The Times from San Mateo, California • Page 29

Thursday, Oct. 76, 1972 TLt "EimrBSort Moleo gt Investors Struck It Rich in Casino Stock 1 RENO, Nev. (AP) Riding the simply in its glossy, 32 page first annual report. "Our shareholders have displayed great confidence in the company." In initial purchase of 100 shares for $1,600 would today be worth about 5.700. The stock's performance has reflected a boom period for Nevada casinos.

Statewide casino winnings topped a record $657.7 million during the last fiscal year, up 9 million irom the previous year. Publicly traded corporations have been able to obtain gaming licenses in Nevada only for the past four years. The 'practice was approved amidst much con Iroversy but state officials pay initial fears they would be hard to. police have not panned ou I. "The general experi ence with publicly traded corporations has been most satisfactory." says Phil Hannifin, tough minded chief of the Nevada Gaming Board.

"They have been profitable! and well managed operations' and have attracted new and clean sources of money and met with wide public acceptance, as indicated by the astounding sue cess of Harrah's stock issue." Broad public approval, based on an improving image of Nevada's gaming industry, has been the key to Harrah's stock growth, Hannifin said. Other publicly traded corpora iions that have moved into Nevada gambling houses include the, Del Webb which operates resorts at Lake Tahoe and in Las Vegas; Caesars World, which operates two resort hotel casinos in Las Vegas; and MGM, Inc. which runs a Las Vegas hotel and is building a done so well. Off the record, however, one notes ''all the figures were good" concerning the corporation's financial standing. After taxes, earnings for the last fiscal year were mil rah's, has been 61 year old Wit prosperity of Nevada's booming gambling industry Harrah's.

marks its first year as a publicly traded corporation this week, after 12 months of what even gaming officials say has been "astounding" stock growth. liam F. Harrah. chairman of the board, chief executive officer and 27 per cent owner. His cast no operations make him Neva 570 million resort on the strip da's second largest gambler, has had so much I lion, a 51 per cent increase over trailing only billionaire Howard success with its initial 450,000 the previous year.

Revenues Hughes, who owns a Halt dozen Harrah entered Nevada gam share stock offering that it has an application before the Securities and Exchange topped $86.5 million, including S67.8 million From casino operations alone. Revenues have increased fi" per cent inthe six years and net. assets are up 75 per cent in the same period. The current, fiscal year lias started off the same way. Pretax earnings reached $4.1 rr.il lior, for the first quarter ended Shares in the busy Reno Lake ing on the ground floor in 1937 with a bingo parlor employing persons, three of whom are Tahoe resort complex were ap proved or sale last Oct.

27 and Commission to sell another 450,000. Like the first, proceeds will be used to rinance an ambitious expansion program. And the tolal 900,000 shares will open Hurrah's to listing on the presti have been listed on the Ainer still with the company, Tonai Harrah's, is one of Neva can Stock Exchange since April 24. Performance has been spec tacular. Beginning at S36 a share, ihs stock spiraled quickly past 70 slid back slightly and split two da's largest home grown companies with 5.000 emploves and iyO million in assets.

From his tiny bingo parlor or gious New Vork Stock Exchange. Because oi the pending stock offering, Harrah's officials can't speculate on why the stock has September 30, with revenues to an allev in fteno, Bill Harrah for one. has since leveled off taling $29 million, all) cent expanded into a full fledged ca at about 28. "It was a good first year for increase over the same peiod a sino on Mam btreet Wb and year ago. The mastermind behind Kar began operations at nearby Harrah stock, the firm notes Lake Ta.ioe in 195o.

Abe Lincoln House That Grows U.S. Life Firms Go Insurance Abroad THIS IS HOW Instructor explains the intricacies of plumbing for "students" at a home improvement class. Sessions start this week at Handyman in San Mateo, On the Mall Ababam Lincoln will Hillsdale Shopping Center San Mateo November i through dSeen for Future "Mr. Lincoln Speaks" is a ful A flexible house that grows, lv animated, computer run elec shrinks and even moves with its t'ronie man hat moves occupants could be in common talks, and Gveiiuse w'tlijn 20 years, a Stanford "breathes" in life like realism. IHesearch Institute (SRI) re New Course Tells Hoiv To Do Home Projects Experts explain and demonstrate each step, using ihe actual tools and materials required for the job.

Student participation in classroom projects is encouraged ao.ri all tools A unique course on step by i step instruction and demonstration of home improvement projects is starting this week at the Panrlvman stnrp at ISRO fi Gra1.L Sree1 jn 5an Maleo. student'' homeowner the know how and professional tecii niques lor plumbing repair ba Tli modernization: residential electrical wiring: wall construc tion and wall finishing including installation of paneling, drywall and ceramic tile; acoustical and suspended type ceilings: floor tiling just about all aspects Df home repair and construction jobs to help the individual do the work himseir at a considerable savings, considering the cost for services Iflday. By LeROY POPE UPf Business Writer NEW YORK American prop erty and casualty insurance companies are building a huge international 'business a field once dominated by the British. Even American lite insurance companies have started io ioi vadc foreign markets again successfully. The life companies tended to stay out of foreign eouiiiries aner experiencing huge losses in Russia, Central Europe and Ihe iddle East because of the revolutions and political upheavals incident to World War I.

