European Stars and Stripes (Newspaper) - May 24, 1991, Darmstadt, Hesse                                Friday May 24. 1991 a the stars and stripes a Pago 17 Money matters today s tip if you arc owed a tax refund filing your return electronically has the advantage of getting the Money to you quicker. If you do not deserve the refund the electronic system gets Federal investigators after you quicker too. In recent weeks the department of Justice has announced indictments against people in new York California Florida Iowa and Ohio for allegedly filing false returns. The department of Justice said it is pursuing More than $500,000 in phony electronic tax refunds. Investigators said that As much As $6 million May have been refunded based on such fraudulent returns. Conversion rates Lon Don u i thursdays 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 $355 an ounce Silver at $4 0450.a a a a Quot Quot. May22 may23 British Pound. 1.726. 1.737 a. German mark.i.1.7235 1.7120 French franc i .5.8225. 5.8585, dutch Guilder .,.1.932 1.9403 belgian Ranc,.�?z.35.30 a 35.54 italian lira .1,273.00 .1,282.80 swis Stranc. .1.4575 1.4580 greek drachma .187.96 188.77 turkish lira. 4,003.60 4,022.60. Saudi arabian Riyal .3.7501 3.7499 Spanish peseta.,. .106,25. 106.77 portuguese escudo .149.58 150.30 Canadian Dollar. 1.1486 1.1495 austrian Schilling .12.064 a. 12.115, norwegian Krone. ,.,.6,67356.671 danish Krone .j6.56 6.5875 these Are unofficial rates As reported by wire service arid banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate Cor Cerns the Sale of German Marks to . Personnel for personal use and this will be 1.68 through Friday based on thursdays noontime Price fixing. .7 new York Exchange new York up a York Stock Exchange Stock blockbuster enl ism corp computer Assoc us Marathon Saatchi Saatchi Texas utilities Compaq computer Philip Morris Ady Micro docs Rwjr Nabisco hid limited inc Union Carbide general motors Exxon corp Quot re the 15 most Active stocks in new composite trading on wednesday. Sales 2.247.100 2.242.100 2.214.200 2.101.400 2.090.800 2.014.800 1.982.400 1.843.400 1.766.800 1,732,900 1.620.100 1.429.200 1.397.400 1.311.800 1,278,500 last 8% 104% m 25% 1 36% 37%. 66% 13 .10%, 28% 19% 37% 59 32% net chg. Ott % up 3% 1 up % up % off % unch up 1. Up 1. Up 1 unch up up % up %. Unch unch Pepsico Jefic american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading wednesday Slock a fruit of loom first Aust pm Sbarro inc a Energy service us Bio science pall corp Bergen Brunswig Americus by so Hasbro inc Echo Bay mines sales last net chg. 476,700 14% off % 318.000 9% off % 309,700 38% off 2% 308,200 2% up % 225.900 37 up 2% 220,200 35% up 1 192,000 27ve up % 183,600 30 a up % 158,800 28% up a 152.400 7% Olf % Dow Jones new York up a Dow Jones closing Range of averages wednesday 30 industrials 20 transports 15 utilities 65 stocks High 293001 a 1144.75 211.71 1044.15 Low 2881.93 1126 23 209 26 1027 83 close 2910 33 1138.75 21089 1038.01 change up 4.25 up 9 69 unch up 3.36economists say recession will be Over in five weeks Washington a almost three fourths of the nations top economic forecasters predict the recession will be Over in five weeks but nearly All say the Teco cry will be weaker than usual according to a Survey released thursday. A the . Recession is almost Over a said a summary of the Survey by the National association of business economists. The Survey showed 11 percent of the 58 professional forecasters polled in Early May contended that the recession already has ended sixty percent said it would hit Bottom during the Quarter ending june 30. In its previous Survey last february 22 percent of the forecasters said they expected the recession to conclude during the first Quarter 51 percent in the second and 18 percent in the third. Still 27 percent of the forecasters said the recession would not end until the third Quarter and 2 percent said the end would come even later. But regardless of when the recession ends 93 percent of the forecasters said the recovery a would be slower than  the Bush administration contends the downturn will have ended sometime Between april and the end of june. Budget director Richard g. Darman said in an Abc news interview sunday that the Economy a is turning in this  the median association forecast projects a 0.3 percent decline in economic growth in the second Quarter before expanding Between 2 percent and 3 percent during the remainder of the year and Early 1992. For All of 1991, the median forecast Calls for a decline of 0.4 percent in growth As measured by the Gross National product the total output of goods and services Gnu growth in 1992 is projected at 2.6  Gnu advanced 1.0 percent in 1990, although it fell 1.6 percent in the final Quarter. It dropped an additional 2.8 percent from january through March. Although a recession often is defined As at least two consecutive quarterly declines in the Gnu the National Bureau of economic research said the recession began last july the private organization is recognized As the arbiter of business eighty three percent of the economists in the associations Survey agreed