Florida Today from Cocoa, Florida • Page 12C

TODAY, Monday, November 8, M71 Complete New York, American Listings 5 Days a Week Weekly, New York American Prices Every Sunday 7 i 4 Business rf jisV Vyi. Investors Cautious, Dow Jones Hits Bottom ilCcrn Jm Lng Ibo if Again? By KENT BIFFLE TODAY NtwiwM Faatun Strict "DAIXAS Can the one time king of the conglomerates a poor boy from Hugo, Okla.r.vho parlayed a native shrewdness and $2,000 Into the U.S.'s 14th largest industrial concern only to be deposed when things turned! sour make a comeback in the savage world of high finance? Apparently he can at least if his name is James J. Ling. Just a year ago, Ling was clinging by his fingernails to the cliff overlooking financial oblivion. Roughly $7 million in the hole, he had been forced to sell his $1.5 million house some debts.

All he had left were life insurance policies with a face value of about $750,000 and a 10 year $1.6 million consultancy contract with Ling Temco Vought (LTV) the conglomerate he had founded and then been forced out of by its directors. Nothing Has Changed But now he is back on top again as chairman and chief executive of a new conglomerate he started called Omega Alpha, which has assets of about $370 million. The ",48 year old Ling is a brand new multimillionaire at least on paper and, as if nothing had ever changed, he is once in the same lavish suite he occupied as head of LTV on the 31st floor of the LTV Tower in downtown Dallas. How( do you manipulate a $7 million debt and assets of only abut $2.3 million into empire in a matter of months? Thereis only one answer: by a kind of financial prestidigitation at which Ling has always, been a master. "Business is like a chess game," Ling likes to say.

"You're not restricted to just one move. You, have all sorts of alternative movesT.to make." A New Career Begins 'Actually, Ling accomplished his miracle with methods that were at least for him fairly traditional. Omega Alpha (the words are the last and first letters in the Greek alphabet and stand for, says Ling, "the en dingJbf part of my career and the beginning of was launched with nothing more than his insurance policies and the fees due tocome to him from LTV. He turned those assets over to Omega Alpha.in return for 4.25 million shares of stock: Then he went to a Dallas company called University Computing and exchanged somerOmega Alpha stock for two of UniversityUniversity Computing's subsidiary companies. Then he bought mostly with promissory notes.

a third company, Harbor Boat Building. AC this point, a group of Texas and New York investors, aware that the magician was on the, move again, pumped in $25.4 million in cash, buying Omega Alpha stock at $3.25 a shared, with new capital and an always improving credit line. 'Ling snapped up a company called Okonite from LTV for $40.5 mjjlug and promptly split it into two separateseparate companies, both of which will pro babljcbe offered to the public before long. It's a move that will bring in much more cash than the companies cost Ling and will, thos enable him to buy still more companies NEW YORK (AP) The stock market took investors on a miniature roller coaster ride last week and, when the ride ended, left them almost exactly where they had begun. The market opened Monday with a downward sweep that sent the Dow Jones average of 3 0 industrials plummeting some 13 points to its lowest level of the year.

4 On Tifesday, the Dow started building momentum for its upward sweep. This came Wednesday. When the blue chip indicator zoomed more than 14 points. On Thursday, it remained steady and on Friday took Its final dip for the week. In tbe end, the average showed a net gain of 1.39 points.

Analysts attributed the midweek rally primarily to technical factors, saying that the market had been sharply oversold. Despite a wave of positive news developments, investors still remained cautious, showing uneasiness over Phase 2 of the Nixon Administration's economic program, brokers declared. News of a cut in the prime lending rate, lower unemployment levels and declining wholesale prices failedfailed to offset investor Many brokers, however, said that the market was, out of touch With tbe improving economic 'picture and predicted an upswing in the near future. Volume for the week on the New York' Stock Exchange remained sluggish With only 65.4 million shares changing hands. The previous week 61.5 million shares were traded.

Analysts said this indicated f3 "ti thatmost investors were still remaining on the sidelines. Of the 1,854 Stocks traded on the Big Board 807 advanced and 832 declined during the week. There were 26 new highs and 290 new lows for the year. The Associated Press 60 stock average fell 0 4 to 308.2. Standard Poor's SXKstock index gained 0.23.

The Big Board index of some 1,300 common stocks rose 0.09 to 52.16. Of the 20 most actively traded Big Board issues, nine declined, 10 advanced and one was unchanged. American Telephone was most active, upy4 to 42. It was followed by First National City off to 41; Glen Alden, off to lOtt; General Electric, 'off to 58; and International Nickel, up Wi to Other prices 1 n'c 1 Pittston, off 3 Ms to 35; Boise "Cascade, down 2 to 16; Natomas, off 2i to 62; Mobile Oil, off 2 to 46; and General Motors, up 2Vi to 79y4. On the American Stock Exchange, the price change index 7J3 fell 0.07 to ,24.54.

