European Stars and Stripes (Newspaper) - July 26, 1991, Darmstadt, Hesse                                Friday july 26, 1991 the stars and stripes c Page 17today s tip High ticket prices the recession and fewer superstars on the Road have combined to make the first half of 1991 a disastrous time for concert promoters a Trade Magazine has reported. Concert business was Down about 25 percent during the first six months of this year compared with the same period in 1990, the Magazine pollster said. The top 100 Money making shows of the first sue months of the year grossed $76 million Down from $110 million during the same period last year the Magazine said. The grateful dead which earned $22.6 million in ticket sales was the biggest Selling act of the first half of the year the Magazine  rates London up thursdays 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 $365.00 an ounce Silver at $4.10. July 24 july 25 British pound.1.6915 1.676 German mark.1.733 1.752 French franc.5.945 5.939 dutch guilder.1.9645 1.9675 belgian franc.36.02 35.96 italian lira.1,304.00 1,302.80 Swiss franc.1.5085 1.5275 greek drachma.191.65 191.60 turkish lira.4,359.70 4,365.00 saudi arabian riyal.3.7502 3.7502 Spanish peseta.108.93 108.80 portuguese escudo.149.90 149.50 Canadian dollar.1.1545 1.1523 austrian schilling.12.2935 12.285 norwegian krone.6.8035 6.8015 danish krone.6.741 6.741 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 1.70 through Friday based on thursdays noontime  Jones new York up a Dow Jones dosing Range of averages thursday 30 industrials 20 transports 15 utilities 65 stocks High 2999.11 1215.09 202.21 1069.48 Low Clou change 2947.23 2980.10 up 13.87 1187.24 1208.74 up 15.16 199.95 201.65 up 1.13 1050.11 1063.57 up 7.55july car sales dip 4.9 percent Detroit up americans automakers reported wednesday that . Sales of domestically made cars and trucks in mid july dropped 4.9 percent compared with sales a year ago. But the Industry a latest figures show a slow but steady recovery that began late May from one of the worst recession plagued markets in a decade. The annual sales rate for domestically built cars a the most common measure of Industry performance a was 6.7 million cars during the period just below 6.8 million a year ago. Sales of domestically built cars alone during the july 11-20 period slipped 1.5 percent from a year ago. But . Sales of Light duty trucks fell 10.4 percent. By volume the major . Automakers sold 188,830 cars and 106,745 trucks during the period. . Agency takes Over 2 pan am pension plans Washington apr the government moved wednesday to protect 35,000 pan am corp. Employees and retirees with a record $600 million bailout  company pension plans. The pension Benefit guaranty corp. Asked the . District court in new York to terminate two of the plans following a series of missed pension contributions by the airline. It said the plans were underfunded by $840 million. The Agency said its maximum guarantee currently at $2,250 a month would cover full retirement payments for most of the 11,000 pan am retirees involved. Pan am has a third pension plan for pilots but the Federal Agency has not determined whether that plans finances require a takeover. The airline which has filed for Protection in bankruptcy court is trying to sell off its assets. At least four rival carriers Are bidding for pieces of pan am. James b. Lockhart executive director of the pension Agency said taking Over the carriers two underfunded plans a eliminates the uncertainty Over the pension liability thus Clearing the Way for sales of pan am  because the other airlines Are trying to buy Only parts of pan am a assets they would not be responsible for pension plan liabilities Lockhart said. Instead the pension Agency is seeking to recover claims in bankruptcy court to make up its huge loss on the carriers pension plans he said. The pension Agency is the largest creditor in the Case he said and it Hopes to win the largest settlement from pan am a estate. The pension insurance Agency financed by employer paid premiums expects to take a loss of More than $600 million the amount it guarantees a before any recoveries he said. The biggest previous loss figure was $500 million m connection with the Agency a takeover last year of seven pension plans from now defunct Eastern air lines. A $3.1 billion takeover of pension plans for the bankrupt mired Ltd corp. Would have been the record but the supreme court last year restored control of those pension funds to the company and said the government was not responsible for payments. In All of 1990, the Agency lost an estimated $928 million from pension plan terminations a nearly sue times the amount lost the previous year. Lockhart said the pan am loss highlights the need for Congress to make changes in bankruptcy Laws to improve the Agency a standing As a creditor. Just a handful of recent bankruptcies a pan am Ltd Eastern Wheeling Pittsburgh Kaiser steel and Allis Chalmers a Are costing the pension Agency and therefore its Premium payers More than $2 billion Lockhart told a Senate judiciary subcommittee wednesday after making the pan am announcement. The Agency guarantees payment of Basic