The Los Angeles Times from Los Angeles, California • 29

Co Anjelea Stmts 2 Par. IV, Wednesday. April 7. 1982 1 Dow Jones 30 Industrials Market Manages Small Gain as Bad Weather Curbs Trading; Dow Up 4 T97TBJ S3'tt 26 tttD 7-5 7'17 San Diego Fed Cuts Mortgage Loans to 16 1111 1 i M0 920 I hi 1 aoa I -10 900 I 1- 860 I 'II ill, '-f were up 13 basis points to 12.70. Federal funds, the overnight loans of uncommitted reserves among commercial banks, traded at 14V4.

Brokers said there was nothing special in the news to explain the market's gains. They said traders apparently were encouraged to buy when the market encountered only mild sellling Monday and early Tuesday after a three-week rally. Several glamour issues chalked up gains of a point or more. Tele-dyne rose 4Vi to 121 in heavy trading. Tandy 114 to 32.

Texas Instruments to 16V4. Digital Equipment 27 to 8034, and Scientific-Atlanta IVi to 21 Vi. Biggest Gainer The session's biggest percentage gainer was Hanna Mining, up 5s at 37V4. The company is fighting a $45-a-share offer by Norcen Energy Resources for a big chunk of its stock. On the downside, Itek fell IVi to 15V4.

Late Monday, the company said it would post a "significant" operating loss for the first quarter. Some energy issues were strong. Union Oil of California gained VA to 34. Cities Service 1 to 32V4 and Superior Oil 4V4 to 31 V. Phillips Petroleum slipped to 32V, however, and Exxon was unchanged at 28.

Getty said its directors had authorized it to buy as many as 4 million shares of its stock over the next year. Precious-metals prices rose sharply for the second straight day with gold adding $13.70 an ounce to $360.40 Standard 4 Poor's index of 400 industrials rose 0 80 to 128 23 and SAP's 500-stock composite index was up 0.63 at 115.36. The Amex market-value index gained 1.24 to 264.89. The NASDAQ composite index for the over-the-counter market closed at 178.68. up 0.47.

In London, the Financial Times index of 30 industrial slocks closed down 553.0. off 6.9. The 1982 high of 579.8 was set Jan. 29. The low of 518.1 was set Jan.

5. The Tokyo Stock Exchange 225-share index closed down 50.76 at The 1982 high of 7.938.83 was set Jan. 29. The low of 6.889.53 was set March 17. The Wilshire index of 5,000 equities closed at 1.185.952.

up 6.146, or 0.52. from the preceding trading day. A year ago the index stood at 1.405.926. For the 12-month period, the index high stands at 1.426.121. the low 1.109.785.

Government bond prices slipped Tuesday in sparse activity, as short-term interest rates rose slightly. Trading in U.S. government securities ended early because of the heavy snow in the New York metropolitan area. The market closed at 2 p.m. EST.

Government issues were down 3 32 point in intermediate and 1232 point in long maturities. Short-term governments declined 532 point. Interest rates on three-month Treasury bills were up 24 basis points to 13.13 in the secondary market. A basis point is one-hundredth of a percentage point. Rates on six-month bills rose 26 basis points to 13.06 and one-year bills rom Timet Wire Services NEW YORK The slock market weathered some early selling, as well as blizzard conditions in the Wall Street area, to post a moderate gain Tuesday.

Prices drifted lower for much of the session, but perked up near the close even as many workers in the financial district were getting an early start homeward. Some commodity markets and bond dealers shut down early because of the bad weather. But both the New York and American stock exchanges kept to their normal schedules, closing at 4 p.m. EST. A fierce snowstorm swept from Ohio through New England, disrupted shipping, road traffic and air travel, and forced many businesses to shut down operations and send workers home early Tuesday.

Large Blofks Hit 683 But some concerns used to adverse weather kept working. The Dow Jones average of 30 industrials, off more than 4 points at its mid-day low, was up 4.00 at 839.33 by the day's end. New York Stock Exchange volume totaled 43.20 million shares, down from 46.90 million Monday. The daily tally on the NYSE showed about four gainers for every three stocks losing ground, and the exchange's composite index added 0.37 to Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 51.90 million shares. Large blocks of 10,000 or more shares traded on the NYSE hit 683.

compared to 776 on Monday. Business and People New York Composite Volume 80 75 70 65 60 55 50 45 40 35 30 25 20 122 129 25 212 219 Bad News by Henry Martin SURVEY: Reagan Policies Thomas F. Moore has been elected vice chairman of the Bank of Manhattan, Manhattan Beach. Replacing Moore as president and chief executive officer of the bank is James P. Staes.

