Elko Daily Free Press from Elko, Nevada • 7

Saturday, January 30, 1993 ELKO DAILY FREE PRESS, Elko, Nevada 7 Business Famous Dunes Hotel closes doors in Vegas f. lake on the site. The unnamed resort is scheduled to open in 1996. Wynn said the resort is the latest move in Las Vegas' continuing effort to shift gears from a high roller haven to a family destination resort. "It's becoming in death a much better place than it was in life," he said of the hotel, hours before its closing.

This thing about melancholy in its passing is sorta strange," Wynn said. "No one felt that while it (the Dunes) was laying there, terminally ill. It's been laying there on life support systems for many years." During its glory days in the 1950s and 60s, the Dunes catered to the famous and infamous. "It was the jewel of the Strip," said pit boss Earl Brookner, 56, who has spent half his life at the Dunes. "Celebrities of the highest magnitude were patrons here.

You were rubbing elbows with the elite of the entertainment and sports world." In 1987, Japanese billionaire Ma-sao Nangaku bought the hotel for $155 million, outbidding Hilton Hotels and billionaire Kirk Kerko-rian. Nangaku was unable to come up with the money needed to turn the property around. 1 i A Chrysler's profit up iii 4th quarter HIGHLAND PARK, Mich. (AP) -Chrysler Corp. had even better news than many expected this week, reporting its strongest quarterly earnings in four years and its highest yearly sales total ever.

Chrysler said it earned $356 million in the fourth quarter, the No. 3 U.S. automaker's best quarter since fourth quarter 1988, and $723 million for all of 1992. The results reflected a dramatic turnaround at the automaker, which languished during the waning years of the 1980s but surged back on a combination of cost-cutting, restructuring and the debut of acclaimed vehicles ranging from its flashy new Jeeps to the sleek midsized LH passenger cars. Because of last year's success, Chrysler will hand out profit-sharing checks to United Auto Workers for the first time in four years.

Hourly workers received an average of $720 based on Chrysler's 1988 profits. The amount per worker for 1992 has yet to be determined, a company spokesman said. By contrast, Ford and GM are expected to report operating losses for 1992 when their earnings statements are released in mid-February. Chrysler had told investors to expect fourth-quarter earnings of at least $300 million, and a group of analysts had predicted earnings of $314.8 million. Quarterly earnings worked out to $1.12 a common share, compared with earnings of 33 cents a share, or $97 million, in the fourth quarter of 1991.

Annual earnings of $2.21 a share compared with a per-share loss of $3.28, or $795 million, in 1991. Analysts had predicted annual earnings of $525.9 million. Fourth-quarter sales were $10.2 billion, up from $8.2 billion in fourth quarter 1991. For the year, sales were a record $36.9 billion, up from $29.4 billion in 1991. Chrysler also increased its share of the North American car and truck market by 1 percentage point, to 13.4 percent, in 1992 from 12.4 percent in 1991.

Moneywatch Kv lav f.nldiiifipr l' f--'2" I i7 A- tW I I- LC LAS VEGAS (AP) The Dunes Hotel, once an elegant playground of mobsters and high-rollers, threw in the cards after 38 years as a landmark on the Las Vegas Strip. The gaming tables and slot machines were shut down Monday, and the Dunes closed its doors for the last time at midnight More than 1,000 employees danced to a calypso band and drank champagne before for streaming outside to watch as the giant marquee went dark. The closing puts 1,400 people out of work, and many lamented the loss as a family tragedy. "WeVe raised each others' children," said Denise Watson, a casino cashier for 14 years. "We've buried each others' parents.

WeVe lived each others' lives. That's what we'll miss. The unity part." The twin towers of the casino, which opened in 1955, will be torn down, said new owner Steve Wynn. He is talking with Hollywood studios about charging them for the right to dynamite the 20-story structures. Wynn, chairman of Mirage Resorts plans to build a $400 million, resort around a 14-acre By Jay Goldinger AUTHOR'S NOTE: For contrary investors who feel the best time to jump into the stock market is when everyone else is bailing out, a contrarian article in the Jan.

6 Venture Returns (1855 Northwest Tyler Corvallis, Ore. 97330) may be of interest Entitled "1993 California Rebound," the article discusses why now is a good time to buy shares of stock in companies located in California. Since no one else is discussing the possibility of a quick economic rebound for California, the article makes interesting reading. Q. I have been investing in mutual funds for several years but the performance of these funds have been sub par recently.

I'm ready to make a change. Where can I get advice on when to switch my mutual funds? P.L A. You're looking for information from "market timers," analysts who predict when to get in and out of investments. The Jan. 11 Timer Digest (P.O.

