Florida Today from Cocoa, Florida • Page 14C

1L na A I Business 14C TODAY, Wednesday, January IMI Stocks of Local Interest Bid Ask Chge else Chge DBA Systems 2 3ft Bamett Banks 'i Flagship Banks 13 HV4 Disney 46 y4 Bankers 12ft 13 Documatlon 15ft Fla, Nat. Banks 13 13 V4 Eckerd 26 Rovac 51, i Sun Banks 13 1414 y4 GDV 13 CmtHi ottn mwiiii me Clse Chge Harris 37'4 1 Pitney Bowes 32V4 ft Rockwell 624 Scotty's 18 li The Ledger Carter Opposes Tax Free Interest Plan WASHINGTON (AP) The Carter administration, already on record against any kind oMax cutr sent Oil Companies List Higher Profits '''VOOATrwirwrTtcw NEW YORK Gains In North Sea crude 'Oil production helped spur Conoco Inc the nation'! ninth largest oil company, to an 80 7 percent jump JjLEPPtH flf1 1wnrn ranal Phillip Ppfmleum: Co. to a 24 percent earnings increase in 1979, the companies said Tuesday. The announcements continued the stream, of higher earnings reports from major oil companies ihatjsujtedjipartjronuhs doubling of woridoiL prices last year. Conoco also said it is stepping up Its capital spending program by 17 7 percent this year, raising ItsTomlayoTneTgyiloratrorrandrdevelopment and other major projects to 2 billion from $1 7 billion in 1978 Phillips said earlier its capital spending budget would rise to $1 9 billion this year from J1.4 billion in 1978 Gold Reaches $700 NEW YORK The price of gold jumped sharply, reaching $700 an ounce in late New York trading Tuesday, while news of a big U.S.

trade deficit in December pushed the dollar lower in New York after it finished mixed in Europe. Bullion dealers said the volume of gold trading was fairly light ami that magnified the price In Europe, some dealers also cited oil price increases by Saudi Arabia and other Middle East producers and President Carter's request for increase military spending as factors In gold's price gains for the second consecutive day. Gold was bid late in the day at POO a troy ounce and offered at $710 an ounce at Republic National Bank. The late bid was up 170 from Monday's late bid. On the Commodity Exchange, the price of a February gold futures contract rose $63 an ounce to $702.

Mixson Heads Mission TALLAHASSEE Lt. Gov. Wayne Mixson and three other key state leaders will head another trade mission to Latin America next month as part of the state's trade promotion program. Mixson wilt be joined by Agriculture Commissioner Doyle Conner, House Speaker Hyatt Brown and House Speaker designate Ralph Haben. Other officials on the week long trip include Sen.

Edgar Dunn, Daytona Beach, and Commerce Secretary Sidney Levin. Levin said the mission will visit Quito and Quayaquil, Ecuador from Feb. 10 to Feb. 16. Levin said a similar trade mission last year resulted in $10 millidn in sales.

Workers, Executives Meet YOUNGSTOWN. Ohio Steelworkers union leaders pressed U.S. Steel Corp. on Tuesday to delay plans to close its last two mills here or to sell the plants to the union to keep their members at work. The closed door meeting between the presidents of four union locals and William Kirwan, superintendent of the two mills, came a day after more than 100 steelworkers stormed into U.S.

Steel's local headquarters to protest plans to close the mills. The workers pushed their way into company offices and roamed the halls for several hours, seeking executives who might listen to their requests. They finally left at the request of Robert Vasquez, president of United Steelworkers Local 1330. U.S. Steel announced Nov.

27 it would close its Ohio Works and McDonald Works in the Youngs town area, and close or curtail operations at IS other mills in other states. Eastern's Profits Fall MIAMI Eastern Airlines reported Tuesday that it carried a record 42 2 million passengers last year, but rapidly escalating fuel costs caused profits jimp 14 4 poiyonf tn million million in 1978. Revenues for the Miami based airline totaled $2.88 billion in 1979, up 21 percent from $2.38 billion the previous year. Operating expenses rose 21.S per cent 77 billion from $2 28 billion and accounted for 96 percent of revenues. Earnings per share dropped to $2 10 last year Chairman and President Frank Borman said Tuesday at a meeting of the airline's board of directors in Raleigh, N.C.

