The Los Angeles Times from Los Angeles, California on August 21, 1990 · Page 181
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The Los Angeles Times from Los Angeles, California · Page 181

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Tuesday, August 21, 1990
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Page 181
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i .os angles times TUESDAY, AUGUST 21, 1990 P3 BUSINESS P.M. BRIEFING Deep-Dish Pizza Inventor Dies CHICAGO Ike Sewell, the restaurateur credited with inventing "Chicago-style," deep-dish pizza, has died at 87. Sewell died Monday of leukemia at Northwestern Memorial Hospital. His first love was the Mexican food he grew up on in Wills anaQff9alBaMKa9i f oim, i ex. qui nis partner in an early restaurant venture didn't like it, so they hit upon the idea of pizza. Sewell decided he wanted something more filling than regular pizza. The pair began experimenting and hit upon the deep-dish style. They opened Pizzeria Uno in 1943, and their deep-dish pizza made in an oversized pie tin became one of Chicago's culinary trademarks. Ike Sewell The popularity of the restaurant led Sewell to open Pizzeria Due down the street in 1955. Eight years later, he opened Su Casa, heralded as Chicago's first upscale Mexican restaurant. Sewell eventually agreed to allow others to franchise his pioneering pizza concept, and there are now more than 50 Original Chicago Pizzeria Uno restaurants across the nation. Associated Press Sen. Richard G. Lugar (R-lnd.), right, sees open door to U.S. ties with Vietnam. With him is Rep. David Dreier (R-La Verne). Senator Sees Vietnam Opening HONG KONG-Sen. Richard G. Lugar (R-Ind.) said today that Vietnam's moves toward a market economy had opened the door for possible U.S. investment if Washington and Hanoi can end lingering differences. Lugar, the highest-ranking U.S. lawmaker to visit Vietnam since the end of the Vietnam War in 1975, met with Vietnamese Premier Doi Muoi and Foreign Minister Nguyen Co Thach over the weekend. "We will report back to Washington that considerable progress has been made in moving toward market economics in Vietnam, that there are opportunities clearly for American businesses and that the United States should carefully consider whether that business opportunity situation should progress," Lugar told reporters. The United States has maintained a total trade, investment and aid embargo against Hanoi since it defeated South Vietnam in 1975. Vietnam, unable to obtain World Bank and International Monetary Fund loans, has been devastated economically by the embargo. It's Not I. Magnin's Kind of Town CHICAGO Retailer I. Magnin, announcing the closing of its Oakbrook Center store in February, says it will end its 19-year stay in the Chicago area. Brent McDaneld, a spokesman for the San Francisco-based chain, said the 134 employees at Oakbrook were told last Friday about the closing. He said talks were also under way to move out of I. Magnin's locations at Northbrook Court and on North Michigan Avenue. All three locations are in upscale shopping areas. I. Magnin's market share has declined during the last 10 years due to recent additions, such as Bloomingdale's and Neiman-Marcus and efforts by Marshall Field to attract more upscale clientele. McDaneld said I. Magnin, a unit of R. H. Macy Co., will stick to the West Coast. IBM Offers Low-Cost Computers NEW YORK International Business Machines Corp., hoping to make mid-range computers more attractive to small companies, today introduced two new models priced as low as $18,250, or 27 less than IBM's previous lowest-cost model. The new lower-cost models of the IBM AS400, a series first introduced two years ago, are intended to be more competitive with personal computing systems linked through local area networks, IBM representatives said. Some observers had predicted that the advent of local area networks, which link personal computers, would spell the demise of mid-range, or "mini-computer" systems offered by a variety of computer makers including IBM, Digital Equipment, Hewlett-Packard, Data General and NCR. Circle K Closing 201 Stores PHOENIX Circle K Corp. has begun closing 201 stores targeted as unprofitable and will complete the job by the end of the month, company spokesman Ray Cox said. Cox said the stores are located in 21 states, and all are on land leased by Circle K. Texas has the greatest number of stores to be closed 43 followed by California with 29, Georgia with 23, and Florida with 20. Circle K operates about 4,500 convenience stores in 32 states and has an additional 1,300 licensed or joint-venture stores in 14 foreign countries. Cox would not say how much it is costing Circle K to terminate the leases or how much the company expects to save. Cox said most of the 201 stores already have been closed. More closings are possible after the effects of the step are analyzed, he said Monday. About 1,600 employees will be affected, but 95 of them will be absorbed in other stores. From Times Wire Services Trump Wins OK to Use Casinos as Collateral Hi Finance: New Jersey commission gives developer approval to put up three gaming halls in order to secure a $65-million bank loan. The move could save his real