European Stars and Stripes (Newspaper) - September 20, 1991, Darmstadt, Hesse Friday september 20, 1991 the stars and stripes b Page 17 Money matters recovery from recession anaemic economists agree in flight phone corp. Of Oak Brook Iii. Filed an application wednesday with the Federal communications commission to provide airline passengers with 12 audio channels carrying live sports news and entertainment. The service would compete with Usa today sky radio a single inflight radio broadcast Channel carrying news sporting events and weather that is to begin operating next year. In flight is seeking an experimental License for its service which would offer passengers 12 channels of programming 24 hours a Day. Passengers would be charged on a per game basis for in flight s sports programming while news and entertainment specials would be provided free through sponsors. In flight said it was working with an unidentified major airline that plans to offer the service. Sky radio will be offered exclusively on Delta air lines for the first four months of its operation. Conversion rates London up thursday s 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 $348.50 an ounce Silver at $4.09. Sept. 18 sept. 19 British pound.1.7320 1.7275 German mark.1.6830 1.6860 French franc.5.7325 5.7425 dutch guilder.1.8870 1.8975 belgian franc.34.7375 34.8200 italian lira.1.258.60 1,261.65 Swiss franc.1.4715 1.4750 greek drachma.186.65 187.20 turkish lira.4,635.80 4,647.20 saudi arabian riyal.3.7502 3.7502 Spanish peseta.105.45 105.76 portuguese escudo.144.34 144.70 Canadian dollar.1.1364 1.1365 austrian schilling.11.8375 11.8600 norwegian krone.6.5890 6.5980 danish krone.6.4930 6.5125 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.64 through Friday based on thursdays noontime Price fixing. New York Exchange new York up a the 15 most Active stocks in new York Stock Exchange composite trading on wednesday. Stock Schlumberger Teflon d esp Royal dutch p blocks str ent Rwjr Nab bldg Beazer pc Pepsico inc ism corp Marion merr Liz Clabirn limited inc Merrill Lyn get corp Philip to Uniss corp american Exchange salts last Natch. 2,279,800 66 i off 2% 2,212,100 32 up 1% 2,071,600 81v up % 2,069,700 12vi up % 1,875,900 11% unch 1,872,000 m unch 1,463,700 29% up % 1,414,600 105% up % 1.288.300 29 i up vib 1,268,200 40�?T/8 up % 1,255,300 26 i off % 1,233,400 47 up 1% 1,144,500 29 off it 1,139,600 73% up % 1,106,100 5 via up % new York american Stock Slock tit of pm am expo rate Forest labs be Mac corp West Dittl Dow chem it St aus pm Grahm fid i new line Cine Echo Bay mine up a the ten most Active stocks in Exchange composite trading wednesday Salat Lait Nat chg. 569,600 18% up yet 417.200 3% unch 342.100 33 % up 1 % 333,000 12 % up 1 i 264,000 2 % unch 263,100 11 % unch 237,100 10 % off % 226,800 10 % up a 199.200 13 % up is 197.600 7 �?T/8 unch Dow Jones new York up a Dow Jones closing Range of averages wednesday 30 Indus nals 20 transport 15 Milias 65 stocks 4 70 High Low close cd. 3025 49 2993 52 3017 89up 1182.30 1160.97 1174.19 Art 211 208.44 206.69 208.25 up 0.63 1070.79 1057.52 1067 02 up 0.86 Washington a the american Economy rather than bouncing strongly out of the recession has been beset with a Host of problems ranging from sluggish consumer spending to a virtual standstill in commercial construction the Federal Reserve said. The feds latest Survey of National business conditions said that the recovery a continues to be uneven across the country with a rebound in manufacturing one of the few Bright spots. Some private economists were More Blunt saying the fed report depicted a moribund Economy that could easily slip Back into recession. Even economists who Are not forecasting a so called a double dip recession Are predicting the recovery will be one of the weakest on record. A we Are still going to have 8 million americans unemployed because the recovery will be so slow that it won t reduce the jobless figures a said Mark Zandi senior economist at regional financial associates in West Chester a. In other bad economic news wednesday the Commerce department reported that construction of new Homes and apartments edged up Only a slight 0.6 percent in August while the number of building permits considered a Good sign of future activity fell for the first time the recovery is in trouble. A economist David Jones since february declining 4.6 percent. To Many economists the housing report raised serious questions Over whether the rebound in housing which normally leads the country out of recession is about to falter. This View was bolstered by the fed Survey which found that fewer than half of the feds 12 regions were reporting further increases in housing sales and construction in the late summer. The dismal report dampened Hopes raised by an initial rebound posted last Spring. In a third report the american Bankers association said that the percentage of consumer Loans at least 30 Days past due Rose to 2.73 percent in the april june Quarter the second highest level in More than a decade. Analysts said this report showed that debt strapped Consumers faced with weak income growth in a recession were having increasing trouble paying off their Bills and were unlikely to be Able to begin spending again anytime soon. Quot the a recovery is in said David Jones senior economist at Aubrey g. and co. A government securities dealer in