European Stars and Stripes (Newspaper) - November 7, 1992, Darmstadt, Hesse                                Saturday november 1992 Money matters i the stars and stripes b Page 17today s rates following Are fixed rates at which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use Gorman Mark.1.55 British Pound.1.58 dutch Guilder a a a a a a a a a a a a a a 1.74 Graa drachma .198.1463 not the rates above apply within the Host country. Figure 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 currencies italian lira .1,359.00 turkish lira.8,045.10 Spanish paseta.113.42 portuguese escudo 141.71 austrian Schilling a a a a a a a a a a a a a a a a 11.151 saudi rial.3.7495 Bahrain Dinar. 0.37875 Kuwait Dinar.0.2974 norwegian krone.8.455 danish krone.8.081 British Pound a a a a a a a a a a a a a a a a a a a a a a 1.5375 German Mark .1.589 Swiss franc.1.4275 French franc.5.388 dutch Guilder .1.793 belgian franc.32.66 Canadian Dollar.1.2520 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $335.75 an ounce Silver quote $3.92 an ounce new York Exchange new York up the is most Active stocks in new York Stock Exchange composite trading on thursday. Stock sales last net Chi. At amp to company 5,335,900 44% up1% Philip Morris 5,266,300 78% up 3�?T/, Chubb corp 5,113,800 86% up 1% Rwjr Nabisco hid 4,995,800 8% up coastal corp 2,850,100 25 of�1% Merck amp co inc 2,824,400 42% on Tel Fonos de my 2,351,700 52% up 2% Pacific Orp 2,326,900 20% off1% Gap inc 2,256,300 30% Oft 2% ism corp 2,136,200 65% 0 12% Wab Annc 2,058,600 18 off 1v5 Glaxo holdings 1,992,800 25% up % Kemper corp 1,964,700 24% up 2% general motors 1,955,500 31% off % digital equip it 1,897,400 36% up 2% l american Exchange new York up the 10 most Active stocks in american Stock Bichang composite trading thursday. Stock tales last not Kcf. Echo Bay mines 1,275,800 5% off vhf Energy service 601,500 1 9-16 off a expo rate co la 546,200 1% up Usebio science 533,300 8% up 1% Tel amp data sys 448,500 37% up Ivan corp 428,600 31% up1% Chambers Dev a 295,000 5% up % Elan corp pc 293,600 27% Oil % Kirby corp 283,800 12 up Hasbro inc 248,300 32% off % Dow Jones new York up now Jones closing Range of averages thursday High Low close Okanos 30 industrials 3259 78 3203.58 3243.84 up 20.80 20 transport 138978 1357.55 1380.31 up 19.94 15 utilities 218.14 215.26 216.76 off 1.13 65stocks 1178.61 1156.88 1171.89 up829 financial investment advisers optimistic about Clinton years by the los Angeles times san Francisco five Hundred Money managers and financial advisers converged in san Francisco this week All looking for an answer to the big question How will Bill Clinton shape investment trends Over the next four years this group meeting under the Aegis of the second annual National finance Al adviser conference sponsored by discount brokerage Charles Schwab amp c includes Independent Money managers and Small advisers who Are Beholden 01 by to their clients a not to a Mega financial organization. In that sense these Are people who have to think for themselves and who have the most to gain or lose defending on How Well they Structure their clients portfolios for the Economy the president elect will orchestrate. Perhaps not surprisingly there is hardly a feeling of jubilation Over Clinton a Ascendance. Money managers have never been big supporters of the democratic party because the democrats have Long been viewed As capital destroyers instead of capital builders. Yet in their comments and questions Many of the Small Money managers betray an underlying optimism that Clinton a Rise could Mark the Start of an economic Renaissance for the nation with the Stock Market being the Benefi Cihiy. More important the clients of the advisers seem willing to give Clinton the Benefit of the doubt. George r. Pierce a Seattle based Independent investment adviser said Many of his 700 clients peppered him before the election with a a lot of questions about what the Market was going to  yet not one of the clients wanted to change his or her portfolio he   it Masiar for Mallar companies Ilka mine to Hora  a investment adviser George r. Pierce to Pierce and other Small Money managers the smartest route Clinton could take to get the Economy moving again a and get americans excited about investing in the Economy again directly or indirectly a would be to change the tax Structure so that people arc better rewarded for taking risk. That Means new business investment incentives and cuts in the capital gains tax. A you have to make it easier for smaller companies like mine to hire people a Pierce said noting that Job creation in America has become almost exclusively the Domain of Small businesses As major corporations continue to slash their work forces. Schwab amp co. Founder Charles Schwab echoed the sentiments of Many people at the conference when he charged that a the capital gains tax is miss Abele. It Isnit a tax on capital gains its a tax on Job  this May sound like the same old Republican grousing by investors who want capital gains taxes lifted so they can Trade stocks like mad bagging All the profit while Uncle Sam gets nothing. But Independent Money managers tend to be Long term investors. Indeed Many of them arc former stockbrokers who started their own Money manage mint businesses so they could get away from the account churning commission burning Way of life that major brokerages encourage. One speaker on thursday former Bank America economist and current Hoover institution research fellow Walter Hoadley suggested that Clinton May Surprise investors by being amenable to rewarding business