Dayton Daily News from Dayton, Ohio • 10

It Muir ceases over to trustee usmess DAYTON DAILY NEWS Monday, Aug. 17, 1981 Page 10 '6I made my first million in Ithe seat of a Model Ford9 Entrepreneurs just don't see risk proached about taking over "some or all" of Muir's Investment accounts. Muir announced Thursday that it had arranged for the transfer of its branch in Sarasota, to Herzfeld and Stern, a securities firm based in New York. Muir also said then that it had reached a preliminary agreement with the firm of Rooney Pace Inc. to operate its New York office.

Sunday's statement said temporary arrangements for Rooney Pace to operate the New York office would be made by the opening of business today. MUIR, KNOWN for its aggressive marketing of new stock issues under the direction of partner Raymond L. Dirks, had said last Monday that the primary cause of its troubles was adverse publicity arising from a tangle of private lawsuits and from inquiries by the federal Securities and Exchange Commission. Harvey R. Miller, a partner of Weil, Gotshal Manges, has been appointed as trustee.

Muir ranked No. 125 in the securities. industry in total capital, but because of its leading role in helping new companies issue stock for the first time, it had seen both growth and NEW YORK (AP) John Muir a financially troubled securities firm, has announced it will cease doing business with the public and is turning over customer accounts to a trustee. Muir said Sunday it was taking the action by agreement with the New York Stock Exchange. A company statement said the two parties agreed the step was "prudent" in view of the firm's cash position.

In the announcement, the firm said it thought it had sufficient assets to settle all its open contracts and pay all money balances in customer accounts. It also said that "any unanticipated shortfall in securities or funds in customer accounts is protected by the Securities Industry Protection Corp. up to $500,000 per customer, including up to $100,000 in cash." MUIR SAID IT had strongly recommended that the trustee transfer Muir accounts to other firms, as it said it had begun doing last week. The stock exchange had said last week that it was "working with Muir to find a new home" for the firm's approximately 80,000 accounts at 11 branches around the country. Merrill Lynch, Pierce, Fenner Smith, the nation's largest brokerage house, said last week it had been ap The New Rich In the second part of a series by writer Susan Price-Root, some self-made millionaires reveal how they 'launched themselves on the fast track to success.

Despite the high odds they these young entrepreneurs don't consider themselves big-risks takers. 'Jt's a special kind of drive that makes for quick riches. UJS. dollar mixed; gold, silver down wells that he once slept in his car for four days at a well site. "Then I realized I was better suited to be here in my office, taking care of what I know, than watching a drill bit go around," he says.

"On a rig I'm about as useless as I can be." NO LESS AN entrepreneur than J. Paul Getty himself started out the same way. In his autobiography, he says, "I made my first million in the front seat of a battered second-hand Model Ford. The flivver served as my executive office and field headquarters sometimes even my bedroom." Bruce McNall says, "The problem with doing all the little things is that you're not doing any of the big things. It took me a long time to realize that although I could probably do it better myself, somebody else can do it 80 percent as well; that's good enough, because it frees me up." McNall's marriage dissolved in 1975 after what he calls his two-year "workaholic phase." This led to a reassessment of his personal and professional priorities.

It's not unusual for entrepreneurs to be so obsessed with their work that their personal attachments suffer severely. Eric Thorson, who was also divorced two years after starting Executive Aviation Services, says, "Yes, my workaholic stage definitely affected my marriage. I worked six days a week, and on the seventh I was usually so worried about work that I was a basket case." Most young entrepreneurs will speak freely about how terribly frightening that initial sprint was, showing that they are no more immune to fears than anyone else. "It's when you're lying In bed night after night knowing you have to pay some guy the next week and not knowing where you're going to get the money that about 90 percent of people who start businesses decide to quit and get a job," says Thorson. cram LONDON (AP) The dollar wis narrowly mixed on world fortiori ex changes today, while sold ptIcm In Tokyo, where trading tndi be fore Europe's business dey sals are no more inclined to take risks including financial ones then salaried managers are.

Restaurateur Gene Street borrowed to the limit on his credit cards and took a loan from his aunt to open his first bar; penny-stocks broker Don Walford mortgaged his home and airplane and cleared out his savings; oilman Bill Brosseau sank his savings into his first oil lease. Yet none of them considers himself a risk-taker. In fact, to hear most of them talk, you would think they were more conservative than the proverbial banker. STREET DIDN'T EVEN quit his day job as a salesmanager for a shock absorber company until he worked nights for five years (opening one restaurant a year) "I just didn't take it seriously until then," he says. "Besides, my dad went bankrupt when I was a kid, and I was really embarrassed when they came to pick up the cows.

