European Stars and Stripes (Newspaper) - August 8, 1991, Darmstadt, Hesse                                Thursday August 8, 1991 the stars and stripes c Page 17a a svs Quot Quot Money in Pettei today s tip a new York development company and two French firms have received permission to. Buy prime land in Eastern Berlin and build an $800 million Complex of stores offices and apartments. The Treu hand Anstatt the Agency in charge of privatizing Eastern German assets announced approval of the plan after a year of negotiations. It covers a three Block Section of Friedric Strasse which was berlins most elegant shopping District in the 1930s. The Street now has the look of a Thrift shop Haven because of decay under communist Rule. New York based Tishman Speyer properties Paris based galeries., Lafayette a department store Chain and Bougues Immobiliser a read estate company will be partners in the overhaul project. The goal is to return the area to its former splendor As the most important retail Center in  rates London up a wednes Days 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 s357.25 an ounce Silver at $3.96. Aug. 6 aug. 7 British pound.1.7135 1.711 German mark.1.7105 1.716 French franc.5.819 58888 dutch guilder.1 9257 1.933 belgian franc 35.26 i382228 italian lira.1,280.90 1.284.50 Swiss franc.1 -4955 l8828 greek drachma.18?z5 turkish lira.4,395.80 4.402.50 saudi arabian riyal.3.7504 87801 Spanish peseta.107.03 portuguese escudo.146.53 146.98 Canadian dollar.1.1482 1j465. Austrian schilling.12.0225 12-8�2 norwegian Krone.6.696 6.695 danish Krone. 6.6175 6.6375 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 1.67 thursday based on wednesdays noontime  Jones new York up Dow Jones closing Range of averages tuesday High Low close change 30 industrials 3034.88 2970.48 3027.28 up 38.24 20 transports 1231.66 1207.51 1227.08 up 9.34 15 utilities 204.18 201.30 203.81 up 1.38 65 stocks 1082.33 1060.93 1079.33 up 11.17computer firm posts big gain in its earnings West Chester a. Apr computer maker Commodore International Ltd. Said tuesday that it turned a profit in the Quarter that ended in june and saw a 32fold increase in earnings in the fiscal year. The company said Strong growth in its european operations and Strong sales of Amiga c64 and is Dos pc compatible computers contributed to the gains. For the fourth fiscal Quarter the company earned $3.3 million or 10 cents a share compared with a loss of $3.5 million or 11 cents a share in the same period last year. Sales increased 9 percent to $216.5 million from $198.1 million. Top Bank regulator to quit overhaul of oversight foreseen by Stephen Labaton the new York times Washington a More than a year after the White House tried to remove him from office l. William Seidman the nations senior Bank regulator and a forcefully Independent official announced his resignation. The departure of Seidman at a Pivotal time promises a dramatic change in the Way Washington supervises the banking and savings and loan industries. In both style and substance he has dominated the regulator scene in recent years As a Strong presence in Congress and with an alternately warm then cold and then warm again relationship with the administration since he was named chairman of the Federal Deposit insurance corp. In 1985. The Bush administration has relied extensively upon his assessments of the health of the Industry his recommendations for Healing the Banks and the rapidly deteriorating Bank insurance fund and his skills to encourage More Money from Congress to Rescue Banks and savings associations. The Banks have found in him to be a powerful ally who Early on rejected any efforts to Roll Back Deposit insurance coverage. The debate already begun Over his successor and a reorganization of the regulatory system reflects the void expected with his departure. Seidman revealed his plans in a four sentence letter sent to president Bush on tuesday. Seidman 70, said he would step Down oct. 16, at the end of his terms As chairman of both the Odic which oversees the nations Banks and the Resolution Trust corp., the Agency created in 1989 to manage the savings and loan  resignation which had been expected for some time lays to test speculation the la he might seek to stay longer through reappointment or by utilizing any ambiguity in the Law. Bush has not decided who will succeed Seid Pian although officials said William Taylor the senior banking regulator at the Federal Reserve Board was the leading candidate to head the Odic. With the growing problems in the banking Industry and the enormous workload facing the head of the savings and loan bailout a consensus has emerged in Congress and within the administration that the jobs at the two agencies should be filled by two people. Quot Well try to find a successor As soon As possible a White House spokesman