European Stars and Stripes (Newspaper) - March 19, 1991, Darmstadt, Hesse                                Tuesday March 19, 1991 the stars and stripes a Page 17money matters today s tip Mutual fund investors need to think Long term. Over time Mutual funds tend to track the performance of the Stock Market As a whole. While an individual Stock May hit the skids and never recover a Good Mutual fund is so diversified that its Fate generally does no to depend on the performance of just one Stock. As the Market rises and Falls Mutual fund investors with Strong nerves can end up winners if they hold on. When the business Cycle finally takes a turn for the better the smart investor who has held onto his fund shares will come out ahead. Conversion rates London up mondays closing rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $361.75 an ounce Silver at $3.99. March 15 March 18 British Pound .1.8335 1.7925 German Mark .�?��?�.1.5925 1.6147 French franc. 5.4095 5.5115 a dutch Guilder. 1.7885 1.8065 belgian franc. .32.7075 33.3025 italian lira. 1,183.20. 1,207.00 Swiss franc. 1.38175 1.4045 greek drachma. .170.78 172.62 turkish lira.3.492.20. 3,524.70 saudi arabian Riyal .3.7503 3.7502 Spanish peseta .98.75 99.79 portuguese escudo .138.12 139.63 Canadian dollar.,.1.1535 1.1559 austrian schilling.11 1650 11.2730 norwegian Krone .6,1990 6.2510 danish Krone. .6.0930. 6.1515 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1,57 tuesday based on mondays noontime Price fixing. High court rejects swedish Appeal Washington a the supreme court rejected monday an Appeal by a swedish company subject to import quotas  for a a dumping stainless steel in the United states. The court without comment refused to order the . International Trade commission to consider lifting restrictions on the company. . Regulators ruled in 1973 that Avesta a of Sweden was dumping a Selling it at below fair value a stainless steel plate in this country causing harm to Domestic producers. The company and its . Affiliate Avesta stainless inc., sought in 1985 to have the anti dumping restrictions lifted. Avesta said Sweden a capacity to produce stainless steel has declined significantly and imports to the United states Are minimal. But the International Trade commission by a 3-2 vote said Avesta had failed to produce enough evidence to warrant a full scale review of the 1973 anti dumping order. Desperate Consumers urged to be wary of secured cards by Leonard Sloan e the new York times As Many As 40 million americans cannot obtain credit including the 2 million a year whose credit cards Are revoked banking specialists say. These Consumers As Well As others who have difficulty getting Bank cards such As visa or Mastercard Are the prime candidates for what Are called secured cards. The desperate Consumers Are usually willing to pay for the privilege of having a credit card with annual fees interest rates late charges and Over the limit fees higher than those of regular credit cards. Unlike a traditional credit card the so cured card requires a Holder to keep collateral in the issuing Bank or savings and loan As Security against not paying Bills. The collateral must at least be equal to the amount that the consumer can run up on the card. For those whose applications for regular visas or Mastercard Are rejected or who lose their cards because of bankruptcy or other serious financial problems secured cards May be useful at least temporarily. _ but some financial institutions that specialize in secured cards charge High fees use deceptive advertising and engage in other practices that consumer advocates deplore. A the Good news about them is that they truly can be a Way for a person to establish or re establish a positive credit history a said Elgie Holstein director of bankcard holders of America a ��?��credit-., education organization. A the bad news is that they Are frequently marketed by boiler room purveyors who charge exorbitant  bankcard holders Sells a list of Banks offering secured cards. The fee is $3, sent to 560 Herndon Parkway Herndon a. 22070. Marvin Kaplan a spokesman for associated credit bureaus a Trade association added a people should not get these cards through a third party but should go out and shop for  a lot of them Are promoted by credit repair Din is that make promises they can to keep he said. Secured credit cards became popular in Southern California in the late 1970s. The concept has since spread to other parts of the country. They look like any other Bank card and Are accepted equally by merchants and service establishments. Because a credit card is now a virtual necessity to Cash a Check guarantee a hotel reservation or rent a car the secured credit card has attracted a wide segment of the population. To obtain a card you open a savings account that serves As collateral for the credit made available a minimum amounts Range from $500 to $5,000 a generally at a Bank specializing in secured cards. The line of credit the amount available to the Holder is typically equal to half or All the amount in the savings account. When the Bank pays interest on the account it is normally at below mar Ket rates say 4 or 5 percent. A once you establish or re establish credit this Way the Standard card issuers