Box 1688, Greenwich, Conn. 06836-1688) contains a list of stock market and mutual fund timers and their track records. The newsletter compares past recommendations from the timers to the performance of the 500 for the past one, two, three, four and five years. A word of warning: good performance in one year does not necessarily mean the timer will be on target in future years. In fact many of the top timers of past years have hit hard times recently.

To decide on the best time to get out of your funds, review the suggestions of a number of market timers and come up with your own conclusions. Q. I invest in the stock market for the long term, buying stocks from solid companies and holding them for several years, regardless of market conditions. Where can I obtain information on these types of companies? T.S. A.

The Dick Davis Digest (P.O. Box 9547, Fort Lauderdale, Fla. 33310-9547) is a bi-weekly publication that summarizes recommendations of stock investment newsletters. Each issue lists summaries by analysts for 20 to 30 different stocks. You can write to the above address for a sample copy.

Q. I invest mostly in the commodities market Is there an objective source of information that ranks performance of commodity newsletters, systems and advisors? E.W. A. The only evaluation service for J.s ff IK(TD Business Briefs An award for Out standing Business of the Month was presented to the Elko Parks Department at the Elko Chamber of Commerce's Business After Hours event last week. The chamber also presented an Outstanding Employee of the Month award to Fred Bradley.

Above, park employees from left are: Domingo Garatea; Larry Lujan; Juan Torrealday, in back; Joe Juaristi; Nick Beitia, in front, parks superintendent Fred Beitia son; Gary Chapin; and Beitia. At right, chamber Ambassadors Committee chairman Tim Huether, right, presented a certificate to Bradley, an Elko policeman and owner of the Hall of Fame card store. The Parks Department and Bradley were honored for their community service, "Huether said. titled "The Americans With Disabilities Act: Compliance Strategies for Small Business" Feb. 10.

"ADA is confusing to many small-business owners," Moore said, "but it's vital for them to have a clear understanding of what the law entails. In essence, this program will convey the ABCs of the ADA." The program, broadcast live via satellite from Jones' St. Louis, headquarters, will feature two experts on the Americans With Disabilities Act Richard Jaudes is the managing partner and the senior labor and employment lawyer with Peper, Martin, Jensen, Maichel, and Hetlage. Linda Baker Oberst is the director of independent living specialists at Para-quad, a St. Louis-based organization that works with public agencies to secure resources for helping disabled citizens live more independently.

The panelists will discuss ways to comply with the ADA. Because the program will be broadcast live, the audience will have an opportunity to address questions to the panelists. This program is the second in a three-part series designed specifically for small-business owners. The final broadcast in the 1993 series, titled "Revitalizing Main Street: A Conference for Leaders in Business," will be March 17. recurring expenses taken during the year to position U.S.

Bancorp for continued high level performance in the future," said Roger Breezley, chairman and chief executive officer. "Among these actions were the early redemption of $100 million in higher yielding long term debt, the disposition of $70 million of nonper-forming highly leveraged transaction loans, the sale of $190 million in low-yielding employee mortgage loans, completion of relocation to our new state-of-the-art Operations Center, and the acquisition of 49 former Bank of America and Security Pacific branches in Nevada and northern California," he said. Reflecting the effect of accounting Honorees: "1 commodities market newsletters and advisors I know of is a bi-monthly publication written by Bruce Babcock, Commodity Traders Consumer Report (1731 Howe Suite 149, Sacramento, Calif. 95825). You can write to the publication for a sample copy.

Q. I recently read that President Clinton is thinking of ending the sale of Treasury securities with maturities longer than 10 years. Do you think this will happen? If so, is now a good time to buy these long-term bonds since they may not be available soon? G.H. A. You are hearing conjecture at this point so there is no need to run out and stock up on long-term Treasury securities.

No decision has been made by the new Administration on whether to limit the sale of long-term Treasuries. IVe even heard of another proposal that would eliminate all Treasury securities with maturities longer than just one year. Why would the Treasury Department consider eliminating long-term securities? Thirty-year Treasuries are currently earning about 72 percent while one-month Treasury bills pay out 3.5 percent. Obviously, if the Treasury can issue debt on a short-term basis at a lower interest rate, the government can save on interest payments. Theoretically, this means the government can reduce the budget deficit by the amount of the interest saved.

Not being considered, though, is how short-term interest rates would be affected if the sale of intermediate and long-term bonds is suspended. Even if a proposal of this type is adopted, there is no guarantee the Treasury will completely stop issuing long-term bonds. The Treasury may just reduce the amount of these securities sold at auction. Frankly, I don't believe the Treasury Department will want to make a move that will severely disrupt the Treasury market There are many billions of dollars worth of bonds currently available in the secondary market the market where bonds are traded after being issued by the Treasury. You should be able to buy 10, 20 and 30-year Treasury bonds for many years to come even if the Treasury takes the bold move and stops issuing a bond with a particular maturity.

