European Stars and Stripes (Newspaper) - July 31, 1991, Darmstadt, Hesse                                Wednesday july 31, 1991 the stars and stripes b Page 17today�?Ts tip casual clothing retailer the Gap inc., which began two decades ago Selling Little besides Levi Strauss Brand items said monday that it will feature Only its own brands by the end of this year. Officials for the company which operates 950 stores said from san Francisco that Levi products currently represent less than 2 percent of the gaps sales which were $490 million in the first Quarter ended May 4. The Gap earned $40.9 million in that Quarter. The company said that in recent years it has increasingly pm Eha sized its own brands leaving Evi As the Only remaining no company Brand in its Gap Gap kids and banana Republic  rates London up tuesdays 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 $362.50 an ounce Silver at $4.03. July 29 july 30 British pound.1.675 1.o815 German mark.1.7505 1.748 French franc.5.944 5.935 dutch guilder.1.9764 1.9637 belgian franc.36.05 35.975 italian lira.1,304.50. 1,304.70 Swiss franc.1.5255 1.5255 greek drachma.192.44 191.50 turkish lira.4,394.10 4,388.20 saudi arabian riyal.3.7501 3.7502 Spanish peseta.109.85 109.20 portuguese escudo.150.22 149.46 Canadian dollar.1.1485 1.1494 austrian schilling.12.34 12.26 norwegian krone.6.8425 6.806 danish krone.6.78 6.745 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 wednesday based on tuesdays noontime  York Exchange new York up a York Stock Exchange the 15 most Active stocks in new composite trading on monday. Slock sales last net chg. Telefoni de mex 3,778,900 31 % up at amp to company 2,486,200 39% unch convex computer 2,370,600 10 off 2 Amer express 2,056,400 26 up 1 % Pepsico inc 1,810,600 29% up % Southern co 1,741,000 28% up % Rwjr Nab bldg 1,338,700 11 % unch Mobil corp 1,165,500 67% up ban America 1,050,600 34% up Mcdonalds up 1,028,200 32% Oft Glaxo holdings 1,021,200 43 up % blockbuster e 968,100 10% unch Shawmut Natl 965,700 7% up % genl electric 905,600 72% unch time Warner inc 893,100 82% Oft 1 % american Exchange new York of Topi american Stock excl Stock metro mob b fruit of loom Energy service am exploration Echo Bay mines tubes de Acero Amdahl Corn instrument sys by times a Kirby corp the ten most Active stocks in Lange composite trading monday. Sales list net chg 776.500 18 479.500 16 it 282,200 2 % 260.500 3 % 216,600 9% 209,300 10% 206,200 14 i 196,800 3 a 186,900 22 a 186,100 11 vib up 1 it up % off i up % Oft % off v4 up it Oft i up % up i Dow Jones new York up Dow Jones closing Range of averages monday 30 industrials 20 transports 15 utilities 65 stocks High 2996.20 1217.03 205.61 1071.84 Low 2957.07 1200.46 202.02 1057.02 com 2985.24 1211.04 204.60 1067.34 change up 12.74 up 4.94 up 1.63 up 5.04 California cities can to tax a amp is other non Banks court rules san Francisco up in a ruling that could Cost California cities millions of dollars in tax revenues the state supreme court ruled monday that financial institutions such As savings and Loans Are exempt from paying municipal business taxes. In a unanimous decision the court ruled a City a right to govern its own municipal affairs was not the Issue when local taxation is a subject of statewide concern. The dispute began in 1987 when California Federal savings and loan sued the City of los Angeles in Superior court claiming that non Bank financial institutions had the same Protection under the state Constitution As Banks which Are exempt from paying local taxes. Superior court judge Vernon g. Foster agreed and ordered los Angeles to refund $5.5 million to the savings and loan for business License taxes collected from 1982 through 1984 a plus $1.7 million in interest. Los Angeles joined by san Francisco and 23 other California cities appealed the decision. The 2nd District court of appeals in los Angeles then sided with the cities holding that the state could not interfere in the government of a chartered City. California Federal the nations fourth largest Thrift then asked the state supreme court to review the matter. In mondays decision the High court ruled that the Issue in the Case was not the conflict of municipal affairs is. State Power but a it is that of adjusting the conflict Between the effect of the City a business License tax and the Legislatures asserted interest in the uniform taxation of commercial Banks and financial corporations including savings  the court said that Issue rather than the question of whether the City a status As a charter City encompasses the Power to Levy local taxes a is the real Issue be-foreus.�?