Richmond Times-Dispatch from Richmond, Virginia • 45

7 mmrn9di Pf J- J) Sunday Hatch SO I960 las 1 finis Kstate 1-7 7-23 Family Room Shows Beams of Heart Fine Salvaged From Old Petersburg Tannery Firm Votes To Acquire The Dunes New York Firm To Trade Sloek NEW YORK iff Stockholders of the Continental Connector Corp have voted to acquire the Dunes Hotel in Las Vegns Nev In an exchange of stock The acquixilon had been previously approved by directors of hath companies and stockholders of the Investment Corp owner of the Dunes Continental spokesman said Continental will exchange 35000 shares of its preferred convertible stock for all the stock of MAR according to Parry Thomas chairman of Continentil "I want to stress" Thomas said "that the Dunes Hotel will retain its autonmy and continue operations under its present directors officers and other as a wholly owned subsidiary Thomas said Continental Connector Is a New York-based producer of electronic microconnectors It owns the Western Transportation Co In Chicago and the Vegas Village Stores in Nevada both of which were acquired late in 196ft Thomas also said Continental expected to consummate within 60 days an agreement In principle to acquire the Golden Nugget Casino the oldest publicly owned gambling casino in Nevada Each share of the new preferred Continental slock exchanged in the Dines Hotel transaction would be equally convertible over a three-year period to three shares of Continental common Thomas said At the close of trading Thursday Continental stock declined ft to on the American Stock Exchange Assuming full conversion the current market value of the transaction would be about $59 million Thr Dunes Hotel is one of the largest hotels in Nevada It has 1 000 rooms six restaurants an 18 hole golf course convention facilities and large casino showrooms Thomas and Major Riddle president of were elected a director of Continental as was Charles Rich executive vice president Thomas said both men will retain their previous post with Pattons in Petersburg Home Shows Family Interests Ry Nancy Finch PETERSBURG The William A Patton family here is a family of many interests Their new luxury home has by Patton Home Is Surrounded by Brick Planters With Shrubs and Flowers Copper Fountain Was Sculpted by Nancy Camden Witt a Richmond Artist late brown and gold tones Globe lights on brass chains hang from the high-ceilinged room The far wall is covered in cork The interior designer for the home was Miss Pat Ackor of Mortem Marks Sons Inc had decorated my Mrs Patton explained" and we were so pleased with it we asked them to do the A balcony off the room Mrs Patton says provided a viewpoint of the entire yard and lake giving her an opportunity to supervise the boys without having to go downstairs to the back patio More built-in storage is in the family room where bookshelves flank the chocolate-colored brick fireplace Again maximum storage space was utilized when the Pattons had the kitchen cabi- Continued on Page 6 Col 3 "My oldest son caught a 214-pound she said proudly The lake also serves for swimming boating and ice skating The three bedrooms were designed so that each room has an entire wall of built-in shelves and desks where the boys may study or pursue their many hobbies and Scout work The boys' bedrooms also have built-in dressers behind folding closet doors Clothes storage is spacious in each room where an entrice wall has been devoted to clothing storage and the built-in dressers More built-in storage is available in the upstairs hallway which will serve as a gallery Window seats with 0 1 colored cushions built-in THE MASTER bedroom is a rich combination of choco Homes for Southerners House Offers ouch Of Old New Orleans 16-Room Home of William A Patton Family on 32-Acre Tract Near Petersburg been designed so that each family member has the space and place to pursue his own diversions The 16-room home (counting three and a half baths) is located on Defense Road in view of the Confederate breastworks Patton owns 32 surrounding acres and with a neighboring family built a lake on the property Both Patton and his wife are art enthusiasts and their large foyer and upstairs hallway will be used to exhibit their growing collection of art abjects Nancy Camden Witt sculpture has been commissioned for the foyer Another is installed on the patio The foyer stairway of open stairs is suspended from the ceiling by steel rods Gallery lights handsomely light the John Curran painting hanging on the stairway wall THE HOME contains a shop for puttering a frustrated farmer Mrs Patton sad as she cited two beehives which her husband has made He also has an office with a built-in desk and storage compartments She has a sewing room which is part of a mammoth closet off the master bedroom where she turns out slipcovers and bedspreads Her laundry room would brighten laundry day for any homemaker with its outlandish wall covering featuring colorful jungle animals But mainly the home has been built to provide their four boys ranging in age from 144 to 6 an opportunity to enjoy a Variety of recreation activities A 20 by 30-foot cathedral-ceilinged game room comfortably houses a pool table ping pong table parallel bars tumbling mats and a pin ball machine A wall of closets contains drawers and shelves for storing games toys and sporting equipment Outside the game room is a 50 by 30-foot concrete court with a basketball goal markings for shuffleboard volleyball and badminton An outdoor row of storage cabinets with a cedar shake 6hed roof houses the saddles for the two horses and other sporting equipment THE LAKE is kept stocked with bass and bream for the boys fish with Mrs patton said REAL ESTATE CORNER South Sea Booms Near Miami 90 Trade-in Price For House Is Fair Savings Inflow Shows Gain WASHINGTON Iff Federally insured savings and loan associations posted a $590 million net inflow of savings in Feruary the Federal Home Loan Bank Board has reported An outflow of $89 million was experienced in January usually a month of heavy withdrawals for If allowance is made for the seasonal factors the board said the net change in savings flow was about the same during the two months The February inflow was 3 per cent above that of February 1968 when a $571 million gain was recorded But the combined inflow of the first two months of the year $501 million toppled the $333 million increase or the comparable 1968 month by 505 per cent installed on one of the walls of this room