Carlsbad Current-Argus from Carlsbad, New Mexico • 25

Sunday, March 31, 1991 Carlsbad Current-Argus D-1 IN BRIEF The Carlsbad Chamber of Commerce Fed sets conditions for lowering interest rates In Action Gunning at Edward D. Jones Kay Gunning has been hired as secretary for Edward D. Jones 516 N. Canal SL Gunning, a Carlsbad High School graduate, is By MARTIN CRUTSINGER AP Economics Writer the daughter of E.A. and May SchoekL She graduated from St.

Olaf College in Indiana, returning to Carlsbad in 1984. She is a member of Carlsbad Community Concert Association and serves on its membership committee. She also is a member of the New Mexico State University at Carlsbad chamber choir. The minutes of the Feb. 5-6 meeting said that several policymakers had urged placing greater emphasis on promoting economic growth because "they were more concerned about the severe consequences of a potentially deep and prolonged recession than those of a sharp rebound in the economy, especially given current financial strains and fragilities in the economy." The Fed did ease credit conditions further on March 8 after the government reported that unemployment had hit a four-year high of 6.5 percent in February.

The central bank engineered a quarter-point cut in the federal funds rate, pushing the interest that banks charge each other for loans down to 6 percent. I- i WASHINGTON (AP) Top policymakers at the Federal Reserve unanimously approved lowering interest rates further if needed to bolster a weak economy, according to minutes of their February meeting released Friday. Members of the Federal Open Market Committee, composed of Fed governors in Washington and six of the Fed's 12 regional bank presidents, endorsed by an 11-0 vote a policy that would allow for further credit easing if needed to fight the recession. Edward D. Jones, represented locally by Abe.

F. Nayfa, was founded in 1897 and has over 1,600 offices in 48 states. The firm is the largest Firm in the financial services industry, in terms of numbePSPbffices. UPS honors safe driver Ennis Burkham, a package car driver for United Parcel Service, was recently recognized by the Price makes adjustmenlfrom judge to Christian station sales The Chamber of Commerce is the Carlsbad business community. It is a non-profit corporation owned and operated by the 900 business and professional individuals that comprise it.

One of its most important roles is being the spokesman for these the business community. Last week we talked about an issue the Chamber didn't feel it should be vocal on. What should we speak on? Any issue of significance to the business community! Generally the Chamber is non-political and restricts itself to issues, not candidates. (My voter registration card says "declined to state party The selection of the issues is up to the Board of Directors, representing the membership, much like our state and national legislators represent their constituency. This year we plan to enhance this role considerably.

Immediate Past Board Chairman Barbara Webber will be serving as our Legislative Chairman, and we plan on maintaining year-round activity, not just a flurry of excitement during the session. We plan to work on all three levels local state, and national. We plan to identify people who already have interest in and do some level of legislative activity to share their sources of information. We plan to do some co-oping to cover each other's issues by knowing when someone plans to be in Santa Fe or Washington and how to reach them. If legislative activity is your nitch, contact Barbara Webber or myself about these organization efforts.

Hosted several congressman in from the house sub-committee on National Parks and Public Lands. People from the Chamber, Department of Development and a number of public officials worked with them as did people from WTPP, Carlsbad Caverns, and Guadalupe National Park. Hope we did some good. We're trying to get with tourism industry 'Mi i. in i.

mi numwi'i in) 1 1 mn ii. muniiB A N-. company for completing 15 years driving without an accident. Burkham works out of the Carlsbad UPS facility at 2310 Osborne. He currently provides UPS service in the Carlsbad area.

He was presented the 15-year safe driving award at a ceremony honoring his Tommie and Al Cooper, KRPV-TV owners folks here in town to get input on how to have a better year, and to explain how we dan make the By STEVE W.GIVENS Current-Argus staff writer Donald W. Price has traded his black judicial robe for the sales manager's duties for KRPV, a Roswell-based, prime time Christian television broadcasting station. Price said he is comfortable working to help people improve their final judgment instead of resolving magistrate court cases. The former Fifth Judicial District magistrate judge for Division 3 tesia) was defeated in the June 5 Democratic primary by Larry E. Wood.