incentive even beyond the expanded investment tax credits he has proposed. Hoadley contends Clinton was elected precisely because a this emphasis is on investment rather than  for the Public to support such a candidate a is a major major change a Hoadley says. It suggests he adds a that the Public is ready to do a Little sacrificing of individual Short term Good for Long term societal Prosperity. Look at it this Way Hoadley said the $20 billion extra each year that Clinton wants to spend on infrastructure improvements is peanuts in a $6 trillion Economy. Yet there Are mountains of capital out there that people and companies would be willing to invest if the government provided greater incentive. Right now that Money is simply stuck within the system Hoadley argued. A Clinton has to get rid of that blockage a he said. Of course president Bush  persuade Congress to Cut the capital gains tax or do much else to inspire new business investment. Those proposals coming from a Republican always seemed to sound like handouts to the wealthy. Coming from Democrat Clinton however they could be a much easier sell to a Public in a mood for change. Living up to Promise of new jobs won t be easy for new president by John cunn1ff the associated press new York a now comes the task of creating jobs and getting people Back to work one of the vast number of promises president elect Bill Clinton is committed to fulfilling. To Promise jobs is a sure Way to win votes and to fail in producing them is a certain Way to lose them. President Bush promised 30 million jobs in eight years and failed to deliver even a million of them in four years. In accepting the Challenge Clinton also inherits the same obstacles that befuddled Bush. The economic evidence suggests that he will have a Tough time dealing with them. The first obstacle is government itself. Being up to the limit in debt and finding it harder and harder to raise new Revenue the government is far More limited than it used to be in creating make work jobs. By itself that obstacle is formidable. But there arc More obstacles As Well and overcoming them will demand ingenuity that so far has not been evident in most proposals put Forth. A How can the Clinton administration overcome the Long term trend of corporate downsizing marked by massive Job cuts a How can Small business a the Job creating engine of the Economy a be expected to expand payrolls when to do so Means incurring costly health insurance payments too a and How can you add More jobs in manufacturing when manufacturers Are learning they can simultaneously raise production while trimming payrolls these obstacles have deep roots and eradicating them will take creative surgery most Likely involving taxes incentives regulations and whatever other government Powers apply. To Promise a growing number of jobs in manufacturing is perhaps to reveal an ignorance of what is going on there. Its nothing new critics have Long bemoaned the demise of that sector when in fact it has been healthy. In this instance health cannot be measured by the number of jobs. The fact is that manufacturing productivity has been growing meaning it takes fewer workers to produce More goods. While output soared Job creation was Static. By almost any sensible Standard productivity increases arc Good for the Economy. In fact it is the Only known Way to lift living standards generally and permanently. It is the Story of humanity a ascent from primitive conditions. But rising productivity Means the More efficient use of labor and capital and efficiency in this sense Means maintaining production with less of each. The labor and capital saved Are then available for other areas of  Bond sales continue to soar Washington a sales of . Savings Bonds topped $2 billion for the second time this year the government said thursday. Sales in october reached $2.51 billion up 24.3 percent from $2.02 billion in september and up from $769 million a year ago. It was the highest Ever sales total for an october the Treasury department said. Savings Bond sales have been soaring this year As returns on other investments have plummeted. Suit says Tel Edyne faked tests gave bribes los Angeles up shareholders of Tel Edyne inc. Nave filed suit against the military contractor alleging falsification of test results and bribery of officials in saudi Arabia and Egypt. The charges in the suit which follows a suit filed in Delaware against Teledu new a senior management alleged that the company faked test results at its electronics unit in Newbury Park calif., by programming equipment to print out passing results. The suit alleged that Tel Edyne hired qayed nadim a retired major general in the egyptian air Force to funnel Money to air Force personnel to get new contracts and retain existing business. It also alleged that Teledu new a saudi division paid bribes to a relative of a colonel in the saudi air Force. Much of the shareholder suit is based on information disclosed last week by the los Angeles times in a Story about a suit filed by Stephen Reddy a senior program manager for tale Dyne a Middle East division. Reddyr a suit remains under Seal while the Federal government investigates the claim and decides whether to take Over prosecution of the Case. Los Angeles based Tel Edyne had no comment on the suits. A subsidiary of the company Tel Edyne industries inc., agreed last month to pay a $17.5 million Fine and plead guilty to 35 counts of making false statements. The agreement was made to Settle a . Government criminal investigation of testing of practices at the company a Tel Edyne re ays unit