European Stars and Stripes (Newspaper) - October 4, 1991, Darmstadt, Hesse                                Page 18 b the stars and stripes Friday october 4,1991money matters today a tip american Telephone amp Telegraph co. Introduced a new pay phone that. ?1 has a video Monitor to Dis play text and graphics a keyboard to dial computer data bases and would allow travellers to plug in Laptop computers or portable fax machines. The phone called at amp to Public phone 2000, would also provide information services like weather forecasts. Users would pay $2.50 for the first 10 minutes and $1 for each additional 10 minutes. The new phones Are designed to replace existing pay phones at airports hotels and convention centers. They Are already being test marketed at Newark International Airport in new Jersey and Kennedy International Airport and Are scheduled to  by the end of the year at Orlando International in Florida Dallas fort Worth Airport and san Francisco International. Conversion rates London up a thursdays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Geld was quoted at $357.25 an ounce Silver at $4.17. Oct. 1 oct. 2 British pound.1 German mark.1-6625 ranch franc.5.8590 5.6515 dutch guilder.1.8740 11.8765 belgian franc.-54.3000 italian lira.1 ? Swiss  -4510 1 .540 greek drachma.-165,06 a turkish lira.4�?T6�.�2a a saudi arabian Royal a Spanish peseta.105,11 a portuguese escudo.142.bo a Canadian dollar.1.1308 a austrian schilling.11 6960 a norwegian krone.8.5030 a danish krone.6.4120 a these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.62 through Friday based on wednesdays noontime Price fixing. German financial markets were closed thursday for Unity Day. New York Exchange new York up a York Stock Exchange sleek Chrysler Corn blockbuster ent Upjohn co Rwjr Nabisco hid Philip Morris Community psych Pepsico inc. Exxon corp adv Micro orcs Amoco corp at amp to company time Warner inc limited inc get corp gent electric the 15 most Active stocks in new composite trading on wednesday. Quot a a net chg. Up setae 11,316.200 1.736.400 1.732.400 1.654.700 1.643.700 1,574,800 1,563,300 1.327.900 1,266,600 1.236.700 1,222,600 1.187.000 1.163.000 1.161.900 1.174,500 Lait 10 13 46v� 11h 72 16 29 60 9 52 37 85 25 31 70 up up1 on off 1 unch up unch up up off up 2 on on up american Exchange new York american Stock Slock Echo Bay mines Bergen Brunswig be Mac corp Nabors Industry Hill Haven corp Melto Mobile b epitome fruit of loom system Industry pref hath care i i the 10 most Active stocks in change composite trading wednesday. Sites Lett net of 351,200 336,900 336.700 313,300 302.700 291,400 265,500 246.000 235.000 223.700 a 22 17 5 2 21 20 19 4 15 up up Oft up unch off up Oft up unch Dow Jones new York up a now Jones a toting Range of average wednesday 30 industrials 20 transport 15 utilities 65 stocks High 3040.25 1219.54 214.32 1087 32 Low 2992.40 1 87.41 212.19 1067.93 close 301252 1201.79 213 63 1076.70 finance minister top banker resign under pressure in Japan., -. 1__. N Ika onus rain China Oft 5 82 up 5.92 up 1 00 up 0 82 Tokyo apr finance minister Ryutaro Hashimoto harshly criticized for lax regulation in the face of a series of financial scandals tendered his resignation thursday. In yet another scandal the chairman of Fuji Bank quit. Fuji chairman Taizo Hashida whose Bank is the worlds third largest resigned Over a scandal involving the Bank a issuing of forged Deposit certificates that clients were Able to use As bogus collateral. The resignations Hashimoto were just the latest in a series to hit Japan a close knit financial Community. Stepping Down is a common act of contrition among top japanese officials whose companies or ministries Are sullied by scandal. Top officials at the Nomura and Nikko brokerage houses resigned Over the summer in scandals sweeping the securities Industry. Many analysts hold the finance ministry partially responsible for the scandals. Although his impending exit had been widely reported Hashimoto waited to tender his resignation until parliament passed legislation thursday prohibiting brokerage houses from their widespread practice of compensating favored clients a or investment losses. A i should have exercised better direction so i am taking top responsibility by submitting my resignation a Hashimoto 54, his eyes glistening with tears gravely told a packed news conference. A we Are now Able to take a first step to prevent the reoccurrence of financial  but analysts called Hashimoto a offer to step Down an attempt to draw the curtains on the dramatic series of scandals which began in june without doing enough to clean up the Industry. Over the past several months about 20 securities houses have admitted about $1.6 billion in paybacks to favored customers including such major companies As Toyota Nissan Matsushita and Hitachi. Small investors who did not receive such prefer entail treatment were enraged. Prime minister Toshiki Kaifu put Hashimoto a resignation on hold until later this month to allow the finance minister to attend world Bank and group of seven meetings in Thailand in which Aid to Moscow is to be a major topic. Although Hashimoto has been regarded a future candidate for prime minister political observers agree that the financial scandals have derailed any Hopes he might have had to replace Kaifu when his term expires oct. 30. In the Long run however he May have gained political credit in the governing Liberal democratic party by shielding