European Stars And Stripes (Newspaper) - December 3, 1987, Darmstadt, Hesse                                Thursday. Decembers 1987 the stars and stripes Page 5 Greenspan urges financial caution a Phalo Federal Reserve Board chairman Alan Greenspan Washington up Federal Reserve Board chairman Alan Greenspan tuesday urged Congress nol to attempt a massive overhaul of inc nation s financial by slim despite the near closing of the Stock Maricl following the oct. 19 Price collapse. Taking Issue with four members of inc in Nat Bank ing committee who have proposed sweeping changes of he financial regulatory system Greenspan said Law makers should move on a slip by step basis rather than try to set up a new financial Structure in one piece of legislation. As certain a we May be about he outcome of 3 certain Structure you re never certain and if we arc wrong if there Are unforeseen technical problems in the Structure the costs to the Economy could be targe he told the committee Al a hearing on financial restructuring. Greenspan supported As a first step a Bill proposed by banking committee chairman William Proxmire. D-wis., and ranking Republican Jake Garn of Utah that would repeal the 1933 Glass Steagall act separating investment and commercial banking. Further Steps such As allowing non financial Compa Nies to underwrite securities could be taken later aft Eric effect of repealing Glass so Chagall is seen he said. There Are major advantages to proceeding on a incremental basis starting with Bank securities pow ers where the rationale for change has been clearly established he said. But Sens. Bob Graham d-fla., and Tim wind d-colo., authors of an alternative Bill that would create a new umbrella  regulatory Agency and allow financial institutions to offer a much wider Range of services said Congress should not miss the Opportunity presented by the Market crash. Graham said that while repealing the Glass Steagall act to allow Banks to enter he securities business was important that Law is a relatively isolated aspect of the total problem of an outmoded financial Structure. Both senators cited As an example of weakness in inc financial Structure the oct. 19 Market crash and reports that the new York Stock Exchange nearly closed on oct. 20 due to an overload of Sci orders and a liquidity Cri Sis among Maricl specialists their Bill Abc would create a National electro Nic payments corp. That would facilitate transfers of Large quantities of Proxmire Money within the financial system and help avoid liquidity problems in the . Wirth described the current regulatory system As a number of Model t s travelling on Whai has to be a 21 is Century financial  Greenspan also opposed legislation introduced tuesday by Sens. Alphonse d Avalo. R-n.y., andalan Cranston d-calif., that would go even further than the Traharn with Bill in overhauling the Finan Cial system. Idling any Type of business engage in an Type of financial service. While opposing an overhaul the fed chairman reiterated his Strong support for repeal of Glass so Chagall a depression Era Law primarily designed to protect Banks and their customers from the uncertainties of inc securities Market. In recent years investment Bankers increasingly have invaded the traditional Domain of commercial Bankers luring away Blue Chip customers with a variety of securities instruments such As commercial paper thai offer companies capital at lower interest Rales than Hank Loans. Americans appear to be getting smarter Washington a the proportion of american adults 25 and older with College degrees quadrupled from 1940 to 1985, the census Bureau reported. It said the proportion with High school diplomas tripled during the period. While White people arc twice As Likely 10 Complete College the Gap Between while and Black High school completion Rales has narrowed dramatically the Bureau said. The Agency s report was based on its annual current population surveys of 58,000 households. Since 1940, when the Bureau first asked people How much schooling they completed there has been a remarkable increase in the proportion of the . Population who completed at least four years of High  it said. The proportion of adults 25 and older who completed High school Rose from 24 percent in 1940 to 74 percent in 935. The percentage who completed four or More years of College climbed from 5 percent to 19 percent among those aged 25 to 29, the pro portion of High school graduates Rose from 38 to 56 percent 22 percent were College graduates in 1985, up from 6 per cent in 1940. While the Opportunity to Complete High school is now nearly Universal the Chance of continuing on through College is not