Marlin Fitzwater told reporters. He added that Seidman had a done a Good Job in a very difficult  Treasury Secretary Nicholas f. Brady has already begun a separate search to fill the newly created position of chief executive of the Trust corporation. In an attempt to push Seidman out the door Long before his term expired Bush said in May 1990 that he would name Taylor to succeed Seidman As head of the Odic and the Trust corporation when Seidman stepped Down. Bush a announcement at that time followed several disputes Seidman had had with Treasury officials and the White House chief of staff John h. Sununu Over Bank regulation. One involved an administration proposal to assess depositors a fee for insurance coverage. Seidman had indicated he would leave l. William Seidman before the end of his term but lie never set a Date or disclosed his plans. The White House and the Treasury department declined to discuss Seid Many a successor tuesday sending a Clear signal that Bush is rethinking the appointment of Taylor. In recent weeks Taylor has come under Sharp questioning in Congress for the feds handling of the Bank of credit and Commerce International scandal a his apparently belated discovery Only this year that for years the rogue Bank secretly held ownership interests in several american Banks. Sluggish Economy behind cuts in interest rates analysts say by the new York times new York the Federal Reserve pushed Short term interest rates Down a notch tuesday a move that analysts said was needed to stimulate the Economy which is making Only a sluggish recovery from the recession. By continuing to reduce interest rates a a process the Federal Reserve started in mid-1989, when the Economy began sliding into recession a officials of the nations Central Bank Hope to encourage Consumers and businesses to spend and borrow More Money. With inflation widely expected to remain below 4 percent analysts said the Federal reserves primary concern now was to make sure that the Economy grows More rapidly in coming months. By lowering the Federal funds rate a closely watched rate for overnight Bank Loans the Federal Reserve set the stage for declines in other interest rates inducting Home mortgages other consumer Loans and yields on certificates of Deposit. A this was an insurance policy taken by the fed to help prevent the Economy from sliding Back into recession a said Irwin Kellner chief economist at manufacturers Hanover Trust co. Many economists said that the pressure to Cut Short term interest rates was increased by last fridays announcement of a decline of 51,000 workers on payrolls of Large companies during july. The move suggested that some of the optimism expressed by Alan Greenspan the Federal reserves chairman in mid july had faded. A the inflation picture looks awfully Good and that gives the fed More Confidence that it can ease a said Donald Fine chief Market strategist for Chase securities inc., an affiliate of Chase Manhattan Bank. He noted that a modest decline in yields on 30-year Treasury Bonds tuesday to 8.17 percent from 8.22 percent on monday was a sign that investors also believed that there Wax Little Chance that inflation would Rise. Many analysts expect the Federal Reserve to continue to push interest rates lower in coming weeks to guarantee that the Economy does not falter. A with inflation falling to 3l/z percent we Are going to see a lot More fed moves to lower rates before this is Over a said Stephen a Slifer executive vice president at Lehman Brothers inc., a securities firm that is a subsidiary of american express co. Fewer vacation trips planned Survey finds Cambridge mass. Up More and More americans apparently still worried about the recession Are planning to skip vacation trips this year a trend that could be Quot disastrous for the nations tourist Industry a consulting firm said tuesday. A Arthur d. Little inc. Said its latest nationwide Survey showed 26 percent of those questioned had no vacation plans this year up from 17 percent in its first Survey in february. Quot this is clearly a disturbing and disastrous trend for the travel and tourism industries a said Harry Foden an Arthur Little vice president who directed the Survey. Quot the government May be saying the recession is Over but Consumers apparently done to believe  the Survey which had a margin of error of 3 percentage Points defined vacations As recreational travel of three Days or More. Among those who had planned to take a vacation but changed those plans 30 percent did so for economic reasons. In addition to fewer vacations the poll showed that 21 percent of the 1,015 people surveyed in july also were planning fewer trips than usual this year up 7 percent since the company s last Survey in april. A economic constraints ate the primary reasons Why americans Are travelling less a Foden said