European Stars and Stripes (Newspaper) - March 27, 1991, Darmstadt, Hesse                                Wednesday March 27, 1991 the stars and stripes Page 17nnoneyjina despite the Success of its Patriot missile system in the War with Iraq Raythelon corp. Is scaling Back operations. The firm last week Laid off 146 workers in its missile division because of a a a slowdown in defense spending a company spokes Man de Powers said. The latest layoffs represent less than 1 percent of the workers in Rathe on a missile production. But since Jan. 1, the company has Laid off a total of nearly 1,000 workers. Raythelon officials said More layoffs Are Likely if the Federal government continues to reduce defense spending. Conversion rates London up a tuesdays closing rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $357 an ounce Silver at $3.94. March 25 March 26 British Pound. 1.7660 1.74 80 German mark., .1.6675 1 6985 French franc .5.6725 56725 dutch guilder.,.,. .1 8790 1 9025 belgian franc .33.4325 34 79 italian lira. 1,241.80 1,256.15 Swiss franc .,.�?z.v.,1.4255 1 4440 greek drachma. .179 50 182 10 turkish lira. .3,568 30 3,616 20 saudi arabian Riyal .37503 3 7503 Spanish peseta. .103.35 104 63 portuguese escudo. .145.25 147 65 Canadian Dollar. .1.1586 1 1598 austrian Schilling. .11.724 11 87 norwegian Krone .6 4765 a 6 5770 danish Krone. .6.390 6 4725 these Are unofficial rates As reported by wire service and banking sources and they Are listed to give some idea of daily currency fluctuations. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.65 wednesday based on tuesdays noontime Price fixing. New York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on monday. Stock Philip Morris. Rwjr Nabisco of Amer express ism corp toys r us inc adv Micro docs Pepsico inc waste mgt inc at amp to company. Varity corp Sears Roebuck. Schering plough Fedl Natl Mage nor corp Johnson amp Johnsn sales 2,066,400 1.991.600 1.846.600 1.596.900 1.522.600 1,508,000 1.465.900 1,395,700 1.384.900 1.381.900 1,228.200. 1,224,200 1,208,100 1.131.600. 1,121,800 last 66% 37 28% 113% 25% 11% 32% 37% 33 2% 34% 48% 43% 99% 95 Nat chg. Off 2% off 1 % up % up 2 off %. Off % off % up % up %. Unch. Up 1 % off up % up 1 % up 3 % american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading monday. Stock Rhone poulenc Hill Haven corp Lionel corp Amdahl corp Western digital Energy service new line Cinema Weatherford inc Americus Jwj so Wang labs inc b sales 1,089,300 797.100 529.500 435.200 360,800 326,300 299.500 246.100. 240.100 238.200 last 5% 2% 2% 15% 5 2% 11% 5% 42% 4% net chg. Up % unch up up up off %. Off 1 off % up 4 % up % Dow Jones new York up a Dow Jones closing Range of averages monday. High Low close. Change 30 Indus nals 2897 52 2837 87 2865 84 up 6 93 20 transport 1087 27 1066 64 1075.28 Oil 0.18 15 utilities 216 61 213.15 216 36 up 2.51 65 stocks 1025.30 1005.43 1015.68 up 3.22 Agency announces program to gets amp a. Cleanup rolling by Susan Schmidt the Washington  officials moved to jump Start the stalled savings and loan cleanup monday putting 90 failed thrifts on the sales Block and announcing they would slash prices and even give away some real estate in order to get it off the governments books. Resolution Trust corp. Chairman l. William Seidman said the Etc will schedule sales of 215 a amp is a virtually its entire current inventory a Between now and the end of september. Seidman also announced that the Etc will make significant changes in the Way it does business in order to Start moving some of the hard to sell items it has inherited from those a amp is including foreclosed real estate junk Bonds and Loans gone bad. A a a a among the changes the Etc is prepared to make deep Price cuts on the real estate it holds. Agency officials hampered to Date by a rigid pricing policy in a continually declining Market now will be allowed to sell property for 50 percent or less of appraised value if that Sall they can get. The Agency a affordable housing program which offers financing to Low and moderate income buyers has been expanded to 15,000 Homes. Those that done to sell or that Cost More to manage than they Are Worth will be Given away. An expected 2,000 to 3,000 by Seidmann a estimate will be donated to states or nonprofit organizations. Officials said the Etc is planning 60 scaled bid and auction sales for Homes in its affordable housing program. Most of the free housing is expected to be in Texas where much of the it cd a real estate is concentrated. The Agency expects to Issue $1 billion a month in Bonds backed by mortgages on properties it holds. It also will Issue other Bonds based on the it cd a huge junk Bond portfolio. The programs were stalled until Congress in recent legislation agreed to shield Etc officials from lawsuits by unhappy investors. That Bill also provided the Agency with a critical infusion of $30 billion to permit the cleanup to continue. The it cd a Effort to inject new life in its sales program comes in the Wake of harsh criticism by Congress of the Agency a performance. The Etc has had trouble Selling hundreds of billions of dollars in assets in the Middle of a recession and a depressed real estate Market. The it cd a Success in Selling failed thrifts and their assets bears directly on How much taxpayers will pay for the cleanup. When the government closes an a amp a it covers depositors accounts up to $100,00ft and is often left holding the bag for joans that have gone bad. Every Dollar it can then recover in the sales pro Cess is a Dollar the taxpayers wont have to provide. Last year the