European Stars and Stripes (Newspaper) - June 20, 1991, Darmstadt, Hesse                                Thursday june 20, 1991 the stars and stripes Page 17moneyfnatters today s tip Chrysler corp. Has introduced a $500 incentive program on new car purchases . Military personnel and spouses through sept. 30. The program applies to All 1990, �?T91 and �?T92 Model Chrysler corp. Vehicles except �?T90 Omni horizon models. All Active duty and ready Reserve military personnel and their spouses Are eligible. Ready reservists Are defined As those on Active duty or called to Active duty on or after aug. 1, 1990, through the end of the program period. Conversion rates London up a wednesdays 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 $367.30 an ounce Silver at $4.43. British Pound. German mark., French franc. Dutch Guilder. Belgian franc. Italian lira a. Swiss franc greek drachma ,. Turkish lira. Saudi arabian Riyal. Spanish peseta. Portuguese escudo. Canadian Dollar. Austrian Schilling. Norwegian Krone. Danish Krone. June 18 16105 .,1.8115 6168 2 043 .37.3275 .1 350.90 1 5575 197.37 .4.281.10 3 7501 .113.70 160.05.1.1413 12.759 7 096 6 994 juhe19 1.6138 1.8092 6.151 2.0395 37 22 1.347.50 1.5545 197.55 4.285.30 3.7501 113.89 159.31 1.1428 12.7425 7.0845 6.985 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 1.77 through thursday based on wednesdays noontime Price fixing. New York Exchange i new York up a the 15 most Active stocks in new York Slock Exchange composite trading on tuesday. Stock sales last net chg. Pepsico inc 3.331.900 30% Olf % Rwjr Nabisco hid 1.956.000 11 unch Philip Morris. 1.876.900 66 Oft % at amp to company 1.859.400 37v4 up ism corp 1.736.400 100% up 1% a mrs inter inc. 1.516.800 m up i Mcdonalds corp a 1.449.700 32 w off % Dupont amp co 1.435. J00 47% a. Off % general motors. 1.411.300 43% a Oft �?T/4 computer Assoc 1.287.000 10% a off % Hanson pc. 1.275.200. 18% up %. Glaxo holdings 1.273.000 41%-. Off get corp1.239.300 29% up % Tel Fonos de my 1.225.400 27 of vol Compaq computer 1.179.700 33% up % american Exchange new York up a the 10 most Active stocks in american  composite trading tuesday. Stock Wang labs inc b Emerson elec it Bio Magn Ivan corp Echo Bay mines. Americus disc 0mi corp a spelling ent. Amer healthcare Energy service sales last Nel chg. 789,500 .4%. Up % 431,000 1% up i 401,300 5%. Off i 399,500 27% off vib 290,400 9. Unch 255,600 12% off % 244,100 7%. Up %. 192,300 4% off % 191,200 2% a up v4 it 167,300 3 off %. Dow Jones new York up tuesday 30 industrials 20 transports 15 a unities 65 stocks a Dow Jones dosing Range of averages High 3022.14 1231.14 209.51 1083.58 Low 2970.48 1211 92 206.36 1065.84 close 2986 81 1219 15 207.12 1071.57 change off 7.15 off-6 87 of 1.44 Oft 4 28 g-7 scrambling to arrange meeting on Dollar soviet Aid by Louis Uchitelle the new York times new York a the finance ministers and Central Bank presidents of the group of seven Industrial democracies Are hastily trying to set up a meeting for this weekend perhaps in new y Ork to discuss Aid to the soviet Union and what to do about the sharply rising . Dollar a Treasury department spokeswoman said tuesday afternoon that a Active discussions concerning such a meeting were under Way but that a final decision a had not been made. The Issue was hot whether to hold the meeting a that has already been decided by All accounts a but whether the session can be scheduled on Short notice. A they done to want to go to the economic Summit without having some idea of what they Are going to Tell the soviet Union about Aid a said Stanley Fischer former chief economist at the world Bank. Government officials offered a similar explanation although none wanted to be quoted by name. He referred to the meeting july 15 to 17 in London of the leaders of the group of seven Britain Canada France Germany Italy Japan and the United states. Soviet president Mikhail s. Gorbachev is to meet with these chiefs on the final Day at the conclusion of their gathering. To prepare for the Summit the finance. Ministers of these same countries would gather this weekend probably in new York but perhaps London along with each nations Central Bank president. Treasury Secretary Nicholas f. Brady and Alan Greenspan chairman of the Federal Reserve would represent the United states. The soviet Aid Issue is essentially the need to reach agreement on a set of conditions that the soviet Union would have to fulfil to qualify for Aid whether it is. The $20 billion a year that a group of Harvard and it soviet economists have pro posed among them Fischer or a lesser amount. A you have to agree on certain Basic Steps that the soviets must take like in a acting a treaty of confederation and a satisfactory  economic Union a Fischer said. The meeting would also prepare the Way for Summit discussions of another major Issue How to coordinate economic policies now that the United states recession is apparently coming to an end. The immediate Issue is the Dollar now rising sharply against the German Mark and the japanese yen. A maybe  try for an agreement on a ceiling for