estate empire. From Associated Press ATLANTIC CITY, N.J. The state Casino Control Commission today granted Donald Trump permission to use his three gaming halls as collateral for a $65-million bank loan in a plan his attorneys said was necessary to save his empire. Trump attended the half-hour meeting, staring straight ahead, unsmiling and with his lips pursed, even as the plan was approved. "This is a big hurdle and I'm happy," Trump told a throng of reporters and camera crews. "Maybe you can focus on someone else now." During hearings last week, Trump's attorneys told the commission that rejection of the plan, or even a delay of more than a week or so, could topple the first domino in Trump's casino-and-real-estate empire. United Press Internalional Donald Trump Although the vote to approve was unanimous, 5-0, commissioner W. David Waters said he was concerned because the commission had not looked in greater detail at Trump's casino debt. The loan allowed Trump to make an overdue $43-million bond payment in June on the Trump Castle casino. Earlier, the state Division of Gaming Enforcement had reluctantly endorsed the plan but criticized the debt-heavy state of Trump's casinos. The division added provisos to the plan requiring that Trump return three weeks from now with details of how he plans to make a $47-million bond payment due Nov. 15 on his new Taj Mahal Casino Resort. Trump is expected to return with a proposal to swap some of his $3.2 billion in debt for equity, sell assets perhaps the poorly performing Trump Shuttle airline or negotiate reduced or deferred interest rates. Claridge Casino Hotel President Roger Wagner said Monday that Trump's stated desire to keep all three casinos would prove difficult. "I think he would like to do that," Wagner said. "But maybe that is a positioning he has to do to keep the value up." Wagner said there might not be much of a market for the casinos because of a stagnant gaming market overall. He said the April 2 opening of the Trump Taj Mahal Casino Resort has hamstrung Trump by further taxing his already-strained resources. Bond Prices Dive as Traders Watch Mideast Reports From Associated Press NEW YORK Bond prices were sharply lower this morning in nervous trading pegged to news reports on the Middle East. The Treasury's benchmark 30-year bond was down 1732 point, or $5.31 per $1,000 face amount, around midday. Its yield, which rises when prices fall, climbed to 8.98 from 8.93 late Monday. The market opened lower after U.S. bond prices skidded in European markets on fears of war amid escalating tensions in the Persian Gulf between Iraq and the United States. Prices fell even further in New York, with yields on the 30 -year bond climbing above 9 during the morning session, on rumors later denied by the State Department that a U.S. plane had been shot down over Iraq. "That started the ball rolling," said Kevin Flanagan, money market economist with Dean Witter Reynolds Inc. The long bond gained some support after Iraq's foreign minister was quoted as saying the country was prepared to discuss the situation with Washington, but fell again because of continued rhetoric on both sides. The credit markets weaken on war fears because the threat of conflict could further send up oil prices, aggravating inflation, and add to the U.S. deficit via increased defense spending. Inflation erodes the value of fixed-income securities such as DOW JONES INDUSTRIALS I 1 1 1 1 1 1 B--r 60 40 20 2,800 1 80 mu : 1 I 4j I so I 60 11 1 I P HIOH I . 20 CLOSE t 2,603.98 LOW 1 2,600 I I I I 80 : : 60 JUL. AUQ. 20 37 3 10 17 24 Prices as of 3:00 p.m. for Tues., Aug. 21, 1990 High Low Clnta Chg Indus 2642.08 2568.07 2603.96-52.47 Trans 925.36 891.79 910.77-19.52 Util 201.27 196.87 198.82 -2.64 Comp 919.71 892.86 907.04-16.94 .I.I.HIUJMI.IAJ 1 Paga New York Stock Exchange 4 American Stock Exchange 5 Over-the-Counter 6 New York Bonds 5 Commodities 5 NEW YORK (B- The fifteen most active New York Stock Exchange issues trading nationally at more than bonds. Bond prices have fallen in recent weeks because of the gulf tensions and sharply rising crude oil prices. "People are very concerned about the possibility of a war and what that would mean for the defense budget and the deficit," said Scott Winningham, market analyst with Stone & McCarthy Research Associates in Princeton, N.J. In the secondary market for Treasury bonds, prices of short-term governments fell V point, intermediate maturities were down 316 point to point and long-term issues were down from ' point to point, according to Telerate Inc. The federal funds rate, the interest rate banks charge each other on overnight loans, was quoted at 8, unchanged from late Monday. PricesforTuesday,Aug.21, 1990 DOLLAR inforaigncurrancy German Marks 1.5546 Swiss Francs 1.2855 French Francs 5.2325 Canadian Dollars 1.1437 Italian tire 1,155.75 Japanese Yen 146.55 British Pound in dollars SI. 9215 Salt! Cloia Chg PhilMrs 3,075,400 43K - Vt BearSI 2,631,900 10'i - ', WalMls 2,423,300 27': - GenEI 2,293,400 62'. - VI, FdNMs 2,221,500 28V. - IK Boeings 1,846,500 46 - 27. IBM 1,777,600 100K - 154 Wastes 1,724,000 35 - '. PIcrDg 1,630,300 19 - M AT&T 1,587,100 33 - X GnMotr 1,582,800 37 - 1, EKodak 1,497,400 40 - 1 UCarb 