Tampa Bay Times from St. Petersburg, Florida • 21

FINANCE WEDNESDAY, SEPTEMBER 14, 1977 9b Pirime rate raised AiMclated rrM tan loam to its best corporate customers and is not directly linked to consumer loan charges. There was no immediate indication whether other banks would follow Chase Manhattan's lead. Citibank, which uses a formula to determine its prime rate, was not expected to make a decision until Friday, the usual day when the rate is reviewed, a spokesman NEW YORK The Chase Manhattan Bank, the nation's third-largest commercial bank, has raised its prime interest rate (J percentage point, to 1Y per cent, officials announced Tuesday. The increase, which is effective Wednesday, is the first such move by a major bank since late August, when most banks raised their rates to 7 per cent from d. The prime rate is a bank's charge on DOW JONES AVERAGE 30 Industrials Closed at 854.56 Sept 13 1971 Blue chips rally; trade is slowest of the year Cary Brent is Innisbrook's new president and general manager.

I ffi 0.18 H.Y.S.E. Volume Profile "1 I UNCHkNCIB I I I 610 I 528 II 705 By FRANK W. SLUSSER Unitad Prsa International Innisbrook goes to Pinehurst for new boss By CLAYTON REED St. Pataraborg Timaa Busman Editor The former operator of Pinehurst, the famed North Carolina resort that calls itself "the golf capital of the world," has been picked to run Innisbrook, the Pinellas resort that is accumulating a large renown itself. William C.

(Cary) Brent Jr. already has taken over as president and general manager of the chief subsidiary of Golf Hosts International Inc. (CHI), Ralph E. Petersen, GHI president, said Tuesday. Brent, 44, was board chairman and president of Pinehurst Inc.

from 1973 until late 1976. That was a period when the giant Southern Pines, N.C. complex won acclaim for its Professional Golf Association (PGA) tournaments including a memorable $500,000, two-weeks-long World Open. It later became the Colgate Hall of Fame Classic. In recent months.

Brent has been vice president-marketing for Diamondhead the New Orleans-based parent company of Pinehurst, and a special consultant on community development for Princess Hotels International. BUT IT ISN'T to run PGA tournament that Brent has come to Innisbrook, he and Petersen said. "His background, experience and expertise in the travel and lodging business," Petersen said, "will help Innisbrook continue to grow in stature as one of the nation's leading vacation and meeting resorts," Petersen said. Interviewed at GHI headquarters at Innisbrook, Brent and Petersen explained that the resort near Tarpon Springs has completed its development phase and is ready to build its hospitality business. And the strategy is to attract more year-round family and organizational guests rather than PGA events, even though Innisbrook has three of Florida's finest golf courses.

It has been tabbed one of America's 10 finest resorts by Esquire magazine. Innisbrook already has moved in the new direction by expanding tennis to 17 courts, building a play park for children and improving dining, golf, pool and other facilities. PETERSEN, 77, will have some time to play golf himself now. A tenant and early backer of the $100-million rental-condominium project, Petersen stepped in to help when GHI fell on perilous times in the recession. He will continue as GHI president-chairman and chief executive officer but said Brent would have a free hand "to make things flower" at Innisbrook.

Operations are profitable and a recent restructuring of GHI debt cleared a big obstacle, he said. Brent said Innisbrook, a major Pinellas business with 900 employees in season and a annual payroll, has record bookings for the year ahead. Mississippi -born Cary Brent said he would move his family from Pinehurst's fairways to some in Pinellas for uihnt it's morth ComBanks offers $18.50 for Florida National shares CompHad from Ttmai itaffandjalrd report! Winter Park-based ComBanks Corp. disclosed Tuesday that it had offered $18.50 cash or for the controlling 24 per cent of Florida National Banks of Florida that the giant duPont Trust must sell off under a Federal Reserve order. The offer was made to Florida National Associates, which owns an option to buy the stock at $18 from the duPont Trust.

ComBanks' offer was put forward by Hugh F. Culverhouse, a Jacksonville lawyer who is ComBanks' and the Tampa Bay Buccaneers' major stockholder. Other offers include Duke University, $18 in promissory notes; "private foreign $18 cash, and the Florida National Banks holding company itself, $18 cash. The latter deal would land the stock in Florida National Banks' treasury, thus increasing duPont trustee Ed Ball's personal share to 10.1 from 7.7 percent, giving him the largest portion. Ball is locked in a struggle, meanwhile, for control of the duPont Trust.

