European Stars and Stripes (Newspaper) - August 21, 1991, Darmstadt, Hesse Wednesday August 21, 1991 the stars and stripes c Page 17moneymakers today s tip i More than 14,000 state government workers around the nation have lost their jobs so far this year and economists say As Many As 100,000 could be out of work by years end. The layoffs caused largely by the recession Are Small potatoes compared with some of the Job cuts in private Industry. But they have stunned state workers and undermined what May be the most attractive attribute of government employment Job Security. A it was a big Shock a said Mark Fabula a former mental health worker who lost his Job with the North Carolina department of human resources. A you done to think about career employees with 12 years service being in this the cuts have been especially harsh in the Northeast and some of the Industrial midwestern states. New York Exchange new York up York Stock Exchange Stock Rwjr Nab bldg genl motors Wal Mart str Salomon inc Philip to ism corp Pepsico inc genl exec Telen de mex at amp to co Block str ent waste mgt Mcdonalds up we stings Al us Marathon a the 15 most Active stocks in new composite trading on monday. Sates last net chg. 5,394,800 11 i off 4,277,600 35% off 1% 3,804,900 47 i off 3,700,000 26>/4 off 1% 3,445,500 69% off 1% 3,019,800 95 off 1% 2,924,700 30% off 1% 2,752,800 70% off 1% 2,737,600 30% off 1% 2,282.600 38% off 1 2,171,100 10% off % 2,151,000 36% off 1% 2,144,800 31 off 1 2,114,500 22% unch 2,060,800 29 unch american Exchange new York up a the 10 most Active stocks in american Stock Exchange composite trading monday. Stock Salas last net chg. Echo Bay in 865,900 9 up of tubes de mex 602,400 9% am medal bldg 565,700 9 off % Dow chem it 526,600 8% up % merr Lyn p it 462,600 5 up Elk sports it 435,000 9% up 1 Kirby corp 371,500 11% off % pm Gap web metro mob b 361,100 9% up 352,800 18% off 1 Salon it 93j 345,000 20% up 1% Dow Jones new York up Dow Jones closing Range of averages. Monday a _ Low a cd to 30 industrials 20 transports 15 utilities 65 stocks a a change 2924.42 2636.31 2698.03 Oft 69.99 1163.61 1127.29 1147.92 Oil 42.49 201.43 198.42 199.74 Oil 3.00 1040.35 1010.91 1029.72 01127.35 conversion 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 $354 an ounce. Silver was quoted at $4.01 an ounce. British Pound. German Mark. French franc. Outch Guilder. Belgian franc. Italian lira. Swiss franc. Greek drachma. Turkish lira. Saudi arabian Riyal Spanish peseta. Portuguese escudo Canadian Dollar. Austrian Schilling. Norwegian Krone. Danish Krone. Aug. 19 .1.6325 .1.8155 6.1725 20505 37.425 1.351 65 .1.5546 199 10 4.615.70 3 7501 11295 155 58 1.1457 1280 7 0825 7 005 aug. 20 1.6415 1.8015 6.09 2.0378 37.01 1,340.25 1 548 198.50 4.628.10 3.7501 112.43 154.40 1.1429 1.7225 7 0535 6 9525 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 1.75 through wednesday based on tuesdays noontime Price fixing. Lawmakers fear soviet coup could lower . Grain prices Washington apr lawmakers say . Farmers could be facing lower Grain prices in the Wake of the coup in the soviet Union the United states fourth largest Export Market for agricultural products. Rep. Dan Glickman chairman of the House agriculture subcommittee on wheat soybeans and feed grains said the ouster of soviet president Mikhail s. Gorbachev could be a profoundly serious even catastrophic for . Producers. A a we be been looking to the soviet Union As a big buyer of Corn wheat soybeans and other agricultural products and this puts All that in jeopardy. However its too Early to make any kind of final judgment a said Glickman a Kan. According to the agriculture department the soviet Union purchased $2.9 billion Worth of . Agricultural products in fiscal 1990, making it the fourth largest Export Market for american Farmers. In fiscal 1989, the soviets were the top Export Market for . Feed grains and products the second largest wheat Market and the third largest soybean Market. In june president Bush authorized government guarantees for up to $1.5 billion in private Loans to the soviet Union for the Purchase of american Grain this year. Under the agreement $600 million in guarantees have been almost completely allocated. An additional $500 million Worth of guarantees was to become