�. Los Angeles assistant City attorney Richard Dawson said he had not seen the decision but was a disappointed that the court seems to be changing the  California Federal attorney Aaron a Peck said he was gratified with the decision saying a i think the supreme court correctly interpreted the  the cities had argued that the legislature does not have the Power to limit the taxing authority of Home Rule cities chartered Bylthe state Constitution. The savings and loan argued it was not attacking Home Rule but was challenging the a a unwarranted expansion of charter. City Powers contending there were 17 other cases where los Angeles has tried to expand the Power of charter cities a and has lost 15 times. Deputy City attorney John Doherty of san Francisco has estimated that in losing the Case san Francisco would have to refund $22 million to savings and Loans while los Angeles would owe $216 million. Big debt prevents Many families from buying Homes study says by John Cunniff the associated press new York a housing May be even less affordable than indicated by the popular a affordability indexes maintained by the real estate and Home building industries. The reason is a familiar one debt. Many families that might qualify on the basis of income Are carrying a Burden of Bills that All but eliminates them from consideration. The agent of this unpleasant news is the census Bureau. A Bureau report titled a who can afford to buy a House a said that 57 percent of households can to afford the median Price Home in their Region. This is a worse portrayal of the housing Market than that presented by other indexes and it has irritated some real estate and building people who believe they re already facing enough obstacles to recovery. A unfortunately the report text and even the statistical supplement have a negative orientation a said Glenn e. Crellin an executive of the National association of realtors. The stress he said is on who cannot afford to buy. He added a now we have new government statistics which emphasize the difficulty of affording housing by the very Way they Are  one of the differences Between Industry and census Bureau calculations is that the census bureaus affordability estimates Are based not just on income but on income minus the Burden of existing debts. Those burdens grew enormously during the 1980s, when the proportion of debt to one years disposable income jumped to 83.5 percent from 65.4 percent effectively reducing the value of income As a measure of buying ability. In making its affordability calculations for example the realty association relates the median priced single family Home to the median family income and the ability of that income to cover monthly principal and interest payments. The figures for May 1991 were $99,700 for the Home and $36,176 for income. The mortgage rate of 9.51 percent Means monthly principal and interest will Cost a potential buyer $671, or 22.3 percent of that persons income. By this methodology the median in come family had More than sufficient Means to buy an existing Mcdian Price single family Home. The realty association estimates the qualifying income for such a Home would have to be $32,220. By the census bureaus methodology based on 1988 data More than half of households could not afford to buy the Mcdian Price Home in their area. Of those who  afford to buy 24 percent were unable to produce the Down payment and 8j percent  afford the monthly payments or had Overly High debt Levels. Sixty percent failed under two or More criteria. Perhaps even More significantly while most families could afford a a modestly priced Home a one costing lower than 75 percent of Homes in the area a 48 percent of households still  qualify. Why the most frequently encountered reason for not qualifying was a higher than acceptable debt level. The legacy of the 1980s, therefore May be More of a Millstone on housing than some in the Industry had realized. In the census Bureau report those with the most difficulty qualifying were Young people in rental housing. United withdraws offer for pan am routes new York a United airlines dropped its offer to buy pan am a latin american and Caribbean routes after meeting with the struggling airlines creditors. Pan am a creditors also were believed to be considering Delta air lines $310 million offer for pan am a Northeast shuttle european routes and other assets. Delta has also offered to invest in pan am and coordinate its schedule with the failing airline after it reorganizes As a primarily latin american Carrier flying out of Miami. United did not give a reason for withdrawing its offer reported to be Worth $235 million. Delta and United had been talking about a joint bid for most of pan am a assets but the talks broke Down last week. One Industry source speaking on condition of anonymity speculated that United May return with another bid for the latin american routes. The source said it appeared United was concerned about Delta a acquiring a Miami London route As part of its proposed Purchase. United apparently considers that route crucial to a latin american route Deal the source said. Pan am spokesman Jeff Kriendler said the airline never supported the United bid because pan am would like to continue operating the profitable latin american routes. Delta has offered to provide a Cash infusion and marketing help for pan am to continue in business As a Miami entered airline operating South american routes. Trans world airlines representatives also were believed to be at the pan am creditors meeting. Twa has made a bid for pan am a assets As Well. Any asset Sale must be approved by the Federal bankruptcy court judge hearing the company Scase. Pan am which filed for bankruptcy reorganization in january said sunday that it had accepted Delta a offer for pan am a Boston new York Washington shuttle routes Between London and new York Miami and Detroit pan am a Frankfurt operation and 45 planes. Delta said it will offer jobs to 6,000 pan am employees and Honor pan am tickets on the affected routes for travel through feb. 1, 1992. Delta also agreed to provide pan am with $60 million of debtor in Possession financing meaning Delta is first in line to collect the Money in bankruptcy court