European Stars and Stripes (Newspaper) - May 23, 1992, Darmstadt, Hesse                                Saturday May 23, 1992 the stars and stripes b Page 17money matters today s tip the number of americans filing claims for unemployment benefits fell More sharply than expected to 406,000 for the week ending May 9, the government said. The labor department said newly Laid off workers filing for jobless benefits declined by 20,000, following two consecutive weekly increases. In Advance analysts had expected a decline of around 9,000. The latest drop brought the level of claims almost to the six month Low of 404,000 established in mid april. It was seen As evidence that the Economy continues to recover although slowly from the recession. Conversion rates London up fridays 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 $337.35 an ounce Silver at $4.07. May 21 May 22 British Pound.1.8189 1.8159 German mark.1.6183 1.6180 French franc.5.4225 5.4395 dutch guilder.1.8180 1.8183 belgian franc.33.27 33.27 italian lira.1,215.30 1,219.9 Swiss franc.1.4850 1.4870 greek drachma.191.28 192.78 turkish hra.6,718.40 6,749.80 saudi arabian rtyal.3.7498 3.7498 Spanish peseta.100.49 101.04 portuguese escudo.133.87 134.47 Canadian dollar.1.1942 1.1960 austrian Schilling. .11.3185 11.3950 norwegian krone.6.2760 6.3120 danish krone.6.2186 6.25 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rates apply to the Sale of German Marks and British pounds to . Personnel for personal use and these will be 1.58 Marks to a Dollar and $1.86 for a Pound through monday based on Friday s noontime Price fixings. New York Exchange new York up a York Stock Exchange the 15 most Active stocks in new composite trading on thursday. Sleek la Lei last Netchy. Royal dutch pet fed dept stores 9.725,600 83 i off i 8,962,600 11vi off i Walt Disney co 3,563.900 38 i off 7/i general motors 2,839.800 39 unch Rwjr Nabisco hid 1,841,900 10 unch Humana inc 1,769,300 21 Yoff 1v� Glaxo holdings 1,731,600 27 off i Avistar i 1,723,800 27/i off/4 limited inc 1,716,600 20 i off i us shoe com Mcdonalds corp 1,463,500 12m off 2 i 1,379,500 46v� up i coca Colt co 1,350,300 44vi on i at amp to company 1,218,500 42v4 off Iva Ford motor co 1,216,100 43vi off i Bristol Myersq 1,203,000 73 off i american Exchange new York up the 10 most Active stocks in american Stock to change composite trading thursday. Sleek i heaven corp expo rate co la fruit of loom Nax corp spi holdings of magma Copper co giant food a carnival cruise Western digital us bios Clence la Lei 574.700 539.900 469,000 434.200 415.500 363.700 336.400 314.400 304.500 298.200 last 2 i 1 5-16 35tt 22vi 5vi 11h 20h 29vi 5 12vi Netchel. Uncan off 1-16 Oft i off i unch off i up i up i off i up i Dow Jones new York up Dow Jones dosing Range of avenges thursday 30 industrials -20 transport 15 Ull Latles 65 stocks a Lek 3402 87 1389 39 213 57 1203 47 Low 3354 80 135987 211 07 1184 30 Closa 3378 71 1372 76 211 94 1193 09 change 0�15.13 o�0 56 of 1 51 off 4 32 Mutual fund Coupon plan no bargain experts assert by the new York times the sweeping changes for the Mutual fund Industry that the securities and Exchange commission suggested thursday May raise an important question for the individual investor what about me investor advocacy groups have raised no Hue and cry about the suggested revisions of the investment company act of 1940, which governs those who manage America s $1.5 trillion in Mutual funds Many of these changes were expected. Indeed some revisions strike consumer groups As particularly Friendly to investors. Workers with a stake in a retirement fund for example would get prospectuses and semiannual reports on their investments under the Sec proposals a a plus for investors. But several proposals for revision of the rules governing Mutual funds May not be in the Best interests of investors. Topping the list is a suggestion that investors be Able to buy a fun Aby a Coupon  current regulations allow Mutual fund companies to solicit investors through newspaper and Magazine advertisements but not to actually sell investments in the funds through those ads. When they receive a customers request for More information funds Send Back a prospectus describing their management investment philosophy and fees. If the investors like what they read they can sign on the Bottom line and mail in a Check to the fund company. The Sec is proposing however that investors be Able to fill out a Coupon in the local newspaper and simply mail it in with a Check a without having seen the funds prospectus. That proposal does not sit Well with some groups that get regular feedback on the problems that average investors face. A too few people read the prospectus As it is Quot said Jonn Markese director of research at the american association of individual investors in Chicago. A i have a feeling that this Coupon clipping procedure will even Lessen that  in Massachusetts state regulators review Mutual fund advertisements in local newspapers and magazines hoping to Stop misleading pitches from making their Way to unsophisticated investors. A of All the areas of Mutual fund regulation that s been our biggest concern a aggressiveness in the Mutual fund advertising area Quot said Barry Guthary director of securities at the Massachusetts state securities division. A this Coupon clipping proposal strikes me As a Little  the Sec which has restrictions on fund advertising argues that the ads would become More informative thus giving investors an easier Way to compare funds. The Sec notes that any investor who wants to read the prospectus would still be