Etc sold a staggering $.128 billion Worth of its most desirable holdings property Home mortgages and Good Loans. There still Are a lot of less desirable items on the governments shelves however and the new sales techniques recognized this fact. Lowering prices Seidman said is a recognition that a a whatever the Market offers you is the Market  reacting to the Etc s new strategy Thrift analyst Karen Shaw said anything is an improvement for the Agency. A a there a a Choice a he said a Between which scandal to have Here a that billions Are being lost while Etc ties itself up a holding out for High prices on property a for taking a risk on investors getting Good  a the pendulum swings Back and Forth a said Etc spokesman Steve Kat Sanos. A people have been saying we re not Selling anything. Probably six months from now  say we re  half the a amp a holdings the government gets a Are Tough to sell a said Seidman a and that a where we have to come up with these new kinds of  the change in the Way the Etc uses appraisals May be particularly significant. Both would be buyers and Agency bureaucrats have complained they have been Hamstrung by a cumbersome system  keeps prices on Etc properties unrealistically High jobs followed flight to suburbs leaving behind poor census shows. By Roberto Suro the new York times encased in the millions of statistics the census Bureau is releasing on what America looked like in 1990 Are a few big mysteries. What the data show is that the United states is becoming Ever More a suburban nation. For the first time a majority of americans live within 39 metropolitan areas of a million residents or More. There is unparalleled growth in jobs and population away from the confines of the old Central cities. Among the things this shift seems to portend is a National labor Gap. The employers have distanced themselves from the employable the poor minority group population that will make up the largest Pool of new workers in the coming decade. When the next census is taken in the year 2000, some of the key questions will be did the minorities move to the suburbs did the jobs move Back to the cities or did american society find some other solution to the dilemma it created for itself in the 1980s? beginning in the mid-1970s and then at an Ever faster Pace in the 1980s, former bedroom communities were converted into major economic centers. The results Are clearly evident in the Dallas fort Worth metropolitan area where there Are now five suburbs with populations greater than 100,000. A cheaper land available in Large tracts and easy Access to a Dallas fort Worth Airport has meant that some suburbs have been steadily expanding their employment base in manufacturing by 17 or 18 percent Over the past 20 years while the City of Dallas has lost More than a Quarter of its manufacturing jobs a said Bernard Weinstein director of the Center for economic development and re search at the University of North Texas. The same has happened in the san Francisco Bay area Orange county Calif and the environs of Atlanta. But it is not just a Sun Belt phenomenon. Gleaming new plants to produce High a we have a lot of Young couples who were go getters in the 1980s, and they wanted to raise their children with others who enjoyed the same lifestyle and the same values / a mayor Florence Shapiro Plano Texas tech gizmos have sprouted around Boston and in some of new York City a suburbs. A what this is about is. Families a said Florence Shapiro mayor of Plano Texas a Dallas suburb that is among the fastest growing cities in the nation. A we have a lot of Young couples who were go getters in the 1980s,�?� she said a and they wanted to raise their children with others who enjoyed the same lifestyle and the same values and they wanted Good schools and they did no to want to worry about crime. After they started coming Here the jobs  the nations new suburban cities Are products of the same impetus that has led the White Middle class away from the cities since the 1950s. As a second generation of americans the children of the baby Boomers is reared in the suburbs challenges arise from the changing geography. The suburbs have developed As a separate culture in America. In the 1980s they captured political Power As a main constituency for the political shift to conservatism and they began to amass economic Power by becoming employment centers. But they Are not self sufficient. Entrenched in the suburbs the baby Boomers in the 1980s grabbed the lion s share of new jobs As White women joined the labor Force. But the baby Boom is peaking As a contributor of new workers. In the 1990s, it will be the Large poor minority groups that will have to Start filling the ranks. A growing number of City politicians business and minority group leaders and labor Market experts find that an unbridgeable Gulf is developing Between work Quot places in predominately White suburbs and the inner City neighbourhoods. A for the disadvantaged in America the three great symbols of social Opportunity have been the statue of Liberty the underground Railroad and. The covered Wagon a said John d. Kasarda director of the Center for competitiveness and employment growth at the University of North Carolina at Chapel Hill. Kasarda argues that the Genius of the Ever changing american Economy has been its ability to move workers including those in the lowest wage categories to where new jobs were being created. This has been t be he said whether it was immigrants crossing the Atlantic Blacks streaming from the Rural South to. The Urban North or settlers heading West