if desired To the right of the family room is the carefully planned kitchen The kitchen has been designed for built-in appliances which are designated as follows: surface units built-in oven and refrigerator A desk has been located In one corner of the kitchen and this would be a good place for an extension telephone One corner of the kitchen has been reserved for a dining nook and a glass sliding door has been placed on the outside wall to provide easy access from the kitchen to the patio Wall Storage To the right of the kitchen is the utility room in which are located the washing machine and clothes dryer Above these appliances is a wall cabinet for storage A half bath is just beyond the utility room On the left side of the first floor is the master bedroom and offers a huge walk-in closet The bath for this bedroom has double lavatories built into a lavatory cabinet The second floor consists of four bedrooms and two baths Each bath has a lavatory offering a long counter space and nice storage underneath A door leads from the center hall to the balcony on the front of the house The two-car garage is entered from the right side of house thus making it possible to place double windows on the front The large patio on the rear can be entered from either the family room or kitchen An outside grille has been provided for the patio which is a feature that will appeal to all members of the family If you like this home plan then you can purchase a copy of the 50-cent STUDY PLAN through the Richmond Times-Dispatch (use mail order blank 111th Wrought Iron Work Adds Touch of Old New Orleans to Home Continued on Page 2 Col 3 Magazine Attacks Leaders DURBAN South Africa Author Alan Paton an outspoken foe of apartheid is editing an antigovernment magazine called Reality KEY BISCAYNE Fla-A cir-tually uninhabited Sea only 25 years ago this community now is home Tor 3-000 year-round and 4000 winter residents Additional thousands of sun-seekers drive to the five-mile-long island daily to enjoy its tropical parks magnificent beaches and recreational facilities the National Geographic Society says Key Biscayne lies across a bay from Miami south of Miami Beach A 3-mile road Rickenbacker Causeway spans the bay and the smaller island of Virginia Key before entering Crandon Park whose thousand scenic acres blanket the northern half of Key Biscayne More than three million people annually cross the causeway to enjoy Crandon Park's two miles of ocean front wander in a 22-acre zoo and ride a miniature railroad through junglelike setting South of the park a fine residential and resort area offers privacy and relaxation to inhabitants and visiting celebrities Inlets and lagoons that once served as pirates' lairs provide natural harbors for pleasure craft Picturesque sailboats some launched from back lawns of patlatial homes dot serene Biscayne Bay South of the residential area stands largely undeveloped Cape Florida State Park site of an abandoned lighthouse that guided 19th-century ships io safety Since not every ship reached shelter Key Biscayne once enjoyed a flourishing lucrative industry the salvage business One wreck a Norwegian tramp steamer bound for South America with a million feet of lumber played a major role in Continued on Page 6 Col 4 i By Bernard Meltzerl ever is happening The nig Is shedding Hke an old fur coat Every time I vacuum small pieces of wool pile are sucked up by the hundreds At this rate I may not have any rug left Shall I call the company to complain? -WILD AND WOOLLY ANSWER: There is no need to be alarmed Almost all new wool rugs especially the expensive type shed' to some degree The shearing processes used in their manufacture allow small bits of yarn to fall back into the pile In use these bits of wool work to the surface It takes several weeks before all evidence of shedding is eliminated In the meantime it is best for new rugs to be vacuumed daily for as long as the problem exists DEAR MR MELTZER: Many years ago I lent a friend $600 When he couldn't pay I took his corner lot in exchange Now I'm being offered $70000 for the same lot This friend who formerly owned the lot now advises me to take the money over four years He says I will save In taxes Will I suspect envy may be causing my friend(?) to give me poor advice BE TOO CAREFUL ANSWER: Hold onto that not only has he made you wealthy but his advice will save some of the money for you If one is faced with a large capital gains tax often considerable tax savings are possible if the sale is based on an installment sales agreement Under this type of agreement 30 per cent or less of the money is received the first year The balance is spread out over an agreed term of years The savings arise because one pays taxes on the money received that year only As a result the tax rate is usually lower By Bernard Meltzer Home trade-ins are becoming more popular A question that readers keep asking is "What is the fair price at which the trade should be made?" DEAR MR MELTZER: For the second time I am going through the routine of buying and selling Last time I ended up owning two houses for six months The selling broker has made an offer to buy my house He is willing to pay me per cent of its fair market value (which he mid I will agree on beforehand) if my house is not sold by the time I am ready to move into my new one Losing 19 per cent id the price of the house will cost me about $2500 Very few people would trade their automobiles if ft cost them that much money The broker's offer appear very fair to me COSTING TOO MUCH ANSWER: Paying 90 percent of value on a house trade is very fair by industry standards More often the figure is 85 per cent Here is the reason: The selling costs of a house are five or six per cent In addition the broker will have to pay interest on an interim loan when he pays you Also he will have to pay taxes expenses of keeping the house and may even have to paint redecorate or make capital improvements All that without even taking risk into account usually adds up to more than 10 per cent I disagree with your comment that automobile owners do better when trading Let me quote this example from real life: A friend brought a house and a car three years ago He paid $32000 for the house and now has an agreement to trade at $36000 (90 per cent of $40000) He paid $3400 for the car When he traded it the best he could get was $1800 DEAR MR MELTZER: I am proud of my new expensive wall-to-wall wool carpeting Something crazy how-.