Edward H. Mealey has been elected vice president, quality assurance of Alpha Therapeutic Los Angeles. James A. Forester Sr. has been named senior vice president and manager at Mechanics National Bank, Paramount.

Thomas J. Metzler has been named chief operating officer of Sonic Air Courier Los Angeles. Charles S. Strauch, president and chief operating officer of Memorex was elected president and chief executive of Magnuson Computer Systems San Jose. He replaces Charles R.

Cole, who will become chairman. Interim chairman Paul H. Magnuson will remain a director. David J. Sobo has been appointed senior vice president of Leasametric Foster City.

James S. Twerdahl has been appointed executive vice president and general manager of James B. Lansing Sound Northridge. Glen Bianchi has been appointed vice president-advertising, promotions and client relations of Paramount-based Bianchi Vineyard. I I I I i --940 -900 880 I 860 -840 300 MUCINS Of SHARES I 81, 5 70 65 60 55 50 45 40 35 30 25 20 226 35 312 319 326 42 Times Chan "I'm concerned that if things don't pick up, the businessmen won't have any options left," Koenig added.

"There's so much you can do, and they've been doing this for 12 months now." Koenig added that about one-tenth of the respondents pay 2'i points above the prime rate, currently 16V, when they borrow money from banks. For companies with heavy short-term borrowing, interest costs are a major expense, which, if extended, will slow recovery further, he said. "Even if interest rates came down, it would take another 12 months for economic activity to grow to a point to make these companies healthy again," Koenig continued. "That means two years for a full recovery. "I don't want to predict gloom and doom, and I'm not predicting a Please see SURVEY, Page 3 Nevada will allow Torres to buy the bankrupt Silverbird casino.

After questioning Edward Torres about past contacts with underworld figures, the state gaming commission approved his $25-mil-lion purchase with $5 million down payment. The commission rejected Torres and Delbert Coleman when they tried to buy the Aladdin hotel -casino several years ago, but in 1980 accepted Torres as a partner of entertainer Wayne Newton in the same casino. Torres admitted he knew mobsters Meyer Lansky of Miami and Vincent (Jimmy Blue Eyes) Alo of New York City but denied he ever had business dealings with them or sent them "skim" money from casinos in Las Vegas. He acknowledged he had hired Alo's stepsons, Lawrence and Willis Miller, but said it was "on their own qualifications." He plans to reopen the remodeled Silverbird July 1 as the El Rancho, near the north end of the Las Vegas Strip. Poland and bankers signed a debt-restructuring accord.

The accord, signed by Polish officials and Western bankers in Frankfurt, calls for the rescheduling of payments of 95 of $2.4 billion in debt that Poland was to repay to more than 500 Western banks between March 26 and Dec. 31, 1981. Five percent of the 1981 debt will be repaid in three installments on May 15, Aug. 15 and Nov. 15 this year.

The remaining 95 will be repaid in seven semi-annual installments after a four-year grace period. Poland's total Western debt falling due this year is estimated at $8 billion. Its overall Western debt is estimated at $25.5 billion. Two OPEC members agreed to back Nigeria on oil pricing. United Arab Emirates Oil Minister Mana Said al-Oteiba said his country and Kuwait agreed to support Nigeria's fight to preserve its oil price against pressure from oil companies for a reduction, Most major international oil companies producing and buying in Nigeria By ANTHONY RAMIREZ.

San Diego County Busineu Editor SAN DIEGO San Diego Federal Savings Loan Assn. said Tuesday that it is lowenng its mortgage loan rate to 16. from 1614. in a bid to stimulate home buying in the moribund housing market here. "It's getting into the traditional home-buying period" of the spring and summer months, said Michael Kinsman, a spokesman for San Diego Federal.

"We figure a lot of home buyers are going to come out of hibernation, and we want to boost the market along." San Diego Federal, which operates outside of San Diego County as Great American Federal Savings Loan decided to cut the interest on its mortgages that are amortized over 30 years but are due and payable in seven years. Its old rate of was below the typical market rate of about 17. Kinsman said that while the interest it must pay its depositors is still high, the amount of money flowing in has increased, thus making more funds available for home loans. Last year, deposits grew about 3 to $2,094 billion. Deposits in interest-bearing checking accounts grew about 17 in the first quarter to $75 million, compared to $64 million as of Dec.