Price's final day on the bench was Dec. 31; "I spend 20 years in the courtroom, but when I left office I never really looked back," Price said in a telephone interview. "I'm really excited about what this station and its owners, Al and Tommie Cooper, are doing." Price said the non-profit, commercial-free KRPV offers 24-hour clean programming the entire family can watch. KRPV can be viewed in Carlsbad on UHF channel 63. "It works best if you use a loop antenna," Price said.

"Some people have called us and told us they can pick up the station just by doing some fine tuning." The station, which is an affiliate of Trinity Broadcasting Network of California, went on the air eight years ago. It broadcasts primarily on UHF channels, but is carried by some regional cable companies. "Tommie and his wife first Be Our Guest section that the newspaper publishes a better tourist-getter for all of us. Still lots of folks that depend on tourism that we haven't talked to, and our new tourism man, Johnny Johnson, is looking for ways to get in touch with them. If tourism is your bag come to the Cham ber at 10 ajn.

Wednesday. Had the "Fust Thursday" luncheon set to hear from our state legislators and thank them for a job well done. Unfortunately the mayor is host added to the cable. We got something like 850 people to sign up for us." Price said he and the Coopers are confident the station eventually will be added to the Carlsbad cable. "We are not upset," he said.

"We know one day, we will be on there for everyone to see." Price said more than 1,000 people from Carlsbad have called the Roswell station or helped financially in support of its programming. Monday is an excellent time for prospective viewers Carlsbad viewers to tunc to KRPV, Price said. The station will be broadcasting a hour "Praise-A-Thon" to raise money for TBN. Please see CHRISTIAN on D-2 branched to Artesia four years ago on Channel 31, then three years ago, they went to Ruidoso on Channel 45," he said. "Two and one-half years ago, they added Channel 36 in Portal es and then Channel 63 in Clovis." The station is seen both on UHF channel 45 and cable channel 37 in Lovington, and on channel 29 in Alamogordo.

It will expand into Texas for the first time Sunday, April 7, when KRPV will be received in Odessa. In addition to Lovington, KRPV also is seen on cable in Roswell (channel 12), Portal cs (channel 37) and Artesia (channel 31). "We are talking to TCI Cablcvi-sion of New Mexico, Inc. in Carlsbad," he said. "They told us we would need 500 signatures to be ing Senator Pete Domenki in a special luncheon in recognition of our returning troops, so we are canceling our luncheon in favor of this very worthwhile event We'll see if we can reschedule our delegation next month.

Traffic downtown is a bear! I think most merchants felt -the extra exposure would be a good thing. However, the way it has worked out, traffic is so heavy that if you get in a parking place, you can't get back out It seems to be re ducing the number of customers shopping. The city is working on the problem. And, we com mend their quick response. Saturday, April 6, all day, Phillips Western Currency trader's sentence: Salvation Army Wear is having an open house.

We encourage ev eryone to attend. The official portion is at 10 ajn. April 6 is also the Jaycees Miss Carlsbad By Knight-Ridder News Scholarship Pageant On April 11, KATK is hav ing their Annual Home Show. And on April 13, the Living Desert State Park will host the annual Spring Plant Sale. All good Chamber members.

Talked last week about motels putting money in the community this week I would like to point out the new Carlsbad Mental Health facility on Canal Street that's really coming along nicely, and the new i facelift xnThriftway, now La Tienda Thriftway. Of course the new auto parts store is starting to take shape, too. achievement Hoffman finishes AAFP hours Dr. A. Ron Hoffman has completed continuing membership in the American Academy of Family Physicians (AAFP), the national association of family doctors.

The requirements call for members to complete a minimum of 150 hours of accredited continuing medical study every three years. Hoffman has been an AAFP member since 1971 As a family physician, Hoffman is qualified to work in all major medical areas and trained to treat up to 90 percent of all patients. Family physicians, according to an AAFP news release, care for all family members, all ages and both sexes. The academy, the country's largest medical specialty association with more than 69,000 members, was instrumental in establishing the medical specialty of family practice in 1960. It is the advocate for patients and endeavors to educate the public in all health-related matters.

