European Stars and Stripes (Newspaper) - May 18, 1991, Darmstadt, Hesse                                Saturday May 18, 1991 the stars and stripes a Page 17" Money matters legislation that would make tax deductible individual retirement accounts available again to All americans won an endorsement thursday from Alan Greenspan chairman of the Federal Reserve Board. But despite Greenspan a support the popularity of iras among taxpayers and the sponsorship of More than three quarters of the Senate the measure is not Likely to be enacted this year because of budget constraints. Nevertheless Greenspan said increased savings by americans is a key to a stable Economy and fully deductible iras might help. Conversion rates London up fridays rates for the . Dollar to other currencies. Figures arc expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $355.50 an ounce Silver at $4.04. A. May 16. May 17 British Pound .1-.7490 a. 1.7195 German Mark. .1.6925. 1.7280 French Ranc. 5.7505 5.7800 dutch Guilder. 1.9102 1.9188 belgian franc. 34.78 35.10 italian lira 1,261.45 1.269.50 Swiss Frand .1.4305 1.4605 greek drachma 185.53 186.48 turkish lira. 3,949.80. 3,965.80 saudi arabian Riyal .3.7501 3.7501 Spanish peseta 105.21 105.52 portuguese escudo. 148.35 149.03 Canadian Dollar. 1.1489 a a 1.1499 austrian Schilling 11.928 11.983 norwegian Krone 6.604. 6.635 danish Krone. 6.485. 6 510 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 1.66 through tuesday based on fridays noontime Price fixing. New York Exchange new York up a York Stock Exchange Stock c  computer Royal dutch pet  Pepsico inc Conner perish re Tel Fonos de my. Hewlett Packard ism corp pet inc Texas utilities Amer express Avistar inti at amp to company Mattel inc. / general motors a the 15 most Active stocks in new composite trading on thursday. Sales 7.200.400 2,839,000 2,302,200 1.998.300 1.993.400 1.778.600 a 1,603,800 1.363.600 1.349.900 1.210.700 1.196.900 1.170.700 1.164.700 1.141.300 1.127.900 last .35% 82% 65% 31 % 19 /4 27 % 48 104 % 16% 37 23 % a 3% 36 % 24 % 37 net chg. Off a up a up. Up. O�1 unch a up 2 a up 1 % up %. Unch off % unch up % a off % up % american Exchange new York up a the 10 most Active stocks in american Stock  trading thursday Stock sales last. Net chg. Fruit of loom 2,251,600 13%. Off Greenman Bros 332,500 3% up Telesphere comm 281,900 1 % off % pall corp. 257,000 31% up % Echo Bay mines 227,900 8.  Dow chemical it 204,500 7 % off Bat industries 175,700 11 13-16 unch Wang labs inc b. 160,100 3. Up % at amp a corp 158,600 2 a a off % Rhone poulenc a 149,100 5 %. Off % Dow Jones new York up a Dow Jones closing Range of averages thursday 30 industrials 70 transports 15 utilities. 65 stocks hid 2905.64. 1157.09 211.27 1042.06 Low 2863.82 1138.75 208.88 1027.10 change 8.63 close 2894.01 up 28.1 1149.86 up 8 99 210.32 up 0.94 1037.15 up 8.82 panel makes few changes to nation s banking Laws Washington a a House subcommittee rewriting the nations banking Laws decided not to disrupt the current authority of the states to give Banks with state Charters broader investment Powers than National Banks. In a series of votes the House banking financial institutions subcommittee decided to preserve the status quo by providing some Federal Check on states but not eliminating their ability to write their own banking Laws. The decisions were seen As victories for the Bush administration. But separately the panel voted 23-11 to reject an administration proposal to Shore up the fund insuring credit Union deposits. It also voted 35-0, against the administrations wishes to end regulators practice of protecting the uninsured deposits in foreign branches of . Banks. The biggest administration Victory came when rep. Bill Orton a Utah withdrew in the face of Strong opposition an amendment that would have eliminated the ability of states to Grant their Banks different investment Powers than if we have Learned anything from the a amp a crisis we should have at least Learned that the worst losses were in states that allowed Powers not allowed by Federal regulators a rep. Bill Orton federally chartered Banks. A if we have Learned anything from the a amp a crisis we should have at least Learned that the worst losses were in states that allowed Powers not allowed by Federal regulators a Orton said. His amendment was supported by consumer groups and by real estate lobbyists. Who sought to eject Banks from their business in states where that is now permitted. Opponents complained lie went too far. V. A essentially what or. Orton is doing Here is eliminating the. Dual banking  said rep. Marge Roukema. . In another vote though the panel moved in the other direction by reject ing a bid to loosen administration proposed restrictions on state savings Banks. The hybrid institutions common in the Northeast Combine elements of commercial Banks with savings and Loans. National Banks Are forbidden to direct.