda AndersonGazette-Journal The marketing company that sold Reno's Mapes and Pearl hotel-casinos plans to auction off Kings Inn, officials said Thursday.

William Lange, president of Newport Beach, Calif. -based LFC Real Estate Marketing Services, said there has already been fairly good interest in the the downtown hotel-casino, and he will have no problem selling it in 60 days. LFC has begun an international advertising campaign, including publications in Tokyo and Hong Kong, to sell the 152-room facility that closed in 1986. The auction is set for May 19, but Lange says there is a good chance the seven-story club at Third and West streets will sell before then. LFC found buyers for both the Mapes Interest-rate drop boosts market 22.67 NEW YORK A drop in interest rates helped the stock market stage a broad advance Thursday, recouping Wednesday's losses.

The Dow Jones average of 30 industrials, down 15.35 on Wednesday, climbed 22.67 to 2,265.71. Advancing issues outnumbered declines by more than 2 to 1 in nationwide trading of New York Stock Exchange-listed stocks, with 982 up, 471 down and 506 unchanged. Volume on the floor of the Big Board came to 161.98 million shares, down from 177.21 million in the previous session. Nationwide, consolidated volume in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 191.87 million shares. A steady showing by the dollar against leading foreign currencies helped push bond prices higher in the credit markets.

Late in the afternoon prices of long-term government bonds, which move in the opposite direction from interest rates, showed gains of more than $5 for each $1,000 in face value. That, in turn, seemed to encourage buying in the stock market. Marilyn NewtonGazette-Journal INSIDE KINGS INN: William Lange, president of LFC, left, and Dan Carnes. thrift rLJ IT 37 i i I I i I I kr '4 t' jm If S. I p.

....1 AEROBICS: Tim Green's Circuit Training Program goes through the paces Thursday. exercise, health clubs told Craig SailorGazette-Journal sports, not simply for good-health reasons, Rippe said. Thus, fitness programs for children have been based on the concept of winning and competing, not on the assumption workouts result in good health, Rippe said. Among his many recommendations, workout centers and school officials should: develop programs to teach youngsters how exercise benefits them; encourage exercise in non-competitive sports; and teach them to stick with workout programs. Rippe is an assistant professor of medicine and director of the Massachusetts medical school's exercise physiology laboratory.

He is a medical adviser to the health club association, and is helping develop its "Commit to Get Fit" program. Rippe speakwgaiflrloday a.m. to cetf room More targeted over 4-6 weeks WASHINGTON (AP) The Federal Deposit Insurance Corp. took control of 37 savings institutions in six states on Thursday, bringing the total number of under the agency's control to 73. Although the FDIC regulates commercial banks, it began on Feb.

7 to take over the 220 shakiest in preparation for the regulatory reorganization proposed by President Bush. Seidman told the Senate Budget Committee that his agency will take over the rest of the 220 in the next four to six weeks. Of the 37 put under the FDIC on Thursday, 12 were in Texas, 10 in Kansas, eight in Arkansas, four in Louisiana, two in Alaska and one in Maryland. They have assets totaling $7.9 billion. The goal of the takeovers is to clamp down on above-market interest rates offered by the failed institutions, root out any undiscovered fraud and prevent the institutions from growing or taking excessive risks.

The FDIC is emphasizing that the institutions will remain open for business as usual and that all accounts are protected up to the $100,000 deposits insurance limit. The 37, listed by state, are: Alaska: First Federal Bank of Alaska and Home Savings Bank, both ot Anchorage. Arkansas: Madison Guaranty Savings and Loan Association, Augusta; First Federal Savings and Loan Association, Fayetteville; Landmark Savings Bank, Hot Springs; First Federal Savings and -Loan Association, Malvern; First State Savings Bank and Home Federal Savings and Loan Association, both Mountain Home; Commonwealth Savings and Loan Association, Osceola, and Unipoint Federal Savings Bank, Tru-mann. Kansas: First Federal Savings and Loan Association of Coffeyville; Valley Federal Savings and Loan Association of Hutchinson; First Federal Savings and Loan Association of Hutchinson; Colonial Savings Association of America, Liberal; The Barber County Savings and Loan Association, Medicine Lodge; Peoples Savings and Loan Association and Mid-America Federal Savings and Loan Association, both Parsons; Shawnee Federal Savings and Loan Association and Topeka Savings, both Topeka, and First Federal Savings Bank of Kansas, Wellington. Louisiana: Elmwood Federal Savings and Loan Association, Harahan; First Savings of Louisiana, La Place; Enterprise Federal Savings and Loan Association, Marrero, and Fontainbleau Federal Savings Bank, Slidell.