The life companies saiv the large assets they had accumulated abroad at that lime wiped out by the politics! lurmoii. not so much in payment of claims as by expropriation. Now, following the successful invasion oii much of the world by American and casualty companies, the life compa nies are going abrotd again. Occidental Insurance has nego tiated a venture with Hei wa Insurance Co. to introduce American style policies and life the Counter Wadt Pub BK GfTokyo .70 3t; Bank Says Economy Fine, But People Are Fidgety "Mj Lincoln" speaks to the audience in a setting of a Washington office, giving excerpts from his speeches.

The mobile theater will be ir. front of Ma cy's 01 the Mall, with Six 15 minute free shows daily, Envirotech John C. ibbs 'has been appointed manager Environmental Operating Services for the Municipal Equipment Division of Envirotech Corporation. Oibbs will be based in the Division's Brisbane headquarters. Mutual INVE5TIN3 COMPANIES EW YCRK (API thp National Associ FilFd Vs ensroe) Wsd.nfly Sell I AGE Fid 5.63 Aoerdn 2.1 f.

Admiraltv Funds: "1 i f' A lna II F. Anchor Group: cap b.m a. 1.12 12.P I 7 ft Gen Sec Corr St MC I Lev He. In Hedq. Herltae so: Ir ve.

Do: Fnt rap S.Si Sppcl 10.3! 1 t.vhli Ms C. Cot 3 Cp H. Frederick Wohlsen rias joined J'luor Utah, as manager oi' industrial projects at its corporate headquarters in San Mateo. Wohlsen came to the company from Kaiser Engineers, Oakland, where he had been manager of ports and terminals since 1968, Western Over GRT Corn J.t'. A 3 c.

CfMVtPSvc Chmplale Con Congeneric Cp Cn Cauila1 Cyclotro Co'D 1 Dots' Deiion Lsb Data DelMo OjagncsfiCi Data PoptiTa C.vp Labi Sal if Ind 15 .30 Seven'JpCo Simon Schu half a day. with his wiEe's help Buildincs of any tvpe from single family dwellings to high rise structure could be con structed by this method. Any architectural style and any type of building material could be ac commodated. "The flexible dwelling would be far from a house of cards, Martin, a housing economist who has been working on nous ing and community development at ski since mw, quoieo as "T'ne stnicture would resist nalural disasters such as earthquakes and hurricanes as well as or better lhan conventional buildings. The components of 'the house would include wall, floor and roof sections as well as pack ages of wiring and plumbing elements.

They would be bolted together on a steel frame and could be easily disassembled as well as assembled. The concept could be introd uced in today business climate under existing practices. Martin said. Many of the components already are used commercial buildings. Others could be constructed on site by regular crews.

While the flexible house Is not in actual use today, a prototype of a somewhat less flexible design has been successful in the new town of Jonathan. Minn And the more flexible version is being applied to develop service stations, which are expected to be built by Ihe middle of next year for a major oil company, 238 Jobs Obtained Retirement Jobs, filled 238 positions San Mateo County businesses and homes ir. the first nine months this year corn pared with 208 placements in all; of 1971. Of the 23S jobs filled. 93 were In business establishments and1 the rest in residences, said! Thomas Hulton, San Mateo manager.

Job requests by employers are similarly ahead of last year. 379 requests received for the first three quarters compared with 299 all last year. The San Mateo County office, at 125 West Twenty fifth Avenue San Mateo, is one of rive offices of Reti rente nt Jobs, i non profit community service organized in 1963, Bavhill Thomas D. Grant, Pleasant Hill, has been named the Lewis Douglas Development Compa ny's project manager in charge of construction at Bay hill, the San Francisco Airport Office Center. Grant will administer construction of the AO acre rnas ter pltinned Bayhill uf kie hotel shoppirg developmeiit at the intersection of 280 and 383.

San Bruno. The project, owned by Aetna Lite Casualty and being marketed by Coldwell. Banker is to be a $75 million velopment upon completion. (POLITICAL AOVKRTI SEMEMT and materials are provided. Each weekly class is two hours ructor avail; half hour before each class for personal consultation on individual projects or problems.

The student receives his own clearly illustrated textbook. Course fee is $48. The second member of an immediate family can enroll for 33. The course is conducted by Home Owner's Way, a national company wibh headquarters in Kansas City. sumer spending, and the dispar ily is occurring at a politically critical time.

That 6 per cent rise in September for example, is ihe last such monlhly report to be released befc re tiie eleclions. and so it. undoes a lol of progress that hao been made in Ihe previous six months. But it isn't that 6 per cent figure that disturbs the average shopper, That number is really an old one to sheppers, a belated report on what they had already concluded from their shopping trips. To the woman who shops every day or event week for food, the slightest price change is quickly noted.

