European Stars And Stripes (Newspaper) - September 11, 1988, Darmstadt, Hesse Page 20 the stars and stripes sunday september 11,1988 investor s guide in by Bill Doyle q. Yod be advised Ruden who Here disputes with brokers to seek arbitration. Yon have also painted out that All Stock exchanges and the National association of Securi ties Deal ers hate arbitration proce dures. From the tone of letters you hive printed it is obvious that same invest Lora fee they won t get fair flukes in Exchange for Nash arb Doyle nation. Can t they go through the american arbitration association aaa has an excellent reputation for impartiality. A. More and More people Are doing just what you suggest. You must have missed the news stories about the number of customer broker disputes filed with aaa jumping 400 percent in the Fira Naif of 1988 to 249 from 49 in the like period inst year. This came about As disgruntled investors became increasingly aware of a clause in the american Slock Exchange s Constitution that allows customers of that Exchange s Mem Ber brokerage firms to choose aaa Over Exchange arbitration. The Tola number of customer broker arbitration cases at the exchanges Nash and aaa has skyrocketed As a result of Fth . Supreme court ruling that a Cus Tomer cannot sue and must seek arbitration if there is a clause to that effect in the customer s agreement with the broker. Because most sizeable broker Ages Are amex members i hair customers can go the aaa Rouzic even if the securities involved in the disputes Are traded on other exchanges or Over the counter. You re quite Correct about aaa s reputation. That non profit organization rounded in 1926 and bes known for its work in labor disputes and elections had a Tola of 52,874 cases filed with it in 1987. Q. Why cant you and other writ in understand the problem of find ing people outside Ibe who have sufficient knowl Edge of the business to serve Intelli gently on arbitration panels in Bro Ker customer disputes this is especially bile when customers want the cases heard in Ibe hinterland. During my 32 Yean in the brokerage business 1 have been involved in Stock Exchange and Nash arbitration several limes. More often than nut. It was most difficult to locate qualified impartial people to serve As Public Mem Bers of the arbitration panels. A acc the american arbitration association does t have that problem. Aaa has 33 offices with close to 57,000 arbitrators and mediators available and conducts arbitration All around the country in big cities and Small towns. Granted the majority of aaa cases do not involve securities. But Robert Coulson aaa president says his organization has plenty of arbitrators qualified to handle Cus Tomer broker disputes. I m convinced that with a mod icum of Effort the exchanges and Nash could locate More than enough qualified and impartial people to serve As Public arbitrators. I can think of a number of retired business editors and writ ers who would probably be Happy to take on that chore. Business news Market rises but trading subdued new York up the Stock mar act rude a late rally in the technology Lector to a modest Advance last week As trading activity remained subdued. Toe Dow Jones Industrial average which Rose 5.69 Friday dosed the four Day week at 2068.81. For the week the Blue Chip Index Rase 14.22 Points. After the Long labor Day weekend the Market tuesday managed to extend the Dew s 52-Poinl jump on the previous Friday but trading remained slow. The Dow Rose 10.67 on volume or Only 122.3 million shares. Analysts were encouraged however by the Market s ability to withstand pres sures to take profits. Buying was de scribed a very wednesday and thursday the Market remained stuck in a narrow trading Range with the Dow rising 0.53 wednesday and tailing 2.67 on thursday. Friday proved to be the most volatile and interesting session of the week. The Dow which ended the Day with again of 5.69, was All Over inc map. The Index plunged 18 Points in the Early part of the session and then slowly recovered to Peak in Midas Mcmoon Trad ing with a gain of about 20 Points. Analysts blamed the Market s Sharp Retreat at the open on futures related sell programs and their exaggerated impacting a quiet Market. In economic news Friday the govern ment said the producer Price Index Rose 0.6 percent in August compared with a percent jump in july. The increase was slightly higher than Market forecasts. Broad Market indicators posted mod est gains on the week. The new York Stoat Exchange composite Index rose1.18 to 150.8?. Standard & poor s 500 Stock Index gained 2.36 to close the week at 266.84. Advances led declines 1,130-683 among the 2,136 issues traded. Big Board volume totalled 552,800,220 shares compared with �42,314,890 the previous week and 765,648,170 the same week a year ago. On the nose trading floor last week Pacific Gas is electric was the most Active Issue gaining w to 17, among the Active Blue chips. Genera electric was up in to 42, Philip Morris was up in to 9414 and american express was up 4 to 29 it. On the american Slock Exchange the amex Market value Index Rose 1.83 to close at 297.45, while the National association of securities dealers Index added 5.09 to end at 381.60. Advances topped declines 464-342,volume totalled 34,894,410, shares com pared with 49,522,205 traded a week ear Lier and 58,200,480 traded in the same week a year ago. Amdahl led the amex actives unchanged at 19w. Senate oks textile import limit Bill Washington up the Senate passed a Bill Friday that would limit imports of textiles clothing and shoes set Ling the stage for an election year show Down with president Reagan who vowed to veto the measure he considers protectionism at its worst the Bill passed 57-32, would bring retaliation against . Exports harm . International competitiveness and Tost american jobs White House spokesman Martin Fitzwater said shortly after the Senate vote. That is a disastrous prescription for America s economic . Trade representative Clayton Yeutter called the Bill anti jobs anti growth and successfully vetoed a similar Bill in 1986, and backers of Fth measure have said they Are not sure they can get the two thirds margin needed to override a veto the Vole Friday came Afler three Days of debate that often included technical discussion and conflicting statistics. The Senate had limited debate on the Mea sure to 30 hours to avoid a possible Fil passing this Bill today we Are Tak ing a step toward ensuring the Protection of our nation and the survival of a vital american Industry which employs Over 2 million people sen. Strom Thurmond maintain that the Bill is needed if America is to compete against nations with Low wages government subsidies and High tariffs. Since 1980, they say about 1,000 . Textile factories have closed at a Cost of 350,000 the Bill reaches the White House it must return to the House because of a constitutional provision that prohibits Revenue raising measures from originating in the Senate to face a conference committee that will smooth any differences Between the two ver Sions fund prices from Page 19 him hug Phum into Cuneo ims Imir i Timm. 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