However, the Fed's staff has said "no" to purchase by Florida National Banks, though the Fed's board has yet to act. The Fed also would probably have to approve ComBanks' purchase, and that's another very big if. Two months ago, the Supreme Court knocked down bar association bans on lawyers' advertising. Now, a legal research group reports that the ads have landed little legal business for lawyers. For one thing, the bar associations have clamped tight restrictions on what may be advertised.

So, The Research Group said, most lawyers have been playing it safe. Miami hotel layoffs attacked Four luxury Miami-area hotels and the Southern Florida Hotel and Motel Association face trial later this month on charges of illegally laying off more than 400 employees after a January strike. The National Labor Relations Board filed the charges against the Carillon, the Doral Country Club, the Beau Rivage, the Doral Beach Hotel and the association. The federal agency charges that they fired and threatened union employees after the three-week strike was settled Jan. 14 Cargo tonnage at the Port of Tampa totaled 3.69-million in June, showing a rise over June 1976 of only 168,224 tons or 4.8 per cent.

But first-half 1977 tonnage is up 12.7 per cent from last year, with the bulk of the jump in bulk cargos Concept Clearwater, won a contract to supply dental stain remover to Houston-based Evolution Health Care Co. Jacksonville-based LiP Champ Food Stores 1 17-convenience-store chain, reported profits rose to $209,242 in the first fiscal quarter ended July 30 from a year earlier. AIR FARES UP AGAIN Increases up to 2 per cent for U.S. air fares were approved by the Civil Aeronautics Board, effective Sept. 15-Oct.

10. The increase wai CAB's fourth this year and the first to take into ac junt future airline costs Negotiators trying to avert a paralyzing dock strike on the East and Gulf Coasts ian to begin intensive settlement efforts Thursday in Bal Harbour Caterpillar Tractor announced plans to build a 90-ton, 700-horsepower crawler tractor 15 feet tall, 12 wide and 31 long Dawn Mining Co. claims a major uranium strike near Spokane, Wash. Worth was estimated at more than President Dee W. Hock of the credit card association Visa U.S.A.

said there would be no merger with the other big bank card system, Master Charge. Hock promises to fight any other credit card system mergers. JOHN HALL ISSUES TRADED 1143 INDEX: 52.51 up 0 02 VOLUME: 17. 493, ISO SHARES Ralph Petersen will have a little time for golf. I COMPOSITE 98 09 up 0 06 hb) NEW YORK Stocks closed mixed Tuesday in the slowest trading of the year.

Last-minute buying prevented blue chips from falling to a 20-month low. The Dow Jones industrial average, down more than a point in the last three minutes, finished with a gain of 0.18 point to 854.56. A 2.69-point loser Monday, it had been up more than two points at the outset and down nearly three in the early afternoon. It is off about 150 points for the year. Big Board volume totaled 14,900,000 shares, down from the 18,700,000 traded Monday and the slowest since 13,226,710 were traded Nov.

11, 1976. Analysts attributed the slow turnover to the fact that many investors celebrated Rosh Hashanah, the Jewish new year. Observers, noting the sharp loss in the Dow average this year, said the market was ripe for rally. But rally attempts have been stymied by rising interest rates that have followed Federal Reserve Board credit tightening to curb inflationary rises in the money supply. ONE ANALYST said the rising rates have made the dividend yields on stock less attractive than other short-term money instruments.

Also, higher rates could harm the already slowing economy because money is harder to obtain. Nevertheless, the New York Stock Exchange common stock index added 0.02 to 52.56 and the average price of a share increased one cent. Standard Poor's 500-stock index, containing some over-the-counter stocks, added 0.06 to 96.09. Declines topped advances, 705 to 610, among the 1,843 issues crossing the composite tape. The 528 unchanged issues reflected investor uncertainty.

-A COMPOSITE volume of NYSE issues listed on all U.S. exchanges and over the counter totaled 17,493,360 shares, compared with 21,724,550 Monay. Falcon Seaboard, the fourth most active NYSE-Iisted issue, fell 3 to 23K following an opening block of 105,000 shares at 22, and Raytheon gained 1 to 311,. The two firms announced they had terminated merger discussions. Vetco Industries, a 4-point winner Monday, was the second most active NYSE issue, off to 18,.

The company said Friday it is discussing merger possibilities with several unnamed firms. The American Stock Exchange index lost 0.07 to 117.94 and the average price of a share dipped one cent. Declines topped advances, 270 to 207, among the 784 issues in composite trading. Composite volume totaled 1,740,400 snares compared with 1,928,600 Monday. The National Association of Securities Dealers' NASDAQ composite index of over-the-counter stocks lost 0.14 to 100.46.