politicians from any involvement Jesper Koll senior economist for . Warburgh securities Asia. Despite Hashimoto a pledge to a ensure this never happens again a Little change appears Likely in Japan a incestuous financial Industry other than outlawing loss compensation said Robert Zielinsky senior analyst at Jardine Fleming securities. A the reforms Are extremely superficial. Its just confirmation that the japanese government does no to intend to create a fair financial system a Zielinsky said. Critics have said the Law passed thursday is too mild. Brokerage employees who violate the ban on loss compensation could get a maximum one year in prison or a Fine of up to $7,500. Investors who request paybacks could get a maximum six months in prison or a Fine up to $3,700. Early next year parliament is expected to approve a government proposal for a new financial investigative body. But a decision to give the proposed Agency no punitive Powers and to place it within the finance ministry dashed Hopes among ministry critics for an Independent securities watchdog like the . Securities and Exchange commission. The finance ministry is reviewing its oversight of the securities Industry but no other major measures Are planned officials say. Japan bashing upsets Trade Parley Milwaukee up a a major conference designed to promote closer ties Between United states and japanese business executives has turned into a forum for Japan bashing by some american executives. Organizers of the 23rd meeting of the . Midwest Japan association and the Japan Midwest . Association had hoped the 500 delegates some 150 from Japan would forge closer ties and new business opportunities this week. . Trade representative Carla Hills called Japan a a a followers rather than a Leader in International Trade policy and said the japanese a would no to bring themselves to discuss opening up their markets to  William Fife chairman of Giddings and Lewis of fond do Lac wis., accused Japan of creating a a hermetic Seal around its machine tool Industry which will not be broken until a Japan accepts the fact that other countries also operate from a position of  Chrysler president Robert Lutz likened the relationship Between Japan and the United states to that of a co dependent alcoholic and a spouse with America addicted to japanese products and Money and Japan allowing the addiction to continue. Marquette electronics president Michael Cudahy defended the japanese by criticizing the United states. A America is dropping the Ball these Days with innovation manufacturing Quality and stick to it Veness. Its time we americans Stop being crybabies and go Back to work a Cudahy said. Ticken Akizuki president of Nippon steel Usa responded to Lutzus comments by reminding the delegation that cooperation is important in All areas of life. �?o1 Felt that Lutzus comment was a Little bit too harsh and i do not share those sentiments a Akizuki said. A the basis of cooperation is growing together. There is not much Progress in just debating  Rychie Murata japanese ambassador to the United states said his travels throughout the country have made him aware of he Competition. A i am Well aware of the tendency to View each other As competitors a Murata said. A but we have an enviable track record on resolving disputes. Economic relations Between our two countries should not be a Zero sum game. The global stakes Are too High to let this  Cheney threatened with contempt charge for withholding subpoenaed document by the new York times los Angeles a a House subcommittee is heading for a showdown with defense Secretary Dick Cheney Over his refusal to release a document that congressional investigators say could help determine whether the Pentagon secretly bolstered Mcdonnell Douglas  finances. Rep. John Conyers jr., d-mich., who is chairman of the House government operations subcommittee on legislation and National Security urged the panels other 10 members in a memorandum this week to vote for a contempt citation against Cheney at a meeting scheduled for next wednesday. The subcommittee in August had subpoenaed from Cheney a document pre pared in january or february by the undersecretary of defense Donald j. Yockey. The document recommended that the government not Force immediate repayment of a $650 million claim against Mcdonnell Douglas even though the Pentagon thought it had the Legal right to do so. On Yockey a recommendation the Pentagon instead said the Issue could be settled in court giving Mcdonnell some breathing room when it was facing a serious Cash squeeze. But Cheney refused to release the Yockey document citing executive privilege which allows a president to withhold from Congress documents related to decision making by the executive Branch. Slaff members said the subcommittee would almost certainly support a contempt citation which would then go before the full House. A Pentagon spokesman said Cheney would continue to oppose releasing the document. Separately investigators for another House subcommittee a on oversight and investigations a cast doubt on the strength of a recent financial recovery by Mcdonnell Douglas the nations largest military contractor. Investigators for that subcommittee which was to hold a hearing thursday on the Pentagon a handling of weapons contracts with the company said Mcdonnell was withholding More than $400 million in payments to suppliers. The company has pared its heavy debt Load by about the same amount this year