European Stars and Stripes (Newspaper) - October 19, 1991, Darmstadt, Hesse                                Saturday october 19, 1991 the stars and stripes b Page 17money matters at amp to reports loss of $1.79 billion new York up american Telephone and Telegraph co., Hurt by restructuring charges of about $4.2 billion that will include Severance pay for 14,000 people said thursday that it suffered a net loss of $1.79 billion for the third Quarter. That compared with a net income of $803 million or 62 cents a share compared with the same period last year. Revenue for the Quarter Rose to $11,043 billion compared with $10,909 billion a year ago. For the first nine months of 1991, at amp to had a net loss of $113 million compared with earnings of $2,295 billion or $1.79 a share a year ago. Revenues increased to $32,706 billion for the nine months compared with revenues of $31,740 billion last year. Conversion rates London up fridays 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 $359.75 an ounce Silver at $4.13 oct. 17 oct. 18 British pound.1.7095 1 7225 German mark.1 7035 1.6885 French franc.5.8070 5.7715 dutch guilder.1.9185 1.9020 belgian franc.35.095 34.790 italian lira.1,272.50 1,267.45 Swiss franc.1 4880 1 4805 greek drachma.189.21 188.50 turkish lira.4,870.80 4,870.20 saudi arabian riyal.3.7503 3.7503 Spanish peseta.107.11 106.75 portuguese escudo.146.46 145.93 Canadian dollar.1.1301 1.1285 austrian schilling.11.9780 11.9325 norwegian krone.6.6625 6.6370 danish krone.6.5600 6.5320 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 Price fixing. New York Exchange new York up a York Stock Exchange Stock Citicorp at amp to company Reebok inti we stings Al enter a corp Stone Contr Rwjr Nab bldg Pepsico inc Amer express Bristol m s genl elect East Kodak ban America Philip to ism corp the 15 most Active stocks in new composite trading on thursday. Salis 4.086.600 3.943.000 3,883,300 3.631.700 2.531.700 2,116,800 2,112,100 2.025.900 1.944.000 1,847,400 1,839,200 1.794.700 1,770,800 1.681.600 1.631.900 last 12 39 30 17 % 21% 22% 10% 28�?T/4 21v 82% 71 i 45% 42% 72% 99% Nat chg. Up % off % off 3% off % up 1 up % off % off off % off 1>/� up i off i off 1% off vib off 1% american Exchange new York u american Stock i Stock expo rate co la carnival cruise foundation hath Echo Bay mines am medical bldg Kirby corp metro Mobile b fruit of loom Americus desc Nabors Industry Pic the 10 most Active stocks in change composite trading thursday. Sale Lait Nat chg. 1.006.800 1 off 1-16 589,300 27% of 448.400 23 Ort 1% 368.000 8% up i 326.400 10% unch 320.000 14% off % 308.200 21 unch 290.400 21% up 277,400 6% 0 1% 273.000 6% unch Dow Jones new York up Dow Jones dosing Range of averages thursday 30 Indus nals 20 transport 15 utilities 65 stocks High 3077 15 1300 07 21532 1115 58 Low 3027 06 1267 94 212.57 1095 26 close 3053 00 1286.43 21451 1106.62 figures dash recovery Hopes Dampen business Confidence change 011872 up 0 37 up 0 25 of 1 53 from wire reports Washington . Chamber of Commerce statistics released thursday showing a stagnant manufacturing sector and accelerating inflation raised fresh doubts about the nations recovery from recession. A new Survey of More than 7,000 business owners issued by the business organization thursday showed a Sharp drop in Confidence about the Economy s future. Many firms said they were curtailing plans to hire new workers. Although the Bush administration and Many economists have said the recession is Over the manufacturing sector one of the Only major sectors of the Economy to show strength Over the summer failed to grow in the last two months in part because of slow overseas sales by . Companies. Separately the labor department said consumer prices in september climbed at their fastest Pace in eight months. Fearing that the 0.4 percent Rise in the . Consumer Price Index might signal a trend toward higher Long term inflation economists said the Federal Reserve now is less Likely to move soon to lower interest rates to encourage growth. The latest acceleration in the Price Index followed nine months of unusually Low inflation. Including the september report consumer prices have risen at Only a 2.9 percent annual rate so far this year a compared with a 6.1 percent jump for All of 1990. Most of the change was because Oil prices which zoomed in late 1990 and then suddenly collapsed As fears Rose and fell with the Progress of the persian Gulf crisis Rose again with a vengeance. Energy prices soared a full 1 percent in september. Excluding food and Energy whose prices Are volatile the so called underlying inflation rate has remained at about 4.5 percent this year compared with 5.1 percent in 1990 a a slight improvement but a signal that inflation is far from vanquished the september Rise brought the Overall consumer Price Index to 137.2 percent of its level in 1982-84, meaning it took $137.20 to buy the same Basket of goods and services last month that Cost $100 just nine years ago. Until recently