Esstman heads GTE post Michael B. Esstman has been named president of the newly formed GTE Telephone Operations-Central Area. Esstman comes to his new position from Con-tel, where be served as president of that company's Eastern Region, telephone operations sector. The GTE Central Area is a result of the GTE-Contcl merger and consists of GTE Southwest serving areas, as well as various territories served by Contd and a few territories in GTE's North Area. The changes were effective with the March 14 closing of the GTEContel merger and were approved earlier by the companies' respective boards of directors.

Economic gauge surges up WASHINGTON The government said its chief economic forecasting gauge reversed course in February and surged upward by 1.1 percent, the biggest gain in nearly three years. Three-fourths of the increase in the Index of Leading Economic Indicators, reported Friday by the Commerce Department, came from a big jump in stock prices and a rise in consumer confidence. TWA buy clears hurdle ST. LOUIS A last-ditch effort to find a new owner for struggling Trans World Airlines cleared a hurdle when union leaders and representatives of billionaire investor Kirk Kerkorian agreed to conditions for a purchase. Friday's agreement called for Kerkorian to put up $250 million, the unions to accept $137 million in concessions over three years and the restructuring of a substantial part of TWA's $2.6 billion in debt, much of it in junk bonds.

Four bids for failed bank NEW YORK Banking regulators said they received four bids for the failed Bank of New England but the winning bid won't be announced for another two weeks. Tbe Federal Deposit Insurance Corp. identified the bidders Friday as BankAmcrica Corp. of San Francisco; Bank of Boston Corp; New Maine Bank Associates, an investor group led by Marco DeSalle of Cape Elizabeth, Maine; and a joint bid by Fleet Norstar Financial Group Inc. of Providence, RJ.

and corporate takeover specialists KcWbcrg Kravis Roberts A Co. of New York. None disclosed terms of the bids, in accordance to FDIC rules. Farm prices in brief climb WASHINGTON Prices farmers get for raw products rose 2.1 percent from February to March, the first monthly increase since May 1990, the Agriculture Department said. Despite the gain, the department's "prices received" index for farm commodities was 1 percent below i year ago.

Higher prices for eggs, oranges, caule and upland cotton were tnosly responsible for the increase from February, the department's Agricultural Statistics Board said Friday From Curmt-Argua and newsw'n sources. Remember, Chamber investment pays divi counts, and no customer was shortchanged in the transaction, records show. In his six-month "community service sentence," however, Scheck would be at an unspecified Salvation Army center full time, spending his nights there as well as his workdays. At a hearing before U.S. District Judge Ann Williams, prosecutors also said Wednesday that David 7att one of Scheck's co-defendants, will plead guilty to reduced charges April 3.

The terms of the Zatz agreement were not disclosed. The third co-defendant, Swiss franc broker Robert Mosky, pleaded guilty to reduced charges March 19. Under his agreement, Mosky will spend four months in prison and four months in work release, make restitution of up to $12,000 and pay a $36,000 fine. The plea agreement with Mosky marked a significant departure from earlier policy because government prosecutors agreed for only the second time to drop a racketeering charge. Critics of the FBI investigation have contended that government agents misused the racketeering statute in a largely unsuccessful effort to gain cooperation from some of the defendants early in the probe.

(A racketeering conviction would carry a huge fine and lengthy prison sentence and allows for forfeiture of personal assets.) dends in countless ways. The Chamber has sev CHICAGO A Chicago Mercantile Exchange currency futures trader who originally faced 40 years in prison and $1.6 million in fines pleaded guilty Wednesday to minor federal charges and will instead serve six months at a Salvation Army center. Under an agreement with federal prosecutors, Danny Scheck, 29, a trader in the Merc's Swiss franc pit, also agreed to make restitution to Merc customers who may have been harmed financially by his wrongdoing. His lawyers said Wednesday that they expected any such payments to be no more than $50. Scheck was one of the traders indicted in 19S9 after the FBI's multimillion-dollar investigation of Chicago's futures exchanges.

