European Stars and Stripes (Newspaper) - June 13, 1992, Darmstadt, Hesse                                Saturday june 13, 1992 the stars and stripes b Page 21 Money matters b Washington Gross weekly earnings of . Workers Rose 0.4 percent in May after adjustment for oth inflation and seasonal factors the labor department said Friday. Real earnings had fallen 0.7 percent in the previous month and decreased 0.4 percent two months earlier. Labor said last months average hourly earnings Rose 0.3 percent average weekly hours Rose 0.3 percent and the consumer Price Index for Urban wage earners and clerical workers increased 0.1 percent. Gross weekly earnings Rose to $362.92 in the latest month from $360.47 the month before the government Agency said. The report covers production or non supervisory workers on private non farm payrolls. Conversion rates following Are fixed rates at which Community banking facilities will sell foreign currencies to . Personnel for personal use through fonday German mark.1.53 British pound.1.90 dutch guilder.1.72 greek drachma 187.798 note the rates above apply within the Host country. Figures Are expressed in dollars to the British Pound other currencies to the Dollar following Are Interbank rates that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren pics italian lira .1,191.90 turkish  Spanish peseta .99.32 portuguese escudo.130.75 austrian schilling.11.074 saudi  Bahrain  Kuwait  norwegian krone.6.153 danish krone.6.0665 British pound.1.8520 German mark.1.5770 Swiss franc .1.4275 French franc.5.3010 dutch guilder.1.7710 belgian franc.32.45 Gold quote $339.50 an ounce Silver quote $4.11 an ounce new York Exchange new York York Stock excl Stock Tel Fonos de my Philip Morris Abbott labs inc Bristol Myersq Glaxo holdings Interlake corp Merck amp co inc Eastman Kodak Fedl Natl Mage Westinghouse Al Citicorp general motors ism corp Uniss corp Johnson amp Johnsn up a the 15 most Active stocks in new hangs composite trading thursday 3.726.500 3.408.700 3.271.000 3,025,300 2.943.500 2,493,900 2.381.200 2,057,600 2.014.700 1,991,100 1.981.400 1.976.200 1.965.400 1,782,800 1.587.000 52 72% 27 63% 26% 4% 49% 39% 58% 18% 20% 43 92 8% 45% net de up % up Oft % up unch up up 1% off up 1% up up Oft up 1% off up 1% american Exchange new York up american Stock to Conj a the 10 most Active stocks in Inge composite trading thursday. Stock sales lest net chg. Inti Corona 1,621.800 4 9-16 up % fruit of loom 673.900 32 on 2% Chambers Dev a 498,700 6% 0 1% Echo Bay mines 425,400 6% up % pall corp 353,400 25% up Elan corp pc magma Copper co expo rate co la sulcus computer 278,700 42% up 1 266,600 13% up % 241,400 1% unch 223,600 5 unch Tel amp data sys 180,900 30% off 1% Dow Jones new York Dpi a Dow Jones closing Range of averages thursday 30 industrials 20 transport 15 utilities 65 stocks 306 1297 83 215.76 1117 89 Lew 3044.28 1273.17 21363 1100 90 Teea 3077.15 1287.58 214.76 111207 of com up 24 15 l1 13 up 0 25 up 5.45 lower food costs help keep May Price Rise to 0.1 percent Washington a consumer prices Rose a tiny 0.1 percent in May the smallest increase in four months As a drop in food costs helped offset higher Energy prices the government said Friday. The labor department said the Small May Advance in the consumer Price Index followed gains of 0.2 percent in april and 0.5 percent in March. The performance of consumer prices last month was in contrast to thursdays report on wholesale prices which showed them rising 0.4 percent the fastest Pace in 19 months. Analysts had largely dismissed the wholesale Price report As a statistical aberration skewed by a huge jump in tobacco costs. They said they believed the Chi report better reflected reality that a weak Economy is keeping inflation Down. A this was an excellent inflation report. It showed Broad based Price moderation despite big increases in gasoline and tobacco prices a said Bruce Steinberg an economist at Merrill Lynch in new York. He noted that even in medical care the area with the greatest Price pressures inflation increases have moderated somewhat to an annual gain of 6.6 percent Over the past three months the lowest in four years. Indeed the labor department reported that prices for prescription drugs fell by 0.1 percent last month a their first monthly decline in almost two decades. For the first five months of this year consumer prices have risen at an annual rate of 3 percent even better than last years 3.1 percent increase which had been the second Best performance in 26 years. The Bush administration has been pressuring the Federal Reserve to Cut interest rates further arguing that the benign inflation picture gives the Central Bank room to stimulate the Economy. However Many economists said they Are not looking for any immediate rate cuts based on recent comments from fed officials that they believe they have already done enough to stimulate a sustained rebound. The 0.1 percent May increase the smallest since a similar Advance in january came despite the fact that Energy costs Rose 0.6 percent during the month the third monthly increase. Gasoline prices Rose by 1.2 percent in May while Home heating Oil costs were up 0.6 percent. Natural Gas prices fell 1.6 percent last month. Food prices 1 e 11 0.3 percent