Able to do so. Right now brokers can sell stocks by phone Sec officials said so Why not let them do the same for Mutual funds also suspect to some investor advocates is the Sec s push to allow fund fees to be negotiated. While the goal of greater leeway to Haggle is an admirable one it May not help those who need it most Markese said. A the ones with the least negotiating Power would Likely be smaller investors a he said. But Large institutional investors who own 25 percent of All Mutual fund assets a up from 11 percent in 1970 a might Well Benefit. That was the Case when commissions on Stock trading were deregulated in 1975, which marked the beginning of a plunge in rates paid by institutions. A you know who is going to win and that s the institutional investor a the one with the bargaining Power Quot Guthary said. Still individual investors face a plethora of problems in buying funds and could use a Little help. Not the least of those problems is simply understanding the complicated explanations in fund prospectuses which seem to be written for lawyers not investors. There have also been complaints that some brokers do not disclose the risks when they sell funds. Regulators in new York Maine and Massachusetts brought charges regarding sales pitches by first investors corp., whose brokers a targeted unsophisticated investors to sell them High yield funds Quot Guthary said. The nation s Mutual fund regulations already provide the muscle for the Sec to tackle the sort of problem that first investors and others have posed for Small investors Guthary said. Apple baking handheld electronic pie Cupertino Calif. A Apple computer inc. Has deeply committed itself to an unborn Industry by creating a new division dubbed Apple pie for its upcoming line of handheld machines. On thursday the company revealed it secretly had formed the personal interactive electronics group one year ago to make the devices that mix electronics telecommunications and computer technology. Apple chief executive John Sculley Calls it a potentially huge Industry that could hit sales of $3.5 trillion by the turn of the Century for an array of Small devices that serve As a personal digital As  the personal computer Industry is Only $80 billion. A a it a the birth of a Meg Industry Quot Sculley said during an informal briefing with about a dozen reporters where he casually divulged the existence of the pie group. A and i think it s a Meg Industry that s going to shape the 90s. It s the Mother of All  the company plans to introduce its first Small unit during an Industry conference next week in Chicago but has revealed few details about the videocassette sized machine. It apparently can organize and fax information and is con trolled by a stylus instead of a keyboard sources say. The company is Best known for making the macintosh line of personal computers that changed the Way people do business at Home and at work. The macintoshes were the first personal computers to have easy to use features such As the handheld a mouse Quot and familiar a icons Quot or pictures on the screen which simplify How users choose computer functions. About 200 employees arc involved in the new pie division according to Sculley. Less Money rendered to Caesars in 3rd Quarter los Angeles up a Casino operator Caesars world inc., which had warned that its profits would fall reported thursday earnings of $9.6 million or 40 cents a share for the third Quarter which ended april 30. That was off 27.3 percent from earnings of $13.2 million or 56 cents a share in the same Quarter a year ago. Revenues for the Quarter were $197.9 million off 10 percent from $220.1 million a year ago. Caesars world announced earlier this month that the quarterly earnings would Range Between 37 cents and 43 cents per share. The main Factor in the earnings decline was substantially lower win percentages from High level play at both of the company s Nevada Casino hotel operations in Las vegas and Lake Tahoe. Table game activity in Nevada operations also decreased 9 percent from the period a year ago but the decline was partly offset by the company a Slot Revenue in Nevada which was up 14 percent. The company also said it had issued less credit to customers and improved collections. It said the provision for doubtful accounts in Nevada operations was substantially lower As a result. Earnings for the nine months that ended april 30 were $55.6 million or $2.30 a share compared with $31.2 million or $1.32 a share. Revenues were $684.5 million compared with $663.7 million for the same period of fiscal 1991. Business air plane leasing company lands in bankruptcy court from wire reports new York a the financial plight of airlines has created a glut of jets on the Market spelling trouble for air plane leasing companies and sending one to bankruptcy court. Was holdings inc., a Large but shrinking player in be Industry said airline clients either have been going it of business or returning planes so they can lease the r. Out of business or returning planes cheaper ones elsewhere. The private concern controlled by the Kuzbary famil by of Geneva Switzerland filed for bankruptcy in . Bankruptcy court in Brooklyn on thursday. Kim orders Boeing Airliner Seattle a Kim Royal dutch airlines has ordered another 737-400 jetliner the Boeing commercial air plane group said thursday. Tie order including spare parts is Worth about $36 million Boeing said. The Jet is the 27th 737 ordered by Kim. The airline said it plans to use the plane on european routes. So far this year Boeing has received orders for 96 aircraft Worth about $7.8 billion