Independent from Long Beach, California on March 17, 1976 · Page 33
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Independent from Long Beach, California · Page 33

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Long Beach, California
Issue Date:
Wednesday, March 17, 1976
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Page 33
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Long Btach, Clllf.. Wtd., Mycti 17,H7* INDEPENDENT (AW) PRESS-TELEGRAM fPMV-C-IT American Stock Exchange Tuesday's Closing Prices a in I I K ) . '. ; s*n,Ch U S 1 IP,- I 4 3 f, ISWIEUc-r I I m - i» S'pvcr*MI . STPCD.«P 17 7 I 1 , J II » V Slrvrw .1ft- li u 9 1 . U $w_ t. Summit Org » 70 IH Tlmcle IrxJ To^nelm .» J .a H loU-f'M fUi Auto B^g Autrrur R*j AVC CP .Me AV6WC S7 AVX Carp Mlgo Elect I .« IS MJ1 Rav.TOe 17 b tfj- I r-I HO M il^ HO *7V,-IV,)!SC Indwvl vn J7 . . . - Htab-nic J3 13 53 19\1 Huck.Mtfl.7* HixhonGcn Hvrtlnvn.40 U J? -- H H ) · ', 4011V, - 'i liwpfcPn .13 4 II *» * +» 17 i!9 73H i 11 IU ITAtlH OVER THE COUNTER Tuesday's Quotations Grain market SOYDEAH OIL (MAX IbO CHICAGO UP) 4 ctnn Tr«* priori wfe Swt**n ca l*- : rd ezrt j poixid, bu* nwl luturn tolt S3 « ton- k«d troJVn B 2S v«rv vow Ir**. Gold tvhrn irtrp de- ·tout II M once *w* «xie K 7 I U K un MAS 1475 1470 WEAL (10* bni) Iraded cr be 1 !. tor* trp* betn m«t|t) to of J dtdt* trtn lt« icon iJicc moo isiso 111 M 111 SO t«aw 1C » l/: irt · 111 A4 tllM I41M 11^ Afl 1f7(K I . »*» Irwk Jhjl Own to ton* of t» arm** protfcmj *- curmxin. tr cod UU nxn KTED BROILEBS ll«« 1 « II 05 «M 1CS H IS lS 10 J) «ti «M «U Mil 015 1340 CdO 410 Kit tt 7S Kn H 71 39 00 X n Life n*xJ«LI . PewLilfCa PhH* LMc 4*r tPjufCoi.73 '«lCo 1 wwf ign Lift 'tlY L Wi -- - -- 114 K nice ^i^K utac Ul 00 l?l« 1400 11105 4705ft 7JSO 121J| Ot M ffftt 177 50 O£ Ui (77^0 OSM ffl «l 5ft *« WOMWOfl 417 15« 70 141 » rtj M ilor. »nJ icrtui Al tt* dov. vtvjt hArel Pacific Coast Exchange CH'C«O (AP) _ Fuvr. A *co CoTinxi*! D^ B u f l n G t O So Pfl M IAI--J tat i n7 171 IT» a low TFV INI Pet . . Trrn Ind / Umit4 CMQ I G I H I N nnv,tui. I K 5 S-. i W i l d S W l !» i l l H! i'l S » i l l Your Money's Worth Tlie plight of the passenger By SYLVIA PORTER As we move toward Ihe peak air travel nionlhs of a year in which airlines everywhere arc fighting to improve their financial positions, you must be more on guard than ever against Ihe "bump" -- trade'slang describing what happens lo passengers left on the ground when the airline that had sold and confirmed their tickets gives their seats to someone else. The general trend of bumping is up. In 197-1, latest figures available, an amazing (nnd amazed) 101,000 passengers were bumped from domestic flights alone, a 25 per cent rise over the previous year. The airlines retort the total is negligible measured against 174 million passengers flown in 1974 -- and even plead that overselling is an economic necessity because some passengers double-book and olhurs never show for takeoff. BUT YOU who have lost precious vacation lime or missed an important business meeting will find these explanations m e a g e r consolation indeed. "Bumped" home-bound vacationers from Puerto Rico after the 1975 Christmas holidays, for instance, were reported unable to get space on flights for as long as three days. The resulting confusion promoted an investigation by Puerto Rico's officials "to make sure (his never happens again." . You, an air Iravelcr, do have "fly rights," insists Ihe Civil Aeronautics Board, and il requires U.S. airlines to establish criteria for deciding which passengers will be bumped when there arc not enough seals. Says the CAB: "Simply slaled, it is Ihe customer receiving what he pays lor, no more, no less. "II is (he holder of a transportation licket expecting and receiving certain minimum standards of service cnroulc to his deslinalion and an uneventful reunion wilh his baggage once he arrives there. The oversold passenger has the rifthl to be fully apprised of the carrier's obligation ,lo him. And he has the right to expect his complaints to be handled "with speed." THERE ARE exclusions. If you are traveling abroad, except on flights directly lo and from the U.S., a foreign carrier can bump you al will. And il is not required to compensate you for II. On-flights originating or