31 Overall, Kinsman said, saving inflow has been strong and "were way up for the year." Because of the anticipated increase in home buying interest in the warmer spring and summer months, Kinsman said, "now is the time that we've decided to become more aggressive." Nationwide, mortgage interest rates have dipped slightly in the last several weeks, but still average about 17. As recently as March 8, San Diego Federal cut its mortgage rate to 17, from 1734, and on March 22 cut it further to 16V. Dynalectron Unit Gets $50 Million in Pacts McLEAN, VA. (DJ)-Dynalec-tron Corp. said its electrical contracting group recently received $50 million in electrical and automation awards for large industrial and commercial projects in the U.S.

and Canada. Dynalectron said its U.S. electrical construction unit received $38.5 million of awards, which ranged in value from $1 million to $11.8 million. The projects include power plants in Utah and New Mexico, expansion of the World Congress Center in Atlanta. Dynalectron said its Canadian electrical unit received $11.5 million of the awards.

have asked the African nation to cut its price because of a world oil glut and lower tariffs charged by other exporters, including Britain. A Nigerian cut would threaten all prices of Organization of Petroleum Exporting Countries members. Saudi Oil Minister Ahmed Zaki Yamani has said OPEC members might apply sanctions against oil firms pressing Nigeria to cut its price. Pension funds returned 3.3 in '81, down from 22 in '80. Individually managed pension and profit-sharing funds posted an average return of 12 in 1979 and averaged 7.7 over the last five years, according to Hewitt Associates, an Illinois -based consulting firm on employee benefits and compensation.

The stock market dragged down overall retirement fund investment results, with the average fund losing 3.3 in 1981, Hewitt reported, a loss slightly less than reflected in the market indexes. Los Angeles-based Getty Oil announced that its board has authorized the purchase, over the next year, of up to 4 million common shares A federal judge in Cleveland issued a temporary restraining order that prevents commencement of a tender offer by Norcen Energy Resources for up to 3.8 million shares of Hanna Mining common stock Moody's Investors Service reduced its rating of Flying Tiger Line senior debt to Ba from Baa American Financial Cow. said it increased its stake in Hart, Schaffner Marx to 9.9 from 8.8 Stroh Brewery said it has begun soliciting proxies for the Jos. Schlltz Brewing annual meeting April 27. It plans to oppose Schlitz proposals to increase the authorized number of Schlitz common shares and to eliminate the preemptive right of Schlitz Shareholders.

us bow our heads and pray (or a miracle." Ratzlaff has been elected chairman and and Josef Beles have been elected directors Funds Service Los Angeles. MGM: Spinoff Considered Good News about $2.5 million in gross rentals since it opened March 19. He said the company has confidence in the prospects for seven major releases scheduled for the summer, combined with the growth of ancillary markets for film productsincluding pay TV, cable and video cassettes and an "aggressive program of cost control in our production and marketing operations." Rothman said MGM's television operations are continuing at a high level, and the company is currently producing 4V4 hours of prime-time series programming, including "CHiPs," "McClain's Law," "Chicago Story" and "Fame." "We will know which of our shows will be renewed for the 1982-83 television season about May 1," he said. Meanwhile, MGM already has two firm hour -long series orders for next season, he said. One is "Far-rah," starring Farrah Fawcett" on ABC, and the other is "Gavilan," with Robert Urich, on NBC.

MGM also is preparing 10 pilot programs and UA is readying several more. and girls to manipulate the figures with relative ease," notes Richmond. For Marv Nicholson, puppet sales and the GI Bill were a way to pay for college. His puppets also paid for his three-bedroom house in Davis. Nicholson says he started out making felt hand puppets with a $39.95 Singer sewing machine in a spare bedroom at home.

In time he was using practically every room in the house for the business, Today, Nicholson owns a modern puppet factory in Fairfield, where, by contrast with Dakin, he manufactures 60 different kinds of hand puppets. "I try to introduce at least six new puppets a year," he explains. He designs each figure himself. "And in closing let James W. Robert S.

Jones of American Continued from First Page men cite most often as likely bankruptcy targets. "I know of a client in the San Fernando Valley who has seen 60 years of retained earnings go down the drain within a two-year period," Koenig said. "You can see the same thing in entertainment, retailing and other areas. I think (the recession) is being felt pretty well across the board." More than 55 of the small business owners said they are carrying their accounts-payable on their books longer than normal as a means of coping with the recession and high interest rates. Creative tax planning, reduction in capital expenditure programs, borrowing on life insurance and sale and leaseback arrangements were among the other techniques the businessmen 'said they were using as a means to stay afloat.