retirement benefits of about 40 million americans workers and retirees participating in private sector defined acne fit pension plans. Dod cutbacks have army Reserve considering ads to lure recruits by Randy Mcclain financial writer Heidelberg Germany a a the army Reserve wants  that advertisement Hasni to appeared yet in civilian newspapers around Europe but Reserve officials overseas Are worried that cuts in the department of defense a military and civilian work Force Over the next few years could damage Reserve strength abroad. At least 60 percent of the 7th army Reserve Comdr a 783 reservists in Europe work full time for Dod Are government contractors or Are married to someone on Active duty. With the Pace of base closings picking up officials say that Pool of potential reservists could be slashed by As much As 50 percent As people ship out for the United states. A a it a a fact that the draw Down is occurring and there la be a smaller Dod Force to pull from a said maj. David Elliott assistant Deputy chief of staff for personnel with the 7th army Reserve come in Heidelberg Germany. A a we re telling our commanders we could have a problem in the near future a Elliott said. A a we re not in a panic but it is a  one strategy being considered to keep manpower from lagging is to step up recruiting efforts aimed at . Civilians working for american or european firms in Germany and perhaps in other countries. Reserve officials believe this Pool of applicants May be increasing As More . Firms set up offices abroad to sell products to european Consumers. Elliott said he plans to conduct a study soon to identify where american civilians with military backgrounds Are working in Germany the country considered the Best source of future reservists. Nineteen of the 7th army Reserve Comdr a 22 units Are located in Germany. The others Are in Italy or the United kingdom. Five units were deployed to the Middle East during the persian Gulf War. Advertisements in civilian Media Are one approach that might be used to let new american arrivals in Europe know there a a Reserve command they can participate in on this Side of the Atlantic Elliott said. A the question is could we get an advertising budget a he added. Traditionally the 7th army Reserve come has never advertised for personnel except by word of Mouth or by recruiting sex military personnel who remain in Europe when they leave the regular army. Elliott said that conservative approach might have to change. Reserve Brig. Gen. Richard Dirgins head of the 7th army Reserve come said he is also campaigning for a few extra Perks that Woula make Reserve duty in Europe More attractive to american civilians. One possibility is to offer limited commissary and Exchange service privileges to recruits who join the reserves while living overseas he said. Dirgins agreed that Reserve units under his command might have to pick up the Pace of recruiting in the future. But he added that the draw Down of regular army forces in Europe could have a hidden Benefit. A lot of soldiers May remain in Europe As cutbacks unfold and  be encouraged to stay Active by joining a Reserve unit near their new Home he said. Durable goods orders fell 1.6% in june by the new York times Washington new orders for durable factory goods fell 1.6 percent in june and were not As Strong in May As previously estimated the Commerce department reported wednesday. The unexpected decline in june a orders fanned doubts about economic recovery and caused Bond prices to Rise but it did not Force analysts into a fundamental reappraisal of the Outlook. They noted that the report on orders for durable goods is one of the most erratic of the governments statistical series. A we were disappointed a said Paul w. Boltz economist at t. Rowe Price associates in Baltimore when asked about the report which had been expected to show a modest increase. Yet Boltz said he continued to expect the Economy to grow at a 2.5 percent to 3 percent Pace during the second half of the year. Nor did the june decline which was four tenths of 1 percent when the military sector is excluded shake the Confidence of Thomas f. Carpenter chief economist at Asb capital management in Washington. Although some analysts worry that the Economy May have pulled out of recession Only to soon slip Back again Carpenter said this remained unlikely. A a in a not in the double dip Camp a he said. Wednesdays report moreover showed some Bright spots including a 3.6 percent Rise in new orders for primary metals goods and a 3.7 percent Rise for transportation equipment the second straight increase after four declines. Shipments of durable goods a which Are products from desks to destroyers that Are expected to last at least three years a posted their third straight monthly Advance after falling from november through March. Shipments Are considered a gauge of current economic conditions while new orders and unfilled orders or backlogs Are predictive indicators. Unfilled orders fell 1.1 percent in june the fourth straight decline. Orders for All types of durable goods totalled $116.5 billion last month 1.6 percent below May a $118.4 billion and 7.7 percent below the level of june 1990