Declines topped advances, 360 to 280, among the 2,542 issues traded. Volume totaled 5,610,100 shares, compared with Monday. Second Christian group seeks Channel 28 cluding Seaport Village, "boardwalk-type handicraft shops. We'd like to see nothing but handmade items, leathercraft, glass-blowing and the like." Construction on the 160-seat seafood restaurant would begin in March on Tampa Bay near 94th Aero Squadron. Opening: late-1978.

Name undecided, "kind of a warehouse thing." Construction would begin next month in Tampa at Rocky Point just south of the Courtney Campbell Causeway. Opening: mid-1978. Specialty Restaurants, whose shares are traded on the American Stock Exchange, has a 20-year history but first came to the Suncoast with 94th Aero Squadron, with a World War I headquarters theme, in March 1976. Business, Harrier said, has been excel lent. Harrier said he was tentatively named the area manager for the four restaurants Architects are West Coast Engineering.

St. Petersburg, assisted by Ted Cushman and Vern Lechman of Denver. Specialty Restaurants builds its own. JOHN HALL 3 waterfront restaurants set for Bay Area Three waterfront restaurants costing nearly It-million will be opened by late-1978 in the Tampa-St. Petersburg area by Long Beach, Specialty Restaurants a spokesman said Tuesday.

Plans were sketched by Gary G. Harrier, general manager of the 94th Aero Squadron restaurant at the St. Petersburg-Clearwater Airport, one of 52 high-decor, special-theme Specialty Restaurants nationwide: Sunbird, 1 -million cost, with American Indian theme, 370 seats dining and lounge. Construction has begun on Boca Ci-ega Bay immediately south of Tyrone Boulevard. Opening: about New Year's.

The Boat Yard, cost in securities dealer; Henry A. Ash, insurance executive; John A. Grant lawyer; Glenn S. Hooper, physician; Huey L. Johnson, interior-construction contractor; Russell K.

Peavyhouse, lawyer, and T. Terrell Sessums, lawyer and former speaker of the Florida House, all of Tampa; E. Wyllys Taylor, bank chairman and chemical company president. Lakeland; Ian N. Wheeler, general manager, WZTV, Nashville, and George Newell, NBC Television executive, New York, who would be Family TV's station manager.

"The one tie between all of these people is that they are all committed Christians," Hunt said. "We want to share the Christian message that we are all committed to." "We are going to clean up our television, and give our children an alternative to the garbage coming across now." By JOHN HALL St. Pataraburg Timaa Butinaaa Writar A second Christian group entered into contention Tuesday to snare UHF television Channel 28, Tampa. But the Christian groups are not battling over the Suncoast UHF channel, said William H. "Skip" Hunt, president of newly formed Family Television Tampa: "We are not filing against Christian Television Corp.

(of Largo). We are filing for Channel 28 in the name of Jesus Christ." Though Family Television asked the Federal Communications Commission (FCC) Monday for a commercial license, Hunt said, the sex and violence of network TV would be jettisoned. Programming would come from the Christian Broad casting and, to serve Tampa's large Latin population, Spanish International networks, and independents. "We," Hunt said, "would not show anything like Soap," ABC's sex-laden spoof of soap operas. Christian Television, headed by electrical contractor Robert D'Andrea, filed earlier with FCC for a nonprofit license for a six-hour day of all-religious programs.

Family TV would offer a full TV day, including secular content in history, music and culture, Hunt said. An FCC decision could take months or even years. Family TV has already raised the "great deal of money" required. Hunt said. Christian TV is campaigning to raise more than $l-million.

Equal-share owners and directors of Family Television, Hunt said, were Hunt, formerly a Act quickly to buy new issues XI I I i al i 'The Ladies' Jacksonville's docks come alive at 7 a.m. when 1 39 women who call themselves 'The Ladies' start readying imported Toyotas for delivery to dealers washing and undercoating the cars, applying side moldings and stripes, installing luggage racks and other optional accessories. The women perform jobs formerly held by men only. Toyota Motor Salaa U.S.A. zszrf 5HUL5KV ha has paid something on the common every year since 1885, that the $5 preferred paid steadily for 50 years and, finally what with all Con Ed's troubles, that $5 preferred dividend was covered last year by earnings of more than $44 per share.