Of the 1,263 issues traded, 398 advanced 1 An1 CTa AKnAS i X. Of the 20 most 'actives, six advanced, two were unchanged, and 12 declined Banister Continental was most active, off to 15K. It was followed by TWA warrants, off Vi to 21; Puritan Fashions, off to 14; Champion Home Builders, unchanged at 37; and Lennar, up 6. Large price changes were posted by General Battery, down 7 to 19; and Presley Development, up 5 to 7. i' AWl S.

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Mclntyre, N.H., said he understood ''the decision has been made" and urged Morton to reconsider. Business Diplomacy A perfect example of commercialized, ping pong diplomacy, a West German firm has manufactured table. tennis paddles, with images of President Nixon and Communist Chinese leader Mao Tse tung. Based TODAY AP WlrtptlolO on of the sport and the U.S. China friendship paddling, the company has definitely hiked the sport's face value.

The paddles sell at a retail price of $3.60 a pair. Oshkosh Brewets Sell Ouf OSHKOSH, Wis. (AP) United Peoples Brewing of Oshkosh, has purchased the financially troubled Oshkosh Brewing brewer of Chief Oshkosh, Rarhs and Badger beer, Peoples President Theodore Mack and Oshkosh General Manager Harold Kriz announced today. Mack, whose black owned firm brews Peoplesbeer, said the brewery will retain all three labels brewed by the 107 year old Oshkosh Brewery. Mack said be wanted to keep Oshkosh Brewing Co.

operating and on the tax roles and hopefully help stimulate the economy in Oshkosh. Federal officials, he said were at the brewery today to approve fmalization of the transaction. It was a cash purchase, he said, but did not disclose a price. Oshkosh Brewing shut down operations last month. Purchase negotiations have been going on for three weeks, the two men said.

Mack said all three Oshkosh Brewing Co. beers will be produced in the Peoples brewery until it reaches full capacity. He did not elaborate on future plans or what use Peoples will make of the Oshkosh building. He said he will have to hire more employes probably some former employes of Since the Milwaukee based group bought Peoples some two years ago, Mack has expanded the local beer's markets into other states, including Indiana. He said a similar expansion of distributorships for Chief Oshkosh was possible.

A major reason for his purchase of Oshkosh Brewing, was that he felt big breweries were trying to squeeze out the little man and he did not want to bow to the pressure. Steel Price Hikes Planned NEW YORK (AP) Steel companies are expected to test wage price guidelines immediately after expiration of the 90 day freeze on Nov. 13, Iron Age magazine said Sunday. The trade publication said the producing companies would seek government' approval to increase prices of tinplates, hot rolled sheets and galvanized sheets. The price increases would be: tinplafe, ranging from 50 cents to 90 cents a base box; which consists of 112 14 by 20 inch sheets; hot rolled sheets, $13 a ton, and galvanized sheets, $17.50 a ton.

These boosts had been announced iq August, prior to the Nixon Administrations wage price freeze order They had been intended to become effective Oct. 1. The appeals board was set up in 1959, shortly after the late President Eisenhower established the mandatory oil import program to restrict oil imports to 12.2 percent of current domestic production. According to Chairman Flagg, the board makes awards of oil import allocations to petitioners who prove "hardship, exceptional circumstances, or error" resulting from the import program. There are three members on the board Flagg, who is fulltime and represents the interior department; Stanley Mehmer, a commerce department representative; and George 1 1 from the Department of Justice.

The board mainly hears appeals from small oil companies, terminal operators and small refiners. Generally, the board has treated their requests favorably, sources said. Continuous findings by the appeals board that smaller operators were suffering in East Coast states because they could not get enough oil led to establishment of a special program permitting importation of 40,000 barrels a day of home heating oil without regard to the quota system. Sources said the plan the Interior Department is considering would replace Flagg who has been chairman since May 28, 1969 with the current head of the interior department's hearing and appeals division, James M. Day.

GM Boosts Production, Employment DETROIT (AP) General Motors Corp. has stepped up production of new cars and added 1,000 workers as a response to soaring new car sales. GM announced that it is increasing its monthly production rate by 8,700 cars, with full increase to be implemented by the end of the month. To accomplish the increase, GM fs adding 1,000, workers, who will either be new employes or men, called back from layoffs. Prior, to' the increase, Ward's Automotive Reports, the industry statistical service, had said GM planned' to build 434,000 cars this; month.

