European Stars and Stripes (Newspaper) - August 18, 1991, Darmstadt, Hesse                                Sunday August 18, 1991 the stars and stripes Page 17  slumps during lacklustre week new York up a after an unsuccessful attempt to move Forward the Stock Market slumped into lethargy last week and ended with a loss. Early in the week the Dow Jones Industrial average came within a Point of its All time closing High of 3035.33 set june 3. But computer activated program Selling killed the rally attempt. By Friday most traders had fled to their vacation retreats and trading evaporated. A a typical August nothing going on a said Donald j. Wagner a vice president with Dain Bosworth inc. In Omaha neb. For the week the Dow industrials fell 28.18 to 2968.02, or 1 percent. Among broader Market indexes the new York Stock Exchange composite Index fell 0.55 to end the week at 211.62 and the Standard amp poor a 500-share Index lost 1.54 to 385.58. Advances led declines 955-943 among the 2,222 nose issues traded last week. Weekly big Board volume totalled 1,127,595,760, up from 779,080,590 a week earlier and with 905,892,780 in the same week a year ago. The Dow gained 5.14 monday buoyed by the planned merger of Bank America and Security Pacific. Retail and Bank stocks boosted the Market tuesday but a late wave of Selling eliminated most of the gains As the Dow advanced 7.38, but another round of Selling near the close wednesday sent the Blue Chip average to a loss of 3.35. More Selling toward the end of the trading Day lowered the Market again thursday dropping the Dow 6.94. And the Dow tumbled 30.41 Points Friday amid fears Over the growing scandal at Salomon Brothers inc. Regarding bids at the Treasury auction. On the trading floor last week Security Pacific was the most Active Stock up 11% to 341/4. Merger partner Bank America was second up 4% to 417/s. Salomon was third off 6% to 27%. At amp tended fourth on the actives list off a to 39%. Rwjr Nabisco was fifth most Active up Viz to 12. Other Bank stocks were also Active. Shawmut National rumoured As a takeover target was up 2% to 10%. Citicorp was up 1% to 14%. On the american Stock Exchange the an tax Market value Index lost 1.40 Friday to close at 365.98. For the week the Index gained 0.61. Declines led advances 398433 among the 1,020 issues traded for the week. Macx volume totalled 69,007,890 shares compared with 53,796,825 a week earlier and with 82,779,080 in the same week a year ago. American medical holding was the most Active Issue on the american Stock Exchange off % at 9v4. The National association of securities dealers composite Index Rose 4.16 to close at 512.47. Treasury buys prompt 2 top by the los Angeles times new York a Salomon bros., a venerated Titan among Wall Street securities firms said Friday that its chairman and president will resign following a scandal involving . Treasury auctions and announced that the widely respected investor Warren Buffett will step in As interim chairman. The move follows a week of admissions by Salomon that Shook the investment Community. In two announcements Salomon admitted illegally manipulating several auctions of . Securities. Analysts said the actions amounted to attempts to Corner the Market for the notes and Bonds. The firm also admitted that its top executives knew about the wrongdoing before notifying regulators. In a one Page statement Salomon said John h. Gutfreund 62, chairman and chief executive and Thomas w. Strauss 49, president will tender their resignations at a special meeting of Salomons Board today. Buffett 60, chairman of Berkshire Hathaway inc., is expected to be confirmed As Salomons interim chairman and chief executive at the meeting. Buffett one of the wealthiest men in America is known for his Midas touch in Long term investments in companies. In the 1980s he won admiration for helping big companies including Salomon fend off hostile takeovers. Buffett currently is a Salomon director and controls about 14 percent of the company a Stock. Analysts interpreted the move As an attempt by Salomon to Stem client defections As Well As an Effort to mollify Federal regulators. Salomon has said it May face criminal prosecution. In remarks attributed to Gutfreund and Strauss the statement said a we cannot allow our unfortunate mistake of not taking prompt action when in april we Learned of one unauthorized bid at a february Treasury auction to harm the firm. We Are taking this action to protect the firm its 9,000 people and its  Many senior Bond traders on Wall Street As Well As clients seemed to turn against Salomon after its disclosure wednesday of additional incidents in which it violated rules limiting individual firms to buying no More than 35 percent of Treasury notes or Bonds in government run auctions. Salomon also admitted making Una i theorized bids in the name of clients. And it said it inadvertently bought an extra $1 billion Worth of 30-Ycar