European Stars and Stripes (Newspaper) - October 18, 1991, Darmstadt, Hesse                                Friday. October 18, 1991 the stars and stripes b Page 17 Money matters today s tip California regulators have ordered 14 leading insurance companies to refund More than $1.5 billion to Consumers under a ballot initiative passed three years ago. But insurers said they would Challenge the order in administrative hearings and in court making it unlikely that Consumers will receive any Money soon. The orders were the latest Effort by californians insurance commissioner John Garamendi to put the ballot initiative known As proposition 103, into effect. Garamendi ordered state farm Mutual automobile insurance co., the largest Auto insurer in California to refund to Consumers $234.6 million or 7.7 percent of the $3.06 billion in premiums the company collected in 1989. Allstate insurance co. Was ordered to refund $243.6 million or 13.1 percent of its 1989 premiums of $1.87 billion. Conversion rates London up thursdays 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 $358.50 an ounce Silver at $4.09. Oct. 16 oct. 17 British pound.1.7115 1.7095 German mark.1.7020 1.7035 French franc.5.8015 5.8070 dutch guilder.1.9195 1.9185 belgian franc.35.055 35.095 italian lira.1,273.70 1,272.50 Swiss franc.1.4880 1.4880 greek drachma.189.47 189.21 turkish lira.4,865.30 4,870.80 saudi arabian riyal.3.7502 3.7503 Spanish peseta.107.26 107.11 portuguese escudo.146.50 146.46 Canadian dollar.1.1294 1.1301 austrian schilling.11.995 11.978 norwegian krone.6.6735 6.6625 danish krone.6.5685 6.5600 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 Friday based on thursdays noontime Price fixing. New York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on wednesday. Slock Citicorp Rwjr Nab bldg Stone Contr at amp to company waste mgt we stings Al us Marathon ban America ism corp Security Pac East Kodak genl elect Pepsico inc Amer express Compaq pm per american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading wednesday. Stock exp run co la Nabors Indus carnival cars am Mecl bldg metro mob b Marcus desc cd Mars Dev a color sys tech Amdahl corp fruit of loom Salas last Natch. 6.844.400 11% off 1 4.794.600 10% up % 4.320,500 22% up 2% 3.400.800 39% up % 2.390.400 37% up 2.342,800 17% of 2.183.700 32% up 2.105.400 44% up 2% 2.025,700 101% 0112% 2.004,300 34 up 1% 1.923.300 45% up 1 1,864.100 71% up 1 % 1,814,300 28% 0lf% 1,723,000 21% up % 1,666,900 35 up 1 Salas last Nat chg. 2.259.100 1 1-16 up % 851.200 6% up % 657.300 27% up 2% 563,700 10% up % 351,900 21 Oft % 337.200 6% up % 326.900 29% up 1 % 311.800 4 up % 310.100 14% off % 308.400 20% up % Dow Jones new York up Dow Jones closing Range of averages wednesday 30 industrials 20 transport 15 utilities 65 stocks wok 3082.29 1293.35 215.45 1115.07 Low 3016.10 1249.07 213.07 1088.71 close 3061.72 1286.06 214.26 1108.15 change up 20.35 up 32.88 Oft 0.19 up 12.20 Money matters Odic May need More Money if recovery stalls official says. J n an Terv Ewar a letters to the chair Ham Taylor now chief Bank regulator f Washington a in his final Day on men of the House and Senate banking the Federal Reserve. A a the Job wednesday Federal Deposit in committees he raised the drown act for c. I a i. I Durance corp. Chairman l. William Seid the first time that still More Money Willby the Washington Post Washington in his final Day on the Job wednesday Federal Deposit insurance corp. Chairman l. William Seid Man warned Congress that the $70 billion Cushion for the Odic requested by the Bush administration May not be enough unless the Economy improves significantly Seidman said the nation is suffering a a longer tougher recession that could push the Cost of Bank failures beyond All previous projections and require the Odic to seek an even bigger loan from taxpayers. Seidman said the Odic fund that protects depositors in Banks that fail has dwindled to $2.4 billion As of wednesday Down from $4.5 billion on june 30, a and continues to  Congress is expected to act in the next few weeks on legislation to allow the Odic to borrow up to $70 billion. Of that amount $30 billion would be repaid by Banks through future Odic premiums and the remainder would be recovered from the Sale of assets of failed Banks. Seidman said he still believes that could be enough Money but wednesday in an interview and in letters to the chairmen of the House and Senate banking committees he raised the Prospect for the first time that still More Money will be needed. A the uncertainty of the timing and strength of the economic recovery could bring the sufficiency of the proposed recapitalization into question a Seidman wrote sen. Donald w. Riegle jr., d-mich., and rep. Henry b. Gonzalez a Tex. A it is incumbent upon me before leaving office today to emphasize that it Seidman would be very unwise to go beyond this session of Congress due i understand to adjourn about dec. 1 without recapitalization of the  Seidman ended six years As Odic chairman wednesday. The Senate banking committee is slated to vote today on the confirmation of his successor Wil Liam Taylor now chief Bank regulator for the Federal Reserve. Seidman 70, announced wednesday that he is going to write a Book and join Cnoc As a commentator on the Cable to networks business news programs. Riegle called the new Odic estimate a deeply troubling and said Banks should be required to pay any additional