Her Inflation gauge is more timelyp more sensitive, more revealing, She already knows by the time the official figures are released. To the professional economisl. however, those statistics are all important, and sometimes he forgets that those little numbers are important, only in that they are symbols of hide people out there in the real world. Speaker Norman B. Hansen, vice president of Wilsey Ham, will speak on The San Francisco 'Master Plan: A Case Study, at ithe International Pollution Engi ineering Congress in Cleveland, iUiuo, Decemaer 4 7.

TS.O. insurance marketing to Japan. Fred Weisman, a life insurance expert, told United Press International that group life and group health insurance for the employees of American industrial firms operating abroad have proved lihe best entering wedge for American life companies in the international market. Combined Insurance the health and accident company controlled by ement Stone ol Chicago, has gone a step far ther. Stme has sold enormous nmounls of health and accident insurance all over he world.

He even sells it as a supp.emeni to government health insurance in couritries like New Zealand and Australia. According John Jan is, chairman of Sentry Insurance Co. of Stevens Point. Wise, the international business of American property and casualty companies is growing substantially. Sentry lias bought a major block of stock in Howden's, a British insurance house with $100 mil lion net worth, Lt also does business in such remote places as Sydney.

Beirut and Hong Kong, According to Joseph Weimeri or American Foreign Insurar.ee Association of Wayne, N. which is bath a trade association and an operating insurance firm. American properly com panies have about 330 offices with 10, DUO foreign workers abroad. Weimeri. said there is no to estimate how much business they have abroad.

"The companies operate, as groups rather than independently for the most part." he ex plained. ''Our group is the largest, and we do about S2Q0 million a year in prem There, are several other laTge groupings of Amemcan insurance firms in the international market and in addition such firms as INA of Philadelphia, CNA of Chicago, Chubb Son of New York and. bo a lesser de gree, the Travelers and the Aetna operate on their own abroad Sales Increase Enviro nch Corn, of Menlo Park reported increased sales and earnings for the sis months ended Sept. 3(1. Sales for the months were $77,357,000.

tip from 63,748,000 tor the 11)71 period, an increase of 21 per cent. Net. income increased ro 2,458,0110, up from $1,735,000, an increase of 42 per cent. H. Brugger, president, rugger Marketing Systems, has announced the formation of a new company, Brugger International Corporation.

The corporation is operating as a subsidiary of BMS, and for the time being Brugger will be the chief executive officer. When asked about the objectives and. purpose of this newly formed entity, he said: "The new corporation will assist, acquire' or direct, import companies to adjust to changing conditions" chiefly, to merchandise products primarily manufactured in the western U.S." By JOHN CUNNTFF AP Business Analyst NEW YORK "In curious contrast to the obvious heaKh of the economy, the nation now fidgets with anxiety." Thus the First National City Bank, Ihe nation's second largest, began an essay on the mood ol the country as the Nov. 7 elections approach. It continued: "What, is noteworthy about the present mood of quenikusness is that, it has persisted so long un the face of a favorable economic performance," Shortly thereafter the news was released in Washington that showed consumer prices for September rose 6 per cent, ihe fffr that aUon icator in seven months.

nre tire peupietjuei wuua. in ious, fudgety because they know suspect, something that the experts who work with staustics cannot seem to per.e,trate? Ii wouldn'l be the first lime. There is a vast difference between a sound economy as viewed from the business or fin ancial mitmiun itiies. where numbers are symbols, and the world of reality for millions ot Americans, where numbers mean jobs and prices, This disparity has seldom been more noticeable lhan now, even though the popular mea sures of economic confidence are rising, and so also is con searcher says. In an article in SRI's quarterly, "Investments in Tomorrow' Richard L.

Martin reported that a house built out of detachable components bolted together on a steel frame could be assembled and disassembled with ease. This would aJiow the addition or removal of rooms, refurbishing and. necessary, the relocation of the entire house be accomplished simply and economical ly. According Martin, a man could move an entire bathroom walls, floor and fixtures in Funds 13.6 13.13 1J.S7 I.i ii Viii? 6.S5 ri.fv, U.3 M.L. Grp: 1 i i 9.55 1 i 6.92 12.33 13.5J 13.95 L.

7 l.fv I e.Oi 37 Am 10.91 '5. 3,3: 5v 31 Sovo; I Con Prog App 11.M12.0J lie 11. MILS Gf .10 S.S4 Cap 4.35 4.94 Cap 9. 3J 15.15 r.vrC rt Ui U.li' V.J 30 11.30 :::..) Uniled Funds: Bond S.2 1 11:, 21 i i B.07 BM 9.24 10.15 5.3S VI i0 1. 10 ij ill.

7.U 7.30 5,34 5.B4 7.62 8.55 r.lS 1M3 I'm a businessman and pretty good with figures, but I don't understand how your family trips to Tahoe are a vacation investment that's building up equity every year. How is that possible? Lort! bbrll; PSA smiles down on Sari Delta MID MOD Eaton Hawj. iFldrllly GroUD: asnd 9.55 10.J Capit 12,47 13. 1 Contfd ia.15 conv ajE csfny 7.4! ElSKt 13.41 n.a vrsl 12,71 13.B Ff S1H Incom Stock 1 i Crl'v Francisco and San Diego. 36 times a day.

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