European Stars and Stripes (Newspaper) - November 24, 1994, Darmstadt, Hesse Page 14 the stars and stripes Money matters thursday november 24,1994 today s rates following Are fixed rates a which Community banking and credit Union facilities will sell for eign currencies to . Personnel for personal use British Pound 1.61 dutch Guilder 1.69 Gorman Mark. 1.51 note the rates above apply within the hos country. Figures Are expressed in Dollar to the British Pound other currencies to the Dollar following Are Interbank rate that fluctuate and should be regarded As the approximate value of the . Dollar to foreign Curren cies austrian chilling. 10,893 Bahrain Dinar. 0.37673 belgian franc 31.85 British Pound. 1.5748 Canadian Dollar. 1.3748 danish Krone 6.065 dutch Guilder. 1.7369 French 5.3165 Gorman Mark. 1.5477 greek drachma. 238.40 italian lira. 1,600.50 Kuwait Dinar. 0.29885 norwegian Krone. 6.7733 portuguese escudo. 157.85 saudi rial. 3.7506spanish peseta. 128.99 Swiss franc i .31 turkish lira. 36,000.00 note figures Are expressed in dollars to inf British Pound other currencies to the Dollar Gold quote $384.50 an ounce Silver quote $5.17 an ounce sources merchants National Bank & Trust co. And the associated press new York Exchange new York a sales 4 . Price and net change of the 15 Moat Active new York Stock Exchange issues trading nationally tuesday. Kami volume last i 7,578,800 57 -2 Brinker 6,606,500 17ft -3htelmexads 5,087,800 50 to re Nab 4,260,200 6vi we tech 3,883.800 30 14 Gen motors 3,487,700 36h Merck 3,481,900 35h -11 limited 3,457,100 20v Citicorp 3,250,300 40h h Walmart 3,238,900 23v a we tech 3,082.800 25? in men elect 3,017,000 46v Hford motors 2.908,600 27 h Compaq 2,891,000 38v i disney2,516,300 43 h american Exchange new York a sales closing Price and net Chang of the 10 most Active american Stock Exchange issues trading nationally tuesday. Kami Vot emt last 1,? 49,600 3v m Viacom vat 611,600 11 a Lacomb 814,100 38v Man vaccine 755.800 10 -1h cd Modeva 626.700 2 9/16to worst loss in 9 new York a on Wall Street thanksgiving 1994 May go Down As the time when Stock refugees made a mass pilgrimage elsewhere. A wild Selling spasm that engulfed the Stock Market tuesday pummel cd the Dow Jones average Down More than 91points, its worst one Day loss in nine months. It was the fourth straight Day of declining stocks and reflected Broad based Selling by a Range of investors. A key reason for the rout was the increasingly attractive allure and safety of the Bond Market where investors cannot get an 8 percent return on their Money without the risk that comes with stocks -.-. Interest rates have been rising steadily most of the year because of Steps taken by the Federal Reserve Board to restrain inflation in the expanding Economy. The fed s latest tightening move came nov. 15. The fed has spoiled the party said Robert Brusca chief economist at the new York Branch of Nikko securities Abig japanese investment Bank. They have not Only taken away the punch bowl they have poisoned the Market s losses tuesday depressed stocks to their weakest level since Early july and doused Hope for an rally something that often happens. Economists said Many investors sol stocks in favor of Treasury Bonds,.while others simply put their Money into Cash. Some said they expected More migrations out of stocks because higher interest rates also could menace the Economy and by Extension the profitability of corporations by raising the Cost of Bor rowing. Xiv. " Over the last week it gradually dawned on people that the fed Means business and that it has something to do with 1995 corporate earnings said Wil Liam Dodge chief investment strategist at Dean Witter discover & co. Corporate earnings Are a key reason Why people buy stocks. If a business is doing Well or is expected to strengthen that generally makes its Stock an attractive investment. Conversely the prospector lower profitability puts Selling pressure of a company s Stock. This Means stocks could fall further a economists reduce their profit expectations for . Corporations. Now stocks Don t have the positive earnings reports to count on and they Are still concerned about further rate hikes by the fed said Sung won Sohn an economist for Norwest corp., a min Neapolis banking company. They think the fed will continue to raise rates until they really tank the econ already foot soar tax Paul Periton Quincy mass., on of the Many vacationers going 30.4 million americans scheduled to travel by plane More than airborne during the thanksgiving travel crunch gives his feet a 100 Miles from Home Over thanksgiving according to the Amer rest while waiting at Logan International Airport in Boston lean automobile association. That s approximately a 3 percent the Paris bound Perito and his wife were among an estimated increase from last year. Targeted to add to the list their own examples of business subsidies that Don t make Reich said eliminating some tax Bene fits would provide additional revenues to Complete the Job of overhauling the government s worker education and retrain ing programs. Ending corporate welfare As we a worthy goal made All the worthier if it frees funds for investments in work ers Reich said. His comments offered a glimpse of what could become one of the major Bud get Battles in the next Congress the Firstone in 40 years that will have both the House and Senate controlled by republicans House republicans in their contract with America set Forth the additional tax cuts they would seek including reducing the capital gains tax and something for the Middle class in general. Washington a labor Secre tary Robert Reich put congressional re publicans on notice tuesday that the Linton administration was ready to at tack corporate welfare about $111 Bil lion in tax concessions made to american companies Over five years. Reich said that next Congress the administration would seek to Reform not Only the welfare system that serves poor people but also the special tax Bene fits received by american business since we Are committed to moving the disadvantaged from welfare to work Why not target corporate welfare As Welland use the savings to help All americans get better work Reich asked in what was called a major policy speech to the democratic leadership Council. Reich s proposal caught some Mem Bers of the administration by Surprise. I have not heard about that proposal. I not aware of it Commerce Secretary Ronald Brown said As he left a Whitehouse meeting. As far As i know it has not been discussed at the highest Levels of the Clinton s claim to the title new Democrat was based on his work in founding the Council an organization that has championed More conservative approaches than Many democrats have taken in the past. In a report titled Cut and invest the Council s progressive policy Institute pro posed withdrawing special tax benefits enjoyed by the Oil Gas Timber and Adver Tising industries and companies doing business in puerto Rico. In his prepared remarks Reich did no cite any examples of corporate tax Benev fits that the administration would seek to eliminate. But he did Call on two conserve ative1 research organizations the Heri Tage foundation and the Cato Institute and other great think tanks of this City