costs through higher Deposit insurance premiums. A the Odic May face a Choice either raise More Money from the banking Industry now or raise More Money from the taxpayers later Quot he said. Congress is being asked not Only to replenish the Odic but also to vote another $80 billion of the taxpayers Money to fat a for shutting Down tailed savings and Loans. At the same time it is considering the most far reaching revision of Federal banking Laws in half a Century. Treasury department officials did not dispute Seidmann a warning that More Money might be needed by the Odic and said the growing Cost of Bank failures underscores the need for Congress to pass the administrations comprehensive banking Bill. Atlanta beats out Dallas fort Worth As nation s Best City for business Atlanta apr Atlanta is the Best City for business in the nation according to a Fortune Magazine Survey. The Georgia capital which was the no. 3 Choice last year beat out Dallas fort Worth for the top Slot in the annual Survey of executives included in the magazines nov. 4 Issue. Pittsburgh finished third. Following Pittsburgh Are Kansas City to. Nashville Tenn. Salt Lake City Charlotte . Orlando Fla. Austin Texas and Phoenix. Atlanta s mix of Low costs High Quality labor and favourable attitudes toward business were cited in the Survey of 600 executives conducted for the Magazine by Moran Stahl and Boyer a new York based corporate relocation firm. A a it a a big time High level endorsement a Atlanta mayor Maynard Jackson said. A it will be an additional Honor that we can use to promote Atlanta from an economic development Point of  chamber of Commerce president Ger Ald l. Bartels compared the business ranking to the City being named Host of the 1996 olympics. A these Are the kinds of things that maintain Atlanta a momentum a Bartels said. A if someone else says Atlanta a a Good place its less salesmanship and More factual data. They add credibility to our  the City is not without its flaws. Atlanta suffers from a High crime rate poor Public schools and an economic slowdown Fortune said. But the Magazine said the City has an abundance of office space and inexpensive housing. The City a winning of the olympics has a powered a quantum boost in its overseas  in fortunes earlier surveys crime and poor schools held Atlanta Back. While those factors Haven t changed significantly the City a perception among executives apparently has. Atlanta a was by far the most popular Choice among outsiders and its exec Fortune Magazine ranked these cities As tops for business based on qualities important to companies such As workforce availability and education transportation system taxes and other costs. 1. Atlanta 6. Salt Lake City 2. Dallas fort Worth 7. Charlotte . 3. Pittsburgh 8. Orlando Fla. 4. Kansas City to. 9. Austin Texas 5. Nashville Tenn. 10. Phoenix a amps Susan Harris Tives Hud a More favourable opinion of their town than did those in any other place in the top 10 except Kansas City a Fortune wrote. Social Security hike is smallest since 1987 Washington a the nations 43 million social Security beneficiaries next january will find the smallest Cost of living raise in five years in their checks 3.7 percent or an average of $22 a month the government said thursday. The increase boosting the average retired workers monthly Benefit to $629, from $607, was announced by the social Security administration after the labor department reported that consumer inflation advanced 0.4 percent in september. The raise was the smallest since january 1987, when it was 1.3 percent. Last january a increase was 5.4 percent the biggest in 8�?T/2 years. The 1990, 1989 and 1988 raises All were 4 percent or higher. The maximum monthly Benefit for a worker retiring in 1992 at age 65 will Rise $66, to $1,088. The percentage increase announced thursday also applies to supplemental Security income the welfare program that provides a minimum income for poor people who Are aged Blind or disabled. The maximum ssi payment will Rise to $422, from $407, for an individual. It will Rise to $633, from $610, for a couple. A for Over 43 million people who receive social Security and supplemental Security income Benefit payments each month this Cost of living adjustment will be their Assurance that those Benefit checks will continue to allow them to pay for needed goods and services a social Security commissioner Gwendolyn s. King said. Since 1975, benefits have risen automatically each year keeping Pace with the annual inflation rate a with the exception of six months in 1983 that were skipped to help the social Security system out of a crisis. Thursdays increase will show up in the Jan. 3 Benefit checks to social Security recipients and the Dee. 31 checks to ssi recipients. Also on thursday the government raised the maximum amount of wages subject to the payroll tax that finances social Security. The new Cap in 1992 for about 10 million higher income workers will be $55,500. Currently All earnings up to $53,400 Are subject to the payroll tax of 7.65 percent which finances both the social Security and medicare programs. The wage Cap is adjusted each year to offset inflation. The payroll tax was 1 percent of income up to $3,000 when social Security started in 1937. It stayed there until 1950, but has been raised since then. The current rate was set by a 1983 plan passed by Congress to Rescue the system from its recurrent financial problems