slopping In the U.S., however, airlines must pay "denied boarding compensation." This means the air carrier must offer you a specified amount of compensation It you hold a confirmed reservation (or a particular (light nnd have been denied boarding because that flight has been oversold. Moreover, the CAB Is considering proposals to extend the boarding compensation rule lo foreign and now exempt Alaskan carriers, also. Again, there arc exceptions due, say, to o|wra- lional or safety factors. But if you arc denied boarding "for any reason" on a night on which you hold "confirmed reserved space," the carrier must furmsn you immediately wilh a written explanation of Ihe terms, conditions and limitations of the denied compensation. YOU, A PASSENGER, must meet the following conditions to be eligible for denied boarding compensation: --You must have a confirmed reservation, generally meaning a properly validated ticket. Some carriers permit confirmation to be made less formally, even by phone. --You must comply with the airline's check-in requirements. Required check-in time nnd location o( the check-in point often are printed cm the inside of the ticket envelope. --The airline must be unable lo book you on another flight scheduled to arrive at ynur destination within two hours of your originally scheduled arrival ' for a domestic flight or within fmir hours nf your scheduled arrival (or international (lights. If you have met these conditions and the airline is unable to honor your reservation, it is required to offer you compensation equal to the price of the flight for which you are checking in -- but not less than $25 nor more than $200. Acceptance of the payment Is optional. You may refuse the offer and seek other means of compensation. TOMORROW:What lo do if you are bumped. DOW-JONES AVERAGES NEW Y O R K -- Diw Jones dosing slock nveraiics: Tucsdny Monday 1075 High . !/)*.. 1074 High . . 983.-17 . 07-1.50 1000.31 . 881.81 . 632.M :ifl Indus. 20Transp. ^ 8.97 208.« 11.81 -13. M 206.67 -2.95 - 211.51 174.12 1«.47 202,45 15 Utils 86.21 - .1G 86.37 - .51 01.90 87.07 72.02 DS.Ofl STANDARD POOR NKW YOKK -- Standard ft PIHH-'S rinsing stock indexes (1041-13 averngo cqnuls 10): Tuesday Monday IMS High .. 11H5 Low... ·125 Indus. . 113.50 . 112.21 . 107.40 .. 77.71 l.S K;nls 4-1.37 il.30 10. IH IiO Ulils. 500 Slocks 45.4!) lOlt.M 45.42 9D.80 ·I5.iil ffi.lil 35.:ti 70.0-1 Gains in business activity spur 9-point stock market advance NEW YORK (AP) -- Reports of a jump in housing slarts and other gains in business activity perked up a sluggish slock mark e t T u e s d a y , p u s h i n g prices higher in increased trading. The Dow Jones average of ,10 industrial s l o c k s c l i m b e d 8.97 lo 983.47, bouncing b a c k f r o m a 28.81-point slide over the two previous sessions. Advances outnumbered declines by about a 5-3 margin among New York Stock Exchange-listed issues. BIG B O A R D volume rose to 22.78 million shares from Monday's 2'A-monlh low of 19.57 million. Nationwide turnover in N Y S E - l i s t c d slocks, including trades in those issues on r e g i o n a l exchanges and in the over- the-counter market, came to 26.85 million shares as of Ihe close in New York. Activity had been quiet and indecisive until mid- aflemoon, when Ihe Commerce Department issued a flurry of economic reports. One showed a 27 per cent J u m p i n h o u s i n g slarts in February from the monlh before - a figure that was "much belter l h a n expected." in Ihe words of KJdon A. Grimm at Birr, Wilson Co. ANOTHER listed a I.I per cent gain in business sales during January, with an accompaning .5 per cent rise in inventories. At this tage of the business cycle, wilh the economy trying to work its way out of the recession, a buildup in inventories is takcnas a sign of increased confidnece among business managers. I^ter in the day, Ihe Federal Reserve reported thai industrial production registered its Iftth slraighl m o n t h l y i n c r e a s e i n February. Although the L o n d o n stock market feel sharply on British Prime Minister Harold Wilson's surprise announcement of plans to resign. Ihe news seemed tn have U)Ue impact on U.S. stock prices. A m o n g homebuilding slocks, O.S. H o m e and Kaufman Broad each picked up nearly n point to rank among the day's best