Those figures reflect an increase in the number of common outstandings Mileage Questioned WASHINGTON The average 27.5 mile per gallon automobile of 1985 may actually get only 19 5 mpg on (he road if the present trend of misleading mileage figures continues, a House subcommittee was told Tuesday. Barry McNutt, a technical adviser to the Department of Energy, said the mileage stickers on jjiew cat windows overstate their gas mileage by as much 30 percent, McNutt testified before a House Government Operations subcommittee on energy that Is looking Into consumer complaints that their new cars don't live up to the mileage figures on the window sticker. The reasons for the mileage discrepancies vary, witnesses said. Mileage figure are computed from prototype vehicles rather than cars on the assembly line, and critics say the companies tailor the prototype to the test. word to Congress Tuesday that a popular plan to ex empUnteresLfromjaxes.

would do little to encourage savings. "These proposals are" lit tie inuie Uuut a complicated ployment and maintain th way of providing middle In value of the dollar," said come tax relief," Donald Lu Tom B. Scott Jr. of Jackson, bick, an assistant secretary representing the U.S. of the treasury, told the League of Savings Assocla Most other witnesses before the panel disagreed, however.

"The longer we wait approve tax Incentives for savings) the further behind we fall Jn the ef forLlo stem inflation, provide economic growth, assure an adequate housing stock, increase em more than 50 bills that would exempt from federal income taxes a portion of Interest Current law exempts the first $100 earned by an individual, $200 per couple, In more Americans to save a greater part of their income. Economists say greater sav arned on savtngs or; In dividends, but taxes alt Inter ngSW6uldreducernTIatlon' some cases, dividends on stock. The exemption would range from total interest under one bill, to $100 a year on others. In passing a proposed est. House Ways and Means Committee.

tions. The panel is considering A House Senate conferenceconference committee that is working out a compromise oil tax has not yet considered the Senate Interest amend ITklfaIlTirofltstaxT)ffWemenfrButTherels sentiment In a reference to the Senate oil Industry last month, the among House conferees for passed bill with its $400 Senate attached an amend a somewhat smaller exemp ment that would exempt $201 tlon. ayear perJndlviduaLJ40Xl Snontort of tho exemp per couple, in interest and tlon say a tax incentive Is dividends. necessary to encourage Currently, such savers earn over 93 percerft of all Inter est and Aitnougn the bill would be no incentive at all for that 95 percent to save more, Lu bick added, they would receive three quarters of the total $2 billlon a year tax ingsjnustbejncreased Jut break, Even If such a tax exemption were appropriate. a year exemption, he added: Lubick said, the administra "No incentive effect tion would oppose it now for naiever ig nreviaeg to sayn iear inarrcrri ers who earn more than $400 tax cut, would worsen infla of Interest and dividends tiotir by slowing the "buy now' philosophy and by making more money available for business to modernizet Lubick agreed that sav SByHBBaMHSKPti tUHBnffF, ltf lW1MMr2fjflXfL I VLaLaLaLHB "nCHn JF BWaEISHK4llaaaaaVP'" KjP T'aaPllaBl'aJKBlM' aiaiafl aaUfl HaaVsXaaflakhitflHHiHi aaH mKBkWsm 3 iaBK 15 laVnaaK aLVi Ml CfllaWaHHl iajaaa!" Blftffi IKlBBBlBBBMiaWaaaLBSSaaaiiaSiS Officials Predict Mild Recession ASHJJ3GIQN (AE Easy Does It TOOAY UPI An RCA worker in Bloomington, gently lowers a 25 inch TV picture tube into a console cabinet on a slow moving assembly line.

Color TV sales in totaled 9.8 million sets, the second largest sales year ever. The nation is headed toward a mild recession that will cause some slackening in record breaking inflation, a mild hike in unemployment and possibly the sacrifice of some economic objectives. theXongressionaLBudget Ot ice predicted Tuesday. Alice MTRivlinTdirectCT" of the office, told the House Budget Committee there are no easy prescriptions to cure the economy and "hard choices have to be made." And, in a backhanded slap at Sen. Edward M.

Kennedy's call for wage and price controls, she said such controls "are least effective in the kind of inflation we've been having." The Massachusetts Democrat, who is challenging President Carter for the Democratic presidential nomination, called for the temporary imposition of wage and price controls Monday. The predictions by the office, created to advise Congress on budget matters, basically were in line with economic predictions made by the Carter administration. They came only one day after Carter unveiled his budget for 1981, a budget that Rivlin termed "restrictive." Carter, who had campaigned in 1976 on a promise posed spending of $616 billion and. a deficit of $16 billion. Rivlin said the tightening of credit last October by the Federal Reserve Board did not have a major effect last year but "will likely have a llpredicts a real Inflation percentage rate between 8 6 and 9 6 in 1980 whereas the administration estimates inflation will rise by 10 4 percent.