Q. I am a widow, 83, with some funds in 1 per cent certificates, but with most of my money in 51, per cent accounts. How can I get more income and still have some funds available for emergencies? A. How about reducing that larger account to only what you feel you need for emergencies and putting the bulk of the account to work at T-2 per cent? Q. How can I invest money periodically in some common stocks? A.

By setting up such a program with any brokerage firm which offers these periodic investment accounts. Q. How long does it take to get in on a dividend which is paid out after you've bought stock? A broker said that the day I bought the stock "it was mine." But it didn't turn out that way as far as the dividend was concerned. A. He meant that you owned the stock the moment the broker on the floor bought it for you.

Any gain from that moment on is yours; any loss, yours. But dividends are, as you discovered, a different matter. Forget about any or all dates but the "ex-dividend" date the day the dividend goes "off the stock. If XYZ Corp. common stock is scheduled to go ex-dividend Thursday, Oct.

20, you must purchase the stock any time before the close of the stock market on Wednesday, Oct. 19. If you buy it even as early as the start of trading on Oct. 20. you are too late the stock is then trading ex-dividend, without the dividend and buyers that day are too late to get it even if it won't be paid out until Dec.

1. So if you have any idea of trading stocks in order to collect dividends (which you may find distinctly unprofitable) be sure you have the "ex-dividend" dates firmly in mind. Par Infarmatlan an annuitiat, Includa a talfaddrauad, itampad anva-lapa. Addrait raquairt ta Sam Shuhky, Klna) Paaturat 4Stti Q. How can I be assured of getting in on new issues? My broker always came up with the excuse; sold out! So I'm shifting to a new broker and want to make clear to him at the start that I intend to get new issues.

How? A. To answer your last question first: By indicating to him BEFORE an issue is offered for sale that you are interested. How do you do that? By watching the financial pages or various financial publications for notices of new issues being filed with the SEC for sale to the public. Of course, it would also help if you shifted to a broker whose firm is active in new issue underwriting or selling. Now, as to your peeve: New issues can be a or they can be something not to touch with a 10-foot pole.

Not only because the new issue may or may not be suited to your investment needs, but because your purchase of the original offering may not prove to be a "bargain" even if you do get the security without paying a buying commission. (The expenses of the issue are borne by the issuing corporation.) A recent issue of the Investment Dealers Digest, which is one of the definitive publications on new issues, gives some market experience on recent new issues and proves once more that the saving of commissions on a new issue may not be all that important, or may not be a saving, at all. Of 10 new bond issues covered, all but one were selling below their offering price in the open market a week or two after the official offering. In practically all cases, the drop in price well exceeded any commission cost for buying them in the "after" market. In the case of two preferred issues, both dropped below their official offering price.

Of half a dozen common stock distributions, three were below offering price and three above. All other things being equal, I'd just as soon skip paying commissions, too. But many times, all other things are not equal; general market declines, individual distribution problems, disenchantment with a hot new issue which cooled too quickly all can wipe out that savings in commissions. Q. We are elderly (82 and 77) with part of our income coming from a substantial block of Consolidated Edison $5 preferred.

I'm worried about the stock because we paid 76 for it. A. I suppose you would be far more comfortable with a $22 per share profit than with a $22 decline. But that's water under, the bridge and, really, of little weight in any discussion of Con Ed's preferred and your portfolio. Obviously, its rating has been hurt by the common dividend interruption, but the facts remain that the company Profit motive seen in Russian oil imports Unitad Praaa IntarnaMonaj NEW YORK The question of why the Russians, who now are the world's largest producer of petroleum, are buying oil from Iran has been abit of a puzzle but publisher David Mizrahi of the periodical Mid east Report says there's no mystery about it.

Mizrahi says they are doing it because they can make a big profit on the oil. He says the Russian purchase arrangements are barter deals or what the Soviet leaders like to call clearing agreements. "Under this deal, no payment in hard currency is made. Quite the contrary, the Soviet government imports crude i oil and other products from the Mideast countries in exchange for Russian services and equipment. The only difference is that, while the Russians are buying crude oil at more or less world prices, they tend, on their books, to pad or mark up their services or their equipment at prohibitive prices, thus in fact lowering the real price of the crude." Meanwhile, the article says, Moscow will sell its own crude to western European countries for Western currencies.

Mizrahi says these Soviet practices were one of the reasons Egyptian President Anwar Sadat decided Aug. 17 to suspend deliveries of Egyptian cotton to Russia and sell the crop on world markets instead. i.