Written by investment specialist Jay Goldinger, Moneywatch will research your questions and send you a personal answer. Write Goldinger today at Capital Insight P.O. Box 4092, Beverly Hills, Calif. 902134092. LORI BOTTARI of Wells recently joined the sales team of Bottari Associates Realty, according to her broker and husband, Paul Bottari.

She has been a Wells resi Bottari dent for the past 8's years. A native of Nebraska, she spent two years at Northeast Nebraska Community College in Norfork working on an associate degree as an executive secretary. From there she began working in retail sales and in food and beverages in Florida and Colorado. For the past 8 years she has, and continues to, work at the Four Way Restaurant and Casino in Wells where she is the beverage manager and the entertainment director. Lori Bottari is a member of the Wells Chamber of Commerce, the Wells BPW and the Elko County Food and Beverage Assoca-tion.

She can be reached at Bottari Associates Realty at 752-3040. GENE MOORE, the Elko representative for the financial-services firm Edward D. Jones will host a seminar oversees the administration of the Vitality Center, include: Clair Morris, Elko County undersheriff; Delmar Nickeson, Service Employees International Union; George Corner, Nevada Youth Training Center; and John Nolan, Cashman Equipment MALL-BUSINESS owners in Elko County are still eligible for low-interest disaster loans to offset economic losses caused by farm and ranch losses during the 1992 drought, according to the U.S. Small Business Administration. Small, non-farm businesses, including "Main Street" businesses, cooperatives and nurseries, can apply for economic injury disaster loans of up to $500,000 from the SBA.

These working capital loans are designed to help businesses meet financial obligations that would have been met had the disaster not occurred, a news release states. Loan applications can be submitted to the SBA at P.O. Box 13795, Sacramento, Calif. 95853-4795 or by calling 1-800488-5323 during normal business hours. Applications must be made by April 26.

Farmers and ranchers are not eligible for these loans, but they can seek aid from the Farmers Home Administration. record from 1991 levels. The record earnings in 1992 were accompanied by a significant reduction to non-performing assets during the year, the company reported. Total non-performing assets dropped to $289.4 million on Dec. 31, down $96.1 million or 25 percent from the $385.5 million reported at year end 1991 and $46.4 million or 14 percent from the $335.8 million reported on SepL 30, 1992.

Total nonperforming assets now represent 2.13 percent Of total loans and other real estate owned. For more information on the Professional Education Network, contact Gene Moore at (702) 738-8811. The Elko office is located at 461 5th St. NANCY WARREN has opened an Elko branch of her interior design business at 618 Idaho St. in a small office in the Nu-gent's children's clothing store.

Warren, an Elko native, said she will be available to Elko residents by phone at 753-7277 or at her Sun Valley, Idaho, office at 726-7281. She said she has been in business in Sun Valley four years, but had an office in Elko from 1980 to 1984. Warren said she will be in Elko at least once a month or more as needed. JIM CHAVIS of Cortez Gold Mines is the new chairman of the Vitality Center Board of Directors. He was elected by the directors to replace Dorothy Gallagher, a University of Nevada Regent.

Gallagher, who held the position for two years, will continue to be a board member, according to Vitality spokesman Ursula Powers. Northern Nevada Community College president Ron Remington will take Cha-vis' place as board vice president. Other members of the board, which changes, net income after accounting changes for 1992 totaled $148.2 million, or $1.45 per common share, the company's news release stated. For the full year 1992, an increase in average earning assets combined with improvement in the net interest margin (5.18 percent in 1992 versus 4.93 percent in 1991) provided a 10 percent increase, to $897.0 million, in net interest income on a tax equivalent basis. Average earning assets expanded five percent despite a two percent drop in average loans outstanding U.S.

Bancorp earnings hit U.S. Bancorp, which owns U.S. Bank of Nevada, including branches in Elko, reported the highest earnings in the history of the company for the fourth quarter and for all of 1992. Net income for the fourth quarter totaled $66.1 million, representing a 38 percent increase over the $48 million earned in the fourth quarter of 1991. Income before accounting changes for the full year 1992 increased nine percent over the previous year, totaling $208.1 million versus $190.9 million earned in 1991, U.S.

Bancorp reported. "I am pleased to report the record earnings of 1992, which were achieved in spite of significant non Retailers and businessmen lease space in the North Fifth Center An Unadvertised Special The North Fifth Center offers a great location in the high-traffic area of North Fifth Street. Next to Elko Athletic Club. It has easy access and plenty of parking. Rents are less than comparable space around Elko.

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