percentage gainers. The Big Three automakers' shares all pikccd up g r o u n d following brighl early-March car sales report-son Monday. General Motors rose more than a point and Ford and Chrysler lacked on fractions. Citicorp posted a poinl- sizcd gain in active trading. The financial holding company raised Us divi- dcno. Al Ihe American Stock Exchange, Ihe m a r k e t value index was up .23 al U.S. to seek 'orderly' cut in specialty steel imports WASINGTON ( A P ) The Ford Administration said Tuesday it will seek to reduce imports ot spec i a l t y steel t h r o u g h "orderly marketing agreements" rather than by the quota system recommended by the U.S. International Trade Commission. By so doing, the adminislralion was seeking a compromise between demands of the U.S. steel industry for help in reducing imports and the threat of retaliation by foreign nations if quotas are imposed. Frederick Dent, the special U.S. trade represcnta- l i v c , said the administration hopes to reach agreement w i t h o t h e r nations to reduce U.S. imports of speciality steel to about 146,000 tons a year, the same level the t r a d e commission recom- mended be accomplished through quotas. Dent said i! agreements cannot be achieved. President Ford w i l l impose quotas by June H (or a period of three years, although the quotas would not necessarily be the same as recommended by 1 he commission. T h e v o l u n t a r y agreements also would be for three years "to assist (he industry in restoring employment, operating and profit levels," Dent said. The trade commission, which handles complaints arising under the U.S. Trade Act of 1374. had recommended quotas be imposed for five years because imports of specialty steel "arc a substantial cause of serious injury" In the domestic steel industry. Specialty steels are stainless steel and alloy lool s t e e l . The United S t a l e s imported a b o u t 153,000 Ions in l!)7. r valued at about $2flO million. The steel came primarily from S w e d e n , European Common Market nations and Japan. While foreign imports h a e been r i s i n g , U.S. p rod u cl ion fell afxiul i r per cent last year ami unemployment e q u a l l e d about 2T per cent of the industry's liitxir force. The specially s t e e l industry represents only alxul 1.5 per cent of tola! domestic steel production. Itoth specialty s t e e l producers and the United Stcclworkers u n i o n had appealed to the trade commission to grant relief. Dent s a i d Ford had determined lhal Ihe steel industry needed "import relief," but that Ihe commission's recommendation for quotas went uvi far. y\KCO to bid for Anaconda stock Atlantic Richfield said Tuesday that it intends to make an offer (or six million shares of Aftacowla at $27 a share. The 1162 million offer represent^ a bid. for aboul 27 per cenl of A n a c o n d a ' s outstanding stock- Anaconda Is primarily engaged in the mining and refining of copper, aluminum and uranium but also manufactures copper and aluminum producU. The company lost an estimated $l.i»a share in 1975, compared tn earnings of H.83 a share in 1974. A t l a n t i c R i c h f i e l d (ARCO) is a ma)or integrated oil company te'rth interests in exploration, development, production and purchase of crude oil and n a t u r a l gas. The company earned Ci.li a share in 1975, compared lo $.36 per ihare the year before. "We absolutely aren't going In h a v e anything else to say at the present lime," ARCO spokuman R E . "Mickey" I'arr said after the brief announcement in I/rt Angeles. However, the offer would give ARCO a jubslantial inler- est in o t h e r n a t u r a l resource areas, including atomic energy through A n a c n n d a ' i u r a n i u m production. A R C O r e c e n t l y w i t h drew a controversial plan lo h a v e c u s l o m e r s of Soulhcrn California u t i l i ties bear part of Ihe cosln of developing the company's nil holding* on Alaska's rich North Slope. The company had cited Ihe expense of developing the f i e l d s in proposing the plan, which w;is critictwd hy ilie slate Public Utilities Commission. Thf announcement does not constitute an actual o f f e r lo p u r c h a s e the ttartt, w h i c h m u s t he m a d e through a (omul pwpprtu* t a i l c d fm*noAl two

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