That affected me a little bit, and I was always scared of spending a dollar I still have the first dollar I ever made." Walford says, "I don't like to borrow there's better leverage than margin, and I don't count my money as real until it's in my bank account not as paper profits." Brosseau says, "I like things solid, and to me, building an estate out of stocks and bonds is like building a house out of tinfoil the first big wind and you're in trouble. Oil is solid." That may seem like a strange idea of solid to most people, who would consider oil wildcatting synonymous with high risk. In the new high technology, Charity and Michael Cheiky, in their late 20s now, started their own computer company, Ohio Scientific, with just $5,000 five years ago. Last year, their company turned out $20 million worth of personal and small business computers, including the successful Challenger line. DESPITE THE FACT that 46,000 businesses went bankrupt in 1980, an increasing number of people are willing to go the entrepreneurial route.

Though the self-made man of American myth is a strong individualist, often with no education and lots of guts, a maverick entrepreneurship has now become so mainstream in our culture that it is being taught in school. Karl Vesper, professor of entrepreneurial studies at Babson College, has observed that the number of colleges and graduate business schools offering courses and programs in starting a new business has risen from eight to 147 since 1967. The American economy favored the entrepreneur until the 1930s, when the federal government Increased taxes on profits and created regulatory agencies. Now the government seems to be turning towards encouraging the entrepreneur once again. The demands on entrepreneurs' time and physical energy expand to impossible proportions as their ventures grow, and this forces them into rethinking and reorganizing ways of doing things.

Bill Brosseau was so caught up in the romance of drilling those first oil under way, me dollar lost ground In dive dealing. II closed at 23275 yen from Friday's 233 75. Later In London, Ihe dollar was quoted at 232.55 yen. In London, the British pound rose to 11.KX5 from S1.MM0 late Friday. By SUSAN PRICE-ROOT 1M1 bv Susan Prke-Keet Distributed by Let Annies Times Svndfcate mi While most of us have Inventive and potentially profitable ideas at one time or other, ranging from the ridiculous Sthe Pet Rock) to the sublime (the JJang-glider), we rarely do anything about them.

Entrepreneurs make the Second of a series av aax decision to go for it and then charge ahead, so exhilarated by what they are Zdolng that for awhile they seem blind Jo everything else around them. The golden opportunity" has been such a to them that it is utterly compelling. During the initial sprint from the JJBme the Idea presents itself until the moment two or three years later when JJjie successful entrepreneur first faces he realization of how much money he Sfias made, he has been so absorbed in Jftis quest that eating and sleeping have been the only things allowed to distract him from it. He often finds that his personal life has been seriously ICndermined by then. THE EXCITEMENT of responding to Si he challenge of the opportunity Jhey've perceived often causes young entrepreneurs to take risks that would scary to anyone including to themselves when they look back on ihem.

Eric Thorson, 36 year-old founder of Executive Aviation Services in Long Beach, started by putting all of his money into one plane, which broke down. Yet, he says, "At Ihe time I didn't see buying that plane an incredible risk. I thought everything would Just get bigger from Ihere." It is a common myth that the entrepreneur is a bigger risk-taker than "anyone else. In fact, the St. Louis University study done by Robert Brockhaus shows that entrepreneurs In oulet trading, London's live bullion houses fixed a morning recommended gold price of 1409.50 a troy ounce, down from MU SO late Friday.

In Zurich, the metal was worth a median S409.5O, down from Wit 50. Silver fell In London to from $9.21 late Friday. Gold rose 1 cent in Hong Kong to close el 14 to Spot nonferrous metal prices Friday: Copper M-H'A cents a pound, U.S. destinations. Lead 42 cents a pound.

Zinc 4e' cents pound, delivered. Tin 17.3427 Metals Week composite pound. $2500 INVESTMENT FUND 16.20 interest rate Invest $2500 up to $100,000 Interest rate quoted daily, and remains constant through term of Fund 7 to 89 day maturity Secured by an obligation of the U.S. Government or its agencies. No management fees $1000 INVESTMENT FUND 15.20 Aluminum 7e-M cents a pound, N.Y.

Gold 1413.00 per troy ounce, Handy 1 Herman (only daily quote). Silver S9.150 per troy ounce. Handy Herman (only dally quote). Mercury 1440 00 per flask. Platinum $421.00 troy ounce, N.Y.

However, oil and gas is one of the major growth areas for entrepreneurs today, as are cable television, genetic engineering and high technology. Genentech, the gene-splicing stock, leapt from an offering price of $35 to. $89 on its first day of trading last year and made its two founders CLEM KIRKLAND, MD. announces the association of JEANNE MARIE KIRKLAND, M.D. in the Practice of Family Practice at 5928 Springboro Pike Dayton, Ohio 45449 Office Hours Telephone: By Appointment 433-0220 VW instills pride in its U.S.