The increased production will affect GM Assembly Division plants at Van Nuys, Leeds, Linden, N.J., and Ypsllanti, Mich. GM also announced the Buick production is being increased at the division's home plant in Flint, with a comparable reduction in production at the Framingham, GMAC plant. o. IBdnd Market Speculation By'tOU SCHNEIDER NEJW. TORKT, irr Today's column.

answers 'reader ques "Ubns'ofgeneral interest 'iThe one offset to uVbullisb. aurathat surrounds tbe entire bond'market is. tbe question or hot' prices have soared too fast against actual iflVjefltment demand, especially in the corporate Knowledgeable investment believe that the i borxfjnarket, in all sectors, is overpriced. This partlirularlyso corporate tjjpnds in tbe AA, A and classifications. fWhen the stock market started, behaving poorly after the August spectacular price professional 'traders wanted 'out This they W7QC switching Into "dis actively traded.

4riy October, even small lot tfaders were doing it. iBofd, trading is a happy tanUtfground, The; margin 73qimnenU are lower than for jBoclts, and you earn Jn lSrMt 'on invested eaoital as Ji 'L 4t." Jm UK owu yuuu. oj "Vctober, Dona trading awirtf money trom Smarts trading. rledgMUfrtiMney. ate iwy.saying toe s'lBveriwlced, that speculative 1 Iftjfa, I.

W5 sffe tS mNimd. traders are. overbought, and that the technical positon of the bond market has been weakened by its speculative following. This goes double for the low rated bond issues. Any issue below a double A ft classified as a speculative.

President Nixon's (new economic policy" program) isn't fair last effort to stop inflation and start, an economic recovery, George Sbultz, director of tbe Office of Management and Budget, and father of the previous Nixon "game plan" that fell flat, puts it this way; the whole thing gets completely off the track, die President can Just abolish the machinery and try something else." Important investment managers cannot understand why President Nixon finds it necessary to ask Congress to include standby authority for control of. Interest rates should Congress extend the Economic Stabilization Act for one year to April SO, 1973. As is, they say, the President already has that authority under the Credit Control Act of 1969. Sections 204, 205 and 206 authorized the President to direct the Federal Reserve Board to determine and regulate various forms of loan and interest rates for such ia period of time as he (the President) A may determine. Investment managers say' the President will not do anything about controls on interest rates.

it The Kennedy half dollar coins aren't popular, because they lack appeal. Banks don't handle them because1' change machines cannot take them. Neither can vending machines or coin boxes on buses. Consumers dont like big coins because they are too heavy to Retailers regard them si nuisance. Banks are sending them back to tbe Treasury Who Knows In Business? Sharon Shrader, a Cocoa Beach resident for last 6 is assistant manager at Toy King, Cocoa Beach, where she has worked for1 two years.

The California native enjoys surfing and sewing. First of 2 Articles By STEVE EMMONS Oannattl Nm Strvk showroom is as still as. i a mortuary shiny new cars but no The salesmen are; waiting. In walks 'a bum, clothes ragged and face unshaven," Tbe old pros turn aside, but the kid, only hired last week, steps forward with a smile. And the bum, worth $18 million, buys nine Cadillacs for a family reunion.

One version or another of this legend has made the rounds of auto salesmen throughout America. Thoughts of such luck make, car salesmen smile in their, sleep. The real money Is made, salesmen say, by the man with thorough records, calluses on his phone dialing a memory for past customers and an ability to be a "nice guy" to" all people. He may not have a college degree or. even a high 'school diploma', but if he.

can add, spell, speak well and has "it," he can push 'into "the high levels of car sales earnings, up to $20,000 a year. "The first time I sold a.car, I was really stunned," said Jim! Buie; a salesman in Southern California for fire years after retiring from the I he business ftHaiaffhWf: fowl itm y.S. Marine "My commission was $50. I made it in 20 and that was a month's earnings in the Marines" Buie is now selling about 200 cars a year, The money Is the en 'iicement said John Felter, a general sales manager. "In car sales, a guy with no 'education be making more in 90 days than, a guy with an engineering degree is making in fave years.fy "People' look down on you yUn the" automoblle business, Well, I have a big home," money In the bank and a 40 foot motorboat.

They can say what they' want toJK Tbe job has its liabilities. A' Successful salesman usually spends 10 or, 12 'hours a day on the Job, though' most agencies only require six to eight hours. They are often' late hours, extending sometimes to mid night. "I've gone for 10 days without making a dime," said vV I'll sell five cars In two days.y "But 'the Job also has its peculiar benefits, Salesmen drive new 'cars, free. If they sell enough cars, they get bonuses.

possible to make $3,000 a ye 111 in bonuses," said Bule. And the dealer and factory occasionally run sales contests, giving nway vacation trip. Buie after five years Is working toward what salesmen consider, the Ideal position, hdvlng 'your own personal clientele. established, dealerships depepd on'return i business," he "More, than 60 percent of the cars I sell, are returns, people I've sold cars to These customers are 'i cultivated by the 'iafcsnnn He 'personally delivers tber and in a or maybe earlier, he will 'J, telephone to make sure everything is'fine, With this groundwork, the "i customer hopefully wtU return In two, three or 'fotmyears 4 ar and ask' for the same 'salesman. NEXTj Used car dealings.

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