European Stars and Stripes (Newspaper) - October 10, 1991, Darmstadt, Hesse                                Page 1b c the stars and stripes thursday october 10, 1991money mailers a a today a tip the Pacific Stock Exchange has announced that it will close trading 20 minutes later beginning oct. 24. Currently the use trades until 4 30 . Eastern time. The new York Stock Exchange in june started two sessions that extend trading beyond the Normal 4 . Closing Bell until As late As 5 15 . Lee Korins Exchange chairman and chief executive said the Exchange was extending its Day to 1 50 . Pacific time to provide better service to member firms and investors in the Western parts of the country. The nose s late trading is conducted by computers that match up orders to buy or sell at the prices set at the Day s 4 . Close. A orders coming to the Pacific after hours Are More Likely to be executed at prices better than prevailed at 4 . Eastern time. This is a great Opportunity for brokers and investors to have a a second crack at the Market a Korins  rates London up wednesday s rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars x Gold was pooled Al s357 7ft an ounce Silver Al $4 10 ocl 8 oct 9 British Pound 17170 17155 . 1.6945 1 6910 French Iran .5 7500 5.8010 dutch Guilder 19100 1 9238 belgian Iran 347750 35 0700 italian lira 1,261 25 1,272 80 Swiss Iran ,1 4790 1.4880 greek drachma .187 77 189 78 Tokish lira 4767.80 4,814 20 saudi arabian Nyal. .3.7504 3 7502 Spanish peseta. 106 47 107.72 portuguese escudo .145.04 146 93 Canadian Dollar .1 1282 1.1287 austrian Schilling. 11 8700 12.0150 norwegian Krone. 66000 6.6790 danish Krone.6 4990 6.5800 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 1.66 through thursday based on wednesday s noontime  York Exchange new York up York Stock Exchange the 15 most Active stocks in new composite trading on tuesday. Stock Sale last net dig. We stings i 6,928.100 18 Oft 1 Vinall med ent 5,471.900 17mi up t Heleln of mex 4,411,000 41 vhf up 2 i Amer express 2.681.000 20 41 up 7b at amp to company 2,674.700 37 up a i Citicorp 2.371,300 13 a i Oil vhf Rwjr Nab bldg 2.153.900 101/.�?~ unch genl lec 1 549.800 67 Oil i Philip to 1.537.400 71 vhf up 4 h ism corp 1.43b.b00 9b off i Bristol m s 1.422,300 arh up n Chrysler up 1.365.400 10 i up i Pepsico inc 1.246,500 29 up 4 Procter amp Gamb 1.194.100 81 u 0112 Ford Multi 1.100.600 30vh Oft 4i 1 american Exchange 1 new York up the 10 most Active stocks in american Slock Inch Ange composite trading tuesday Stock sales last net chg. Metro mob b 793.000 20 up h fruit a pm 451.100 19 a a h up i Conti a i 397,000 v h unch Porta Myslm 318 800 19�?Ta Oil i giant Fri a 274 400 22�?T h up i weather my 266.200 a a h up a 4 Hill Haven up 232 500 2�?~s up a Amdahl clip 201 100 131j up 1 s system kinds 191 500 4 h Oil h am medal bldg 183,900 9 h unch 1 Dow Jones new York Iurii Dow Jones rinsing  of  s Lues Oay 30 litmus trials 70 Tia Siratt 15 Uli lilies 65 storks High 71183 68 11115 07 313 57 1069 03 Low 2977 77 11v 77 711 7ft 1050 i it Clou 71163 7 7 1166 34 712 82 1062 71 change up 71 1? up 9 90 up 0 31 up 7 02 House panel passes proposal doubling Cost of a amp a bailout Washington apr legislation that could double the taxpayer Cost of the savings and loan bailout to $160 billion cleared a House panel but with conditions republicans say Are unacceptable. The Bush administration is asking Congress for $80 billion to Complete the 2-year-old cleanup of the Thrift Industry by october 1993. The House banking subcommittee on financial institutions agreed tuesday but conditionally. It voted 20-16, to adopt a Bill that would provide the Resolution Trust corp., the a amp a bailout Agency with $20 billion immediately. For the Etc to get the remaining $60 billion. President Bush and congressional leaders would have to agree on and submit to Congress a pay As you go plan to raise taxes or Cut spending in other programs by that amount. The fresh $80 billion would be in addition to the $80 billion already committed. Rep. Chalmers p. Wylie of Ohio the subcommittee s senior Republican predicted Bush would veto the Bill if it survived  current form. He said reaching agreement on where to raise s60 billion would be so politically difficult it would shut Down the bailout program and allow insolvent institutions that remain open to pile up even greater losses. �?o1 just think its impractical at this time. I think it will be vetoed a Wylie said. Deputy Treasury Secretary John e. Robson in a statement called the Bill a flawed and  he predicted it would a delay the savings and loan cleanup and raise the costs to the american  rep. Joseph p. Kennedy ii a mass a who sponsored the pay As you go amendment. Said it would save billions of dollars in interest payments and Force Bush and Congress to Deal with the ballooning budget deficit expected to top $350 billion in the fiscal year that began oct. 1. A in order for the government to Deal with the Issue of the deficit there has to be a stick Over the head of the leadership and this is a powerful stick Quot Kennedy said. Only one Republican. Rep. Thomas j. Ridge of Pennsylvania joined 19 democrats in approving the Bill. Three democrats and 13 republicans voted to oppose it. A last minute motion by Wylie to strike the pay As you go provision failed 18-16. Blacks forming investment clubs