-, by invest depositors Money in real estate and other ventures As opposed to making Loans secured by . Administration seeks to extend that ban to state Banks. A a a a a a a. 1�?The 36-member panel Hopes to Complete work on a Broad banking overhaul Bill by the end of next week in time for the 52-member banking committee to begin work next month. Unemployment claims dim optimism by Karen Ball Ai labor writer Washington a the number of americans filing new claims for unemployment benefits Rose again in Early May the government said thursday As the Economy continued to Flash warning signs that the recession might be continuing. A there is no evidence yet that the recovery is beginning a said Bruce Steinberg an economist with Merrill Lynch. A a we re searching for a Bottom i think we re going to be bouncing along the Bottom throughout the  a the labor department said that for the week ending May 4, the number of people filing new unemployment claims Rose by 4,000, up to 459,000 from the previous weeks Mark of 455,000. In a More hopeful economic sign thursday the Commerce department reported that construction of new Homes and apartments Rose by 6.2 percent in april reversing part of a 9.2 percent decline suffered in March. Analysts took heart from the april increase saying it showed that the housing Industry one of the keys to getting the country out of the recession was on the Road to at least a modest recovery following two years of hard times. Early May a Rise in jobless claims though slight was disappointing to analysts who had hoped claims would drop again following the huge decline of 45,000 for the last week of april. Back to Back declines probably would have been viewed As a sign that an economic turnabout was coming even though the jobless claims report can be volatile from week to week. A claims decline for Early May also would have been validation that the nations labor Market picture had improved a something that is in question in Light of a Quirky april unemployment report that showed the rate falling to 6, percent. President Bush acknowledged that report could have contained statistical problems. A a we re still looking for some Verinica. Tion that the Overall unemployment rate indeed fell two tenths of a percent in april a said Michael k. Evans who Heads an economic forecasting firm in Washington. The 4,000-Rise in jobless claims for Early May which kept the number above 450.000, was disappointing Evans said. A a we re not getting the right kind of numbers Here. In an Ordinary recovery these numbers would be Down under 400.000. I still think we re in a recovery i just done to think its Normal a Evans said. The Bush administration continued to insist thursday that the end of the recession was within sight although Michael Boskin chairman of the presidents Council of economic advisers conceded that there were risks to that Outlook. U. S. Unemployment the labor department said that for the week ending May 4, the number of people filing new unemployment claims Rose by 4,000, up to 459,000. Source . Dept of labor aps amps a a the Economy is Likely to be stabilizing in the next couple of months and then rebounding in the second half of the  Boskin said in a speech to a Washington Trade group. Boskin said the administrations View that the recession will end in the current april june Quarter was supported by the majority of private economists. Credit crunch showing signs of easing by Robert d. Hershey or. The new York times Washington a the ability of business borrowers to get Loans from Banks worsened in the latest three months but the credit tightening was a considerably less than in the preceding quarters the Federal Reserve reported  of commercial and residential real estate showed a similar pattern. And Banks said they have stopped making it harder to obtain consumer Loans. The findings of the feds quarterly Survey of senior lending officers suggested that the worst of the so called credit crunch was Over arid that Loans might soon Start to become More available and less costly than they had been for the last year or so. Quot we Are beginning to see signs a Alan Greenspan the chairman of the Federal Reserve told the Senate finance committee thursday a that while the crunch is not easing its reached its maximum and there is some evidence that we May not be too far from a Basic softening in  he added however that until this occurs a Lack of adequate credit availability remains a your major  the fed has moved repeatedly this year to inject Money into , system pushing Down interest rates. But Banks have been generally reluctant to lend the Money because of heavy losses on earlier bad Loans and because of a need to rebuild capital. At the same time the recession that began in july has thinned the ranks of creditworthy borrowers