European Stars and Stripes (Newspaper) - October 12, 1991, Darmstadt, Hesse                                Saturday october 12, 1991 the stars and stripes b Page 17today�?Ts tip the . Economy while it appears to be emerging from the recession is facing serious problems that Are Likely to make 1992 a decidedly subpar year top american business leaders said Friday. The business Council made up of chief executives of 100 of the nations largest corporations began their fall meeting in hot Springs va., in a downbeat mood about economic prospects. The executives called for bold action on the part of the Federal Reserve to slash interest rates by a full percentage Point in an Effort to bolster consumer Confidence. But they conceded that even a big rate Cut might not do the trick in an environment where All sectors of the Economy Are facing a heavy debt Burden left Over from the 1980s and Consumers remain fearful about continuing layoffs especially among White Collar  rates London up Friday 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 $358.00 an ounce Silver at $4.10. Oct. 10 oct. 11 British pound.1.7155 1.7185 German mark.1.6950 1.6920 French franc.5.7360 5.7665 dutch guilder.1.9065 1.9080 belgian franc.34.7075 35.0175 italian lira.1,259.90 1,267.00 Swiss franc.1.4800 1.4830 greek drachma.188.01 188 40 turkish lira.4,803.70 4,817.80 saudi arabian riyal.3.7500 3.7502 Spanish peseta.106.66 107.02 portuguese escudo.145.25 145.62 Canadian dollar.1.1304 1.1288 austrian schilling.11.8770 11.9180 norwegian krone.6.6080 6.6300 danish krone.6.5075 6.5290 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 1.65 through monday based on fridays noontime  York Exchange new York up a the 15 most Active stocks in new Yurk Stock Exchange composite trading on thursday. Stock solos last not chg. Limited inc 5,729,700 21% off 1% Glaxo Hodgs 2,315,900 47% off 1% at amp to company 2,281,100 36% up % Allied sign 2,033,300 38% off 1 % Chrysler up 1,966,000 11% up Rwjr Nab bldg 1,959,600 10% unch we stings Al 1,931,500 18 off % Wal Mart str 1,834,000 46% up genl electric 1,813,000 67% up 1 % Amer express 1,714,400 20% off % Citicorp 1,710,500 13% up waste mgt 1,638,800 35% unch Natl med ent 1,629,000 16% off % Telen de mex 1,541,400 40% off vib Morgan up 1,456,800 63% up 2%american Exchange new York up american Stock teens a the 10 most Active stocks in Inge composite trading thursday. Stock salts last Nat chg. Veter Amer it 914,300 1% unch voter Amer 536,700 5% unch 0mi corp 598.600 8% off % carnival cruise 507,000 25% up 1% Kelly Oil amp Gas 413.500 16% off % spi pharma inc 361,400 23 up 2% Amdahl Corn am ficus desc 303,000 14 up % a 273,300 5 up % Echo Bay mines 260,600 7 is 0 1 % Conti air Hodgs 213,800 1% unch Dow Jones new York up a Dow Jones closing Range of averages thursday High Low Cine change 30 industrials ?985 47 2930 23 2976 52 up 30 19 20 transport 1208 52 1177 32 1206 46 up 23 54 15 utilities 212 32 209 31 211 00 Oil 0 50 65 stocks 107180 1050 47 1068 48 up 11 68 Money matters More than 100 branches of 7 Banks in new Hampshire seized by Odic Concord . A squads of Federal accountants closed More than 100 Bank offices around the state thursday in one of the largest Bank rescues in recent history. The branches belonging to seven Banks were to reopen Friday morning under new ownership. A separate Federal Agency seized an eighth Bank Gilford based Home Bank which will reopen under Federal receivership. Gov. Judd Gregg joined l. William Seidman chairman of the Federal Deposit insurance corp., at a news conference to announce the closures which had been Long expected. Gregg compared the shakeup to having an operation. A there is pain As a result of the operation a he said. A but the final outcome is that we will have a much healthier  the closed Banks were Amos Keag Dartmouth Bank East and new Hampshire and numerical savings Banks plus two sister institutions of Amos Keag Hampton based Bank Meridian and Nashua based Nashua Trust co. The major Surprise was that those Banks combined bad Loans were just $966 million instead of the $2 billion or More suggested by Bank analysts. That Means there is less potential the glutted real estate Market will be depressed further As those properties Are liquidated. However rescuing the seven Banks will be the of Dick a seventh costliest bailout to Date. The Cost of closing Home Bank  be determined immediately. The seven Banks were insolvent or nearly so after becoming overextended during the real estate Boom of the mid-1980s. They had combined assets of about $4.7 billion roughly one Quarter of All new Hampshire Bank assets. Federal Deposit insurance corporation agents thursday Post a sign notifying depositors