European Stars and Stripes (Newspaper) - June 09, 1991, Darmstadt, Hesse                                Sunday june 9, 1991 the stars and stripes a Page 15__-_money matters Dollar watch shown below Are the highest Dollar Exchange rates for the week of june 2-8 compared with Dollar rates for the same period one year and five years ago. A a British Pound one Pound would Cost you $1.69 $1.68 $1.47 1991 1990 j 1986 German Mark one Dollar would buy you 1.71 19911.66 1990 2.31 1986 a military Exchange rate turkish lire one Dollar would buy you 4,155 -2.611 1991 1990 685 1986 l a a a a a a a a a a a a v a amp Dollar rallies on strength of labor stats the Dollar rallied last week turning is its biggest gains on Friday alter the . Labor department issued an encouraging report on employment in the United states. Non farm payrolls in the states increased by 59,000 jobs in May the first such increase in nearly a year and a fresh sign the . Economy finally May be escaping the recession. A the Economy May be stabilizing More quickly than we had presumed a said Tim Fox an economist with Midland Bank in London. The Dollar which started the week below 1.75 Marks shot to 1.77 Marks on the world Market late Friday afternoon. Fox predicted the Dollar could Challenge 1.78 or 1.80 Marks on the strength of the jobs data in the week ahead. Also Friday afternoon one British Pound was Worth roughly $1.67 in european trading an improvement. Of More than two cents for the Dollar when compared with Exchange rates at the Start of the week. The dollars resilience on Friday came about even though unemployment in the states Rose from 6 6 percent in april to. 6.9 percent in May. A. -. Military. Exchange rates this weekend were set prior to the Dollar s Friday afternoon rally still one Dollar will buy 1.71 Marks at military banking outlets through monday a gain of three pfennig when compared with the military a rate. The previous weekend. One iritis i Pound is Selling for $1.71 this weekend compared with $1.75 a . A a a a a Bill Simpson economist with Barclays Bank in London said there s a danger european Central Banks might intervene on the world Market to drive the Dollar lower a a a. / / a v v a the stars and stripes Urban areas in . Facing Bridgeport like woes new York apr the unusual decision by Bridgeport Conn to seek Federal. Bankruptcy court Protection reflects troubled times facing cities nationwide during one of their bleakest periods in decades sharply lower Federal.--. And state Aid shrinking tax bases higher social spending and the added whammy of recession have forced scores of municipalities to Cut services and Lay off workers in a bid to close yawning budget deficits. The fiscal woes Range from a $3.5 billion budget Gap in new York cily to More modest deficits that nonetheless. Have caused municipalities to close libraries douse streetlights and fire schoolteachers. A a Quot a a a \ a a a a a any time you have to look taxpayers1 in the Eye and say we re either going Toj a have to raise your taxes or Cut  a painful a said John Shannon a senior fellow at the Urban Institute . A and that s happening All Over the country.�?�. A a. A. But bankruptcy Law and financial markets experts Don t expect a Rush by cities and towns with fiscal problems to Emu late Bridgeport a Connecticut Shoreline City of 142,000 where the Industrial base has evaporated. The City a action late thursday challenged by state officials Marks a rare use of chapter 9 of Federal bankruptcy Laws allowing municipalities to delay debt obligations hut continue operations As Normal. From 1980 to 1990, there were Only about 60 chapter 9 tilings nationwide according to the administrative office of . Courts. Nearly All involved entities such As municipal utilities water districts or real estate districts. A. A. Only a few were by places where people live and none nearly As Large As Bridgeport. The risk  for chapter 9 is that cities towns or counties risk enormous difficulties raising Money in the financial markets by issuing Bonds to pay  debts or undertake projects. If the Bridgeport bankruptcy goes through however it would set a prefer Dent and encourage other municipalities to resolve their financial problems in court experts said. Few cities or. Towns Are considered in bad enough shape to face bankruptcy Philadelphia which has appointed an emergency oversight group to attempt to resolve huge dilemmas has verged on insolvency for months. New York s problems Aren t far behind. More typical however Are areas like Suffolk county on Long Island which is furlough ing thousands of employees every Friday. Sacramento Calif has delayed opening a new $25 million Library. Brockton mass., has turned off some a streetlights and fired 31 police 31 firefighters and 200 teachers. R a a we re under the mercy of this  said George caul do an assistant to the mayor in the Boston suburb which has lost about $35 million in state Aid the last four years. A of they feel a crunch from the Federal government a a which they have a they Cut Back  Many Urban experts say a Large part of the problem is that cities and towns in re. Cent years have assumed Many social we 1- fare Dut ies they no longer can-.afford., hut feel obligated to maintain. A-12 builders deny defaulting St. Louis up the nations top