European Stars And Stripes (Newspaper) - July 24, 1988, Darmstadt, Hesse                                Page 20 the stars and stripes sunday july 24,1988 investor s guide by Bill Doyle q. When my daughter gets her paycheck she deposits it in the local savings & loan association. The last time she made a Deposit the Teller remarked you have a lot of Money in your account. Are you going Toby a House when my daughter said she want the Teller asked would you like to buy some Stock she pointed out a Man at a nearby desk and gave my Doyle daughter his business card. What about that a. You seem surprised Al most shocked. You should t  a is and Banks have Simi Lar arrangements through either outright ownership of or affiliations with brokerage firms. This allows customers to do their Bank ing and brokerage with the same organization often in the same office or at least in the same building. Most brokerages connected with is and Banks Are discount brokerage firms. That Means the charge lower commissions on the Purchase and Sale of securities than full service brokerage firms. As the term indicates full serv ice brokerages usually provide per Sonal service to customers including consultations research reports and buy sell and hold recommendations. Most discount brokerages Only handle buy and sell orders and offer no other service but an in creasing number of discount brokerage Are providing additional services. As a general Rule however investors who want to spend time visiting or on the phone with brokers have to use full service firms. Q. In t some Federal Law sup posed to keep Banks and brokerage firms out of each other s business a. Yes. It s the Glass Steagall act passed in 1933 As one of the first pieces of new Deal legis lation. It limits commercial Banks investment banking activities such As the Sale of newly issued securities. The Law was aimed at correcting some of the rampant abuses Lead ing up to the 1929 Stock Market crash. It took on extra meaning when Federal Deposit insurance legislation was enacted. The so called fire Walls contained in the Glass Steagall act Are intended to insulate Banks from losses in risk investment banking thereby protecting Bank assets depositors an the Federal Deposit insurance company. For decades Glass Steagall was interpreted to keep Banks ands is entirely out of the brokerage business. In recent years however the Wall Between the banking and brokerage business has been gradually lowered in some places breached by Federal and state regulatory authorities. Legislation now in Congress would virtually repeal Glass Stea Gall. That Bill has been passed bythe Senate and now is before the House of representatives. King features columnist Doyle  letters. You can write to him in care of the Stai and stripes. Apo 09211, . Forces or i tars business news Wall Street has the blahs new York a Wall Street traders and brokers have been treated lately to a smorgasbord of just about everything that can go wrong in the invest ment game. Bond traders have been pinched by an erratic Rise in interest rates. Fanciers of High technology stocks have seen their holdings take a drubbing. Sluggish activity has left a big Hole i brokers commission income. And even the bears who thrive on weak Market got stung by Selling Short american depositary shares of japanese stocks that they thought were poised for a fall but went the other Way instead. Stan Weinstein publisher of the professional tape Reader investment advis Ory service summarized it As a Neutral trading Range Market that has a serious Case of the  heading into july Many Stock analysts were counting on earnings reports for the second Quarter to give the Market a lift. True to expectations results achieved by Many companies for the april june period have been impressive. Case in Point Gen new York Exchange new York up the 15 most Active Stock Exchange composite trading Friday. Stocks in new York Stock travellers up tandem computer Aetna life Bear steams Polaroid up ism corp general elec Chase Manhan Hewlett pack Mellon Bank Texaco inc digital ept Motorola inc Exxon corp Pillsbury sales 4,460,800 3,519,300 3,504,100 3,134,200 2,587,600 1,818,700 1,641,600 1,292,300 1,255,700 1,185,500 1,181,900 1,124,400 1,115,100 