European Stars and Stripes (Newspaper) - October 25, 1991, Darmstadt, Hesse                                Friday october 25, 1991 the stars and stripes c Page 17money matters today a tip the automobile club of Southern California on wednesday became the first Auto insurer to yield to the California state insurance commissioners rebate order. The club agreed to refund about 11 percent of the 1989 premiums paid by each of its 500,000 policyholders. The decision by the Auto club the states fifth largest Auto insurer came just a week after commissioner. John Garamendi ordered 14 major companies to refund $1.5 billion to their customers. The action sent Shock Waves through the insurance Industry. Another company usaa has agreed to enter into talks with Garamendi on rebates. Under the plan announced wednesday the Auto club said it would mail out checks totalling More than $80 million to its customers who were policyholders in 1989. The checks would be sent by the end of november. 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 s361 an ounce Silver at $4.09. Oct. 23 oct. 24 British pound.1.7065 1.71 German mark.1.7045 1.6970 French franc.5.8205 5.7960 dutch guilder.1.9207 1.9169 belgian franc.34.1425 35.10 italian lira.1,275.40 1,273 Swiss franc.1 -4890 1.4885 greek drachma. Turkish lira.4,914.90 4-925.00 saudi arabian riyal.3.7503 3.7503 Spanish peseta.106.38 107.14 portuguese escudo.146.67 146.41 Canadian dollar.1.1282 1.1268 austrian schilling.11.9850 11.9675 norwegian krone.6.6775 6.6670 danish krone.6.5955 6.5870 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 York Stock Exchange Slock Citicorp toys h us inc Rwjr Nabisco hid Philip Morris us Marathon Compaq computer Pepsico inc Westinghouse Al at amp to company Wal Mart stores ism corp Monsanto co general motors Mcdonalds corp Schering plough the 15 most Active stocks in new composite trading on wednesday. Sales 5.101.900 4.828.200 3,224,800 3.087.200 3.027.000 2.701.900 2.554.2002.256.900 2.062.000 1.656.200 1,581,000 1.492.900 1.447.600 1.442.600 1,426,700 last 10 % 29 10 68 it 29 % 35 28 16 i 38 % 46% 98 % 67% 35% 35 61 % net it Tel. Off off a off % off i off 2% up 1 % up % up unch off unch off 3% off 1 % unch up % american Exchange new York Olin american Stock exc Stock Plains resource Hasbro inc Wang labs inc b fruit of loom Organogenesis  Amdahl corp am exploration no Amer vaccine Benton Oil Gas Iange composite trading wednesday. Sain last a Tang. 1.019,400 29% up 2 % 925,700 33% up 3% 598,100 2% 0f1% 560.100 21 up 1 459,800 19% up 1 453,500 6% unch 392.600 14% off a a 271,800 3% off % 247,500 22% up 1 % off 1 % 242,100 14 Dow Jones new York up Dow Jones closing Range of averages wednesday 3015.21 3040.92 up 112 1269.62 1278.96 Oft 1 87 211.44 212.82 1092.40 1101.03. 30 industrials 20 transport 15 utilities 65 stocks High 5.52 3065.5 1293.35 213.88 1110.45 Flat retail figures support reports of slowed recovery by the new York times Washington a in a Survey that tends to confirm that the recovery has lost momentum the Federal Reserve reported wednesday that retail sales have been virtually Flat in recent weeks and that factory output while still improving is doing so at a slower Pace. According to the feds compilation of anecdotal evidence from its 12 regional Banks the nations Economy was a weak or growing slowly a in september and Early october with merchants a a cautious about the Holiday season ahead. Such language presents a somewhat less optimistic picture than the one in fed report released five weeks ago. That report said that a the economic recovery continues to be uneven across the  underscoring the sluggishness Detroit announced another dismal sales period on wednesday. Sales of cars and Light trucks fell 16.1 percent in mid october. The fed Survey formally called current economic conditions but usually referred to As the a beige books after the color of its cover is intended to Aid fed policy makers in Advance of open Market committee meetings. The committee consisting of fed and regional representatives meets eight times a year to set monetary policy. The next session is scheduled for nov. 5. A in most districts there has been Little improvement in retail sales and a few re ported sonic slowing a said the latest Survey based on information collected through oct. 10 and prepared by the Federal Reserve Bank of Philadelphia. A manufacturing output is still improving a it added a although at a slower Pace in some  a the feds respondents a mainly companies stores and Banks but also port officials Farmers and business groups a repeatedly asserted that Consumers were holding off buying big ticket items including cars because of uncertainty Over jobs and incomes. They also cited an inclination by Consumers to buy at discount retailers rather than department stores. They also noted heavy activity in refinancing mortgages at lower rates. Sex Carter official says he thinks Cia recruited founder of troubled Bocci Washington apr former Federal budget director Bert Lance told Congress on wednesday