Maryland: Gibraltar Federal Savings Bank, Annapolis. Texas: Southmost Savings and Loan Association, Brownsville; Padre Federal Savings and Loan Association, Corpus Christi; Permian Savings and Loan Association, Kermit; Vision Banc Savings Association, Kings-ville, and Bexar Savings Association, San Antonio Savings Association, Commerce Savings Association, First State Savings Association, Suburban Savings Association, Mission Savings Association of Texas, Alamo Savings Association of Texas and La Hacienda Savings Association, all of San Antonio. timized bank and asked that his name be withheld. The regulator said the number of entities operating as banks in the United States without proper authorization or license has increased substantially in recent months. Three institutions on the FDIC list include British Bank of Commerce of Reno, Northern International Bank of Sparks and Northern International Bank of Reno.

None of the three has operating offices. Many banks on the FDIC warning lisl are located in Montserrat, where authori" ties have sold more than 200 bank charters in recent months, according to U.S. regulators. The names on the charters sound official and are often similar to See FEDS, page 7B In other news Antitrust violations: The Federal Trade Commission said that Detroit-area auto dealers broke federal antitrust laws by agreeing among themselves to close showrooms on Saturdays and most weekday evenings. The dealers were ordered Thursday to remain open 64 hours each: week for a year.

The dealers association said it will appeal. An agreement to limit shopping hours is the same as an agree-, ment to raise prices, the FTC said. Computer chips: An electronics industry group said it was urging large-scale re-entry by U.S. companies into the global market for computer memory chips. The initiative, which could involve outlays of billions of dollars to regain a significant share of a market that up to now has been largely conceded to the Japanese, was announced Thursday by the board of the Semiconductor Industry Association.

February sales healthy Sales at many of the nation's largest retailers increased strongly in February, but some analysts said Thursday that rising interest rates might restrain consumer spending in the months ahead. A continuing turnaround in women's apparel and renewed demand for other consumer and household goods contributed to last month's gains for department stores, discount chains and general merchandisers. "Sales were generally strong across the board," said Jeffrey Edelman, an analyst with the investment firm Drexel Burnham Lambert Inc. Yvonne Watkins, store manager for Mervyns Department Store in Reno, said February business was a little better than a year ago, "but it wasn't by any means a huge increase." Watkins said higher interest rates have not affected shopping at Mervyns. Retail sales measure important aspects of consumer spending activity, which accounts for about two-thirds of all U.S.

economic activity. People PEGGY L. LEVINE of Reno has been named an administrative assistant at the Nevada Hospital Association. She was previously with Northwestern Mutual Life Insurance Co. in Levine Reno and is a licensed life and health insurance agent.

Levine is president of Professional Secretaries International, Valley in the Sierras Chapter and was voted "Outstanding PSI Member of the Year" for 1985. She is also secretary to the steering committee for the Governor's Conference for Women. V. TRUETT LOFTIN, owner of the Ormsby House Hotel Casino in Carson City, has been elected to the Leukemia Society of America's National Board of Trustees. Loftin assisted in organizing the northern Nevada chapter of the society in 1986 and was active in the Sacramento chapter.

The board is comprised of business and professional leaders who volunteer their time to promote and expand the society's programs of research, patient assistance, public and professional education and community service. JAMES S. HANNA, research director for the Nevada Employment Security Department, has been named "Economist of the Year" for 1988. Hanna, of Carson City, was the 1979 recipient of the Vladimir Hanna D. Chavrid Memorial Award for Outstanding Contributions in the Field of Labor Market and Employment Service Research and the 1987 recipient of an award presented by the National Occupational Information Coordinating Committee.

He has published several research projects. He is a graduate of the University of California-San Jose and holds a master's degree in economics from the University of Nevada-Reno. DOROTHY NASH HOLMES has been appointed assistant United States attorney to serve in the Reno office. She will handle asset forfeiture matters. She was previously a prosecutor for Washoe County and the Organized Crime Drug Enforcement Task Force in San Francisco as well as an associate at Laxalt and jjomura, Ltd.

in Reno. Wire service and staff reports I I rfLi. II UK Feds warn banks against fraud Get youths to By Wayne MeltonGazette-Journal Workout centers should help encourage all young people to exercise, especially as more than half of 12-year-olds risk heart problems because they're sedentary, a nationally known medical expert said Thursday in Reno. "It's an outstanding problem," Dr. James Rippe of the University of Massachusetts Medical School told several hundred of 3,500 health club personnel gathered in Bally's Reno Hotel-Casino.