nearly half fall High school graduates attend College but Only slightly More than half of those Complete four years of College the Bureau said. The Bureau said 48 percent of hispanics age 25 and older were High school graduates in 1985, up from 36 percent in1974 when such information on them was first collected. Eight percent of mis panics had completed College in 1985, up from s percent in 1974. Many educators have expressed alarm in recent years about a drop in the percentage of Black High school graduates pursuing four year College degrees. Al though More Blacks Are obtaining High school diplomas the Bureau said the percentage of Black 18 to 24-year-old High school graduates enrolled in College fell from 33.5 percent in 1q76 to 26.1 per cent in 1985. Some educators say the Survey figures May be slightly exaggerated because peo ple Are reluctant to Tell an interviewer they did not graduate from High school or College. The education department says the graduation rate from Public High school sin 1985 was Only 70 percent but that docs not count those who later obtain High school equivalency diplomas. The census Bureau said racial differences in the proportions of High school graduates narrowed considerably be tween 1940 and 1985. The proportion for Whites 25 years old and Over was 1.3times that for Blacks in 1985, compared with 3.6 times in 1940."in 1940, 26 percent of while adults 25 and older and 7 percent of Black adult were High school graduates. In 1985, the proportions were 76 percent for Whites and 60 percent Tor  1940, Only 5 percent of while adults and i percent of Blacks had completed College in 1985, 20 percent of while adults and 11 percent of Blacks were col lege graduates. Agent fired for refusing order seeks reinstatement Peoria Iii. A an Fri agent who was fired 10 months before retirement for refusing to investigate a group opposed to , policy in Central America said tuesday he Hopes to gel his Job Back and his full pension. John a Ryan 49, is negotiating for reinstatement while a congressman and an administrative hearing panel prepare to review his Case. Ryan who had worked Al the Agency s Peoria office planned to retire next june after turning 50, when he would have had More than 22 years in the Fri Buthe was fired sept. 11, when his personal opposition 10 . Support of the Contra rebels in Nicaragua conflicted with an order to investigate silo Plo shares an anti nuclear group whose members were suspected of vandalizing military recruiting offices in the Chicago area. Ryan said he would have gotten a full pension if he had retired at age 50 with at least 20 Yean of  before his Soth birthday left him with no benefits he said tuesday. Ryan said he is willing to accept just about any position with the Agency and believes it could find a place for him that would not pose a conflict with his belief that . Involvement in Central America is violent illegal and  As a government employee of More than 20 years he is entitled to a civil service pension. Bui it is much less than Fri retirement benefits and he can t apply for it until he reaches age 62. I have found the Fri to be negotiating in Good Faith Ryan s attorney Arthur Gruenburg said add ing that talks began shortly after the firing. Gruenburg also is pursuing two appeals of Ryan s dismissal one within the Fri and the other through hic . Merit systems Protection Board which has scheduled a review dec. 15 in St. Louis. In two decades with inc Fri Ryan had investigated organized crime in new York worked in  licence and hunted fugitive priest and anti War activist Daniel birr gun. He twice received commendations. But he slated taking religious study courses about 10 years ago and by the time he earned his master s degree in 1985, he was a committed pacifist. Sands of time in the stars and stripes 40 years ago . 3, 1947 mob violence broke out Between jews and arabs in Palestine with inc beginning of Athree Day Arab protest strike against the partitioning of the holy land. 30 years ago today. Dec. 3, 1957 the world s first full scale Central station atomic Power Plant devoted exclusively to civilian purposes went Imo operation at Shippingport. Pa., the atomic Energy commission announces. The Plant was expected to produce 60,000 kilowatts. 20 years ago today. Dec. 3. 1967 Cardinal Francis Spillman 78, archbishop of new York and vicar general of the . Armed forces died of a massive stroke in a Manhattan Hospital. 10 years ago today. Dec. 3, 1977 palestinian and iraqi delegates urged a Complete diplomatic and economic Boycott of Egypt at inc first official session of an Arab conference opposing egyptian i resident Anwar Sadat i visit 10 Israel