Independent from Long Beach, California on March 19, 1976 · Page 39
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Independent from Long Beach, California · Page 39

Long Beach, California
Issue Date:
Friday, March 19, 1976
Page 39
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ur,i)..(h,c.N,..Fn..M.r.MOm INDEPENDENT (AMI PRESS-UUGVAv, American. Stock Exchange Thursday's Closing Prices OVER THE COUNTER Thursday's Quotations Grain market CHlC/00 T* Chtoso Bwd o* Trade Optn Hlfl* Low CkoH Prt¥ WHEAT (i«* bo] 14? i J ii 3 ^' j 3 A*' i Pacific Coast . IVJt 1» V, X Vi 1* » IJT ^ 1 Jf « IV 7; i ir, fl n»jc in M 14? .*j U' 3; 1/3 v) 141 ,r. (u y iu M 141 SO IU SO O'J) ttx) 4'a, 41 t. f . Kami I Co . On Oomwlt c k l l , Cltu n i » Hay Market Your Money's Worth FTC amendment bill would help consumers By SYLVIA PORTEH Other provisions Oial were eliminated from the original Moss bill arc by no means dead. They would. in brief, give state ana local agencies more clout lo enforce federal as well as local rules. The enforcement of the federal regulations would thereby be improved by the extra resources employed. This was painfully illustrated in the energy crisis of Ifl7i, when the Federal Energy Agency did not have adequate personnel to enforce its own rules, but local author_ . ,, __., , . t . . ities couldn't help because they didn't have the power. Solution: FTC orders against consumer fraud or ' monopolistic practices should become effective immediately after the final decision of the commission, subject, of course, to a stay by a court for good causes. Scandal: "Judge shopping" to pick a court in which appeals from FTC orders can be brought is Scandal: The mere filing of an appeal in a higher court can automatically keep a Federal Trade Commission order against consumer fraud in limbo for years. This happened in the famous for infamous) "Carter's Little Liver Pills 11 case and the "Holland Furnace" case, t h e latter involving alleged statements that good furnaces were hazardous and needed urgent replacement. Both of these cases dragged on for decades; These reforms also would bring more uniformity into today's cnuy quilt of regulations which may differ in each of the 50 states as well as In thousands of local jurisdictions. commonplace. Al present a nationwide company can select from a cafeteria ot U judicial circuits where it docs business lo find the one mosl likely to knock out an order against its practices. Solution: Appeals would have to Iw filed where the company has its principal office, not from anywhere it operates. Scandal: Inertia lias so far defeated these eminently reasonable solutions despite the fact that (here has been no opposition whatsoever to the efforts to strengthen the public's protection. Solution: Congress should pass now a landmark bill which would attai'k weaknesses in the machinery lo enforce consumer-protection rules already on the books. The legislation (known as the Federal Trade Commission Amendments of 1975 and s|ionsored by Sen. Frank Moss, D.-Ulal) has been unanimously passed in the Senate. It is now starling to move through the House. The bill also would strengthen protection of [he public via other provisions that would: Allow care labels to be required for upholstery and other outer coverings of furniture. Prohibit political Interference in hiring FTC staff. Permit the commission to send budget data and legislative recommendations to Congress and the White House at the same time, instead of allowing the Kxecutive to try to insist on prior approval of transmission of the information to Congress. Meanwhile in the New York Legislature, Republican Sen. John Dunne and Democratic Assemblyman Stanley Kink have offered proposals to make ll a crime lo engage in a scheme to defraud! Would you believe that New York, like practically all olher slates, has no specific law against hnrd-coro consumer fraud? The only criminal provision nl Ihc stale level is, in fact, the obsolete and lilUe-uscd larceny section rarely applied lo consumer cases. The model for the Dunne-Fink approach is llio federal mail-fraud law, in effect since 1SOO, which outlaws any scheme to defraud where the mails arc used, directly or indirectly, for the scheme. For instance, mailings lo collect bills on contracts obtained by Ihe false oral statements of iinor-!o-loor solicitors have been held enough lo trigger Ihc mail- ir;md statute. M a x i m u m penally: five years in prison: Hut there arc jusl not enough feds around to enforce this law -- a model of stark simplicity -against mosl local frauds. And some gyps don'l involve Ihe mails at all. Businessmen as well as consumers back the idea of attacking hard-core frauds by tougher enforcement tools -- for this type of fraud hurls the image of legitimate business as well as pinches Ihe pockellwoks of innocent consumers. Even business leaders violently opposed lo more government regulation of business arc willing'to support measures such ,is this, aimed at truly outrageous consumer abuses. Perhaps these scandals will soon hi! ended-- al lasl. DO W-JONES AVERAGES NEW Y O R K -- Dow Jones closing stock nvcraues: 30 Indus. 