he is convinced the Cia recruited the Bank of Commerce and credit International a founder in 1984 in order to use the Bank for Cia purposes. Lance testifying before a Senate subcommittee said acc la a pakistani founder Agha Hasan Abedi told him in 1983 that he had been on a Cia watch list since 1981 because he was considered a a third world Liberal by the Reagan administration. But within a year after detailing his a grave concerns about incidents of harassment by . Authorities Abedin a attitude toward the Cia changed and Lance he never mentioned any problems again Lance said. A in 1984, 1 Felt there was obviously an overt Effort by our intelligence Agency. To co opt or. Abedi and Bocci in an Effort to turn them into the Bank of the Cia a Lance told the subcommittee on terrorism narcotics and International operations. Lancers statements buttressed testimony tuesday by Abdur sakha a former top Bocci official who told the subcommittee that Abedi apparently had been taken off the Cia watch list around 1984. Lance who resigned As budget director in the Carter administration and later was tried and acquitted of Bank fraud charges is cooperating with the subcommittees investigation of Bocci. The Luxembourg based Bank and its two top executives were accused last summer by a new York grand jury of fraud and theft of More than $30 million from depositors. The Federal Reserve has accused the Bank of using Middle Eastern front men to secretly Purchase first american ban shares of Washington the National Bank of Georgia and other . Banks. Lance said that when he first met Abedi after resigning his Federal Post in 1977, the pakistani banker told him he was interested in entering the . Market and also represented a group of wealthy arabs interested in investing in the United states. Lance who was a paid consultant for Bocci for a year said he suggested that Bocci buy financial general ban shares later renamed first american ban shares in the nations capital. He said he advised Abedi to follow . Bank regulatory procedures because a i Learned a Long time ago that what you can to do directly you can to do  Learned a Long time ago that what you a a try. A a during the same period Lance said he was trying to find a buyer for the National Bank of Georgia of which he owned 12 percent. Abedi told him that saudi billionaire Ghaith Pharaon one of the investors he represented might be interested. Pharaon eventually purchased the Georgia Bank but Lance said he never had any reason to believe that Pharaon was acting As a Bocci front As the Federal Reserve now contends. Airlines Cut discount to businesses by the los Angeles times in an attempt to boost profits during one of the worst slumps Ever the nations major airlines reduced the discount available on business travel fares purchased seven Days in Advance. The change in effect boosts the popular discount fare by about 5 percent. United american and other major carriers will Cut the seven Day discount to 15 percent Down from 20 percent on the unrestricted coach fares effective oct. 28. Last month the airlines eliminated the discount altogether on tickets purchased three Days in Advance. The strategy was adopted last Spring when desperate carriers faced a dearth of travellers in the midst of the persian Gulf War and the recession. A Many of our corporate customers think they Are paying too much already and this is not bound to make them Happy a said Lorn Nulty president of associated travel management a Santa Ana  travel Agency. But Nulty and Industry observers do not expect Many business travellers to change their plans because of the change. The lower discount would add about $60 to $70 to the Price of a round trip coach seat Between los Angeles and new York. Only one airline trans world airlines refused to follow the Industry. Holdout local tentatively oks pact with defense firm off 0.25 off 0.42 Long Beach Calif. A a Union local representing 18,500 Mcdonnell Douglas corp. Workers reached tentative agreement wednesday on a new contract half a year after members twice refused to ratify a similar pact. United Auto workers local 148 represents employees at the St. Louis company a Douglas aircraft unit in Long Beach and some supporting operations. The local rank Ana file will vote next week on the agreement negotiated by a bargaining team. Details of the contract worked out in Chicago were not released. The locals president Richard Rios flew Back to los Angeles and a receptionist contacted wednesday at Law s Detroit Headquarters said no one there could comment on the agreement. Under the old contract the average wage for a Long Beach Union member was $15.49 an hour. Negotiations began a year ago on a contract to replace the four year Deal that expired in March. Union members rejected a tentative agreement in March and again in april. Additional meetings were held but within weeks both sides declared an impasse and no talks were held until recently in Chicago. Law locals in Oklahoma and Arkansas had accepted Mcdonnell Douglas previous offer