Reno Gazette-Journal from Reno, Nevada • Page 18

Reno Gazette-Journal S)f5J Business FRIDAY DECEMBER 24, 1993 STEVE FALCONE, BUSINESS EDITOR: PHONE, 788-6322; FAX, 788-6458 December 23, 1 DOW(liulusliials) NYSE w7 i 500 AMEX NASDAQ Fibreboard announces asbestos agreements WALNUT CREEK, Calif. Fibreboard Corp. said Thursday that it has signed definitive agreements to resolve all asbestos personal-injury claims against the company. The settlements were reached with Fibrcboard's insurers. Continental Casualty Co.

and Pacific Indemnity and ith lawyers for class-action plaintiffs. The agreements now must be approved by a federal judge in Texas ho oversaw more than two years of negotiations. Continental and Pacific will pay $1.5 billion to a fund for future asbestos claimants. The companies also will cover all existing personal injury claims. The settlements should ultimately result in more than $3 billion being made available for all existing and future claimants, the company said.

Fibreboard owns more than 80,000 acres of timberland in the Sierra Nevada and manufactures lumber, hardwood plywood, millwork, industrial insulation and fireproofing materials. RECORD HIGHS: A trad er on the floor of the Mexican Stock Exchange speaks on a cellular phone Thursday as he looks at monitors. The exchange broke the barrier for the first time as foreign investors poured money into the market as activation of a free trade pact neared. Alpine Meadows Amfed Financial 25 Amservlnc. 1316 BankAmerlca 46 Vt Clorox 53 Coeurd'Alene 2(Bfe -Ve Comstock Bank 8 R.R.

Donnelley 30 Echo Bay 12 -Vs First Interstate 65V4 FirstMissGold 7V First Western Fin. 8 Vi FMCGold 5 -Va Gannett 56 Vs General Motors 55V4 -M Granite Const. 23 .1 Harding 9V2 Nevada Power 23 Newmont 56V2 ft Pacific Telesis 55 -Va J.C. Penney 53 1 Va Reno Air 6'4 -Vs Rotech 13 Santa Fe Pacific 21 Sierra Pacific 20 Vs Sierra Tahoe 6 -Va Southwest Gas 15 -Va US Bancorp 24 -Va NYSE Diary Advances: 1,257 New highs Declines: 835 101 Unchanged: 635 New lows Total Issues: 2,727 38 More gmd mews for economy Gains: Personal incomes climb 0.6 percent in November; consumer spending increases 0.4 percent. Composite volume: 282,592,420 1992 avg.

eomp. 250,157,090 200,000 new jobs this month. Personal income in November rose to $5.5 1 trillion at a seasonally adjusted annual rate, up from $5.48 trillion a month earlier. Disposable income income after taxes increased 0.6 percent, also the fourth gain in a row. Consumer spending, which represents two-thirds of the nation's economy, totaled $4.49 trillion, up from $4.47 trillion in October.

Americans' savings rate savings as a percentage of disposable income rose to 4.2 percent from 4 percent in October. Analysts also were encouraged that income growth outpaced the spending rate in November. GAMING Bonds: Treasury bond prices finished a light prc-holiday session mostly higher Thursday. The price of the Treasury's main 30-year bond rose 3-32 point, or 94 cents per 1 ,000 in face value, while its yield held at 6.21 percent. On Wednesday, bond prices raced upward after demand was strong at the Treasury's auction of new 5-year notes.

The market closed at 2 p.m. Eastern time Thursday, and traders were reluctant to stake out new positions despite strong economic data released by the government. Stock listings: Because the markets are closed, this week's complete listings are being published today instead of Saturday. reason to think the economy will be screeching to a near-halt as it did a year ago. The fundamentals are positive." In another report Thursday, the Labor Department said the number of first-time claims for jobless benefits inched up 4,000 last week, to a seasonally adjusted 332,000.

But the four-week moving average of claims for unemployment insurance fell by 1,750, to 332,750. Analysts prefer to track the average because it smooths out spikes in the weekly reports. "The employment claims numbers are consistent with sustained increases in employment," Dederick said, predicting creation of "Associated Press vorable across the board." The Commerce Department reported Thursday that personal incomes rose 0.6 percent in November, the fourth straight advance. Consumer spending was up 0.4 percent, the eighth consecutive gain. The department also said factory orders for durable goods items from airplanes to appliances expected to last more than three Night-owl shopping at L.L.

