European Stars and Stripes (Newspaper) - April 15, 1992, Darmstadt, Hesse                                Page 18 a the stars and stripes wednesday april 15,1992money matters sweets protests and irs await tax filers Washington up millions of americans Are scrambling to finish income tax returns As the dreaded deadline looms tonight but some last minute filers could find marijuana seeds ice Cream and protests awaiting them at Post offices. The internal Revenue service said most americans have filed their individual returns but that millions had not just two Days before today a Midnight deadline for submitting the documents people love to hate. Droves of tax filers Are expected to dash to Post offices around the nation up until the last minute. Taking advantage of the Rush will be a Hodgepodge of protest groups and other hawkers Edys grand ice Cream said it would attempt to scoop up free publicity outside a suburban Detroit Post office. Between 4 . And 8 . Today Edys planned to dish out free ice Cream As each tax return is deposited at the Post office in Royal Oak. The dessert maker said it has made the tax night Giveaway an annual event in Many of its major markets for the past five years a if ice Cream can soothe the Savage beast it can do wonders for irate taxpayers a said Diane Mcintyre Edys Public relations manager. The circus came to town in the big Apple on monday to help new yorkers remember to file their returns. Four Ringling Bros and Barnum amp Bailey circus elephants paraded with clowns carrying giant replicas of 1040 tax forms across the Street from Madison Square Garden. In figures issued last week the irs estimated 67.4 million individuals had filed their returns. Quot we expect to receive 38 million returns in the next couple of weeks a irs spokesman Ken Hubenak said. The american Institute of certified Public accountants said 52.9 million people a nearly half of the individuals who submit returns each year a need help filing their forms. Hubenak said that the irs had received 14,512,798 Calls on toll free lines around America through april 3 from people with inquiries. Although taxes might be the chief complaint of americans there is a a Good news according to the irs. Hubenak said Quot roughly 75 percent of people who file returns get refunds. Of the 67.4 million who had filed returns As of last week 47.1 million were due refunds totalling $46,071 billion he said. That averages to $976 for each person filing taxes. A group called citizen action planned to demonstrate today in 10 states around the nation to protest what it considers inequity in taxes paid by the poor is. The Rich. A we just done to think its fair a said Fred Azcarate a spokesman for citizen action. A pro pot group planned to station itself outside a Boston Post office today offering a a sterilized marijuana seeds to last minute filers in a bid to Call attention to the tax Revenue that could be raised if marijuana were legalized. Quot if marijuana was regulated like alcohol then enforcement costs would go Down and Revenue and income tax would be generated a said Steve Epstein a member of the Massachusetts cannabis Reform coalition. Epstein 35, said he and about 10 other group members would be armed with More than 30 pounds of seed and would Dole out an ounce to the first 500 filers who extended a hand outside the South station postal Annex. A lawyer Epstein said that he did not fear arrest and that he and his colleagues would not be breaking the Law because the seeds Are too old to be consumed and would not germinate if planted. A we Hope the police officers will use common sense and discretion a he said. A however we  be arrested because we re not violating the  a Boston police spokesman said Possession of a controlled substance is unlawful. Quot if Epstein hands out an illegal substance hell certainly be arrested a detective George Lotti said. Quot however its difficult to determine police reaction prior to the  Cut in Federal funds rate yields Market surprises by Floyd Norris the new York times new York you want action you want Quick profits you want embarrassed Market analysts just step right up and place your bets. Anybody can win. All you need is timing or Luck. The worlds financial markets May not be quite ready to hire carnival barkers but they might As Well. Last weeks action with its reversals of Fortune May seem More familiar to denizens of Las vegas than to scholars of efficient Market theorem. In Tokyo the nikkei Market fell 11 percent in four Days amid talk of recession and worse then gained most of it Back in one glorious session. In new York the Dow Jones Industrial average had its worst Day of the year but ended the week up 6.26 Points at 3,255.37. The turnaround came after the Federal Reserve Cut its target for the Federal funds rate to 3.75 percent from 4 percent. That sparked buying in new York and new Yorkus recovery encouraged Tokyo. If you wonder Why letting Banks borrow for a Quarter Point less is the cure for All ills then you re not in tune with the dominant belief that has sustained share prices in America for much of the past year. A people believe that the fed with its $331 billion balance Sheet has the Power to right the worlds wrongs a said a sceptical Jim Grant the editor of Grants interest rate observer. The prospects for economic recovery might be better if the fed were not so alone in its Battle but political gridlock and huge budget deficits seem to have ruled out a meaningful fiscal response in Washington and the Bank of Japan evidently is determined to fight inflation even As prices collapse. With or without help however fed director Alan Greenspan is dedicated to keeping the recovery alive whatever happens overseas. The recent downward Drift in the Money Supply along with the obvious deflation of Stock and land prices in Tokyo had shaken Confidence so action was needed. Greenspan a fed said Grant seems to be a willing to Stop at nothing to head off a 30s-style collapse and prevent the failure of some of the More venturesome  different peps co inc. Hopes the Public will Swallow its latest product a a Clear cola. New Crystal Pepsi will go on Market shelves in the United states within the next two weeks in Providence r.i., and Dallas As Well As throughout Colorado. Company officials say the cola has its own flavor and Isnit a just Pepsi without the  Mutual funds lose momentum by Stan Hinden the Washington Post trapped in a Moody directionless Market Mutual funds generally went nowhere during the first three months of this year. Their lacklustre showing was in Sharp contrast to the huge gains they scored last year when Stock funds soared 36 percent and Bond funds Rose 18 percent. A big chunk of the 1991 gains came during an end of the year rally which ran out of steam when it appeared that interest rates had bottomed out and the Economy remained anaemic. With their momentum gone Mutual funds had to Settle for fractional gains and losses during the first Quarter. General Stock funds which total 882, lost an average of 0.16 percent during january february and March while 655 fixed income funds gained Only 0.07 percent. Money Market funds turned in a slightly better showing than the Overall Stock and Bond averages. The Money funds caught in a Low interest rate environment gained an average of 0.94 percent during the Quarter. It was difficult during the first Quarter to compare the performance of equity Mutual funds with the Stock markets most widely followed averages. The 30-Stock Dow Jones Industrial average gained 2.8 percent. But the broader Standard amp poor s 500 Index lost 2.5 percent. Both figures were calculated with dividends reinvested the same method used by Lipper analytical services inc. To figure Mutual fund results. Although the two Market averages generally move in the same direction they occasionally diverge. Michael Lipper president of Lipper analytical said the first Quarter Gap Between the Dow and the a amp a 500 was caused by two factors. First was a Strong move by investors toward cyclical in 1 St Quarter stocks or those that will Benefit when the Economy turns up thus giving less emphasis to growth stocks. Cyclical stocks play a somewhat larger role in the movement of the Dow average than in the a amp a Index which is heavier with growth stocks. Also contributing to the Gap were technical factors involving the Way the two averages Are calculated. Lipper who called the huge Mutual fund gains in 1991 a unsustainable a said he took Comfort in the first Quarter slowdown because it lessened the chances that it would take a major correction to bring prices Back in balance. If the slowdown continues he said a the first Quarter of 1992 May be the first Quarter of a soft  As often happens with Mutual funds one quarters big Winner is the next quarters big loser. Health and biotechnology funds lost 9.5 percent in the first Quarter after gaining 16.4 percent in the fourth Quarter and a whopping 74.3 percent for All of 1991