with the Bureau that the recession began during the third Quarter of 1990. Eighty four percent agreed with the administrations projection that the downturn will be less severe than the average recession since world War ii. The average decline in the Gnu during those downturns was 2.6 percent. A the panel is split however on the duration of the recession relative to the postwar average of i i months a the summary said. A forty percent believe it will be Shorter 53 percent think it will be about average while 7 percent estimate it will he longer than  the associations forecasters also projected inflation As measured by the consumer Price Index to Rise 3.5 percent this year and 4.0 percent in 1992. Consumer prices Rose 6.1 percent in 1990. The Survey also said the Federal budget deficit is expected to total $300 billion during the fiscal year ending sept. 30. That s the same Gap now envisioned by Darman who just last february was projecting a $318 billion imbalance Nabe economic forecast National association of business economists projections for the rest of 1991 and for 1992, compared with actual 1990 figures. Gnu 1% 2.6% 1991 1990 i 1992 -4%_ the Survey also said the Federal budget deficit is expected to total $300 billion during the fiscal year ending sept. 30. A source Nabe Sas Wos Boole or panel backs interstate banking plan Washington a a House subcommittee preserved a plan to remove barriers to interstate banking wednesday but it restricted Banks with unsatisfactory records of lending to poor people and Small businesses from expanding across state lines or into new businesses. An amendment sponsored by rep. Joseph p. Kennedy 11, d-mass., adds restrictions to a Bush administration proposal to remove obstacles to interstate banking within three years and allow Banks to enter the securities and insurance businesses. The proposed Bill has been described As potentially the broadest revision of banking Laws in nearly 60 years. A a. A. The House banking subcommittee on financial institutions adopted the measure on an 18-17 vote with All but one of the ,14 republicans opposing it. However the subcommittee Defeated what the administration considers a far More damaging amendment on a 24-12 vote.  ��.-��. A sponsored by rep. Bruce f. Vento d-minn., that measure would have allowed interstate banking Only in states that decided to join the system. It was supported by groups representing Small Banks Consumers Farmers and state and local governments. They said they fear interstate banking will allow big Banks to gobble up Small institutions drying up credit in Rural towns. But administration supporters argued that ventors amendment would have allowed the existing Patchwork of Laws to continue. They said interstate banking would save billions of dollars a year for Banks that use awkward holding company structures to operate across state lines it also would allow Banks to be less dependent on the Economy in a single Region they said. A. A a Kennedy s amendment would require regulators to review Hanks lending records before allowing them to enter the securities or insurance businesses str expand across state lines. Banks also would be required to pledge to maintainer improve that record. He said it was needed to Stop big Hanks from siphoning local deposits into exotic investments and risky Loans. Opponents contended that the existing Law is adequate and that the amendment imposed an onerous process on any attempt by Banks to diversify. Groups blast robbery7 rates of credit cards Washington up the nations largest Banks Are making huge profits by charging credit card users inflated interest rates and most Consumers Are paying because they done to know about cheaper options a new York congressman and consumer groups say. A the Banks stick it to the consumer both coming and going a said rep. Charles Schumer d-n.y., a member of the House banking  and two consumer credit groups said wednesday that an a a oligopoly of big Banks is gobbling up the credit card Market and charging higher and higher interest rates to Consumers who Are getting less on their investments at the same Banks. A Banks Are like Sharks and they be got their Teeth in Consumers wallets a said Edmund Mierzwinski consumer Auvo Cate for the . Public interest research group. Schumer said a Over the past year and a half the Federal Reserve s discount rate has gone Down the interest rate on Money Market accounts has gone Down and the interest rate on certificates of Deposit has gone Down. But incredibly the interest rates on credit cards have gone up a Elgie Holstein director of the bankcard holders of America consumer credit group said the top 25 credit card issuers Are charging a Well Over 19 percent interest on outstanding balances. He called such rates a Highway  the top 25 credit card issuers Are led by Citibank with 29 million card holders. A major Banks Are using profits from credit card operations to Stem their flow of red Ink a Holstein said. A More than 70 percent of Citibank a current profits Are attributed to their credit card operation. That san astounding figure especially when you consider the breadth of their