will usually solicit you after three or four years a said Frank Martinez vice president of key operations inc., a Bank that issues secured cards in Havre de Grace my. A a it a almost a rehabilitation pro a  a a a a a. A a a. A a a non profit new York organization. Budget and credit counselling a services has arranged with american National Bank of new York in Larchmont to offer the cards to people who Complete the organizations debt management pro Quot if after a year you pay your Bills Reg org Gram. A j pay i ulary  give you the card  a said Luther r. Gatling president of budget and credit counselling because so Many Consumers Are desperate for credit the secured credit eard business has attracted unscrupulous promoters who use illegal or unethical practices. Many employ heavy television or  advertising through which they charge a application a or a processing Quot fees ranging from $15 to $300. Sometimes the fee is just for providing lists of Banks in the secured card Field often without the Banks knowledge. Others merely mail applications for secured cards and the applicant is unaware that there is no Assurance of actually receiving credit. A some phony outfits Promise to get you a card and then close Down a said h. Spencer Nilson publisher of the Nilson report a credit card newsletter in los Angeles. A Over the years this has been one of the Black Marks on the  consequently its important to Check out the cards issuer and marketer deter. Mining All costs and qualifications before paying any Money. Job seekers beware ads offering work in Kuwait May be a scam Washington up the . Recession and rebuilding of Kuwait have created a mad scramble for Middle East jobs giving scam artists a Gold mine of potential victims. Almost As soon As the kuwaiti government said the United states would be favored with the biggest number of contracts for reconstructing the War ravaged nation Job seekers began flooding potential contractors with Calls and resumes government and corporate officials said. But the kuwaiti Job mania has also spawned a crop of Job Fefe Raj advertisements promising leads on a a thousands of jobs in Kuwait. Government officials and consumer groups believe that Many ads Are placed by scam artists planning to defraud desperate Job seekers. Within Days after the Gulf cease fire the Ohio Bureau of employment services office in Findlay Ohio began getting Calls a from people All Over the country requesting information about Kuwait jobs according to director Ann Knott. At first Knott was mystified because a we have no Job orders from anywhere near  but Cullers explained they had been directed to the Bureau by dealing an expensive. 900 number gleaned from a newspaper and promising jobs in Kuwait. A the Ohio attorney general a office is investigating the matter. Cleo Manuel spokeswoman for the National consumer a league said the ads particularly those luring Consumers to use 900 phone numbers Are Likely to be a a  a this is the common fraudulent use of a 900 number a said Lydia parcs associate director for marketing practices at the Federal Trade commission. The classified and sections in newspapers such As the Chicago Tribune and Usa today carried nearly a dozen advertisements under a jobs in Kuwait a a Gulf opportunities a a Opportunity Kuwait and similar titles promising a a thousands Calls to several of the numbers advertised reached recordings directing callers to dial 900 numbers or Send As much As $20 for leads on jobs in Kuwait. All Calls made by United press International including those to 900 numbers netted Only recordings or Post Oil ice Box addresses. There was no Way Tor Consumers to question those placing the ads. A spokesman for the Illinois attorney general a office said it is looking into the ads to determine if they meet state Laws governing employment agencies. A a a a there Are a couple of problems with these ads a Parnes said. A one is that they done to disclose typically How much Money its going to Cost you to get the  \. A ,. Van even bigger problem though is that the Job finder ads often deliver inc curate information or information that a available to the Public free of charge. That is the Case with a company called Mideast Job services that placed an and in Usa today according to spokesman for the Bechtel construction company a participant in rebuilding Kuwait. British economic upswing i London up Britain a retail sector is showing some signs of regaining consumer Confidence government figures indicated monday. Preliminary figures released on the eve of the unveiling of the country a annual budget showed retail sales volume Rose 1.0 percent in february Over january the Central statistical office re ported. A a i  give three cheers for the retail sales figures but perhaps one cheer a said economist Kevin Darlington of securities House us Phillips and Drew. A one would be Foolhardy to Call it the end of the recession a he said. A but it is the first sign of some return in sales Confidence a economists pointed out that preliminary figures Are often erratic and were liable to revision. Sales for the three months from december to february were 0.25 percent higher than in the previous three months but 1.25 percent lower than in the same period a yeat ago