Independent from Long Beach, California on March 23, 1976 · Page 27
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Independent from Long Beach, California · Page 27

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Long Beach, California
Issue Date:
Tuesday, March 23, 1976
Page:
Page 27
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,ud.. on,.. TI»... M.rcti M. »u INDEPENDENT (AM) PRESS-TELEGRAM (PMV-C-9 American Stock Exchange ScSL'w i) i ift_ 1*1 The Fond Stamp Program is Suli? ! ?! i} 1 * | heaviest attack ever both for real ar j'dPrSnN ' y iJ»,! 'J -- alM ' lncrc ' s raw a ( '' car danger ' 'BSr 1 ?» V M.' ''? will be wrecked by the White He |MS«VjJOr .. ll 7*H-- * ( " * -" Monday's Closing Prices ,TP CP *0r 11 .Tu-W la- 11 11 ? 7 l; A.~iTecft IrxJlJ IS A/nTr**Sv II 1 M *t *l ,! Monday Friday 1976 High . 1975 High . 1975 Low .. 197-1 High . _.. iUfl 1 X .. Or\ver Harr .. O r g f a k . « 7 'j 2- " frro-mCo wl * j ' Bf nT A S» '» ' B r n F B J 3 b Pn 10 Wn'by Fin . II I M i D c i l . H W W OVER THE COUNTER Monday's Quotations 40YKIH HEAL (»» Knl] r I « O C H ! W l U a I K O C I B M t iv ?·; iisij nin in« iv.ir, ivjo run . H W IK05 BMrt 0 CHKAOO I A P J - Bwd rf Trad? Itfrfat Own W* Lew CJo« fm WHEAT ll» tu) in in J/i !« in us ICED H O I L E R 5 lam Knl V 7 flrt fl'i ! W . 3 « ' ]»« J T l JTI' tn ft tn f f mi, ia. rtsy, 431 OT. 4T. V. 05 » 474 M OJ '/, m ·/·, o- so in ? fR ·// 41/00 444 V) 44T3) iUW 4A4W) 4^ 00 4^? * 4V. Cf 4^/1 % 4V. SO 45' W 4«» 4V. 01 SU i l l S H . I H SOYBEAN (XL IX U U l i » 4 f.il M 1(71 Hi UR I t H 1671 V.I « : i 14 r Hay Market (4P1 ua »» iiao in; in U M 1138 I 7 W U » H I Pacific Coast Exchange E F . H i m M l U . O W O e l M i r t h n . 1 1 7 1 ft VJOW B V */"·( '"wt '.'IJTf.fff. Poultry LOS »IGELES (*fl 7i. L 9 (7-71. »*) U 71 Sm SI *) **'| Your Money's Worth Food Stamp Program --wreck or reform? By SYLVIA PORTER The Fond Stamp Program is now under the ami alleged abuses that the program House rather than reformed by Congress. President Ford has literally taken the law into his own hands ami ordered the Agriculture Department to issue regulations that would cut 5.3 million Americans off UK program and would slash benefits for 5 to 6 million more. At the same time the President Is sidestepping Congress entirely, the Senate Agriculture Committee has completed the extremely tough task of writing a now food stamp law out of the many proposals placed before it in recent months. IF THE WHITE Mouse has its way, our lawmakers will play no part at all in decisions vital to millions of needy Americans. The situation will then become chaotic, for there will be two major program overhauls in a matter of months. First, the President will change the law by executive fiat this June. Soon thereafter, when Congress tlecides how it wants the program to operate, there will he another complete upheave!. Our states simply cannot handle this double administrative blow. The needy individual dependent on food stamps surely deserves a belter deal than this! While many of Kord's proposals are considered unworkable, three would do (lie most damage: -- All food stamp recipients would have to pay 30 per cent of [heir income fnr food stamps (a plan rejected by Congress a year ago). This would mean, as an illustration, Dial an elderly woman living alone with a net income of $150 month would have lo pay $45 for $50 of food stamps, instead of the $33 she n«w pays. -- Ford also wants the official poverty line to h- the eligibility cutoff for food stamps. But the poverty line lags behind inflation by 12 to 24 months, and is hardly an adequate measure of the need for nutrition assistance. Those most hurt by this porposal would be the "working poor," who now get limited food-stamp help which decreases as their incomes rise. -- And a third Ford proposal would base an applicant's eligibility for fond stamps on earnings over the past threo months Instead of on current income (as is now the case). This proposal is aimed directly at the unemployed, would make applicants wait three months for help -- and makes no sense at all. What difference is it lo people just laid off whnt they earned three months ago? 11 they've managed to save a lot of money, the assets limitation would make them ineligible anyway. So with one hand, Foitl vetoes a public job program, while with the other he would deny laid-off workers immediate food-stamp assistance. AS FOR Congress, the Senate will vote on Its Agriculture Committee's food stamp bill this m o n t h -and Ihe full Senate could improve the legislation considerably. For instance, the committee was evenly split, 7-7, over whether to adopt a key proposal to eliminate the stamp purchase requirement. Under this, instead of a household paying $100 for $1!6 of.food stamps, it would simply get its K "bonus" in stamps. This makes real sense, for more than half of the people Mow the poverty line don't use food stamps. The poorest of the poor can't scrape together the purchase price, and so they go without. Another issue in the coming Senate debate is whether lo give Agriculture Earl Bulz the authority tn tighten the assets limitation (what applicants can have in the bank, land, equipment, etc.) which must be passed by applicants lo receive fowl stamps. No one really knows how a change in the assets test would affect the elderly, the unemployed in need of only temporary help, or the small farmer seeking some assistance because of a bad crop. The committee bill proposes a study on this -- tn utter contradiction to the (act that the bill also would give Ihe USDA Ihc Ko-ohead to do anvthint! it wants. Under the circumslanccs, the current assets rules should hn "frozen" until Congress has all the facts. You can comment on President Font's proposals until next Monday by writing tnc Food Stamp Division, UvSDA, Washington, D . C . 