to make Money understand Market by Cox news service friends and Money like Oil and water usually should be kept separate. But Julie Foster thought they could make a Good mix. So two years ago the Atlanta tax attorney invited 26 acquaintances a other attorneys an architect and a businesswoman a to join an investment club for Blacks. Thirteen did. �?o1 compiled a list of people i Felt i could invest with and who would Click with each other Quot Foster said. A the goals were to make Money and learn How to understand the Stock Market. Historically the Stock Market has been a Good place to make a return on your Money although it is very risky and  the group organized a partnership the Atlanta women s investment club. Each member invested $500 and puts $50 a month in club coffers for investments. In its first year the club got an impressive 30 percent return on investments. This year it is averaging 35 percent. Still there is a lot to learn according to Fos Ler. A a we re in the learning phase a she said. �?o1 think we As Black people and As professionals need to look Al Long term financial planning and not spend every Penny we  a growing number of Black investors Are taking that View. But that has t always been the Case. Historically Blacks have not had the discretionary income for investments. Those who did preferred less risky vehicles such As savings accounts insurance and real estate. Now with greater disposable income and an Eye to the Long haul they Are pooling resources through investment clubs. The lure is More mileage for the Dollar with limited risk. The average investor puts in $10 to $20 a month according to the National Asso i think we As Black people and As professionals need to look at Long term financial planning and not spend every Penny we  Foster Atlanta tax attorney Calion of investors corp., a non profit organization of 7,300 investment clubs nationwide including about 120 in metropolitan Atlanta. Although Black clubs Are not tracked separately interest is mushrooming. Make no mistake Money is a top priority. But there is some concern about social and political issues. A investing in South Africa amounts to supporting apartheid a Foster said. A we would have a problem with  Quot we will maintain a social consciousness when we spend and invest our Money Quot said Patrick d. Mcelroy assistant presiding partner of 1bt capital group an investment club formed in june by the Atlanta chapter of the National Black mba association. The initial fee was $1 10, and the 31 members pay $35 a month. While most members Are Mas the group also includes engineers banker and certified Public accountants. Quot As i go to our meetings around the country there s a Good Black representation Quot said National association of investors spokesman Thomas of Hara. At recent meetings in Richmond and in Lansing mich., 10 percent to 12 percent of the participants were Black of Hara said. A the interest just seems to be real substantial a he said. A the Black clubs have been successful and the word gets  investment dubs Are usually made up of 10 to 20 members formed by people who have known one another in the past. That includes family members Church groups co workers and professional associations. A we stress to people attracted to the clubs that while they be got a Good Opportunity it s not a get Rich Quick thing a o Hara said Quot the goal should be to double your Money every five  Indianapolis picked As postal Hub Zsidi Anatolis up a Indianapolis International Airport was chosen tuesday As the site of a $67 million . Postal service Luib that will create 250 jobs and boost the local Economy by about $800 million yearly officials said. Indianapolis was chosen from among 30 communities in five Stales vying Tor the Hub site designation. The postal service anticipates expansion of the Hub will necessitate the construction of a 2.37,000-Square-fool building on an 80-Aere site with an additional 56 acres reserved for air plane parking. Other Indiana Sites in Contention for the Hub designation were Terre haute fort Wayne and Grissom fab. Sen. Dan Coats r-lnd., who lobbied for one of the Indiana Sites to he selected by the postal service said he was very pleased at the outcome. Sen. Richard g. Lugar a Lnda a joined in welcoming the new s. A this is great news for Marion county and the Central Indiana Region a Coats said. Emery air freight corp. Now operates a temporary Hub employing about 50 1 workers at Indianapolis International Airport but postal officials consider it too Small for the growing volume of express mail. Express mail volume jumped 10 percent Between 1989 and 1990, growing from 53.3 million pieces to 58.6 million officials said. In Washington postal service spokesman Lou Eberhardt said express mail is a Small fraction of total volume but a significant source of Revenue. Express mail last year brought in $631 million. The new Hub will handle two types of mail express which is guaranteed for delivery the next business Day and priority which takes two Days for delivery the Hub will not be a sorting Center but a place for transferring sacks or Metal containers of express mail and priority packages from one air plane to another. A starting Date for construction will depend on the construction contract Winner officials said. The Hub is expected to be operating however by october 1992