2 0 T r a n s p . IS Ulils. T h u r s d a y . . . . 1)70.85 -- ti.H 206.71 -1.06 85.7H ·)· .-18 Wednesday .. 935.99 i 2.52 207.77 - .71 8(5.30 t .99 1976 High ... 1000.31 211.51 91.91) 1975 High . . . . 881.81 171.12 87.1)7 1975 Low 632.(H Mfi..|7 12.02 197-1 High . . . . 891. G6 202,15 95.09 STANDARD POOR NEW YOKK - Standard i Poor's c|osin« slock indexes (19-ll-M average equals 10): ·125 Indus. 15 Rails 60 Ulils. 500 Stocks T h u r s d a y . . . . 112.09 il.M 15/M ItHUS Wednesday .. 113.18 -H.B7 .15.'(8 100.85 1975 High . . . . 107,10 '10.18 .|5.lil 05.111 1975-l.ow 77.71 IM.M :I5.I!I 70.01 Jittery market tumbles 6.14 points NEW Y O R K (AP) The s t o c k m a r k e t developed another case of inli'rcst-rale jitters Thursday and prices pulled back in slackened trading. The Dow Jones average of 30 industrial s t o c k s , which had risen 11.19 over Ihe two previous sessions, dropped 6.14 to 979.85. Treasury report MflGlCN (API -- TV Giih rxri' IV lr(41iry on Mj'lfl 14, If/4 Ui The daily count o( New York Stock Exchange-listed issues showed declines outnumbering a d v a n c e s by close to a 2-1 m a r g i n . Big Board vnlumc came to 20.33 million shares, down from 2C.19 million on Wednesday. Nationwide turnover in N Y S E - l i s t c d i s s u e s , including tr.idcs In ! s l o c k s on r e g i o n a l exchanges and in the over- the-counter m a r k e t , In- lalcd 2'i.ll million shares as nf the close in Now York. A principal c o n c e r n cited by brokers was the w i d e margin by w h i c h yields on intercst-bcarinji investments like bonds ex- coed stnck yields following t h e sharp rise in slock prices over the last 15 mnnlhs. A White, Weld Co. analysis q u o t e d In the W a l l Street Journal suggested t h a t tho spread might prompt investors, p.nlicunrly institutional money managers, to shift t h e i r sights toward ( h e bond m a r k e t . Analysts noted that Ihc market has been wary for several weeks now over si^ns of l u k e w a r m instilu- interest in slocks, in contrast to January's buying spree. The outlook (or short term interest rates, meanwhile, seemed lo be cloud- cii by weekly Federal Hes e r v e statistics i s s u e d a f t e r ( l i e close, w h i c h showed a sharp j u m p in lire money supply for Ihe second straight reporting week. I n t h e equation w i t h w h i c h W a l l S l r e c t c r s generally interpret the figures, a sharp rise in the money supply means an increased likelihood (hat Ihc Fed will tighten its crcdil policy. Standard ii Poor's 500- Mock index declined. ·!! to I00.1S, and t h e NYSK's composite index of all its listed common stocks gave up .21 In 53.70. At the American Stock Exchange, t h e m a r k e t value index slipped .50 lo IO-U2. The NASDAQ composite index for the over-the- counter market was down .SliaUfl.55. Pan Am has ,105 ANGELES CARACAS ·RIO It's f-'li^ht "515. And ii leases Los An^clts Airport .M *): 15 a.m. every Sunday, Moncl.iv. Wfdnc-'/l.iy. :inf I'ridny. In economy, you c .in cup;. ,i choice of 2 movies{he.iilsct S2.5f).n!(!iiifin,il),in(la choice of 3 entrees. In first l.iss. un c;in arrange to a v at in our luxurious upstnirs dining room v (V'-erviriR in advance. !f S.K) Paulo ison nnr itinerary, you'll find our service there more convenient than ever. liec.iuse on these flights v.-e c.u; NOV.- j;ct sou toCon^ Aiffirt.' \Vhich is only 1 miles from dov. ntou n I'aulo. And since thev.- 717s stop ,M Gu.item.iNt Ciry al! A ljys and in Ciriic.ison Wednesday and Fridjj, on their way to ,nd from Kio, sou can omhine a pleasure trip w i t h \oiir business trip. Which means jou can stop off and t.ike ndvanuxe of a Pan Am lour, or arrange to slay .11 the luxurious lama t iii i liiler-CoiiliiKTilal in (!arac:isor the in Kio. ( And every S.iturd.jy. you ( ,111 nuh: ( onvenient conneclifius in Rio 10 Pan AIM'S Ili^ht lo Johannesburg. J When it's time to nine home von (.in take our ec|ualK om i-mcnl relurn light, ;'5 16. So ;;sk your ir.i 1 . el .i;vni to put 011 on fan Arn. America's airline to rhc world. I'm Am fh^his frdm Rio iiOnt'' Airpcin c.;/-rji'-) \' V'ASCnn Uluif of ('.in A m ;,nir travel

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