The Los Angeles Times from Los Angeles, California • 103

lojansflfsOmrs 3 iVegas Must Reckon With Another Name as Well as That of Hughes The Men from Merrill Lynch Invite experienced investors to a special course he voluntarily away all his personal holdings as we3 as his corporate holdings at security for that jet As usual, that jet made big money for Kerkorian. When Trans International wasn't using it he leased it to other lines. In the end he sold it for about as much as he paid for it He probably made several times its cost in profits while he had it But then that's the way it's always been for Kerkorian. He'll spend a lot to make a lot "You can't buy cheap gas for a Cadillac and that's the formula we've always followed," he says. $250,000.

Oa a recent weet he was back in Vegas oa a Tuesday after taking a couple of free days for tennis la Paha Springs. Another favorite haunt is the-Kahala Hilton in Hawaii But his continuing fascination with new business ventures is evident On the morning in December he planned to spring his surprise $45 a share offer for that big slice of Western Air Lines stock, he was up shortly after 5 a.m. to see that all went well. "I saw a very excited man that morning," recalls an aide. And despite his personal modesty, he's obviously not adverse to spending whatever' needed to achieve what he wants.

Just recently, for example, keeping his business all to himself, Kerkorian has formed International Leisure Corp. to own the International and the Flamingo, and offered 175 of the stock to the public and to employes. That still leaves Kerkorian, through Tracy Investment, in control of 83. It also gives him a company with a marketable stock, some of which obviously could be used in exchange for other properties. And beyond that, there's that $73 million in Transamerica stock.

To investment experts, a couple of key questions now are what Kerkorian will do with all that stock and how long will he be content to hold the 30 of Western Airlines he bought in recent months and make no attempt to exercise control over the line? Kerkorian answers those questions by saying he has "no present plans" to sell the Transamerica shares or do anything but watch Here's a course especially designed for the seasoned investor who has a basic knowledge of the stock market and who wants to expand his understanding. At this forum you'll discover more about some of the fine points of investing. We'll explore some of the more popular market techniques used by investors. You'll hear our interpretation of recent market action and the business outlook for the coming year. You'll get our help in evaluating and improving your own present and future investment program.

And you'll find out which stocks appear attractive today to our Research Department for various investment objectives. If you want to learn more about the stock market to our: Cetttiaaei from first Pagt everyone over to get the new establishment off a flying start But cometMng went That Kerkorian magic turned the Flamin- go into a rousing success. The staff still moves in July, but they're training and Kerkori- insists the Flamingo is too good to sell are reports he's already been offered close to $20 million for his $15 'million investment). Born in Fresno, the last four children of an family that came from an area that's now part of Turkey, Kerkorian grew up in Los A childhood friend recalls the two of them and their buddies 'used to see all the football games at the Coliseum by pooling their money to buy one ticket. The guy who used it would create a ruckus and the rest of the gang would climb the fence (they were lower in those days) while the guards were distracted.

Kerkorian's first busi- ness was steam cleaning car engines for used car lots. But he quickly start ed buying old heaps, fix- he bought a special insur Send for this timely United facts, figures, comparisons 97 MUTBA selling. "We must have traded 60 airplanes between the late forties and The profits on those trades kept the line solvent By 1962 he was ready to trade a whole airline. It was called Trans International by then, and he sold it to Studebaker. A year later he bought it back for less than he sold it for, naturally.

(Studebaker made out all right on the deal, too, since it was able to gain some tax advantages.) Between 1962 and 1967, the airline's yearly revenues jumped from $3 million to $32 million and Kerkorian sold again, for $90 million worth of stock, to Transamerica. He sold some of that stock for $37 million; the 1.1 million shares be still holds now are worth about $73 million. He sold his airline at least partly because he was interested in diversifying his activities. And hotel3 have always been his second love, he avows. Hotels and Las Vegas.

Kerkorian was known around these parts long before he made it big. Some say he was a regular commuter from the West Coast. In fact, one casino official recalls he got the reputation as "the Perry Como of the craps table" because of the super-cool he displayed even when playing for sizable stakes. He's long since lost interest in that kind of gambling, for reasons perhaps best explained by another long-time devotee of Vegas, Nate Jacobson, chairman of the board of Caesars. "When you live in this town, you give up gambling for two reasons: FUNDS Iiolky oa the qukk success of hij big new hotel Her name Is Barbra Streisand and hell be paying her something la excess of $100,000 a week to perform when the International opens July 3.

That's a new salary high for Vegas supper clubs. When you have $200 million, that's not so awfully much. But Kerkorian has been willing to gamble big even when he didn't have so much. Jack Mo Gowen, president of the Douglas Aircraft Division of McDonnell Douglas an old friend, remembers "he came in here about nine years ago and wanted to buy a jet. That was unheard of for unscheduled carriers they all bought used craft We helped to get him started and without being asked, Li of the Funds included.