Bean Harvey's prepares to sell stock shares Personal income Trillions of dollars, seasonally adjusted-annual rate 5.55 5.50 545 5.40 5.35 5.30 5.25 5.20 5.15 JFMAMJJASON 1992 1993 Nov. "92 Oct. '93 Nov. 93 5.24 1 5.48 1 5.51 Source: U.S. Dept.

of Commerce AP sentatives constitutional investors, who vvbuld initially buy' huge blocks of the stock as it goes public. Federal securities regulations prohibit brokers and executives" at a company that's going public from issuing major public statements about their stock offerings in the weeks immediately before initial stock sales. But staff-level personnel at a New York City-based underwriting firm, Donaldson, Lufkin Jenrette, said they've been busy preparing a prospectus on the issue. A prospectus describes in detail a proposed offering, listing company's financial perfor mance record and describing specific risks involved in the proposed offering. Asking that their names not be used, several brokers recently said they expect lots of public inquiries.

But so far there have only been a handful of inquiries, since the prospectus isn't ready to distribute. Before a stock is issued brokers can request copies of a prospec-i tus from underwriters. The docu-I ments can then be given to clw ents or prospective buyers who request them. Initial public offerings or IPOs: involving gaming companies were hot on the markets in late 1992 and through early 1993. But interest in casino IPOs sagged beginning late last spring, when several of them failed to perform as well as their immediate predecessors.

Harvey's is building a casino at a Hard Rock Cafe in Las and its new hotel-casino in Central City, is scheduled to open this summer. III Associated Press years shot up 2 percent. It was the fourth straight advance, the longest string in more than six years. "We seem to have a cycle where strength in spending has led to increases in orders, which have led to increases in employment and income, which in turn should lead to more spending and orders," Dederick said. "Everything was on the upstroke in November." Analysts said the data supports fourth-quarter economic growth exceeding 4 percent at an annual rate, although many believe the expansion will slow to about 3 percent during the first three months of the new year.

Still, Dederick said, "There's no malls across the country Thursday, trying to get their shopping done before stores shut on Christmas Eve. Some store owners were counting on the eleventh-hour customers to help make this season a good one. Long after the crowds leave the streets of this New England village, L.L. Bean's retail store is still lit as a beacon for the shoppers who crawl out of the woodwork for last-minute shopping, and maybe a little peace from the daytime throngs. Typically, there are a few people milling around the store during the wee hours.

But the nights before Christmas bring a crowd of bleary-eyed shoppers, some of them who planned to shop late, others who ended up here on the verge of des Aztar Bally Gaming Bally Mfg. Boomtown Caesars World Casino Data Sys. Circus Circus Grand Casinos Hilton Hotels IGT Jackpot Ent MGM Grand Mirage Monarch Primadonna PromusCos. Rio Hotel Sahara Gaming Sands Regent Showboat Sodak United Gaming Video Lottery 6 15 8 16 52V2 26 36'4 22 57 29'2 13 37Vb 22 8 25 43V2 15V4 13V 13 16 30 818 16 18 V2 -Va 1'2 -1V4 iv8 -14 Va -18 -V8 -14 -14 -18 -1 -14 14 12 Va -18 -2 the Freeport, and Mark Carter NEVER CLOSES: Custodian Pete Trouant, right, makes a pass with his vacuum cleaner at 2 a.m. in Maine, store while Richard Carter, left, compare boots Thursday.

Expected soon: Issue set for mid-January to early February. By Wayne R. Melton GAZETTE-JOURNAL Officials at Harvey's Resort Hotel-Casino in Stateline will spend the holidays making final preparations to become a public company, according to finance industry workers involved in the deal. Several brokers say some investors are eagerly awaiting the issue, which reportedly is set for mid-January to early February. No date has been announced for the issue, nearly two months after the plan was announced.

Harvey's will attempt to raise least $22 million, and initial per-share offering prices have been projected at $13 to $15, according to federal securities documents. The figures are subject to possible change, depending on what the company and its underwriters decide immediately before the issue. Thomas M. Yturbide, Harvey's chief executive officer, has made no public comment on the proposed issue since late November. In mid-January, Yturbide and other Harvey's executives are expected to travel across the United States in what finance industry officials call a "road show." That's when they'll describe the proposed offering to repre WASHINGTON (AP) The nation's economy is growing ever stronger near year-end, according to fresh reports of rising incomes, consumer spending and orders for durable goods.