the Bush administration has said that the fed. With its influence on interest rates held the key to stimulating the Economy out of the recession that began in late summer of 1990. Since Early this month however the administration has begun to reach for new strategies As polls have shown the president to be politically vulnerable on the economic Issue. President Bush signalled thursday that he is willing to Back legislation designed to give the sluggish Economy a boost hut his advisers and congressional republicans continued to differ Over its scope and Content administration officials and congressional sources said. Administration officials tried to put a positive interpretation on thursdays figures the president told a convention of newspaper editors that a the economic trends look Good a a and Michael Boskin his chief economic adviser said the administration would prefer a stronger recovery from recession but added a the Economy is on the path. Of moderate  one of the gloomiest reports released thursday by the government showed virtually no change in the output of the nations factories mines and utilities in August and september. Industrial production As the indicator is called Rose Only a tenth of a percentage Point in september. Earlier reports had said it increased three tenths of a percentage Point in August but revised figures showed that it was unchanged that month the Federal Reserve said. Following a meeting with gop lawmakers administration officials disclosed that the White House was considering proposing a Cut in capital gains taxes and an expansion of individual retirement accounts to help Home buyers. . Consumer Price Index percent change from prior month seasonally adjusted 1.0% 0.8% 0.6% a 0.4% i a Quot 0.2% ho�?1 i i i i i i i i i i i i i i i i i i i i i i i -0 2%  1990 1991 sep. 90 aug. 91 sep. 91 0.8% \ i 0.2% 0.4% \ Sou rom . Dapi of labor a it was not Clear yet whether the White House would push the package in c ingress this year or merely use it in an Effort to persuade voters that Bush is actively trying to Deal with the economic situation. The administration is split Over the strategy and some gop lawmakers tear the package would give democrats an opening to push their own economic proposals. Many of the proposals in Bush s new package were proposed before and rejected by Congress. Quashed. Accounts to nip Nome buyers. A acc ice of . August merchandise deficit soars to $6.8 billion As exports weaken Washington a the . Recession. At the same time they Cape Washington a the . Merchandise Trade deficit jumped 13.6 percent in August to $6.8 billion the highest level in seven months As falling exports outpaced a slight drop in imports the government said thursday. The Commerce department said exports fell 3.0 percent to $34.17 billion while imports slipped 0.6 percent to $40.92 billion. The deficit is the difference Between the two. It was the biggest Gap since a $7.4 billion imbalance in january. Most economists had expected the deficit to fall from $5.9 billion in july to slightly More than $5.0 billion. The Trade Gap had averaged $5.0 billion from january through june dropping from $7.4 billion at the beginning of the year to $3.8 billion at midyear the lowest level since 1983. But a big jump in imports boosted by american purchases of a wide Range of consumer goods and a smaller gain in exports pushed the deficit Back up in july. The August Advance meant the imbalance was running at an annual rate of $64.1 billion for the first eight months of 1991 which if continued would mean a Gap of less than $100 billion for the first time since 1983. The deficit peaked at imports exports $40.92 billion $34.17 billion rounded figures seasonally adjusted $152.1 billion in 1987 and narrowed each year since then to $101.7 billion in 1990. Many analysts expect imports to Rise slightly during the remainder of the year As the Economy slowly emerges from the recession. At the same time they expect Export growth to remain sluggish because of weak economies overseas. The Bush administration has been counting on Strong exports to offset partially the lacklustre consumer participation in the recovery. Retail spending represents two to lords of the nations economic activity. In 1990, sales of . Goods overseas represented about 40 percent of americans economic growth and contributed to the creation of one of every Lour new jobs. Exports fell Over a wide area including automobiles capital goods agricultural products and Industrial supplies. Automobiles were Down $300 million aircraft $200 million soybeans $150 million and fertilizers and pesticides $ us million. Among imports both consumer and capital goods and agricultural products were Down. Although automobile imports from Japan and Europe fell $100 million shipments from Canada Rose $500 million. Americans foreign Oil Bill jumped 14.4 percent in August to $4.6 billion. The volume of Oil imports Rose 8.9 percent while the average Price increased 71 cents to $16.79 a barrel