Rippe's comments came during the opening day of the Association of Quality Club's five-day international convention and trade show. It features dozens of seminars and more than 100 speakers on how to improve the businesses. Rippe told the group the country's children exercise far less than they should. In some cases, this leads to obe No changes seen in sale of Sparks box manufacturer By Jim GoldGazette-Journal No major workforce changes are planned at a Sparks corrugated-box manufacturer sold this week to Boise Cascade company officials said Thursday. The purchase of Silver State Packaging Inc.

brings a major paper manufacturer to Nevada, said D.C. "Chuck" Lucke-meyer, general manager. "Reno, Sparks and Carson will have a major source of paper from now on," Luckemeyer said. Silver State was primarily owned by Don and Bill Schroeder of Minneapolis. The brothers own four other corrugated-box factories, Luckemeyer said.

"They bought Manhattan Island from the Indians for $24 even. In those days there was no such thing as sales tax." iM Ttibwn Mtdii ScrvtCM. Inc All night RaMoiw) sity and other health problems associated with sedentary life, he said. By convincing youngsters of the need to start exercise habits, the health club industry would be ensuring it has enough customers to support the businesses in future years, Rippe said. The industry currently has an estimated $5 billion in annual revenue and nearly 9 million members.

Some analysts say there's another 40 million Americans including children who could be convinced to join a regular workout program. But attracting many of the younger people will take special efforts, Rippe said. Studies show about 85 percent of teen-agers in the United States are encouraged by society to lead non-active lives by the time they reach their teens. Most of the remaining 15 percent who exercise do it only because they're encouraged by society to compete in Terms of the Sparks firm's sale were not disclosed. The purchase will help Boise Cascade's Nampa, Idaho, corrugated-container plant expand its existing market base, said Fred Rench, Western region manager for the Boise Cascade's Corrugated Container Division.

"The addition of the Sparks plant is part of our division's continuing strategy to grow in specialty markets that can also expand the markets of our larger, full-line corrugated plants like the one in Nampa," Rench said. "The Reno area is growing at a healthy pace, and Boise Cascade plans to grow with it." Boise Cascade, based in Boise, Idaho, is a paper and forest products company that had sales of more than $3.7 billion last year. Shares Thursday closed up at 42. The Sparks plant at 902 Kleppe Lane employs about 25 workers. Sears: Still going strong Business is still going strong at Sears, Park Lane store manager Larry Williams said Thursday.

It's not as busy as it was Wednesday, but it's better than a normal Thursday. Williams said. Sears stores nationwide reduced prices on 50,000 items representing an estimated 1.5 billion pieces of merchandise in more than 820 stores. After staying closed through Tuesday, Sears stores reopened at noon Wednesday with the new everyday-low prices policy in place. Hundreds of people waited outside the Reno Sears for the doors to open.

Winnie-the-Pooh, who greeted children with posters and balloons at Sears Wednesday was back again Thursday, Williams said, adding, "Everything has been favorable." By Douglas FrantzLos Angeles Times Federal authorities warned banks across the country on Thursday to exercise caution in dealing with 43 entities that may be conducting banking business illegally. The "banks" apparently are operating illegally and "any proposed transactions involving any of the listed entities should be viewed with extreme caution," according to notices sent by the Federal Deposit Insurance which regulates banks and insures bank deposits. A federal banking regulator said that a bank in the Southwest discovered Thursday morning that it had lost $36,000 in a scheme involving a fraudulent cashier's check drawn on one of the institutions, located on Montserrat in the West Indies. The regulator declined to identify the vic cover CHICAGO Credit-card giant Visa U.S.A. has agreed to an electronic linkup with Sears, Roebuck and Discover card that could lead to greater acceptance of Discover by merchants, a Sears spokesman said Thursday.

The arrangement will enable merchants to run Discover cards through their Visa processing machines instead of installing separate Discover authorization and computer terminals, said James Flynn, a spokesman for Dean Witter Reynolds the Sears division that oversees Discover. "Now a merchant who accepts Visa can just take the Discover card (sign) and stick it in his window and clear the Discover card through the equipment he already has there," Flynn said. Sears said the electronic link will be established later this year..