European Stars and Stripes (Newspaper) - July 29, 1994, Darmstadt, Hesse Page 18 the stars and stripes Money matters Friday july 29,1994 re today a rates following arc fixed rates at which Community banking. And credit Union facilities will sell foreign currencies to . Personnel for personal use British Pound. 1.58 dutch Guilder. 1.71 German Mark. 1.53 note the Rales above apply within the Host country. Figures Are expressed n dollars to he 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 austrian Schilling. 11.053 Bahrain Dinar. 0,377 belgian franc. 32.33 British Pound. 1.5345 Canadian Dollar. 1.3825 danish Krone .6.177 dutch Guilder. 1.766 French franc 5-3785 German Mark. 1.573 greek drachma 234.95 italian lira 1,584.75 Kuwait Dinar 0.2972 norwegian Krone. 6.854 portuguese escudo .160.70 saudi rial. 3.7502 Spanish peseta. 129.48 Swiss franc .1,3315 turkish lira. 31,000.00 note figures Are expressed in dollars to the British Pound other currencies to the Dollar Gold quote $387.35 an ounce a Silver quote $5.35 an ounce sources merchants National Bank amp Trust co. A and the associated press new York Exchange hew York api a sales the 15 most Active new York nationally wednesday. Turn Price and net change of Sistok exch Sirje issues lading Nam a up Murtif Lail dig. Tel Max aos. 4,404,300 60 to for motor s 4,270,100 30 it -1rt we tech. A 2,96.7,600 28rt 14 a i g r c h k q 2,4 65,4 co 291b 1rt go motors 2,238,600 49 w �?1 4 Wal Marl 2,212,900 24rt a at amp to corp 2,075,700 84 i Johns nuns a 2,009,600 47rt Compaq s 1,921,000 30vt Motorola s a. 1,839.300 50rt i Pepsico 1,812,200 20 4 it my Nonais s 1.604,800 26 it Rwjr Nav Pica 1,715 700. Get h Chrysler a Quot 1,607,900 47v4 -1 Gene acc s 1,598,200 48 it a it i american Exchange new York apr sales closing Price and net change 01 the to most Active american Slock Exchange issues trading nationally wednesday. A name Velum la to chg. Echo Bay a a 801,700 Levic 44 Viacom Etc a a. 557,000 11�?1/16 Pegasus id. 434,500 1414 it Royal Oak 404,500 a 444 1/19 chess its 401,900 87 unch Hasbro a 398,800 295 it Viacom it a 36b.20q 444 v4 ply Gem. 292,500 18 -1 to source. 1 275,100 6 unch Ivan up 2/3,300 15rt i c Dow Jones new York apr Dow dosing Range of averages wednesday ,. High Tow clot change 30 industrials 3753.17 3fi93.27 3720.47 Oft 15.21 20 transport 1601.06 1575.53 1581.26 off 17.25 15 utilities 183.23 1b0.99 182.77 up 0.06 65 stocks 1300.17 1280,06 1286.35 off 7 37 russians in americans Washington a the reports of duped investors in Moscow losing their life savings in a shaky company serve As a sobering reminder to americans that such Pyramid schemes Are alive and Well in this country too. One of the oldest tricks in the world of financial fraud is the Pyramid which relies on an Ever widening network of naive participants whose Money creates the illusion of profits and Success. In the United states where investors presumably enjoy the safest fraud Protic Tion anywhere pyramids thrive in new venues such As pitches for overseas invest mint clubs and investment tips on computer bulletin boards Quot they just always seem to be there a Richard Roberts a member of the securities and Exchange commission said wednesday the classic Pyramid scheme involves a group of people who recruit new investors to inject fresh Cash to pay off existing shareholders or investors. The scheme Falls apart when not enough new investors Are available to support payments to the far Flung Enterprise. The new Jersey Bureau of securities last month moved to shut Down a classic Pyramid scheme a updated for the 1990s. It involved networking via compute a a a a. I hey Pyramid schemes just always seem to be a Richard Roberts securities and Exchange commissioner electronic mail messages which promised returns of 560,000 for a 55 investment. The new investors were told to Send $1 to five people on an electronic mail list add their name to the Bottom of the list and promote the scam by posting a file called a make. on 10 new computer bulletin boards according to documents. Analysts suspect a russian investment company known As Mem is using a typical Pyramid scheme and thousands of investors in that country have besieged company offices in an attempt to sell their shares in recent Days. Russian president Boris Yeltsin and other officials have criticized Mem which faces tax evasion charges and similar financial organizations that Promise returns of up to 1,000 percent. Regulators say there a Little National data on the prevalence of Pyramid schemes. They say its a fraud that simply refuses to go away for one simple reason investors desire to get Rich Quick. A a that a oftentimes a. Variant of the american dream if you will. Everyone wants to get ahead and if you can do it quicker through this Means lets go for it Quot said Craig Gottsch superintendent of the Iowa securities Bureau. Quot i think that a Why people bite frankly.�?�. Some of the schemes assume very Complex forms. The secs Boston District office obtained Federal court orders earlier this year against a company called european Kings club three German citizens and a . Resident in what regulators described As a fraud that raised $1.4 million in 18 states. The club and its affiliates sold club memberships for $100, which allowed investors to Purchase a letters of investment Quot for $1,400 each. The letters Quot guaranteed monthly payments of $200 for 12 months which resulted in an annual return of 71 percent. Quot we alleged they had no real business a said Jim Adelman the secs assistant District administrator in Boston. Quot All they were doing is using new investors Money to pay old . A Vij a Ajo w it a ? a it j a Wjk a Jav a it a j. It it a a a / a a a it fee amp Zow amp la s w we is. of til no fishing Leisure boats Circle Spanish fishing Craft that Block the Harbor which charges that the european Union has been lax Over of hand Aye France near the Border with Spain. Wednesdays French violations of regulations prohibiting the use of Long Drift action was part of protests by the Spanish fishing Industry nets in tuna fund advises . To adopt Federal sales tax Washington a the International monetary funds executive Board recommended last year that the United states consider instituting a Federal sales tax to offset a chronically Low National savings rate. As part of its yearly economic reviews of member countries the if also advised Japan to make greater strides to lower Trade barriers and said Germany should do More to stimulate its Economy. The recommendations were made Public wednesday. That report contained no real surprises but did give a glimpse at the Type of policy recommendations the International makes behind the scenes As part of its annual surveillance reviews. The . Review was conducted last August As Congress was considering president Clinton a $500 billion program to reduce the deficit Over five years. A even if the budget plan was implemented fully and there was some recovery in private saving the National saving rate would remain Well below its historical Norm a the if said in a summary of its directors debate last August. The 24-member executive Board is drawn up to reflect the i mfg a Overall membership of 179 countries. If Deputy managing director Richard Erb said at a briefing on the annual report that America s huge budget deficits had been a focus of debate among members of the i mfg a executive Board for More than a decade. He said that since Many other countries have a National sales tax known As a value added tax they have been pressing the United states to adopt a similar tax because of the Large amounts of Revenue it can raise. The Clinton administration briefly considered putting Forward a vat last year to pay for its health care reforms but abandoned the idea. For Japan the if executive Board recommended greater efforts to open its markets to foreign goods As a Way of reducing its Trade surplus. It said agricultural Trade should be a priority for Germany the if annual report revealed that when its review was conducted in july 1993, if officials were concerned that the country s economic slump threatened to become More prolonged. The executive Board recommended intensified efforts to stimulate the Economy including further cuts in interest rates