He stood trial last summer with two co-defendants and was found guilty by a jury of one felony count, stemming from a prearranged trade that resulted in a $50 loss to a Merc customer. The jury could not reach a verdict on 19 other counts against him. The two misdemeanor counts to which Scheck pleaded guilty Tuesday are grounded in two "curb" trades he made with undercover FBI agent Randall Jannett in April and June of 1988. In the curb trades, those executed after the trading bell has sounded, Scheck and the agent were trading for their own ac eral councils including Business, Membership, Retirement and Tourism that give you a voice in the programs and direction we take for you. We also have special task forces which plan activi ties such as Scholar's Dinner, the Annual Senior Recognition Banquet and Alfalfafest If you would like to participate on any of these councils or task forces, call your Chamber office.

Prepared by the Carlsbad Chamber of Com merce, Terry Burns, president and CEO. Investigation may link foreign bank dealings holding company with nearly 300 branches stretching from Florida to New York. Gonzalez told Greenspan a Federal Reserve Bank of. New York analysis of Banca Nazionale del Laoro-Al-lanta's account at Morgan Guaranty Trust Co. reveals large transfers between Banca Nazionale and the Luxembourg bank from July 27 to July 29, 1989, the week before FBI agents raided Banca Nazionale's Atlanta office.

According to a commiace source, who spoke on condition of anonymity, records show that on July 27 the Bank of Credit and Commerce transferred $22 million to Banca Nazionale's account at Morgan Guaranty. The. next day, Banca Nazionale sent $21005 million back to the Bank of Credit and Commerce and on July 29 senf $200,000. The source said records also show a transfer of $15 million from First Arncrican to Banca Nazionale -on July 25. A separate document show's that the Luxembourg, bank's London office transferred $30 miHion on June 5, 1989, to Banca Nazionale's Morgan Guaranty account.

The source cautioned that the transactions -could ba legitimate. Banca Nazionale bcrrowed from other banki 10 lend to clkna and to meet US. reserve reqiirtrnens. But the source said, nciihcr the Bank of Credit and Commerce nor First Arncrican appear on a list of banks Banca Nazionale normally used as sources of funds ing the period. WASHINGTON (AP) Investigators working for the House Banking Committee think they may have found evidence connecting two major comroversies involving foreign bank dealings in the United States.

The inquiry, launched by the committee chairman. Rep. Henry B. Gonzalez, D-Texas, is examining multi-irullion-dollar transactions in 1989 between Italy's Banca Nazionale del Lavoro and the Luxembourg-based Bank of Credit and Commerce International. Both banks have been at the center of scpara federal investigations.

Two former executives of the Atlanta branch of Banca Nazionale del Lavoro were indicted last month on charges they illegally arranged more than $4 billion in unauthorized loans to Iraq. Early mis month, the Bank of Credit and Commerce acknowledged it acquired at least a 25 percent share in First American Bankshares Inc. without permission from U.S. regulators at the Federal Reserve. In 19SS, the Luxembourg bank pleaded guilty to laundering millions of dollars of drug money for deposed Paiiamanian dictator Manuel Antonio Noriega, some of it through an account at First American.

Gonzalez, in i March 14 to Federal Reserve Chairman Alan Greenspan, said, "Evidence has been Dncovered revealing millions of dollars of money transfers between BNL and BCQ." The relationship between the Bank of Credit and 6 Evidence has been uncovered revealing millions of dollars of money transfers between BNL and BCCI. 9 HENRY E. GONTALEZ House Backlog Committee chilrmM, a letter to Atea Gitwp" Commerce and First American has attracted intense public scrutiny because of the role of former defense secretary and presidential adviser Clark M. Clifford, who is chairman of First American. In 1982, when Persian Gulf investors acquired First American, Clifford assured U.S.

banking authorities it would operate separately from the Bank of Credit and Commerce even though the investors were customers of the Lraembourg bank. In bis soon-be-publishcd memoes, Clifford says he was "both appalled and embarrassed" to discover he may have misled regulators, but said, "If the Federal Reserve Board and other authorities had been deceived, so had First American is the national capital area's largest financial institution and Cc nation's 51st largest bank 1.