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-Zip. Pleost reserve seats Course on March 1 Name. Address. City State. Phonw UK no MERRILL PIERCE, FENIMER ing them up and selling them on the side.

He -almost threw that over to follow an older brother into professional boxing, but he was content to run up an impressive record as an amateur, never being knocked out. There mightn't have been a Kerkorian empire at all if it hadn't been for a 1 chtime conversation with a friend who'd taken up flying. After that friend got him interested, he went on to take flying He had a commercial pilot's license by 1941 and during the war he was a flight instructor for the Army, then ferried planes to England for the Royal Air Force. Afterward, the buying and selling started again, this time with airplanes. It was during this period that a DC-3 he bought as war surplus in Hawaii and was flying home developed engine Here is Just a partial list 6iTiii Skirt Amricts Inv DawTWerjr AmricuMntN DrayfnFd AM-HtafhtnFfc EifHow'rirji Batlaa Fa" EatrfT Fl BraUStUr BillackFi Ceilury Trait Cauniiif Ti CkutFd Ck.micilFa CalaitalFJi CtumaiiltkFJi Canpttitivt Cta J.V.ifcMtrtFi DtUwira FJ OiTaniiW Fit i Fidelity F4a Fiuacwl hi Fi FlakktrFJ Faiidart Mat Ti af Amirica FiaJwaalillif CS.C.Stk CbtrditaMutFJ HamiltaaFd la JattriM ItnU kvCf A LYNCH, SMITH INC PLUS 4-WEEK GUEST SUBSCRIPTION TO UNITED REPORTS UNION BANK PLAZA, PASADENA 91 101 (201 South Lake Ave.) Telephone: 795-681 1 0fiee open Sofurdojr mornings from 9 to 12 end Monday avanlngs from 7 fa 9 for your convenience.

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i Commodity Markets Specialists Members Cnlcaco ft New York Mercantile Enhances 100 South tan Julian St. IX 747-4442 747-7111 tks iuttom the good it takes up a lot of your time and it takes a lot of your money." But Kerkorian still has the super-cool. And those who've sat across the bargaining table from him on major business deals a it makes him a real master of the sport. In the mid-fifties, he purchased a hunk of one Strip hotel and got out very quickly. All he'll say about that event is that he "didn't care to invest and not have a say in management." More recently, he bought a piece of property across the street from the Flamingo.

It was a gamble since the property had no frontage on the main drag. But he swapped some of the land with the owners of the frontage, giving them some depth and him the access to the street. Then pretty soon, there stood Casesars Palace, paying him $190,000 plus 15 of the gross profit yearly as rent In the end, he sold the land to Caesars for $3 million, more than five times what he paid for it About that time he plunked down $3 million for the 62-acre site of his new International Hotel. Now, in a fashion shar ply contrasting with Hughes' penchant for tflw mm a Ml mw, Western grow. That phrase "no present plans," however, i3 businessmen's legalese for a polite "I don't want to tell you." Sources close to Kerkorian say he's not one to remain in a minority position for long.

He says, himself, "We'd rather have big ventures and few; something wth a lot of meat on it" and there's speculation he'd like to see some more operations within the International Leisure aegis. Maybe that includes Western, but he won't say. On a recent trip to Europe, he looked into the cruise ship business and new type ship designs, but the idea has been shelved. To him it's "a sort of jigsaw puzzle. I can't say it's a master plan.

Things just fall into place." The common denominator is that all of the operations stand to benefit from increased leisure time. "It seems so simple," he says. To Kerkorian is simple. One aide Kerkorian has a natural feel for a business venture. "He does most of the figurine in his head, quickly, and maybe he'll jot down a few figures on the back of an envelope.

He bought the land for the International before making any big study." But if that's all part of that Kerkorian cool, it shouldn't suggest a guy who's hard as nails. He's almost apologetic about his And he makes few of the demands on subordinates that might be expected of such a man. In fact, one associate recalls him getting a plate of eggs cooked the wrong way at the Flamingo. "He ate them rather than tell one of his employes they'd made a mistake." That doesn't mean he's not living it up a little. He'll shortly move his family into a newl re-, modeled house which, he almost whispers, cost him A li mutual funcfy fl ff lr tfkt ft tt XGtnttwmriiititftdiMiefet a.

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CLAREMONT MEN'S COLLEGE trouble. The plane dropped from 11,000 feet to 3,000 feet before the engines caught again. That, says Kerkorian, is the closest he's come to an accident in a life of piloting that lasted right up to the last year. Now, he gets about in an executive version of the twin-jet DC-9 and figures to let someone else do the piloting. What made Kerkorian a millionaire was his Los Angeles Air Service, which he started in 1947.

The service provided non-scheduled flights, including service to New York for as little as $60. There were lots of other 'flying enthusiasts who started similar offbeat ser-: vices. Almost all of them went under financially. How come Kerkorian didn't? "I guess we had a little luck. I'd have to say there was no secret, just a combination of manage-' ment and a little bit of cash reserve to carry through bad times.

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