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This obligation is not a savings account or de posit, nor is it insured by an agency of the Federal Government. There is an interest penalty for early termination of your cash investment account agreement. SAVINGS AND LOAN ASSOCIATION Hever Paint Your House Again! Enduringly Beautiful! Siding Sale 7499 sq! 400 SO. FT. INSTALLED FIRST FEDERAL SAVINGS LOAN ASSOCIATION of Daylon, Ohio Huge savings also on overhang, trim and windows.

Bank Financing Available Call Ut Today For A Free) Estimate 236-4421 14 S. Ludlow Dayton 45402 223-8843 1191 E. Stroop, Dayton 45429 294-6116 4388 Indian Ripple Dayton 45440 426-5102 "A Nam row Can Rtly On" ONI DAY ONLY! TUESDAY AUG. 18th. 1981 compact car or a pickup truck rolls off the production line every 55 seconds after a 22-hour assembly period.

Two-' thirds of the vehicles are diesel-powered. Precision is stressed at the plant as a way to regain some of the nearly 6 percent share of new car sales that Volkswagen enjoyed with the Beetle in the early 1970s, as against the 2.8 percent of the American market it had last year. From overhead conveyer lines hang banners, saying: "Let's Go All Out For Quality." To make it plain that the slogans do not always work, each day the company parks two rejects at a plant entrance that supervisors must pass frequently. The Rabbits bear remarks, circled in white grease pencil, such as "dent," "sloppy "bent," "gap," "chip," and "fuel line not clipped." The faults, found in final inspections, would not have been visible at a glance. THE PLANT'S operation is fully computerized, down, to employees' punch-in time cards, and the German-run quality control staff can trace defective vehicles to a particular shift and crew, allowing corrections to be made on the line as the "dinged" cars are being reworked in a special area.

On the line where finished Rabbit bodies roll toward baths of a primer paint coat, four units are pulled off at random each day to be lowered onto a Stiefelmayer, a German-made precision jig with 46 retractable probes, or feelers. The feelers are positioned by micrometers against key points on the car bodies. Units that do not meet design specifications are marked "scrap" and taken off the line before they acquire paint, engines and running gear. According to Volkswagen officials, only the laboratory or technical center of a large automobile manufacturer ordinarily has machines capable of measuring down to one 10-thousandth of a millimeter. Here, such a device is used to check the specifications of the mechanical parts in each Rabbit supplied by American vendors, about 60 percent.

"WHAT WE HAVE here is the state of the art in fine measuring equipment," Langenbach said. "It is not unique. The other companies have it. But it is not at all common to have this equipment at an assembly plant like this one. Ntw Yer Times Service NEW STANTON, Pa.

After Volkswagen of America announces its first employee discounts this week on Rabbits built here, the plant's huge parking lot will begin to fill with cars made by the company's 5,700 workers, predicts Roy H. Langenbach, manager of the only foreign-owned car assembly plant in the United States. The employee parking lot outside the 42-acre plant in Westmoreland County, 35 miles southeast of Pittsburgh, is now predominantly filled with American- and Japanese-made cars. This reflects the fact that the West German concern began its tions here just three years ago, a company spokesman explained, "and people are still making payments on the cars they had then." Langenbach's forecast is based not only on the discount but also on pride, a trait that management here makes a passion. "OUR PEOPLE have great pride in i what they do," said Langenbach, a for-J mer Chevrolet executive, referring to the company's young, generally white i work force, "and they know it's a quality product." i Before Volkwagen opened a person-Jnel office here in 1977, Langenbach said, "we had a flood of letters from people here telling us they wanted to 'work for us.

Here we have willing i workers. This is a coal, steel and agri- cultural area with a very strong work i ethic. We were able to train those peo- pie, who were really eager to work, to have a genuine concern to do the job right and do it with enthusiasm." Based on Volkswagen's theory that it must stress quality to compete successfully in the American automobile market, precision is such a concern that it is also preached by the auto union. i "Our people are concerned about sales," said Rich Ferchak, the shop i chairman of Local 2055 of the United Automobile Workers, adding that "they know that quality is what sells the Rabbit," which has a sticker price of $7,000 to $9,000 depending on op-i tions. "They want to keep their jobs," he said.

fc SOME 300 UNION workers at the Iplant were laid off indefinitely in June "when the facility was closed a week because of lagging sales. In addition, production was cut to 940 vehicles a day from 1,040. Still, a front-engine VT7A BE MUlaaaMl IN-STOCK SPECIAL BOOK ORDERS AND ARTIST SUPPLIES LOOK IN THE YELLOW PAGES FOR A STORE NEAREST YOU AND SAVE!.