AUTOS: Alliance

Like two consulting doctors, Speculator Louis Wolfson sat down last week with American Motors Corp.'s President George Romney to see what could be done about the ailing auto company. After the conference Wolfson, biggest single A.M.C. stockholder (350,000 shares), announced that he had turned down a directorship because he is too busy with his other affairs. But he will keep on buying more stock, "based on Mr. Romney's confidence that A.M.C. will be operating profitably in early 1958." Wolfson committed himself to vote for Romney at the annual meeting next February, even sent Romney home with a personal Wolfson order for one Nash Rambler Rebel ($2,700).

Romney, in turn, scotched reports that Wolfson wants A.M.C. to drop its big-car lines, sell off its Rambler line to Chrysler. Instead, he emphasized, A.M.C. will go ahead with tooling and bring out a complete line of new designs for 1958. In addition, A.M.C. will "pursue a dynamic program of acquisition and further diversification," with the help of Wolfson, an expert in acquisitions.