new York. Quot i think it is going to falter largely because of an Uncertain and cautious if anything the newest fed Survey sounded More downbeat than an assessment released in Early August when the Central Bank was More optimistic about the prospects both for the housing Industry and consumer spending. In the new report the fed found that most regions reported disappointing spending with Back to school sales described variously As a weak slower than expected or the feds review of business conditions known As the a beige Book Quot is compiled from reports issued by the 12 regional Banks. The document is prepared eight times a year and serves As a guide to policy makers when they meet to set interest rate policies. The next session of the Federal open Market committee will be oct. 1. The Central Bank last week conducted another round of credit easing including pushing the discount rate the interest it charges on Bank Loans to 5 percent its lowest level in 18 years. Will workers capitalize on Reform East bloc experts split on question Washington a for 70 years the people of the old soviet Union were bombarded with a marxist Leninist message communism was Good and capitalism evil. Now overnight they re expected to become hard working risk taking Money grubbing capitalists. Will it work can free Enterprise sprout today where it was illegal yesterday has the entrepreneurial instinct been stifled Murray Weidenbaum an economic adviser to president Reagan said that when he visited Poland to ease its conversion to free Enterprise such questions a worried the hell out of others worry about it too. But at the same time they Point out a even under capitalism everyone need not be a capitalist. For most people going to work is going to work no matter what the economic system. A the Beauty of capitalism a said economist David Lipton adviser to the polish government As it started its transition from communism a is that it works without Many people understanding it. It works when people just go about their business. People Are creative by nature and the communist system stifled a even in the darkest Days of Stalin when millions of peasants were killed so that their farms could be collect sized the underground Economy flourished. Later perhaps 50 percent of soviet output was produced by the Black or the Gray Market fuelled by moonlighting workers and the barter of raw materials. A and even in the state controlled Economy to overcome bureaucratic impediments a the soviet manager just to survive had to Hustle much More than managers Here in the .,�?� Yuri Maltsev Points out. Maltsev was a soviet economist before he defected in 1989. Soviets to get Grain officials vow Moscow a Treasury Secretary Nicholas Brady and Federal Reserve chairman Alan Greenspan promised wednesday to deliver badly needed Grain credits Early to help the soviet people get through the Winter. After meetings with the russian republics prime minister Ivan is layer and russian state Bank officials Brady and Greenspan said they were optimistic the soviet Union could avoid food shortages this Winter and improve its Economy. Ilayev said that after the two hour sheeting . Officials agreed to move Forward from october to september the delivery of $375 million Worth of Grain credits to the soviet Union. But Brady said no exact figure was agreed on a Only the principle that Aid should be accelerated. . Grain credits Worth $1.5 billion Are being provided to the soviet Union in three instalments this year under a pledge by president Bush to help the soviets stave off food shortages. The soviets have used about $600 million Worth of this years total. After the coup. Bush agreed to immediately provide $325 million in credits from the $500 million instalment scheduled to become available in october. The soviet Union will receive All remaining credits by feb. 1, 1992 at the latest Treasury officials said. A canine wraith wait an economist from Michigan a Kalamazoo College who spent two years in the soviet Union says attitudes Are going to have to change if the economic system is to change. A there is a Baseline attitude that those who involve themselves in buying Low and Selling High Are fundamentally dishonest people a she said. A when an individual finds something at a Low Price and resells it this is a Speke Patsiya a a moral crime. We americans Call people who do that she notes a russian proverb done to be the one High stalk in the wheat Field. The russians believe that it is not right to be better off than other people she said. Weidenbaum proposes that one Way to Plant capitalistic ideas in the soviet Union is to Send not More platoons of economic experts but battalions of retired american workers who came to this country As immigrants. Frank Farley a University of Wisconsin psychologist thinks the problem is deeper however. He said the soviet people Are so Adverse to taking risks that capitalism May not Lake hold. Farley theorizes that some nations exhibit what he Calls a Type t for thrills they re willing to engage in the unknown. A great entrepreneurs Are driven by the excitement of it All a lie said. Maltsev buys none of that. He the soviet labor Force a is skilled and not spoiled and for reasonable Money they will work like hell Quot Ami take risks lie recalls a soviet expression i was under milked a and said a imagine a 150 million member labor Lorce that was
