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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Sept. 28, 1995)
Page 8 • The Battalion Thursday • September 28, Career Fair October 3, 1995 OLDE, America’s Full Service Discount Btoker SM , is looking for motivated people to establish a career in the stock brokerage business. OLDE offers: 4-12 month paid training program Potential six-figure income Excellent benefits If you possess excellent communication skills, general market knowledge and the desire to excel, see us at the Career Fair on October 3, 1995. If you are unable to attend the Career Fair call: 1 800 937-0606 or send resume to: OLDE Discount Stockbrokers National Recruiting 751 Griswold Street Detroit, MI 48226 An Equal Opportunity Employer A-fc-fceirbion Freshmen! Last Call for Free Shots. Friday, September 29, is the last day to have your picture taken for Texas A&M’s 1996 Aggiela nd yearbook. Call 693-3133 for information AR Photography 707 Texas Ave. (next to Taco Cabana) Treasury Department reinvents Benjamin Franklin, $ 100 bill styl □ The bill is the first denomination to beadapj to prevent counterfeiting in this era of compul crimes. All U.S. bills will eventually be chanm WASHINGTON (AP) — Ben Franklin is bigger, slightly left of center and maybe even looks a little more youthful on the new $100 bill. The new-look founding father was on display Wednesday as the government took the wraps off its new bill to launch the first overhaul of U.S. currency in nearly 70 years. The goal is to thwart increas ingly sophisticated counterfeit ers worldwide — not to improve aesthetics, officials said. “We must stay ahead of the rush of technology,” said Trea sury Secretary Robert Rubin. Modern computers and color scanners could pose a threat to the greenback if the United States failed to act, he said. Federal Reserve Chairman Alan Greenspan, on hand for an elaborate unveiling ceremony by the Clinton adminiitration in the Treasury Department's or nate Cash Room, said there is little cause for concern. Fewer than one of every 100,000 bills of all denominations in circulation is found to be counterfeit, he said. The Fed distributes curren cy through its regional banks. The government is concerned mainly with forgers overseas, where about two-thirds of the $390 billion in U.S. paper money is in circulation. Greenbacks ac count for about one-fifth of the world’s currency supply. Under tight secrecy, the Bu reau of Engraving and Printing has been producing the new $100 bills for 10 days. It will be early next year before the general pub lic can get its hands on them. And it may be the turn of the century before all the smaller denominations — right down to George Washington on the $1 bill — are remodeled. The government picked the $100 bill for the first makeover because of its favored status with counterfeiters. The portrait of Franklin, a pio neer in campaigning for paper currency, is 50 percent larger than on existing bills and extends from upper to lower border. His likeness has been moved left of center to protect against wear and tear when the bills are folded and to make room for a watermark portrait of Fratl that is visible when bills hold up to the light. Franklin also appearssl younger, but officials because his hair looks darfel reasons of contrast. Theeir ing is from a paintingtkl National Portrait Galleni probably was completed in]| five years before the state inventor died. Of the numerous secml features in the new are hidden while othersdit the appearance of then dramatically. In the lower right-hard ner, the denomination of tki) has color-shifting ink. Then her 100 changes fromd when viewed head-on to:] when seen at an angle. The watermark portra] Franklin at the far righto seen when held up tothf j but does not reproduce or,] copiers or computer ecanM’j Some traditional Idem: 1 !: marks help retain thei look and feel of U.S. curreo both the $100 bills andthei for other denomination- size is unchanged. Theysti "In God We Trust.” And th| ors are the same, black o front, green on the back. One hard-to-see chanjt: be that the vertical setil threads, introduced in 199C] be placed in different posit: depending on the denorak Officials stressed that ml rency will be recalled ar l bills in circulation remair f tender. They predicted itj take years until all old I out of circulation. Critics said failure tor the old bills could anti-counterfeiting drive.;] ers can duplicate the trait: al notes as long as thesf around, they said. But the administratioiii said recalling old biffsco: | destabilize the economies of | eign nations, particularly in £ sia where greenbacks arehosrj as a hedge against inflation. The last major change it I currency was in 1929, whet were reduced in size uniform look. There were? small changes in 1990. Economic growth improve: □ The rise in orders for durable goods, aidedl a resurgent auto industry, provides evidence a strengthening economy. WASHINGTON (AP) Factory orders for expensive, long*' ing goods rose more rapidly in August than they had in a rekindling talk of a resurgent economy. The Commerce Department said Wednesday that durafc goods orders shot up 4.9 percent last month after two straight^ dines. The increase was the largest since orders soared 6.5 p:' cent in August 1994. Analysts said the surprisingly large advance — combined wit:' | improving housing market and steady consumer confidence-k; i eouraging. But they said the pace of growth is not becoming rapid 1 “You’re bouncing back after some pronounced weakne* : : said economist Stuart Hoffman of PNC Bank Corp. "I wouldr. call that a boom.” Stocks and bonds fell sharply in early trading but recover:: part; of their losses. At midday, the Dow Jones industrial aversi 1 was off 16 points and the yield on the 30 -year Treasury bondroi 1 to 6.64 percent as its price fell. Analysts said the durable-goods report reinforces evidence: improving growth that prompted the Federal Reserve onTufj i day to forgo cutting interest rates. Many analysts said raij i could remain stable for the balance of the year if the econofij i continues to strengthen. i Volatile orders for autos accounted for about half the surge j I durable-goods orders last month as assembly lines started upij : ter a summer shutdown to retool for the new models. Orders also were up strongly for industrial equipment, prims'] i metals and military goods. Electronic equipment, including corf : puters, was the only major category that fell. The Commerce Department said orders for durable goods: taled a seasonally adjusted $163.9 billion, up from $156.2 billitj ; in July. For the year so far, new orders are 8.1 percent high*} ; than the same period in 1994. Orders fell 1.8 percent in July and slipped 0.3 percent in JurT : The economy slowed dramatically in the spring, growing atal : i percent annual rate. But analysts believe it is now expanding:} i about a 3 percent annual rate as consumer spending picks up. j “Consumers are holding back a bit. They have too much dd ! j ; and with the high-profile layoffs people are beginning to won]} ‘will 1 be next?”’ said Sung Won Sohn of Norwest Corp., a M'} i neapolis bank holding company. I Consumer buying accounts for about two-thirds of the natio} i economic activity. There was additional evidence that factories are gaining n ‘ : mentum. The National Association of Manufacturers said halfth} i chief executives it surveyed expect their companies to incron; | jobs and only 13 percent expect fewer employees. Seven month] | ago, the figures were 40 percent and 21 percent, respectively. J Orders for defense equipment shot up 37.3 percent after a | percent drop in July. Excluding military goods, orders rose 3 ; | | percent last month after falling 1.6 percent. | Orders for nondefense capital goods excluding aircraft, ak i barometer for business expansion, rose 1.7 percent in August ; ter plummeting 8.1 percent the previous month.