Bancorp, of Des Moines to take over the bank. Stephan Jones, a vice president for Hawkeye said the bank holding firm immediately will provide $3 million in capital and additional payment of up to $2.1 million to the FDIC. Many retailers received FTC antitrust questionnaires. Questionnaires aimed at uncovering any antitrust violations in recent retail -industry mergers have been sent to some of the major discount and mass-merchandising chains by the Federal Trade Commission, the stores confirmed. Sears, Roebuck for example, acknowledged having received and responded to the survey.

The survey reportedly asks retailers such questions as how many stores they own and what barriers they have encountered in entering new markets. Although the FTC refused to confirm or deny making the survey, a trade publication quoted from the questionnaire that "The purpose of these investigations is to determine whether the mergers have violated the Clayton Act or the Federal Trade Commission Act." A spokeswoman for Carter Hawley Hale Stores of Los Angeles said the company had not received a survey. The Justice Dept. was granted delay on an IBM hearing. U.S.

District Court Judge David Edelstein granted a Justice Department motion to delay until May 19 a hearing on the government's dismissal of its antitrust suit against International Business Machines Corp. The hearing was to have considered charges that Assistant Atty. Gen. William Baxter, head of Justice's antitrust division, should have disqualified himself from the IBM case because he did work in 1976 for a law firm representing IBM. Until the issue is resolved, the government noted, Baxter has withdrawn from participation in the IBM case.

He has denied any impropriety. Justice asked for the delay so that it can complete an internal investigation of the matter. Continued from First Page has "under active consideration" the possible incorporation and stock sale in the new division to the public. Although the announcement was sparse on details, the executive said such a public offering "would afford a vehicle through which MGMUA could best realize the values inherent in its film libraries." Film Flopped MGM's $5-million loss, which was equal to 10 cents a share on $190.4 million operating revenues, brought down six-month net profits to $4.8 million, or 10 cents a share, on $398.8 million operating revenues. The results for the same periods of the last fiscal year were not comparable because UA was not included.

The second -quarter results were "not expected," said Rothman, referring to the Christmas flops "Whose Life Is It "Pennies From Heaven" and "Buddy, Buddy." However, he said, the company's latest release, "VictorVictoria" has been doing well, having brought Business in Brief RCA received three $13-million orders for satellite leases. The three companies that agreed to pay $13 million each for a transponder on the Satcom IV satellite were Home Box Office, Warner-Amex and National Broadcasting Co. The satellite is devoted to cable television programming, with transponders receiving video and audio signals from a ground station and transmitting the programs to other stations capable of feeding the signal to home TV sets. Last year, RCA attempted to auction off the leases, but that arrangement was blocked by a federal court. RCA then turned to the $13-million leases, agreeing to sell the eight transponders available currently on a first-come, first-served basis.

The satellite, which was launched Jan. 15, contains 24 transponders. PolyGram will take over Fox's record label. Owned by German and Dutch interests, PolyGram Records already controls several record labels. In taking over the distribution of 20th Century-Fox Records the company will also assume the operations and management of the firm.

According to a spokesman, no cash will change hands at this time nor will there be any major executive changes under the new ownership. The immediate past president of Fox Records had already resigned and is now a consultant to the firm. The first release of Fox Records through PolyGram will be a new record from Stephanie Mills. 1st National Bank of Humboldt reopened after being closed. Federal authorities had ordered the bank, about 75 miles northwest of Des Moines, closed last Friday after alleging that Gary Lewellyn, son of First National President Clifford Lewellyn, had misused up to $9 million in government securities from the bank.

The bank reopened after the Federal Deposit Insurance board unanimously accepted in principle an offer by Hawkeye SUCCESS: Puppeteers Continued from First Page right adds. "Two of the factors involved obviously are the play value and education value parents look for in toys. Hand puppets are for both." Dakin's puppets, which sell for $6.50, are designed by puppet creators at the company's headquarters and arc produced in Korea. Penny Richmond, a spokeswoman for the Toy Manufacturers the New York City-based trade organization, credits much of the growing popularity of puppets to the Muppets. "There has been a marked improvement in product quality, scaling puppet size to fit the hands of younger children, enabling boys.