Inflation in the past year was 13 3 percent. depressing effect on residen Unemployment the tlal construction this budget off ice estimates, will. spring" The budget office also predicted automobile sales would be constrained during the first half of the year but 'could bounce back by the summer or later. Other retail sales also were expected rise from the current level of 5 8 percent to somewhere be tween 6.5 percent and 7.5 percent In 1980 and to about 8 percent in 1981. The White House had predicted a 7.3 percent jobless figure 'In 1981.

Tax Adviser by Peter Weaver Oil Price Hikes Increase Inflation NEW YORK (AP) Don't look to OPEC this winter for help in solving U.S. inflation problems. Oil prices may not soar as fast in 1980 as they did in 1979, but they aren't expected to turn lower either. Here are some questions and answers about oil and inflation: Q. How did energy price increases affect U.S.'Infla tion last year? A.

Consumer prices rose 13 percent overall in 1979 Countries prices doubled. The average U.S. retail price of a gallon of gasoline rose in 1979 by 35.7 cents to just over $1. Q. Why didn't U.S.

energy prices double along with OPEC prices? A. UJ, oil production ls in a slow, steady decline, but imports still account for only half of this country's oil needs. Japan, by contrast, imports nearly all its oil. About three quarters of U.S. crude oil production still trols are due to expire by late 1981, but a "windfall" tax now before congressional conferees Is expected to take $227.3 billion of the extra revenues gained by lifting the price lids.

Q. What has happened so far this year? A. Libya led off 1979 by boosting its crude oil price by nearly $5 to $34 72 per 42 gallon barrel. Libya supplies about 8 percent of U.S. oil imports but its oil is of ex tremely high quality and joined the price increase parade.

The supplier of about 17 percent of U.S. oil Imports an 8 percent price hike, lifting the cost of a barrel of its oil by $2 to $26. It had raised its price by $6 to $24 last month. Q. How do those oil Increases translate Into consumer price rises? Steven Smith, an energy analyst at Data Resources Inc.

in said Increases an ut energy costs spiraled by is under some fornve iH4ce yields largar than average neunced1efore the tatest a seasonally adjusted record controls, moderating the ef amounts of gasoline or heat Saudi move would boost 1980 37.4 percent as Organization feet of foreign price hikes on big fuel. inflation by about 0 8 percent of Petroleum Exporting domestic supplies. The con Saudi Arabia this week above earlier expectations. Magazine Picks Harris as One of Best By DAVE HOG AN TODAY IMMMI wrinr Harris Corp. has been named one of Florida's top five companies of the year by Florida Trend Magazine.

In its January Issue, Florida Trend praises MelbourneMelbourne based Harris as "a showcase example of the sortof clean, light industry that local development' boards all over the state are continually trying to at' tract." In making its annual se lection of Florida's leading companies, the magazine said ItTookedTtormerelyat size but at "strength and ability to perform." Also analyzed were1nnovatlori in business technique and style," and "contributions to the Florida business community, economy and business climate," Florida Trend's article notes the leading roles at Harris of Joseph A. Boyd and John T. Hartley, both of whom were executives with Melbourne's Radiation Inc when the firm was acquired by Cleveland based Harris in "1967, Boyd lSTiowxhalrmafT of the board and chief executive officer at Harris, While Hartley Is president. moved its corporate headquarters to Melbourne in 1978. Harris, a dFversified high technology firm, is the largest industrial employer In Florida.

It has 8,000 employees statewide, about 7,000 of whom work In Palm Bay and Melbourne. The magazine quotes Boyd as saying Harris plans "IcTnearTy'double its plant floor space in Florida over the next five years and to nv crease employment by 4,000. The company's annual payroll in Brevard should increase from Its current $100 million level to $235 million during the next five he added. Other companies selected by Florida Trend were Eastern Airlines, Associated Coca Cola Bottling Florida Steel Corp. and Southwest Florida Banks.

Choosing Right Preparer Can Reduce Income Tax When It comes to tilling out your income tax return, the first decision you have to make is whether to tackle the fob yourself or pay somebody else to do it. If you have a modest income, don't own your home and lead a relatively uncomplicated life, you can probably do the job yourself without too much trouble. But, for people with more complicated lives and bigger incomes, having a professional tax preparer do the return at least occasionally might not be a bad Idea. Or, you may just not feel competent to do a good job on your own taxes. Don't feel badly millions of people are In the same boat, including some pretty sophisticated business types who can't make heads or tails out of the complex, occasionally confusing and tricky regulations.