two defense contractors Friday filed a complaint in . Claims court  seeking to change the governments claim they defaulted on the a-12 attack plane contract. ,. The complaint by Mcdonnell Douglas co. And general dynamics corp. Asks that a default termination be converted to a termination for convenience of the government a eliminating a . Claim of $1,352 billion against the companies. Defense Secretary Richard Cheney cancelled the Navy a multimillion Dollar a-12 program in january citing Cost overruns and program delays. I be refused to let the a Navy Salvage the program by sharing Cost., overruns with the contractors and buying fewer of the proposed bombers Mcdonnell Douglas and general dynamics partners on the a-12,that shared its profits and losses equally both wrote off Large losses from the program and were forced to Lay off thousands of employees after its cancellation they contend they did not default on the contract and have blamed the governments insistence on a fixed Price contract for a program involving cutting Edge technology. A under the complaint Mcdonnell Douglas and general dynamics said they would pursue their rights to recover prime contract Rand subcontractor costs from the fixed Price contract As Well As anticipated termination  a. The companies did not say Friday whether the complaint also listed an amount they Hope to recover from Llie government. They filed a claim of $1.4 billion before the a-12 was cancelled and were to review the amount of the claim for possible modification. The contractors said they were making satisfactory Progress toward completing the contract when it was terminated and had successfully concluded three Congi Neering Cle sign reviews. The two companies also said the Navy determined the a-12 plane met its operational needs and  problems with the program resulted in while Olfs last year at the two defense com panics which Are both based in St. Louis. G e be r a 1 by a m ies w to i e off $700 m i i lion from the program in the second and id u r 11 q u a r t e is o f 1990., m c do n n e 11 Douglas the nations no. 1 defense contractor whole off $350 million in the fourth Quarter resulting in a $1 million loss for the  companies said Friday they were confident the a-12 claim would be resolved a in a fair and equitable manner that will recognize the  made by this program to  Tor the future of naval Avian  new York cabbies try plastic route a by the new York times new York a eight yellow taxicabs Are driving around new York City hardly distinguishable from the. 11,000 others. But inside each is a Small sign stuck to the window. It tells you that you can pay with a credit card. The new York City taxi and limousine commission recently began testing a new High technology taxi meter that accepts american. Express cards. In the future it could take visa Mastercard and other , cards. A if the credit card meters function properly and prove popular during a three month trial the commission plans to a Rove their use for All new York City Yel of cabs. A a  one taxi-1 Ico Towner who has five taxis e participating in. The test said the credit card meters were working Well so far. A my Drivers like the meters because it allows them to carry around less Cash in Case they Are robbed a said lev Wolko Wicki the owner of lev cab corp. A most passengers Are surprised at first when the Driver tells them they can pay taxi fare with a credit card. Many people want to charge the ride and save their Cash a the meter records the credit card number the amount of the fare and any tip the customers wants to leave. A it then issues the customer a receipt. No signature is needed. A similar meters Are being used with great Success in cities throughout. Eur. Rope and last month about 100 cabs in London began testing the meters which accept All major american and european credit cards. \. David Barnes editor of taxi Magazine a taxi Industry newsletter based in London said the new meters were very popular with business travellers because Fiey allow them to keep a More accurate record of their expenditures. But Barnes said some London taxi Drivers Are. Reluctant to buy the new meters because they have to give about 4 percent bleach fare to the credit card company. -. A Small number of taxis in. Chicago new Orleans Dallas. Houston Indianapolis san Francisco and los Angeles currently accept Mastercard and visa. But these cabs do not have credit card Mateis. A Hughes awarded $280 million missile contract Tucson Arizona up Hughes aircraft co. Has announced its missile a systems group has been awarded two .-military contracts totalling $280 million to produce nearly 5,000 missiles. Hughes a unit of general motors  pm Hughes electronics subsidiary said the air Force released funding of s229.0 million Lor production of 450 advanced medium Range air to air missiles with deliveries to be completed by march.1993-. A Hughes also said in a statement the army Quot a warded the company a $50.6 million contract for 4,500 advanced Tow an Barmor missiles also to be delivered by March 1993. Hughes it said the contract will be funded through monies approved Lor operation desert 5torm. J Hughes recently announced the Tow program had received a government contract for nearly $200 million from funds in the 1991 fiscal years budget