1,108,800 1,073,300 last 35% 13% 44 v4 net  off Tom 40% 120 vib 41 v4 29 vib 49% 32% 47% 103 v4 47v 44 it 36% up off1% off unch Ofutt up it up life oft1% Otto for off up fund prices from Page 19 open of Tell tax sex  us gtd Vista go Quested inc group cd sep  Rainbow rear a Chang reset 9.09 24.51 13.7113.82 13.83 17.1119.61 11.47 25.82 9.28 .08 9.93 .09 25.73 .04 13.7113.8214.52 .0218.70 .19 21.43 .14 12.01 .02 no .25 blues a 25.95rtfp 32.02 go sep 13.52 rows Torfs inv up 9.59 inv lip 7.17grth p 7.44 Manip 15.83taxp 11.41 Rodney squad Incus 9.05grwth 9.7? in Leq 11.13 Royce funds ingot 8.80valut 8.31 Tot rtt 5.22husfcmora group Sapid 1131otcidx 12.59 us gig 9.03 us gov 9.58txflg 10.27 to fint 10.15sbsfcv 10.31 lbs for 12.74 set group direct p 10.95 equity 11.71 us Gap 6.69 spiff divert 11.22 int fat 1034 int mul 10.10 sate Cosow calf 10.71 Equit 8.17 growth 15.24 Inco 14.16 munic 12.86usgov 906 Sale map 12.83 Schieldt 11.46schrodr 7.28 scud funds Calyx 10.00 capt 15.67 9.29 9.75 .0311.69 12.27 .14 9.22 9.68 .07 4.95. 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But the Market chose to concentrate its attention on disappointing earnings at a succession of High technology Compa Nies like sea Gate technology tandem computers and data general. And rather than just dumping the shares of the company announcing the discouraging news investors have responded each time by Selling stocks throughout the High tech sector. The state of the Overall Stock Market meanwhile received eloquent testimony from the second Quarter reports of brokerage firms themselves. Charles Schwab corp., operator oath nation s largest discount brokerage firm and thus considered a Good gauge of activity by individual investors said its volume of business was off 42 percent from the second Quarter last year. Pain Webber a full service firm that handles a lot of trading for the Public said its commission revenues fell 32 per cent. It barely cleared a profit for the Quarter. With All that to set the tone the Stock Market took its sharpest drop in More than three months this past week. The Dow Jones average of 30 industrials fell 68.46 to 2,060.99, for its biggest american Exchange new York up the 10 most Active Stock Exchange composite trading Friday. Sales 1.204,900 1,142,800 649,300 3.87630,100 423,500 419,200 246,500 215,100 189,800 stocks in american Slock Texas air Wang labs b dome petrol Viacom of tech tape Chart medal a Amer St Host mtg Ich corp Amdahl corp Phlp Tel 189,100 last 12 Viz 9% 13-32 25% 13 a 32 % 10% 7% 50 10% net chg. Oft off off 1-32 unch up 3 off off up a up 1/4 up decline since it tumbled 76.26 Points the week of april 11-15. The new York Stock Exchange composite Index dropped 4.10 to 149.55, the Nash a composite Index for the Over the counter Market lost 7.24 to 387.35,and the american Stock Exchange mar Ket value Index was Down 3.20 at 306.11. Volume on the big Board averaged 150.13 million shares a Day against 175.20 million the week before. Normally in declining markets at least the bears get a Chance to feast by reaping profits on Short sales. This time honoured strategy Calls for borrowing Stock from a broker Selling it and then buying it Back later at a lower Price for return to the broker. The differ ence minus commissions goes into the Short seller s pocket. But it has t worked out that Way lately for one recent favorite target of Short Sellers the japanese stocks traded in this country in the form of american depositary receipts. Many of these familiar names such Ashonda Matsushita and Sony rebounded from the 1987 crash this year to new  they have been much discussed on Wall Street As a Way to play a breaking the Tokyo Market which by . Stan Dards has returned to very inflated Levels. However it looks now As though the shorts were caught in a squeeze when the stocks failed to decline and the scrambled to buy Stock to Cut their losses. For example Honda which closed the previous Friday at 141, soared As High As 179 by thursday. Somewhere on Wall Street there i presumably someone who safely traversed this minefield by owning the japanese stocks and shorting the technology is sues. But otherwise few have Happy tales to Tell right now. 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