If you decide to make out your own return, though, I have one basic piece of advice on deductions: When In doubt about whether to take a deduction, take it. You should approach legitimate expenses and deductions as Just that legitimate. Let the IRS disprove you if they want to try. In general, if you can relate to one or more of the following situations, you might be a candidate for a preparer: Home owner, working couple no dependents, divorce or separa; tion, small business, rental property, retiring, unreimbursed work expenses, sudden jump in Income. Like anything else, there are heroic preparers who can make significant cuts in your tax bill and there are those who are a waste of money.

You have to do a little research to find a good tax preparer. But, when you do, it's well worth the effort. If you try one of the big chains, like Block, avoid taking the first person they hand youAskJospejikwith ficeor area manager. Find out if there's a special "executive's" service or some other such' title that provides the best and most experienced preparers. For this deluxe service, be prepared to pay a bigger fee.

But. agatnrtf you getn shrewd and conscientious preparer, it's worth it. Ask about your preparer's experience. Is he or she an accountant or ex Internal Revenue Service agent? How long in the business. A good place to look for preparernames lsJn.thephone book yellow pages under "tax return preparation." It you can find a tax preparer who is also listed under "bookkeeping serv ices," you might come up with an effective combination the tax preparer you select should have an office that's open year around not Just during tax season.

The preparer should subscribe to at least one of the major tax Information services such as: Research Institute, Commerce Clearing House or Prentice Hall. You might want to have a tax preparer start you off by doing your return this year and giving tax planning advice on things you can do to cut next year's bill. Then, next year, do the return yourself. Go back to the preparer the following year or whenever there's a major change in your financial life. Whatever you do, be sure to get the free IRS book, "Your Federal Income Tax (191 excellent, money saving checklist of all the tax breaks.

la Stock Values Decline After Election Campaigns 4 They Said It A Bank of America report said, "Declining real income, combined with high debt burdens and "TnleresfratesTwuT force a decline In consumption." 4 J. B. Fuuui ot Atlanta based Fuqua Industries Inc. a diversified conglomerate, said, "With almost people. China cnulrt be a great.

the United States, but they don't have any money to buy American goods." 1 I know that stocks generally go up tn a presidential election year, but I seem to recall them sinking after the campaign is over. Is that true? You recall correctly. Robert Stovall of Dean Witter Reynolds, has compiled the statistics in an entertaining pamphlet the brokerage firm puts out, called "Should Investors Throw In the Dow?" The numbers Indicate that It pays to transfer from stocks to bonds, preferable Treasury issues, during the immediate post election period. That's been profitable "during the first two years of the presidential term since 1962. In the last two years of the term, the profitable course has been to move out of Treasuries and back into the stock market, according to Stovall's statistics.

Daily Investor MM HI! III III 1 George Wheeler Some years ago I owned tome Gulf and Western stock. They seem to have a habit ot "spuming off" stocks. As a re suit, aittNutn the Oulf aod Western has been sold, I aim have II shares of Athena Communications and shares of Madison i Garden Corp.1 am wonderinc If these are saleable, or would the cost ot selling them exceed what they would bring? Incidentally, this tendency to play corporate games did not help to endear and to me at a small stockholder? I'm not a fan of 'Charles Bluhdom'f zippy conglomerate; but if, instead of getting emotional about corporate, games, you had read the communications he was sending you, you might have found out earlier that you're holding something of value. By looking no further than the daily newspaper's financial Quotations) Issues, indicating thai the 'quotes are more dependable (i.e., they are not made up by one or two dealers; as some of the farther out OTC stock quotes are) and that the stock Is an active one. It'a trading for $6 to $7 a share, syou should come away with the price of a good meal when you sell the stock, even after brokerage fees.

As for Madison Square Garden, the corporation was absorbed by and and you've probably been throwing away dozens of communications from Bluhdorn asking you to turn in the stock for cash. I don't ordinarily divulge the identities of my correspond ents to corporate giants, but since you aeem more helpless than the run of the mill shareholder, I made an exception to that rue and gave your name and Florida phone number to Marry Shea; a financial officer with and W. He'll call your i nere was a mom reverse stock split before the takeover, I found that'Athena Communicaions Is trading reason it's hardto knowliowrmuchyoirwill get. but it will be without ably briskly over the counter in fact, it's one of the NAS brokerage fees and should cover all or part of a meal tor a DAQ (National Association of Securities Dealers Automated companion when you celebrate the Athena sale..