Bonds in a february auction because a a practical jokes by one of its managing directors went awry. The firm said Friday that a we Are not aware of any problems other than those already  Salomons admissions have prompted Calls for tighter regulation of the government securities markets. The Market is one of the least regulated in the United states. Analysts have said that it is unclear whether taxpayers were harmed by Salomons misdeeds in the Treasury auctions. The open auctions Are held to ensure that the Treasury pays the lowest possible interest rate on notes and Bonds but other government securities dealers have said Salomons actions which enabled the firm to control the Market for certain securities after the auctions were held May have forced other firms and customers to pay More. Warren Buffett japanese firm prevails in California egg suit by the los Angeles times los Angeles a the american company that owns the majority of egg City May lose its stake in the worlds largest egg farm to its japanese partner As the result of a Federal courts ruling in los Angeles on Friday. . District judge Stephen v. Wilson ordered the Careau group a the . Company that owns 60 percent of the Moorpark calif., egg farm to pay More than $36 million in Loans and interest to Okura amp co. Amer Cathe . Subsidiary of a Large japanese trading company that owns the remainder of the farm. Okura was also allowed to go ahead with its foreclosure proceedings against egg City. A a it a certainly Safe to say we Are disappointed in the outcome said Michael Mccann an attorney with a Santa Barbara calif., Law firm that represents Careau group. A we Are exploring possible responses one of which May be an  the order by Wilson stems from a Long Battle Between Careau and Okura Over the operation and ownership of egg City and its 3.5 million chickens. Okura amp co. Received a 40 percent stake in the farm in 1987 after loaning Careau $13 million to pay off creditors and emerge from chapter 11 bankruptcy court proceedings. Okura said it invested another $17 million in the ranch. But Early last year Okura filed suit to foreclose on the ranch claiming that Careau group was nearly $20 million behind in interest and principal payments and was expected to default on the entire loan. In a counter suit Richard Carrott who owns most of Careau group claimed that Okura had conspired to make it impossible to pay Back the loan As part of a a secret takeover of the farm. Careau group sought $72.5 million in damages. Wilson however threw out most of the significant claims in the Careau suit and sided with Okura. Officials of Okura could not be reached for comment. Taxpayers should review status of withholding new York apr while turbulent economic times can of hard on your savings and Check Book they can also Knock your accounts out of balance with the income tax collector. A change of employment status a rape to a new Home a divorce a any of Reese things can leave an individual or family in the position of paying too Little or too much in withholding and estimated taxes to Uncle Sam. Even if your situation is relatively stable experts say late summer is a Good time for at least a Quick review of where you stand with the government on your taxes for the year. Although the final reckoning May not come until april a the Federal income tax is a pay As you go tax a Points out the 1991 edition of the Arthur Young tax guide. A you must pay the tax As you earn or receive income during the  specifically the rules Call for payment by years end of at least 90 percent of your tax liability for the year through withholding tax and if necessary quarterly estimated payments. Or you can avoid facing a Penay for under withholding if payments made this year at least equal last years total tax Bill. If you done to meet either of these Stan Dards you can be hit with a penalty tax figured at an annual rate of about 10 percent on the shortfall from the Date when payment should have been made. Paying too much is less of a problem aside from the fact that it amounts to giving the government the  use of your Money. Still it can cause needless grief for people struggling to make ends meet from their Cash flow. More than three out of four american taxpayers typically arc Over withheld and thus entitled to a refund when they file their annual returns. Usually people on payroll withholding stay current on their payments if they have provided accurate w-4 forms to their employers. But some common situations increase the chances that you might not have enough withheld. Among them says the Arthur Young guide a married couples with two incomes. A individuals with two or More jobs. A households with significant income 1 beyond wages and salaries such As interest dividends or Alimony. A change on the deduction Side also can have a big effect on How you much you ought to be paying a such As when you Start or Stop making mortgage or Alimony payments