"It suggests the American public was given an early Christmas present," said Robert G. Deder-ick, an economist with the Northern Trust Co. in Chicago. "The data for November were very fa AIRLINES Group bids for control of America West PHOENIX (AP) A New York investment group has offered up to $250 million for control of America West Airlines under a bankruptcy reorganization proposal, America West said Thursday. The proposal from The Steinhardt Group came two days after the carrier announced that another potential purchaser, AWA Partners, withdrew from talks with the airline.

Phoenix-based America West has been operating under Chapter 1 1 protection since June 1991. The Steinhardt proposal is the first received by America West since a Bankruptcy Court judge set a Feb. 10 deadline for submission of offers for the airline, America West Chairman W.A. Franke said. The company will have 30 davs after Feb.

10 to study the offers and recommend one to Judge Robert G. Mooreman, Franke said. America West has been seeking $150 million to $200 million in new equity investment. The airline has said value of its existing stock probably will be wiped out during reorganization. America West had not reviewed details of the proposal but the offer of 1 50 million to $250 million "was a reflection of the turnaround of the company," Franke said.

America West has reported three quarters of profits this year after 10 consecutive quarters of losses. A woman who answered the telephone at the Steinhardt office in New York late Thursday said nobody was available to comment. Reno Air offers special yule fares Reno Air is offering special discount fares for Christmas Day travelers. The Reno-based airline's "Stocking Stuffer" fares are good only for round-trip travel on Christmas Dav and range from $79 to $129. The discount fares can be booked through travel agents or by calling 1-800-RENO-A1R.

Reno Air serves Reno, Seattle, Portland, San Jose, Bur-bank. Los Angeles. Ontario and San Diego. It recently added service to Las Vegas, Tucson and Phoenix. Late buyers find a friend at peration.

Don and Beth Morrison keep odd schedules and planned their shopping at the only free time around the holidays midnight. "We knew for a whole month we'd have to do this," said Don Morrison, who grabbed 10 gifts, ranging from clothes to a gun case for his brother. Procrastinators? "Basically," Beth Morrison said. Popular gifts for late-night buyers are big-ticket items like cross-country skis and bicycles, store manager John Chaney said. The middle-of-the-nighters tend to be serious, and they know they will be able to get individualized attention.

FREEPORT, Maine (AP) With the Christmas shopping season slipping away, the 150 shoppers wandering around L.L. Bean at 2: 10 a.m. Thursday weren't procrastina-tors. The real dawdlers shop Christmas Eve, or even Christmas Day, at the store that never closes. Rick Johnson, with three pairs of boots tucked under his arm, acknowledged he might be back Christmas Eve, or early Christmas Day, making Santa's last purchases.

It wouldn't be the first time, he smiled. "It's last-minute, no doubt about it," Johnson said. "Always the last minute." Johnson had plenty of company. Millions of people packed stores and Gaming Tourism Spending habits Average gaming budget for the trip, 4 to 9 previous visits: 1990 $394 1991 1992 $423 Source: Reno-Sparks 1992 Visitor Profile Gazette-Journal Casino Data Systems announces public offering, new contracts LAS VEGAS Casino Data Systems (CDS) says that within the next two weeks it intends to file a registration statement covering approximately 1.5 million shares of common stock, of which 1,000,000 will be offered by the company and 500,000 will be offered by certain shareholders. The offering will be made only by means of a prospectus.

Casino Data Systems has also signed one new contract with Boyd Gaming Corp. and two new contracts with Sahara CDS will provide a new slot information system at Boyd Gaming's Sam's Town Hotel and Gambling Hall, Las Vegas. It will also provide slot, machine accounting and player tracking systems at Sahara Gaming's new Treasure Bay properties on the Mississippi Gulf Coast in Biloxi and 1 Tunica. The new casinos are expected to open in spring ofl 994. Rio Hotel expands casino with Rain Forest, Coral Reef opening LAS VEGAS The Rio Hotel Casino has opened its Rain Forest and Coral Reef casino area which includes a expansion of the casino that will accommodate approximately 500 new slot machines and 1 2 additional tabic games.

This expanded casino area will bring the total casino square footage to approximately 79,000 square feet, with approximately 2,000 slot machines and 44 table games. "The Rio has transformed a casino area into a new tropical adventure building upon the Brazilian carnival and rain forest themes throughout the property," said Anthony A. Marnell II, Rio chairman. "Waterfalls, exotic plants and the treasures of the Amazon await as guests play their favorite machines in the Rain Forest Casino and explore the bright and colorful surroundings of the Coral Reef Gaming Area. In addition, there will be an expanded non-smoking casino area.".