available oct. 1, followed by $400 million More on feb. 1, 1992. Bond giant shakes up management new York up Salomon new chief operating officer shuffled the firms management positions after three of its top executives were toppled during an emerging government securities scandal. In the Wake of revelations that Salomon made illegal bids during several recent Treasury department Bond auctions de Ryck Maughan appointed two new managers on his first Day. Eric Rosenfeld will head the . Government Bond division and Hans Ulrich Hufschmid will take Over foreign Exchange operations. Responsible for running the firms Day to Day operations Maughan was named no. 2 Man to Omaha billionaire Warren Buffett who will preside As chairman and chief executive officer on an interim basis. Buffett and Maughan were appointed by the Board for the Parent corporation Salomon inc., after the directors accepted the resignations of chairman John Gutfreund and vice chairmen Thomas Strauss and John Meriwether during a special meeting sunday. Rosenfeld will replace Paul Mozur until a permanent replacement is named. Mozer and his assistant Thomas Murphy were fired by the Board. The managing directors had been suspended aug. 9 after bid irregularities came to Light. Salomon has admitted to buying More than the 35 percent limit any one primary dealer can Purchase of an Issue of government securities. The illegal purchases were made during auctions in december 1990 and february and May earlier this year. Bush however froze All Aid programs monday. Sen. Patrick j. Leahy d-vt., chairman of the Senate agriculture committee agreed that any outstanding credits should be put on hold a until we have a better idea of what a involved. Glickman said disruptions in exports to the soviet Union illustrated the shortcomings of the United states current agriculture policy. A if farm policy is entirely Export driven which ours is now it is always subject to the whims of the marketplace a Glickman said. A Domestic farm policy has to protect against this kind of Glickman said the soviet situation could dry up direct Tarm product purchases create instability in the world and drive up the value of the Dollar making . Goods More expensive abroad. A the question we re getting in Kansas is a what about agricultural credits a a a said sen. Robert Dole a Republican trom the state. A it probably does no to make much difference right now because Western Banks Arentt going to loan the soviets Money in this kind of turmoil. The initial Impact is that All the Grain markets Are sen. Phil Granni a Texas said the coup would be a setback to Farmers who would not be Able to Export to the soviet Union and could drive Down prices. A any time you lose a Market that a been built into the system it has an Impact on commodity prices a Gramm said. Turmoil on Wall Street the news of a soviet coup packed a Wallop on Wall Street and sent the Market plummeting 107 Points in Early trading monday. New York Stock Exchange president Richard grass in striped tie and other Otyis vials show their concern As the Exchange opens. Although world Stock prices initially were sent reeling the Dow Jones regained some ground closing at 2,898.03, Down 69.99 Points. Irs delays change on automatic extensions by the Washington Post Washington a the internal Revenue service has postponed its plan to allow taxpayers who have no additional liability on april 15 to obtain automatic extensions without even asking. Currently taxpayers can get extensions automatically but they must still file a request form 4868. However taxpayers also must have paid by april 15 what they owe a through withholding estimated tax payments or other Means a or risk being assessed penalties and interest. The irs noting that nearly 80 percent of the people filing form 4848 were fully paid had decided that the form was unnecessary and it proposed dropping the requirement that it he filed. The change to have become effective next year would have saved some 7.6 million hours for taxpayers and $5.5 million in processing costs for the irs. However accountants stale tax officials and others had so Many questions a including questions about various choices that must be made by the filing deadline a that the service decided last week to Pul off the change
