Watch That Man

Los Angeles Businessman Norton Simon plunges into his backyard swimming pool three times a day, but that is about the only way he ever plunges. Working from a base that includes California's $400 million Hunt Foods & Industries and heavy investments in salad oil, matches, paint and publishing (McCall's), Simon plans his moves with the care and strategy of a Clausewitz. West Virginia's Wheeling Steel (1963 sales: $236 million) was surprised to find a few years back that Simon had quietly become one of its biggest stockholders, controlling 145,000 shares. Last week Norton Simon was elected Wheeling's chairman, replacing William A. Steele, who resigned a few weeks ago.

Simon will leave the actual running of the steel firm to others, but his takeover at Wheeling--where he owns only 8.8% of the stock--was certainly enough to make a few other people nervous. Among them: Leonard Goldenson, president of American Broadcasting-Paramount Theaters, which a few months back turned down a bid from Stockholder Simon (controlling more than 200,000 shares) to become a board member, and Roy W. Moore Jr., president of Canada Dry, which let Simon onto its board in August after first rebuffing his bid. Simon owns a 23% interest in Canada Dry v. 2% for the company's managers collectively. He is clearly a man to watch--closely.

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