1,469,000 16 None HmeDs 1,389,600 31'. - Exxon 1,300,000 51'. - '. GOLD par ounca Hong Kong $407.45 Zurich $414.75 tendon $413.80 SILVER parounca tendon $5.20 Lata foreign ratos Catholic High School Is First in U.S. to Switch to McDonald's From United Press International SAN ANTONIO A financially ailing private school is becoming the first high school in the nation to scrap its standard school food fare for a McDonald's fast-food restaurant on the cafeteria premises, it was reported today. Holy Cross High School, a Roman Catholic Church-run school on San Antonio's West Side, this fall will offer those familiar hamburgers, fries and sodas served up by McDonald's blue-uniformed employees. The fast-food chain giant's corporate offices in California confirmed that franchise operator Richard Contreras is the first person to open a McDonald's satellite restaurant in a high school cafeteria. "At first I thought it was a crazy idea," Contreras told the San Antonio Light in an interview published today. "But the more I thought about it, the more I thought I could make it work." School trustees applauded the move as a way to reduce a $50,000 budget deficit, of which half could be blamed on the cost of operating the school's cafeteria, Brother Peter Mullet, the school's principal, said. Not everyone was enthusiastic. "I don't think it's going to be a junk food outlet, but obviously there was some concern on the board's part and by parents," school board President Larry Noll said. But Contreras handed out nutrition charts at the school's parent orientation meeting last week and said the reaction was positive. Alaska Has Highest State, Local Taxes, Survey Finds; Mississippi Has Lowest From United Press International CHICAGO Residents of Alaska pay the most in state and local taxes on a per -capita basis, and Mississippians the least, a survey found. Commerce Clearing House reported in its State Tax Review that per-capita tax burdens rose in the District of Columbia and 47 states in fiscal 1988 the last year for which data were available and declined in only three states: Oregon, West Virginia and Wyoming. California collected the most tax money $55.2 billion followed by New York, $52.5 billion; Texas, $25.2 billion, Illinois, $20.7 billion; Pennsylvania, $19.5 billion, and Florida, $18.8 billion. Alaskans were burdened with the highest per-capita tax bill $3,605 with property taxes ac counting for $1,263 of that figure. District of Columbia taxpayers had the second-highest tax burden, $3,339, followed by New York, $2,934, and Connecticut, $2,281. Alabama, Arkansas, Idaho, Kentucky, Mississippi, South Dakota and Tennessee all had tax burdens of less than $1,300. The median burden for all states was $1,627, up $97 from 1987, while the average was $1,772, up $107. The Commerce Clearing House determined the average burden in each state by dividing total tax collections by the population. Mississippi reported the lowest per-capita tax burden, $1,088. Per capita increases in 1988 ranged from $443 in Alaska to $22 in California. The tax burden fell $10 in Oregon, $5 in West Virginia and $247 in Wyoming. U.S. Condo Project to Be Duplicated Outside Moscow From Associated Press EAST HAVEN, Conn.-Will a luxurious condominium project lose anything in translation when builders try to duplicate its design near a lake outside Moscow? Victor Malnev thinks not even though concrete and steel will be substituted for wood. "Maybe it will even look nicer than here," he said as he toured the Four Beaches condominium development on Long Island Sound. Malnev is chairman of the Soviet farm collective Zavet Ilyicha, which is jointly developing the suburban Moscow project with Senie Kerschner International Housing Ltd. of Westport. The 1,000-member collective will not only lease the land for the project but also provide produce for those living in the complex, the first of its kind in the Soviet Union, Malnev said. Groundbreaking for the $130-million townhouse community, designed to house foreign businessmen, is scheduled for the end of September. The first of 528 units, to be built by a Finnish company, are expected to be ready by next July. The international residential community, to be named Rosinka, is modeled on Four Beaches, a 135-unit condominium community consisting of three-story, wood-frame buildings and a network of wooden promenades and decks. Rosinka's three-story buildings will also have New England-style architecture, but without wood because the building code does not permit flammable materials, said Dick Williams, project manager for Kerschner. Instead, Rosinka will be constructed of concrete with a steel molding designed to look like the cedar clapboard on the condos at Four Beaches, Williams said. The stairwell towers will be built of glass and concrete rather than pressure -treated wood. Since the project was announced in April, at least 18 companies from the United States, Western Europe and Japan have reserved units, said Christopher Senie, secretary of Senie Kerschner International. Apartment sizes at Rosinka will range from 1,248 square feet to 2,712 square feet for a two-story townhouse. Annual rents will range from $45,000 to $82,000.

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