20250. Tell Y o u r lawmakers and the administrallon what you think. DOW-JONES AVERAGES 982.2! 979.R5 1000.31 R81.R1 6.12.04 R91.66 · Dow Jones closing stock averages: 30 Indus. MTransp. 15 Utils. f 2.4-1 206.67 ( .32 Unch. 20S.35 - .35 211.51 174.12 146.-17 202.-15 86.98 h .13 Mi.R5 - .07 fll.M 87.07 72.02 95.09 STANDARD POOR NEW YORK - Standard i 1'nor's closing stock indexes(1941-13 average equals 10). Monday... Friday -1975 High . 1975 Low.. 42.5 Indus. . 113.31 . 113.M . 107.10 . . 77.71 15 Kails ·14..% ·14.5; 41). IS IM.02 GOIIlils. 500Stocks 45.-M 100.71 45.M 100.68 ·15.G1 9S.fi! 35.:il 70.0-1 Rally fizzles, but market closes up in sluggish trade NEW YORK (AP) - A mild early rally attempt faded in the stock market Monday, leaving prices m i x e d (or Ihc second slraight session in continued sluggish activity. The Dow Jones average of 30 industrial slocks, up more than 5 points shortly hcfnre the noon hour, settled for a 2.1-1 gain at 382.29. And losers finished with a slight edge on gainers after trailing for most of the day in the overall count of New York Stock Kxchangc-lislcd issues. B i g Board v o l u m e edged up tn 19.41 million shares from Friday's 2Vi- month low of 18.09 million. Brokers n o t e d some delayed response at the opening to the Lnlxir Department's report Friday that i l s consumer price index rose only 0.1 per cent during February, for ils smallest increase since Septemlier 1971. S e p a r a t e government figures showed durable goods o r d e r s in t h e i r sharpest rise in seven months. A n d A l a n Greenspan, President Ford's tnp econ o m i c adviser, asserted that t h e economic recovery was proceeding nt a belter r a t e t h a n either government or p r i v a t e economists had forecast With all that In go on, however, the market was unable to attract any significant surge of buying. By m i d d a y , as it became evident that support for the rally was not particularly strong, p r i c e s began to settle back. Gulf Slates Utilities, the day's mosl active issue, picked up a fraction in a 520,000share block trade. B u d d Co. rose more lhan a point. The company said it expected a first fjuartcr profit, compared wilh a $3.1 million loss in the comparable period last year. Saxon Industries, another l e a d i n g pcrccntigc gainer, rose a fraction on higher 1975 earnings. I'illston, which cslimal- cd lower profits for Ihc f i r s t quarter, slipped a fraction. Sherwin-Williams f e l l more than 2 points. The paint and varnish concern listed a widened quarterly loss of $-1 million. MCA climbed more lhan 2 points wilh the company r e p o r t i n g t h a t p r o f i t s accumulated f r o m t h e movie "Jaws" put it in a f i n a n c i a l p o s i t i o n f o r possible n e w g r o w t h opportunities. Standard Poor's 500 slock Index advanced .13 lo 100.71, and the NYSK's composite index was up .05 at 53.81. On the American Slock Exchange, I h c m a r k e t value Index dipped .Ofi lo 10.1.32. Tlic NASDAQ composilc index for the over-lhc- counter market closed at 89.69, up .15. 33 oil firms charged T h i r t y - t h r e e 3.1 oil c o m p a n i e s h a v e been c h a r g e d w i t h violating stale law in selling securities to C a l i f o r n i a residents, stale officials said Monday. Commissioner of Corpo rations Willie Barnes said the complaints s e e k injunctions against further sales of interests in oil or gas rights. Barnes said some sales were made by high-pressure t e l e p h o n e DividcndH n; on iri Art'r i iKM tx yrx.'«fv VMf« SIOCH VlV fcl-* l '7 S X V/. rKf/1 4 Yf DEFEOEO COP'ECTKJH » ' S solicitors, but he did not specify which companies. The list of defendants included none of Die f a m i l - iar hie names of California oil, but mosUy llttlc- known, small exploration and development c o m p a - nies. The complaints w e r e filed last frirlay in Los Angles, San Francisco and S a c r a m e n t o c o u n t i e s , Barnes said. Bill to merge finance units . SACRAMENTO (AP) A bill consolidating the Department of S a v i n g s and L/an and Department of Banking intn a Department of Financial institutions was introduced Monday in the Assembly. Plaza 67 100 Ocecingato 437-1247 3901 Long Booth Blvd 426-6996 Livestock 3 I, 1//A1.1'/. id , 3 I \W. ib Niitte 1 ft t r m 4 f p* rc alien Ultra CASH REGISTER 1 4 OjnV.r.4l colr.ri H i f r n i r n m * ! i 7 f * f i r n t j tmtfin it i fit »rni »urJir ( er r o n f f f j l o v e i (.Ujr key c r - w rnrrrrd in ft* f»«l arwl p K k v r,wn cnlri r.mhina- T^ 1 * * K ) v e t y^ clp t h a n *rry w n h cu*r. C Sn w t yf,(.r KC A J I . f - . N 1JI.TKA ^ u. i^nmrrvxljtc '-ur (7M (';T-R A ;, a ^^j^ ipeci/x ,TAi«inc%i nccif*. ,,.; R f; ^Ikn, Inc. ACCURATE OFFICE MACHINE CO SofM * ttrrla S'nco I95« 37M ATLANTIC AVE. PH.«W513 RIXBY KNOLLS AHA

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