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New Braunfels Herald-Zeitung (Newspaper) - March 24, 1985, New Braunfels, Texas 6A New Braunfels March Ohio bank problems make dollar drop Financial focus NEW YORK AP A David and Goliath story unfolded in global foreign exchange markets last week when the the worlds strongest was knocked for a loop by the closing of 70 obscure Ohio savings and loan Analysts said the dollars representing one of its biggest losses was in large part a matter of overreaction by skittish They added that the wholesale closing of the and the delays in their reopening did little to inspire Currency traders already were edgy about the dollars course when Ohios governor announced a threeday closure of the state chartered institutions on March citing fears of a run by depositors following the earlier collapse of Home State Savings Bank in When that weekend closing was extended last Monday and as pictures of depositors camping outside received prominent display in foreign newspaper and television European traders responded with a dollar selling In two the dollar plunged a performance unequaled since the 10 percent devaluation ordered by the Nixon administration on financial markets remained relatively not viewing the problem as more than a local in But foreign unfamiliar with the workings of the American banking system and unaware of the difference between the small Ohio and the major international banks in the United were inclined to dump a traditional haven for funds in times of shot up more than an ounce its biggest percentage gain in more than a I think there was excessive concern on just how vulnerable the banking system as a whole may said Lawrence an international economist and vice president at Irving Trust a New York Kreicher said European traders viewed the situation as a threat to the stability of the financial system that would require the Federal Reserve to abandon its inflationfighting tactics and begin pumping money into the banking Such a course would reduce the chances of higher interest rates in the United States and increase the chances for rekindling higher inflation later in the a combination that would make dollardenominated investments less It had been expectations of continued high interest robust economic growth and low Savings loans Assets Mortgages mortgagebacked securities Other assets Government securities other debentures Consumer loans Mortgage lending Volume in billions of dollars Buildings and equipment Includes real estate development and real insurance and discount securities brokerage 1977 78 79 80 81 82 83 Preliminary ChicagoTritune Graphic Sources Federal Home Loan Bank Board League of Savings Institutions inflation that had propelled the dollar on a historic rally in concerted assault by European central banks and the Federal Reserve which dumped billions of dollars on foreign exchange markets in late then weakened the The speculative bubble we had in February was bound to be Kreicher This thing in Ohio helped the process But if it hadnt it would have been something Closed private banks scare Ohio residents CINCINNATI AP The state ordered closing of 69 privately insured savings and triggered by the collapse of a Florida securities created a crisis of confidence among Ohioans that only time and sound banking practices can industry officials The whole structures built on People have to have confidence in the banking said William Con vice president of Century Savings Bank in On state officials gave permission for all the closed savings and loans to reopen for deposits and limited withdrawals pending their attempts to obtain federal Century Savings had reopened earlier after getting insurance through the Federal Savings and Loan In surance As these institutions begin to open the crisis will said William executive vice president of the National Association of State Savings and Loan I would think the confidence problem has been heightened by the anxiety of not being able to get to your Its not the insurance thats the its the ability to get your money when you want If the insurance helps that public per thats a Ohio officials are just now getting time to assess the questions raised by events triggered by the courtordered closing March 4 of ESM Government Securities of Fort which sold securities to numerous had loaned million to Home State Savings Bank of Home States alarmed at the possibility they might lose their began a run on the bank despite official assurances their money was Home State closed March in caused runs at two other savings and loans also in sured by the state regulated Ohio Deposit Guarantee Concerned officials of other ODGFinsured banks contacted Richard who on March 15 ordered the 69 remaining ODGF institutions The crisis did not affect the ap proximately 125 federally insured savings and loans in The state appointed Arlo a retired Cleveland as conservator to oversee sale of Home State to a new owner for Smith has been unable to conclude the talks so and Home State depositors are still cut off from their Celeste appointed lawyer Lawrence Kane last week as a special prosecutor to investigate Home States collapse and recommend changes in Ohios banking Financier Marvin owner of Home reportedly withdrew million of his assets from ESM days before its He has been sued by who say he should have protected them if he knew ESM was in in telephone interviews with Cincinnati news media from an undisclosed has denied doing anything a major contributor to Celestes 1982 gubernatorial also says the Federal Reserve Bank could have saved Home State by pum ping money into Time crucial in money planning By STAN CUNNHINGHAM Edward Present investment decisions should be influenced by our future Theres a direct relationship between the amount of money we wish to accumulate and the number of years we have to accumulate To lets assume you wish to accumulate a college education fund for your newborn You feel the child will enter college in 20 years and youre ex pecting an annual rate of return of 12 To reach this goal youll have to invest per If you wait five years now you have only 15 years to meet your goal youll have to invest per and if you procrastinate another 10 youll have to in vest per month to achieve the same dollar So you time can be a real asset in planning for our childrens education or our retirement if we dont let it slip away The more time we the fewer dollars we Advice we receive on investments should be weighed in relation to the Im reminded of the cartoon two hobos sitting on a park bench discussing their investment I tend to discount advice from the neverdowells or one who stands to benefit strongly on the advice he or she as weve mentioned should not be based on hot tips or When you select a broker or meet with him or her and ask for his or her philosophy on investing get to know the broker or adviser you Once you trust your take him or her into your complete confidence and ex plain in detail your goals and The more your adviser or broker knows you and what you the better he or she will be able to serve Back in the air Pan American reaches tentative agreement with workers NEW YORK AP Pan American World Airways reached a tentative settlement Saturday with striking ground workers after a 24 day walkout that halted half the airlines Negotiators said the agreement must be submitted to a ratification vote by members of the Transport Workers Union before they can come back to A for mal statement would be made later the officials The financially troubled airline still faces an April 1 strike deadline set by its flight Needless to I am delighted that an agreement has been said Robert the federal mediator in the I want to compliment both sides on a very vigorous bargaining Jeff a Pan Am vice said the company per ferred not to comment until it found out whether the threeyear contract would be The TWU struck on 28 after rejecting a company offer to raise salaries by 20 percent over 36 plus an immediate bonus and a bonus for other employees negotiating for new work The workers also rejected a Pan Am proposal to hire parttime em ployees and create a twotier salary system to new fulltime em ployees as much as 50 percent less than The which represents baggage and flight was asking for a snapback to the 14 percent wage increase its members agreed to forgo in 1982 to assist the Pan Am pilots had agreed to a 32month contract that would gradually restore the sacrificed wage but a similar package was not attractive to the In its efforts to save Pan Am has cut jobs over the last five years and has asked all of its unionized employees to in crease productivity and agree to large reductions in pension and health care Industry analysts have said that Pan Ams cash reserves of million would give it some breathing but speculated that the airline wanted to settle before losing summer Pan Am has not made a profit since Its net losses totaled million from 1980 through 1984 and it posted a loss of million last year on revenue of The airlines debts have soared to forcing it to sell off including a hotel chain and its headquarters building in New in which the company now leases Analysts say that many of Pan Ams problems stem from its heavy share of overseas destinations 80 percent of its scheduled flights which have become less profitable because of the falling value of foreign currencies against the The strike forced Pan Am to reduce its schedule by hitting domestic flights particularly it carried passengers daily on 400 flights to 89 cities on six and main tained major operations in New Los San Francisco and We guarantee you the biggest tax refund you have We cant promise everyone a but if youve got one well guarantee to find you the biggest refund or your return is BLOCK THE INCOME TAX PEOPLE What can we find for you Castell Open 9 AM 6 PM 95 Phone 6253810 ONLY 22 DAYS LEFT Vanishes Did you buy a Term policy just to invest the difference You didnt need to With a Southwestern Lile VISION Universal Life policy 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