the dollars value Quot said David Smick a Washington economic consultant. A a connected Issue is How to adjust interest rates in each country to accommodate an american Economy that might be coming out of recession. Lower interest rates in the United states would be one Way to weaken the Dollar by making investments in Dollar denominated securities less attractive. But the Federal Reserve is not Likely to reduce rates at a moment when the recession might be ending. A amp a bailout Agency might need another $80 billion official says Odic chairman l. William Seidman Washington a the chairman of the Federal Deposit insurance corp. Said tuesday lie is considering asking Congress for an additional $60 billion to $80 billion to Complete the savings and loan bailout. L. William Seidman also said he wants to merge the two boards that oversee the bailout Effort into one Board. In testimony being prepared for Deli cry to the Senate banking committee today Seidman estimated How much would be required to finish the Job by the end of september 1992 the bailout Agency the Resolution Trust corp., has already had $80 billion appropriated to it to cover losses in failed savings and Loans. The additional appropriation would bring the total Cost to $140 billion to $ 160 billion which Seidman said w is close to the administrations year old estimate of $130 billion adjusted for inflation. Seidman said in an interview tuesday that the Agency would need to borrow $30 billion to $40 billion Over the Short term until it can sell the assets of the tailed thrifts. The Agency had previously planned to borrow More than $100 billion i such Short term funds which it refers to As working capital. Separately Seidman said lie May propose to create a single nine member Board to run the bailout Agency. Seidman said the ideas Are contained in a draft of testimony lie will present later and cautioned that details Are still being discussed and May Well change by the time he delivers the testimony. A one crucial question remaining concerned who would head the new nine member Hoard. Seidman in the testimony had proposed the new chief executive officer of the Etc should head the Board. But the Treasury department reportedly favored a Viig the Secretary a of the. Treasury who presently Heads the oversight Board head the new panel. The administration had been opposed to changing the administrative Structure of the Etc but after repeated warnings from congressional democrats that they would not Vole Lor additional  Reform it has begun considering new structures. House oks Bill to boost audits of Rich Washington apr House democrats sensing a major political Issue in a tax fairness for the Middle class pushed through legislation tuesday that would require the internal Revenue service to step up audits of corporations and the Rich. _ republicans found the idea so appealing Thev joined in a and the amendment was passed on a 411-1 vote. Only rep. Phil Crane a ill voted no. The amendment sponsored chiefly by House majority Leader Richard Gephardt d-mo., requires that $13 million that had been intended for mail audits whose targets Are mostly Middle and Low income people a be used instead to increase audits of businesses and High in Tome individuals. A the examination audit rate for corporations is Down 50 percent from a decade ago a said rep. David obey a wis. And a sponsor of the amendment. 1 he examination rate for High income taxpayers is Down 52 percent. Yet Middle income people Are being audited at about the same rate As 10 years  the amendment was attached to a Bill providing $19.7 billion to finance operations of the Treasury department the postal service White House offices and other Federal agencies for 12 months beginning oct. 1. The Bill is $1.2 billion less than was appropriated for this year Gephardt a amendment is the latest Man Euver in democrats efforts to make Hay with what they consider the unfairness of the tax system after 10 years of Republican presidents. Democrats argue that major tax changes in 1981 and 1986 left High income people much better Oit at the expense of other americans. The amendment grew out of a disclosure that the White House office of management and budget had tried to require the irs to shift More of its audit focus onto Middle income people in an Effort to get a Quick infusion of Revenue. Bomb officials noted that High income individuals and corporations Are far More Likely to Appeal increased tax assessments and delay Revenue gains for years. Even though the irs rejected that idea the $76 million it had requested for stepped up audits of High income people was pared Back by bomb to $6 million. The  the House vote t tuesday it agreed to by the Senate would be to restore $13 million of that Cut. As debate began republicans made several attempts to Block the audit amendment even though Bush had no objection. A we want to see that it is not used As a technique of harassment of the Large part of Quot the population Quot said rep. Robert Walker a a. A whose Side Are you on Quot demanded obey. A for a change lets be on the Side of the Middle class