last month largely reflecting a 14.1 percent drop in fresh vegetable prices. Tomato prices plunged 47 percent the biggest drop in two years. Prices for fresh fruit turned up 0.8 percent in May As a decline in banana prices was More than offset by increases in other fruit prices. Excluding the volatile food and Energy categories the so called underlying rate of inflation remained moderate As Well last month rising by 0.2 percent in May the Best showing this year. Airline fares dropped 3.2 percent last month their biggest decline since april 1991. New Orleans Casino gets approval Baton Rouge la. A gov. Edwin Edwards known for his trips to Nevada scraps tables wont have to travel so far anymore. A Bill to allow a Casino in new Orleans won final legislative approval thursday. State senators passed the Bill 21-18. The state House approved the measure monday night. Edwards touted the Bill As a much needed economic shot in the Arm for the state. Opponents had other worries. A a in a concerned that Many who Are engaged in Casino gambling on Many occasions Are engaged in organized crime a said state sen. John Hainkel a Democrat from new Orleans. Supporters of the Bill say a Casino could bring 15,000 to 25,000 jobs to new Orleans. It also will mean at least $100 million a year for the state Economy they say. But opponents said the legislation denies the City a vote on the Issue and gives Edwards too much Power. They said the Bill was rushed through the legislature and promised to Challenge it in court. Edwards has pushed for legalized Casino gambling for years As has new Orleans mayor Sidney Barth Clemy. Some legislators from new Orleans have called for a City referendum but Barth Clemy has said one Isnit necessary. The Casino Bill set up a quasi govern mental Casino corporation to be run by a nine member Board. Edwards will choose the members and set their salaries. The Senate must confirm the appointments. The corporation will choose a private company to run a Casino on the site of the City a River Gate convention Center near the Mississippi River and the French Quarter. The Bill says the Casino operator must turn Over 18.5 percent of gambling revenues or $100 million a year whichever is greater to the state. The City will negotiate rent and payments for added police and fire Protection. Maker of infant formula charged with Price fixing Washington apr the nations largest infant formula manufacturer faces major Price fixing charges while its top two competitors have agreed to donate 54 million Servings to the poor to Settle similar but lesser complaints. Abbott laboratories which makes similar and Ismil was charged thursday with bid rigging and conspiracy in a civil lawsuit and an administrative complaint filed by the Federal Trade commission. In part the Case involves sales to the governments nutrition subsidy program for poor women infants and children known As wic. Kevin j. Arquit director of the it cd a Bureau of Competition said the Agency a will be asking the Federal court to order Abbott to pay Back to the Federal government the millions of dollars that were lost As a result of that  he would not say exactly How much the government is seeking. To Settle lesser charges against them Mead Johnson amp co. And american Home products corp. Agreed to give the government 3.6 million pounds of powdered infant formula. That a enough for 54 million Servings and Worth $25 million wholesale Arquit said. Mead Johnson will provide most of the formula powder 3.1 million pounds. Federal civil suits against the two companies also were filed thursday but a Federal judge approved the agreement that was filed simultaneously. The three companies control nearly 90 percent of the $1.5 billion infant formula Industry with Abbott representing about half Mead Johnson about 30 percent and american Home products about 8 percent the Etc said. Duane l. Burnham Abbotts chairman and chief executive said his company had a competed responsibly aggressively and completely within the Law. We will continue to vigorously defend this  business investment group to pay record Fine of $24.7 million from wire reports new York a first investors corp. Agreed to pay $24.7 million a the largest Fine of its kind Ever a to Settle Federal charges that it misled customers about the risks involved in its two junk Bond Mutual funds. Aggressive first investors sales representatives also pushed shares in the highly volatile funds on people with Low incomes elderly people and those with limited financial knowledge the securities and Exchange commission charged. The settlement thursday was signed by . District judge Morris Lasker in Manhattan Federal court. Bank refusing some applications Little Rock Ark. A one of two Arkansas Hank offering the lowest credit card interest rates in the country stopped taking out of state applications to keep its loan portfolio from being dominated by the cards. Simmons first National Bank of Pine Bluff stopped processing new out of state applications on june 1. However the Bank will reconsider its decision at the end of the year a spokesman said. Simmons and Arkansas Federal credit card service co. Have the lowest credit card interest rate a 8.5 percent. Arkansas Federal is still accepting out of state business