that the new Hampshire savings Branch in Concord is closed. Not counting Home Bank Good assets of the closed Banks will go to two buyers a first no Bank and an investor group led by former Shawmut Bank executive William Craig and Dartmouth Bank president Robert Keller. First no Bank new Hampshire s largest Bank got the Amos Keag and Bank East branches. The remaining Banks will reopen As branches of new Dartmouth Bank with Headquarters in Manchester. In both cases the new owners Are expected to close branches and Lay off employees though not immediately. The office of Thrift supervision which oversees savings Banks will be the receiver of Home Bank. The Banks encountered trouble after the regional Economy began to. Disintegrate in 1988, plunging new Hampshire along with the rest of new England into their worst recession by some measures since the depression. So Hampshire Bank assets. Bank with Headquarters in Manchester. Since the depression. Compensation of corporate fat cats examined by financial Magazine in York up a the two top sex Tives studied earns $1.6 million a year and ceo of n t corp. In new Yor pc ref t Imp of n a apr in c tis i a irl Tom Tom re in c up a Iii it co a m in Liiva cell 41 1111. V i a f l new York up the two top executives of time Warner inc. Should have their pay Cut by a combined $96.86 million this year while David Glass chief executive officer of Wal Mart stores inc., deserves an $11 million annual raise financial world Magazine said in its current Issue. In a detailed study of compensation for 459 chief executive officers this year at corporate americans 500 largest Market capitalized companies financial world concluded that 162 Are overpaid and 297 should be Given an increase. The Magazine compiled its a compensation 500�?� list using a complicated Model to evaluate various elements of executive compensation such As Stock options and to measure ceo performance in terms of company size and shareholder return. Information was not available from 41 companies on the list. The median ceo among the 459 executives studied earns $ 1.6 million a year and the average ceo receives $2.4 million. Steven Ross and . Nicholas the co cos of new York based Media giant time Warner headed the list of executives who make too much Money with combined earnings of $99.62 million a year. Compensation for the Ross Nicho Las team should be slashed by $96.86 million a year the Magazine said. Second on the corporate fat cat list was Paul fireman chairman and ceo of ree Bok International the Massachusetts based athletic footwear company. Fireman who cams $32.29 million a year should have his pay reduced by $32.15 million annually financial world said. Leon Hirsch head of Connecticut based United states surgical corp., came in third with compensation of $14.98 million a year. The Magazine said his annual earnings should be lowered by $10.76 million. In fourth place was Rand v. Araskog ceo of it corp. In new York who earns $11.47 million a year. In financial worlds View he should have $8.45 million of his compensation taken away. James r. Moffett who holds the top Job at Freeport mcmoran inc., the new Orleans based Energy company was no. 5 on the list. Moffett receives compensation of $8.82 million but the Magazine said he is overpaid by $7.54 million a year. Grabbing the spotlight on the list of chief executive officers who should earn More for their efforts was David d. Glass head of Arkansas based Wal Mart stores inc., who brings Home Only $980,000 a year. Financial world said his annual pay should he raised by $ 11 million. Bernard Marcus ceo of the Home depot inc., a Home improvement Center Chain based in Atlanta was second with compensation of $1.59 million a year. The Magazine said he deserves to be paid $5.8 million More annually. Nebraska to Harvest billion bushels of Corn Washington up Nebraska nicknamed the Cor Husker state will Cross the billion Bushel Mark for Corn production this year the government forecast thursday. Usually Iowa and Illinois Are the Only states to Harvest More than 1 Rollion bushels of Corn a year. However an 8 percent increase in Corn acreage coupled with Ideal weather during september prompted the agriculture department to estimate Nebraska a crop at 1.003 billion bushels. It would be the largest Corn crop in the state since at least the late 1970s. The october crop report projected an average yield of 127 bushels an acre up 5 bushels from september on Nebraska a 7.9 million acres of Corn. The state grew 934 million bushels last year and 847 million in 1989. Iowa is forecast to grow 1.38 billion bushels and Illinois 1.22 billion bushels Ocorn this year. Minnesota would he fourth with 737 million bushels